N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06318

MORGAN STANLEY PATHWAY FUNDS

(Exact name of registrant as specified in charter)

2000 Westchester Avenue

Purchase, NY 10577

(Address of principal executive offices) (Zip code)

CT Corp

155 Federal Street, Suite 700

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2025

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

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

Item 1. Report to Stockholders.

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

MSLC | NYSE Arca

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Large Cap Equity ETF for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Morgan Stanley Pathway Large Cap Equity ETF	$20	0.40%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$2,803,285,500
# of Portfolio Holdings	1,020
Portfolio Turnover Rate	8%

What did the Fund invest in?

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

Sector Allocation (% of Investments)

A graphical representation of Investments made.

Value	Value
Short-Term Investments	1.7%
Utilities	2.0%
Real Estate	2.6%
Materials	2.7%
Energy	3.3%
Consumer Staples	4.9%
Communication Services	9.3%
Industrials	9.9%
Consumer Discretionary	10.2%
Health Care	11.5%
Financials	17.0%
Information Technology	24.9%

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

Microsoft Corp.	5.2%
Apple Inc.	4.4%
NVIDIA Corp.	4.2%
Amazon.com Inc.	3.8%
Meta Platforms Inc., Class A Shares	2.4%
Alphabet Inc., Class A Shares	1.8%
JPMorgan Chase & Co.	1.6%
Visa Inc., Class A Shares	1.6%
Broadcom Inc.	1.5%
Berkshire Hathaway Inc., Class B Shares	1.4%
Total	27.9%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

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

Householding

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

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

Semi-Annual Shareholder Report February 28, 2025

MSLC-TSR-SAR

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

MSSM | NYSE Arca

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Small-Mid Cap Equity ETF for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$33	0.66%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$554,626,505
# of Portfolio Holdings	2,440
Portfolio Turnover Rate	24%

What did the Fund invest in?

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

Sector Allocation (% of Investments)

Value	Value
Short-Term Investments	3.1%
Communication Services	2.5%
Consumer Staples	2.5%
Utilities	3.6%
Materials	4.2%
Real Estate	4.6%
Energy	4.6%
Consumer Discretionary	10.7%
Health Care	13.3%
Financials	14.8%
Information Technology	16.3%
Industrials	19.8%

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

Citibank - New York	2.9%
Ascendis Pharma AS, ADR	1.0%
Kyndryl Holdings Inc.	0.9%
Comfort Systems USA Inc.	0.8%
Criteo SA, ADR	0.7%
FTAI Aviation Ltd.	0.7%
F5 Inc.	0.7%
Rambus Inc.	0.6%
Avient Corp.	0.6%
Dynatrace Inc.	0.6%
Total	9.5%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

MSSM-TSR-SAR

Morgan Stanley Pathway Funds - International Equity Fund

TIEUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Equity Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
International Equity Fund	$29	0.59%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$1,216,698,237
# of Portfolio Holdings	945
Portfolio Turnover Rate	15%

What did the Fund invest in?

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

Country Allocation (% of Investments)

Value	Value
Short-Term Investments	3.0%
Other Countries	16.6%
Sweden	2.4%
Spain	2.7%
Italy	2.9%
Australia	3.4%
Netherlands	5.1%
Switzerland	8.1%
Germany	9.0%
France	11.9%
United Kingdom	16.7%
Japan	18.2%

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

SAP SE	2.0%
JPMorgan Chase & Co. - New York	2.0%
Roche Holding AG	1.9%
AstraZeneca PLC	1.5%
ASML Holding NV	1.4%
Novo Nordisk AS, Class B Shares	1.3%
Infineon Technologies AG	1.1%
Reckitt Benckiser Group PLC	1.1%
Rolls-Royce Holdings PLC	1.0%
Kering SA	1.0%
Total	14.3%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TIEUX-TSR-SAR

Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

TEMUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Emerging Markets Equity Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Emerging Markets Equity Fund	$36	0.73%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$549,617,253
# of Portfolio Holdings	1,238
Portfolio Turnover Rate	9%

What did the Fund invest in?

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

Country Allocation (% of Investments)

Value	Value
Short-Term Investments	3.3%
Other Countries	14.2%
Hong Kong	1.5%
Indonesia	1.7%
Mexico	2.6%
Saudi Arabia	2.6%
South Africa	2.8%
Brazil	4.8%
South Korea	9.1%
India	15.3%
Taiwan	16.2%
China	25.9%

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

Taiwan Semiconductor Manufacturing Co., Ltd.	7.2%
Tencent Holdings Ltd.	4.8%
Samsung Electronics Co., Ltd.	2.4%
SK Hynix Inc.	2.2%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	2.1%
Alibaba Group Holding Ltd.	1.9%
Sumitomo Mitsui Banking Corp. - Tokyo	1.7%
Reliance Industries Ltd.	1.7%
Meituan, Class B Shares	1.5%
HDFC Bank Ltd., ADR	1.5%
Total	27.0%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TEMUX-TSR-SAR

Morgan Stanley Pathway Funds - Core Fixed Income Fund

TIIUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Core Fixed Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Core Fixed Income Fund	$23	0.47%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$1,887,493,228
# of Portfolio Holdings	3,923
Portfolio Turnover Rate	44%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	5.3%
Purchased Options	0.0%^{Footnote Referencea}
Common Stock	0.0%^{Footnote Referencea}
Municipal Bonds	0.2%
Senior Loans	0.6%
Asset-Backed Securities	0.7%
Sovereign Bonds	2.5%
Collateralized Mortgage Obligations	11.3%
U.S. Government Agencies & Obligations	23.4%
Mortgage-Backed Securities	27.3%
Corporate Bonds & Notes	28.7%

Footnote	Description
Footnote^a	Less than 0.05%.

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

Value	Value
Cash & Short-Term Investments	6.0%
Not Rated	4.2%
CCC or Lower	0.2%
B	1.2%
BB	3.4%
BBB	17.3%
A	10.4%
AA	53.7%
AAA	5.0%

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

Footnote

Description

Footnote^*

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

Material Fund Changes

Effective March 28, 2025, Western Asset Management Company will no longer be an investment sub-adviser to the Fund. Effective March 28, 2025, J.P. Morgan Investment Management Inc. will commence as a new investment sub-adviser to the Fund. Consulting Group Advisory Services LLC continues to serve as the Investment Manager to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TIIUX-TSR-SAR

Morgan Stanley Pathway Funds - High Yield Fund

THYUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - High Yield Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
High Yield Fund	$41	0.82%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$138,185,800
# of Portfolio Holdings	305
Portfolio Turnover Rate	54%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	3.3%
Senior Loans	0.3%
Corporate Bonds & Notes	96.4%

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

Value	Value
Cash & Short-Term Investments	3.2%
Not Rated	0.3%
CCC or Lower	11.0%
B	38.5%
BB	43.2%
BBB	3.0%

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

Footnote

Description

Footnote^*

Material Fund Changes

Effective February 7, 2025, Western Asset Management Company is no longer an investment sub-adviser to the Fund. Consulting Group Advisory Services LLC continues to serve as the Investment Manager to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

THYUX-TSR-SAR

Morgan Stanley Pathway Funds - International Fixed Income Fund

TIFUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Fixed Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
International Fixed Income Fund	$54	1.07%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$181,386,482
# of Portfolio Holdings	425
Portfolio Turnover Rate	88%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	2.0%
Purchased Options	0.1%
Municipal Bond	0.1%
Asset-Backed Securities	0.1%
U.S. Government Obligations	6.5%
Corporate Bonds & Notes	9.1%
Collateralized Mortgage Obligations	12.5%
Sovereign Bonds	28.9%
Mortgage-Backed Securities	40.7%

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

Value	Value
Cash & Short-Term Investments	2.9%
Not Rated	19.4%
CCC or Lower	1.7%
B	0.3%
BB	2.9%
BBB	8.6%
A	12.6%
AA	76.7%
AAA	12.5%

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

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TIFUX-TSR-SAR

Morgan Stanley Pathway Funds - Municipal Bond Fund

TMUUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Municipal Bond Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Municipal Bond Fund	$34	0.68%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$92,542,828
# of Portfolio Holdings	137
Portfolio Turnover Rate	24%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	7.3%
Municipal Bonds	92.7%

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

Value	Value
Cash & Short-Term Investments	7.2%
Not Rated	6.0%
BB	1.3%
BBB	4.2%
A	18.8%
AA	48.2%
AAA	13.7%

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

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TMUUX-TSR-SAR

Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund

TILUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Inflation-Linked Fixed Income Fund	$116	2.31%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$145,178,357
# of Portfolio Holdings	160
Portfolio Turnover Rate	57%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	0.8%
Corporate Bonds & Notes	0.1%
Sovereign Bonds	3.2%
Collateralized Mortgage Obligations	8.0%
Mortgage-Backed Securities	9.9%
U.S. Government Obligations	78.0%

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

Value	Value
Cash & Short-Term Investments	1.8%
Not Rated	6.4%
CCC or Lower	1.7%
B	0.0%^{Footnote Reference**}
BB	0.3%
BBB	0.4%
A	1.1%
AA	126.3%
AAA	5.4%

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

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TILUX-TSR-SAR

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

TSDUX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Ultra-Short Term Fixed Income Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Ultra-Short Term Fixed Income Fund	$26	0.52%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$271,146,429
# of Portfolio Holdings	332
Portfolio Turnover Rate	50%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	13.7%
U.S. Government Obligation	0.3%
Mortgage-Backed Securities	2.6%
Asset-Backed Securities	13.2%
Collateralized Mortgage Obligations	26.6%
Corporate Bonds & Notes	43.6%

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

Value	Value
Cash & Short-Term Investments	15.1%
Not Rated	11.3%
B	0.1%
BB	0.9%
BBB	30.4%
A	15.7%
AA	4.8%
AAA	32.0%

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TSDUX-TSR-SAR

Morgan Stanley Pathway Funds - Alternative Strategies Fund

TALTX

Semi-Annual Shareholder Report February 28, 2025

This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Alternative Strategies Fund for the period of September 1, 2024 to February 28, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last six months?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Alternative Strategies Fund	$19	0.37%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Total Net Assets	$181,222,528
# of Portfolio Holdings	18
Portfolio Turnover Rate	9%

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Open End Mutual Fund Securities	100.0%

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

PIMCO Mortgage Opportunities and Bond Fund, Class I2	12.1%
BlackRock Systematic Multi-Strategy Fund, Institutional Class	11.0%
John Hancock Diversified Macro Fund, Class I	7.1%
BNY Mellon Global Real Return Fund, Class Y	7.0%
Neuberger Berman Long Short Fund, Institutional Class	6.1%
BlackRock Global Equity Market Neutral Fund, Institutional Class	6.0%
American Beacon AHL Managed Futures Strategy Fund, Class Y	5.8%
PIMCO Credit Opportunities Bond Fund, Institutional Class	5.0%
Calamos Market Neutral Income Fund, Class I	5.0%
LoCorr Market Trend Fund, Class I	5.0%
Total	70.1%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

Semi-Annual Shareholder Report February 28, 2025

TALTX-TSR-SAR

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. This item is only required in an annual report on Form N-CSR.

Item 6. Investments.

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

(b)	Not applicable.

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

LOGO

Morgan Stanley

Pathway Funds

Semi-Annual Report

February 28, 2025

•

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

•

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

•

International Equity Fund (TIEUX)

•

Emerging Markets Equity Fund (TEMUX)

•

Core Fixed Income Fund (TIIUX)

•

High Yield Fund (THYUX)

•

International Fixed Income Fund (TIFUX)

•

Municipal Bond Fund (TMUUX)

•

Inflation-Linked Fixed Income Fund (TILUX)

•

Ultra-Short Term Fixed Income Fund (TSDUX)

•

Alternative Strategies Fund (TALTX)

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

Table of Contents



ITEMS 6 AND 7 OF FORM N-CSR:

SCHEDULES OF INVESTMENTS

MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF			1

MORGAN STANLEY PATHWAY SMALL-MID CAP EQUITY ETF			25

INTERNATIONAL EQUITY FUND			76

EMERGING MARKETS EQUITY FUND			97

CORE FIXED INCOME FUND			123

HIGH YIELD FUND			199

INTERNATIONAL FIXED INCOME FUND			210

MUNICIPAL BOND FUND			239

INFLATION-LINKED FIXED INCOME FUND			246

ULTRA-SHORT TERM FIXED INCOME FUND			260

ALTERNATIVE STRATEGIES FUND			272

STATEMENTS OF ASSETS AND LIABILITIES			276

STATEMENTS OF OPERATIONS			278

STATEMENTS OF CHANGES IN NET ASSETS			280

STATEMENTS OF CASH FLOWS			284

FINANCIAL HIGHLIGHTS			285

NOTES TO FINANCIAL STATEMENTS			296

ITEM 11 OF FORM N-CSR:

BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS			330

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



Schedules of Investments


February 28, 2025 (unaudited)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	COMMON STOCKS — 98.2%

	COMMUNICATION SERVICES — 9.3%

	Diversified Telecommunication Services — 0.6%
	237,222	AT&T Inc.	$	6,502,255
	7,688	Frontier Communications Parent Inc.*		276,691
	2,850	GCI Liberty Inc.*(a)#		—
	3,860	Iridium Communications Inc.		121,822
	5,122	Liberty Global Ltd., Class A Shares*		59,210
	5,313	Liberty Global Ltd., Class C Shares*		64,340
	242,656	Verizon Communications Inc.		10,458,474

		Total Diversified Telecommunication Services		17,482,792


	Entertainment — 2.2%
	8,722	Electronic Arts Inc.		1,126,185
	795	Liberty Media Corp.-Liberty Formula One, Class A Shares*		70,850
	6,926	Liberty Media Corp.-Liberty Formula One, Class C Shares*		667,874
	640	Liberty Media Corp.-Liberty Live, Class A Shares*		45,773
	1,427	Liberty Media Corp.-Liberty Live, Class C Shares*		104,699
	5,190	Live Nation Entertainment Inc.*		744,038
	574	Madison Square Garden Sports Corp., Class A Shares*		116,918
	36,913	Netflix Inc.*		36,195,411
	2,011	Playtika Holding Corp.		10,618
	17,418	ROBLOX Corp., Class A Shares*		1,108,482
	4,013	Roku Inc., Class A Shares*		335,126
	4,855	Spotify Technology SA*		2,951,889
	5,929	Take-Two Interactive Software Inc.*		1,256,829
	2,969	TKO Group Holdings Inc., Class A Shares*		447,250
	134,403	Walt Disney Co. (The)		15,295,061
	84,762	Warner Bros Discovery Inc.*		971,373

		Total Entertainment		61,448,376


	Interactive Media & Services — 5.6%
	293,369	Alphabet Inc., Class A Shares		49,954,873
	228,146	Alphabet Inc., Class C Shares		39,291,304
	2,373	IAC Inc.*		109,680
	8,272	Match Group Inc.		262,305
	99,338	Meta Platforms Inc., Class A Shares		66,377,652
	19,611	Pinterest Inc., Class A Shares*		725,215
	3,459	TripAdvisor Inc.*		51,193
	2,448	Trump Media & Technology Group Corp.*		58,997
	9,145	ZoomInfo Technologies Inc., Class A Shares*		106,631

		Total Interactive Media & Services		156,937,850


	Media — 0.7%
	3,060	Charter Communications Inc., Class A Shares*		1,112,524
	249,462	Comcast Corp., Class A Shares		8,950,696
	107,536	Fox Corp., Class A Shares		6,194,073
	4,075	Fox Corp., Class B Shares		220,335
	12,063	Interpublic Group of Cos., Inc. (The)		330,526
	524	Liberty Broadband Corp., Class A Shares*		42,722
	3,649	Liberty Broadband Corp., Class C Shares*		300,167
	4,954	New York Times Co. (The), Class A Shares		238,238
	12,625	News Corp., Class A Shares		361,327
	3,531	News Corp., Class B Shares		113,981
	1,000	Nexstar Media Group Inc., Class A Shares		169,150
	6,363	Omnicom Group Inc.		526,602
	181	Paramount Global, Class A Shares		4,100
	19,448	Paramount Global, Class B Shares(b)		220,929

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	COMMUNICATION SERVICES — 9.3% — (continued)

	Media — 0.7% — (continued)
	7,377	Sirius XM Holdings Inc.	$	178,450
	14,677	Trade Desk Inc. (The), Class A Shares*		1,032,087

		Total Media		19,995,907


	Wireless Telecommunication Services — 0.2%
	15,787	T-Mobile US Inc.		4,257,596

		TOTAL COMMUNICATION SERVICES		260,122,521


	CONSUMER DISCRETIONARY — 10.2%

	Automobile Components — 0.0%@
	8,880	Aptiv PLC*		578,265
	7,048	BorgWarner Inc.		209,819
	7,481	Gentex Corp.		181,938
	1,770	Lear Corp.		166,362
	11,275	QuantumScape Corp., Class A Shares*(b)		52,880

		Total Automobile Components		1,189,264


	Automobiles — 1.4%
	128,070	Ford Motor Co.		1,223,069
	119,010	General Motors Co.		5,846,961
	3,886	Harley-Davidson Inc.		100,103
	32,234	Lucid Group Inc., Class A Shares*(b)		71,560
	29,968	Rivian Automotive Inc., Class A Shares*(b)		354,821
	102,519	Tesla Inc.*		30,036,017
	1,665	Thor Industries Inc.		165,484

		Total Automobiles		37,798,015


	Broadline Retail — 3.9%
	501,594	Amazon.com Inc.*		106,478,374
	39,345	Coupang Inc., Class A Shares*		932,476
	100	Dillard’s Inc., Class A Shares		38,909
	16,507	eBay Inc.		1,068,663
	3,809	Etsy Inc.*		194,983
	3,630	Kohl’s Corp.(b)		41,418
	8,133	Macy’s Inc.		116,709
	3,383	Nordstrom Inc.		82,173
	2,003	Ollie’s Bargain Outlet Holdings Inc.*		207,331

		Total Broadline Retail		109,161,036


	Distributors — 0.0%@
	4,535	Genuine Parts Co.		566,331
	8,358	LKQ Corp.		352,624
	1,236	Pool Corp.		428,892

		Total Distributors		1,347,847


	Diversified Consumer Services — 0.1%
	11,415	ADT Inc.		93,489
	1,894	Bright Horizons Family Solutions Inc.*		245,576
	1,222	Duolingo Inc., Class A Shares*		381,350
	913	Grand Canyon Education Inc.*		164,176
	4,352	H&R Block Inc.		237,227
	4,522	Service Corp. International		366,282

		Total Diversified Consumer Services		1,488,100


	Hotels, Restaurants & Leisure — 2.4%
	82,752	Airbnb Inc., Class A Shares*		11,491,770
	8,539	Aramark		316,370

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.2% — (continued)

	Hotels, Restaurants & Leisure — 2.4% — (continued)
	1,094	Booking Holdings Inc.	$	5,487,515
	2,182	Boyd Gaming Corp.		166,399
	6,617	Caesars Entertainment Inc.*		219,817
	33,733	Carnival Corp.*		807,231
	2,742	Cava Group Inc.*		260,572
	44,917	Chipotle Mexican Grill Inc., Class A Shares*		2,424,170
	904	Choice Hotels International Inc.(b)		129,534
	2,249	Churchill Downs Inc.		266,507
	32,132	Darden Restaurants Inc.		6,441,181
	1,134	Domino’s Pizza Inc.		555,331
	11,621	DoorDash Inc., Class A Shares*		2,306,071
	16,477	DraftKings Inc., Class A Shares*		722,681
	3,563	Dutch Bros Inc., Class A Shares*		282,047
	4,127	Expedia Group Inc.*		816,981
	45,649	Hilton Worldwide Holdings Inc.		12,095,159
	1,319	Hyatt Hotels Corp., Class A Shares(b)		185,913
	11,442	Las Vegas Sands Corp.		511,572
	2,787	Light & Wonder Inc., Class A Shares*		310,695
	7,578	Marriott International Inc., Class A Shares		2,125,250
	1,116	Marriott Vacations Worldwide Corp.		84,191
	23,811	McDonald’s Corp.		7,341,646
	8,632	MGM Resorts International*		300,048
	13,958	Norwegian Cruise Line Holdings Ltd.*		317,126
	5,004	Penn Entertainment Inc.*		107,636
	2,838	Planet Fitness Inc., Class A Shares*		262,657
	7,831	Royal Caribbean Cruises Ltd.		1,927,209
	49,518	Starbucks Corp.		5,734,680
	2,197	Texas Roadhouse Inc., Class A Shares		404,446
	2,199	Travel + Leisure Co.		122,748
	1,147	Vail Resorts Inc.		182,362
	5,346	Wendy’s Co. (The)		82,863
	927	Wingstop Inc.		217,641
	2,445	Wyndham Hotels & Resorts Inc.		264,867
	3,282	Wynn Resorts Ltd.		293,148
	9,601	Yum! Brands Inc.		1,501,308

		Total Hotels, Restaurants & Leisure		67,067,342


	Household Durables — 0.2%
	9,822	DR Horton Inc.		1,245,528
	5,050	Garmin Ltd.		1,156,097
	3,726	Leggett & Platt Inc.		34,167
	7,764	Lennar Corp., Class A Shares		928,807
	406	Lennar Corp., Class B Shares		46,974
	1,651	Mohawk Industries Inc.*		194,141
	13,920	Newell Brands Inc.		89,366
	94	NVR Inc.*		681,085
	6,648	PulteGroup Inc.		686,606
	2,211	SharkNinja Inc.*		232,354
	5,585	Somnigroup International Inc.		356,770
	3,246	Toll Brothers Inc.		362,383
	989	TopBuild Corp.*		303,020
	1,679	Whirlpool Corp.		170,905

		Total Household Durables		6,488,203

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.2% — (continued)

	Leisure Products — 0.0%@
	2,070	Brunswick Corp.	$	125,959
	4,535	Hasbro Inc.		295,274
	10,844	Mattel Inc.*		230,977
	1,768	Polaris Inc.		79,419
	2,747	YETI Holdings Inc.*		97,903

		Total Leisure Products		829,532


	Specialty Retail — 1.9%
	1,783	Advance Auto Parts Inc.		65,793
	922	AutoNation Inc.*		168,145
	556	AutoZone Inc.*		1,942,114
	7,122	Bath & Body Works Inc.		258,030
	7,405	Best Buy Co., Inc.		665,784
	2,084	Burlington Stores Inc.*		519,604
	4,955	CarMax Inc.*		411,116
	3,817	Carvana Co., Class A Shares*		889,743
	1,843	Dick’s Sporting Goods Inc.		414,859
	1,723	Five Below Inc.*		149,711
	3,450	Floor & Decor Holdings Inc., Class A Shares*		333,373
	12,898	GameStop Corp., Class A Shares*		322,966
	6,070	Gap Inc. (The)		137,243
	32,778	Home Depot Inc. (The)		12,999,755
	873	Lithia Motors Inc., Class A Shares		300,696
	48,818	Lowe’s Cos., Inc.		12,138,107
	595	Murphy USA Inc.		279,198
	7,851	O’Reilly Automotive Inc.*		10,784,448
	598	Penske Automotive Group Inc.		100,900
	497	RH*		160,069
	10,731	Ross Stores Inc.		1,505,774
	37,444	TJX Cos., Inc. (The)		4,671,513
	17,590	Tractor Supply Co.		973,606
	1,560	Ulta Beauty Inc.*		571,522
	4,520	Valvoline Inc.*		166,698
	2,973	Wayfair Inc., Class A Shares*		117,582
	4,150	Williams-Sonoma Inc.		807,507

		Total Specialty Retail		51,855,856


	Textiles, Apparel & Luxury Goods — 0.3%
	1,897	Amer Sports Inc.*		56,701
	1,291	Birkenstock Holding PLC*		63,879
	6,454	Capri Holdings Ltd.*		141,859
	1,227	Carter’s Inc.		50,638
	1,025	Columbia Sportswear Co.		89,011
	1,839	Crocs Inc.*		183,109
	4,947	Deckers Outdoor Corp.*		689,414
	3,937	lululemon athletica Inc.*		1,439,407
	39,245	NIKE Inc., Class B Shares		3,117,230
	1,796	PVH Corp.		134,413
	1,263	Ralph Lauren Corp., Class A Shares		342,450
	4,331	Skechers USA Inc., Class A Shares*		264,148
	7,684	Tapestry Inc.		656,367
	5,673	Under Armour Inc., Class A Shares*		38,633
	7,178	Under Armour Inc., Class C Shares*		45,580
	11,444	V.F. Corp.		285,299

		Total Textiles, Apparel & Luxury Goods		7,598,138

		TOTAL CONSUMER DISCRETIONARY		284,823,333

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER STAPLES — 4.9%

	Beverages — 1.0%
	309	Boston Beer Co., Inc. (The), Class A Shares*	$	75,325
	1,581	Brown-Forman Corp., Class A Shares		52,220
	5,788	Brown-Forman Corp., Class B Shares		191,641
	7,646	Celsius Holdings Inc.*		196,426
	128,284	Coca-Cola Co. (The)		9,135,104
	198	Coca-Cola Consolidated Inc.		280,590
	5,197	Constellation Brands Inc., Class A Shares		912,073
	37,355	Keurig Dr Pepper Inc.		1,252,140
	5,533	Molson Coors Beverage Co., Class B Shares		339,117
	75,890	Monster Beverage Corp.*		4,147,388
	79,123	PepsiCo Inc.		12,143,007

		Total Beverages		28,725,031


	Consumer Staples Distribution & Retail — 1.7%
	13,245	Albertsons Cos., Inc., Class A Shares		278,675
	4,356	BJ’s Wholesale Club Holdings Inc.*		441,089
	1,216	Casey’s General Stores Inc.		503,679
	18,373	Costco Wholesale Corp.		19,266,111
	7,165	Dollar General Corp.		531,500
	6,647	Dollar Tree Inc.*		484,300
	2,938	Grocery Outlet Holding Corp.*		34,874
	22,607	Kroger Co. (The)		1,465,386
	5,314	Maplebear Inc.*		218,352
	5,026	Performance Food Group Co.*		427,914
	16,246	Sysco Corp.		1,227,223
	69,494	Target Corp.		8,633,935
	7,470	US Foods Holding Corp.*		535,450
	22,452	Walgreens Boots Alliance Inc.		239,787
	143,425	Walmart Inc.		14,143,139

		Total Consumer Staples Distribution & Retail		48,431,414


	Food Products — 0.8%
	15,675	Archer-Daniels-Midland Co.		739,860
	4,490	Bunge Global SA		333,113
	15,540	Conagra Brands Inc.		396,892
	5,325	Darling Ingredients Inc.*		192,179
	5,643	Flowers Foods Inc.		105,750
	1,518	Freshpet Inc.*		162,471
	18,527	General Mills Inc.		1,123,107
	4,787	Hershey Co. (The)		826,763
	9,182	Hormel Foods Corp.		262,881
	2,137	Ingredion Inc.		279,113
	3,392	J.M. Smucker Co. (The)		374,918
	8,550	Kellanova		708,795
	28,989	Kraft Heinz Co. (The)		890,252
	4,540	Lamb Weston Holdings Inc.		235,490
	8,215	McCormick & Co., Inc., Class VTG Shares		678,641
	147,485	Mondelez International Inc., Class A Shares		9,472,961
	1,166	Pilgrim’s Pride Corp.*		63,419
	1,564	Post Holdings Inc.*		177,530
	8	Seaboard Corp.		22,417
	6,084	The Campbell’s Co.		243,725
	55,070	Tyson Foods Inc., Class A Shares		3,377,994

		Total Food Products		20,668,271

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER STAPLES — 4.9% — (continued)

	Household Products — 0.9%
	7,957	Church & Dwight Co., Inc.	$	884,818
	4,049	Clorox Co. (The)		633,223
	26,722	Colgate-Palmolive Co.		2,436,245
	11,110	Kimberly-Clark Corp.		1,577,731
	115,252	Procter & Gamble Co. (The)		20,035,408
	1,594	Reynolds Consumer Products Inc.		39,021
	1,110	Spectrum Brands Holdings Inc.		85,958

		Total Household Products		25,692,404


	Personal Care Products — 0.1%
	4,259	BellRing Brands Inc.*		312,100
	11,039	Coty Inc., Class A Shares*		62,812
	1,704	elf Beauty Inc.*		119,706
	7,519	Estee Lauder Cos., Inc. (The), Class A Shares		540,691
	64,989	Kenvue Inc.		1,533,740

		Total Personal Care Products		2,569,049


	Tobacco — 0.4%
	56,076	Altria Group Inc.		3,131,844
	51,370	Philip Morris International Inc.		7,976,734

		Total Tobacco		11,108,578

		TOTAL CONSUMER STAPLES		137,194,747


	ENERGY — 3.3%

	Energy Equipment & Services — 0.4%
	32,970	Baker Hughes Co., Class A Shares		1,470,132
	28,752	Halliburton Co.		758,190
	11,942	NOV Inc.		178,175
	192,384	Schlumberger NV		8,014,717
	13,617	TechnipFMC PLC		400,885
	2,228	Weatherford International PLC		137,936

		Total Energy Equipment & Services		10,960,035


	Oil, Gas & Consumable Fuels — 2.9%
	10,272	Antero Midstream Corp.		174,111
	9,534	Antero Resources Corp.*		349,898
	11,452	APA Corp.		237,056
	7,490	Cheniere Energy Inc.		1,711,915
	56,935	Chevron Corp.		9,031,030
	1,908	Chord Energy Corp.		218,084
	3,086	Civitas Resources Inc.		118,317
	106,481	ConocoPhillips		10,557,591
	24,194	Coterra Energy Inc.		652,996
	20,524	Devon Energy Corp.		743,379
	6,277	Diamondback Energy Inc.		997,792
	3,210	DT Midstream Inc.		308,449
	59,948	EOG Resources Inc.		7,609,799
	19,220	EQT Corp.		925,828
	21,047	Expand Energy Corp.		2,081,127
	236,794	Exxon Mobil Corp.		26,362,276
	9,557	Hess Corp.		1,423,420
	4,831	HF Sinclair Corp.		170,389
	64,037	Kinder Morgan Inc.		1,735,403
	11,596	Marathon Petroleum Corp.		1,741,487
	3,630	Matador Resources Co.		189,994
	2,028	New Fortress Energy Inc., Class A Shares		20,280

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	ENERGY — 3.3% — (continued)

	Oil, Gas & Consumable Fuels — 2.9% — (continued)
	22,380	Occidental Petroleum Corp.	$	1,093,039
	19,275	ONEOK Inc.		1,935,017
	10,812	Ovintiv Inc.		469,890
	21,339	Permian Resources Corp., Class A Shares		300,667
	40,354	Phillips 66		5,233,510
	7,516	Range Resources Corp.		278,994
	7,167	Targa Resources Corp.		1,445,727
	612	Texas Pacific Land Corp.		873,905
	10,419	Valero Energy Corp.		1,362,076
	4,189	Viper Energy Inc., Class A Shares		195,082
	40,201	Williams Cos., Inc. (The)		2,338,894

		Total Oil, Gas & Consumable Fuels		82,887,422

		TOTAL ENERGY		93,847,457


	FINANCIALS — 17.0%

	Banks — 3.9%
	427,622	Bank of America Corp.		19,713,374
	3,644	Bank OZK		174,948
	792	BOK Financial Corp.		86,296
	62,533	Citigroup Inc.		4,999,513
	14,827	Citizens Financial Group Inc.		678,632
	6,946	Columbia Banking System Inc.		185,667
	4,378	Comerica Inc.		281,637
	4,182	Commerce Bancshares Inc.		272,039
	1,963	Cullen/Frost Bankers Inc.		268,990
	4,618	East West Bancorp Inc.		436,078
	22,271	Fifth Third Bancorp		968,120
	399	First Citizens BancShares Inc., Class A Shares		817,176
	4,299	First Hawaiian Inc.		115,686
	17,694	First Horizon Corp.		381,129
	11,653	FNB Corp.		172,930
	48,194	Huntington Bancshares Inc.		793,755
	168,845	JPMorgan Chase & Co.		44,684,829
	30,181	KeyCorp		522,735
	5,514	M&T Bank Corp.		1,057,144
	105,134	NU Holdings Ltd., Class A Shares*		1,130,190
	2,523	Pinnacle Financial Partners Inc.		288,278
	13,151	PNC Financial Services Group Inc. (The)		2,523,940
	2,326	Popular Inc.		233,600
	3,010	Prosperity Bancshares Inc.		231,048
	30,729	Regions Financial Corp.		728,585
	4,953	Synovus Financial Corp.		256,962
	1,501	TFS Financial Corp.		19,798
	87,005	Truist Financial Corp.		4,032,682
	51,656	US Bancorp		2,422,666
	5,565	Webster Financial Corp.		313,421
	234,826	Wells Fargo & Co.		18,391,572
	3,501	Western Alliance Bancorp		304,307
	2,116	Wintrust Financial Corp.		263,379
	4,715	Zions Bancorp NA		254,799

		Total Banks		108,005,905


	Capital Markets — 4.7%
	1,040	Affiliated Managers Group Inc.		177,684
	3,268	Ameriprise Financial Inc.		1,755,896

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 17.0% — (continued)

	Capital Markets — 4.7% — (continued)
	6,143	Ares Management Corp., Class A Shares	$	1,050,084
	24,411	Bank of New York Mellon Corp. (The)		2,171,358
	14,262	Blackrock Inc.		13,945,098
	23,842	Blackstone Inc.		3,842,377
	17,150	Blue Owl Capital Inc., Class A Shares		369,240
	18,853	Brookfield Asset Management Ltd., Class A Shares(b)		1,066,703
	266,241	Brookfield Corp.		15,426,004
	7,139	Carlyle Group Inc. (The)		355,808
	3,440	Cboe Global Markets Inc.		725,152
	139,954	Charles Schwab Corp. (The)		11,130,542
	11,895	CME Group Inc., Class A Shares		3,018,594
	6,727	Coinbase Global Inc., Class A Shares*		1,450,476
	1,169	Evercore Inc., Class A Shares		282,664
	1,281	FactSet Research Systems Inc.		591,489
	9,236	Franklin Resources Inc.		187,029
	19,922	Goldman Sachs Group Inc. (The)		12,397,261
	1,709	Houlihan Lokey Inc., Class A Shares		296,255
	3,522	Interactive Brokers Group Inc., Class A Shares		719,897
	67,647	Intercontinental Exchange Inc.		11,718,490
	11,914	Invesco Ltd.		207,185
	4,227	Janus Henderson Group PLC		178,379
	5,748	Jefferies Financial Group Inc.		380,518
	75,157	KKR & Co., Inc., Class Miscella Shares		10,190,538
	3,713	Lazard Inc., Class A Shares		186,207
	2,479	LPL Financial Holdings Inc.		921,544
	1,193	MarketAxess Holdings Inc.		229,999
	8,330	Moody’s Corp.		4,197,820
	38,359	Morgan Stanley(c)		5,105,967
	870	Morningstar Inc.		272,936
	6,171	MSCI Inc., Class A Shares		3,644,037
	13,665	Nasdaq Inc.		1,131,189
	6,501	Northern Trust Corp.		716,540
	6,166	Raymond James Financial Inc.		953,695
	22,192	Robinhood Markets Inc., Class A Shares*		1,111,819
	27,545	S&P Global Inc.		14,701,868
	3,258	SEI Investments Co.		260,803
	35,423	State Street Corp.		3,515,024
	3,294	Stifel Financial Corp.		349,790
	7,153	T. Rowe Price Group Inc.		756,215
	2,802	TPG Inc., Class A Shares		154,558
	3,785	Tradeweb Markets Inc., Class A Shares		512,375
	2,820	Virtu Financial Inc., Class A Shares		103,099
	16,067	XP Inc., Class A Shares		227,348

		Total Capital Markets		132,687,554


	Consumer Finance — 0.6%
	8,949	Ally Financial Inc.		332,008
	36,521	American Express Co.		10,991,360
	12,508	Capital One Financial Corp.		2,508,479
	197	Credit Acceptance Corp.*		97,001
	8,260	Discover Financial Services		1,612,269
	3,921	OneMain Holdings Inc., Class A Shares		210,715
	6,798	SLM Corp.		205,232
	34,761	SoFi Technologies Inc.*		502,992
	12,871	Synchrony Financial		781,012

		Total Consumer Finance		17,241,068

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 17.0% — (continued)

	Financial Services — 5.0%
	8,520	Affirm Holdings Inc., Class A Shares*	$	546,558
	17,271	Apollo Global Management Inc.		2,578,042
	79,634	Berkshire Hathaway Inc., Class B Shares*		40,918,338
	18,349	Block Inc., Class A Shares*		1,198,190
	2,215	Corpay Inc.*		813,016
	9,550	Equitable Holdings Inc.		525,441
	1,384	Euronet Worldwide Inc.*		141,805
	18,333	Fidelity National Information Services Inc.		1,303,843
	18,698	Fiserv Inc.*		4,406,932
	8,470	Global Payments Inc.		891,721
	2,380	Jack Henry & Associates Inc.		413,144
	53,081	MasterCard Inc., Class A Shares		30,591,111
	8,542	MGIC Investment Corp.		210,219
	139,918	PayPal Holdings Inc.*		9,941,174
	4,640	Rocket Cos., Inc., Class A Shares*		64,960
	1,998	Shift4 Payments Inc., Class A Shares*		197,302
	15,027	Toast Inc., Class A Shares*		580,042
	3,045	UWM Holdings Corp.		19,123
	122,406	Visa Inc., Class A Shares		44,397,880
	3,304	Voya Financial Inc.		238,747
	6,595	Western Union Co. (The)		71,424
	1,283	WEX Inc.*		201,559

		Total Financial Services		140,250,571


	Insurance — 2.8%
	18,432	Aflac Inc.		2,017,751
	8,677	Allstate Corp. (The)		1,728,025
	2,406	American Financial Group Inc.		303,830
	21,460	American International Group Inc.		1,779,892
	6,503	Aon PLC, Class A Shares		2,660,507
	12,254	Arch Capital Group Ltd.		1,138,519
	13,506	Arthur J. Gallagher & Co.		4,561,516
	1,696	Assurant Inc.		352,581
	1,699	Assured Guaranty Ltd.		148,374
	2,527	Axis Capital Holdings Ltd.		244,816
	1,934	Brighthouse Financial Inc.*		114,706
	7,958	Brown & Brown Inc.		943,341
	13,375	Chubb Ltd.		3,818,295
	5,131	Cincinnati Financial Corp.		758,413
	929	CNA Financial Corp.		45,493
	1,403	Everest Group Ltd.		495,568
	8,570	Fidelity National Financial Inc.		553,022
	3,281	First American Financial Corp.		215,529
	2,997	Globe Life Inc.		381,908
	1,160	Hanover Insurance Group Inc. (The)		197,815
	74,238	Hartford Insurance Group Inc. (The)		8,780,871
	2,021	Kemper Corp.		136,579
	732	Kinsale Capital Group Inc.		316,114
	4,059	Lincoln National Corp.		158,301
	5,914	Loews Corp.		512,566
	419	Markel Group Inc.*		810,111
	30,199	Marsh & McLennan Cos., Inc.		7,182,530
	19,437	MetLife Inc.		1,675,081
	8,207	Old Republic International Corp.		316,052
	1,090	Primerica Inc.		316,100

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 17.0% — (continued)

	Insurance — 2.8% — (continued)
	7,587	Principal Financial Group Inc.	$	675,547
	67,255	Progressive Corp. (The)		18,965,910
	35,203	Prudential Financial Inc.		4,051,865
	2,156	Reinsurance Group of America Inc., Class A Shares		437,000
	1,673	RenaissanceRe Holdings Ltd.		397,538
	2,782	RLI Corp.		211,682
	3,336	Ryan Specialty Holdings Inc., Class A Shares		233,487
	33,617	Travelers Cos., Inc. (The)		8,689,658
	4,605	Unum Group		378,945
	81	White Mountains Insurance Group Ltd.		149,810
	3,333	Willis Towers Watson PLC		1,132,053
	9,886	WR Berkley Corp.		623,609

		Total Insurance		78,611,310


	Mortgage Real Estate Investment Trusts (REITs) — 0.0%@
	26,737	AGNC Investment Corp.		278,867
	18,422	Annaly Capital Management Inc.		404,547
	17,069	Rithm Capital Corp.		207,389
	10,223	Starwood Property Trust Inc.		209,776

		Total Mortgage Real Estate Investment Trusts (REITs)		1,100,579

		TOTAL FINANCIALS		477,896,987


	HEALTH CARE — 11.5%

	Biotechnology — 2.0%
	99,008	AbbVie Inc.		20,695,642
	4,402	Alnylam Pharmaceuticals Inc.*		1,086,193
	31,778	Amgen Inc.		9,789,531
	3,284	Apellis Pharmaceuticals Inc.*		82,593
	4,751	Biogen Inc.*		667,515
	6,158	BioMarin Pharmaceutical Inc.*		438,203
	5,784	Exact Sciences Corp.*		274,219
	9,222	Exelixis Inc.*		356,799
	105,965	Gilead Sciences Inc.		12,112,859
	818	GRAIL Inc.*		31,542
	5,793	Incyte Corp.*		425,786
	5,102	Ionis Pharmaceuticals Inc.*		169,335
	10,248	Moderna Inc.*		317,278
	3,798	Natera Inc.*		590,931
	3,820	Neurocrine Biosciences Inc.*		453,510
	3,436	Regeneron Pharmaceuticals Inc.		2,400,871
	21,068	Roivant Sciences Ltd.*		226,270
	2,977	Sarepta Therapeutics Inc.*		317,795
	2,939	Ultragenyx Pharmaceutical Inc.*		126,142
	1,411	United Therapeutics Corp.*		451,591
	8,544	Vertex Pharmaceuticals Inc.*		4,099,326
	3,248	Viking Therapeutics Inc.*		93,770

		Total Biotechnology		55,207,701


	Health Care Equipment & Supplies — 2.9%
	133,513	Abbott Laboratories		18,426,129
	8,291	Alcon AG		766,917
	2,463	Align Technology Inc.*		460,655
	16,607	Baxter International Inc.		573,108
	34,714	Becton Dickinson & Co.		7,829,048
	141,426	Boston Scientific Corp.*		14,678,604

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 11.5% — (continued)

	Health Care Equipment & Supplies — 2.9% — (continued)
	6,365	Cooper Cos Inc. (The)*	$	575,269
	6,518	DENTSPLY SIRONA Inc.		107,873
	13,705	DexCom Inc.*		1,211,111
	19,748	Edwards Lifesciences Corp.*		1,414,352
	1,498	Enovis Corp.*		57,898
	5,072	Envista Holdings Corp.*		101,338
	15,045	GE HealthCare Technologies Inc.		1,314,181
	3,699	Globus Medical Inc., Class A Shares*		297,104
	7,516	Hologic Inc.*		476,439
	7,694	IDEXX Laboratories Inc.*		3,363,124
	929	Inspire Medical Systems Inc.*		172,413
	2,278	Insulet Corp.*		620,231
	22,313	Intuitive Surgical Inc.*		12,788,696
	1,355	Masimo Corp.*		255,783
	42,418	Medtronic PLC		3,903,304
	1,202	Penumbra Inc.*		343,099
	1,797	QuidelOrtho Corp.*		71,862
	4,742	ResMed Inc.		1,107,352
	4,520	Solventum Corp.*		360,470
	3,214	STERIS PLC		704,702
	22,090	Stryker Corp.		8,530,937
	1,481	Teleflex Inc.		196,603
	6,518	Zimmer Biomet Holdings Inc.		679,958

		Total Health Care Equipment & Supplies		81,388,560


	Health Care Providers & Services — 2.0%
	2,770	Acadia Healthcare Co., Inc.*		83,045
	1,025	Amedisys Inc.*		94,300
	7,944	Cardinal Health Inc.		1,028,589
	25,465	Cencora Inc.		6,456,396
	17,150	Centene Corp.*		997,444
	469	Chemed Corp.		281,775
	9,093	Cigna Group (The)		2,808,373
	41,679	CVS Health Corp.		2,739,144
	1,670	DaVita Inc.*		246,960
	7,646	Elevance Health Inc.		3,034,544
	3,227	Encompass Health Corp.		323,152
	6,153	HCA Healthcare Inc.		1,884,664
	4,129	Henry Schein Inc.*		297,990
	4,141	Humana Inc.		1,119,809
	2,741	Labcorp Holdings Inc.		688,101
	4,265	McKesson Corp.		2,730,709
	1,894	Molina Healthcare Inc.*		570,321
	3,625	Premier Inc., Class A Shares		65,902
	3,620	Quest Diagnostics Inc.		625,898
	3,145	Tenet Healthcare Corp.*		398,126
	60,459	UnitedHealth Group Inc.		28,715,607
	1,869	Universal Health Services Inc., Class B Shares		327,542

		Total Health Care Providers & Services		55,518,391


	Health Care Technology — 0.1%
	3,535	Certara Inc.*		42,350
	4,032	Doximity Inc., Class A Shares*		284,256
	9,266	Veeva Systems Inc., Class A Shares*		2,076,881

		Total Health Care Technology		2,403,487

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 11.5% — (continued)

	Life Sciences Tools & Services — 1.6%
	3,003	10X Genomics Inc., Class A Shares*	$	32,102
	9,553	Agilent Technologies Inc.		1,222,020
	164,636	Avantor Inc.*		2,749,421
	1,652	Azenta Inc.*		72,060
	655	Bio-Rad Laboratories Inc., Class A Shares*		173,680
	5,118	Bio-Techne Corp.		316,037
	4,874	Bruker Corp.		230,150
	1,693	Charles River Laboratories International Inc.*		279,870
	63,448	Danaher Corp.		13,181,957
	2,657	Fortrea Holdings Inc.*		36,799
	4,052	ICON PLC, ADR*		769,961
	5,195	Illumina Inc.*		461,004
	5,879	IQVIA Holdings Inc.*		1,109,955
	829	Medpace Holdings Inc.*		271,348
	688	Mettler-Toledo International Inc.*		875,631
	7,140	QIAGEN NV*		274,176
	1,769	Repligen Corp.*		281,731
	4,044	Revvity Inc.		453,535
	4,951	Sotera Health Co.*		61,739
	42,538	Thermo Fisher Scientific Inc.		22,500,901
	1,922	Waters Corp.*		725,247
	2,367	West Pharmaceutical Services Inc.		549,949

		Total Life Sciences Tools & Services		46,629,273


	Pharmaceuticals — 2.9%
	67,031	Bristol-Myers Squibb Co.		3,996,388
	16,478	Elanco Animal Health Inc.*		184,059
	29,046	Eli Lilly & Co.		26,740,619
	3,384	Intra-Cellular Therapies Inc.*		433,829
	1,996	Jazz Pharmaceuticals PLC*		286,486
	111,232	Johnson & Johnson		18,355,505
	129,494	Merck & Co., Inc.		11,945,822
	17,456	Novo Nordisk AS, ADR		1,582,386
	7,798	Organon & Co.		116,268
	4,053	Perrigo Co. PLC		117,537
	187,352	Pfizer Inc.		4,951,713
	12,762	Royalty Pharma PLC, Class A Shares		429,314
	39,010	Viatris Inc.		360,062
	67,527	Zoetis Inc., Class A Shares		11,293,216

		Total Pharmaceuticals		80,793,204

		TOTAL HEALTH CARE		321,940,616


	INDUSTRIALS — 9.9%

	Aerospace & Defense — 2.6%
	2,372	Axon Enterprise Inc.*		1,253,483
	23,377	Boeing Co. (The)*		4,082,325
	2,910	BWX Technologies Inc.		302,553
	1,254	Curtiss-Wright Corp.		403,362
	9,022	General Dynamics Corp.		2,278,957
	35,518	General Electric Co.		7,351,516
	1,421	HEICO Corp.		376,110
	28,741	HEICO Corp., Class A Shares		6,126,431
	2,664	Hexcel Corp.		168,818
	13,384	Howmet Aerospace Inc.		1,828,254
	1,237	Huntington Ingalls Industries Inc.		217,192

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 9.9% — (continued)

	Aerospace & Defense — 2.6% — (continued)
	6,269	L3Harris Technologies Inc.	$	1,292,104
	990	Loar Holdings Inc.*		71,943
	6,966	Lockheed Martin Corp.		3,137,277
	4,558	Northrop Grumman Corp.		2,104,611
	137,012	RTX Corp.		18,221,226
	3,794	Spirit AeroSystems Holdings Inc., Class A Shares*		132,411
	2,272	Standardaero Inc.*(b)		64,139
	64,584	Textron Inc.		4,826,362
	13,604	TransDigm Group Inc.		18,599,389
	1,879	Woodward Inc.		355,122

		Total Aerospace & Defense		73,193,585


	Air Freight & Logistics — 0.2%
	3,797	CH Robinson Worldwide Inc.		385,851
	4,648	Expeditors International of Washington Inc.		545,489
	7,483	FedEx Corp.		1,967,281
	3,689	GXO Logistics Inc.*		145,421
	23,972	United Parcel Service Inc., Class B Shares		2,853,387

		Total Air Freight & Logistics		5,897,429


	Building Products — 0.8%
	2,109	AAON Inc.		161,971
	2,286	Advanced Drainage Systems Inc.		254,637
	2,903	Allegion PLC		373,645
	3,820	AO Smith Corp.		253,954
	1,453	Armstrong World Industries Inc.		223,268
	4,532	AZEK Co., Inc. (The), Class A Shares*		212,324
	3,914	Builders FirstSource Inc.*		544,007
	1,502	Carlisle Cos., Inc.		511,821
	114,392	Carrier Global Corp.		7,412,602
	4,021	Fortune Brands Innovations Inc.		260,239
	4,481	Hayward Holdings Inc.*		64,930
	22,049	Johnson Controls International PLC		1,888,717
	1,045	Lennox International Inc.		628,097
	6,977	Masco Corp.		524,531
	34,364	Owens Corning		5,293,431
	1,413	Simpson Manufacturing Co., Inc.		232,297
	7,444	Trane Technologies PLC		2,632,943
	3,443	Trex Co., Inc.*		212,399

		Total Building Products		21,685,813


	Commercial Services & Supplies — 0.6%
	11,423	Cintas Corp.		2,370,272
	1,674	Clean Harbors Inc.*		357,483
	146,139	Copart Inc.*		8,008,417
	1,242	MSA Safety Inc.		203,315
	5,971	RB Global Inc.		611,311
	6,780	Republic Services Inc., Class A Shares		1,606,996
	10,428	Rollins Inc.		546,323
	8,758	Tetra Tech Inc.		255,646
	8,055	Veralto Corp.		803,567
	3,870	Vestis Corp.		45,860
	13,266	Waste Management Inc.		3,088,059

		Total Commercial Services & Supplies		17,897,249

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 9.9% — (continued)

	Construction & Engineering — 0.3%
	4,303	AECOM	$	430,515
	7,502	API Group Corp.*		294,603
	1,146	Comfort Systems USA Inc.		416,376
	1,516	EMCOR Group Inc.		619,908
	1,637	Everus Construction Group Inc.*		68,099
	2,081	MasTec Inc.*		271,758
	27,448	Quanta Services Inc.		7,126,324
	672	Valmont Industries Inc.		234,105
	5,617	WillScot Holdings Corp.*		185,080

		Total Construction & Engineering		9,646,768


	Electrical Equipment — 0.8%
	1,004	Acuity Brands Inc.		298,319
	7,630	AMETEK Inc.		1,444,359
	25,264	Eaton Corp. PLC		7,410,436
	18,831	Emerson Electric Co.		2,290,038
	9,009	GE Vernova Inc.		3,019,637
	1,944	Generac Holdings Inc.*		264,676
	1,746	Hubbell Inc., Class B Shares		648,796
	5,386	nVent Electric PLC		324,991
	2,207	Regal Rexnord Corp.		285,586
	19,407	Rockwell Automation Inc.		5,572,720
	4,772	Sensata Technologies Holding PLC		137,672
	11,842	Vertiv Holdings Co., Class A Shares		1,127,003

		Total Electrical Equipment		22,824,233


	Ground Transportation — 1.1%
	546	Avis Budget Group Inc.*		43,139
	232,120	CSX Corp.		7,430,161
	2,673	JB Hunt Transport Services Inc.		430,861
	5,102	Knight-Swift Transportation Holdings Inc., Class A Shares		257,345
	1,109	Landstar System Inc.		176,109
	12,146	Lyft Inc., Class A Shares*		162,028
	7,466	Norfolk Southern Corp.		1,834,769
	6,407	Old Dominion Freight Line Inc.		1,130,835
	1,313	Ryder System Inc.		215,949
	870	Saia Inc.*		356,213
	1,934	Schneider National Inc., Class B Shares		51,019
	111,158	Uber Technologies Inc.*		8,449,120
	219	U-Haul Holding Co.*		15,166
	3,393	U-Haul Holding Co.-Non Voting		208,839
	33,423	Union Pacific Corp.		8,245,120
	3,728	XPO Inc.*		458,395

		Total Ground Transportation		29,465,068


	Industrial Conglomerates — 0.5%
	18,029	3M Co.		2,796,659
	56,961	Honeywell International Inc.		12,126,427

		Total Industrial Conglomerates		14,923,086


	Machinery — 1.7%
	2,089	AGCO Corp.		202,570
	2,850	Allison Transmission Holdings Inc.		289,988
	34,167	Caterpillar Inc.		11,751,740
	30,818	CNH Industrial NV		396,936
	1,644	Crane Co.		267,956

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 9.9% — (continued)

	Machinery — 1.7% — (continued)
	4,513	Cummins Inc.	$	1,661,596
	8,333	Deere & Co.		4,006,423
	3,841	Donaldson Co., Inc.		265,375
	4,472	Dover Corp.		888,899
	1,908	Esab Corp.		239,072
	4,386	Flowserve Corp.		241,405
	11,476	Fortive Corp.		912,801
	7,777	Gates Industrial Corp. PLC*		168,294
	5,454	Graco Inc.		474,880
	2,470	IDEX Corp.		479,995
	9,649	Illinois Tool Works Inc.		2,547,143
	13,365	Ingersoll Rand Inc.		1,133,085
	2,724	ITT Inc.		384,738
	1,850	Lincoln Electric Holdings Inc.		382,376
	1,736	Middleby Corp. (The)*		287,152
	1,868	Nordson Corp.		392,822
	2,153	Oshkosh Corp.		220,252
	13,176	Otis Worldwide Corp.		1,314,701
	16,991	PACCAR Inc.		1,822,115
	17,553	Parker-Hannifin Corp.		11,734,356
	5,384	Pentair PLC		507,173
	927	RBC Bearings Inc.*		332,978
	1,687	Snap-on Inc.		575,554
	5,012	Stanley Black & Decker Inc.		433,688
	2,107	Timken Co. (The)		170,667
	3,315	Toro Co. (The)		265,896
	5,705	Westinghouse Air Brake Technologies Corp.		1,057,479
	8,267	Xylem Inc.		1,082,068

		Total Machinery		46,892,173


	Marine Transportation — 0.0%@
	1,857	Kirby Corp.*		193,537


	Passenger Airlines — 0.4%
	4,092	Alaska Air Group Inc.*		295,770
	21,942	American Airlines Group Inc.*		314,868
	132,546	Delta Air Lines Inc.		7,968,665
	19,484	Southwest Airlines Co.		605,173
	10,853	United Airlines Holdings Inc.*		1,018,120

		Total Passenger Airlines		10,202,596


	Professional Services — 0.5%
	3,904	Amentum Holdings Inc.*		76,675
	13,583	Automatic Data Processing Inc.		4,281,090
	4,176	Booz Allen Hamilton Holding Corp., Class A Shares		442,907
	3,819	Broadridge Financial Solutions Inc.		921,219
	720	CACI International Inc., Class A Shares*		241,092
	12,941	Clarivate PLC*		55,517
	1,491	Concentrix Corp.		67,334
	4,789	Dayforce Inc.*		296,870
	9,284	Dun & Bradstreet Holdings Inc.		84,206
	4,197	Equifax Inc.		1,029,104
	1,147	FTI Consulting Inc.*		189,943
	5,704	Genpact Ltd.		303,567
	4,065	Jacobs Solutions Inc.		520,767
	4,350	KBR Inc.		213,281

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 9.9% — (continued)

	Professional Services — 0.5% — (continued)
	4,396	Leidos Holdings Inc.	$	571,348
	1,598	ManpowerGroup Inc.		92,093
	1,413	Parsons Corp.*		82,265
	10,623	Paychex Inc.		1,611,190
	1,654	Paycom Software Inc.		363,003
	2,122	Paycor HCM Inc.*		47,384
	1,429	Paylocity Holding Corp.*		291,930
	3,185	Robert Half Inc.		188,202
	1,556	Science Applications International Corp.		153,717
	7,008	SS&C Technologies Holdings Inc.		624,062
	6,328	TransUnion		584,897
	4,645	Verisk Analytics Inc., Class A Shares		1,379,147

		Total Professional Services		14,712,810


	Trading Companies & Distributors — 0.4%
	3,483	Air Lease Corp., Class A Shares		166,905
	6,256	Core & Main Inc., Class A Shares*		319,119
	18,919	Fastenal Co.		1,432,736
	6,598	Ferguson Enterprises Inc.		1,171,145
	1,373	MSC Industrial Direct Co., Inc., Class A Shares		110,334
	1,454	SiteOne Landscape Supply Inc.*		183,655
	2,167	United Rentals Inc.		1,391,907
	1,306	Watsco Inc.		658,655
	1,351	WESCO International Inc.		243,815
	5,166	WW Grainger Inc.		5,275,571

		Total Trading Companies & Distributors		10,953,842

		TOTAL INDUSTRIALS		278,488,189


	INFORMATION TECHNOLOGY — 24.9%

	Communications Equipment — 1.1%
	34,047	Arista Networks Inc.*		3,168,073
	4,693	Ciena Corp.*		373,422
	258,440	Cisco Systems Inc.		16,568,588
	1,929	F5 Inc.*		564,098
	10,620	Juniper Networks Inc.		384,444
	2,233	Lumentum Holdings Inc.*		157,047
	19,835	Motorola Solutions Inc.		8,731,764
	142	Ubiquiti Inc.		48,520

		Total Communications Equipment		29,995,956


	Electronic Equipment, Instruments & Components — 0.4%
	64,149	Amphenol Corp., Class A Shares		4,272,323
	1,644	Arrow Electronics Inc.*		177,667
	2,736	Avnet Inc.		138,278
	4,382	CDW Corp.		780,872
	5,304	Cognex Corp.		173,971
	4,311	Coherent Corp.*		324,144
	25,352	Corning Inc.		1,271,403
	1,535	Crane NXT Co.		85,684
	898	Ingram Micro Holding Corp.*		19,361
	1,005	IPG Photonics Corp.*		58,481
	3,877	Jabil Inc.		600,625
	5,683	Keysight Technologies Inc.*		906,609
	764	Littelfuse Inc.		177,332
	3,182	TD SYNNEX Corp.		437,493

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 24.9% — (continued)

	Electronic Equipment, Instruments & Components — 0.4% — (continued)
	1,510	Teledyne Technologies Inc.*	$	777,680
	8,005	Trimble Inc.*		576,200
	4,811	Vontier Corp.		179,691
	1,668	Zebra Technologies Corp., Class A Shares*		525,503

		Total Electronic Equipment, Instruments & Components		11,483,317


	IT Services — 1.1%
	29,251	Accenture PLC, Class A Shares		10,193,973
	4,910	Akamai Technologies Inc.*		396,139
	3,652	Amdocs Ltd.		318,637
	9,905	Cloudflare Inc., Class A Shares*		1,439,197
	16,443	Cognizant Technology Solutions Corp., Class A Shares		1,370,195
	6,133	DXC Technology Co.*		112,663
	1,756	EPAM Systems Inc.*		361,982
	6,665	Gartner Inc.*		3,321,303
	1,371	Globant SA*		206,377
	4,611	GoDaddy Inc., Class A Shares*		827,674
	30,315	International Business Machines Corp.		7,652,719
	7,536	Kyndryl Holdings Inc.*		286,971
	2,365	MongoDB Inc., Class A Shares*		632,472
	5,321	Okta Inc., Class A Shares*		481,497
	10,444	Snowflake Inc., Class A Shares*		1,849,632
	5,400	Twilio Inc., Class A Shares*		647,622
	2,755	VeriSign Inc.*		655,359

		Total IT Services		30,754,412


	Semiconductors & Semiconductor Equipment — 7.9%
	53,196	Advanced Micro Devices Inc.*		5,312,153
	7,622	Allegro MicroSystems Inc.*		169,971
	3,481	Amkor Technology Inc.		73,449
	16,384	Analog Devices Inc.		3,769,303
	27,492	Applied Materials Inc.		4,345,660
	4,605	ASML Holding NV, Class REG Shares, ADR		3,265,313
	3,554	Astera Labs Inc.*		264,240
	211,435	Broadcom Inc.		42,166,482
	1,641	Cirrus Logic Inc.*		171,009
	4,131	Enphase Energy Inc.*		236,830
	4,910	Entegris Inc.		496,990
	3,477	First Solar Inc.*		473,498
	2,926	GLOBALFOUNDRIES Inc.*		113,441
	140,140	Intel Corp.		3,325,522
	4,454	KLA Corp.		3,157,173
	42,615	Lam Research Corp.		3,270,275
	4,317	Lattice Semiconductor Corp.*		269,122
	1,723	MACOM Technology Solutions Holdings Inc.*		199,282
	28,174	Marvell Technology Inc.		2,586,937
	17,295	Microchip Technology Inc.		1,017,984
	87,066	Micron Technology Inc.		8,151,990
	2,122	MKS Instruments Inc.		194,842
	1,562	Monolithic Power Systems Inc.		954,398
	942,006	NVIDIA Corp.		117,675,389
	48,585	ON Semiconductor Corp.*		2,285,924
	1,617	Onto Innovation Inc.*		235,532
	3,094	Qorvo Inc.*		224,903
	36,902	QUALCOMM Inc.		5,799,887
	5,238	Skyworks Solutions Inc.		349,165

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 24.9% — (continued)

	Semiconductors & Semiconductor Equipment — 7.9% — (continued)
	20,381	Taiwan Semiconductor Manufacturing Co., Ltd., ADR	$	3,679,382
	5,093	Teradyne Inc.		559,517
	30,078	Texas Instruments Inc.		5,894,987
	1,540	Universal Display Corp.		236,575
	3,946	Wolfspeed Inc.*(b)		22,808

		Total Semiconductors & Semiconductor Equipment		220,949,933


	Software — 9.8%
	19,004	Adobe Inc.*		8,334,394
	2,845	ANSYS Inc.*		948,096
	679	Appfolio Inc., Class A Shares*		145,646
	8,621	AppLovin Corp., Class A Shares*		2,808,205
	895	Aspen Technology Inc.*		237,399
	5,258	Atlassian Corp., Class A Shares*		1,494,639
	7,117	Autodesk Inc.*		1,951,553
	4,327	Bentley Systems Inc., Class B Shares		189,955
	3,247	BILL Holdings Inc.*		179,234
	47,169	Cadence Design Systems Inc.*		11,815,835
	14,743	CCC Intelligent Solutions Holdings Inc.*		150,231
	8,073	Confluent Inc., Class A Shares*		256,237
	559	Constellation Software Inc.		1,924,078
	7,567	Crowdstrike Holdings Inc., Class A Shares*		2,948,557
	9,874	Datadog Inc., Class A Shares*		1,150,815
	6,625	DocuSign Inc., Class A Shares*		551,001
	1,764	Dolby Laboratories Inc., Class A Shares		143,960
	4,262	DoubleVerify Holdings Inc.*		59,242
	8,161	Dropbox Inc., Class A Shares*		212,023
	10,480	Dynatrace Inc.*		599,980
	2,861	Elastic NV*		332,906
	785	Fair Isaac Corp.*		1,480,785
	2,137	Five9 Inc.*		77,359
	20,849	Fortinet Inc.*		2,251,901
	17,882	Gen Digital Inc.		488,715
	5,397	Gitlab Inc., Class A Shares*		324,953
	2,690	Guidewire Software Inc.*		541,551
	1,618	HubSpot Inc.*		1,171,416
	2,632	Informatica Inc., Class A Shares*		50,429
	15,530	Intuit Inc.		9,532,935
	1,997	Manhattan Associates Inc.*		353,229
	365,683	Microsoft Corp.		145,172,494
	5,412	MicroStrategy Inc., Class A Shares*		1,382,387
	2,741	nCino Inc.*		85,821
	8,225	Nutanix Inc., Class A Shares*		632,420
	83,679	Oracle Corp.		13,895,735
	66,460	Palantir Technologies Inc., Class A Shares*		5,643,783
	50,254	Palo Alto Networks Inc.*		9,569,869
	1,454	Pegasystems Inc.		114,154
	4,460	Procore Technologies Inc.*		341,056
	3,861	PTC Inc.*		631,775
	2,788	RingCentral Inc., Class A Shares*		79,319
	17,999	Roper Technologies Inc.		10,520,416
	48,574	Salesforce Inc.		14,467,766
	8,961	SentinelOne Inc., Class A Shares*		184,865
	6,785	ServiceNow Inc.*		6,308,422
	10,197	Synopsys Inc.*		4,662,884

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 24.9% — (continued)

	Software — 9.8% — (continued)
	3,069	Teradata Corp.*	$	73,165
	1,383	Tyler Technologies Inc.*		841,459
	14,478	UiPath Inc., Class A Shares*		178,079
	9,430	Unity Software Inc.*		241,785
	21,353	Workday Inc., Class A Shares*		5,623,099
	8,599	Zoom Communications Inc., Class A Shares*		633,746
	3,369	Zscaler Inc.*		661,099

		Total Software		274,652,857


	Technology Hardware, Storage & Peripherals — 4.6%
	514,873	Apple Inc.		124,516,887
	8,907	Dell Technologies Inc., Class C Shares		915,283
	42,317	Hewlett Packard Enterprise Co.		838,300
	31,899	HP Inc.		984,722
	6,720	NetApp Inc.		670,723
	11,472	Pure Storage Inc., Class A Shares*		601,936
	3,785	Sandisk Corp.*		177,327
	16,158	Super Micro Computer Inc.*(b)		669,911
	11,357	Western Digital Corp.*		555,698

		Total Technology Hardware, Storage & Peripherals		129,930,787

		TOTAL INFORMATION TECHNOLOGY		697,767,262


	MATERIALS — 2.6%

	Chemicals — 1.6%
	24,588	Air Products & Chemicals Inc.		7,773,496
	3,825	Albemarle Corp.		294,640
	1,606	Ashland Inc.		97,677
	7,254	Axalta Coating Systems Ltd.*		262,667
	3,459	Celanese Corp., Class A Shares		176,202
	5,973	CF Industries Holdings Inc.		483,932
	4,492	Chemours Co. (The)		67,155
	23,112	Corteva Inc.		1,455,594
	22,955	Dow Inc.		874,815
	71,946	DuPont de Nemours Inc.		5,883,024
	3,897	Eastman Chemical Co.		381,321
	8,212	Ecolab Inc.		2,209,110
	7,459	Element Solutions Inc.		194,755
	4,165	FMC Corp.		153,689
	5,197	Huntsman Corp.		87,985
	8,339	International Flavors & Fragrances Inc.		682,214
	25,990	Linde PLC		12,138,630
	8,490	LyondellBasell Industries NV, Class A Shares		652,287
	10,287	Mosaic Co. (The)		246,065
	204	NewMarket Corp.		116,302
	3,709	Olin Corp.		94,172
	7,622	PPG Industries Inc.		862,963
	4,145	RPM International Inc.		513,524
	1,413	Scotts Miracle-Gro Co. (The)		82,759
	23,232	Sherwin-Williams Co. (The)		8,416,257
	997	Westlake Corp.		111,963

		Total Chemicals		44,313,198


	Construction Materials — 0.4%
	22,697	CRH PLC		2,326,897
	1,091	Eagle Materials Inc.		246,795

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	MATERIALS — 2.6% — (continued)

	Construction Materials — 0.4% — (continued)
	12,929	Martin Marietta Materials Inc.	$	6,246,517
	16,762	Vulcan Materials Co.		4,145,410

		Total Construction Materials		12,965,619


	Containers & Packaging — 0.2%
	46,903	Amcor PLC(b)		474,658
	2,178	AptarGroup Inc.		319,622
	2,613	Avery Dennison Corp.		491,166
	10,011	Ball Corp.		527,480
	3,729	Berry Global Group Inc.		269,122
	3,813	Crown Holdings Inc.		341,759
	9,683	Graphic Packaging Holding Co.		258,342
	17,203	International Paper Co.		969,389
	2,891	Packaging Corp. of America		616,043
	3,841	Sealed Air Corp.		131,285
	2,654	Silgan Holdings Inc.		144,139
	18,358	Smurfit WestRock PLC		955,901
	3,127	Sonoco Products Co.		149,533

		Total Containers & Packaging		5,648,439


	Metals & Mining — 0.4%
	7,944	Alcoa Corp.		264,138
	4,113	ATI Inc.*		239,212
	15,866	Cleveland-Cliffs Inc.*		171,987
	155,339	Freeport-McMoRan Inc.		5,733,562
	4,152	MP Materials Corp.*		99,690
	37,655	Newmont Corp.		1,613,140
	7,818	Nucor Corp.		1,074,740
	1,862	Reliance Inc.		553,312
	2,094	Royal Gold Inc.		307,818
	2,864	Southern Copper Corp.		254,696
	4,729	Steel Dynamics Inc.		638,746
	7,062	United States Steel Corp.		284,034

		Total Metals & Mining		11,235,075


	Paper & Forest Products — 0.0%@
	2,003	Louisiana-Pacific Corp.		199,639

		TOTAL MATERIALS		74,361,970


	REAL ESTATE — 2.6%

	Diversified REITs — 0.0%@
	7,098	WP Carey Inc.		455,763


	Health Care REITs — 0.2%
	5,649	Alexandria Real Estate Equities Inc.		577,667
	12,028	Healthcare Realty Trust Inc., Class A Shares		206,040
	22,820	Healthpeak Properties Inc.		466,897
	18,784	Medical Properties Trust Inc.(b)		110,826
	8,865	Omega Healthcare Investors Inc.		326,586
	13,758	Ventas Inc.		951,778
	20,390	Welltower Inc.		3,130,069

		Total Health Care REITs		5,769,863


	Hotel & Resort REITs — 0.0%@
	22,781	Host Hotels & Resorts Inc.		367,457
	6,032	Park Hotels & Resorts Inc.		74,073

		Total Hotel & Resort REITs		441,530

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 2.6% — (continued)

	Industrial REITs — 0.4%
	9,060	Americold Realty Trust Inc.	$	207,746
	1,577	EastGroup Properties Inc.		288,354
	4,419	First Industrial Realty Trust Inc.		252,237
	2,986	Lineage Inc.		179,906
	72,283	Prologis Inc.		8,957,309
	7,236	Rexford Industrial Realty Inc.		298,992
	6,062	STAG Industrial Inc.		218,111

		Total Industrial REITs		10,402,655


	Office REITs — 0.1%
	5,200	BXP Inc.		368,836
	5,298	Cousins Properties Inc.		160,688
	3,477	Highwoods Properties Inc.		101,285
	3,651	Kilroy Realty Corp.		130,341
	5,842	Vornado Realty Trust		245,598

		Total Office REITs		1,006,748


	Real Estate Management & Development — 0.3%
	10,107	CBRE Group Inc., Class A Shares*		1,434,588
	89,101	CoStar Group Inc.*		6,793,951
	1,100	Howard Hughes Holdings Inc.*		87,120
	1,567	Jones Lang LaSalle Inc.*		426,052
	276	Seaport Entertainment Group Inc.*		6,464
	1,491	Zillow Group Inc., Class A Shares*		110,915
	4,993	Zillow Group Inc., Class C Shares*		382,763

		Total Real Estate Management & Development		9,241,853


	Residential REITs — 0.3%
	11,010	American Homes 4 Rent, Class A Shares		407,480
	4,711	AvalonBay Communities Inc.		1,065,534
	3,414	Camden Property Trust		423,541
	46,417	Equity LifeStyle Properties Inc.		3,183,278
	12,319	Equity Residential		913,700
	2,082	Essex Property Trust Inc.		648,689
	19,957	Invitation Homes Inc.		678,738
	3,787	Mid-America Apartment Communities Inc.		636,670
	4,022	Sun Communities Inc.		547,595
	10,790	UDR Inc.		487,492

		Total Residential REITs		8,992,717


	Retail REITs — 0.2%
	3,512	Agree Realty Corp.		259,186
	9,891	Brixmor Property Group Inc.		276,552
	2,775	Federal Realty Investment Trust		292,540
	21,481	Kimco Realty Corp.		474,730
	5,945	NNN REIT Inc.		252,365
	28,790	Realty Income Corp.		1,641,894
	5,994	Regency Centers Corp.		459,740
	10,687	Simon Property Group Inc.		1,988,744

		Total Retail REITs		5,645,751


	Specialized REITs — 1.1%
	41,118	American Tower Corp.		8,454,683
	14,384	Crown Castle Inc.		1,353,534
	7,504	CubeSmart		309,765
	10,893	Digital Realty Trust Inc.		1,702,794

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 2.6% — (continued)

	Specialized REITs — 1.1% — (continued)
	2,452	EPR Properties	$	130,128
	6,051	Equinix Inc.		5,473,856
	6,940	Extra Space Storage Inc.		1,058,766
	8,493	Gaming and Leisure Properties Inc.		425,924
	9,495	Iron Mountain Inc.		884,649
	2,884	Lamar Advertising Co., Class A Shares		358,279
	4,085	Millrose Properties Inc.*		93,383
	2,458	National Storage Affiliates Trust		94,928
	21,824	Public Storage		6,626,203
	5,193	Rayonier Inc.		137,563
	3,500	SBA Communications Corp., Class A Shares		762,650
	34,001	VICI Properties Inc., Class A Shares		1,104,693
	23,773	Weyerhaeuser Co.		715,567

		Total Specialized REITs		29,687,365

		TOTAL REAL ESTATE		71,644,245


	UTILITIES — 2.0%

	Electric Utilities — 1.4%
	8,356	Alliant Energy Corp.		539,213
	17,422	American Electric Power Co., Inc.		1,847,603
	10,404	Constellation Energy Corp.		2,606,670
	96,506	Duke Energy Corp.		11,338,490
	12,407	Edison International		675,437
	14,129	Entergy Corp.		1,233,603
	7,319	Evergy Inc.		504,352
	11,770	Eversource Energy		741,628
	33,063	Exelon Corp.		1,461,385
	19,746	FirstEnergy Corp.		765,552
	1,746	IDACORP Inc.		205,871
	146,437	NextEra Energy Inc.		10,275,484
	6,960	NRG Energy Inc.		735,741
	6,590	OGE Energy Corp.		304,985
	69,826	PG&E Corp.		1,140,957
	3,800	Pinnacle West Capital Corp.		351,652
	24,086	PPL Corp.		848,068
	36,011	Southern Co. (The)		3,233,428
	18,896	Xcel Energy Inc.		1,362,402

		Total Electric Utilities		40,172,521


	Gas Utilities — 0.1%
	5,088	Atmos Energy Corp.		774,038
	6,551	MDU Resources Group Inc.		113,005
	2,890	National Fuel Gas Co.		217,328
	7,065	UGI Corp.		241,340

		Total Gas Utilities		1,345,711


	Independent Power & Renewable Electricity Producers — 0.1%
	23,125	AES Corp. (The)		268,019
	4,186	Brookfield Renewable Corp.		116,580
	845	Clearway Energy Inc., Class A Shares		22,358
	2,355	Clearway Energy Inc., Class C Shares		65,987
	11,236	Vistra Corp.		1,501,804

		Total Independent Power & Renewable Electricity Producers		1,974,748

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units			Security	Value

	UTILITIES — 2.0% — (continued)

	Multi-Utilities — 0.4%
	8,677		Ameren Corp.	$	881,236
	21,223		CenterPoint Energy Inc.		729,647
	9,706		CMS Energy Corp.		709,023
	11,296		Consolidated Edison Inc.		1,146,770
	27,684		Dominion Energy Inc.		1,567,468
	6,742		DTE Energy Co.		901,405
	16,703		NiSource Inc.		681,650
	16,484		Public Service Enterprise Group Inc.		1,337,677
	20,928		Sempra		1,497,817
	10,315		WEC Energy Group Inc.		1,100,507

			Total Multi-Utilities		10,553,200


	Water Utilities — 0.0%@
	6,361		American Water Works Co., Inc.		864,905
	8,211		Essential Utilities Inc.		311,854

			Total Water Utilities		1,176,759

			TOTAL UTILITIES		55,222,939

			TOTAL COMMON STOCKS (Cost — $1,484,617,131)		2,753,310,266


Face Amount†

	SHORT-TERM INVESTMENTS (d) — 1.8%

	MONEY MARKET FUND — 0.1%
$	2,943,298		Invesco STIT — Government & Agency Portfolio, Institutional Class, 4.235%(e) (Cost — $2,943,298)		2,943,298


	TIME DEPOSITS — 1.7%
	13,019,790		ANZ National Bank — London, 3.680% due 3/3/25		13,019,790
	37,422	^CAD	BNP Paribas — Paris, 1.830% due 3/3/25		25,862
	11,186,271		Citibank — New York, 3.680% due 3/3/25		11,186,271
	22,455,242		JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		22,455,242

			TOTAL TIME DEPOSITS (Cost — $46,687,165)		46,687,165

			TOTAL SHORT-TERM INVESTMENTS (Cost — $49,630,463)		49,630,463

			TOTAL INVESTMENTS — 100.0% (Cost — $1,534,247,594)		2,802,940,729

			Other Assets in Excess of Liabilities — 0.0%		344,771

			TOTAL NET ASSETS — 100.0%	$	2,803,285,500

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Illiquid security.

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

(c)	Affiliated security (See Note 2). As of February 28, 2025, total cost and total value of affiliated security amounted to $1,639,353 and $5,105,967, respectively.

(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 1.7%.

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

#	Security that used significant unobservable inputs to determine fair value. At February 28, 2025, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Large Cap Equity ETF

At February 28, 2025, for Morgan Stanley Pathway Large Cap Equity ETF 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
Morgan Stanley Pathway Large Cap Equity ETF	$	1,534,247,594	$	1,296,845,973	$	(28,100,113	)	$	1,268,745,860


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	24.9	%
Financials	17.0
Health Care	11.5
Consumer Discretionary	10.2
Industrials	9.9
Communication Services	9.3
Consumer Staples	4.9
Energy	3.3
Materials	2.7
Real Estate	2.6
Utilities	2.0
Short-Term Investments	1.7

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2025, Morgan Stanley Pathway Large Cap Equity ETF had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
S&P 500 E-mini Index Futures		44		3/25	$	13,062,805	$	13,119,150	$	56,345
S&P MidCap 400 E-mini Index Futures		3		3/25		933,530		929,910		(3,620	)

									$	52,725

At February 28, 2025, Morgan Stanley Pathway Large Cap Equity ETF had deposited cash of $521,984 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)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	COMMON STOCKS — 96.7%

	COMMUNICATION SERVICES — 2.5%

	Diversified Telecommunication Services — 0.2%
	368	Anterix Inc.*	$	14,352
	5,047	AST SpaceMobile Inc., Class A Shares*		136,824
	382	ATN International Inc.		6,601
	997	Bandwidth Inc., Class A Shares*		15,922
	1,713	Cogent Communications Holdings Inc.		125,169
	9,711	Frontier Communications Parent Inc.*		349,499
	5,412	GCI Liberty Inc.*#		—
	1,828	Globalstar Inc.*		39,466
	574	IDT Corp., Class B Shares		27,873
	4,287	Iridium Communications Inc.		135,298
	6,361	Liberty Global Ltd., Class A Shares*		73,533
	5,780	Liberty Global Ltd., Class C Shares*		69,996
	2,029	Liberty Latin America Ltd., Class A Shares*		13,736
	4,976	Liberty Latin America Ltd., Class C Shares*		33,389
	38,548	Lumen Technologies Inc.*		181,947
	1,859	Shenandoah Telecommunications Co.		20,096

		Total Diversified Telecommunication Services		1,243,701


	Entertainment — 0.5%
	12,753	AMC Entertainment Holdings Inc., Class A Shares*		42,085
	409	Atlanta Braves Holdings Inc., Class A Shares*		18,049
	1,858	Atlanta Braves Holdings Inc., Class C Shares*		75,007
	4,174	Cinemark Holdings Inc.*		106,896
	2,993	Eventbrite Inc., Class A Shares*		7,303
	1,617	IMAX Corp.*		41,395
	762	Liberty Media Corp.-Liberty Live, Class A Shares*		54,498
	1,779	Liberty Media Corp.-Liberty Live, Class C Shares*		130,525
	2,409	Lions Gate Entertainment Corp., Class A Shares*		24,018
	131,553	Lions Gate Entertainment Corp., Class B Shares*		1,158,982
	4,278	LiveOne Inc.*		3,313
	1,455	Madison Square Garden Entertainment Corp., Class A Shares*		50,241
	734	Madison Square Garden Sports Corp., Class A Shares*		149,509
	924	Marcus Corp. (The)		16,946
	3,300	Playstudios Inc.*		5,379
	2,726	Playtika Holding Corp.		14,393
	697	Reservoir Media Inc.*		5,458
	4,930	Roku Inc., Class A Shares*		411,704
	1,006	Sphere Entertainment Co.*		43,892
	3,076	TKO Group Holdings Inc., Class A Shares*		463,369
	2,830	Vivid Seats Inc., Class A Shares*		11,716

		Total Entertainment		2,834,678


	Interactive Media & Services — 0.3%
	3,543	Bumble Inc., Class A Shares*		18,424
	3,467	Cargurus Inc., Class A Shares*		111,603
	2,485	Cars.com Inc.*		32,802
	1,212	EverQuote Inc., Class A Shares*		32,578
	12,231	fuboTV Inc.*		37,060
	3,599	Getty Images Holdings Inc.*(a)		7,702
	968	Grindr Inc.*		17,763
	2,894	IAC Inc.*		133,761
	9,863	Match Group Inc.		312,756
	1,244	MediaAlpha Inc., Class A Shares*		11,557
	7,146	Nextdoor Holdings Inc.*		12,648

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	COMMUNICATION SERVICES — 2.5% — (continued)

	Interactive Media & Services — 0.3% — (continued)
	1,421	Outbrain Inc.*	$	7,041
	2,007	QuinStreet Inc.*		39,297
	947	Shutterstock Inc.		20,351
	4,085	TripAdvisor Inc.*		60,458
	3,373	TrueCar Inc.*		7,859
	2,843	Trump Media & Technology Group Corp.*		68,516
	5,559	Vimeo Inc.*		32,742
	654	Webtoon Entertainment Inc.*		5,912
	2,443	Yelp Inc., Class A Shares*		83,819
	1,812	Ziff Davis Inc.*		74,401
	2,653	ZipRecruiter Inc., Class A Shares*		14,857
	12,295	ZoomInfo Technologies Inc., Class A Shares*		143,360

		Total Interactive Media & Services		1,287,267


	Media — 1.5%
	3,912	Advantage Solutions Inc.*		9,819
	1,217	AMC Networks Inc., Class A Shares*		8,884
	862	Boston Omaha Corp., Class A Shares*		12,275
	212	Cable One Inc.		55,158
	1,317	Cardlytics Inc.*		3,464
	13,890	Clear Channel Outdoor Holdings Inc., Class A Shares*		17,363
	107,536	Criteo SA, ADR*		4,173,472
	4,584	EchoStar Corp., Class A Shares*		143,158
	2,331	Entravision Communications Corp., Class A Shares		5,198
	2,008	EW Scripps Co. (The), Class A Shares*		3,253
	711	Gambling.com Group Ltd.*		10,110
	5,461	Gannett Co., Inc.*		22,063
	3,030	Gray Media Inc.		11,393
	584	Ibotta Inc., Class A Shares*		19,500
	4,494	iHeartMedia Inc., Class A Shares*		7,954
	2,592	Integral Ad Science Holding Corp.*		27,268
	14,566	Interpublic Group of Cos., Inc. (The)		399,108
	1,533	John Wiley & Sons Inc., Class A Shares		61,136
	649	Liberty Broadband Corp., Class A Shares*		52,913
	4,317	Liberty Broadband Corp., Class C Shares*		355,117
	4,740	Magnite Inc.*		74,750
	2,565	National CineMedia Inc.*		17,160
	6,218	New York Times Co. (The), Class A Shares		299,024
	14,719	News Corp., Class A Shares		421,258
	4,731	News Corp., Class B Shares		152,717
	7,419	Nexstar Media Group Inc., Class A Shares		1,254,924
	719	Paramount Global, Class A Shares		16,285
	22,640	Paramount Global, Class B Shares(a)		257,190
	1,595	PubMatic Inc., Class A Shares*		16,955
	869	Scholastic Corp.		19,022
	1,262	Sinclair Inc.		18,324
	3,247	Stagwell Inc., Class A Shares*		21,073
	978	TechTarget Inc.*		14,347
	6,746	TEGNA Inc.		122,777
	1,624	Thryv Holdings Inc.*		27,998
	506	Townsquare Media Inc., Class A Shares		4,321
	2,259	WideOpenWest Inc.*		11,137

		Total Media		8,147,868

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	COMMUNICATION SERVICES — 2.5% — (continued)

	Wireless Telecommunication Services — 0.0%@
	2,307	Gogo Inc.*	$	16,910
	602	Spok Holdings Inc.		10,144
	3,790	Telephone & Data Systems Inc.		136,819

		Total Wireless Telecommunication Services		163,873

		TOTAL COMMUNICATION SERVICES		13,677,387


	CONSUMER DISCRETIONARY — 10.7%

	Automobile Components — 0.8%
	69,550	Adient PLC*		1,100,976
	4,445	American Axle & Manufacturing Holdings Inc.*		22,047
	53,352	BorgWarner Inc.		1,588,289
	593	Cooper-Standard Holdings Inc.*		8,978
	4,925	Dana Inc.		73,235
	991	Dorman Products Inc.*		130,277
	1,584	Fox Factory Holding Corp.*		43,924
	9,086	Gentex Corp.		220,972
	1,164	Gentherm Inc.*		38,505
	11,537	Goodyear Tire & Rubber Co. (The)*		109,025
	2,083	Holley Inc.*		5,666
	946	LCI Industries		98,214
	4,657	Lear Corp.		437,711
	1,084	Luminar Technologies Inc., Class A Shares*(a)		5,637
	1,971	Modine Manufacturing Co.*		166,668
	1,242	Patrick Industries Inc.		112,525
	1,733	Phinia Inc.		85,454
	14,959	QuantumScape Corp., Class A Shares*(a)		70,158
	5,627	Solid Power Inc.*		6,921
	836	Standard Motor Products Inc.		23,851
	946	Stoneridge Inc.*		5,317
	1,044	Visteon Corp.*		90,536
	943	XPEL Inc.*		31,524

		Total Automobile Components		4,476,410


	Automobiles — 0.2%
	4,525	Harley-Davidson Inc.		116,564
	774	Livewire Group Inc.*		1,780
	40,194	Lucid Group Inc., Class A Shares*(a)		89,231
	32,247	Rivian Automotive Inc., Class A Shares*(a)		381,804
	2,008	Thor Industries Inc.		199,575
	1,070	Winnebago Industries Inc.		43,239

		Total Automobiles		832,193


	Broadline Retail — 0.1%
	1,462	1stdibs.com Inc.*		5,380
	116	Dillard’s Inc., Class A Shares		45,135
	4,314	Etsy Inc.*		220,834
	849	Groupon Inc., Class A Shares*		9,441
	4,254	Kohl’s Corp.(a)		48,538
	10,941	Macy’s Inc.		157,003
	3,852	Nordstrom Inc.		93,565
	2,329	Ollie’s Bargain Outlet Holdings Inc.*		241,075
	946	Savers Value Village Inc.*		7,076

		Total Broadline Retail		828,047

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.7% — (continued)

	Distributors — 0.1%
	652	A-Mark Precious Metals Inc.	$	17,721
	869	GigaCloud Technology Inc., Class A Shares*		14,712
	1,442	Pool Corp.		500,374
	209	Weyco Group Inc.		7,269

		Total Distributors		540,076


	Diversified Consumer Services — 0.8%
	190,701	ADT Inc.		1,561,841
	1,490	Adtalem Global Education Inc.*		152,442
	581	American Public Education Inc.*		12,294
	2,229	Bright Horizons Family Solutions Inc.*		289,012
	504	Carriage Services Inc., Class A Shares		20,216
	4,181	Chegg Inc.*		4,557
	5,141	Coursera Inc.*		40,717
	1,438	Duolingo Inc., Class A Shares*		448,757
	1,392	European Wax Center Inc., Class A Shares*		9,048
	3,011	Frontdoor Inc.*		136,940
	122	Graham Holdings Co., Class B Shares		120,020
	1,118	Grand Canyon Education Inc.*		201,039
	5,367	H&R Block Inc.		292,555
	1,046	KinderCare Learning Cos Inc.*		20,355
	5,042	Laureate Education Inc., Class A Shares*		100,538
	914	Lincoln Educational Services Corp.*		16,772
	3,462	Mister Car Wash Inc.*		29,392
	2,768	Nerdy Inc.*		4,207
	3,816	OneSpaWorld Holdings Ltd.		72,809
	2,218	Perdoceo Education Corp.		56,781
	5,484	Service Corp. International		444,204
	859	Strategic Education Inc.		69,175
	1,628	Stride Inc.*		222,710
	3,512	Udemy Inc.*		33,856
	1,498	Universal Technical Institute Inc.*		42,304

		Total Diversified Consumer Services		4,402,541


	Hotels, Restaurants & Leisure — 3.0%
	1,856	Accel Entertainment Inc., Class A Shares*		19,989
	10,128	Aramark		375,242
	26	Biglari Holdings Inc., Class B Shares*		6,373
	711	BJ’s Restaurants Inc.*		27,110
	2,968	Bloomin’ Brands Inc.		27,840
	2,517	Boyd Gaming Corp.		191,946
	17,819	Brinker International Inc.*		2,937,106
	8,264	Caesars Entertainment Inc.*		274,530
	2,955	Cava Group Inc.*		280,814
	1,965	Cheesecake Factory Inc. (The)		106,169
	1,058	Choice Hotels International Inc.(a)		151,601
	12,047	Churchill Downs Inc.		1,427,569
	834	Cracker Barrel Old Country Store Inc.		37,772
	1,210	Dave & Buster’s Entertainment Inc.*		25,277
	1,906	Denny’s Corp.*		9,473
	2,270	Despegar.com Corp.*		43,629
	15,492	Dine Brands Global Inc.		388,539
	4,192	Dutch Bros Inc., Class A Shares*		331,839
	962	El Pollo Loco Holdings Inc.*		10,847
	2,900	Everi Holdings Inc.*		39,933
	1,056	First Watch Restaurant Group Inc.*		22,514

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.7% — (continued)

	Hotels, Restaurants & Leisure — 3.0% — (continued)
	1,323	Full House Resorts Inc.*	$	6,364
	66,967	Genius Sports Ltd.*		581,274
	4,701	Global Business Travel Group I*		39,065
	752	Golden Entertainment Inc.		23,380
	2,891	Hilton Grand Vacations Inc.*		124,024
	1,575	Hyatt Hotels Corp., Class A Shares(a)		221,996
	771	Inspired Entertainment Inc.*		8,311
	138,181	International Game Technology PLC		2,449,949
	736	Jack in the Box Inc.		28,292
	3,158	Krispy Kreme Inc.		19,611
	232	Kura Sushi USA Inc., Class A Shares*		14,430
	2,556	Life Time Group Holdings Inc.*		77,856
	3,464	Light & Wonder Inc., Class A Shares*		386,167
	1,374	Lindblad Expeditions Holdings Inc.*		15,348
	1,362	Marriott Vacations Worldwide Corp.		102,749
	472	Monarch Casino & Resort Inc.		43,226
	79	Nathan’s Famous Inc.		8,051
	16,968	Norwegian Cruise Line Holdings Ltd.*		385,513
	1,294	Papa John’s International Inc.		58,683
	5,717	Penn Entertainment Inc.*		122,973
	3,269	Planet Fitness Inc., Class A Shares*		302,546
	1,458	PlayAGS Inc.*		17,671
	2,153	Portillo’s Inc., Class A Shares*		30,077
	1,154	Potbelly Corp.*		14,713
	318	RCI Hospitality Holdings Inc.		15,827
	1,866	Red Rock Resorts Inc., Class A Shares		93,244
	2,896	Rush Street Interactive Inc.*		33,767
	14,798	Sabre Corp.*		61,116
	1,432	Shake Shack Inc., Class A Shares*		155,515
	3,509	Six Flags Entertainment Corp.		154,291
	6,048	Super Group SGHC Ltd.		45,420
	4,028	Sweetgreen Inc., Class A Shares*		91,677
	1,370	Target Hospitality Corp.*		7,686
	10,496	Texas Roadhouse Inc., Class A Shares		1,932,209
	2,717	Travel + Leisure Co.		151,663
	12,820	United Parks & Resorts Inc.*		647,410
	1,490	Vail Resorts Inc.		236,895
	6,742	Wendy’s Co. (The)		104,501
	1,147	Wingstop Inc.		269,293
	2,967	Wyndham Hotels & Resorts Inc.		321,415
	3,985	Wynn Resorts Ltd.		355,940
	901	Xponential Fitness Inc., Class A Shares*		11,902

		Total Hotels, Restaurants & Leisure		16,508,152


	Household Durables — 1.1%
	1,089	Beazer Homes USA Inc.*		24,285
	316	Cavco Industries Inc.*		165,751
	1,065	Century Communities Inc.		73,943
	2,095	Champion Homes Inc.*		214,738
	1,709	Cricut Inc., Class A Shares		9,229
	1,046	Dream Finders Homes Inc., Class A Shares*		25,010
	824	Ethan Allen Interiors Inc.		23,484
	214	Flexsteel Industries Inc.		9,628
	4,982	GoPro Inc., Class A Shares*		3,719
	1,166	Green Brick Partners Inc.*		69,645

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.7% — (continued)

	Household Durables — 1.1% — (continued)
	417	Hamilton Beach Brands Holding Co., Class A Shares	$	8,127
	892	Helen of Troy Ltd.*		49,087
	481	Hooker Furnishings Corp.		6,287
	189	Hovnanian Enterprises Inc., Class A Shares*		19,223
	941	Installed Building Products Inc.		161,287
	1,016	iRobot Corp.*		7,386
	2,579	KB Home		157,319
	713	Landsea Homes Corp.*		5,077
	1,637	La-Z-Boy Inc.		74,058
	368	Legacy Housing Corp.*		9,086
	5,021	Leggett & Platt Inc.		46,043
	770	LGI Homes Inc.*		56,541
	801	Lifetime Brands Inc.		3,997
	551	Lovesac Co. (The)*		11,543
	1,026	M/I Homes Inc.*		120,175
	2,722	Meritage Homes Corp.		197,263
	2,074	Mohawk Industries Inc.*		243,882
	16,482	Newell Brands Inc.		105,814
	2,551	SharkNinja Inc.*		268,085
	25,080	Somnigroup International Inc.		1,602,110
	4,658	Sonos Inc.*		61,579
	11,814	Taylor Morrison Home Corp., Class A Shares*		728,215
	3,889	Toll Brothers Inc.		434,168
	1,165	TopBuild Corp.*		356,944
	1,614	Traeger Inc.*		3,744
	3,676	Tri Pointe Homes Inc.*		116,382
	8,081	Whirlpool Corp.		822,565

		Total Household Durables		6,295,419


	Leisure Products — 0.4%
	1,078	Acushnet Holdings Corp.		69,315
	4,531	AMMO Inc.*		7,250
	18,961	Brunswick Corp.		1,153,777
	970	Clarus Corp.		4,462
	445	Escalade Inc.		6,777
	1,150	Funko Inc., Class A Shares*		14,168
	5,474	Hasbro Inc.		356,412
	271	JAKKS Pacific Inc.*		7,339
	182	Johnson Outdoors Inc., Class A Shares		4,896
	1,748	Latham Group Inc.*		10,331
	752	Malibu Boats Inc., Class A Shares*		25,102
	338	Marine Products Corp.		2,907
	691	MasterCraft Boat Holdings Inc.*		12,148
	12,963	Mattel Inc.*		276,112
	14,308	Peloton Interactive Inc., Class A Shares*		107,739
	2,019	Polaris Inc.		90,693
	1,808	Smith & Wesson Brands Inc.		19,635
	579	Sturm Ruger & Co., Inc.		22,847
	5,307	Topgolf Callaway Brands Corp.*		34,655
	3,207	YETI Holdings Inc.*		114,297

		Total Leisure Products		2,340,862


	Specialty Retail — 2.5%
	932	1-800-Flowers.com Inc., Class A Shares*		6,431
	20,635	Abercrombie & Fitch Co., Class A Shares*		2,125,199
	2,745	Academy Sports & Outdoors Inc.		136,125

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.7% — (continued)

	Specialty Retail — 2.5% — (continued)
	2,264	Advance Auto Parts Inc.	$	83,542
	6,732	American Eagle Outfitters Inc.		88,122
	370	America’s Car-Mart Inc.*		15,488
	1,871	Arhaus Inc., Class A Shares		17,812
	3,050	Arko Corp.		13,756
	767	Asbury Automotive Group Inc.*		205,863
	9,125	AutoNation Inc.*		1,664,126
	5,855	BARK Inc.*		9,895
	49,644	Bath & Body Works Inc.		1,798,602
	2,025	Beyond Inc.*		12,940
	1,158	Boot Barn Holdings Inc.*		141,774
	1,150	Buckle Inc. (The)		46,057
	469	Build-A-Bear Workshop Inc.		19,191
	19,209	Caleres Inc.		310,417
	2,265	Camping World Holdings Inc., Class A Shares		44,145
	4,185	Carvana Co., Class A Shares*		975,524
	307	Citi Trends Inc.*		7,561
	1,844	Designer Brands Inc., Class A Shares		7,413
	1,732	Destination XL Group Inc.*		3,966
	2,196	Dick’s Sporting Goods Inc.		494,320
	3,865	EVgo Inc., Class A Shares*		10,242
	2,139	Five Below Inc.*		185,858
	4,094	Floor & Decor Holdings Inc., Class A Shares*		395,603
	3,144	Foot Locker Inc.*		54,454
	15,180	GameStop Corp., Class A Shares*		380,107
	8,059	Gap Inc. (The)		182,214
	395	Genesco Inc.*		14,445
	4,066	Group 1 Automotive Inc.		1,868,652
	2,023	GrowGeneration Corp.*		2,306
	560	Haverty Furniture Cos., Inc.		12,785
	264	J Jill Inc.		6,257
	617	Lands’ End Inc.*		7,268
	6,917	Leslie’s Inc.*		7,194
	1,014	Lithia Motors Inc., Class A Shares		349,262
	808	MarineMax Inc.*		20,483
	1,104	Monro Inc.		19,662
	708	Murphy USA Inc.		332,222
	2,938	National Vision Holdings Inc.*		37,342
	19,448	ODP Corp. (The)*		302,611
	338	OneWater Marine Inc., Class A Shares*		5,597
	710	Penske Automotive Group Inc.		119,798
	3,269	Petco Health & Wellness Co., Inc., Class A Shares*		8,794
	3,897	RealReal Inc. (The)*		26,578
	1,515	Revolve Group Inc., Class A Shares*		40,238
	570	RH*		183,580
	3,894	Sally Beauty Holdings Inc.*		35,124
	715	Shoe Carnival Inc.		15,830
	1,611	Signet Jewelers Ltd.		84,288
	800	Sleep Number Corp.*		11,256
	556	Sonic Automotive Inc., Class A Shares		37,897
	3,632	Stitch Fix Inc., Class A Shares*		17,179
	3,143	ThredUp Inc., Class A Shares*		7,417
	958	Tile Shop Holdings Inc.*		7,252
	885	Tilly’s Inc., Class A Shares*		3,363

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 10.7% — (continued)

	Specialty Retail — 2.5% — (continued)
	1,045	Torrid Holdings Inc.*(a)	$	6,270
	2,013	Upbound Group Inc.		51,976
	2,405	Urban Outfitters Inc.*		139,947
	5,198	Valvoline Inc.*		191,702
	2,962	Victoria’s Secret & Co.*		79,174
	3,408	Warby Parker Inc., Class A Shares*		84,280
	3,640	Wayfair Inc., Class A Shares*		143,962
	105	Winmark Corp.		35,289
	661	Zumiez Inc.*		9,426

		Total Specialty Retail		13,763,453


	Textiles, Apparel & Luxury Goods — 1.7%
	2,203	Amer Sports Inc.*		65,848
	32,436	Birkenstock Holding PLC*		1,604,933
	4,647	Capri Holdings Ltd.*		102,141
	1,398	Carter’s Inc.		57,695
	1,266	Columbia Sportswear Co.		109,939
	14,666	Crocs Inc.*		1,460,294
	4,676	Figs Inc., Class A Shares*		21,369
	1,466	G-III Apparel Group Ltd.*		39,685
	13,337	Hanesbrands Inc.*		80,422
	2,100	Kontoor Brands Inc.		136,584
	555	Movado Group Inc.		10,717
	541	Oxford Industries Inc.		33,558
	11,463	PVH Corp.		857,891
	1,528	Ralph Lauren Corp., Class A Shares		414,302
	279	Rocky Brands Inc.		5,675
	5,097	Skechers USA Inc., Class A Shares*		310,866
	2,755	Steven Madden Ltd.		90,336
	481	Superior Group of Cos., Inc.		6,874
	36,744	Tapestry Inc.		3,138,672
	7,286	Under Armour Inc., Class A Shares*		49,618
	87,813	Under Armour Inc., Class C Shares*		557,613
	13,714	V.F. Corp.		341,890
	954	Vera Bradley Inc.*		3,129
	3,319	Wolverine World Wide Inc.		49,088

		Total Textiles, Apparel & Luxury Goods		9,549,139

		TOTAL CONSUMER DISCRETIONARY		59,536,292


	CONSUMER STAPLES — 2.5%

	Beverages — 0.2%
	335	Boston Beer Co., Inc. (The), Class A Shares*		81,663
	6,756	Celsius Holdings Inc.*		173,562
	236	Coca-Cola Consolidated Inc.		334,440
	530	MGP Ingredients Inc.		17,352
	842	National Beverage Corp.		33,537
	6,210	Primo Brands Corp.		209,215
	1,469	Vita Coco Co., Inc. (The)*		47,654

		Total Beverages		897,423


	Consumer Staples Distribution & Retail — 1.3%
	16,488	Albertsons Cos., Inc., Class A Shares		346,907
	1,265	Andersons Inc. (The)		54,117
	23,668	BJ’s Wholesale Club Holdings Inc.*		2,396,622
	1,432	Casey’s General Stores Inc.		593,149

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER STAPLES — 2.5% — (continued)

	Consumer Staples Distribution & Retail — 1.3% — (continued)
	1,314	Chefs’ Warehouse Inc. (The)*	$	82,230
	3,622	Grocery Outlet Holding Corp.*		42,993
	280	Guardian Pharmacy Services Inc., Class A Shares*		5,600
	1,410	HF Foods Group Inc.*		2,693
	535	Ingles Markets Inc., Class A Shares		32,870
	6,432	Maplebear Inc.*		264,291
	380	Natural Grocers by Vitamin Cottage Inc.		16,887
	5,911	Performance Food Group Co.*		503,263
	940	PriceSmart Inc.		84,027
	1,338	SpartanNash Co.		27,014
	12,217	Sprouts Farmers Market Inc.*		1,813,003
	2,473	United Natural Foods Inc.*		78,617
	8,968	US Foods Holding Corp.*		642,826
	334	Village Super Market Inc., Class A Shares		10,521
	638	Weis Markets Inc.		47,199

		Total Consumer Staples Distribution & Retail		7,044,829


	Food Products — 0.8%
	284	Alico Inc.		8,341
	2,868	B&G Foods Inc.		19,158
	2,282	Beyond Meat Inc.*(a)		7,211
	2,297	BRC Inc., Class A Shares*		5,926
	610	Calavo Growers Inc.		13,981
	1,541	Cal-Maine Foods Inc.		139,291
	6,297	Darling Ingredients Inc.*		227,259
	2,935	Dole PLC		42,939
	7,330	Flowers Foods Inc.		137,364
	1,294	Fresh Del Monte Produce Inc.		39,454
	1,786	Freshpet Inc.*		191,156
	53,692	Hain Celestial Group Inc. (The)*		192,217
	2,590	Ingredion Inc.		338,280
	587	J&J Snack Foods Corp.		77,155
	317	John B Sanfilippo & Son Inc.		22,402
	743	Lancaster Colony Corp.		142,028
	163	Lifeway Foods Inc.*		3,448
	630	Limoneira Co.		13,885
	1,209	Mama’s Creations Inc.*		7,393
	1,596	Mission Produce Inc.*		19,711
	82,802	Nomad Foods Ltd.		1,564,958
	1,593	Pilgrim’s Pride Corp.*		86,643
	1,840	Post Holdings Inc.*		208,859
	13	Seaboard Corp.		36,428
	167	Seneca Foods Corp., Class A Shares*		13,561
	3,479	Simply Good Foods Co. (The)*		131,332
	3,519	SunOpta Inc.*		22,064
	28,080	TreeHouse Foods Inc.*		883,959
	2,418	Utz Brands Inc.		32,933
	1,383	Vital Farms Inc.*		45,791
	1,319	Westrock Coffee Co.*		8,415
	2,555	WK Kellogg Co.		50,640

		Total Food Products		4,734,182


	Household Products — 0.1%
	448	Central Garden & Pet Co.*		15,810
	2,003	Central Garden & Pet Co., Class A Shares*		63,054

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER STAPLES — 2.5% — (continued)

	Household Products — 0.1% — (continued)
	2,785	Energizer Holdings Inc.	$	85,583
	400	Oil-Dri Corp. of America		17,644
	2,150	Reynolds Consumer Products Inc.		52,632
	1,148	Spectrum Brands Holdings Inc.		88,901
	509	WD-40 Co.		121,458

		Total Household Products		445,082


	Personal Care Products — 0.1%
	3,042	Beauty Health Co. (The)*		4,472
	4,973	BellRing Brands Inc.*		364,421
	14,754	Coty Inc., Class A Shares*		83,950
	1,847	Edgewell Personal Care Co.		58,125
	2,130	elf Beauty Inc.*		149,633
	4,000	Herbalife Ltd.*		33,200
	3,123	Honest Co., Inc. (The)*		16,864
	702	Interparfums Inc.		97,522
	412	Medifast Inc.*		5,916
	462	Nature’s Sunshine Products Inc.*		6,731
	1,812	Nu Skin Enterprises Inc., Class A Shares		14,351
	5,174	Olaplex Holdings Inc.*		7,502
	416	USANA Health Sciences Inc.*		12,310
	1,477	Waldencast PLC, Class A Shares*		4,815

		Total Personal Care Products		859,812


	Tobacco — 0.0%@
	660	Ispire Technology Inc.*		3,129
	651	Turning Point Brands Inc.		45,765
	926	Universal Corp.		49,643

		Total Tobacco		98,537

		TOTAL CONSUMER STAPLES		14,079,865


	ENERGY — 4.6%

	Energy Equipment & Services — 1.3%
	6,416	Archrock Inc.		174,002
	946	Aris Water Solutions Inc., Class A Shares		29,761
	2,566	Atlas Energy Solutions Inc., Class A Shares		49,729
	8,774	Borr Drilling Ltd.*		22,286
	944	Bristow Group Inc.*		34,966
	2,497	Cactus Inc., Class A Shares		131,192
	43,983	ChampionX Corp.		1,310,693
	1,752	Core Laboratories Inc.		25,632
	699	DMC Global Inc.*		5,928
	3,529	Expro Group Holdings NV*		41,960
	302	Forum Energy Technologies Inc.*		5,635
	468	Geospace Technologies Corp.*		3,781
	5,334	Helix Energy Solutions Group Inc.*		45,979
	3,928	Helmerich & Payne Inc.		104,131
	16,737	Innovex International Inc.*		306,455
	6,678	ION Geophysical Corp.*(b)#		—
	1,208	Kodiak Gas Services Inc.		51,944
	6,117	Liberty Energy Inc., Class A Shares		105,641
	1,296	Mammoth Energy Services Inc.*		3,175
	341	Nabors Industries Ltd.*		13,705
	395	Natural Gas Services Group Inc.*		10,155
	5,415	Noble Corp. PLC		140,249

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	ENERGY — 4.6% — (continued)

	Energy Equipment & Services — 1.3% — (continued)
	15,335	NOV Inc.	$	228,798
	3,054	NPK International Inc.*		18,629
	3,850	Oceaneering International Inc.*		85,047
	2,491	Oil States International Inc.*		13,551
	69,987	Patterson-UTI Energy Inc.		581,592
	852	ProFrac Holding Corp., Class A Shares*		6,126
	3,269	ProPetro Holding Corp.*		27,590
	585	Ranger Energy Services Inc., Class A Shares		9,775
	3,435	RPC Inc.		19,167
	769	SEACOR Marine Holdings Inc.*		4,453
	2,692	Seadrill Ltd.*		68,565
	3,655	Select Water Solutions Inc., Class A Shares		44,335
	1,066	Solaris Energy Infrastructure Inc., Class A Shares		36,404
	76,327	TechnipFMC PLC		2,247,067
	193,799	TETRA Technologies Inc.*		734,498
	1,975	Tidewater Inc.*		90,100
	27,629	Transocean Ltd.*		81,506
	2,317	Valaris Ltd.*		82,717
	2,765	Weatherford International PLC		171,181

		Total Energy Equipment & Services		7,168,100


	Oil, Gas & Consumable Fuels — 3.3%
	1,223	Aemetis Inc.*		2,201
	1,554	Amplify Energy Corp.*		7,537
	13,110	Antero Midstream Corp.		222,214
	11,339	Antero Resources Corp.*		416,141
	13,907	APA Corp.		287,875
	1,636	Ardmore Shipping Corp.		14,822
	3,004	Berry Corp.		12,226
	556	BKV Corp.*		11,226
	2,602	California Resources Corp.		116,101
	29,731	Cameco Corp.		1,309,353
	563	Centrus Energy Corp., Class A Shares*		51,081
	2,432	Chord Energy Corp.		277,978
	3,911	Civitas Resources Inc.		149,948
	6,419	Clean Energy Fuels Corp.*		13,095
	41,400	CNX Resources Corp.*		1,196,460
	3,681	Comstock Resources Inc.*		66,184
	1,985	Core Natural Resources Inc.		147,386
	6,164	Crescent Energy Co., Class A Shares		77,790
	1,326	CVR Energy Inc.		24,425
	2,399	Delek US Holdings Inc.		39,104
	31,857	Devon Energy Corp.		1,153,861
	4,996	DHT Holdings Inc.		51,659
	1,841	Diversified Energy Co. PLC(a)		24,504
	1,336	Dorian LPG Ltd.		27,201
	3,756	DT Midstream Inc.		360,914
	593	Empire Petroleum Corp.*		4,092
	7,149	Encore Energy Corp.*		18,015
	6,924	Energy Fuels Inc.*		28,527
	22,947	EQT Corp.		1,105,357
	1,066	Evolution Petroleum Corp.		5,373
	696	Excelerate Energy Inc., Class A Shares		21,353
	8,999	Expand Energy Corp.		889,821
	1,152	FLEX LNG Ltd.(a)		25,344

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	ENERGY — 4.6% — (continued)

	Oil, Gas & Consumable Fuels — 3.3% — (continued)
	1,005	FutureFuel Corp.	$	4,543
	3,908	Golar LNG Ltd.		149,833
	1,949	Granite Ridge Resources Inc.		11,441
	2,112	Green Plains Inc.*		12,397
	528	Gulfport Energy Corp.*		89,654
	1,024	Hallador Energy Co.*		9,892
	16,251	HF Sinclair Corp.		573,173
	455	HighPeak Energy Inc.		5,879
	1,502	International Seaways Inc.		50,062
	1,458	Kinetik Holdings Inc., Class A Shares		85,060
	17,363	Kosmos Energy Ltd.*		48,790
	56,137	Magnolia Oil & Gas Corp., Class A Shares		1,314,167
	28,492	Matador Resources Co.		1,491,271
	5,520	Murphy Oil Corp.		146,225
	101	NACCO Industries Inc., Class A Shares		3,260
	3,054	New Fortress Energy Inc., Class A Shares		30,540
	4,627	NextDecade Corp.*		38,034
	8,222	Nordic American Tankers Ltd.		20,144
	80,659	Northern Oil & Gas Inc.		2,540,759
	10,361	Ovintiv Inc.		450,289
	2,099	Par Pacific Holdings Inc.*		30,163
	3,839	PBF Energy Inc., Class A Shares		82,270
	4,798	Peabody Energy Corp.		66,164
	25,312	Permian Resources Corp., Class A Shares		356,646
	47	PrimeEnergy Resources Corp.*		9,207
	9,170	Range Resources Corp.		340,390
	559	REX American Resources Corp.*		21,589
	422	Riley Exploration Permian Inc.		13,318
	5,676	Ring Energy Inc.*		7,265
	2,221	Sable Offshore Corp.*		63,010
	924	SandRidge Energy Inc.		10,811
	1,664	Scorpio Tankers Inc.		66,310
	4,747	SFL Corp., Ltd., Class B Shares		42,865
	2,984	Sitio Royalties Corp., Class A Shares		59,680
	4,496	SM Energy Co.		147,064
	5,526	Talos Energy Inc.*		49,734
	1,886	Teekay Corp., Ltd.		12,334
	894	Teekay Tankers Ltd., Class A Shares		33,740
	732	Texas Pacific Land Corp.		1,045,259
	91,789	Uranium Energy Corp.*		514,018
	12,283	Ur-Energy Inc.*		11,767
	4,067	VAALCO Energy Inc.		16,268
	4,948	Viper Energy Inc., Class A Shares		230,428
	1,070	Vital Energy Inc.*		28,580
	897	Vitesse Energy Inc.		23,062
	3,524	W&T Offshore Inc.		5,885
	2,493	World Kinect Corp.		74,640

		Total Oil, Gas & Consumable Fuels		18,597,048

		TOTAL ENERGY		25,765,148


	FINANCIALS — 14.8%

	Banks — 6.0%
	800	1st Source Corp.		51,920
	385	ACNB Corp.		15,773

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Banks — 6.0% — (continued)
	762	Amalgamated Financial Corp.	$	24,727
	1,512	Amerant Bancorp Inc., Class A Shares		34,716
	2,493	Ameris Bancorp		160,998
	326	Ames National Corp.		6,119
	663	Arrow Financial Corp.		17,921
	6,429	Associated Banc-Corp.		159,761
	3,147	Atlantic Union Bankshares Corp.		112,253
	1,975	Axos Financial Inc.*		131,930
	63,993	Banc of California Inc.		951,576
	806	BancFirst Corp.		96,204
	1,671	Bancorp Inc. (The)*		93,275
	367	Bank First Corp.		38,440
	1,399	Bank of Hawaii Corp.		101,036
	650	Bank of Marin Bancorp		15,847
	1,789	Bank of NT Butterfield & Son Ltd. (The)		69,413
	4,034	Bank OZK		193,672
	194	Bank7 Corp.		7,997
	31,671	BankUnited Inc.		1,190,196
	327	Bankwell Financial Group Inc.		10,363
	1,152	Banner Corp.		79,465
	658	Bar Harbor Bankshares		21,135
	427	Baycom Corp.		11,743
	798	BCB Bancorp Inc.		8,084
	1,648	Berkshire Hills Bancorp Inc.		46,952
	936	Blue Foundry Bancorp*		9,294
	943	BOK Financial Corp.		102,749
	835	Bridgewater Bancshares Inc.*		12,108
	3,195	Brookline Bancorp Inc.		37,701
	516	Burke & Herbert Financial Services Corp.		32,178
	966	Business First Bancshares Inc.		25,628
	1,350	Byline Bancorp Inc.		38,529
	5,119	Cadence Bank		169,746
	853	California BanCorp*		13,639
	626	Camden National Corp.		27,531
	378	Capital Bancorp Inc.		11,533
	618	Capital City Bank Group Inc.		22,928
	4,622	Capitol Federal Financial Inc.		27,362
	965	Carter Bankshares Inc.*		16,733
	2,466	Cathay General Bancorp		115,779
	770	Central Pacific Financial Corp.		22,361
	154	Chemung Financial Corp.		7,954
	337	ChoiceOne Financial Services Inc.		10,713
	635	Citizens & Northern Corp.		13,557
	176	Citizens Financial Services Inc.		10,643
	499	City Holding Co.		59,376
	679	Civista Bancshares Inc.		13,994
	910	CNB Financial Corp.		22,705
	451	Coastal Financial Corp.*		44,527
	731	Colony Bankcorp Inc.		12,332
	8,310	Columbia Banking System Inc.		222,126
	1,021	Columbia Financial Inc.*		16,203
	25,774	Comerica Inc.		1,658,041
	4,858	Commerce Bancshares Inc.		316,013
	1,868	Community Financial System Inc.		118,226
	686	Community Trust Bancorp Inc.		37,449

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Banks — 6.0% — (continued)
	743	Community West Bancshares	$	14,332
	1,441	ConnectOne Bancorp Inc.		36,789
	1,785	CrossFirst Bankshares Inc.*		28,542
	2,338	Cullen/Frost Bankers Inc.		320,376
	964	Customers Bancorp Inc.*		52,056
	4,992	CVB Financial Corp.		100,689
	1,409	Dime Community Bancshares Inc.		43,679
	919	Eagle Bancorp Inc.		21,376
	5,408	East West Bancorp Inc.		510,677
	7,635	Eastern Bankshares Inc.		136,590
	421	Enterprise Bancorp Inc.		18,166
	1,613	Enterprise Financial Services Corp.		95,296
	595	Equity Bancshares Inc., Class A Shares		25,549
	286	Esquire Financial Holdings Inc.		22,056
	378	ESSA Bancorp Inc.		7,938
	525	Farmers & Merchants Bancorp Inc.		13,493
	1,573	Farmers National Banc Corp.		22,793
	1,485	FB Financial Corp.		75,022
	186	Fidelity D&D Bancorp Inc.		8,342
	811	Financial Institutions Inc.		22,724
	69,730	First Bancorp		1,388,926
	499	First Bancorp Inc. (The)		13,104
	1,212	First Bancshares Inc. (The)		43,232
	1,230	First Bank		18,794
	2,288	First Busey Corp.		54,889
	294	First Business Financial Services Inc.		15,623
	705	First Citizens BancShares Inc., Class A Shares		1,443,882
	3,477	First Commonwealth Financial Corp.		57,162
	666	First Community Bancshares Inc.		27,932
	3,184	First Financial Bancorp		87,273
	5,023	First Financial Bankshares Inc.		189,166
	480	First Financial Corp.		24,821
	314	First Financial Northwest Inc.		6,688
	2,380	First Foundation Inc.		12,114
	55,218	First Hawaiian Inc.		1,485,916
	21,013	First Horizon Corp.		452,620
	310	First Internet Bancorp		9,198
	3,356	First Interstate BancSystem Inc., Class A Shares		103,029
	2,405	First Merchants Corp.		105,339
	944	First Mid Bancshares Inc.		35,966
	1,026	First of Long Island Corp. (The)		13,512
	320	First Western Financial Inc.*		6,365
	742	Five Star Bancorp		22,601
	9,823	Flagstar Financial Inc.		117,876
	1,038	Flushing Financial Corp.		14,875
	14,590	FNB Corp.		216,516
	280	FS Bancorp Inc.		11,035
	5,822	Fulton Financial Corp.		115,392
	686	FVCBankcorp Inc.*		8,102
	1,180	German American Bancorp Inc.		47,106
	4,425	Glacier Bancorp Inc.		216,117
	351	Great Southern Bancorp Inc.		20,713
	266	Greene County Bancorp Inc.		6,889
	344	Guaranty Bancshares Inc.		13,915
	3,269	Hancock Whitney Corp.		186,758

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Banks — 6.0% — (continued)
	722	Hanmi Financial Corp.	$	17,335
	1,488	HarborOne Bancorp Inc.		17,246
	644	HBT Financial Inc.		16,100
	3,032	Heritage Commerce Corp.		32,170
	843	Heritage Financial Corp.		21,303
	2,064	Hilltop Holdings Inc.		66,027
	65	Hingham Institution For Savings The		16,881
	295	Home Bancorp Inc.		13,865
	7,696	Home BancShares Inc.		230,495
	720	HomeStreet Inc.*		7,229
	633	HomeTrust Bancshares Inc.		23,244
	4,054	Hope Bancorp Inc.		44,270
	1,633	Horizon Bancorp Inc.		27,826
	90,596	Huntington Bancshares Inc.		1,492,116
	6,704	Independent Bank Corp.		428,124
	2,237	International Bancshares Corp.		149,879
	433	Investar Holding Corp.		8,110
	587	John Marshall Bancorp Inc.		10,948
	2,369	Kearny Financial Corp.		16,559
	826	Lakeland Financial Corp.		54,855
	564	LCNB Corp.		8,736
	1,077	LINKBANCORP Inc.		8,207
	1,321	Live Oak Bancshares Inc.		42,021
	658	Mercantile Bank Corp.		31,722
	818	Metrocity Bankshares Inc.		24,769
	409	Metropolitan Bank Holding Corp.*		24,716
	651	Mid Penn Bancorp Inc.		18,488
	304	Middlefield Banc Corp.		8,147
	719	Midland States Bancorp Inc.		13,934
	852	MidWestOne Financial Group Inc.		25,943
	430	MVB Financial Corp.		7,951
	1,148	National Bank Holdings Corp., Class A Shares		48,067
	273	National Bankshares Inc.		7,677
	1,488	NB Bancorp Inc.*		28,748
	1,477	NBT Bancorp Inc.		70,527
	594	Nicolet Bankshares Inc.		71,203
	274	Northeast Bank		27,515
	533	Northeast Community Bancorp Inc.		12,398
	1,560	Northfield Bancorp Inc.		18,377
	230	Northrim BanCorp Inc.		18,929
	3,810	Northwest Bancshares Inc.		48,082
	297	Norwood Financial Corp.		7,674
	236	Oak Valley Bancorp		6,389
	2,595	OceanFirst Financial Corp.		46,736
	1,444	OFG Bancorp		61,356
	12,520	Old National Bancorp		297,350
	1,728	Old Second Bancorp Inc.		31,692
	452	Orange County Bancorp Inc.		11,549
	1,327	Origin Bancorp Inc.		51,381
	770	Orrstown Financial Services Inc.		25,795
	3,221	Pacific Premier Bancorp Inc.		76,950
	588	Park National Corp.		97,867
	507	Parke Bancorp Inc.		10,125
	914	Pathward Financial Inc.		70,844
	540	PCB Bancorp		10,611

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Banks — 6.0% — (continued)
	660	Peapack Gladstone Financial Corp.	$	21,358
	1,552	Peoples Bancorp Inc.		49,664
	222	Peoples Bancorp of North Carolina Inc.		5,865
	386	Peoples Financial Services Corp.		18,848
	2,994	Pinnacle Financial Partners Inc.		342,094
	545	Pioneer Bancorp Inc.*		6,486
	238	Plumas Bancorp		10,938
	668	Ponce Financial Group Inc.*		8,764
	2,836	Popular Inc.		284,819
	386	Preferred Bank		34,258
	1,498	Premier Financial Corp.		42,004
	950	Primis Financial Corp.		9,985
	209	Princeton Bancorp Inc.		6,851
	3,678	Prosperity Bancshares Inc.		282,323
	668	Provident Bancorp Inc.*		8,036
	4,359	Provident Financial Services Inc.		79,552
	669	QCR Holdings Inc.		50,396
	762	RBB Bancorp		13,495
	182	Red River Bancshares Inc.		10,274
	2,112	Renasant Corp.		76,454
	365	Republic Bancorp Inc., Class A Shares		24,758
	1,320	S&T Bancorp Inc.		53,090
	1,871	Sandy Spring Bancorp Inc.		59,816
	2,935	Seacoast Banking Corp. of Florida		83,002
	1,921	ServisFirst Bancshares Inc.		175,579
	1,320	Shore Bancshares Inc.		19,978
	564	Sierra Bancorp		17,326
	4,272	Simmons First National Corp., Class A Shares		93,856
	657	SmartFinancial Inc.		22,811
	524	South Plains Financial Inc.		18,466
	313	Southern First Bancshares Inc.*		10,692
	384	Southern Missouri Bancorp Inc.		22,387
	344	Southern States Bancshares Inc.		11,173
	954	Southside Bancshares Inc.		29,336
	3,849	SouthState Corp.		387,979
	1,786	Stellar Bancorp Inc.		51,955
	1,036	Sterling Bancorp Inc.*		4,869
	1,121	Stock Yards Bancorp Inc.		81,676
	5,763	Synovus Financial Corp.		298,984
	35,222	Texas Capital Bancshares Inc.*		2,788,174
	2,858	TFS Financial Corp.		37,697
	458	Third Coast Bancshares Inc.*		16,406
	317	Timberland Bancorp Inc.		10,150
	480	Tompkins Financial Corp.		33,067
	2,887	Towne Bank		106,473
	1,309	TriCo. Bancshares		57,229
	833	Triumph Financial Inc.*		57,352
	651	TrustCo. Bank Corp. NY		21,490
	2,206	Trustmark Corp.		80,718
	2,672	UMB Financial Corp.		294,802
	5,008	United Bankshares Inc.		180,989
	4,048	United Community Banks Inc.		130,467
	317	Unity Bancorp Inc.		15,054
	1,213	Univest Financial Corp.		37,069
	482	USCB Financial Holdings Inc.		9,389

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Banks — 6.0% — (continued)
	18,178	Valley National Bancorp	$	178,872
	1,815	Veritex Holdings Inc.		47,807
	198	Virginia National Bankshares Corp.		7,203
	2,516	WaFd Inc.		74,448
	851	Washington Trust Bancorp Inc.		27,334
	28,432	Webster Financial Corp.		1,601,290
	2,469	WesBanco Inc.		86,588
	761	West BanCorp Inc.		17,214
	757	Westamerica BanCorp		39,455
	13,162	Western Alliance Bancorp		1,144,041
	23,117	Wintrust Financial Corp.		2,877,373
	2,057	WSFS Financial Corp.		111,675
	22,884	Zions Bancorp NA		1,236,651

		Total Banks		33,294,837


	Capital Markets — 2.2%
	1,048	Acadian Asset Management Inc.		25,844
	1,121	Affiliated Managers Group Inc.		191,523
	1,313	AlTi Global Inc.*		4,543
	2,179	Artisan Partners Asset Management Inc., Class A Shares		91,997
	929	B. Riley Financial Inc.(a)		5,932
	12,772	BGC Group Inc., Class A Shares		126,443
	8,588	Carlyle Group Inc. (The)		428,026
	6,876	Cboe Global Markets Inc.		1,449,461
	1,053	Cohen & Steers Inc.		92,032
	116	Diamond Hill Investment Group Inc.		16,952
	5,991	DigitalBridge Group Inc.		68,118
	1,077	Donnelley Financial Solutions Inc.*		53,387
	1,375	Evercore Inc., Class A Shares		332,475
	1,487	FactSet Research Systems Inc.		686,607
	5,928	Forge Global Holdings Inc.*		5,928
	2,296	GCM Grosvenor Inc., Class A Shares		32,419
	1,447	Hamilton Lane Inc., Class A Shares		226,195
	2,048	Houlihan Lokey Inc., Class A Shares		355,021
	97,737	Invesco Ltd.		1,699,646
	5,203	Janus Henderson Group PLC		219,567
	6,828	Jefferies Financial Group Inc.		452,014
	4,355	Lazard Inc., Class A Shares		218,403
	1,429	MarketAxess Holdings Inc.		275,497
	2,335	Moelis & Co., Class A Shares		164,944
	1,049	Morningstar Inc.		329,092
	3,688	Open Lending Corp.*		17,997
	1,354	P10 Inc., Class A Shares		17,291
	2,195	Patria Investments Ltd., Class A Shares		24,869
	2,042	Perella Weinberg Partners, Class A Shares		47,191
	671	Piper Sandler Cos.		194,335
	894	PJT Partners Inc., Class A Shares		142,378
	26,138	Robinhood Markets Inc., Class A Shares*		1,309,514
	3,831	SEI Investments Co.		306,672
	575	Silvercrest Asset Management Group Inc., Class A Shares		10,425
	2,635	StepStone Group Inc., Class A Shares		158,522
	15,196	Stifel Financial Corp.		1,613,663
	1,162	StoneX Group Inc.*		140,218
	3,356	TPG Inc., Class A Shares		185,117
	1,583	Victory Capital Holdings Inc., Class A Shares		101,375

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Capital Markets — 2.2% — (continued)
	3,323	Virtu Financial Inc., Class A Shares	$	121,489
	305	Virtus Investment Partners Inc.		57,270
	4,940	WisdomTree Inc.		45,053
	15,756	XP Inc., Class A Shares		222,947

		Total Capital Markets		12,268,392


	Consumer Finance — 0.6%
	10,522	Ally Financial Inc.		390,366
	210	Atlanticus Holdings Corp.*		11,535
	10,297	Bread Financial Holdings Inc.		556,038
	440	Consumer Portfolio Services Inc.*		4,400
	241	Credit Acceptance Corp.*		118,666
	294	Dave Inc.*		29,594
	996	Encore Capital Group Inc.*		37,564
	1,028	Enova International Inc.*		106,234
	1,478	FirstCash Holdings Inc.		165,950
	1,554	Green Dot Corp., Class A Shares*		11,888
	4,738	LendingClub Corp.*		60,599
	399	LendingTree Inc.*		16,116
	944	Medallion Financial Corp.		7,873
	345	Moneylion Inc.*		30,056
	3,245	Navient Corp.		46,436
	621	Nelnet Inc., Class A Shares		76,004
	1,345	NerdWallet Inc., Class A Shares*		13,719
	4,501	OneMain Holdings Inc., Class A Shares		241,884
	717	OppFi Inc.(a)		7,070
	1,477	PRA Group Inc.*		30,914
	1,574	PROG Holdings Inc.		44,654
	351	Regional Management Corp.		11,776
	8,100	SLM Corp.		244,539
	40,896	SoFi Technologies Inc.*		591,765
	2,979	Upstart Holdings Inc.*		198,610
	128	World Acceptance Corp.*		17,259

		Total Consumer Finance		3,071,509


	Financial Services — 2.0%
	1,324	Acacia Research Corp.*		5,561
	10,150	Affirm Holdings Inc., Class A Shares*		651,123
	875	Alerus Financial Corp.		17,824
	6,591	AvidXchange Holdings Inc.*		50,092
	1,132	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		47,963
	7,630	Burford Capital Ltd.		119,028
	14,981	Cannae Holdings Inc.		300,219
	2,353	Cantaloupe Inc.*		23,106
	573	Cass Information Systems Inc.		25,046
	2,572	Compass Diversified Holdings		56,301
	1,225	Enact Holdings Inc.		42,116
	11,532	Equitable Holdings Inc.		634,491
	3,968	Essent Group Ltd.		228,636
	1,701	Euronet Worldwide Inc.*		174,284
	2,391	EVERTEC Inc.		89,280
	367	Federal Agricultural Mortgage Corp., Class C Shares		76,729
	25,399	Flywire Corp.*		289,549
	4,610	HA Sustainable Infrastructure Capital Inc.		132,445
	1,192	International Money Express Inc.*		18,261

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Financial Services — 2.0% — (continued)
	2,849	Jack Henry & Associates Inc.	$	494,558
	2,757	Jackson Financial Inc., Class A Shares		252,624
	17,634	Marqeta Inc., Class A Shares*		73,710
	706	Merchants Bancorp		28,748
	10,199	MGIC Investment Corp.		250,997
	2,476	Mr Cooper Group Inc.*		278,228
	47,508	NCR Atleos Corp.*		1,351,128
	987	NewtekOne Inc.		12,821
	3,249	NMI Holdings Inc., Class A Shares*		118,394
	214	Onity Group Inc.*		6,916
	7,222	Pagseguro Digital Ltd., Class A Shares*		53,154
	9,262	Payoneer Global Inc.*		79,190
	1,252	Paysafe Ltd.*		24,790
	1,759	Paysign Inc.*		4,661
	1,057	PennyMac Financial Services Inc.		109,558
	750	Priority Technology Holdings Inc.*		8,047
	6,094	Radian Group Inc.		200,554
	5,679	Remitly Global Inc.*		136,296
	3,464	Repay Holdings Corp., Class A Shares*		24,975
	93	Sezzle Inc.*		27,817
	23,161	Shift4 Payments Inc., Class A Shares*		2,287,149
	11,658	StoneCo Ltd., Class A Shares*		107,837
	17,716	Toast Inc., Class A Shares*		683,838
	3,755	UWM Holdings Corp.		23,581
	342	Velocity Financial Inc.*		6,443
	3,892	Voya Financial Inc.		281,236
	11,587	Walker & Dunlop Inc.		992,658
	713	Waterstone Financial Inc.		10,032
	11,051	Western Union Co. (The)		119,682
	1,516	WEX Inc.*		238,164

		Total Financial Services		11,269,840


	Insurance — 3.6%
	1,747	Ambac Financial Group Inc.*		16,963
	930	American Coastal Insurance Corp.		11,290
	13,586	American Financial Group Inc.		1,715,640
	872	AMERISAFE Inc.		44,873
	2,178	Assurant Inc.		452,784
	2,040	Assured Guaranty Ltd.		178,153
	3,298	Axis Capital Holdings Ltd.		319,510
	32,523	Baldwin Insurance Group Inc. (The), Class A Shares*		1,337,996
	424	Bowhead Specialty Holdings Inc.*		14,259
	2,472	Brighthouse Financial Inc.*		146,614
	4,484	CNO Financial Group Inc.		186,938
	1,211	Crawford & Co., Class A Shares		14,871
	1,238	Donegal Group Inc., Class A Shares		21,653
	812	Employers Holdings Inc.		42,062
	512	Enstar Group Ltd.*		170,394
	1,699	Everest Group Ltd.		600,121
	752	F&G Annuities & Life Inc.		32,020
	2,050	Fidelis Insurance Holdings Ltd.		30,156
	3,864	First American Financial Corp.		253,826
	13,332	Genworth Financial Inc., Class A Shares*		92,657
	3,702	Globe Life Inc.		471,746
	324	GoHealth Inc., Class A Shares*		4,695

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Insurance — 3.6% — (continued)
	849	Goosehead Insurance Inc., Class A Shares	$	104,605
	1,274	Greenlight Capital Re Ltd., Class A Shares*		17,747
	1,546	Hamilton Insurance Group Ltd., Class B Shares*		30,240
	10,736	Hanover Insurance Group Inc. (The)		1,830,810
	317	HCI Group Inc.		41,736
	946	Heritage Insurance Holdings Inc.*		11,116
	757	Hippo Holdings Inc.*		21,749
	1,213	Horace Mann Educators Corp.		51,346
	61	Investors Title Co.		14,475
	1,534	James River Group Holdings Ltd.		7,593
	42,610	Kemper Corp.		2,879,584
	681	Kingsway Financial Services Inc.*		5,291
	863	Kinsale Capital Group Inc.		372,687
	2,014	Lemonade Inc.*		73,209
	6,224	Lincoln National Corp.		242,736
	3,230	Maiden Holdings Ltd.*		3,119
	1,651	MBIA Inc.*		10,022
	1,050	Mercury General Corp.		56,627
	380	NI Holdings Inc.*		5,411
	9,827	Old Republic International Corp.		378,438
	8,907	Oscar Health Inc., Class A Shares*		130,131
	17,939	Palomar Holdings Inc.*		2,308,032
	6,944	Primerica Inc.		2,013,760
	1,532	ProAssurance Corp.*		23,961
	2,592	Reinsurance Group of America Inc., Class A Shares		525,373
	2,016	RenaissanceRe Holdings Ltd.		479,042
	3,182	RLI Corp.		242,118
	329	Root Inc., Class A Shares*		44,471
	3,967	Ryan Specialty Holdings Inc., Class A Shares		277,650
	673	Safety Insurance Group Inc.		51,242
	2,345	Selective Insurance Group Inc.		201,776
	9,663	Selectquote Inc.*		44,063
	2,721	SiriusPoint Ltd.*		41,740
	1,437	Skyward Specialty Insurance Group Inc.*		74,753
	875	Stewart Information Services Corp.		62,300
	1,016	Tiptree Inc.		22,992
	1,782	Trupanion Inc.*		61,550
	790	United Fire Group Inc.		22,175
	974	Universal Insurance Holdings Inc.		21,603
	6,616	Unum Group		544,431
	100	White Mountains Insurance Group Ltd.		184,950

		Total Insurance		19,695,875


	Mortgage Real Estate Investment Trusts (REITs) — 0.4%
	773	Advanced Flower Capital Inc.		6,594
	958	AG Mortgage Investment Trust Inc.		7,252
	32,111	AGNC Investment Corp.		334,918
	560	Angel Oak Mortgage REIT Inc.		5,583
	22,292	Annaly Capital Management Inc.		489,532
	5,398	Apollo Commercial Real Estate Finance Inc.		54,682
	5,912	Arbor Realty Trust Inc.(a)		72,954
	1,995	Ares Commercial Real Estate Corp.		9,755
	1,934	ARMOUR Residential REIT Inc.		36,843
	7,245	Blackstone Mortgage Trust Inc., Class A Shares(a)		150,551
	4,825	BrightSpire Capital Inc., Class A Shares		30,060

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 14.8% — (continued)

	Mortgage Real Estate Investment Trusts (REITs) — 0.4% — (continued)
	619	Chicago Atlantic Real Estate Finance Inc.	$	9,966
	2,963	Chimera Investment Corp.		42,163
	3,170	Claros Mortgage Trust Inc.		7,386
	2,901	Dynex Capital Inc.		40,817
	3,122	Ellington Financial Inc.		44,801
	2,993	Franklin BSP Realty Trust Inc.		40,555
	1,891	Granite Point Mortgage Trust Inc.		5,597
	1,747	Invesco Mortgage Capital Inc.		15,356
	2,073	KKR Real Estate Finance Trust Inc.		22,990
	4,407	Ladder Capital Corp., Class A Shares		52,311
	3,819	MFA Financial Inc.		40,634
	3,073	New York Mortgage Trust Inc.		21,542
	287	Nexpoint Real Estate Finance Inc.		4,721
	2,669	Orchid Island Capital Inc.		22,820
	3,855	PennyMac Mortgage Investment Trust		56,476
	6,373	Ready Capital Corp.		44,165
	4,867	Redwood Trust Inc.		32,512
	21,031	Rithm Capital Corp.		255,527
	763	Seven Hills Realty Trust		9,835
	12,533	Starwood Property Trust Inc.		257,177
	257	Sunrise Realty Trust Inc.		3,130
	2,163	TPG RE Finance Trust Inc.		18,667
	3,734	Two Harbors Investment Corp.		52,948

		Total Mortgage Real Estate Investment Trusts (REITs)		2,300,820

		TOTAL FINANCIALS		81,901,273


	HEALTH CARE — 13.3%

	Biotechnology — 5.5%
	1,894	2seventy bio Inc.*		5,000
	1,849	4D Molecular Therapeutics Inc.*		8,376
	114,658	89bio Inc.*		1,058,293
	3,015	Absci Corp.*		11,608
	4,466	ACADIA Pharmaceuticals Inc.*		87,534
	2,953	ACELYRIN Inc.*		7,914
	1,392	Achieve Life Sciences Inc.*		4,273
	468	Acrivon Therapeutics Inc.*		2,485
	2,666	ADC Therapeutics SA*		4,692
	9,008	ADMA Biologics Inc.*		147,641
	870	Aduro Biotech Holdings Europe BV*(b)(c)		409
	935	Adverum Biotechnologies Inc.*		4,404
	1,399	Agenus Inc.*		3,987
	2,198	Agios Pharmaceuticals Inc.*		78,117
	8,695	Akebia Therapeutics Inc.*		16,086
	2,697	Akero Therapeutics Inc.*		132,477
	2,197	Aldeyra Therapeutics Inc.*		11,227
	2,467	Alector Inc.*		4,046
	6,125	Alkermes PLC*		210,271
	5,063	Allogene Therapeutics Inc.*		9,873
	2,654	Altimmune Inc.*(a)		17,649
	10,997	Amicus Therapeutics Inc.*		104,362
	1,154	AnaptysBio Inc.*		19,410
	2,915	Anavex Life Sciences Corp.*(a)		23,058
	530	Anika Therapeutics Inc.*		9,249
	3,983	Annexon Inc.*		10,515

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Biotechnology — 5.5% — (continued)
	4,032	Apellis Pharmaceuticals Inc.*	$	101,405
	1,435	Apogee Therapeutics Inc.*		45,116
	16,572	Applied Therapeutics Inc.*		8,425
	5,603	Arbutus Biopharma Corp.*		19,330
	1,655	Arcellx Inc.*		107,277
	772	Arcturus Therapeutics Holdings Inc.*		12,962
	1,962	Arcus Biosciences Inc.*		21,366
	4,129	Arcutis Biotherapeutics Inc.*		56,526
	8,734	Ardelyx Inc.*		46,814
	1,107	ArriVent Biopharma Inc.*		26,136
	4,486	Arrowhead Pharmaceuticals Inc.*		84,830
	1,851	ARS Pharmaceuticals Inc.*		19,398
	636	Artiva Biotherapeutics Inc.*		2,639
	35,082	Ascendis Pharma AS, ADR*		5,493,140
	1,743	Astria Therapeutics Inc.*		11,225
	6,272	Atossa Therapeutics Inc.*		4,802
	1,893	Aura Biosciences Inc.*		14,179
	4,998	Aurinia Pharmaceuticals Inc.*		39,734
	4,388	Avidity Biosciences Inc.*		134,448
	894	Avita Medical Inc.*		8,135
	2,868	Beam Therapeutics Inc.*		75,543
	770	Bicara Therapeutics Inc.*		10,241
	56,600	Bicycle Therapeutics PLC, ADR*(a)		620,902
	7,731	BioCryst Pharmaceuticals Inc.*		66,564
	3,276	Biohaven Ltd.*		121,802
	1,171	Biomea Fusion Inc.*		3,384
	1,377	Black Diamond Therapeutics Inc.*		2,768
	536	Bluebird Bio Inc.*(a)		2,187
	2,486	Blueprint Medicines Corp.*		240,073
	5,374	Bridgebio Pharma Inc.*		187,553
	2,178	C4 Therapeutics Inc.*		5,902
	1,296	Cabaletta Bio Inc.*		2,339
	820	Candel Therapeutics Inc.*		7,360
	1,420	Capricor Therapeutics Inc.*		21,840
	1,647	Cardiff Oncology Inc.*		6,983
	1,907	CareDx Inc.*		42,240
	1,238	Cargo Therapeutics Inc.*		4,655
	3,156	Caribou Biosciences Inc.*		3,693
	301	Cartesian Therapeutics Inc.*(a)		5,671
	4,177	Catalyst Pharmaceuticals Inc.*		95,612
	1,284	Celcuity Inc.*		12,108
	2,418	Celldex Therapeutics Inc.*		49,738
	11,887	Century Therapeutics Inc.*		8,116
	1,782	CG oncology Inc.*		46,083
	3,744	Cibus Inc., Class A Shares*		7,675
	5,005	Climb Bio Inc.*		7,257
	3,506	Cogent Biosciences Inc.*		26,400
	4,788	Coherus Biosciences Inc.*		5,315
	3,100	Compass Therapeutics Inc.*		8,990
	1,253	Contra Inhibrx Inc.*(b)(c)		1,403
	382	Corbus Pharmaceuticals Holdings Inc.*		2,884
	3,349	Crinetics Pharmaceuticals Inc.*		119,827
	1,892	Cullinan Therapeutics Inc.*		16,063
	24,768	Cytokinetics Inc.*		1,139,328
	1,843	Day One Biopharmaceuticals Inc.*		16,698

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Biotechnology — 5.5% — (continued)
	4,793	Denali Therapeutics Inc.*	$	79,372
	1,220	Design Therapeutics Inc.*		5,929
	884	Dianthus Therapeutics Inc.*		19,094
	744	Discount Medicine Inc., Class A Shares*		41,798
	4,915	Dynavax Technologies Corp.*		67,778
	3,150	Dyne Therapeutics Inc.*		42,872
	3,076	Editas Medicine Inc.*		5,906
	712	Enanta Pharmaceuticals Inc.*		5,539
	930	Entrada Therapeutics Inc.*		11,104
	6,356	Erasca Inc.*		8,708
	7,124	Exact Sciences Corp.*		337,749
	10,854	Exelixis Inc.*		419,941
	4,506	Fate Therapeutics Inc.*		5,047
	629	Fennec Pharmaceuticals Inc.*		4,416
	5,913	Fibrobiologics Inc.*(a)		7,450
	784	Foghorn Therapeutics Inc.*		3,802
	3,895	Generation Bio Co.*		2,259
	24,594	Geron Corp.*		43,285
	420	Greenwich Lifesciences Inc.*		5,132
	4,875	Halozyme Therapeutics Inc.*		288,356
	4,418	Heron Therapeutics Inc.*		10,912
	2,184	HilleVax Inc.*		3,909
	3,532	Humacyte Inc.*(a)		12,009
	3,110	Ideaya Biosciences Inc.*		63,973
	5,836	IGM Biosciences Inc.*		7,937
	5,428	ImmunityBio Inc.*(a)		17,858
	1,921	Immunome Inc.*		18,057
	2,182	Immunovant Inc.*		44,949
	483	Inhibrx Biosciences Inc.*		6,400
	904	Inmune Bio Inc.*(a)		7,259
	2,049	Inovio Pharmaceuticals Inc.*		4,057
	6,905	Inozyme Pharma Inc.*		8,286
	27,975	Insmed Inc.*		2,281,361
	3,915	Intellia Therapeutics Inc.*		39,502
	6,052	Ionis Pharmaceuticals Inc.*		200,866
	10,456	Iovance Biotherapeutics Inc.*		44,281
	5,272	Ironwood Pharmaceuticals Inc., Class A Shares*		8,488
	1,000	iTeos Therapeutics Inc.*		7,260
	1,058	Janux Therapeutics Inc.*		34,798
	414	Jasper Therapeutics Inc.*		2,455
	1,371	KalVista Pharmaceuticals Inc.*		15,623
	1,110	Keros Therapeutics Inc.*		12,299
	1,417	Kiniksa Pharmaceuticals International PLC, Class A Shares*		28,737
	1,361	Kodiak Sciences Inc.*		5,594
	230	Korro Bio Inc.*		5,766
	947	Krystal Biotech Inc.*		169,750
	2,800	Kura Oncology Inc.*		21,588
	1,795	Kymera Therapeutics Inc.*		56,273
	835	Kyverna Therapeutics Inc.*		2,371
	1,886	Larimar Therapeutics Inc.*		5,715
	15,780	Legend Biotech Corp., ADR*		552,458
	473	LENZ Therapeutics Inc.		10,326
	1,199	Lexeo Therapeutics Inc.*		3,429
	5,997	Lexicon Pharmaceuticals Inc.*		4,195
	8,253	Lineage Cell Therapeutics Inc.*		4,634

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Biotechnology — 5.5% — (continued)
	7,232	Lyell Immunopharma Inc.*	$	5,141
	2,240	MacroGenics Inc.*		5,510
	706	Madrigal Pharmaceuticals Inc.*		240,937
	9,954	MannKind Corp.*		53,154
	1,516	MeiraGTx Holdings PLC*		10,809
	4,940	Mersana Therapeutics Inc.*		2,586
	25,386	Merus NV*		1,195,427
	4,371	MiMedx Group Inc.*		36,738
	1,181	Mineralys Therapeutics Inc.*		10,794
	1,630	Mirum Pharmaceuticals Inc.*		77,539
	1,545	Monte Rosa Therapeutics Inc.*		8,498
	39,842	MoonLake Immunotherapeutics, Class A Shares*		1,663,802
	3,344	Myriad Genetics Inc.*		35,881
	4,429	Natera Inc.*		689,108
	3,858	Neurocrine Biosciences Inc.*		458,022
	386	Neurogene Inc.*		6,828
	2,097	Nkarta Inc.*		3,670
	5,890	Novavax Inc.*		49,064
	2,679	Nurix Therapeutics Inc.*		41,391
	1,396	Nuvalent Inc., Class A Shares*		104,672
	9,673	Ocugen Inc.*		6,304
	1,468	Olema Pharmaceuticals Inc.*		6,415
	19	Oncternal Therapeutics Inc.*(c)		19
	2,782	Organogenesis Holdings Inc., Class A Shares*		17,276
	2,472	ORIC Pharmaceuticals Inc.*		19,850
	4,243	Ovid therapeutics Inc.*		2,249
	5,928	PepGen Inc.*		18,673
	2,248	Perspective Therapeutics Inc.*		6,249
	650	Praxis Precision Medicines Inc.*		25,090
	7,302	Precigen Inc.*		12,632
	2,474	Prime Medicine Inc.*		6,234
	4,297	ProKidney Corp., Class A Shares*(a)		5,285
	2,197	Protagonist Therapeutics Inc.*		82,585
	1,505	Prothena Corp. PLC*		23,794
	2,877	PTC Therapeutics Inc.*		158,983
	2,183	Puma Biotechnology Inc.*		7,815
	2,111	Pyxis Oncology Inc.*		2,512
	9,343	Recursion Pharmaceuticals Inc., Class A Shares*		70,166
	1,711	REGENXBIO Inc.*		11,241
	3,019	Regulus Therapeutics Inc.*		4,076
	4,704	Relay Therapeutics Inc.*		16,041
	4,013	Renovaro Inc.*		3,943
	2,220	Replimune Group Inc.*		28,150
	6,425	Revolution Medicines Inc.*		261,755
	16,689	Rhythm Pharmaceuticals Inc.*		916,393
	719	Rigel Pharmaceuticals Inc.*		16,580
	72,210	Rocket Pharmaceuticals Inc.*		682,385
	16,404	Roivant Sciences Ltd.*		176,179
	2,005	Sage Therapeutics Inc.*		14,637
	4,931	Sana Biotechnology Inc.*(a)		12,870
	3,534	Sarepta Therapeutics Inc.*		377,255
	4,448	Savara Inc.*		11,076
	2,946	Scholar Rock Holding Corp.*		114,364
	1,154	Sera Prognostics Inc., Class A Shares*		4,893
	820	Skye Bioscience Inc.*(a)		2,337

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Biotechnology — 5.5% — (continued)
	16,950	Soleno Therapeutics Inc.*	$	827,499
	1,114	Solid Biosciences Inc.*		6,227
	2,583	SpringWorks Therapeutics Inc.*		149,194
	1,292	Spyre Therapeutics Inc.*		25,452
	1,333	Stoke Therapeutics Inc.*		10,464
	3,512	Summit Therapeutics Inc.*		72,663
	3,398	Sutro Biopharma Inc.*		5,403
	3,089	Syndax Pharmaceuticals Inc.*		48,312
	1,743	Tango Therapeutics Inc.*		3,608
	5,968	Taysha Gene Therapies Inc.*		9,549
	9,262	Tenaya Therapeutics Inc.*(a)		9,355
	5,338	TG Therapeutics Inc.*		160,620
	850	Tourmaline Bio Inc.*		11,127
	3,142	Travere Therapeutics Inc., Class Preferred Shares*		67,239
	1,462	TScan Therapeutics Inc.*		3,070
	2,222	Twist Bioscience Corp.*		86,258
	760	Tyra Biosciences Inc.*		8,900
	3,414	Ultragenyx Pharmaceutical Inc.*		146,529
	1,689	United Therapeutics Corp.*		540,564
	707	Upstream Bio Inc.*(a)		5,607
	1,388	UroGen Pharma Ltd.*		13,130
	2,203	Vanda Pharmaceuticals Inc.*		10,486
	34,359	Vaxcyte Inc.*		2,508,894
	1,693	Vera Therapeutics Inc., Class A Shares*		50,671
	2,951	Veracyte Inc.*		102,577
	1,389	Verastem Inc.*		7,771
	1,954	Vericel Corp.*		100,221
	2,617	Verve Therapeutics Inc.*		16,566
	4,282	Viking Therapeutics Inc.*		123,621
	3,323	Vir Biotechnology Inc.*		27,880
	2,788	Viridian Therapeutics Inc.*		43,298
	1,953	Voyager Therapeutics Inc.*		7,968
	7,901	X4 Pharmaceuticals Inc.*		3,122
	788	XBiotech Inc.*		2,774
	2,574	Xencor Inc.*		39,537
	22,608	Xenon Pharmaceuticals Inc.*		836,948
	322	XOMA Royalty Corp.*		7,309
	1,519	Y-mAbs Therapeutics Inc.*		8,446
	623	Zenas Biopharma Inc.*		4,367
	2,160	Zentalis Pharmaceuticals Inc.*		4,471
	2,264	Zura Bio Ltd., Class A Shares*(a)		3,079
	2,037	Zymeworks Inc.*		27,296

		Total Biotechnology		30,348,901


	Health Care Equipment & Supplies — 2.9%
	124,322	Accuray Inc.*		249,887
	4,502	Alphatec Holdings Inc.*		56,410
	1,510	AngioDynamics Inc.*		14,028
	1,452	Artivion Inc.*		36,895
	21,673	AtriCure Inc.*		839,612
	23,325	Avanos Medical Inc.*		351,041
	1,622	AxoGen Inc.*		32,456
	1,374	Bioventus Inc., Class A Shares*		13,932
	480	Ceribell Inc.*		11,155
	6,314	Cerus Corp.*		10,418

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Health Care Equipment & Supplies — 2.9% — (continued)
	7,883	CONMED Corp.	$	466,437
	605	CVRx Inc.*		7,841
	20,562	CytoSorbents Corp.*		21,796
	7,785	DENTSPLY SIRONA Inc.		128,842
	2,310	Embecta Corp.		31,185
	2,214	Enovis Corp.*		85,571
	6,495	Envista Holdings Corp.*		129,770
	1,620	Fractyl Health Inc.*		2,527
	15,193	Glaukos Corp.*		1,823,464
	4,330	Globus Medical Inc., Class A Shares*		347,786
	17,930	Haemonetics Corp.*		1,174,415
	810	ICU Medical Inc.*		118,527
	2,673	Inmode Ltd.*		50,039
	990	Inogen Inc.*		8,247
	1,151	Inspire Medical Systems Inc.*		213,614
	1,274	Integer Holdings Corp.*		156,957
	49,134	Integra LifeSciences Holdings Corp.*		1,140,400
	236	iRadimed Corp.		12,723
	18,426	iRhythm Technologies Inc.*		2,029,808
	26,052	Lantheus Holdings Inc.*		2,444,199
	759	LeMaitre Vascular Inc.		69,714
	2,047	LivaNova PLC*		85,217
	1,678	Masimo Corp.*		316,756
	2,182	Merit Medical Systems Inc.*		222,651
	8,188	Neogen Corp.*		82,289
	507	NeuroPace Inc.*		6,566
	1,335	Nevro Corp.*		7,636
	4,313	Novocure Ltd.*		82,249
	1,891	Omnicell Inc.*		71,971
	84,219	OraSure Technologies Inc.*		293,082
	943	Orchestra BioMed Holdings Inc.*		4,423
	1,312	Orthofix Medical Inc.*		22,802
	682	OrthoPediatrics Corp.*		15,836
	1,891	Paragon 28 Inc.*		24,659
	1,426	Penumbra Inc.*		407,037
	1,690	PROCEPT BioRobotics Corp.*		108,735
	1,660	Pulmonx Corp.*		14,309
	793	Pulse Biosciences Inc.*(a)		14,520
	9,272	QuidelOrtho Corp.*		370,787
	1,360	RxSight Inc.*		38,570
	143	Sanara Medtech Inc.*		4,961
	172	Semler Scientific Inc.*		7,382
	1,549	SI-BONE Inc.*		28,068
	1,632	Sight Sciences Inc.*		4,325
	1,849	STAAR Surgical Co.*		32,357
	1,944	Stereotaxis Inc.*		4,005
	560	Surmodics Inc.*		18,402
	906	Tactile Systems Technology Inc.*		12,947
	2,440	Tandem Diabetes Care Inc.*		54,022
	3,666	Teleflex Inc.		486,661
	1,323	TransMedics Group Inc.*		100,971
	1,716	Treace Medical Concepts Inc.*		15,341
	274	UFP Technologies Inc.*		62,360
	72	Utah Medical Products Inc.		4,292
	28,855	Varex Imaging Corp.*		371,075

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Health Care Equipment & Supplies — 2.9% — (continued)
	29,251	Zimvie Inc.*	$	388,161
	811	Zynex Inc.*		5,847

		Total Health Care Equipment & Supplies		15,870,968


	Health Care Providers & Services — 2.7%
	32,518	Acadia Healthcare Co., Inc.*		974,890
	2,358	Accolade Inc.*		16,435
	3,787	AdaptHealth Corp., Class A Shares*		43,096
	651	Addus HomeCare Corp.*		62,346
	11,412	agilon health Inc.*		35,605
	782	AirSculpt Technologies Inc.*		3,546
	4,329	Alignment Healthcare Inc.*		67,922
	1,284	Amedisys Inc.*		118,128
	1,426	AMN Healthcare Services Inc.*		36,106
	557	Ardent Health Partners Inc.*		8,166
	1,627	Astrana Health Inc.*		41,293
	2,000	Aveanna Healthcare Holdings Inc.*		8,520
	2,027	BrightSpring Health Services Inc.*		39,081
	7,084	Brookdale Senior Living Inc.*		40,379
	1,005	Castle Biosciences Inc.*		21,788
	574	Chemed Corp.		344,859
	5,286	Community Health Systems Inc.*		15,911
	4,453	Concentra Group Holdings Parent Inc.		100,549
	1,008	CorVel Corp.*		111,152
	1,226	Cross Country Healthcare Inc.*		21,038
	1,845	DaVita Inc.*		272,839
	3,686	DocGo Inc.*		11,390
	20,494	Encompass Health Corp.		2,052,269
	2,014	Enhabit Inc.*		16,857
	2,131	Ensign Group Inc. (The)		275,219
	726	Fulgent Genetics Inc.*		11,217
	6,656	GeneDx Holdings Corp., Class A Shares*		684,570
	4,669	Guardant Health Inc.*		198,666
	16,394	HealthEquity Inc.*		1,799,405
	4,873	Henry Schein Inc.*		351,684
	7,234	Hims & Hers Health Inc.*		326,181
	589	InfuSystem Holdings Inc.*		4,700
	722	Innovage Holding Corp.*		2,347
	424	Joint Corp. (The)*		4,812
	5,053	LifeStance Health Group Inc.*		39,363
	2,305	ModivCare Inc.*		7,607
	3,319	Molina Healthcare Inc.*		999,417
	2,009	Nano-X Imaging Ltd.*(a)		12,436
	474	National HealthCare Corp.		44,163
	496	National Research Corp.		7,237
	4,786	NeoGenomics Inc.*		47,812
	13,691	OPKO Health Inc.*		23,822
	69,755	Option Care Health Inc.*		2,336,792
	2,933	Owens & Minor Inc.*		28,098
	1,605	PACS Group Inc.*		20,913
	34,155	Patterson Cos., Inc.		1,063,587
	61,777	Pediatrix Medical Group Inc.*		912,446
	1,223	Pennant Group Inc. (The)*		27,848
	2,933	Performant Financial Corp.*		8,418
	3,714	Premier Inc., Class A Shares		67,521

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Health Care Providers & Services — 2.7% — (continued)
	3,794	Privia Health Group Inc.*	$	94,736
	3,324	Progyny Inc.*		74,890
	1,232	Quipt Home Medical Corp.*		3,252
	2,534	RadNet Inc.*		140,561
	4,130	Select Medical Holdings Corp.		75,125
	2,883	Surgery Partners Inc.*		69,423
	4,583	Talkspace Inc.*		13,107
	3,679	Tenet Healthcare Corp.*		465,725
	2,216	Universal Health Services Inc., Class B Shares		388,354
	555	US Physical Therapy Inc.		44,966
	1,122	Viemed Healthcare Inc.*		8,796

		Total Health Care Providers & Services		15,149,381


	Health Care Technology — 0.1%
	5,075	Certara Inc.*		60,798
	2,148	Definitive Healthcare Corp., Class A Shares*		6,938
	4,705	Doximity Inc., Class A Shares*		331,703
	4,329	Evolent Health Inc., Class A Shares*		38,918
	2,001	Health Catalyst Inc.*		9,345
	873	HealthStream Inc.		29,481
	1,315	LifeMD Inc.*		6,917
	765	OptimizeRx Corp.*		3,963
	2,350	Phreesia Inc.*		62,369
	2,091	Schrodinger Inc.*		46,650
	547	Simulations Plus Inc.		15,852
	6,358	Teladoc Health Inc.*		60,782
	2,441	Waystar Holding Corp.*		106,110

		Total Health Care Technology		779,826


	Life Sciences Tools & Services — 1.4%
	3,936	10X Genomics Inc., Class A Shares*		42,076
	4,300	Adaptive Biotechnologies Corp.*		35,518
	1,850	Akoya Biosciences Inc.*		3,015
	67,754	Avantor Inc.*		1,131,492
	1,860	Azenta Inc.*		81,133
	1,364	BioLife Solutions Inc.*		32,736
	4,275	Bio-Rad Laboratories Inc., Class A Shares*		1,133,559
	25,258	Bio-Techne Corp.		1,559,681
	4,180	Bruker Corp.		197,380
	5,860	Charles River Laboratories International Inc.*		968,717
	2,063	ChromaDex Corp.*		11,635
	2,694	Codexis Inc.*		8,190
	1,543	CryoPort Inc.*		8,594
	4,520	Cytek Biosciences Inc.*		20,295
	3,388	Fortrea Holdings Inc.*		46,924
	5,710	Harvard Bioscience Inc.*		4,816
	6,991	ICON PLC, ADR*		1,328,430
	789	Lifecore Biomedical Inc.*		4,608
	4,400	Maravai LifeSciences Holdings Inc., Class A Shares*		14,168
	3,837	MaxCyte Inc.*		12,816
	983	Medpace Holdings Inc.*		321,756
	208	Mesa Laboratories Inc.		28,991
	2,597	Nautilus Biotechnology Inc., Class A Shares*		3,376
	2,956	OmniAb Inc.*		10,287
	234	OmniAb Inc., (Cost — $0, acquired 11/3/22), Class CR3 Shares*(b)(c)(d)		—

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Life Sciences Tools & Services — 1.4% — (continued)
	234	OmniAb Inc., (Cost — $0, acquired 11/3/22), Class CR4 Shares*(b)(c)(d)	$	—
	10,144	Pacific Biosciences of California Inc.*(a)		14,709
	8,402	QIAGEN NV*		322,637
	1,361	Quanterix Corp.*		10,330
	4,548	Quantum-Si Inc.*		6,276
	2,155	Repligen Corp.*		343,205
	5,684	Sotera Health Co.*		70,879
	132,726	Standard BioTools Inc.*		141,353

		Total Life Sciences Tools & Services		7,919,582


	Pharmaceuticals — 0.7%
	1,323	Alto Neuroscience Inc.*		3,704
	656	Alumis Inc.*(a)		3,050
	87,553	Amneal Pharmaceuticals Inc.*		759,084
	1,448	Amphastar Pharmaceuticals Inc.*		41,167
	685	ANI Pharmaceuticals Inc.*		42,395
	2,797	Aquestive Therapeutics Inc.*		7,832
	2,409	Arvinas Inc.*		42,639
	3,220	Atea Pharmaceuticals Inc.*		9,757
	3,660	Avadel Pharmaceuticals PLC*		28,951
	1,410	Axsome Therapeutics Inc.*		179,831
	813	Biote Corp., Class A Shares*		3,553
	1,775	Cassava Sciences Inc.*		4,260
	1,004	CinCor Pharma Inc.*(c)		3,353
	1,236	Collegium Pharmaceutical Inc.*		35,906
	324	Contineum Therapeutics Inc., Class A Shares*		2,281
	3,155	Corcept Therapeutics Inc.*		191,130
	2,788	CorMedix Inc.*		28,884
	2,839	Edgewise Therapeutics Inc.*		74,297
	19,290	Elanco Animal Health Inc.*		215,469
	1,306	Enliven Therapeutics Inc.*		27,204
	6,941	Esperion Therapeutics Inc.*		11,800
	2,092	Evolus Inc.*		30,522
	2,520	EyePoint Pharmaceuticals Inc.*		15,800
	2,335	Fulcrum Therapeutics Inc.*		8,383
	1,432	Harmony Biosciences Holdings Inc.*		48,473
	1,163	Harrow Inc.*		32,657
	1,904	Innoviva Inc.*		34,120
	3,981	Intra-Cellular Therapies Inc.*		510,364
	2,362	Jazz Pharmaceuticals PLC*		339,018
	709	Ligand Pharmaceuticals Inc.*		86,661
	2,788	Liquidia Corp.*		43,186
	447	MBX Biosciences Inc.*(a)		4,291
	442	MediWound Ltd.*		7,337
	3,086	Mind Medicine MindMed Inc.*		20,738
	6,609	Nektar Therapeutics, Class A Shares*		5,552
	3,105	Neumora Therapeutics Inc.*		4,844
	6,179	Nuvation Bio Inc.*		12,173
	5,901	Ocular Therapeutix Inc.*		42,133
	2,109	Omeros Corp.*		17,737
	10,064	Organon & Co.		150,054
	1,718	Pacira BioSciences Inc.*		41,318
	5,256	Perrigo Co. PLC		152,424
	1,403	Phathom Pharmaceuticals Inc.*		7,745
	789	Phibro Animal Health Corp., Class A Shares		17,942

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 13.3% — (continued)

	Pharmaceuticals — 0.7% — (continued)
	2,130	Pliant Therapeutics Inc.*	$	7,327
	1,962	Prestige Consumer Healthcare Inc.*		166,279
	366	Rapport Therapeutics Inc.*		3,671
	2,404	Scilex Holding Co.*(b)		567
	1,052	scPharmaceuticals Inc.*		3,451
	717	Septerna Inc.*(a)		4,639
	1,907	SIGA Technologies Inc.		10,469
	1,867	Supernus Pharmaceuticals Inc.*		59,856
	1,390	Tarsus Pharmaceuticals Inc.*		61,827
	2,404	Terns Pharmaceuticals Inc.*		8,871
	1,412	Theravance Biopharma Inc.*		13,202
	866	Third Harmonic Bio Inc.*		2,988
	2,218	Trevi Therapeutics Inc.*		10,025
	2,805	Ventyx Biosciences Inc.*		4,432
	8,130	Veru Inc.*		4,225
	3,529	WaVe Life Sciences Ltd.*		37,301
	5,349	Xeris Biopharma Holdings Inc.*		20,487
	2,080	Zevra Therapeutics Inc.*		16,661

		Total Pharmaceuticals		3,786,297


	Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@
	1,045	AstraZeneca PLC*(b)(c)		324
	2,089	Novartis AG*(b)(c)		1,755

		Total Pharmaceuticals, Biotechnology & Life Sciences		2,079

		TOTAL HEALTH CARE		73,857,034


	INDUSTRIALS — 19.8%

	Aerospace & Defense — 1.3%
	1,338	AAR Corp.*		86,997
	1,107	Aerovironment Inc.*		165,629
	1,142	AerSale Corp.*		7,994
	9,093	Archer Aviation Inc., Class A Shares*		80,746
	1,028	Astronics Corp.*		20,570
	3,593	BWX Technologies Inc.		373,564
	693	Byrna Technologies Inc.*		17,831
	1,167	Cadre Holdings Inc.		39,235
	1,475	Curtiss-Wright Corp.		474,449
	490	Ducommun Inc.*		28,724
	1,989	Eve Holding Inc.*(a)		8,175
	3,111	Hexcel Corp.		197,144
	1,501	Huntington Ingalls Industries Inc.		263,546
	1,448	Intuitive Machines Inc., Class A Shares*		21,112
	2,680	Karman Holdings Inc.*		84,527
	5,806	Kratos Defense & Security Solutions Inc.*		153,220
	2,796	Leonardo DRS Inc.*		85,138
	1,147	Loar Holdings Inc.*		83,353
	24,601	Mercury Systems Inc.*		1,092,530
	7,692	Moog Inc., Class A Shares		1,311,409
	183	National Presto Industries Inc.*		18,618
	809	Park Aerospace Corp.		11,188
	1,016	Redwire Corp.*(a)		14,194
	59,230	Rocket Lab USA Inc.*		1,213,623
	4,416	Spirit AeroSystems Holdings Inc., Class A Shares*		154,118
	2,656	Standardaero Inc.*(a)		74,979
	7,330	Textron Inc.		547,771

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Aerospace & Defense — (continued)
	2,745	Triumph Group Inc.*	$	69,668
	531	V2X Inc.*		24,915
	624	Virgin Galactic Holdings Inc.*		2,371
	2,319	Woodward Inc.		438,279

		Total Aerospace & Defense		7,165,617


	Air Freight & Logistics — 0.5%
	1,940	Air Transport Services Group Inc.*		43,320
	21,373	CH Robinson Worldwide Inc.		2,171,924
	941	Forward Air Corp.*		21,144
	4,506	GXO Logistics Inc.*		177,627
	2,453	Hub Group Inc., Class A Shares		100,818
	1,467	Radiant Logistics Inc.*		9,917

		Total Air Freight & Logistics		2,524,750


	Building Products — 1.4%
	2,606	AAON Inc.		200,141
	2,712	Advanced Drainage Systems Inc.		302,090
	3,383	Allegion PLC		435,426
	582	American Woodmark Corp.*		36,131
	4,584	AO Smith Corp.		304,744
	837	Apogee Enterprises Inc.		40,126
	1,680	Armstrong World Industries Inc.		258,149
	5,494	AZEK Co., Inc. (The), Class A Shares*		257,394
	1,103	AZZ Inc.		106,009
	4,555	Builders FirstSource Inc.*		633,100
	633	CSW Industrials Inc.		193,755
	4,763	Fortune Brands Innovations Inc.		308,261
	1,171	Gibraltar Industries Inc.*		76,946
	1,453	Griffon Corp.		105,110
	5,429	Hayward Holdings Inc.*		78,666
	642	Insteel Industries Inc.		18,066
	5,582	Janus International Group Inc.*		45,158
	3,402	JELD-WEN Holding Inc.*		18,711
	1,240	Lennox International Inc.		745,302
	5,199	Masterbrand Inc.*		72,734
	3,377	Owens Corning		520,193
	1,653	Quanex Building Products Corp.		31,886
	95,895	Resideo Technologies Inc.*		1,842,143
	1,639	Simpson Manufacturing Co., Inc.		269,452
	852	Tecnoglass Inc.		62,758
	4,132	Trex Co., Inc.*		254,903
	2,351	UFP Industries Inc.		251,557
	5,498	Zurn Elkay Water Solutions Corp.		194,794

		Total Building Products		7,663,705


	Commercial Services & Supplies — 2.1%
	27,753	ABM Industries Inc.		1,507,820
	3,556	ACCO Brands Corp.		16,607
	5,588	ACV Auctions Inc., Class A Shares*		89,743
	2,213	BrightView Holdings Inc.*		29,698
	1,681	Brink’s Co. (The)		158,081
	27,986	Casella Waste Systems Inc., Class A Shares*		3,134,992
	1,131	CECO Environmental Corp.*		28,139
	649	Cimpress PLC*		31,204

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Commercial Services & Supplies — 2.1% — (continued)
	5,557	Clean Harbors Inc.*	$	1,186,697
	4,532	CoreCivic Inc.*		85,020
	1,777	Deluxe Corp.		29,249
	2,236	Driven Brands Holdings Inc.*		39,197
	939	Ennis Inc.		19,907
	103,702	Enviri Corp.*		674,063
	4,822	GEO Group Inc. (The)*		131,930
	2,707	Healthcare Services Group Inc.*		28,423
	1,860	HNI Corp.		86,657
	2,171	Interface Inc., Class A Shares		43,919
	5,277	LanzaTech Global Inc.*		4,216
	782	Liquidity Services Inc.*		26,181
	1,140	Matthews International Corp., Class A Shares		28,409
	51,308	MillerKnoll Inc.		1,103,122
	1,202	Montrose Environmental Group Inc.*		23,355
	1,414	MSA Safety Inc.		231,472
	477	NL Industries Inc.		3,277
	84,668	OPENLANE Inc.*		1,888,096
	698	Perma-Fix Environmental Services Inc.*		5,612
	4,876	Pitney Bowes Inc.		52,807
	764	Pursuit Attractions and Hospitality Inc.*		30,331
	1,177	Quad/Graphics Inc.		7,392
	796	Quest Resource Holding Corp.*		3,638
	3,548	Steelcase Inc., Class A Shares		43,144
	10,307	Tetra Tech Inc.		300,861
	604	UniFirst Corp.		129,812
	5,470	Vestis Corp.		64,820
	459	Virco Mfg. Corp.		4,719
	667	VSE Corp.		79,040

		Total Commercial Services & Supplies		11,351,650


	Construction & Engineering — 2.9%
	5,174	AECOM		517,659
	1,214	Ameresco Inc., Class A Shares*		14,325
	8,737	API Group Corp.*		343,102
	16,273	Arcosa Inc.		1,364,979
	472	Argan Inc.		61,535
	487	Bowman Consulting Group Ltd.*		10,081
	888	Centuri Holdings Inc.*(a)		15,407
	11,638	Comfort Systems USA Inc.		4,228,434
	834	Concrete Pumping Holdings Inc.		5,454
	1,651	Construction Partners Inc., Class A Shares*		119,796
	1,128	Dycom Industries Inc.*		184,834
	1,777	EMCOR Group Inc.		726,633
	2,045	Everus Construction Group Inc.*		85,072
	68,362	Fluor Corp.*		2,599,807
	1,708	Granite Construction Inc.		141,047
	2,542	Great Lakes Dredge & Dock Corp.*		21,582
	311	IES Holdings Inc.*		55,461
	387	Limbach Holdings Inc.*		32,121
	11,958	MasTec Inc.*		1,561,595
	966	Matrix Service Co.*		12,056
	607	MYR Group Inc.*		74,491
	345	Northwest Pipe Co.*		15,204
	2,083	Orion Group Holdings Inc.*		14,831

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Construction & Engineering — (continued)
	12,208	Primoris Services Corp.	$	875,802
	1,143	Sterling Infrastructure Inc.*		145,401
	1,751	Tutor Perini Corp.*		51,462
	770	Valmont Industries Inc.		268,245
	82,861	WillScot Holdings Corp.*		2,730,270

		Total Construction & Engineering		16,276,686


	Electrical Equipment — 1.4%
	1,191	Acuity Brands Inc.		353,882
	552	Allient Inc.		13,734
	1,321	American Superconductor Corp.*		30,000
	5,725	Array Technologies Inc.*		30,228
	1,357	Atkore Inc.		83,455
	139,112	Babcock & Wilcox Enterprises Inc.*		150,241
	3,902	Blink Charging Co.*		3,980
	41,478	Bloom Energy Corp., Class A Shares*(a)		996,302
	16,407	ChargePoint Holdings Inc.*(a)		10,925
	5,000	Energy Vault Holdings Inc.*		6,800
	1,531	EnerSys		155,381
	6,241	Enovix Corp.*		55,670
	2,291	Fluence Energy Inc., Class A Shares*		13,105
	4,089	Freyr Battery Inc.*(a)		6,256
	693	FuelCell Energy Inc.*		3,999
	2,309	Generac Holdings Inc.*		314,370
	9,573	GrafTech International Ltd.*		11,200
	5,642	Hyliion Holdings Corp.*		9,450
	1,058	LSI Industries Inc.		19,562
	250	NANO Nuclear Energy Inc.*(a)		7,197
	723	Net Power Inc.*		5,242
	40,097	NEXTracker Inc., Class A Shares*		1,765,070
	3,209	NuScale Power Corp.*(a)		55,163
	6,389	nVent Electric PLC		385,512
	30,213	Plug Power Inc.*(a)		48,643
	363	Powell Industries Inc.		61,605
	90	Preformed Line Products Co.		11,725
	21,684	Regal Rexnord Corp.		2,805,910
	5,934	Sensata Technologies Holding PLC		171,196
	4,932	SES AI Corp.*(a)		3,272
	6,364	Shoals Technologies Group Inc., Class A Shares*		19,283
	5,749	Stem Inc.*		2,469
	8,232	Sunrun Inc.*		59,682
	1,269	Thermon Group Holdings Inc.*		37,435
	3,229	TPI Composites Inc.*		3,649
	848	Vicor Corp.*		53,704

		Total Electrical Equipment		7,765,297


	Ground Transportation — 1.0%
	16,275	ArcBest Corp.		1,281,982
	658	Avis Budget Group Inc.*		51,989
	636	Covenant Logistics Group Inc., Class A Shares		16,008
	3,808	FTAI Infrastructure Inc.		22,239
	1,639	Heartland Express Inc.		16,914
	4,870	Hertz Global Holdings Inc.*		20,308
	6,114	Knight-Swift Transportation Holdings Inc., Class A Shares		308,390
	1,359	Landstar System Inc.		215,809

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Ground Transportation — 1.0% — (continued)
	14,620	Lyft Inc., Class A Shares*	$	195,031
	2,062	Marten Transport Ltd.		30,353
	234	PAMT CORP*		3,044
	511	Proficient Auto Logistics Inc.*		5,345
	6,053	RXO Inc.*		123,905
	1,636	Ryder System Inc.		269,073
	5,238	Saia Inc.*		2,144,647
	1,833	Schneider National Inc., Class B Shares		48,354
	3,879	U-Haul Holding Co.		238,752
	412	U-Haul Holding Co.*		28,531
	261	Universal Logistics Holdings Inc.		7,099
	2,582	Werner Enterprises Inc.		84,070
	4,422	XPO Inc.*		543,729

		Total Ground Transportation		5,655,572


	Industrial Conglomerates — 0.0%@
	1,038	Brookfield Business Corp., Class A Shares		28,628


	Machinery — 4.3%
	4,654	374Water Inc.*		1,597
	4,809	3D Systems Corp.*		16,303
	2,443	AGCO Corp.		236,898
	382	Alamo Group Inc.		66,842
	1,201	Albany International Corp., Class A Shares		91,961
	3,342	Allison Transmission Holdings Inc.		340,049
	862	Astec Industries Inc.		30,670
	3,154	Atmus Filtration Technologies Inc.		125,529
	1,211	Blue Bird Corp.*		42,555
	1,671	Chart Industries Inc.*		318,409
	84,072	CNH Industrial NV		1,082,847
	1,031	Columbus McKinnon Corp.		17,970
	1,187	Commercial Vehicle Group Inc.*		2,469
	1,892	Crane Co.		308,377
	4,644	Donaldson Co., Inc.		320,854
	837	Douglas Dynamics Inc.		22,632
	273	Eastern Co. (The)		7,671
	2,126	Energy Recovery Inc.*		31,805
	2,055	Enerpac Tool Group Corp., Class A Shares		95,085
	791	Enpro Inc.		144,025
	2,214	Esab Corp.		277,414
	992	ESCO Technologies Inc.		163,561
	2,362	Federal Signal Corp.		191,983
	5,157	Flowserve Corp.		283,841
	1,708	Franklin Electric Co., Inc.		174,472
	61,988	Gates Industrial Corp. PLC*		1,341,420
	401	Gencor Industries Inc.*		5,229
	720	Gorman-Rupp Co. (The)		27,461
	6,470	Graco Inc.		563,343
	421	Graham Corp.*		14,242
	1,278	Greenbrier Cos., Inc. (The)		71,824
	11,940	Helios Technologies Inc.		471,033
	2,733	Hillenbrand Inc.		81,717
	7,379	Hillman Solutions Corp.*		72,019
	452	Hyster-Yale Inc.		22,971
	20,999	ITT Inc.		2,965,899

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Machinery — 4.3% — (continued)
	12,841	JBT Marel Corp.	$	1,695,012
	461	Kadant Inc.		172,635
	3,013	Kennametal Inc.		66,678
	327	LB Foster Co., Class A Shares*		8,976
	2,135	Lincoln Electric Holdings Inc.		441,283
	453	Lindsay Corp.		59,850
	1,171	Luxfer Holdings PLC, ADR		14,286
	1,152	Manitowoc Co., Inc. (The)*		11,923
	556	Mayville Engineering Co., Inc.*		8,312
	11,971	Middleby Corp. (The)*		1,980,123
	420	Miller Industries Inc.		24,326
	4,386	Mueller Industries Inc.		351,669
	22,202	Mueller Water Products Inc., Class A Shares		571,924
	2,153	NN Inc.*		6,567
	2,195	Nordson Corp.		461,587
	108	Omega Flex Inc.		3,846
	15,595	Oshkosh Corp.		1,595,368
	333	Park-Ohio Holdings Corp.		8,059
	22,273	Pentair PLC		2,098,117
	954	Proto Labs Inc.*		38,046
	1,099	RBC Bearings Inc.*		394,761
	1,967	REV Group Inc.		59,994
	1,310	Shyft Group Inc. (The)		13,126
	2,001	Snap-on Inc.		682,681
	5,359	SPX Technologies Inc.*		780,538
	452	Standex International Corp.		84,063
	99,334	Stratasys Ltd.*		1,049,960
	100	Taylor Devices Inc.*		3,357
	705	Tennant Co.		61,025
	2,583	Terex Corp.		105,128
	2,496	Timken Co. (The)		202,176
	1,948	Titan International Inc.*		16,597
	3,970	Toro Co. (The)		318,434
	3,323	Trinity Industries Inc.		103,312
	5,282	Twin Disc Inc.		45,531
	1,794	Wabash National Corp.		21,008
	1,040	Watts Water Technologies Inc., Class A Shares		223,163
	1,200	Worthington Enterprises Inc.		50,388

		Total Machinery		23,866,806


	Marine Transportation — 0.1%
	1,644	Costamare Inc.		16,736
	1,622	Genco Shipping & Trading Ltd.		23,162
	4,919	Golden Ocean Group Ltd.		47,714
	1,059	Himalaya Shipping Ltd.*		5,771
	2,230	Kirby Corp.*		232,411
	1,238	Matson Inc.		178,359
	1,037	Pangaea Logistics Solutions Ltd.		5,309
	2,124	Safe Bulkers Inc.		7,944

		Total Marine Transportation		517,406


	Passenger Airlines — 0.2%
	4,957	Alaska Air Group Inc.*		358,292
	583	Allegiant Travel Co.		42,850
	25,318	American Airlines Group Inc.*		363,313

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Passenger Airlines — 0.2% — (continued)
	2,589	Blade Air Mobility Inc.*	$	8,751
	1,629	Frontier Group Holdings Inc.*		11,729
	12,963	JetBlue Airways Corp.*		84,519
	16,382	Joby Aviation Inc.*		114,674
	1,531	SkyWest Inc.*		151,431
	1,505	Sun Country Airlines Holdings Inc.*		24,246
	3,734	Wheels Up Experience Inc.*		4,518

		Total Passenger Airlines		1,164,323


	Professional Services — 2.3%
	118,185	Alight Inc., Class A Shares		807,204
	986	Asure Software Inc.*		10,343
	943	Barrett Business Services Inc.		37,956
	942	BlackSky Technology Inc., Class A Shares*		13,631
	864	CACI International Inc., Class A Shares*		289,310
	1,839	CBIZ Inc.*		143,755
	15,955	Clarivate PLC*		68,447
	1,852	Concentrix Corp.		83,636
	271,382	Conduent Inc.*		960,692
	251	CRA International Inc.		48,481
	1,138	CSG Systems International Inc.		73,173
	5,892	Dayforce Inc.*		365,245
	11,711	Dun & Bradstreet Holdings Inc.		106,219
	6,034	ExlService Holdings Inc.*		292,347
	1,916	Exponent Inc.		162,209
	2,257	First Advantage Corp.*		33,765
	386	Forrester Research Inc.*		4,277
	392	Franklin Covey Co.*		12,536
	1,360	FTI Consulting Inc.*		225,216
	6,780	Genpact Ltd.		360,832
	767	Heidrick & Struggles International Inc.		31,439
	213	HireQuest Inc.		3,229
	660	Huron Consulting Group Inc.*		100,624
	307	IBEX Holdings Ltd.*		7,770
	725	ICF International Inc.		57,463
	1,037	Innodata Inc.*		54,671
	1,390	Insperity Inc.		122,278
	50,884	KBR Inc.		2,494,842
	1,238	Kelly Services Inc., Class A Shares		16,676
	668	Kforce Inc.		33,480
	2,006	Korn Ferry		131,694
	5,156	Legalzoom.com Inc.*		52,385
	1,992	ManpowerGroup Inc.		114,799
	2,280	Maximus Inc.		148,656
	777	Mistras Group Inc.*		7,646
	2,172	NV5 Global Inc.*		39,205
	1,745	Parsons Corp.*		101,594
	3,134	Paycor HCM Inc.*		69,982
	1,663	Paylocity Holding Corp.*		339,734
	7,971	Planet Labs PBC*		36,826
	84	Resolute Holdings Management Inc.*		3,933
	1,137	Resources Connection Inc.		8,277
	24,247	Robert Half Inc.		1,432,755
	1,890	Science Applications International Corp.		186,713
	793	Spire Global Inc.*(a)		9,048

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 19.8% — (continued)

	Professional Services — 2.3% — (continued)
	1,228	TriNet Group Inc.	$	90,516
	920	TrueBlue Inc.*		5,778
	988	TTEC Holdings Inc.		3,339
	4,831	Upwork Inc.*		76,958
	6,303	Verra Mobility Corp., Class A Shares*		144,276
	479	Willdan Group Inc.*		15,663
	46,495	WNS Holdings Ltd.*		2,644,171

		Total Professional Services		12,685,694


	Trading Companies & Distributors — 2.3%
	26,103	AerCap Holdings NV		2,691,219
	4,001	Air Lease Corp., Class A Shares		191,728
	1,046	Alta Equipment Group Inc.		5,732
	6,168	Applied Industrial Technologies Inc.		1,545,577
	2,380	Beacon Roofing Supply Inc.*		274,700
	316	BlueLinx Holdings Inc.*		25,081
	1,471	Boise Cascade Co.		152,484
	33,543	Core & Main Inc., Class A Shares*		1,711,028
	1,832	Custom Truck One Source Inc.*		8,116
	434	Distribution Solutions Group Inc.*		12,794
	3,942	DNOW Inc.*		62,993
	477	DXP Enterprises Inc.*		43,154
	261	EVI Industries Inc.		4,521
	29,683	FTAI Aviation Ltd.		3,820,499
	1,350	GATX Corp.		225,517
	459	Global Industrial Co.		10,764
	1,594	GMS Inc.*		126,898
	1,309	H&E Equipment Services Inc.(a)		125,533
	1,074	Herc Holdings Inc.		154,097
	1,643	Hudson Technologies Inc.*		9,464
	224	Karat Packaging Inc.		6,700
	973	McGrath RentCorp		118,706
	3,140	MRC Global Inc.*		38,214
	1,858	MSC Industrial Direct Co., Inc., Class A Shares		149,309
	2,375	Rush Enterprises Inc., Class A Shares		138,510
	289	Rush Enterprises Inc., Class B Shares		16,456
	1,708	SiteOne Landscape Supply Inc.*		215,737
	751	Titan Machinery Inc.*		12,910
	336	Transcat Inc.*		26,719
	1,338	Watsco Inc.		674,794
	1,648	WESCO International Inc.		297,415
	106	Willis Lease Finance Corp.		21,438
	1,809	Xometry Inc., Class A Shares*		49,422

		Total Trading Companies & Distributors		12,968,229


	Transportation Infrastructure — 0.0%@
	429	Sky Harbour Group Corp., Class A Shares*		4,732

		TOTAL INDUSTRIALS		109,639,095


	INFORMATION TECHNOLOGY — 16.1%

	Communications Equipment — 2.5%
	3,184	ADTRAN Holdings Inc.*		33,655
	1,545	Applied Optoelectronics Inc.*		33,774
	458	Aviat Networks Inc.*		9,586
	24,448	Calix Inc.*		905,065

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 16.1% — (continued)

	Communications Equipment — 2.5% — (continued)
	39,656	Ciena Corp.*	$	3,155,428
	426	Clearfield Inc.*		13,807
	9,445	CommScope Holding Co., Inc.*		59,976
	1,322	Digi International Inc.*		40,374
	4,916	Extreme Networks Inc.*		75,952
	13,034	F5 Inc.*		3,811,533
	13,975	Harmonic Inc.*		144,082
	7,772	Infinera Corp.*(a)		51,606
	12,822	Juniper Networks Inc.		464,156
	19,994	Lumentum Holdings Inc.*		1,406,178
	1,098	NETGEAR Inc.*		28,877
	2,578	NetScout Systems Inc.*		57,979
	318,846	Ribbon Communications Inc.*		1,504,953
	158	Ubiquiti Inc.		53,987
	118,171	ViaSat Inc.*		1,032,815
	66,723	Viavi Solutions Inc.*		745,963

		Total Communications Equipment		13,629,746


	Electronic Equipment, Instruments & Components — 2.6%
	1,798	908 Devices Inc.*		4,028
	1,421	Advanced Energy Industries Inc.		163,657
	794	Aeva Technologies Inc.*		2,843
	3,567	Arlo Technologies Inc.*		51,293
	2,022	Arrow Electronics Inc.*		218,518
	23,013	Avnet Inc.		1,163,077
	1,114	Badger Meter Inc.		234,308
	83	Bel Fuse Inc., Class A Shares		6,765
	386	Bel Fuse Inc., Class B Shares		32,389
	10,086	Belden Inc.		1,109,763
	1,353	Benchmark Electronics Inc.		54,066
	168	Climb Global Solutions Inc.		20,595
	6,749	Cognex Corp.		221,367
	9,655	Coherent Corp.*		725,959
	1,860	Crane NXT Co.		103,825
	1,114	CTS Corp.		49,751
	1,404	Daktronics Inc.*		21,425
	1,102	ePlus Inc.*		70,947
	4,863	Evolv Technologies Holdings Inc.*		17,215
	7,650	Fabrinet*		1,530,383
	777	FARO Technologies Inc.*		24,833
	708	Ingram Micro Holding Corp.*		15,264
	67,884	Innoviz Technologies Ltd.*		50,173
	1,033	Insight Enterprises Inc.*		158,958
	10,262	IPG Photonics Corp.*		597,146
	9,320	Itron Inc.*		1,014,855
	4,321	Jabil Inc.		669,409
	875	Kimball Electronics Inc.*		15,768
	3,339	Knowles Corp.*		55,394
	4,849	Lightwave Logic Inc.*		5,867
	934	Littelfuse Inc.		216,791
	1,435	Methode Electronics Inc.		15,641
	8,847	MicroVision Inc.*		12,828
	7,804	Mirion Technologies Inc., Class A Shares*		121,196
	1,313	Napco Security Technologies Inc.		32,247
	30,194	nLight Inc.*		276,879

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 16.1% — (continued)

	Electronic Equipment, Instruments & Components — 2.6% — (continued)
	1,355	Novanta Inc.*	$	195,987
	7,729	OSI Systems Inc.*		1,593,797
	1,604	Ouster Inc.*		13,241
	1,279	PAR Technology Corp.*		87,880
	553	PC Connection Inc.		35,281
	1,016	Plexus Corp.*		135,047
	3,728	Powerfleet Inc.*		26,282
	409	Richardson Electronics Ltd.		5,399
	714	Rogers Corp.*		57,077
	2,124	Sanmina Corp.*		173,998
	954	ScanSource Inc.*		34,926
	7,000	SmartRent Inc., Class A Shares*		8,680
	14,357	TD SYNNEX Corp.		1,973,944
	1,636	Teledyne Technologies Inc.*		842,573
	3,819	TTM Technologies Inc.*		92,076
	5,247	Vishay Intertechnology Inc.		89,934
	436	Vishay Precision Group Inc.*		10,263
	5,899	Vontier Corp.		220,328

		Total Electronic Equipment, Instruments & Components		14,682,136


	IT Services — 1.8%
	4,440	Amdocs Ltd.		387,390
	7,292	Applied Digital Corp.*		58,336
	1,654	ASGN Inc.*		111,447
	1,475	Backblaze Inc., Class A Shares*		9,646
	3,807	BigBear.ai Holdings Inc.*		19,644
	2,700	BigCommerce Holdings Inc.*		19,116
	1,542	Couchbase Inc.*		27,216
	2,543	DigitalOcean Holdings Inc.*		108,968
	6,947	DXC Technology Co.*		127,616
	5,564	Fastly Inc., Class A Shares*		37,891
	1,639	Globant SA*		246,719
	2,206	Grid Dynamics Holdings Inc.*		41,517
	959	Hackett Group Inc. (The)		29,134
	1,768	Information Services Group Inc.		5,534
	139,446	Kyndryl Holdings Inc.*		5,310,104
	2,984	Rackspace Technology Inc.*		7,072
	342	Tucows Inc., Class A Shares*		6,796
	108,417	Unisys Corp.*		467,277
	14,161	Wix.com Ltd.*		2,841,971

		Total IT Services		9,863,394


	Semiconductors & Semiconductor Equipment — 3.3%
	1,904	ACM Research Inc., Class A Shares*		49,390
	1,161	Aehr Test Systems*(a)		11,192
	4,966	Allegro MicroSystems Inc.*		110,742
	889	Alpha & Omega Semiconductor Ltd.*		26,919
	1,424	Ambarella Inc.*		87,476
	45,092	Amkor Technology Inc.		951,441
	5,614	Astera Labs Inc.*		417,401
	1,213	Axcelis Technologies Inc.*		66,460
	16,366	CEVA Inc.*		560,699
	2,061	Cirrus Logic Inc.*		214,777
	1,822	Cohu Inc.*		35,821
	18,523	Credo Technology Group Holding Ltd.*		1,022,099

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 16.1% — (continued)

	Semiconductors & Semiconductor Equipment — 3.3% — (continued)
	1,755	Diodes Inc.*	$	86,662
	1,101	Everspin Technologies Inc.*		6,210
	34,675	FormFactor Inc.*		1,154,678
	1,236	Ichor Holdings Ltd.*		36,202
	926	Impinj Inc.*		89,507
	120,851	indie Semiconductor Inc., Class A Shares*(a)		363,762
	2,053	Kulicke & Soffa Industries Inc.		78,568
	5,337	Lattice Semiconductor Corp.*		332,709
	15,884	MACOM Technology Solutions Holdings Inc.*		1,837,143
	2,997	MaxLinear Inc., Class A Shares*		43,786
	2,586	MKS Instruments Inc.		237,447
	4,723	Navitas Semiconductor Corp., Class A Shares*		11,524
	165	NVE Corp.		11,359
	5,208	Onto Innovation Inc.*		758,597
	1,170	PDF Solutions Inc.*		26,348
	1,971	Penguin Solutions Inc.*		39,282
	2,304	Photronics Inc.*		48,015
	2,173	Power Integrations Inc.		132,118
	3,624	Qorvo Inc.*		263,429
	628	QuickLogic Corp.*		3,862
	59,799	Rambus Inc.*		3,342,166
	5,961	Rigetti Computing Inc.*		50,430
	46,795	Semtech Corp.*		1,787,101
	10,394	Silicon Laboratories Inc.*		1,458,278
	703	SiTime Corp.*		109,070
	1,020	SkyWater Technology Inc.*		9,517
	1,491	Synaptics Inc.*		98,615
	1,665	Ultra Clean Holdings Inc.*		40,959
	1,834	Universal Display Corp.		281,739
	74,755	Veeco Instruments Inc.*		1,662,551
	100,834	Wolfspeed Inc.*(a)		582,821

		Total Semiconductors & Semiconductor Equipment		18,538,872


	Software — 5.7%
	4,737	8x8 Inc.*		11,842
	3,026	A10 Networks Inc.		62,911
	23,619	ACI Worldwide Inc.*		1,354,550
	69,182	Adeia Inc.		1,087,541
	845	Agilysys Inc.*		68,437
	1,818	Alarm.com Holdings Inc.*		105,608
	2,213	Alkami Technology Inc.*		68,249
	2,062	Altair Engineering Inc., Class A Shares*		230,119
	2,807	Amplitude Inc., Class A Shares*		35,340
	868	Appfolio Inc., Class A Shares*		186,186
	1,525	Appian Corp., Class A Shares*		49,517
	996	Arteris Inc.*		9,064
	3,176	Asana Inc., Class A Shares*		61,138
	1,036	Aspen Technology Inc.*		274,799
	270	AudioEye Inc.*		3,513
	37,508	Aurora Innovation Inc., Class A Shares*		272,683
	4,830	AvePoint Inc.*		72,160
	5,544	Bentley Systems Inc., Class B Shares		243,382
	3,899	BILL Holdings Inc.*		215,225
	4,799	Bit Digital Inc.*		11,806
	1,634	Blackbaud Inc.*		108,007

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 16.1% — (continued)

	Software — 5.7% — (continued)
	2,170	BlackLine Inc.*	$	104,811
	8,582	Blend Labs Inc., Class A Shares*		26,862
	20,225	Box Inc., Class A Shares*		661,358
	28,834	Braze Inc., Class A Shares*		1,066,281
	4,191	C3.ai Inc., Class A Shares*		98,279
	17,288	CCC Intelligent Solutions Holdings Inc.*		176,165
	1,428	Cerence Inc.*		16,293
	7,731	Cipher Mining Inc.*		31,542
	9,465	Cleanspark Inc.*		75,625
	3,413	Clear Secure Inc., Class A Shares		80,922
	7,030	Clearwater Analytics Holdings Inc., Class A Shares*		218,633
	114,290	Cognyte Software Ltd.*		1,020,610
	5,502	Commvault Systems Inc.*		938,421
	9,751	Confluent Inc., Class A Shares*		309,497
	750	Consensus Cloud Solutions Inc.*		19,628
	6,719	Core Scientific Inc.*		74,984
	934	CS Disco Inc.*		4,502
	52	Daily Journal Corp.*		20,450
	621	Digimarc Corp.*		10,153
	3,618	Digital Turbine Inc.*		12,410
	2,238	Dolby Laboratories Inc., Class A Shares		182,643
	1,305	Domo Inc., Class B Shares*		9,918
	5,620	DoubleVerify Holdings Inc.*		78,118
	9,152	Dropbox Inc., Class A Shares*		237,769
	3,520	D-Wave Quantum Inc.*(a)		19,290
	55,901	Dynatrace Inc.*		3,200,332
	7,331	E2open Parent Holdings Inc.*		16,788
	816	eGain Corp.*		3,998
	3,393	Elastic NV*		394,809
	1,989	Enfusion Inc., Class A Shares*		22,834
	901	EverCommerce Inc.*		8,938
	2,782	Five9 Inc.*		100,708
	7,938	Freshworks Inc., Class A Shares*		135,422
	52,335	Gen Digital Inc.		1,430,316
	4,774	Gitlab Inc., Class A Shares*		287,443
	3,166	Guidewire Software Inc.*		637,379
	3,424	Hut 8 Corp.*		50,504
	825	I3 Verticals Inc., Class A Shares*		21,392
	3,063	Informatica Inc., Class A Shares*		58,687
	2,128	Intapp Inc.*		140,363
	1,008	InterDigital Inc.		215,349
	3,070	Jamf Holding Corp.*		41,998
	4,119	Kaltura Inc.*		8,732
	387	Life360 Inc.*		17,492
	106,596	Lightspeed Commerce Inc.*(a)		1,346,307
	2,543	LiveRamp Holdings Inc.*		75,985
	1,195	Logility Supply Chain Solutions Inc.		16,885
	2,369	Manhattan Associates Inc.*		419,029
	11,189	MARA Holdings Inc.*(a)		155,751
	10,022	Matterport Inc.*		53,918
	1,249	Meridianlink Inc.*		22,807
	1,693	Mitek Systems Inc.*		15,863
	2,661	N-able Inc.*		26,690
	3,367	nCino Inc.*		105,421
	5,501	NCR Voyix Corp.*		62,051

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 16.1% — (continued)

	Software — 5.7% — (continued)
	2,833	NextNav Inc.*	$	29,718
	9,680	Nutanix Inc., Class A Shares*		744,295
	3,960	Olo Inc., Class A Shares*		27,284
	1,099	ON24 Inc.*		6,132
	35,017	OneSpan Inc.		561,673
	30,290	Onestream Inc., Class A Shares*		705,757
	898	Ooma Inc.*		12,913
	1,362	Pagaya Technologies Ltd., Class A Shares*		17,474
	3,444	PagerDuty Inc.*		61,028
	1,722	Pegasystems Inc.		135,194
	3,144	Porch Group Inc.*		21,977
	38,666	Procore Technologies Inc.*		2,956,789
	1,593	Progress Software Corp.		87,042
	1,708	PROS Holdings Inc.*		41,299
	2,265	Q2 Holdings Inc.*		197,893
	1,461	Qualys Inc.*		192,063
	21,679	Radware Ltd.*		469,134
	2,325	Rapid7 Inc.*		67,634
	405	Red Violet Inc.		16,451
	4,614	Rekor Systems Inc.*		5,675
	440	ReposiTrak Inc.		8,642
	1,777	Rimini Street Inc.*		6,308
	3,193	RingCentral Inc., Class A Shares*		90,841
	56,547	Riot Platforms Inc.*(a)		524,756
	18,025	Samsara Inc., Class A Shares*		859,432
	1,170	Sapiens International Corp. NV		32,269
	1,306	SEMrush Holdings Inc., Class A Shares*		14,366
	10,791	SentinelOne Inc., Class A Shares*		222,618
	2,018	SolarWinds Corp.		36,950
	11,692	SoundHound AI Inc., Class A Shares*(a)		126,507
	355	SoundThinking Inc.*		5,833
	4,432	Sprinklr Inc., Class A Shares*		37,539
	2,096	Sprout Social Inc., Class A Shares*		55,586
	1,447	SPS Commerce Inc.*		192,740
	2,026	Telos Corp.*		6,058
	4,509	Tenable Holdings Inc.*		171,973
	3,658	Teradata Corp.*		87,207
	10,181	Terawulf Inc.*		42,658
	70,115	UiPath Inc., Class A Shares*		862,415
	11,869	Unity Software Inc.*		304,321
	25,960	Varonis Systems Inc., Class B Shares*		1,115,501
	29,054	Verint Systems Inc.*		655,749
	2,063	Vertex Inc., Class A Shares*		66,614
	609	Viant Technology Inc., Class A Shares*		12,174
	1,501	Weave Communications Inc.*		18,913
	2,734	WM Technology Inc.*		3,582
	1,927	Workiva Inc., Class A Shares*		168,651
	54,069	Xperi Inc.*		457,424
	4,069	Yext Inc.*		27,669
	6,872	Zeta Global Holdings Corp., Class A Shares*		118,267

		Total Software		31,812,420


	Technology Hardware, Storage & Peripherals — 0.2%
	1,011	CompoSecure Inc., Class A Shares(a)		13,487
	1,757	Corsair Gaming Inc.*		20,627

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 16.1% — (continued)

	Technology Hardware, Storage & Peripherals — 0.2% — (continued)
	236	CPI Card Group Inc.*	$	7,897
	967	Diebold Nixdorf Inc.*		42,770
	2,326	Eastman Kodak Co.*		16,328
	1,164	Immersion Corp.		9,358
	7,815	IonQ Inc.*(a)		192,014
	11,874	Pure Storage Inc., Class A Shares*		623,029
	747	Turtle Beach Corp.*		12,804
	4,412	Xerox Holdings Corp.		29,252

		Total Technology Hardware, Storage & Peripherals		967,566

		TOTAL INFORMATION TECHNOLOGY		89,494,134


	MATERIALS — 4.2%

	Chemicals — 1.7%
	969	AdvanSix Inc.		27,054
	1,145	American Vanguard Corp.		5,885
	41,322	Arcadium Lithium PLC*		241,320
	1,211	Arq Inc.*		6,321
	1,866	Ashland Inc.		113,490
	2,111	ASP Isotopes Inc.*(a)		10,048
	2,841	Aspen Aerogels Inc.*		21,620
	76,692	Avient Corp.		3,280,117
	56,386	Axalta Coating Systems Ltd.*		2,041,737
	1,221	Balchem Corp.		212,491
	2,112	Cabot Corp.		181,632
	5,818	Chemours Co. (The)		86,979
	310	Core Molding Technologies Inc.*		4,256
	4,544	Ecovyst Inc.*		30,854
	31,159	Element Solutions Inc.		813,562
	4,874	FMC Corp.		179,851
	731	Hawkins Inc.		76,748
	2,173	HB Fuller Co.		123,296
	6,450	Huntsman Corp.		109,199
	1,364	Ingevity Corp.*		65,008
	952	Innospec Inc.		98,446
	416	Intrepid Potash Inc.*		10,853
	761	Koppers Holdings Inc.		22,153
	772	Kronos Worldwide Inc.		6,755
	1,941	LSB Industries Inc.*		14,228
	2,095	Mativ Holdings Inc.		14,162
	1,210	Minerals Technologies Inc.		83,175
	12,498	Mosaic Co. (The)		298,952
	268	NewMarket Corp.		152,790
	411	Northern Technologies International Corp.		4,665
	4,556	Olin Corp.		115,677
	2,147	Orion SA		30,015
	5,078	Perimeter Solutions Inc.*		53,725
	4,897	PureCycle Technologies Inc.*		50,439
	524	Quaker Chemical Corp.		72,847
	2,465	Rayonier Advanced Materials Inc.*		18,981
	4,978	RPM International Inc.		616,724
	1,653	Scotts Miracle-Gro Co. (The)		96,816
	1,704	Sensient Technologies Corp.		118,258
	792	Stepan Co.		48,914
	4,487	Tronox Holdings PLC		34,819
	465	Valhi Inc.		7,970

		Total Chemicals		9,602,832

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	MATERIALS — 4.2% — (continued)

	Construction Materials — 0.1%
	1,287	Eagle Materials Inc.	$	291,132
	2,152	Knife River Corp.*		205,904
	164	Smith-Midland Corp.*		5,597
	396	United States Lime & Minerals Inc.		37,165

		Total Construction Materials		539,798


	Containers & Packaging — 1.4%
	2,574	AptarGroup Inc.		377,735
	5,350	Ardagh Metal Packaging SA		15,355
	12,489	Avery Dennison Corp.		2,347,557
	4,479	Berry Global Group Inc.		323,249
	4,609	Crown Holdings Inc.		413,105
	68,960	Graphic Packaging Holding Co.		1,839,853
	1,009	Greif Inc., Class A Shares		57,775
	197	Greif Inc., Class B Shares		11,940
	1,358	Myers Industries Inc.		14,884
	6,037	O-I Glass Inc.*		69,244
	3,465	Packaging Corp. of America		738,357
	1,500	Pactiv Evergreen Inc.		26,790
	1,818	Ranpak Holdings Corp., Class A Shares*		12,162
	5,106	Sealed Air Corp.		174,523
	3,303	Silgan Holdings Inc.		179,386
	20,142	Smurfit WestRock PLC		1,048,794
	3,950	Sonoco Products Co.		188,889
	1,456	TriMas Corp.		29,833

		Total Containers & Packaging		7,869,431


	Metals & Mining — 0.9%
	9,642	Alcoa Corp.		320,596
	414	Alpha Metallurgical Resources Inc.*		56,933
	4,772	ATI Inc.*		277,540
	681	Caledonia Mining Corp. PLC		6,858
	1,851	Carpenter Technology Corp.		383,287
	1,993	Century Aluminum Co.*		37,767
	102,336	Cleveland-Cliffs Inc.*		1,109,322
	24,077	Coeur Mining Inc.*		123,997
	4,306	Commercial Metals Co.		208,583
	1,279	Compass Minerals International Inc.		13,353
	4,909	Constellium SE, Class A Shares*		55,864
	491	Contango ORE Inc.*		4,596
	562	Critical Metals Corp.*		1,073
	2,810	Dakota Gold Corp.*		8,514
	23,492	Hecla Mining Co.		120,514
	12,546	i-80 Gold Corp.*		9,709
	3,026	Ivanhoe Electric Inc.*		18,791
	602	Kaiser Aluminum Corp.		42,598
	1,234	Lifezone Metals Ltd.*		6,639
	2,112	MAC Copper Ltd.*		21,268
	797	Materion Corp.		72,814
	1,617	Metallus Inc.*		23,349
	4,982	MP Materials Corp.*		119,618
	8,864	Novagold Resources Inc.*		26,592
	372	Olympic Steel Inc.		12,358
	1,578	Perpetua Resources Corp.*		13,539
	611	Piedmont Lithium Inc.*		4,338

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	MATERIALS — 4.2% — (continued)

	Metals & Mining — 0.9% — (continued)
	932	Radius Recycling Inc.	$	12,890
	945	Ramaco Resources Inc., Class A Shares		8,448
	449	Ramaco Resources Inc., Class B Shares		3,974
	2,082	Reliance Inc.		618,687
	2,540	Royal Gold Inc.		373,380
	1,136	Ryerson Holding Corp.		28,604
	7,950	SSR Mining Inc.*		79,421
	3,161	SunCoke Energy Inc.		28,670
	1,116	Tredegar Corp.*		8,694
	8,762	United States Steel Corp.		352,408
	1,994	Warrior Met Coal Inc.		95,991
	1,239	Worthington Steel Inc.		33,044

		Total Metals & Mining		4,744,621


	Paper & Forest Products — 0.1%
	630	Clearwater Paper Corp.*		16,475
	2,421	Louisiana-Pacific Corp.		241,301
	1,860	Resolute Forest Products Inc.*(c)		3,069
	1,310	Sylvamo Corp.		93,141

		Total Paper & Forest Products		353,986

		TOTAL MATERIALS		23,110,668


	REAL ESTATE — 4.6%

	Diversified REITs — 0.2%
	2,752	Alexander & Baldwin Inc.		49,839
	375	Alpine Income Property Trust Inc.		6,217
	1,885	American Assets Trust Inc.		42,337
	2,878	Armada Hoffler Properties Inc.		26,420
	42,853	Broadstone Net Lease Inc., Class A Shares		722,073
	966	CTO Realty Growth Inc.		18,393
	4,938	Empire State Realty Trust Inc., Class A Shares		45,775
	6,610	Essential Properties Realty Trust Inc.		216,279
	1,504	Gladstone Commercial Corp.		24,410
	7,390	Global Net Lease Inc.		59,120
	1,037	NexPoint Diversified Real Estate Trust		5,144
	640	One Liberty Properties Inc.		17,005

		Total Diversified REITs		1,233,012


	Health Care REITs — 0.3%
	5,812	American Healthcare REIT Inc.		173,139
	7,024	CareTrust REIT Inc.		181,711
	1,317	Community Healthcare Trust Inc.		24,681
	8,279	Diversified Healthcare Trust		23,429
	2,614	Global Medical REIT Inc.		23,003
	13,654	Healthcare Realty Trust Inc., Class A Shares		233,893
	1,871	LTC Properties Inc.		65,279
	23,180	Medical Properties Trust Inc.(a)		136,762
	1,609	National Health Investors Inc.		115,317
	10,546	Omega Healthcare Investors Inc.		388,515
	9,482	Sabra Health Care REIT Inc.		157,496
	455	Universal Health Realty Income Trust		18,164

		Total Health Care REITs		1,541,389

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 4.6% — (continued)

	Hotel & Resort REITs — 0.4%
	8,895	Apple Hospitality REIT Inc.	$	131,735
	3,087	Braemar Hotels & Resorts Inc.		8,860
	1,734	Chatham Lodging Trust		14,011
	7,860	DiamondRock Hospitality Co.		64,688
	27,202	Host Hotels & Resorts Inc.		438,768
	8,458	Park Hotels & Resorts Inc.		103,864
	4,438	Pebblebrook Hotel Trust		54,809
	5,679	RLJ Lodging Trust		52,587
	10,031	Ryman Hospitality Properties Inc.		991,966
	6,311	Service Properties Trust		18,807
	4,049	Summit Hotel Properties Inc.		26,197
	7,707	Sunstone Hotel Investors Inc.		80,769
	3,831	Xenia Hotels & Resorts Inc.		51,489

		Total Hotel & Resort REITs		2,038,550


	Industrial REITs — 0.7%
	11,225	Americold Realty Trust Inc.		257,389
	1,900	EastGroup Properties Inc.		347,415
	23,213	First Industrial Realty Trust Inc.		1,324,998
	2,292	Industrial Logistics Properties Trust		9,030
	1,074	Innovative Industrial Properties Inc., Class A Shares		77,274
	11,051	LXP Industrial Trust		99,017
	1,393	Plymouth Industrial REIT Inc.		24,155
	8,605	Rexford Industrial Realty Inc.		355,559
	37,852	STAG Industrial Inc.		1,361,915
	3,612	Terreno Realty Corp.		244,966

		Total Industrial REITs		4,101,718


	Office REITs — 0.6%
	6,290	Brandywine Realty Trust		31,765
	6,132	BXP Inc.		434,943
	1,288	City Office REIT Inc.		6,775
	49,360	COPT Defense Properties		1,334,201
	6,264	Cousins Properties Inc.		189,987
	5,637	Douglas Emmett Inc.		97,520
	3,616	Easterly Government Properties Inc., Class A Shares		40,752
	4,278	Franklin Street Properties Corp.		8,043
	4,042	Highwoods Properties Inc.		117,743
	5,116	Hudson Pacific Properties Inc.		16,780
	3,147	JBG SMITH Properties		48,275
	4,662	Kilroy Realty Corp.		166,433
	540	NET Lease Office Properties*		17,518
	2,327	Orion Office REIT Inc.		9,587
	6,569	Paramount Group Inc.		29,626
	1,310	Peakstone Realty Trust		14,855
	4,787	Piedmont Office Realty Trust Inc., Class A Shares		36,333
	905	Postal Realty Trust Inc., Class A Shares		12,607
	2,714	SL Green Realty Corp.		175,162
	6,919	Vornado Realty Trust		290,875

		Total Office REITs		3,079,780


	Real Estate Management & Development — 0.6%
	3,619	Anywhere Real Estate Inc.*		12,558
	13,951	Compass Inc., Class A Shares*		125,420
	5,997	Cushman & Wakefield PLC*		71,304

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 4.6% — (continued)

	Real Estate Management & Development — 0.6% — (continued)
	3,117	eXp World Holdings Inc.	$	31,513
	669	Forestar Group Inc.*		14,751
	506	FRP Holdings Inc.*		15,878
	1,181	Howard Hughes Holdings Inc.*		93,535
	8,013	Jones Lang LaSalle Inc.*		2,178,655
	4,265	Kennedy-Wilson Holdings Inc.		41,413
	896	Marcus & Millichap Inc.		34,478
	426	Maui Land & Pineapple Co., Inc.*		8,290
	5,143	Newmark Group Inc., Class A Shares		75,448
	23,266	Opendoor Technologies Inc.*		31,176
	623	RE/MAX Holdings Inc., Class A Shares*		5,532
	3,584	Real Brokerage Inc. (The)*		18,493
	5,344	Redfin Corp.*		35,644
	604	RMR Group Inc. (The), Class A Shares		11,005
	249	Seaport Entertainment Group Inc.*		5,832
	1,341	St Joe Co. (The)		64,328
	398	Star Holdings*		3,682
	298	Stratus Properties Inc.*		5,507
	758	Tejon Ranch Co.*		11,643
	1,839	Zillow Group Inc., Class A Shares*		136,803
	6,001	Zillow Group Inc., Class C Shares*		460,037

		Total Real Estate Management & Development		3,492,925


	Residential REITs — 0.6%
	13,159	American Homes 4 Rent, Class A Shares		487,015
	5,752	Apartment Investment & Management Co., Class A Shares		52,056
	474	BRT Apartments Corp.		8,551
	4,042	Camden Property Trust		501,450
	640	Centerspace		42,362
	2,445	Clipper Realty Inc.		11,443
	3,316	Elme Communities		57,665
	7,302	Equity LifeStyle Properties Inc.		500,771
	81,334	Independence Realty Trust Inc.		1,773,081
	823	NexPoint Residential Trust Inc.		35,019
	2,699	UMH Properties Inc.		51,092
	2,839	Veris Residential Inc.		48,064

		Total Residential REITs		3,568,569


	Retail REITs — 0.7%
	4,547	Acadia Realty Trust		104,854
	4,133	Agree Realty Corp.		305,015
	89	Alexander’s Inc.		19,076
	11,582	Brixmor Property Group Inc.		323,833
	850	CBL & Associates Properties Inc.		26,503
	3,886	Curbline Properties Corp.		95,712
	3,243	Federal Realty Investment Trust		341,877
	558	FrontView REIT Inc.		9,542
	2,128	Getty Realty Corp.		66,819
	2,939	InvenTrust Properties Corp.		87,523
	25,402	Kimco Realty Corp.		561,384
	8,302	Kite Realty Group Trust		190,365
	9,087	Macerich Co. (The)		163,929
	2,810	NETSTREIT Corp.		42,038
	7,348	NNN REIT Inc.		311,923
	4,863	Phillips Edison & Co., Inc.		180,904

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 4.6% — (continued)

	Retail REITs — 0.7% — (continued)
	7,045	Regency Centers Corp.	$	540,352
	421	Saul Centers Inc.		15,766
	1,804	SITE Centers Corp.		25,274
	4,011	Tanger Inc.		142,190
	4,814	Urban Edge Properties		99,168
	1,801	Whitestone REIT, Class B Shares		24,530

		Total Retail REITs		3,678,577


	Specialized REITs — 0.5%
	23,315	CubeSmart		962,443
	2,933	EPR Properties		155,654
	1,538	Farmland Partners Inc.		18,041
	4,030	Four Corners Property Trust Inc.		115,863
	10,271	Gaming and Leisure Properties Inc.		515,091
	1,177	Gladstone Land Corp.		13,488
	3,401	Lamar Advertising Co., Class A Shares		422,506
	2,861	National Storage Affiliates Trust		110,492
	5,612	Outfront Media Inc.		104,383
	3,091	PotlatchDeltic Corp.		143,515
	5,856	Rayonier Inc.		155,125
	1,982	Safehold Inc.		36,984
	10,448	Uniti Group Inc.		59,972

		Total Specialized REITs		2,813,557

		TOTAL REAL ESTATE		25,548,077


	UTILITIES — 3.6%

	Electric Utilities — 1.5%
	16,162	ALLETE Inc.		1,061,682
	571	Genie Energy Ltd., Class B Shares		8,165
	7,117	Hawaiian Electric Industries Inc.*		77,931
	15,960	IDACORP Inc.		1,881,844
	1,397	MGE Energy Inc.		128,217
	7,950	NRG Energy Inc.		840,394
	7,735	OGE Energy Corp.		357,976
	1,660	Otter Tail Corp.		132,352
	4,446	Pinnacle West Capital Corp.		411,433
	29,426	Portland General Electric Co.		1,319,167
	38,574	TXNM Energy Inc.		2,015,491

		Total Electric Utilities		8,234,652


	Gas Utilities — 0.8%
	9,121	Atmos Energy Corp.		1,387,578
	4,721	Brookfield Infrastructure Corp., Class A Shares(a)		189,029
	819	Chesapeake Utilities Corp.		103,956
	7,833	MDU Resources Group Inc.		135,119
	3,586	National Fuel Gas Co.		269,667
	28,862	New Jersey Resources Corp.		1,396,344
	1,429	Northwest Natural Holding Co.		58,417
	2,282	ONE Gas Inc.		171,492
	281	RGC Resources Inc.		5,699
	2,433	Southwest Gas Holdings Inc.		182,597
	2,194	Spire Inc.		168,631
	8,433	UGI Corp.		288,071

		Total Gas Utilities		4,356,600

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units			Security	Value

	UTILITIES — 3.6% — (continued)

	Independent Power & Renewable Electricity Producers — 0.8%
	2,900		Altus Power Inc., Class A Shares*	$	14,297
	5,459		Brookfield Renewable Corp.		152,033
	1,397		Clearway Energy Inc., Class A Shares		36,964
	3,132		Clearway Energy Inc., Class C Shares		87,759
	2,632		Montauk Renewables Inc.*		9,028
	33,650		Ormat Technologies Inc.		2,350,116
	4,376		Sunnova Energy International Inc.*		7,264
	3,147		Talen Energy Corp.*		654,419
	6,981		Vistra Corp.		933,080

			Total Independent Power & Renewable Electricity Producers		4,244,960


	Multi-Utilities — 0.4%
	2,950		Avista Corp.		117,911
	2,688		Black Hills Corp.		164,452
	18,280		NiSource Inc.		746,007
	23,660		Northwestern Energy Group Inc.		1,323,304
	581		Unitil Corp.		32,594

			Total Multi-Utilities		2,384,268


	Water Utilities — 0.1%
	1,480		American States Water Co.		113,279
	1,459		Cadiz Inc.*		6,215
	2,230		California Water Service Group		101,354
	513		Consolidated Water Co., Ltd.		13,887
	9,664		Essential Utilities Inc.		367,039
	397		Global Water Resources Inc.		4,558
	631		Middlesex Water Co.		31,632
	734		Pure Cycle Corp.*		8,536
	1,239		SJW Group		65,258
	457		York Water Co. (The)		14,647

			Total Water Utilities		726,405

			TOTAL UTILITIES		19,946,885

			TOTAL COMMON STOCKS (Cost — $425,823,236)		536,555,858


	WARRANT — 0.0%@

	HEALTH CARE — 0.0%@

	Health Care Equipment & Supplies — 0.0%@
	107		Pulse Biosciences Inc., expires 6/27/29*(a)(b)(c) (Cost — $0)		391


Face Amount/Units†		Rating††

	CORPORATE BOND & NOTE — 0.2%

	Communications Equipment — 0.2%
$	702,000	NR	Infinera Corp., Senior Unsecured Notes, 2.500% due 3/1/27(b) (Cost — $702,000)		811,337

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $ 426,525,236)		537,367,586


	SHORT-TERM INVESTMENTS (e) — 4.0%

	MONEY MARKET FUND — 0.9%
	5,323,810		Invesco STIT — Government & Agency Portfolio, Institutional Class, 4.235%(f) (Cost — $ 5,323,810)		5,323,810

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Face Amount/Units†			Security	Value

	TIME DEPOSITS — 3.1%
	29,506	^CAD	BNP Paribas — Paris, 1.830% due 3/3/25	$	20,392
$	16,080,540		Citibank — New York, 3.680% due 3/3/25		16,080,540
	936,083		JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		936,083
	63		Skandinaviska Enskilda Banken AB — Stockholm, 3.680% due 3/3/25		63

			TOTAL TIME DEPOSITS (Cost — $17,037,078)		17,037,078

			TOTAL SHORT-TERM INVESTMENTS (Cost — $22,360,888)		22,360,888

			TOTAL INVESTMENTS — 100.9% (Cost — $448,886,124)		559,728,474

			Liabilities in Excess of Other Assets — (0.9)%		(5,101,969	)

			TOTAL NET ASSETS — 100.0%	$	554,626,505

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

(b)	Illiquid security.

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

(d)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2025, amounts to $0 and represents 0.0% of net assets.

(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 3.1%.

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

#	Security that used significant unobservable inputs to determine fair value. At February 28, 2025, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

At February 28, 2025, for Morgan Stanley Pathway Small-Mid Cap Equity ETF 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
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$	448,886,124	$	148,576,257	$	(37,990,075	)	$	110,586,182


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

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF


Summary of Investments by Security Sector^
Industrials	19.8	%
Information Technology	16.3
Financials	14.8
Health Care	13.3
Consumer Discretionary	10.7
Energy	4.6
Real Estate	4.6
Materials	4.2
Utilities	3.6
Consumer Staples	2.5
Communication Services	2.5
Short-Term Investments	3.1

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2025, Morgan Stanley Pathway Small-Mid Cap Equity ETF 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		Value		Unrealized Depreciation
Contracts to Buy:
E-mini Russell 2000 Index Futures		28		3/25	$	3,166,396	$	3,031,420	$	(134,976	)
S&P MidCap 400 E-mini Index Futures		11		3/25		3,530,862		3,409,670		(121,192	)

									$	(256,168	)

At February 28, 2025, Morgan Stanley Pathway Small-Mid Cap Equity ETF had deposited cash of $424,996 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 273-274 for definitions of ratings.

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 96.3%

	Australia — 3.4%
	47,754	AGL Energy Ltd.	$	310,538
	432,065	AMP Ltd.		364,905
	78,764	ANZ Group Holdings Ltd.		1,465,767
	36,370	APA Group		167,017
	14,713	Aristocrat Leisure Ltd.		659,581
	5,131	ASX Ltd.		214,656
	53,672	Bendigo & Adelaide Bank Ltd.		358,386
	133,800	BHP Group Ltd.		3,245,180
	11,582	BlueScope Steel Ltd.		175,498
	36,164	Brambles Ltd.		471,767
	9,791	CAR Group Ltd.		228,489
	59,019	Champion Iron Ltd.		199,295
	38,235	Charter Hall Group, REIT		407,263
	12,805	Cochlear Ltd.		2,059,439
	34,879	Coles Group Ltd.		433,020
	44,034	Commonwealth Bank of Australia		4,321,647
	13,823	Computershare Ltd.		354,876
	29,241	CSL Ltd.		4,743,698
	44,051	Fortescue Ltd.		453,380
	53,523	Goodman Group, REIT(a)		1,055,080
	49,469	GPT Group (The), REIT		141,825
	61,658	Insurance Australia Group Ltd.		303,795
	10,127	JB Hi-Fi Ltd.		581,404
	62,287	Lottery Corp., Ltd. (The)		184,447
	9,445	Macquarie Group Ltd.		1,344,660
	65,041	Magellan Financial Group Ltd.		330,313
	68,153	Medibank Pvt Ltd.		184,901
	81,010	National Australia Bank Ltd.		1,789,707
	30,029	Northern Star Resources Ltd.		322,060
	44,903	Origin Energy Ltd.		306,698
	58,695	Paladin Energy Ltd.*		254,321
	1,492	Pro Medicus Ltd.		237,690
	21,938	Qantas Airways Ltd.*		130,583
	40,872	QBE Insurance Group Ltd.		547,303
	411,168	Ramelius Resources Ltd.		677,540
	1,392	REA Group Ltd.		208,165
	5,940	Reece Ltd.		64,400
	35,502	Rio Tinto Ltd.		2,509,971
	83,475	Santos Ltd.		341,786
	134,537	Scentre Group, REIT		282,264
	5,945	SGH Ltd.		192,540
	11,934	Sonic Healthcare Ltd.		204,493
	118,213	South32 Ltd.		260,100
	61,815	Stockland, REIT		196,029
	28,307	Suncorp Group Ltd.		356,162
	37,479	Technology One Ltd.		692,659
	106,625	Telstra Group Ltd.		274,926
	80,579	Transurban Group		661,571
	22,147	Treasury Wine Estates Ltd.		150,352
	156,043	Ventia Services Group Pty Ltd.		411,771
	108,712	Vicinity Ltd., REIT		147,361
	5,780	Washington H Soul Pattinson & Co., Ltd.		122,919
	30,018	Wesfarmers Ltd.		1,395,515
	90,665	Westpac Banking Corp.		1,802,837
	4,783	WiseTech Global Ltd.(a)		271,998

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Australia — 3.4% — (continued)
	49,169	Woodside Energy Group Ltd.	$	753,856
	31,798	Woolworths Group Ltd.		594,622

		Total Australia		40,923,026


	Austria — 0.3%
	49,847	Erste Group Bank AG		3,345,061
	3,581	OMV AG		157,940
	1,904	Verbund AG		143,821

		Total Austria		3,646,822


	Belgium — 1.0%
	4,331	Ageas SA/NV		237,730
	118,024	Anheuser-Busch InBev SA/NV		7,069,145
	6,017	Colruyt Group NV		232,098
	580	D’ieteren Group		96,277
	2,277	Groupe Bruxelles Lambert NV		163,243
	6,024	KBC Group NV		525,862
	12	Lotus Bakeries NV		108,667
	403	Sofina SA		99,893
	19,761	Syensqo SA		1,455,055
	14,135	UCB SA		2,687,155

		Total Belgium		12,675,125


	Brazil — 0.1%
	130,214	Banco Bradesco SA, ADR		253,918
	43,479	NU Holdings Ltd., Class A Shares*		467,399

		Total Brazil		721,317


	Canada — 2.3%
	27,384	Alamos Gold Inc., Class A Shares		625,671
	81,435	Alimentation Couche-Tard Inc.		4,048,253
	7,640	AtkinsRealis Group Inc.		384,284
	80,800	Barrick Gold Corp.		1,432,895
	10,731	Boardwalk Real Estate Investment Trust, Class Trust Un Shares		473,085
	5,937	Bombardier Inc., Class B Shares*		343,225
	15,641	Boralex Inc., Class A Shares		320,722
	26,800	Canadian National Railway Co.		2,716,766
	100,962	Canadian Pacific Kansas City Ltd.		7,863,028
	13,235	Celestica Inc.*(b)		1,413,093
	68,201	Dundee Precious Metals Inc.		799,398
	5,695	EQB Inc.		397,916
	18,513	Finning International Inc.		546,325
	7,303	Gildan Activewear Inc., Class A Shares		394,436
	86,449	Headwater Exploration Inc.(b)		379,982
	30,231	Hudbay Minerals Inc.		214,570
	20,146	IMAX Corp.*		515,738
	21,044	Lightspeed Commerce Inc.*		265,568
	2,062	lululemon athletica Inc.*		753,888
	9,453	Methanex Corp.		415,894
	18,280	Nutrien Ltd.		957,870
	39,862	NuVista Energy Ltd.*		326,455
	188,209	OceanaGold Corp.		504,683
	35,704	Secure Waste Infrastructure Corp.		355,078
	23,405	Toronto-Dominion Bank (The)		1,401,437
	33,419	Vermilion Energy Inc.		283,852
	54,202	Whitecap Resources Inc.(b)		368,227

		Total Canada		28,502,339

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Chile — 0.1%
	64,093	Antofagasta PLC	$	1,415,101


	China — 0.5%
	19,500	Contemporary Amperex Technology Co., Ltd., Class A Shares		709,142
	307,500	Li Ning Co., Ltd.		673,907
	31,900	Meituan, Class B Shares*(c)		668,325
	54,900	Tencent Holdings Ltd.		3,383,584
	50,852	Tencent Music Entertainment Group, ADR		619,886
	67,800	Yangzijiang Shipbuilding Holdings Ltd.		119,402

		Total China		6,174,246


	Denmark — 2.4%
	48	AP Moller — Maersk AS, Class A Shares		83,094
	148	AP Moller — Maersk AS, Class B Shares(b)		259,721
	2,349	Ascendis Pharma AS, ADR*		367,806
	15,469	Bavarian Nordic AS*(b)		364,021
	2,511	Carlsberg AS, Class B Shares		315,255
	29,735	Coloplast AS, Class B Shares		3,174,263
	18,028	Danske Bank AS		606,870
	2,071	Demant AS*		74,913
	5,323	DSV AS		1,070,607
	1,643	Genmab AS*		371,660
	13,940	ISS AS		314,257
	5,563	Jyske Bank AS, Class Registered Shares		449,942
	7,386	Netcompany Group AS*(b)(c)		303,141
	173,057	Novo Nordisk AS, Class B Shares		15,686,040
	9,197	Novonesis (Novozymes) B, Class B Shares		557,714
	4,400	Orsted AS*(c)		191,860
	11,043	Pandora AS		1,955,013
	1,406	Rockwool AS, Class B Shares		558,169
	8,751	Tryg AS		191,513
	111,584	Vestas Wind Systems AS*		1,582,462
	1,664	Zealand Pharma AS*		154,837

		Total Denmark		28,633,158


	Finland — 0.8%
	3,767	Elisa OYJ		173,219
	12,429	Fortum OYJ		194,664
	6,921	Kesko OYJ, Class B Shares		131,747
	68,120	Kone OYJ, Class B Shares		3,855,502
	10,168	Konecranes OYJ		723,635
	15,589	Metso OYJ		173,926
	11,769	Neste OYJ		106,355
	132,755	Nokia OYJ		641,852
	83,246	Nordea Bank Abp		1,098,485
	11,581	Orion OYJ, Class B Shares		653,421
	65,310	Sampo OYJ, Class A Shares		575,897
	15,740	Stora Enso OYJ, Class R Shares		170,391
	14,061	UPM-Kymmene OYJ		412,155
	13,097	Wartsila OYJ Abp		250,207

		Total Finland		9,161,456


	France — 11.9%
	17,509	Accor SA		880,073
	880	Aeroports de Paris SA		90,830
	37,806	Air Liquide SA		6,964,551
	15,582	Airbus SE		2,705,462
	481,270	Alstom SA*		10,631,596

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	France — 11.9% — (continued)
	1,540	Amundi SA(c)	$	110,963
	8,240	Arkema SA		683,985
	128,227	AXA SA		5,005,765
	1,043	BioMerieux		125,082
	132,283	BNP Paribas SA		9,959,690
	18,376	Bollore SE		111,496
	5,183	Bouygues SA		178,468
	8,270	Bureau Veritas SA		248,765
	4,029	Capgemini SE		628,401
	59,217	Carrefour SA		783,990
	64,362	Cie de Saint-Gobain SA		6,527,031
	17,352	Cie Generale des Etablissements Michelin SCA		618,988
	1,360	Covivio SA, REIT		74,285
	27,564	Credit Agricole SA		458,051
	31,992	Danone SA		2,288,548
	516	Dassault Aviation SA		131,901
	108,668	Dassault Systemes SE		4,318,302
	6,543	Edenred SE		209,998
	7,378	Eiffage SA		743,072
	24,478	Elis SA		502,478
	47,445	Engie SA		850,325
	16,965	EssilorLuxottica SA		5,042,636
	1,079	Eurazeo SE		85,759
	1,144	Gecina SA, REIT		107,647
	7,117	Getlink SE		118,569
	1,912	Hermes International SCA		5,478,241
	3,894	Ipsen SA		451,066
	42,811	Kering SA		12,178,313
	27,552	Klepierre SA, REIT		878,020
	14,380	La Francaise des Jeux SACA(c)		548,555
	26,517	Legrand SA		2,912,570
	18,835	L’Oréal SA		6,895,103
	14,882	LVMH Moët Hennessy Louis Vuitton SE		10,811,436
	48,067	Orange SA		575,448
	5,448	Pernod Ricard SA		585,584
	5,920	Publicis Groupe SA		590,849
	17,052	Renault SA		888,543
	15,827	Rexel SA		432,464
	9,527	Safran SA		2,520,860
	105,198	Sanofi SA		11,453,316
	773	Sartorius Stedim Biotech		161,770
	27,827	Schneider Electric SE		6,871,583
	74,920	Societe Generale SA		3,061,971
	31,125	Sodexo SA		2,400,647
	2,675	Sopra Steria Group		425,120
	16,315	SPIE SA		586,254
	16,871	Technip Energies NV		527,602
	4,498	Teleperformance SE		436,492
	2,501	Thales SA		514,510
	105,670	TotalEnergies SE		6,366,774
	3,057	Unibail-Rodamco-Westfield, REIT		258,733
	28,845	Vallourec SACA*		560,545
	18,235	Veolia Environnement SA		547,764
	12,980	Vinci SA		1,504,113
	776	Virbac SACA		245,374
	205,853	Worldline SA*(c)		1,341,807

		Total France		144,198,134

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Germany — 8.9%
	14,836	adidas AG	$	3,791,153
	13,058	AIXTRON SE		165,713
	25,733	Allianz SE, Class Registered Shares		8,839,457
	23,684	BASF SE		1,208,053
	25,572	Bayer AG, Class Registered Shares		602,800
	35,312	Bayerische Motoren Werke AG		3,075,485
	8,468	Bechtle AG		289,717
	12,248	Beiersdorf AG		1,684,145
	3,379	Brenntag SE		224,305
	25,762	Commerzbank AG		550,905
	2,922	Continental AG		209,741
	7,251	CTS Eventim AG & Co. KGaA		793,932
	12,845	Daimler Truck Holding AG		560,984
	5,031	Delivery Hero SE, Class A Shares*(c)		146,325
	49,417	Deutsche Bank AG, Class Registered Shares		1,062,943
	4,931	Deutsche Boerse AG		1,286,647
	14,207	Deutsche Lufthansa AG, Class Registered Shares		101,558
	25,385	Deutsche Post AG		992,318
	223,944	Deutsche Telekom AG, Class Registered Shares		8,086,043
	201,704	E.ON SE		2,572,469
	20,045	Evonik Industries AG		398,729
	17,322	Freenet AG		564,342
	5,332	Fresenius Medical Care AG		257,189
	11,016	Fresenius SE & Co. KGaA*		440,269
	14,523	GEA Group AG		839,595
	1,578	Hannover Rueck SE		419,436
	11,400	Heidelberg Materials AG		1,723,485
	3,162	Henkel AG & Co. KGaA		241,656
	360,166	Infineon Technologies AG		13,330,595
	1,890	Knorr-Bremse AG		163,835
	128,795	Lanxess AG		3,826,829
	1,990	LEG Immobilien SE		165,474
	19,129	Mercedes-Benz Group AG		1,184,412
	24,426	Merck KGaA		3,448,082
	1,404	MTU Aero Engines AG		486,419
	3,529	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		2,001,385
	1,489	Nemetschek SE		173,554
	18,376	Nordex SE*		248,755
	2,771	Puma SE		82,946
	137	Rational AG		123,854
	1,157	Rheinmetall AG		1,232,221
	16,508	RWE AG		518,903
	89,823	SAP SE		24,823,492
	7,889	Scout24 SE(c)		772,252
	35,715	Siemens AG, Class Registered Shares		8,223,034
	16,638	Siemens Energy AG*		949,662
	28,078	Siemens Healthineers AG(c)		1,568,528
	6,014	SUSS MicroTec SE		233,322
	3,463	Symrise AG, Class A Shares		349,076
	41,544	TAG Immobilien AG*		610,668
	1,617	Talanx AG		147,032
	28,755	TeamViewer SE*(c)		355,198
	58,806	TUI AG*		427,245
	19,270	Vonovia SE		598,972
	18,576	Zalando SE*(c)		668,112

		Total Germany		107,843,251

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Hong Kong — 2.1%
	788,800	AIA Group Ltd.	$	6,041,716
	473,500	BOC Hong Kong Holdings Ltd.		1,667,154
	52,000	CK Asset Holdings Ltd.		226,520
	70,500	CK Hutchison Holdings Ltd.		352,654
	19,500	CK Infrastructure Holdings Ltd.		133,833
	154,500	CLP Holdings Ltd.		1,281,197
	1,480	Futu Holdings Ltd., ADR		161,601
	58,000	Galaxy Entertainment Group Ltd.		237,533
	19,500	Hang Seng Bank Ltd.		273,627
	38,894	Henderson Land Development Co., Ltd.		105,805
	96,000	HKT Trust & HKT Ltd., Class Miscella Shares		123,142
	297,380	Hong Kong & China Gas Co., Ltd.		237,253
	30,999	Hong Kong Exchanges & Clearing Ltd.		1,398,360
	28,100	Hongkong Land Holdings Ltd.		127,197
	45,700	Jardine Matheson Holdings Ltd.		1,832,035
	106,000	Kerry Properties Ltd.		218,425
	178,380	Link REIT		809,281
	43,000	MTR Corp., Ltd.		140,633
	36,500	Power Assets Holdings Ltd.		247,341
	749,043	Prudential PLC		6,871,956
	110,646	Sino Land Co., Ltd.		110,875
	35,000	SITC International Holdings Co., Ltd.		84,269
	38,500	Sun Hung Kai Properties Ltd.		359,810
	10,000	Swire Pacific Ltd., Class A Shares		82,933
	101,000	Techtronic Industries Co., Ltd.		1,411,476
	340,000	United Laboratories International Holdings Ltd. (The)		575,794
	219,500	WH Group Ltd.(c)		179,059
	27,000	Wharf Holdings Ltd. (The)		62,896
	46,000	Wharf Real Estate Investment Co., Ltd.		120,336
	174,500	Yue Yuen Industrial Holdings Ltd.		358,582

		Total Hong Kong		25,833,293


	Hungary — 0.0%@
	25,441	Wizz Air Holdings PLC*(c)		540,603


	India — 0.1%
	11,493	HDFC Bank Ltd., ADR		708,199


	Indonesia — 0.1%
	1,708,100	Bank Central Asia Tbk PT		869,128


	Ireland — 0.9%
	5,092	AerCap Holdings NV		524,985
	52,629	AIB Group PLC		370,401
	24,190	Bank of Ireland Group PLC		287,082
	70,550	Dalata Hotel Group PLC		356,047
	6,157	DCC PLC		416,541
	122,100	Experian PLC		5,832,297
	29,091	Glanbia PLC		334,701
	11,179	James Hardie Industries PLC, CDI*		356,469
	3,831	Kerry Group PLC, Class A Shares		403,273
	23,723	Kingspan Group PLC		1,967,446

		Total Ireland		10,849,242


	Isle of Man — 0.0%@
	40,639	Playtech PLC*		375,563


	Israel — 0.5%
	1,102	Azrieli Group Ltd.		84,352
	32,406	Bank Hapoalim BM		441,747

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Israel — 0.5% — (continued)
	38,845	Bank Leumi Le-Israel BM	$	517,052
	6,216	Check Point Software Technologies Ltd.*		1,369,136
	1,237	CyberArk Software Ltd.*		450,082
	671	Elbit Systems Ltd.		203,860
	2,759	Global-E Online Ltd.*		117,589
	23,553	ICL Group Ltd.		142,977
	31,906	Israel Discount Bank Ltd., Class A Shares		246,867
	4,203	Mizrahi Tefahot Bank Ltd.		197,379
	976	Monday.com Ltd.*		289,648
	1,739	Nice Ltd.*		244,926
	767	Nova Ltd.*		185,444
	93,001	Teva Pharmaceutical Industries Ltd., ADR*		1,530,796
	1,379	Wix.com Ltd.*		276,752

		Total Israel		6,298,607


	Italy — 2.9%
	2,887	Amplifon SpA		73,690
	14,331	Azimut Holding SpA		389,593
	66,596	Banca Monte dei Paschi di Siena SpA		482,104
	33,382	Banco BPM SpA		333,482
	91,303	BPER Banca SPA		696,728
	2,890	Brunello Cucinelli SpA		374,527
	16,642	Buzzi SpA		758,519
	16,935	Davide Campari-Milano NV		100,512
	10,485	De’Longhi SpA		368,987
	3,420	DiaSorin SpA		359,836
	931,295	Enel SpA		6,834,275
	58,153	Eni SpA		843,281
	9,743	Ferrari NV		4,545,265
	142,218	FinecoBank Banca Fineco SpA		2,666,738
	24,447	Generali		807,311
	8,110	Infrastrutture Wireless Italiane SpA(c)		81,404
	397,501	Intesa Sanpaolo SpA		1,950,508
	136,316	Iren SpA		297,966
	21,517	Iveco Group NV		340,446
	20,482	Leonardo SpA		851,531
	13,330	Mediobanca Banca di Credito Finanziario SpA		236,992
	6,158	Moncler SpA		425,842
	14,610	Nexi SpA*(c)		76,656
	11,430	Poste Italiane SpA(c)		183,998
	7,262	Prysmian SpA		434,574
	42,614	Recordati Industria Chimica e Farmaceutica SpA		2,410,742
	2,694	Reply SpA		433,760
	53,227	Snam SpA		256,285
	257,419	Telecom Italia SpA*		72,633
	36,370	Terna — Rete Elettrica Nazionale		304,755
	137,489	UniCredit SpA		7,242,457
	9,377	Unipol Assicurazioni SpA		139,655

		Total Italy		35,375,052


	Japan — 18.1%
	18,600	ABC-Mart Inc.(b)		356,221
	12,600	Adastria Co., Ltd.(b)		243,564
	20,300	Advantest Corp.		1,138,334
	17,000	Aeon Co., Ltd.		417,134
	5,100	AGC Inc.		152,989
	15,100	Aisin Corp.		178,891

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 18.1% — (continued)
	12,100	Ajinomoto Co., Inc.	$	485,624
	3,800	ANA Holdings Inc.		72,189
	39,300	Asahi Group Holdings Ltd.		487,082
	29,500	Asahi Kasei Corp.		201,392
	16,800	Asics Corp.		373,368
	49,300	Astellas Pharma Inc.		477,732
	16,100	Bandai Namco Holdings Inc.		537,999
	48,900	Bridgestone Corp.		1,899,143
	24,200	Canon Inc.		820,376
	9,100	Capcom Co., Ltd.		224,166
	20,000	Central Japan Railway Co.		395,449
	13,400	Chiba Bank Ltd. (The)		121,533
	17,500	Chubu Electric Power Co., Inc.		185,193
	17,500	Chugai Pharmaceutical Co., Ltd.		874,329
	48,500	Citizen Watch Co., Ltd.(b)		288,794
	30,500	Concordia Financial Group Ltd.		178,490
	28,800	Credit Saison Co., Ltd.		680,233
	10,800	Dai Nippon Printing Co., Ltd.		156,944
	50,300	Daicel Corp.		435,811
	35,000	Daido Steel Co., Ltd.		284,220
	7,800	Daifuku Co., Ltd.		206,043
	23,500	Dai-ichi Life Holdings Inc.		696,371
	45,600	Daiichi Sankyo Co., Ltd.		1,049,982
	34,700	Daikin Industries Ltd.		3,631,830
	1,500	Daito Trust Construction Co., Ltd.		156,125
	14,600	Daiwa House Industry Co., Ltd.		481,768
	35,800	Daiwa Securities Group Inc.		251,028
	49,300	Denso Corp.		639,767
	6,100	Dentsu Group Inc.		125,855
	20,300	Dexerials Corp.		287,098
	2,400	Disco Corp.		608,634
	24,700	East Japan Railway Co.		489,069
	26,200	Ebara Corp.		438,123
	7,100	Eisai Co., Ltd.		204,343
	70,450	ENEOS Holdings Inc.		377,285
	360,800	FANUC Corp.		10,436,439
	5,000	Fast Retailing Co., Ltd.		1,526,083
	3,600	Fuji Electric Co., Ltd.		159,758
	125,100	FUJIFILM Holdings Corp.		2,547,474
	14,800	Fujikura Ltd.		613,383
	248,000	Fujitsu Ltd.		4,804,518
	3,700	Fuyo General Lease Co., Ltd.		280,394
	13,800	GS Yuasa Corp.		219,978
	5,900	Hankyu Hanshin Holdings Inc.		154,670
	500	Hikari Tsushin Inc.		126,618
	229,000	Hitachi Ltd.		5,797,043
	119,200	Honda Motor Co., Ltd.		1,107,444
	4,400	Horiba Ltd.		288,743
	2,600	Hoshizaki Corp.		104,386
	38,400	Hoya Corp.		4,511,945
	12,100	Hulic Co., Ltd.		112,907
	21,585	Idemitsu Kosan Co., Ltd.		146,032
	40,400	INFRONEER Holdings Inc.		311,471
	22,500	Inpex Corp.		285,094
	875	Invincible Investment Corp., REIT		373,658
	14,500	Isuzu Motors Ltd.		191,752

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 18.1% — (continued)
	69,400	ITOCHU Corp.	$	3,082,084
	3,700	Japan Airlines Co., Ltd.		63,512
	174,300	Japan Exchange Group Inc.		1,840,341
	37,600	Japan Post Bank Co., Ltd.		379,204
	52,200	Japan Post Holdings Co., Ltd.		556,064
	4,900	Japan Post Insurance Co., Ltd.		95,594
	32,100	Japan Tobacco Inc.		803,967
	11,500	Jeol Ltd.		385,579
	14,800	JFE Holdings Inc.(b)		184,455
	10,500	Kajima Corp.		218,762
	39,400	Kanadevia Corp.		239,671
	9,200	Kaneka Corp.		228,565
	26,000	Kansai Electric Power Co., Inc. (The)		300,224
	12,700	Kao Corp.		549,928
	10,100	Kawasaki Kisen Kaisha Ltd.		146,416
	91,100	KDDI Corp.		2,974,651
	188	KDX Realty Investment Corp., REIT, Class A Shares		200,069
	16,900	Keyence Corp.		6,734,583
	18,200	Kikkoman Corp.		176,028
	14,000	Kinden Corp.		295,581
	20,000	Kirin Holdings Co., Ltd.		269,470
	3,900	Kobe Bussan Co., Ltd.		86,428
	32,000	Kokusai Electric Corp.(b)		659,477
	23,600	Komatsu Ltd.		705,841
	2,500	Konami Group Corp.		306,053
	26,200	Kubota Corp.		324,486
	33,200	Kyocera Corp.		370,831
	6,800	Kyowa Kirin Co., Ltd.		96,260
	15,300	Kyushu Railway Co.		367,288
	2,100	Lasertec Corp.		188,484
	73,800	LY Corp.		249,667
	12,200	M3 Inc.		143,171
	6,300	Makita Corp.		208,061
	37,000	Marubeni Corp.		582,803
	9,500	MatsukiyoCocokara & Co.		144,286
	144,700	Mebuki Financial Group Inc.		612,951
	9,300	Meidensha Corp.		297,178
	6,200	MEIJI Holdings Co., Ltd.		126,927
	8,600	MINEBEA MITSUMI Inc.		131,864
	113,100	MISUMI Group Inc.		1,845,221
	36,400	Mitsubishi Chemical Group Corp.		184,468
	89,700	Mitsubishi Corp.		1,491,359
	49,500	Mitsubishi Electric Corp.		767,224
	92,600	Mitsubishi Estate Co., Ltd.		1,363,907
	22,700	Mitsubishi Gas Chemical Co., Inc.(b)		349,089
	23,200	Mitsubishi HC Capital Inc.		155,875
	83,400	Mitsubishi Heavy Industries Ltd.		1,116,044
	301,200	Mitsubishi UFJ Financial Group Inc.		3,844,662
	65,600	Mitsui & Co., Ltd.		1,221,627
	69,400	Mitsui Fudosan Co., Ltd.		605,087
	11,100	Mitsui Mining & Smelting Co., Ltd.		316,616
	9,000	Mitsui OSK Lines Ltd.		331,362
	63,590	Mizuho Financial Group Inc.		1,778,632
	6,000	MonotaRO Co., Ltd.		100,753
	15,800	Morinaga Milk Industry Co., Ltd.		308,714
	140,900	MS&AD Insurance Group Holdings Inc.		2,960,573
	357,500	Murata Manufacturing Co., Ltd.		6,128,620

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 18.1% — (continued)
	6,400	NEC Corp.	$	622,622
	10,900	NET One Systems Co., Ltd.		326,764
	9,600	Nexon Co., Ltd.		130,082
	39,300	NHK Spring Co., Ltd.		440,596
	21,800	Nidec Corp.		389,589
	95,600	Nintendo Co., Ltd.		7,146,605
	275	Nippon Accommodations Fund Inc., REIT, Class A Shares(b)		210,610
	194	Nippon Building Fund Inc., REIT		160,385
	13,100	Nippon Electric Glass Co., Ltd.		307,833
	22,400	Nippon Paint Holdings Co., Ltd.		167,284
	5,100	Nippon Sanso Holdings Corp.		156,168
	25,100	Nippon Steel Corp.		557,092
	777,700	Nippon Telegraph & Telephone Corp.		751,508
	12,100	Nippon Yusen KK		425,072
	54,000	Nissan Motor Co., Ltd.		154,707
	5,300	Nissin Foods Holdings Co., Ltd.		107,173
	76,200	Nissui Corp.		434,364
	14,500	Nitori Holdings Co., Ltd.		1,500,675
	7,700	Nitto Boseki Co., Ltd.		239,869
	19,500	Nitto Denko Corp.		384,091
	78,200	Nomura Holdings Inc.		509,604
	9,780	Nomura Research Institute Ltd.		328,767
	16,400	NTT Data Group Corp.		306,030
	16,900	Obayashi Corp.		227,414
	105,300	Obic Co., Ltd.		3,034,286
	30,600	Olympus Corp.		419,091
	4,100	Omron Corp.		124,101
	11,200	Ono Pharmaceutical Co., Ltd.		121,032
	1,100	Oracle Corp. Japan		104,969
	28,400	Oriental Land Co., Ltd.		587,036
	29,900	ORIX Corp.		618,843
	9,400	Osaka Gas Co., Ltd.		215,944
	5,900	Otsuka Corp.		129,081
	11,600	Otsuka Holdings Co., Ltd.		568,119
	10,100	Pan Pacific International Holdings Corp.		268,981
	62,500	Panasonic Holdings Corp.		783,902
	30,600	Park24 Co., Ltd.		414,269
	41,400	Rakuten Group Inc.*		256,858
	60,900	Recruit Holdings Co., Ltd.		3,611,931
	643,300	Renesas Electronics Corp.		10,704,910
	64,100	Rengo Co., Ltd.		340,950
	57,200	Resona Holdings Inc.		446,292
	18,100	Resorttrust Inc.		373,925
	15,800	Ricoh Co., Ltd.		172,051
	74,000	Round One Corp.		564,515
	42,500	Sankyo Co., Ltd.		602,298
	44,400	Santen Pharmaceutical Co., Ltd.		412,493
	31,300	Sanwa Holdings Corp.		1,020,214
	26,600	Sawai Group Holdings Co., Ltd.		337,731
	6,900	SBI Holdings Inc.		200,542
	2,000	SCREEN Holdings Co., Ltd.		143,968
	3,900	SCSK Corp.		97,601
	10,900	Secom Co., Ltd.		375,693
	6,600	Seiko Epson Corp.		111,923
	10,400	Sekisui Chemical Co., Ltd.		176,642
	14,300	Sekisui House Ltd.		324,187

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 18.1% — (continued)
	31,200	Senko Group Holdings Co., Ltd.	$	299,707
	57,600	Seven & i Holdings Co., Ltd.		828,406
	9,700	SG Holdings Co., Ltd.		98,979
	67,100	Shimadzu Corp.		1,777,106
	7,000	Shimano Inc.		949,310
	152,300	Shin-Etsu Chemical Co., Ltd.		4,599,125
	19,700	Shionogi & Co., Ltd.		294,786
	10,100	Shiseido Co., Ltd.		183,488
	22,200	SMC Corp.		8,050,451
	743,200	Softbank Corp.		1,060,289
	53,700	SoftBank Group Corp.		2,969,451
	69,800	Sompo Holdings Inc.		2,083,035
	313,600	Sony Group Corp.		7,877,773
	15,300	Subaru Corp.		283,632
	12,100	Sumitomo Bakelite Co., Ltd.		271,614
	29,400	Sumitomo Corp.		660,724
	18,600	Sumitomo Electric Industries Ltd.		328,852
	8,800	Sumitomo Forestry Co., Ltd.		268,401
	6,700	Sumitomo Metal Mining Co., Ltd.		146,466
	293,900	Sumitomo Mitsui Financial Group Inc.		7,453,083
	16,900	Sumitomo Mitsui Trust Group Inc.		432,620
	8,000	Sumitomo Realty & Development Co., Ltd.		278,835
	3,400	Suntory Beverage & Food Ltd.		108,937
	42,800	Suzuki Motor Corp.		523,362
	8,300	SWCC Corp.		335,488
	153,900	Sysmex Corp.		2,792,624
	12,900	T&D Holdings Inc.		271,110
	4,300	Taisei Corp.		193,203
	43,600	Takashimaya Co., Ltd.(b)		359,747
	41,254	Takeda Pharmaceutical Co., Ltd.		1,192,670
	9,700	Takeuchi Manufacturing Co., Ltd.(b)		333,942
	50,500	TDK Corp.		541,629
	18,000	TechnoPro Holdings Inc.		354,928
	272,800	Terumo Corp.		4,864,774
	6,200	TIS Inc.		173,441
	2,900	Toho Co., Ltd.		137,234
	37,000	Tohoku Electric Power Co., Inc.		266,152
	46,800	Tokio Marine Holdings Inc.		1,659,494
	11,900	Tokyo Electron Ltd.		1,782,173
	8,900	Tokyo Gas Co., Ltd.		280,101
	7,300	Tokyo Metro Co., Ltd.*		85,705
	7,400	Tokyo Seimitsu Co., Ltd.		406,503
	24,100	Tokyo Tatemono Co., Ltd.		386,323
	15,300	Tokyu Corp.		176,353
	48,400	Tokyu Fudosan Holdings Corp.		316,216
	6,200	TOPPAN Holdings Inc.		182,831
	32,900	Toray Industries Inc.		219,370
	7,700	Toyo Suisan Kaisha Ltd.		456,035
	24,400	Toyo Tire Corp.		409,862
	21,800	Toyoda Gosei Co., Ltd.		386,446
	24,800	Toyota Industries Corp.		2,155,929
	249,300	Toyota Motor Corp.		4,494,985
	16,400	Toyota Tsusho Corp.		274,923
	3,300	Trend Micro Inc.		242,679
	12,800	Tsumura & Co.		366,993
	5,900	Ulvac Inc.		214,891

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Japan — 18.1% — (continued)
	161,400	Unicharm Corp.	$	1,217,589
	11,600	West Japan Railway Co.		230,649
	7,200	Yakult Honsha Co., Ltd.		145,020
	49,800	Yamaguchi Financial Group Inc.		548,024
	21,700	Yamaha Motor Co., Ltd.		179,087
	6,400	Yaskawa Electric Corp.		173,345
	6,700	Yokogawa Electric Corp.		128,192
	2,700	Zensho Holdings Co., Ltd.		136,251
	4,200	ZOZO Inc.		131,697

		Total Japan		220,289,270


	Luxembourg — 0.4%
	162,389	ArcelorMittal SA		4,493,246
	5,981	CVC Capital Partners PLC*(c)		137,749
	3,630	Eurofins Scientific SE		182,813
	14,175	Millicom International Cellular SA		372,519
	10,795	Tenaris SA		202,839

		Total Luxembourg		5,389,166


	Macau — 0.0%@
	56,400	Sands China Ltd.*		129,459


	Netherlands — 5.1%
	12,466	ABN AMRO Bank NV, Dutch Certificate, GDR(c)		236,553
	580	Adyen NV*(c)		1,053,905
	36,885	Aegon Ltd.		233,435
	110,255	Akzo Nobel NV		6,847,391
	1,592	Argenx SE*		993,381
	2,733	ASM International NV		1,452,070
	23,248	ASML Holding NV		16,502,294
	14,086	ASR Nederland NV		746,255
	5,858	BE Semiconductor Industries NV		657,416
	7,355	Euronext NV(c)		929,361
	2,690	EXOR NV		263,740
	12,420	Ferrovial SE		554,882
	26,666	Fugro NV		415,961
	3,370	Heineken Holding NV		248,389
	70,043	Heineken NV		5,935,169
	1,577	IMCD NV		235,473
	276,174	ING Groep NV		4,945,579
	4,402	JDE Peet’s NV		82,602
	24,258	Koninklijke Ahold Delhaize NV		855,803
	102,596	Koninklijke KPN NV		391,684
	220,325	Koninklijke Philips NV*		5,766,602
	7,091	NN Group NV		360,373
	3,211	NXP Semiconductors NV		692,259
	36,146	Prosus NV*		1,585,180
	5,581	QIAGEN NV*		213,182
	3,029	Randstad NV		122,487
	53,449	Stellantis NV		684,848
	176,312	Universal Music Group NV		4,920,599
	27,768	Wolters Kluwer NV		4,261,315

		Total Netherlands		62,188,188


	New Zealand — 0.2%
	40,319	Auckland International Airport Ltd.		184,347
	20,347	Contact Energy Ltd.		105,294
	16,312	Fisher & Paykel Healthcare Corp., Ltd.		312,104

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	New Zealand — 0.2% — (continued)
	24,727	Infratil Ltd.	$	150,957
	31,578	Meridian Energy Ltd.		104,338
	9,895	Xero Ltd.*		1,061,570

		Total New Zealand		1,918,610


	Norway — 0.5%
	8,484	Aker BP ASA		176,344
	116,556	DNB Bank ASA		2,680,554
	21,792	Equinor ASA		506,210
	4,928	Gjensidige Forsikring ASA		101,176
	2,290	Kongsberg Gruppen ASA		277,870
	12,125	Mowi ASA		226,313
	201,165	Norsk Hydro ASA		1,188,411
	19,166	Orkla ASA		185,151
	1,761	Salmar ASA		87,163
	16,617	Telenor ASA		215,258
	23,987	Wallenius Wilhelmsen ASA, Class B Shares		183,481
	4,655	Yara International ASA		132,592

		Total Norway		5,960,523


	Poland — 0.0%@
	5,502	InPost SA*		95,661


	Portugal — 0.2%
	83,672	EDP SA		270,836
	10,622	Galp Energia SGPS SA		175,354
	78,129	Jeronimo Martins SGPS SA		1,677,699

		Total Portugal		2,123,889


	Singapore — 1.3%
	1,471,258	CapitaLand Ascendas REIT		2,809,946
	157,056	CapitaLand Integrated Commercial Trust, REIT		229,980
	58,200	CapitaLand Investment Ltd.		110,801
	105,540	DBS Group Holdings Ltd.		3,593,012
	146,200	Genting Singapore Ltd.		78,971
	60,648	Grab Holdings Ltd., Class A Shares*		294,143
	241,700	Keppel DC REIT		371,658
	39,300	Keppel Ltd.		200,238
	88,100	Oversea-Chinese Banking Corp., Ltd.		1,123,311
	9,638	Sea Ltd., ADR*		1,226,628
	158,300	Sembcorp Industries Ltd.		716,461
	39,250	Singapore Airlines Ltd.		197,850
	20,400	Singapore Exchange Ltd.		203,028
	45,300	Singapore Technologies Engineering Ltd.		181,603
	193,700	Singapore Telecommunications Ltd.		491,159
	139,703	United Overseas Bank Ltd.		3,971,877
	46,200	Wilmar International Ltd.		109,870

		Total Singapore		15,910,536


	South Africa — 0.0%@
	60,725	Investec PLC		397,582


	South Korea — 1.3%
	13,778	Classys Inc.*		599,822
	1,015	HD Hyundai Electric Co., Ltd.		228,352
	1,653	Hugel Inc.*		359,250
	1,062	Hyosung Heavy Industries Corp.		318,820
	8,869	Hyundai Rotem Co., Ltd.*		475,644
	9,796	IsuPetasys Co., Ltd.*		263,157

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	South Korea — 1.3% — (continued)
	5,708	Kolmar Korea Co., Ltd.*	$	240,794
	1,874	LEENO Industrial Inc.		268,161
	6,129	LOTTE Fine Chemical Co., Ltd.*		170,193
	2,438	PharmaResearch Co., Ltd.		486,155
	10,120	Poongsan Corp.		381,226
	16,532	Samsung E&A Co., Ltd.		186,237
	246,202	Samsung Electronics Co., Ltd.		9,209,046
	3,096	Samsung Fire & Marine Insurance Co., Ltd.		812,476
	3,016	Samsung SDI Co., Ltd.		464,067
	49,091	Shinhan Financial Group Co., Ltd.		1,545,232
	4,452	SOOP Co., Ltd.		302,691

		Total South Korea		16,311,323


	Spain — 2.6%
	624	Acciona SA		77,114
	4,739	ACS Actividades de Construccion y Servicios SA		255,684
	1,952	Aena SME SA(c)		436,357
	57,502	Amadeus IT Group SA		4,371,076
	365,242	Banco Bilbao Vizcaya Argentaria SA		4,844,465
	141,925	Banco de Sabadell SA		394,486
	400,408	Banco Santander SA		2,605,784
	202,190	Bankinter SA		1,966,136
	104,194	CaixaBank SA		723,074
	13,843	Cellnex Telecom SA(c)		497,137
	8,574	EDP Renovaveis SA		76,725
	8,539	Endesa SA		190,070
	7,354	Grifols SA*		81,503
	312,724	Iberdrola SA		4,524,491
	21,953	Indra Sistemas SA		479,744
	150,319	Industria de Diseno Textil SA		8,176,472
	12,744	Logista Integral SA(b)		366,418
	181,912	Mapfre SA		514,753
	52,078	Merlin Properties Socimi SA, REIT		565,101
	6,811	Redeia Corp. SA		122,320
	30,583	Repsol SA		393,025
	103,268	Telefonica SA(b)		460,319

		Total Spain		32,122,254


	Sweden — 2.4%
	6,736	AddTech AB, Class B Shares		204,367
	7,565	Alfa Laval AB		328,165
	27,017	Assa Abloy AB, Class B Shares		833,627
	71,321	Atlas Copco AB, Class A Shares		1,224,677
	226,950	Atlas Copco AB, Class B Shares		3,408,599
	17,137	Avanza Bank Holding AB		515,783
	11,113	Beijer Ref AB, Class B Shares		166,972
	26,943	Billerud Aktiebolag		301,039
	7,204	Boliden AB		254,535
	246,648	Electrolux AB, Class B Shares*		2,131,263
	18,830	Epiroc AB, Class A Shares		370,414
	8,392	Epiroc AB, Class B Shares		144,678
	9,684	EQT AB		303,429
	15,949	Essity AB, Class B Shares		439,563
	4,108	Evolution AB(c)		315,734
	20,071	Fastighets AB Balder, Class B Shares*		143,403
	14,663	H & M Hennes & Mauritz AB, Class B Shares		197,783
	53,911	Hexagon AB, Class B Shares		620,202

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Sweden — 2.4% — (continued)
	1,785	Holmen AB, Class B Shares	$	70,468
	3,371	Industrivarden AB, Class A Shares		127,935
	4,023	Industrivarden AB, Class C Shares		152,716
	6,848	Indutrade AB		196,425
	4,075	Investment AB Latour, Class B Shares		110,738
	45,192	Investor AB, Class B Shares		1,351,786
	1,894	L E Lundbergforetagen AB, Class B Shares		94,853
	6,336	Lifco AB, Class B Shares		218,175
	10,098	Loomis AB, Class B Shares		389,957
	20,345	NCC AB, Class B Shares		370,265
	39,580	Nibe Industrier AB, Class B Shares		149,066
	8,267	Saab AB, Class B Shares		245,698
	5,501	Sagax AB, Class B Shares		115,611
	28,834	Sandvik AB		629,526
	12,710	Securitas AB, Class B Shares		184,568
	41,318	Skandinaviska Enskilda Banken AB, Class A Shares		663,429
	8,894	Skanska AB, Class B Shares		211,245
	9,099	SKF AB, Class B Shares		197,856
	9,053	Spotify Technology SA*		5,504,315
	267,077	Storskogen Group AB, Class B Shares		375,090
	16,096	Svenska Cellulosa AB SCA, Class B Shares		220,724
	145,851	Svenska Handelsbanken AB, Class A Shares		1,833,419
	22,114	Swedbank AB, Class A Shares		531,309
	5,394	Swedish Orphan Biovitrum AB*		158,475
	13,737	Tele2 AB, Class B Shares		163,101
	75,104	Telefonaktiebolaget LM Ericsson, Class B Shares		617,703
	61,563	Telia Co. AB		200,144
	5,952	Trelleborg AB, Class B Shares		233,177
	41,798	Volvo AB, Class B Shares		1,299,593
	46,942	Wihlborgs Fastigheter AB		458,913

		Total Sweden		28,980,513


	Switzerland — 8.1%
	41,701	ABB Ltd., Class Registered Shares		2,262,947
	9,378	Accelleron Industries AG		445,469
	33,362	Alcon AG		3,093,295
	2,436	Avolta AG*		110,597
	1,148	Baloise Holding AG, Class Registered Shares		221,332
	842	Banque Cantonale Vaudoise, Class Registered Shares		89,680
	89	Barry Callebaut AG, Class Registered Shares		107,687
	2,142	BKW AG		377,612
	160	Chocoladefabriken Lindt & Spruengli AG		2,026,336
	3	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		366,888
	30,906	Cie Financiere Richemont SA, Class Registered Shares		6,335,275
	42,769	Clariant AG, Class Registered Shares*(b)		477,181
	23,826	Coca-Cola HBC AG*		1,010,712
	4,721	DKSH Holding AG		373,823
	4,847	DSM-Firmenich AG		520,134
	174	EMS-Chemie Holding AG, Class Registered Shares		122,340
	1,670	Flughafen Zurich AG, Class Registered Shares		410,609
	2,175	Galderma Group AG*		265,217
	6,064	Galenica AG(c)		544,973
	875	Geberit AG, Class Registered Shares		514,058
	241	Givaudan SA, Class Registered Shares		1,085,881
	269,997	Glencore PLC*		1,077,463
	940	Helvetia Holding AG, Class Registered Shares		176,845
	13,829	Holcim AG*		1,524,695

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	Switzerland — 8.1% — (continued)
	42,495	Julius Baer Group Ltd.	$	2,866,840
	11,561	Kuehne + Nagel International AG, Class Registered Shares		2,665,139
	6,897	Logitech International SA, Class Registered Shares		686,856
	9,353	Lonza Group AG, Class Registered Shares		5,913,658
	68,982	Nestlé SA, Class Registered Shares		6,654,100
	86,801	Novartis AG, Class Registered Shares		9,458,406
	607	Partners Group Holding AG		893,788
	4,788	PSP Swiss Property AG, Class Registered Shares		705,074
	69,531	Roche Holding AG		23,175,788
	11,145	Sandoz Group AG		489,197
	1,094	Schindler Holding AG		334,757
	580	Schindler Holding AG, Class Registered Shares		171,185
	43,228	SGS SA, Class Registered Shares		4,431,525
	479	Siegfried Holding AG, Class Registered Shares*		511,573
	8,596	SIG Group AG*		170,985
	3,968	Sika AG, Class Registered Shares		1,010,297
	1,322	Sonova Holding AG, Class Registered Shares		424,722
	17,738	STMicroelectronics NV		437,780
	2,909	Straumann Holding AG, Class Registered Shares		397,210
	4,369	Sulzer AG, Class Registered Shares		758,254
	755	Swatch Group AG (The)		147,731
	751	Swiss Life Holding AG, Class Registered Shares		654,232
	2,013	Swiss Prime Site AG, Class Registered Shares		232,189
	7,852	Swiss Re AG		1,258,982
	676	Swisscom AG, Class Registered Shares		385,168
	2,276	Swissquote Group Holding SA, Class Registered Shares		924,627
	6,166	Temenos AG, Class Registered Shares		509,927
	86,543	UBS Group AG, Class Registered Shares		2,977,265
	7,624	VAT Group AG(c)		2,893,175
	3,852	Zurich Insurance Group AG		2,546,979

		Total Switzerland		98,228,458


	Taiwan — 0.6%
	35,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,071,267
	34,700	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,264,391

		Total Taiwan		7,335,658


	United Kingdom — 16.6%
	25,314	3i Group PLC		1,264,338
	5,565	4imprint Group PLC		365,499
	6,732	Admiral Group PLC		243,658
	33,067	Anglo American PLC		976,521
	3,537	ARM Holdings PLC, ADR*(b)		465,788
	11,735	Ashtead Group PLC		712,511
	8,690	Associated British Foods PLC		207,486
	121,521	AstraZeneca PLC		18,400,525
	22,467	Auto Trader Group PLC(c)		219,324
	69,483	Aviva PLC		477,300
	41,918	Babcock International Group PLC		353,966
	166,076	BAE Systems PLC		2,993,111
	84,217	Balfour Beatty PLC		494,955
	2,828,925	Barclays PLC		11,217,739
	85,691	Barratt Redrow PLC		464,179
	66,988	Beazley PLC		741,532
	42,491	Berkeley Group Holdings PLC		1,930,272
	4,607	Birkenstock Holding PLC*		227,954
	1,734,051	BP PLC		9,576,301

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	United Kingdom — 16.6% — (continued)
	136,519	British American Tobacco PLC	$	5,304,753
	92,330	British Land Co. PLC (The), REIT		418,970
	167,860	BT Group PLC		338,784
	49,369	Bunzl PLC		2,093,197
	60,572	Burberry Group PLC		839,378
	136,232	Centrica PLC		256,760
	5,461	Coca-Cola Europacific Partners PLC		471,066
	239,375	Compass Group PLC		8,382,006
	15,245	Computacenter PLC		412,806
	112,755	ConvaTec Group PLC(c)		369,109
	4,280	Cranswick PLC		264,065
	3,343	Croda International PLC		139,336
	240,828	Currys PLC*		276,036
	161,374	Deliveroo PLC, Class A Shares*(c)		278,524
	382,860	Diageo PLC		10,403,077
	43,083	Drax Group PLC		330,742
	43,715	easyJet PLC		279,205
	17,109	Endeavour Mining PLC		338,999
	16,533	Entain PLC		156,671
	528,915	GSK PLC		9,813,423
	614,406	Haleon PLC		3,081,153
	9,811	Halma PLC		349,205
	102,328	Harbour Energy PLC		294,056
	9,241	Hargreaves Lansdown PLC		128,380
	25,033	Hikma Pharmaceuticals PLC		682,194
	473,525	HSBC Holdings PLC		5,580,097
	14,573	IMI PLC		369,350
	20,779	Imperial Brands PLC		731,062
	29,823	Inchcape PLC		257,269
	34,203	Informa PLC		372,470
	4,129	InterContinental Hotels Group PLC		516,678
	17,349	Intermediate Capital Group PLC		503,563
	4,215	Intertek Group PLC		273,807
	47,509	J Sainsbury PLC		154,878
	64,950	JD Sports Fashion PLC		63,882
	18,482	JET2 PLC		327,834
	1,105,699	Kingfisher PLC		3,449,791
	17,188	Land Securities Group PLC, REIT		122,127
	991,547	Legal & General Group PLC		3,074,116
	4,591,671	Lloyds Banking Group PLC		4,285,783
	12,451	London Stock Exchange Group PLC		1,858,037
	157,995	LondonMetric Property PLC, REIT		370,699
	62,387	M&G PLC		166,826
	103,530	Man Group PLC		278,576
	171,165	Marks & Spencer Group PLC		765,872
	33,519	Melrose Industries PLC		271,578
	11,549	Mondi PLC		179,855
	285,792	National Grid PLC		3,506,426
	351,385	NatWest Group PLC		2,128,880
	3,071	Next PLC		388,436
	13,259	Nomad Foods Ltd.		250,595
	58,771	OSB Group PLC		330,264
	15,717	Pearson PLC		269,675
	18,824	Phoenix Group Holdings PLC		123,342
	50,997	QinetiQ Group PLC		259,676
	197,323	Reckitt Benckiser Group PLC		13,035,790

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units		Security	Value

	United Kingdom — 16.6% — (continued)
	159,414	RELX PLC	$	7,673,108
	65,567	Rentokil Initial PLC		330,303
	34,308	Rightmove PLC		288,273
	29,180	Rio Tinto PLC		1,763,819
	1,302,909	Rolls-Royce Holdings PLC*		12,240,544
	174,601	Sage Group PLC (The)		2,811,693
	19,129	Schroders PLC		89,230
	295,628	Segro PLC, REIT		2,620,551
	7,098	Severn Trent PLC		224,246
	302,801	Shell PLC		10,146,345
	155,981	Smith & Nephew PLC		2,264,508
	8,893	Smiths Group PLC		226,110
	6,468	Spectris PLC		236,306
	1,975	Spirax Group PLC		181,588
	28,708	SSE PLC		553,363
	41,031	St. James’s Place PLC		551,005
	271,282	Standard Chartered PLC		4,361,655
	178,018	Tesco PLC		853,370
	72,212	Trainline PLC*(c)		279,032
	222,327	Tritax Big Box REIT PLC		412,496
	122,213	Unilever PLC		6,914,445
	17,800	United Utilities Group PLC		220,271
	574,940	Vodafone Group PLC		505,919
	10,493	Weir Group PLC (The)		323,450
	170,259	WH Smith PLC		2,490,545
	36,470	Whitbread PLC		1,233,633
	17,468	Wise PLC, Class A Shares*		219,808
	27,936	WPP PLC		226,548

		Total United Kingdom		201,544,252


	United States — 0.6%
	265	Booking Holdings Inc.		1,329,243
	129,692	Carnival Corp.*		3,103,530
	4,248	Ferguson Enterprises Inc.		754,020
	15,915	Liberty Media Corp.-Liberty Formula One, Class C Shares*		1,534,683
	1,676	Linde PLC		782,776

		Total United States		7,504,252


	Uruguay — 0.0%@
	295	MercadoLibre Inc.*		625,952

		TOTAL COMMON STOCKS (Cost — $875,289,324)		1,171,799,208


	PREFERRED STOCKS — 0.1%

	Germany — 0.1%
	1,468	Bayerische Motoren Werke AG, Class Preferred Shares		119,746
	2,619	Dr ING hc F Porsche AG, Class Preferred Shares(c)		153,264
	4,109	Henkel AG & Co. KGaA, Class Preferred Shares		355,066
	4,132	Porsche Automobil Holding SE, Class Preferred Shares		161,128
	716	Sartorius AG, Class Preferred Shares		179,155
	5,585	Volkswagen AG, Class Preferred Shares		602,092

		TOTAL PREFERRED STOCKS (Cost — $1,797,276)		1,570,451

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

Shares/Units			Security	Value

	OPEN END MUTUAL FUND SECURITY — 0.1%

	United States — 0.1%
	14,841		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost — $591,928)	$	757,930


	RIGHT — 0.0%@

	South Korea — 0.0%@
	1,526		IsuPetasys Co., Ltd. expires 12/31/49*(a)(d) (Cost — $0)		4,334

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $877,678,528)		1,174,131,923


Face Amount†

	SHORT-TERM INVESTMENTS (e) — 3.5%

	MONEY MARKET FUND — 0.5%
$	6,146,147		Invesco STIT — Government & Agency Portfolio, Institutional Class, 4.235%(f) (Cost — $6,146,147)		6,146,147


	TIME DEPOSITS — 3.0%
	219,748		ANZ National Bank — London, 3.680% due 3/3/25		219,748
			BBH — New York:
	348,633	^SEK	1.040% due 3/3/25		32,384
	2,631	^SGD	1.210% due 3/3/25		1,947
	327,144	^DKK	1.250% due 3/3/25		45,498
	17,061	^NZD	2.160% due 3/3/25		9,545
	364,061	^NOK	3.250% due 3/3/25		32,318
	1,425	^ZAR	5.540% due 3/3/25		76
			BNP Paribas — Paris:
	356,893	^CHF	0.010% due 3/3/25		395,275
	2,409	^CAD	1.830% due 3/3/25		1,665
	309,900	^AUD	2.920% due 3/3/25		192,262
	1,029,187	^EUR	Citibank — London, 1.570% due 3/3/25		1,067,473
	561,207		Citibank — New York, 3.680% due 3/3/25		561,207
	322,629	^HKD	HSBC Bank — Hong Kong, 2.190% due 3/3/25		41,485
	23,869,564		JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		23,869,564
	196,608	^GBP	Royal Bank of Canada — London, 3.410% due 3/3/25		247,293
	287,461		Royal Bank of Canada — Toronto, 3.680% due 3/3/25		287,461
	8,660,827		Skandinaviska Enskilda Banken AB — Stockholm, 3.680% due 3/3/25		8,660,827
	50,771,202	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, 0.110% due 3/3/25		337,339

			TOTAL TIME DEPOSITS (Cost — $36,003,367)		36,003,367

			TOTAL SHORT-TERM INVESTMENTS (Cost — $42,149,514)		42,149,514

			TOTAL INVESTMENTS — 100.0% (Cost — $919,828,042)		1,216,281,437

			Other Assets in Excess of Liabilities — 0.0%		416,800

			TOTAL NET ASSETS — 100.0%	$	1,216,698,237

†	Amount denominated in U.S. dollars, 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).

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

(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 28, 2025, amounts to $16,080,983 and represents 1.3% of net assets.

(d)	Illiquid security.

(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 3.0%.

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

At February 28, 2025, 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	$	919,828,042	$	373,708,950	$	(77,213,646	)	$	296,495,304


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


Summary of Investments by Security Sector^
Industrials	17.7	%
Financials	17.5
Health Care	13.8
Information Technology	11.9
Consumer Discretionary	11.5
Consumer Staples	7.8
Materials	5.5
Communication Services	4.3
Energy	2.8
Utilities	2.4
Real Estate	1.8
Short-Term Investments	3.0

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2025, International Equity Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro STOXX 50 Futures		11		3/25	$	585,427	$	622,486	$	37,059
FTSE 100 Index Futures		3		3/25		311,220		331,701		20,481
SPI 200 Index Futures		2		3/25		260,405		252,255		(8,150	)
TOPIX Index Futures		2		3/25		363,084		355,603		(7,481	)

									$	41,909

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


International Equity Fund

At February 28, 2025, International Equity Fund had deposited cash of $128,804 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.



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 95.8%

	Australia — 0.0%@
	128,000	MMG Ltd.*	$	37,486


	Brazil — 4.3%
	134,556	Ambev SA		279,396
	958,432	B3 SA — Brasil Bolsa Balcao		1,693,717
	42,982	Banco Bradesco SA		75,665
	33,944	Banco BTG Pactual SA		182,147
	374,608	Banco do Brasil SA		1,738,381
	298,282	BB Seguridade Participacoes SA		1,917,893
	15,753	BRF SA		47,994
	15,025	Caixa Seguridade Participacoes SA		38,806
	390,847	CCR SA		777,032
	32,088	Centrais Eletricas Brasileiras SA		208,391
	13,140	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		212,067
	479,324	Cosan SA		577,460
	7,096	CPFL Energia SA		42,298
	18,984	Embraer SA*		224,901
	5,554	Energisa SA		35,919
	113,078	Engie Brasil Energia SA		714,195
	33,373	Equatorial Energia SA		170,463
	114	Equatorial Energia SA*(a)		567
	21,493	JBS SA		113,179
	550,000	JSL SA		503,730
	21,763	Klabin SA		73,108
	26,683	Localiza Rent a Car SA		127,405
	24,863	Natura & Co. Holding SA		54,626
	124,292	NU Holdings Ltd., Class A Shares*		1,336,139
	499,790	Odontoprev SA		901,050
	103,658	Petroleo Brasileiro SA		687,812
	110,350	Petróleo Brasileiro SA, ADR		1,473,172
	145,314	PRIO SA*		942,488
	32,855	Raia Drogasil SA		97,028
	201,317	Rede D’Or Sao Luiz SA(b)		930,113
	33,328	Rumo SA		95,877
	131,000	Smartfit Escola de Ginastica e Danca SA		397,111
	2,596	Smartfit Escola de Ginastica e Danca SA*(a)		7,278
	20,425	Suzano SA		195,431
	23,521	TIM SA		64,627
	17,165	TOTVS SA		101,967
	21,149	Ultrapar Participações SA		59,762
	101,583	Vale SA		951,947
	115,797	Vale SA, Class B Shares, ADR		1,091,966
	304,235	Vibra Energia SA		879,863
	395,559	WEG SA		3,254,484
	10,797	XP Inc., Class A Shares		152,778

		Total Brazil		23,430,233


	Chile — 0.7%
	120,306	Antofagasta PLC		2,656,220
	1,266,261	Banco de Chile		163,476
	2,818	Banco de Credito e Inversiones SA		94,830
	2,141,522	Banco Santander Chile		115,638
	33,447	Cencosud SA		87,890
	32,401	Empresas CMPC SA		54,685
	9,413	Empresas COPEC SA		66,188
	473,707	Enel Americas SA		42,878

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Chile — 0.7% — (continued)
	564,409	Enel Chile SA	$	37,195
	23,830	Falabella SA		93,062
	5,222,651	Latam Airlines Group SA		83,535
	12,297	Sociedad Quimica y Minera de Chile SA, ADR(c)		471,836

		Total Chile		3,967,433


	China — 26.0%
	9,300	360 Security Technology Inc., Class A Shares		14,171
	3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		8,083
	20,000	AAC Technologies Holdings Inc.		115,509
	3,600	Accelink Technologies Co., Ltd., Class A Shares		26,945
	794	Advanced Micro-Fabrication Equipment Inc., Class A Shares		22,280
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		14,500
	154,700	Agricultural Bank of China Ltd., Class A Shares		108,842
	771,000	Agricultural Bank of China Ltd., Class H Shares(d)		458,236
	11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		22,678
	13,600	Air China Ltd., Class A Shares*		13,525
	18,000	Akeso Inc.*(b)		169,196
	626,076	Alibaba Group Holding Ltd.		10,368,485
	60,978	Alibaba Group Holding Ltd., ADR		8,080,195
	31,400	Aluminum Corp. of China Ltd., Class A Shares		30,872
	102,000	Aluminum Corp. of China Ltd., Class H Shares(d)		59,536
	351	Amlogic Shanghai Co., Ltd., Class A Shares*		4,081
	2,500	Angel Yeast Co., Ltd., Class A Shares		12,336
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		19,436
	398,337	Anhui Conch Cement Co., Ltd., Class H Shares(d)		1,089,964
	1,000	Anhui Gujing Distillery Co., Ltd., Class A Shares		23,054
	3,700	Anhui Gujing Distillery Co., Ltd., Class B Shares		55,260
	3,500	Anhui Jianghuai Automobile Group Corp., Ltd., Class A Shares		16,225
	200	Anhui Yingjia Distillery Co., Ltd., Class A Shares		1,550
	75,800	ANTA Sports Products Ltd.		851,203
	1,759	Autohome Inc., ADR		50,554
	3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		19,822
	44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(d)		21,896
	2,200	AVICOPTER PLC, Class A Shares		10,933
	16,800	BAIC BluePark New Energy Technology Co., Ltd., Class A Shares*		18,206
	63,518	Baidu Inc., Class A Shares*		685,551
	47,000	Bank of Beijing Co., Ltd., Class A Shares		37,656
	16,600	Bank of Changsha Co., Ltd., Class A Shares		19,512
	4,000	Bank of Chengdu Co., Ltd., Class A Shares		8,805
	54,930	Bank of China Ltd., Class A Shares		40,682
	1,980,000	Bank of China Ltd., Class H Shares(d)		1,123,014
	75,700	Bank of Communications Co., Ltd., Class A Shares		74,854
	259,000	Bank of Communications Co., Ltd., Class H Shares(d)		219,963
	14,800	Bank of Hangzhou Co., Ltd., Class A Shares		29,274
	35,590	Bank of Jiangsu Co., Ltd., Class A Shares		44,564
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		22,974
	14,790	Bank of Ningbo Co., Ltd., Class A Shares		49,269
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		38,040
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		29,349
	687	Beijing Kingsoft Office Software Inc., Class A Shares		32,748
	2,000	Beijing New Building Materials PLC, Class A Shares		7,919
	543	Beijing Roborock Technology Co., Ltd., Class A Shares		17,906
	5,880	Beijing Tiantan Biological Products Corp., Ltd., Class A Shares		16,005
	2,600	Beijing Tong Ren Tang Co., Ltd., Class A Shares		12,859
	1,218	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares		11,192
	79,200	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		59,422

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	6,207	Bilibili Inc., Class Z Shares*	$	125,925
	68,500	BOE Technology Group Co., Ltd., Class A Shares		40,458
	2,700	BYD Co., Ltd., Class A Shares		134,382
	100,000	BYD Co., Ltd., Class H Shares(d)		4,784,418
	22,500	BYD Electronic International Co., Ltd.		145,324
	639	Cambricon Technologies Corp., Ltd., Class A Shares*		64,667
	32,800	CGN Power Co., Ltd., Class A Shares		16,303
	318,000	CGN Power Co., Ltd., Class H Shares(b)(d)		99,019
	600	Changchun High-Tech Industry Group Co., Ltd., Class A Shares		7,824
	1,100	Changjiang Securities Co., Ltd., Class A Shares		972
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		20,788
	237,000	China CITIC Bank Corp., Ltd., Class H Shares(d)		174,286
	61,000	China Coal Energy Co., Ltd., Class H Shares(d)		62,892
	54,000	China Communications Services Corp., Ltd., Class H Shares(d)		33,202
	21,100	China Construction Bank Corp., Class A Shares		24,613
	6,024,224	China Construction Bank Corp., Class H Shares(d)		5,112,759
	9,900	China CSSC Holdings Ltd., Class A Shares		41,954
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		14,359
	47,400	China Energy Engineering Corp., Ltd., Class A Shares		14,958
	91,612	China Everbright Bank Co., Ltd., Class A Shares		47,251
	114,000	China Everbright Bank Co., Ltd., Class H Shares(d)		46,067
	92,000	China Feihe Ltd.(b)		66,542
	12,000	China Galaxy Securities Co., Ltd., Class A Shares		27,478
	98,500	China Galaxy Securities Co., Ltd., Class H Shares(d)		99,704
	10,800	China Greatwall Technology Group Co., Ltd., Class A Shares*		23,825
	73,000	China Hongqiao Group Ltd.		116,627
	4,600	China International Capital Corp., Ltd., Class A Shares		22,281
	46,400	China International Capital Corp., Ltd., Class H Shares(b)(d)		88,114
	7,200	China Jushi Co., Ltd., Class A Shares		11,256
	5,300	China Life Insurance Co., Ltd., Class A Shares		28,316
	200,000	China Life Insurance Co., Ltd., Class H Shares(d)		385,131
	8,800	China Literature Ltd.*(b)		28,564
	80,000	China Longyuan Power Group Corp., Ltd., Class H Shares(d)		61,484
	89,000	China Mengniu Dairy Co., Ltd.		203,203
	35,700	China Merchants Bank Co., Ltd., Class A Shares		205,873
	1,034,391	China Merchants Bank Co., Ltd., Class H Shares(d)		6,063,581
	17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		14,649
	9,230	China Merchants Securities Co., Ltd., Class A Shares		22,957
	6,520	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		8,794
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		31,624
	167,700	China Minsheng Banking Corp., Ltd., Class H Shares(d)		79,851
	152,000	China National Building Material Co., Ltd., Class H Shares(c)(d)		75,946
	19,300	China National Chemical Engineering Co., Ltd., Class A Shares		18,898
	34,000	China National Nuclear Power Co., Ltd., Class A Shares		44,675
	2,470	China National Software & Service Co., Ltd., Class A Shares*		15,777
	5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		15,948
	44,000	China Oilfield Services Ltd., Class H Shares(d)		36,498
	12,500	China Pacific Insurance Group Co., Ltd., Class A Shares		52,950
	76,200	China Pacific Insurance Group Co., Ltd., Class H Shares(d)		225,832
	43,800	China Petroleum & Chemical Corp., Class A Shares		34,739
	668,000	China Petroleum & Chemical Corp., Class H Shares(d)		354,812
	27,800	China Railway Group Ltd., Class A Shares		22,518
	138,000	China Railway Group Ltd., Class H Shares(d)		68,047
	22,980	China Railway Signal & Communication Corp., Ltd., Class A Shares		18,229
	4,498	China Resources Microelectronics Ltd., Class A Shares		29,055
	14,000	China Resources Mixc Lifestyle Services Ltd.(b)		58,099

See Notes to Financial Statements.



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	44,500	China Resources Pharmaceutical Group Ltd.(b)	$	30,370
	3,720	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		20,891
	13,299	China Shenhua Energy Co., Ltd., Class A Shares		64,741
	95,000	China Shenhua Energy Co., Ltd., Class H Shares(d)		361,634
	20,400	China Southern Airlines Co., Ltd., Class A Shares*		16,365
	57,440	China State Construction Engineering Corp., Ltd., Class A Shares		43,149
	41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares		23,914
	2,535	China Tourism Group Duty Free Corp., Ltd., Class A Shares		21,317
	125,600	China Tower Corp., Ltd., Class H Shares(b)(d)		178,212
	40,000	China United Network Communications Ltd., Class A Shares		34,312
	15,600	China Vanke Co., Ltd., Class A Shares*		16,610
	43,500	China Vanke Co., Ltd., Class H Shares*(d)		37,113
	41,900	China Yangtze Power Co., Ltd., Class A Shares		157,307
	52,390	China Zheshang Bank Co., Ltd., Class A Shares		20,547
	1,800	Chongqing Brewery Co., Ltd., Class A Shares		13,883
	16,182	Chongqing Changan Automobile Co., Ltd., Class A Shares		28,670
	28,000	Chongqing Rural Commercial Bank Co., Ltd., Class A Shares		21,718
	3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		10,355
	171,000	CITIC Ltd.		195,803
	22,565	CITIC Securities Co., Ltd., Class A Shares		84,701
	47,925	CITIC Securities Co., Ltd., Class H Shares(d)		137,807
	26,600	CMOC Group Ltd., Class A Shares		24,271
	96,000	CMOC Group Ltd., Class H Shares(d)		64,437
	1,820	CNGR Advanced Material Co., Ltd., Class A Shares		9,384
	16,100	CNPC Capital Co., Ltd., Class A Shares		13,982
	84,680	Contemporary Amperex Technology Co., Ltd., Class A Shares		3,079,497
	5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		8,093
	32,000	COSCO Shipping Energy Transportation Co., Ltd., Class H Shares(d)		26,675
	20,320	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		37,946
	80,750	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(d)		118,545
	51,400	CRRC Corp., Ltd., Class A Shares		52,703
	109,000	CRRC Corp., Ltd., Class H Shares(d)		72,338
	8,700	CSC Financial Co., Ltd., Class A Shares		29,312
	2,880	CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares		13,872
	229,120	CSPC Pharmaceutical Group Ltd.		139,167
	21,700	Daqin Railway Co., Ltd., Class A Shares		19,928
	360,000	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		720,780
	2,100	Dong-E-E-Jiao Co., Ltd., Class A Shares		16,232
	600	Dongfang Electric Corp., Ltd., Class A Shares		1,202
	27,025	East Money Information Co., Ltd., Class A Shares		86,380
	31,880	Eastroc Beverage Group Co., Ltd., Class A Shares		965,818
	900	Ecovacs Robotics Co., Ltd., Class A Shares		7,199
	1,300	Empyrean Technology Co., Ltd., Class A Shares		19,165
	21,000	ENN Energy Holdings Ltd.		142,246
	313,843	ENN Natural Gas Co., Ltd., Class A Shares		872,325
	2,000	Eoptolink Technology Inc. Ltd., Class A Shares		26,483
	2,581	Eve Energy Co., Ltd., Class A Shares		16,627
	7,300	Everbright Securities Co., Ltd., Class A Shares		17,616
	4,000	Flat Glass Group Co., Ltd., Class A Shares		11,941
	20,800	Focus Media Information Technology Co., Ltd., Class A Shares		18,118
	9,186	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		51,878
	53,500	Fosun International Ltd.		30,257
	17,700	Founder Securities Co., Ltd., Class A Shares		19,215
	25,800	Foxconn Industrial Internet Co., Ltd., Class A Shares		75,425
	155,000	Full Truck Alliance Co., Ltd., ADR		1,819,700
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		31,671

See Notes to Financial Statements.

100



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	16,800	Fuyao Glass Industry Group Co., Ltd., Class H Shares(b)(d)	$	114,178
	3,220	Ganfeng Lithium Group Co., Ltd., Class A Shares		16,091
	21,800	GD Power Development Co., Ltd., Class A Shares		12,651
	15,100	GEM Co., Ltd., Class A Shares		14,118
	26,000	Genscript Biotech Corp.*		42,654
	9,000	GF Securities Co., Ltd., Class A Shares		18,976
	10,400	Giant Biogene Holding Co. Ltd(b)		83,862
	924	Gigadevice Semiconductor Inc., Class A Shares*		16,764
	4,300	GoerTek Inc., Class A Shares		16,779
	2,700	Goldwind Science & Technology Co., Ltd., Class A Shares		3,349
	1,595	Goneo Group Co., Ltd., Class A Shares		16,392
	2,000	Gotion High-tech Co., Ltd., Class A Shares		6,411
	4,100	Great Wall Motor Co., Ltd., Class A Shares		14,008
	68,500	Great Wall Motor Co., Ltd., Class H Shares(d)		113,973
	109,300	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		613,207
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		15,381
	7,700	Guanghui Energy Co., Ltd., Class A Shares		6,463
	15,100	Guangzhou Automobile Group Co., Ltd., Class A Shares		18,130
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		9,481
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		12,153
	3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		9,240
	3,800	Guolian Minsheng Securities Co., Ltd., Class A Shares		5,899
	9,400	Guosen Securities Co., Ltd., Class A Shares		13,483
	16,600	Guotai Junan Securities Co., Ltd., Class A Shares(a)		39,518
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		6,481
	18,833	H World Group Ltd., ADR		675,916
	44,000	Haidilao International Holding Ltd.(b)		94,353
	7,300	Haier Smart Home Co., Ltd., Class A Shares		26,313
	67,800	Haier Smart Home Co., Ltd., Class H Shares(d)		217,722
	70,600	Hainan Airlines Holding Co., Ltd., Class A Shares*		14,937
	29,200	Hainan Airport Infrastructure Co., Ltd., Class A Shares*		15,163
	16,000	Haitian International Holdings Ltd.		42,770
	21,900	Haitong Securities Co., Ltd., Class A Shares(a)(e)		31,251
	67,200	Haitong Securities Co., Ltd., Class H Shares(a)(d)(e)		55,734
	4,939	Hangzhou First Applied Material Co., Ltd., Class A Shares		10,079
	2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares*		9,450
	400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		3,117
	38,000	Hansoh Pharmaceutical Group Co., Ltd.(b)		88,265
	1,600	Henan Shenhuo Coal Industry & Electricity Power Co., Ltd., Class A Shares		3,959
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		19,541
	303,500	Hengan International Group Co., Ltd.		850,688
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares		23,138
	8,200	Hengtong Optic-electric Co., Ltd., Class A Shares		17,571
	4,000	Hisense Home Appliances Group Co., Ltd., Class A Shares		15,704
	13,000	Hisense Home Appliances Group Co., Ltd., Class H Shares(d)		44,073
	699	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		28,997
	14,100	HLA Group Corp., Ltd., Class A Shares		15,375
	900	Hoshine Silicon Industry Co., Ltd., Class A Shares		6,653
	21,000	Hua Hong Semiconductor Ltd.(b)		93,014
	18,400	Huadian Power International Corp., Ltd., Class A Shares		14,096
	1,694	Huadong Medicine Co., Ltd., Class A Shares		8,047
	15,100	Huafon Chemical Co., Ltd., Class A Shares		17,128
	3,500	Huagong Tech Co., Ltd., Class A Shares		21,466
	7,500	Huaibei Mining Holdings Co., Ltd., Class A Shares		13,905
	2,260	Hualan Biological Engineering Inc., Class A Shares		4,895
	22,500	Huaneng Power International Inc., Class A Shares		20,742

See Notes to Financial Statements.

101



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	114,000	Huaneng Power International Inc., Class H Shares(d)	$	63,717
	2,600	Huaqin Technology Co., Ltd., Class A Shares		31,511
	16,000	Huatai Securities Co., Ltd., Class A Shares		38,447
	35,800	Huatai Securities Co., Ltd., Class H Shares(b)(d)		60,383
	30,500	Huaxia Bank Co., Ltd., Class A Shares		30,202
	303,899	Huayu Automotive Systems Co., Ltd., Class A Shares		759,863
	1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		17,008
	3,200	Humanwell Healthcare Group Co., Ltd., Class A Shares		8,730
	3,785	Hundsun Technologies Inc., Class A Shares		15,900
	4,476	Hygon Information Technology Co., Ltd., Class A Shares		98,662
	4,600	IEIT Systems Co., Ltd., Class A Shares		37,404
	3,900	Iflytek Co., Ltd., Class A Shares		27,749
	560	Imeik Technology Development Co., Ltd., Class A Shares		13,094
	111,300	Industrial & Commercial Bank of China Ltd., Class A Shares		104,818
	1,934,000	Industrial & Commercial Bank of China Ltd., Class H Shares(d)		1,370,054
	31,400	Industrial Bank Co., Ltd., Class A Shares		89,388
	19,760	Industrial Securities Co., Ltd., Class A Shares		16,237
	800	Ingenic Semiconductor Co., Ltd., Class A Shares		9,353
	62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*		15,641
	7,700	Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares		18,711
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		12,812
	13,600	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		52,724
	28,100	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		54,179
	35,000	Innovent Biologics Inc.*(b)		182,528
	2,200	Isoftstone Information Technology Group Co., Ltd., Class A Shares		19,515
	66,200	J&T Global Express Ltd.*		54,649
	4,116	JA Solar Technology Co., Ltd., Class A Shares		7,173
	4,000	JCET Group Co., Ltd., Class A Shares		20,475
	31,900	JD Health International Inc.*(b)		138,919
	57,000	JD Logistics Inc.*(b)		102,287
	96,923	JD.com Inc., ADR		4,061,074
	86,956	JD.com Inc., Class A Shares		1,818,991
	7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares		9,386
	24,000	Jiangsu Expressway Co., Ltd., Class H Shares(d)		27,302
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		21,273
	10,301	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		64,984
	3,000	Jiangsu King’s Luck Brewery JSC Ltd., Class A Shares		21,793
	1,800	Jiangsu Yanghe Distillery Co., Ltd., Class A Shares		19,108
	3,200	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A Shares		15,968
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		11,747
	5,300	Jiangxi Copper Co., Ltd., Class A Shares		15,095
	29,000	Jiangxi Copper Co., Ltd., Class H Shares(d)		45,625
	9,597	Jinko Solar Co., Ltd., Class A Shares		9,079
	1,217	Kangmei Pharmaceutical Co., Ltd., Class A Shares*(e)#		2
	7,023	Kanzhun Ltd., ADR*		112,368
	113,468	KE Holdings Inc., ADR		2,526,932
	89,000	Kingdee International Software Group Co., Ltd.*		146,829
	27,800	Kingsoft Corp., Ltd.		143,915
	74,600	Kuaishou Technology, Class B Shares*(b)		487,357
	3,200	Kuang-Chi Technologies Co., Ltd., Class A Shares		18,057
	2,800	Kunlun Tech Co., Ltd., Class A Shares		14,231
	2,188	Kweichow Moutai Co., Ltd., Class A Shares		449,872
	6,600	LB Group Co., Ltd., Class A Shares		15,960
	902,000	Lenovo Group Ltd.		1,346,409
	9,000	Lens Technology Co., Ltd., Class A Shares		33,180
	34,706	Li Auto Inc., Class A Shares*		534,368

See Notes to Financial Statements.

102



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	66,500	Li Ning Co., Ltd.	$	145,739
	70,500	Liaoning Port Co., Ltd., Class A Shares		14,813
	14,500	Lingyi iTech Guangdong Co., Class A Shares		19,327
	51,500	Longfor Group Holdings Ltd.(b)		70,888
	9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares		20,799
	1,012	Loongson Technology Corp., Ltd., Class A Shares*		18,445
	11,038	Luxshare Precision Industry Co., Ltd., Class A Shares		65,498
	2,000	Luzhou Laojiao Co., Ltd., Class A Shares		34,796
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		11,909
	864	Maxscend Microelectronics Co., Ltd., Class A Shares		9,908
	11,300	Meihua Holdings Group Co., Ltd., Class A Shares		14,363
	403,343	Meituan, Class B Shares*(b)		8,450,294
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		15,784
	9,400	Midea Group Co., Ltd.*		89,762
	113,500	Midea Group Co., Ltd., Class A Shares		1,138,679
	12,516	MINISO Group Holding Ltd.		64,865
	34,000	MINISO Group Holding Ltd., ADR(c)		707,540
	1,749	Montage Technology Co., Ltd., Class A Shares		18,770
	10,086	Muyuan Foods Co., Ltd., Class A Shares		50,225
	16,595	NARI Technology Co., Ltd., Class A Shares		53,455
	5,493	National Silicon Industry Group Co., Ltd., Class A Shares(a)		15,303
	800	NAURA Technology Group Co., Ltd., Class A Shares		49,248
	94,525	NetEase Inc.		1,891,017
	17,880	NetEase Inc., ADR		1,782,994
	5,400	New China Life Insurance Co., Ltd., Class A Shares		35,649
	28,000	New China Life Insurance Co., Ltd., Class H Shares(d)		94,776
	6,400	New Hope Liuhe Co., Ltd., Class A Shares*		8,402
	40,810	New Oriental Education & Technology Group Inc.		194,697
	3,400	Ninestar Corp., Class A Shares*		12,232
	2,492	Ningbo Deye Technology Co., Ltd., Class A Shares		31,610
	2,100	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares		13,706
	4,500	Ningbo Sanxing Medical Electric Co., Ltd., Class A Shares		16,931
	4,160	Ningbo Tuopu Group Co., Ltd., Class A Shares		36,150
	10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		23,141
	41,133	NIO Inc., Class A Shares*(c)		191,594
	56,000	Nongfu Spring Co., Ltd., Class H Shares(b)(d)		250,067
	9,000	OFILM Group Co., Ltd., Class A Shares*		16,852
	1,000	Oppein Home Group Inc., Class A Shares		9,074
	14,464	Orient Securities Co., Ltd., Class A Shares		19,333
	24,800	People’s Insurance Co. Group of China Ltd. (The), Class A Shares		22,468
	243,000	People’s Insurance Co. Group of China Ltd. (The), Class H Shares(d)		119,904
	21,700	PetroChina Co., Ltd., Class A Shares		23,359
	562,000	PetroChina Co., Ltd., Class H Shares(d)		418,710
	2,025	Pharmaron Beijing Co., Ltd., Class A Shares		7,367
	190,000	PICC Property & Casualty Co., Ltd., Class H Shares(d)		311,334
	586,880	Ping An Bank Co., Ltd., Class A Shares		927,724
	18,500	Ping An Insurance Group Co. of China Ltd., Class A Shares		127,897
	915,500	Ping An Insurance Group Co. of China Ltd., Class H Shares(d)		5,433,547
	850	Piotech Inc., Class A Shares		20,765
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		21,509
	15,600	Pop Mart International Group Ltd.(b)		209,645
	45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		33,035
	221,000	Postal Savings Bank of China Co., Ltd., Class H Shares(b)(d)		140,335
	22,300	Power Construction Corp. of China Ltd., Class A Shares		15,295
	102,300	Proya Cosmetics Co., Ltd., Class A Shares		1,186,809
	4,321	Qifu Technology Inc., ADR		173,186

See Notes to Financial Statements.

103



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*	$	18,810
	4,000	Range Intelligent Computing Technology Group Co., Ltd., Class A Shares		34,379
	11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares		14,323
	11,800	SAIC Motor Corp., Ltd., Class A Shares		26,661
	9,500	Sailun Group Co., Ltd., Class A Shares		20,526
	6,100	Sanan Optoelectronics Co., Ltd., Class A Shares		10,264
	18,900	Sany Heavy Industry Co., Ltd., Class A Shares		47,173
	7,247	Satellite Chemical Co., Ltd., Class A Shares		21,104
	20,600	SDIC Capital Co., Ltd., Class A Shares		20,113
	14,700	SDIC Power Holdings Co., Ltd., Class A Shares		28,729
	2,700	Seres Group Co., Ltd., Class A Shares		45,008
	7,700	SF Holding Co., Ltd., Class A Shares		44,107
	975	SG Micro Corp., Class A Shares		11,792
	16,700	Shaanxi Coal Industry Co., Ltd., Class A Shares		43,434
	5,500	Shandong Gold Mining Co., Ltd., Class A Shares		17,685
	28,500	Shandong Gold Mining Co., Ltd., Class H Shares(b)(d)		53,255
	2,250	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		6,341
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		7,622
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		13,236
	62,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(d)		40,678
	1,987	Shanghai Baosight Software Co., Ltd., Class A Shares		8,934
	19,197	Shanghai Baosight Software Co., Ltd., Class B Shares		34,154
	637	Shanghai BOCHU Electronic Technology Corp., Ltd., Class A Shares		16,630
	23,700	Shanghai Electric Group Co., Ltd., Class A Shares*		26,520
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		13,711
	2,000	Shanghai International Airport Co., Ltd., Class A Shares		8,901
	2,200	Shanghai M&G Stationery Inc., Class A Shares		8,347
	2,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		7,110
	16,800	Shanghai Pharmaceuticals Holding Co., Ltd., Class H Shares(d)		25,450
	40,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		56,069
	5,102	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		12,012
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		14,668
	19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		21,469
	1,498	Shanghai United Imaging Healthcare Co., Ltd., Class A Shares		27,790
	7,100	Shanjin International Gold Co., Ltd., Class A Shares		15,698
	6,100	Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares		5,787
	7,400	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A Shares		12,240
	2,140	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		59,867
	18,000	Shenergy Co., Ltd., Class A Shares		21,970
	4,400	Shengyi Technology Co., Ltd., Class A Shares		17,432
	1,260	Shennan Circuits Co., Ltd., Class A Shares		22,654
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		34,139
	1,680	Shenzhen Energy Group Co., Ltd., Class A Shares		1,436
	288,500	Shenzhen Inovance Technology Co., Ltd., Class A Shares		2,858,473
	20,900	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		726,909
	1,900	Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares		16,191
	1,359	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		17,335
	72,600	Shenzhou International Group Holdings Ltd.		529,490
	4,649	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A Shares		8,848
	12,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		24,647
	4,400	Sichuan Kelun Pharmaceutical Co., Ltd., Class A Shares		17,801
	17,860	Sichuan Road & Bridge Group Co., Ltd., Class A Shares		17,976
	2,300	Sieyuan Electric Co., Ltd., Class A Shares		23,069
	9,000	Silergy Corp.		122,305
	621,772	Sinopharm Group Co., Ltd., Class H Shares(d)		1,568,050
	16,500	Sinotruk Hong Kong Ltd.		43,884

See Notes to Financial Statements.

104



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	55,000	Smoore International Holdings Ltd.(b)(c)	$	81,861
	2,000	Spring Airlines Co., Ltd., Class A Shares		14,737
	66,240	Sungrow Power Supply Co., Ltd., Class A Shares		645,686
	20,200	Sunny Optical Technology Group Co., Ltd.		225,726
	2,800	Sunwoda Electronic Co., Ltd., Class A Shares		9,365
	1,653	SUPCON Technology Co., Ltd., Class A Shares		12,339
	5,100	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares		22,490
	512	Suzhou Maxwell Technologies Co., Ltd., Class A Shares		7,010
	1,400	Suzhou TFC Optical Communication Co., Ltd., Class A Shares		17,103
	13,074	TAL Education Group, ADR*		168,916
	8,060	TBEA Co., Ltd., Class A Shares		13,339
	20,020	TCL Technology Group Corp., Class A Shares		12,704
	4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares		6,020
	426,431	Tencent Holdings Ltd.		26,281,696
	22,113	Tencent Music Entertainment Group, ADR		269,557
	4,300	Tianqi Lithium Corp., Class A Shares		19,163
	1,094,000	Tingyi Cayman Islands Holding Corp.		1,591,430
	31,600	Tongcheng Travel Holdings Ltd.		70,895
	5,900	Tongkun Group Co., Ltd., Class A Shares		10,313
	31,900	Tongling Nonferrous Metals Group Co., Ltd., Class A Shares		14,090
	10,300	Tongwei Co., Ltd., Class A Shares		29,842
	25,000	TravelSky Technology Ltd., Class H Shares(d)		34,713
	6,575	Trina Solar Co., Ltd., Class A Shares		15,660
	300	Tsingtao Brewery Co., Ltd., Class A Shares		2,872
	18,000	Tsingtao Brewery Co., Ltd., Class H Shares(d)		120,492
	979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		8,288
	8,160	Unisplendour Corp., Ltd., Class A Shares		33,158
	3,400	Victory Giant Technology Huizhou Co., Ltd., Class A Shares		23,958
	10,720	Vipshop Holdings Ltd., ADR		168,518
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		44,384
	12,400	Weichai Power Co., Ltd., Class A Shares		26,713
	754,200	Weichai Power Co., Ltd., Class H Shares(d)		1,482,935
	3,040	Weihai Guangwei Composites Co., Ltd., Class A Shares		13,366
	7,640	Wens Foodstuff Group Co., Ltd., Class A Shares		17,076
	8,300	Western Mining Co., Ltd., Class A Shares		18,185
	11,400	Western Securities Co., Ltd., Class A Shares		12,795
	2,442	Western Superconducting Technologies Co., Ltd., Class A Shares		14,890
	1,620	Will Semiconductor Co., Ltd. Shanghai, Class A Shares		31,555
	1,600	Wingtech Technology Co., Ltd., Class A Shares		7,589
	2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares		2,232
	6,600	Wuliangye Yibin Co., Ltd., Class A Shares		119,302
	6,260	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		30,194
	3,864	WuXi AppTec Co., Ltd., Class A Shares		32,482
	8,748	WuXi AppTec Co., Ltd., Class H Shares(b)(d)		67,238
	98,000	Wuxi Biologics Cayman Inc.*(b)		283,141
	22,000	XCMG Construction Machinery Co., Ltd., Class A Shares		26,607
	460,800	Xiaomi Corp., Class B Shares*(b)		3,070,996
	2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares		8,163
	112,000	Xinyi Solar Holdings Ltd.		46,872
	34,122	XPeng Inc., Class A Shares*		369,083
	28,000	Yadea Group Holdings Ltd.(b)		45,976
	10,660	Yankuang Energy Group Co., Ltd., Class A Shares		19,404
	96,700	Yankuang Energy Group Co., Ltd., Class H Shares(d)		100,750
	3,700	Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares		17,765
	1,470	Yealink Network Technology Corp., Ltd., Class A Shares		7,956
	3,480	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		11,191

See Notes to Financial Statements.

105



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	China — 26.0% — (continued)
	1,800	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares	$	7,909
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares*		11,180
	8,200	YTO Express Group Co., Ltd., Class A Shares		15,482
	11,791	Yum China Holdings Inc.		582,593
	7,900	Yunnan Aluminium Co., Ltd., Class A Shares		17,483
	5,000	Yunnan Baiyao Group Co., Ltd., Class A Shares		37,848
	1,300	Yunnan Energy New Material Co., Ltd., Class A Shares		5,837
	7,400	Yunnan Yuntianhua Co., Ltd., Class A Shares		21,230
	6,100	Yutong Bus Co., Ltd., Class A Shares		22,063
	4,000	Zangge Mining Co., Ltd., Class A Shares		17,537
	800	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		22,443
	36,500	Zhaojin Mining Industry Co., Ltd., Class H Shares(d)		61,410
	2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		6,731
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		14,442
	1,300	Zhejiang Dingli Machinery Co., Ltd., Class A Shares		10,479
	61,680	Zhejiang Expressway Co., Ltd., Class H Shares(d)		45,821
	2,158	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		9,795
	1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		8,629
	5,900	Zhejiang Juhua Co., Ltd., Class A Shares		19,736
	10,982	Zhejiang Leapmotor Technology Co., Ltd.*(b)		49,758
	7,200	Zhejiang NHU Co., Ltd., Class A Shares		20,933
	5,500	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		22,899
	7,000	Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A Shares		18,984
	23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares		17,925
	7,900	Zheshang Securities Co., Ltd., Class A Shares		12,533
	1,820	Zhongji Innolight Co., Ltd., Class A Shares		25,345
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		19,371
	28,500	Zhongsheng Group Holdings Ltd.		46,494
	2,300	Zhongtai Securities Co., Ltd., Class A Shares		1,994
	3,906	Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares		24,904
	11,200	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(d)		47,002
	33,400	Zijin Mining Group Co., Ltd., Class A Shares		70,650
	164,000	Zijin Mining Group Co., Ltd., Class H Shares(d)		308,376
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		14,495
	3,100	ZTE Corp., Class A Shares		16,461
	18,000	ZTE Corp., Class H Shares(d)		68,231
	11,205	ZTO Express Cayman Inc.		217,038

		Total China		143,007,570


	Colombia — 0.0%@
	6,956	Bancolombia SA		76,530
	12,422	Interconexion Electrica SA ESP		61,963

		Total Colombia		138,493


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


	Czech Republic — 0.1%
	4,270	CEZ AS		180,580
	2,012	Komercni Banka AS		86,764
	10,147	Moneta Money Bank AS(b)		57,181

		Total Czech Republic		324,525


	Egypt — 0.2%
	55,480	Commercial International Bank — Egypt (CIB)		82,919
	821,845	Commercial International Bank — Egypt (CIB), Class Registered Shares, GDR		1,212,006
	30,598	Eastern Co. SAE		18,737

		Total Egypt		1,313,662

See Notes to Financial Statements.

106



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Germany — 0.1%
	20,000	Delivery Hero SE, Class A Shares*(b)	$	581,695


	Greece — 1.0%
	75,290	Alpha Services & Holdings SA		153,416
	380,102	Eurobank Ergasias Services & Holdings SA		994,163
	1,594	FF Group*(e)#		—
	4,184	Hellenic Telecommunications Organization SA		65,177
	3,520	JUMBO SA		96,882
	21,779	Metlen Energy & Metals SA		806,603
	148,531	National Bank of Greece SA		1,383,027
	41,917	OPAP SA		743,977
	230,101	Piraeus Financial Holdings SA		1,084,533
	5,371	Public Power Corp. SA		74,000

		Total Greece		5,401,778


	Hong Kong — 1.5%
	364,800	AIA Group Ltd.		2,794,141
	164,000	Alibaba Health Information Technology Ltd.*(c)		105,083
	60,900	ASMPT Ltd.		475,413
	11,000	Beijing Enterprises Holdings Ltd.		37,923
	78,000	Beijing Enterprises Water Group Ltd.		22,792
	110,000	Bosideng International Holdings Ltd.		53,691
	28,000	C&D International Investment Group Ltd.		55,770
	64,800	China Gas Holdings Ltd.		56,343
	850,000	China Medical System Holdings Ltd.		898,772
	29,538	China Merchants Port Holdings Co., Ltd.		48,281
	95,500	China Overseas Land & Investment Ltd.		177,184
	131,000	China Power International Development Ltd.		50,533
	46,500	China Resources Beer Holdings Co., Ltd.		148,947
	27,600	China Resources Gas Group Ltd.		93,052
	87,000	China Resources Land Ltd.		291,689
	54,000	China Resources Power Holdings Co., Ltd.		124,716
	208,000	China Ruyi Holdings Ltd.*(c)		60,979
	58,000	China State Construction International Holdings Ltd.		88,841
	35,800	China Taiping Insurance Holdings Co., Ltd.		52,768
	51,000	Chow Tai Fook Jewellery Group Ltd.		49,275
	50,000	Far East Horizon Ltd.		37,959
	165,000	Galaxy Entertainment Group Ltd.		675,741
	531,000	GCL Technology Holdings Ltd.*		84,810
	163,000	Geely Automobile Holdings Ltd.		368,877
	96,000	Guangdong Investment Ltd.		72,913
	116,000	Kunlun Energy Co., Ltd.		115,688
	3,000	Orient Overseas International Ltd.		40,110
	297,750	Sino Biopharmaceutical Ltd.		123,599
	1,375,000	Want Want China Holdings Ltd.		830,345

		Total Hong Kong		8,036,235


	Hungary — 0.8%
	128,629	MOL Hungarian Oil & Gas PLC		952,972
	55,883	OTP Bank Nyrt		3,425,115
	3,969	Richter Gedeon Nyrt		110,045

		Total Hungary		4,488,132


	India — 15.3%
	1,569	ABB India Ltd.		89,574
	4,372	Adani Enterprises Ltd.		104,993
	14,607	Adani Ports & Special Economic Zone Ltd.		178,867

See Notes to Financial Statements.

107



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 15.3% — (continued)
	19,316	Adani Power Ltd.*	$	108,296
	1,166	Alkem Laboratories Ltd.		61,132
	14,916	Ambuja Cements Ltd.		79,435
	4,996	APL Apollo Tubes Ltd.		82,002
	30,729	Apollo Hospitals Enterprise Ltd.		2,126,022
	39,500	Ashok Leyland Ltd.		97,131
	10,900	Asian Paints Ltd.		271,791
	3,407	Astral Ltd.		52,382
	10,537	AU Small Finance Bank Ltd.(b)		68,405
	7,814	Aurobindo Pharma Ltd.*		95,177
	4,548	Avenue Supermarts Ltd.*(b)		176,736
	117,220	Axis Bank Ltd.		1,366,667
	1,870	Bajaj Auto Ltd.		169,617
	7,759	Bajaj Finance Ltd.		759,107
	10,904	Bajaj Finserv Ltd.		233,954
	806	Bajaj Holdings & Investment Ltd.		107,061
	2,232	Balkrishna Industries Ltd.		66,503
	28,101	Bank of Baroda		63,644
	102,639	Bharat Electronics Ltd.		292,761
	7,210	Bharat Forge Ltd.		83,820
	26,158	Bharat Heavy Electricals Ltd.		53,751
	41,676	Bharat Petroleum Corp., Ltd.		114,243
	71,364	Bharti Airtel Ltd.		1,278,371
	198	Bosch Ltd.		60,401
	3,124	Britannia Industries Ltd.		163,799
	1,120	BSE Ltd.		59,950
	47,609	Canara Bank		44,528
	18,240	CG Power & Industrial Solutions Ltd.*		119,949
	82,396	Cholamandalam Investment & Finance Co., Ltd.		1,324,782
	14,325	Cipla Ltd.		230,365
	53,365	Coal India Ltd.		226,063
	4,130	Colgate-Palmolive India Ltd.		116,999
	6,095	Container Corp. Of India Ltd.		43,727
	3,608	Cummins India Ltd.		113,579
	16,912	Dabur India Ltd.		95,817
	91,447	Delhivery Ltd.*		261,683
	3,468	Divi’s Laboratories Ltd.		217,861
	1,017	Dixon Technologies India Ltd.		163,776
	20,976	DLF Ltd.		152,351
	16,051	Dr Reddy’s Laboratories Ltd.		205,316
	3,935	Eicher Motors Ltd.		215,752
	61,646	GAIL India Ltd.		112,024
	94,009	GMR Airports Ltd.*		74,672
	12,040	Godrej Consumer Products Ltd.		139,131
	4,526	Godrej Properties Ltd.*		100,511
	7,337	Grasim Industries Ltd.		196,166
	6,625	Havells India Ltd.		107,952
	26,457	HCL Technologies Ltd.		477,412
	2,494	HDFC Asset Management Co., Ltd.(b)		103,849
	210,675	HDFC Bank Ltd.		4,183,256
	132,871	HDFC Bank Ltd., ADR		8,187,511
	24,643	HDFC Life Insurance Co., Ltd.(b)		173,229
	3,472	Hero MotoCorp Ltd.		147,040
	39,027	Hindalco Industries Ltd.		284,097
	5,612	Hindustan Aeronautics Ltd.		201,110
	25,257	Hindustan Petroleum Corp., Ltd.		86,075

See Notes to Financial Statements.

108



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 15.3% — (continued)
	22,907	Hindustan Unilever Ltd.	$	575,186
	4,546	Hyundai Motor India Ltd.*		87,753
	145,254	ICICI Bank Ltd.		2,004,916
	192,792	ICICI Bank Ltd., ADR		5,375,041
	5,885	ICICI Lombard General Insurance Co., Ltd.(b)		113,488
	10,058	ICICI Prudential Life Insurance Co., Ltd.(b)		63,462
	119,973	IDFC First Bank Ltd.*		80,712
	23,869	Indian Hotels Co., Ltd. (The), Class A Shares		195,361
	75,308	Indian Oil Corp., Ltd.		98,746
	7,982	Indian Railway Catering & Tourism Corp., Ltd.		61,881
	478,409	Indus Towers Ltd.*		1,780,732
	16,128	IndusInd Bank Ltd.		180,083
	1,985	Info Edge India Ltd.		159,290
	92,529	Infosys Ltd.		1,812,112
	5,272	InterGlobe Aviation Ltd.*(b)		270,401
	83,618	ITC Ltd.		379,639
	8,783	Jindal Stainless Ltd.		59,246
	11,170	Jindal Steel & Power Ltd.		109,235
	362,575	Jio Financial Services Ltd.*		866,078
	12,171	JSW Energy Ltd.		64,880
	17,171	JSW Steel Ltd.		187,791
	9,086	Jubilant Foodworks Ltd.		65,305
	11,490	Kalyan Jewellers India Ltd.		60,846
	21,500	KEI Industries Ltd.		768,870
	146,311	Kotak Mahindra Bank Ltd.		3,187,421
	18,768	Larsen & Toubro Ltd.		682,088
	2,225	LTIMindtree Ltd.(b)		119,326
	6,483	Lupin Ltd.		141,607
	8,287	Macrotech Developers Ltd.(b)		106,717
	107,834	Mahindra & Mahindra Ltd.		3,198,048
	11,271	MakeMyTrip Ltd.*		1,084,946
	3,608	Mankind Pharma Ltd.*		93,869
	14,859	Marico Ltd.		102,342
	3,503	Maruti Suzuki India Ltd.		478,845
	22,101	Max Healthcare Institute Ltd.		245,034
	3,048	Mphasis Ltd.		79,160
	71	MRF Ltd.		85,710
	3,203	Muthoot Finance Ltd.		78,160
	9,749	Nestle India Ltd.		245,218
	103,946	NHPC Ltd.		87,855
	77,052	NMDC Ltd.		55,563
	121,549	NTPC Ltd.		432,992
	62,545	Oberoi Realty Ltd.		1,060,266
	92,535	Oil & Natural Gas Corp., Ltd.		239,251
	13,625	Oil India Ltd.		53,780
	553	Oracle Financial Services Software Ltd.		49,183
	185	Page Industries Ltd.		86,151
	10,276	PB Fintech Ltd.*		173,334
	3,171	Persistent Systems Ltd.		191,864
	23,014	Petronet LNG Ltd.		74,665
	118,085	Phoenix Mills Ltd. (The)		2,084,992
	2,152	PI Industries Ltd.		74,178
	4,399	Pidilite Industries Ltd.		134,128
	1,425	Polycab India Ltd.		77,091
	42,380	Power Finance Corp., Ltd.		179,621
	127,537	Power Grid Corp. of India Ltd.		368,974

See Notes to Financial Statements.

109



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	India — 15.3% — (continued)
	4,411	Prestige Estates Projects Ltd.	$	56,728
	76,677	Punjab National Bank		77,275
	12,011	Rail Vikas Nigam Ltd.		46,284
	37,082	REC Ltd.		155,377
	678,531	Reliance Industries Ltd.		9,314,142
	88,201	Samvardhana Motherson International Ltd.		121,269
	10,224	SBI Cards & Payment Services Ltd.		97,581
	12,752	SBI Life Insurance Co., Ltd.(b)		208,831
	275	Shree Cement Ltd.		86,335
	39,275	Shriram Finance Ltd.		277,992
	2,571	Siemens Ltd.		136,391
	790	Solar Industries India Ltd.		79,823
	12,906	Sona Blw Precision Forgings Ltd.(b)		72,526
	3,892	SRF Ltd.		124,647
	49,720	State Bank of India		393,501
	27,062	Sun Pharmaceutical Industries Ltd.		492,000
	1,693	Sundaram Finance Ltd.		88,743
	1,866	Supreme Industries Ltd.		71,378
	254,318	Suzlon Energy Ltd.*		145,960
	3,941	Tata Communications Ltd.		61,099
	90,155	Tata Consultancy Services Ltd.		3,597,514
	16,854	Tata Consumer Products Ltd.		186,301
	865	Tata Elxsi Ltd.		53,606
	56,394	Tata Motors Ltd.		402,674
	44,189	Tata Power Co., Ltd. (The)		172,022
	210,889	Tata Steel Ltd.		331,549
	14,873	Tech Mahindra Ltd.		253,958
	1,209	Thermax Ltd.		46,881
	108,330	Titan Co., Ltd.		3,833,170
	3,612	Torrent Pharmaceuticals Ltd.		121,354
	5,829	Torrent Power Ltd.		85,503
	4,949	Trent Ltd.		273,868
	3,306	Tube Investments of India Ltd.		93,952
	6,684	TVS Motor Co., Ltd.		170,876
	21,657	UltraTech Cement Ltd.		2,511,908
	37,122	Union Bank of India Ltd.		48,310
	7,698	United Spirits Ltd.		113,292
	161,930	UPL Ltd.		1,170,524
	37,839	Varun Beverages Ltd.		186,742
	37,523	Vedanta Ltd.		169,679
	683,511	Vodafone Idea Ltd.*		58,890
	7,259	Voltas Ltd.		109,778
	72,562	Wipro Ltd.		231,764
	394,970	Yes Bank Ltd.*		75,975
	202,476	Zomato Ltd.*		512,770

		Total India		84,266,350


	Indonesia — 1.7%
	401,700	Alamtri Resources Indonesia Tbk PT		50,059
	170,900	Amman Mineral Internasional PT*		67,530
	3,618,600	Astra International Tbk PT		990,975
	1,545,300	Bank Central Asia Tbk PT		786,291
	4,641,148	Bank Mandiri Persero Tbk PT		1,296,203
	4,759,100	Bank Negara Indonesia Persero Tbk PT		1,163,622
	12,390,424	Bank Rakyat Indonesia Persero Tbk PT		2,525,442
	560,447	Barito Pacific Tbk PT		26,616
	177,900	Chandra Asri Pacific Tbk PT		71,827

See Notes to Financial Statements.

110



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Indonesia — 1.7% — (continued)
	243,100	Charoen Pokphand Indonesia Tbk PT	$	61,478
	22,997,800	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		104,539
	74,900	Indofood CBP Sukses Makmur Tbk PT		47,089
	106,100	Indofood Sukses Makmur Tbk PT		45,604
	727,000	Kalbe Farma Tbk PT		47,488
	564,000	Sumber Alfaria Trijaya Tbk PT		74,771
	1,379,687	Telkom Indonesia Persero Tbk PT		197,525
	67,320	Telkom Indonesia Persero Tbk PT, ADR		977,486
	441,100	United Tractors Tbk PT		594,728

		Total Indonesia		9,129,273


	Ireland — 0.7%
	33,342	PDD Holdings Inc., ADR*		3,790,652


	Kazakhstan — 0.5%
	28,000	Kaspi.KZ JSC, ADR		2,932,720


	Kuwait — 0.3%
	43,785	Boubyan Bank KSCP		94,966
	48,681	Gulf Bank KSCP		54,138
	285,261	Kuwait Finance House KSCP		739,354
	21,255	Mabanee Co., KPSC		56,889
	47,340	Mobile Telecommunications Co., KSCP		75,251
	220,342	National Bank of Kuwait SAKP		734,385

		Total Kuwait		1,754,983


	Luxembourg — 0.5%
	14,433	Globant SA*		2,172,599
	4,054	Reinet Investments SCA		99,460
	21,549	Ternium SA, ADR		622,551
	8,392	Zabka Group SA*		47,314

		Total Luxembourg		2,941,924


	Malaysia — 0.6%
	66,500	AMMB Holdings Bhd		85,871
	59,300	Axiata Group Bhd		27,843
	84,300	CELCOMDIGI BHD		69,735
	225,207	CIMB Group Holdings Bhd		395,508
	110,000	Gamuda Bhd		107,645
	74,000	Genting Bhd		54,698
	15,800	Hong Leong Bank Bhd		75,979
	64,800	IHH Healthcare Bhd		108,218
	56,900	IOI Corp. Bhd		49,631
	11,400	Kuala Lumpur Kepong Bhd		52,742
	147,409	Malayan Banking Bhd		354,145
	57,900	Maxis Bhd		44,853
	66,300	MISC Bhd		108,290
	103,300	MR DIY Group M Bhd(b)		32,032
	3,100	Nestle Malaysia Bhd		58,665
	72,100	Petronas Chemicals Group Bhd		60,239
	8,600	Petronas Dagangan Bhd		37,020
	23,900	Petronas Gas Bhd		93,903
	18,200	PPB Group Bhd		43,826
	94,700	Press Metal Aluminium Holdings Bhd		107,261
	405,500	Public Bank Bhd		412,342
	47,250	QL Resources Bhd		51,434
	38,400	RHB Bank Bhd		59,487
	56,800	SD Guthrie Bhd		64,567

See Notes to Financial Statements.

111



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Malaysia — 0.6% — (continued)
	77,600	Sime Darby Bhd	$	38,175
	58,300	Sunway Bhd		60,231
	31,400	Telekom Malaysia Bhd		48,076
	81,000	Tenaga Nasional Bhd		247,154
	82,800	YTL Corp. Bhd		35,111
	61,300	YTL Power International Bhd		43,491

		Total Malaysia		3,028,172


	Mexico — 2.5%
	109,459	Alfa SAB de CV, Class A Shares		93,308
	70,774	America Movil SAB de CV, ADR		1,007,114
	518,341	America Movil SAB de CV, Series B		368,467
	16,111	Arca Continental SAB de CV		166,632
	21,000	BBB Foods Inc., Class A Shares*		559,020
	171,703	Cemex SAB de CV, ADR		1,064,559
	14,849	Coca-Cola Femsa SAB de CV		132,071
	75,717	Fibra Uno Administracion SA de CV, REIT		82,486
	48,751	Fomento Economico Mexicano SAB de CV		458,154
	5,792	Gruma SAB de CV, Class B Shares		99,866
	7,753	Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares		74,404
	4,741	Grupo Aeroportuario del Pacifico SAB de CV, ADR*		901,027
	10,998	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares*		206,308
	5,233	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		140,840
	34,834	Grupo Bimbo SAB de CV, Series A		93,777
	18,121	Grupo Carso SAB de CV, Series A1		105,238
	10,056	Grupo Comercial Chedraui SA de CV		57,716
	489,763	Grupo Financiero Banorte SAB de CV, Class O Shares		3,462,937
	55,152	Grupo Financiero Inbursa SAB de CV, Class O Shares*		127,330
	208,960	Grupo México SAB de CV, Series B		983,157
	5,497	Industrias Peñoles SAB de CV*		84,571
	509,257	Kimberly-Clark de México SAB de CV, Class A Shares		765,152
	28,252	Prologis Property Mexico SA de CV, REIT		89,323
	5,386	Promotora y Operadora de Infraestructura SAB de CV		53,756
	5,595	Qualitas Controladora SAB de CV		53,738
	151,000	Regional SAB de CV		977,445
	660,543	Wal-Mart de Mexico SAB de CV		1,757,690

		Total Mexico		13,966,086


	Netherlands — 0.7%
	16,911	NEPI Rockcastle NV*		121,897
	84,000	Prosus NV*		3,683,814

		Total Netherlands		3,805,711


	Peru — 0.3%
	4,250	Cia de Minas Buenaventura SAA, ADR		54,188
	7,669	Credicorp Ltd.		1,403,580

		Total Peru		1,457,768


	Philippines — 0.8%
	7,250	Ayala Corp.		69,007
	939,160	Ayala Land Inc.		351,910
	52,166	Bank of the Philippine Islands		111,600
	67,543	BDO Unibank Inc.		174,667
	6,455,900	Bloomberry Resorts Corp.*		355,320
	465,960	International Container Terminal Services Inc.		2,808,897
	14,290	Jollibee Foods Corp.		63,296
	9,080	Manila Electric Co.		76,828
	55,726	Metropolitan Bank & Trust Co.		68,913

See Notes to Financial Statements.

112



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Philippines — 0.8% — (continued)
	2,295	PLDT Inc.	$	52,650
	122,090	Robinsons Retail Holdings Inc.		73,723
	6,120	SM Investments Corp.		80,768
	259,400	SM Prime Holdings Inc.		100,033

		Total Philippines		4,387,612


	Poland — 1.0%
	16,220	Allegro.eu SA*(b)		112,811
	4,862	Bank Polska Kasa Opieki SA		205,389
	1,723	CD Projekt SA		94,756
	10,200	Diagnostyka SA*(a)		316,799
	1,507	Dino Polska SA*(b)		184,806
	77,500	InPost SA*		1,347,456
	4,925	KGHM Polska Miedz SA		158,764
	30	LPP SA		135,667
	371	mBank SA*		67,947
	17,948	ORLEN SA		279,590
	32,962	PGE Polska Grupa Energetyczna SA*		58,085
	123,054	Powszechna Kasa Oszczednosci Bank Polski SA		2,103,580
	17,818	Powszechny Zaklad Ubezpieczen SA		238,250
	1,070	Santander Bank Polska SA		137,822

		Total Poland		5,441,722


	Qatar — 0.3%
	149,110	Al Rayan Bank		94,873
	58,133	Barwa Real Estate Co.		45,403
	87,760	Commercial Bank PSQC (The)		108,726
	50,646	Dukhan Bank		51,081
	44,158	Industries Qatar QSC		160,495
	113,710	Mesaieed Petrochemical Holding Co.		44,567
	19,838	Ooredoo QPSC		67,805
	14,392	Qatar Electricity & Water Co. QSC		58,657
	16,292	Qatar Fuel QSC		64,210
	82,215	Qatar Gas Transport Co., Ltd.		101,477
	35,539	Qatar International Islamic Bank QSC		104,260
	49,366	Qatar Islamic Bank QPSC		282,287
	128,644	Qatar National Bank QPSC		585,312

		Total Qatar		1,769,153


	Russia — 0.0%@
	64,081	Alrosa PJSC(e)#		641
	502,100	Detsky Mir PJSC, (Cost — $786,566, acquired 10/15/20)*(b)(e)(f)#		5,021
	24,130	Mobile TeleSystems PJSC(e)#		241
	135,663	Mobile TeleSystems PJSC, ADR*#		1,357
	39,065	Moscow Exchange MICEX-RTS PJSC(e)#		391
	1,593	Ozon Holdings PLC, ADR*(e)#		—
	19	PhosAgro PJSC, Class Registered Shares, GDR*(e)#		—
	869	Polyus PJSC*(e)#		9
	28,885	Rosneft Oil Co. PJSC(e)#		289
	891,342	Sberbank of Russia PJSC, (Cost — $1,699,436, acquired 8/3/16)(e)(f)#		8,913
	5,523	Severstal PAO(e)#		55
	88,972	United Co. RUSAL International PJSC*(e)#		10
	2,330	VK IPJSC, GDR*(e)#		—
	12,017	VTB Bank PJSC(e)#		2
	3,377	X5 Retail Group NV, Class Registered Shares, GDR*(e)#		—

		Total Russia		16,929

See Notes to Financial Statements.

113



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Saudi Arabia — 2.6%
	3,976	ACWA Power Co.	$	392,629
	8,788	Ades Holding Co.		40,194
	209,848	Al Rajhi Bank		5,576,045
	870	Al Rajhi Co. for Cooperative Insurance*		38,595
	32,602	Alinma Bank		263,055
	11,771	Almarai Co. JSC		177,888
	25,374	Arab National Bank		146,294
	773	Arabian Internet & Communications Services Co.		65,779
	17,925	Bank AlBilad		180,967
	14,923	Bank Al-Jazira*		70,484
	31,532	Banque Saudi Fransi		143,094
	2,413	Bupa Arabia for Cooperative Insurance Co.		109,553
	1,876	Co. for Cooperative Insurance (The)		72,128
	891	Dallah Healthcare Co.		34,171
	15,526	Dar Al Arkan Real Estate Development Co.*		73,970
	14,407	Dr Sulaiman Al Habib Medical Services Group Co.		1,078,755
	610	Elm Co.		172,938
	10,510	Etihad Etisalat Co.		173,706
	15,972	Jarir Marketing Co.		53,881
	3,443	Mouwasat Medical Services Co.		77,574
	1,521	Nahdi Medical Co.		47,728
	40,204	Riyad Bank		315,421
	6,876	SABIC Agri-Nutrients Co.		198,217
	8,982	Sahara International Petrochemical Co.		51,083
	809	SAL Saudi Logistics Services		52,653
	35,995	Saudi Arabian Mining Co.*		436,559
	161,787	Saudi Arabian Oil Co.(b)		1,168,358
	1,248	Saudi Aramco Base Oil Co.		34,316
	27,231	Saudi Awwal Bank		256,414
	25,470	Saudi Basic Industries Corp.		420,142
	19,795	Saudi Electricity Co.		87,668
	8,724	Saudi Industrial Investment Group		38,805
	18,780	Saudi Investment Bank (The)		72,076
	27,334	Saudi Kayan Petrochemical Co.*		44,231
	133,896	Saudi National Bank (The)		1,249,588
	874	Saudi Research & Media Group*		47,668
	1,501	Saudi Tadawul Group Holding Co.		84,348
	55,712	Saudi Telecom Co.		671,109
	8,700	Yanbu National Petrochemical Co.		81,034

		Total Saudi Arabia		14,299,118


	Singapore — 0.7%
	4,800	BOC Aviation Ltd.(b)		37,040
	17,214	Trip.com Group Ltd.*		973,741
	48,126	Trip.com Group Ltd., ADR*		2,727,782

		Total Singapore		3,738,563


	South Africa — 2.8%
	24,155	Absa Group Ltd.		242,592
	2,586	Anglo American Platinum Ltd.		77,720
	10,171	Aspen Pharmacare Holdings Ltd.		89,016
	9,385	Bid Corp., Ltd.		225,889
	84,954	Bidvest Group Ltd.		1,121,969
	19,762	Capitec Bank Holdings Ltd.		3,246,698
	6,455	Clicks Group Ltd.		119,192
	15,366	Discovery Ltd.		169,573
	141,506	FirstRand Ltd.		535,514

See Notes to Financial Statements.

114



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Africa — 2.8% — (continued)
	24,317	Gold Fields Ltd.	$	432,087
	16,967	Harmony Gold Mining Co., Ltd.		167,425
	26,021	Impala Platinum Holdings Ltd.*		123,116
	1,524	Kumba Iron Ore Ltd.		30,303
	784,063	Life Healthcare Group Holdings Ltd.		617,193
	48,230	MTN Group Ltd.		305,249
	4,718	Naspers Ltd., Class N Shares		1,124,440
	109,216	Nedbank Group Ltd.		1,633,808
	139,431	Old Mutual Ltd.		94,409
	23,929	OUTsurance Group Ltd.		91,683
	58,129	Pepkor Holdings Ltd.(b)		80,548
	14,376	Remgro Ltd.		113,534
	294,513	Sanlam Ltd.		1,356,661
	17,899	Sasol Ltd.		77,492
	13,828	Shoprite Holdings Ltd.		203,252
	140,195	Standard Bank Group Ltd.		1,633,013
	188,313	Vodacom Group Ltd.		1,180,379
	28,189	Woolworths Holdings Ltd.		87,696

		Total South Africa		15,180,451


	South Korea — 8.6%
	1,078	Alteogen Inc.*		289,548
	963	Amorepacific Corp.*		77,498
	4,443	Celltrion Inc.		560,761
	255	CJ CheilJedang Corp.		41,457
	16,232	Coway Co., Ltd.		909,323
	1,381	DB Insurance Co., Ltd.		86,764
	1,233	Doosan Bobcat Inc.		39,832
	12,898	Doosan Enerbility Co., Ltd.*		225,475
	1,334	Ecopro BM Co., Ltd.*		109,120
	2,991	Ecopro Co., Ltd.		127,843
	210	Ecopro Materials Co., Ltd.*		12,659
	7,943	Hana Financial Group Inc.		325,211
	699	Hanjin Kal Corp.		39,935
	1,886	Hankook Tire & Technology Co., Ltd.*		49,020
	34	Hanmi Pharm Co., Ltd.		5,590
	1,096	Hanmi Semiconductor Co., Ltd.		73,370
	855	Hanwha Aerospace Co., Ltd.		348,192
	2,236	Hanwha Ocean Co., Ltd.*		114,653
	1,100	HD Hyundai Co., Ltd.		54,921
	667	HD Hyundai Electric Co., Ltd.		150,060
	669	HD Hyundai Heavy Industries Co., Ltd.		135,618
	1,254	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		184,009
	3,423	HLB Inc.*		209,542
	7,877	HMM Co., Ltd.		105,714
	591	HYBE Co., Ltd.*		104,394
	1,125	Hyundai Glovis Co., Ltd.		100,269
	5,819	Hyundai Mobis Co., Ltd.		978,194
	3,792	Hyundai Motor Co.		501,902
	2,128	Hyundai Rotem Co., Ltd.*		114,125
	7,385	Industrial Bank of Korea		78,890
	8,967	Kakao Corp.*		264,915
	5,216	KakaoBank Corp.		88,758
	36,089	KB Financial Group Inc.		1,945,506
	18,368	Kia Corp.		1,174,519
	2,324	Korea Aerospace Industries Ltd.*		101,143
	7,152	Korea Electric Power Corp.		104,673

See Notes to Financial Statements.

115



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Korea — 8.6% — (continued)
	1,350	Korea Investment Holdings Co., Ltd.	$	73,685
	147	Korea Zinc Co., Ltd.		74,763
	4,872	Korean Air Lines Co., Ltd.		78,815
	800	Krafton Inc.*		188,459
	26,442	KT Corp.		850,624
	11,044	KT&G Corp.		743,793
	6,563	LG Chem Ltd.*		1,056,548
	2,541	LG Corp.*		115,886
	7,553	LG Display Co., Ltd.*		47,672
	2,815	LG Electronics Inc.		153,094
	1,318	LG Energy Solution Ltd.*		320,761
	218	LG H&H Co., Ltd.*		47,731
	336	LG Innotek Co., Ltd.*		37,654
	8,928	LG Uplus Corp.		64,676
	52	Lotte Chemical Corp.		2,227
	400	LS Electric Co., Ltd.		66,787
	2,561	Meritz Financial Group Inc.		212,805
	5,672	Mirae Asset Securities Co., Ltd.		34,015
	4,031	NAVER Corp.		571,541
	406	NCSoft Corp.*		47,363
	2	Netmarble Corp.(b)		55
	3,575	NH Investment & Securities Co., Ltd.		36,476
	638	Orion Corp.		44,505
	831	POSCO Future M Co., Ltd.		81,385
	1,971	POSCO Holdings Inc.		365,740
	1,191	Posco International Corp.		42,548
	1,417	Samsung Biologics Co., Ltd.*(b)		1,083,231
	2,522	Samsung C&T Corp.		210,720
	1,588	Samsung Electro-Mechanics Co., Ltd.		147,144
	359,252	Samsung Electronics Co., Ltd.		13,437,617
	871	Samsung Fire & Marine Insurance Co., Ltd.		228,574
	17,567	Samsung Heavy Industries Co., Ltd.*		168,036
	2,330	Samsung Life Insurance Co., Ltd.		138,639
	1,494	Samsung SDI Co., Ltd.		229,879
	1,283	Samsung SDS Co., Ltd.		108,356
	114,329	Shinhan Financial Group Co., Ltd.		3,598,722
	946	SK Biopharmaceuticals Co., Ltd.*		73,993
	143	SK Bioscience Co., Ltd.*		4,193
	87,855	SK Hynix Inc.		11,883,994
	1,081	SK Inc.		106,743
	1,746	SK Innovation Co., Ltd.*		150,687
	2,816	SK Square Co., Ltd.*		177,046
	2,136	SK Telecom Co., Ltd.		81,858
	436	SKC Co., Ltd.*		39,388
	1,576	S-Oil Corp.		61,416
	16,907	Woori Financial Group Inc.		192,242
	1,615	Yuhan Corp.		135,170

		Total South Korea		47,450,659


	Taiwan — 16.2%
	14,000	Accton Technology Corp.		275,292
	80,000	Acer Inc.		94,668
	12,753	Advantech Co., Ltd.		156,896
	4,139	Airtac International Group		120,772
	3,000	Alchip Technologies Ltd.		292,619
	444,498	ASE Technology Holding Co., Ltd.		2,230,745
	59,000	Asia Cement Corp.		74,846

See Notes to Financial Statements.

116



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Taiwan — 16.2% — (continued)
	9,000	Asia Vital Components Co., Ltd.	$	141,125
	20,000	Asustek Computer Inc.		411,923
	163,800	AUO Corp.*		75,068
	16,000	Catcher Technology Co., Ltd.		99,307
	265,550	Cathay Financial Holding Co., Ltd.		543,009
	40,048	Chailease Holding Co., Ltd.		152,623
	174,630	Chang Hwa Commercial Bank Ltd.		95,988
	49,000	Cheng Shin Rubber Industry Co., Ltd.		74,728
	71,000	China Airlines Ltd.		51,010
	331,000	China Steel Corp.		242,358
	123,000	Chroma ATE Inc.		1,222,384
	106,000	Chunghwa Telecom Co., Ltd.		411,717
	117,000	Compal Electronics Inc.		136,009
	464,880	CTBC Financial Holding Co., Ltd.		574,347
	202,000	Delta Electronics Inc.		2,391,953
	24,000	E Ink Holdings Inc.		199,135
	382,794	E.Sun Financial Holding Co., Ltd.		338,391
	6,100	Eclat Textile Co., Ltd.		100,004
	8,000	Elite Material Co., Ltd.		147,518
	2,000	eMemory Technology Inc.		173,723
	80,000	Eva Airways Corp.		104,312
	30,791	Evergreen Marine Corp. Taiwan Ltd.		199,896
	89,000	Far Eastern New Century Corp.		86,755
	44,000	Far EasTone Telecommunications Co., Ltd.		120,000
	12,230	Feng TAY Enterprise Co., Ltd.		50,718
	313,048	First Financial Holding Co., Ltd.		261,690
	88,000	Formosa Chemicals & Fibre Corp.		79,062
	114,000	Formosa Plastics Corp.		131,747
	5,300	Fortune Electric Co., Ltd.		98,924
	228,781	Fubon Financial Holding Co., Ltd.		637,686
	15,000	Gigabyte Technology Co., Ltd.		114,379
	3,000	Global Unichip Corp.		118,195
	201,000	Globalwafers Co., Ltd.		2,288,072
	347,480	Hon Hai Precision Industry Co., Ltd.		1,780,384
	9,140	Hotai Motor Co., Ltd.		170,167
	244,111	Hua Nan Financial Holdings Co., Ltd.		205,803
	190,164	Innolux Corp.*		85,310
	7,000	International Games System Co., Ltd.		208,284
	72,000	Inventec Corp.		100,268
	3,000	Jentech Precision Industrial Co., Ltd.		117,506
	435,112	KGI Financial Holding Co., Ltd.		236,927
	3,541	Largan Precision Co., Ltd.		286,750
	59,264	Lite-On Technology Corp., ADR		189,981
	2,000	Lotes Co., Ltd.		96,801
	135,000	MediaTek Inc.		6,140,266
	330,889	Mega Financial Holding Co., Ltd.		397,380
	17,000	Micro-Star International Co., Ltd.		94,587
	544,000	Minth Group Ltd.*		1,416,484
	139,000	Nan Ya Plastics Corp.		141,854
	5,000	Nien Made Enterprise Co., Ltd.		66,764
	84,000	Novatek Microelectronics Corp.		1,384,532
	50,000	Pegatron Corp.		142,479
	7,000	PharmaEssentia Corp.*		132,466
	63,000	Pou Chen Corp.		73,384
	42,224	Poya International Co., Ltd.		664,564
	15,539	President Chain Store Corp.		122,963

See Notes to Financial Statements.

117



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Taiwan — 16.2% — (continued)
	308,000	Quanta Computer Inc.	$	2,268,808
	13,000	Realtek Semiconductor Corp.		214,280
	56,000	Ruentex Development Co., Ltd.		71,725
	114,598	Shanghai Commercial & Savings Bank Ltd. (The)		152,890
	420,614	Shin Kong Financial Holding Co., Ltd.*		157,954
	287,571	SinoPac Financial Holdings Co., Ltd.		196,993
	32,700	Synnex Technology International Corp.		69,985
	325,803	Taishin Financial Holding Co., Ltd.		171,983
	175,831	Taiwan Business Bank		83,371
	297,393	Taiwan Cooperative Financial Holding Co., Ltd.		221,219
	56,000	Taiwan High Speed Rail Corp.		46,662
	53,000	Taiwan Mobile Co., Ltd.		184,204
	1,306,507	Taiwan Semiconductor Manufacturing Co., Ltd.		39,989,068
	63,643	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		11,489,471
	194,668	TCC Group Holdings Co., Ltd.		207,352
	35,000	Unimicron Technology Corp.		123,594
	129,000	Uni-President Enterprises Corp.		316,595
	309,000	United Microelectronics Corp.		406,819
	24,013	Vanguard International Semiconductor Corp.		72,742
	2,000	Voltronic Power Technology Corp.		97,456
	19,630	Wan Hai Lines Ltd.		49,973
	77,000	Wistron Corp.		256,054
	19,000	Wiwynn Corp.		1,105,629
	41,760	WPG Holdings Ltd.		89,770
	75,357	Yageo Corp.		1,276,643
	48,000	Yang Ming Marine Transport Corp.		105,949
	287,993	Yuanta Financial Holding Co., Ltd.		319,914
	16,000	Zhen Ding Technology Holding Ltd.		56,028

		Total Taiwan		89,178,629


	Thailand — 0.7%
	33,100	Advanced Info Service PCL, NVDR		267,587
	112,800	Airports of Thailand PCL, NVDR		143,036
	309,900	Bangkok Dusit Medical Services PCL, NVDR		219,231
	232,900	Bangkok Expressway & Metro PCL, NVDR		43,525
	15,000	Bumrungrad Hospital PCL, NVDR		85,843
	60,900	Central Pattana PCL, NVDR		87,539
	52,416	Central Retail Corp. PCL, NVDR		51,317
	118,200	Charoen Pokphand Foods PCL, NVDR		84,186
	166,300	CP ALL PCL, NVDR		263,759
	46,716	CP AXTRA PCL, NVDR		39,280
	86,600	Delta Electronics Thailand PCL, NVDR		198,772
	77,600	Gulf Energy Development PCL, NVDR		111,682
	137,900	Home Product Center PCL, NVDR		34,214
	29,050	Intouch Holdings PCL, NVDR		67,410
	176,900	Kasikornbank PCL		782,206
	15,700	Kasikornbank PCL, NVDR		69,449
	87,300	Krung Thai Bank PCL, NVDR		57,387
	22,200	Krungthai Card PCL, NVDR		32,160
	91,300	Minor International PCL, NVDR		77,296
	174,300	PTT Exploration & Production PCL		546,435
	40,800	PTT Exploration & Production PCL, NVDR		129,731
	98,900	PTT Oil & Retail Business PCL, NVDR		31,868
	278,500	PTT PCL, NVDR		256,275
	26,300	SCB X PCL, NVDR		93,615
	23,000	Siam Cement PCL (The), NVDR		85,668
	878,300	TMBThanachart Bank PCL, NVDR		49,326

See Notes to Financial Statements.

118



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Thailand — 0.7% — (continued)
	272,121	True Corp. PCL, NVDR*	$	91,404

		Total Thailand		4,000,201


	Turkey — 0.8%
	190,127	Akbank TAS		351,122
	32,036	Aselsan Elektronik Sanayi Ve Ticaret AS		82,004
	58,218	BIM Birlesik Magazalar AS		807,872
	16,577	Coca-Cola Icecek AS		24,250
	69,832	Eregli Demir ve Celik Fabrikalari TAS		42,744
	1,799	Ford Otomotiv Sanayi AS		43,516
	25,546	Haci Ömer Sabanci Holding AS		67,863
	19,638	KOC Holding AS		82,325
	190,000	MLP Saglik Hizmetleri AS, Class B Shares*(b)		1,859,858
	5,249	Pegasus Hava Tasimaciligi AS*		34,391
	195,088	Sasa Polyester Sanayi AS*		18,921
	246,000	Sok Marketler Ticaret AS		256,931
	57,900	Tofas Turk Otomobil Fabrikasi AS		309,375
	13,822	Turk Hava Yollari AO*		116,820
	31,232	Turkcell Iletisim Hizmetleri AS		86,208
	204,992	Turkiye Is Bankasi AS, Class C Shares		85,299
	26,836	Turkiye Petrol Rafinerileri AS		95,122
	28,575	Turkiye Sise ve Cam Fabrikalari AS		27,768
	81,036	Yapi ve Kredi Bankasi AS		65,380

		Total Turkey		4,457,769


	United Arab Emirates — 0.8%
	84,338	Abu Dhabi Commercial Bank PJSC		262,740
	41,360	Abu Dhabi Islamic Bank PJSC		191,509
	82,690	Abu Dhabi National Oil Co. for Distribution PJSC		78,579
	96,553	ADNOC Drilling Co. PJSC		144,459
	112,561	Aldar Properties PJSC		273,701
	80,135	Americana Restaurants International PLC — Foreign Co.		52,385
	76,638	Dubai Islamic Bank PJSC		161,587
	27,975	Emaar Development PJSC		98,258
	184,659	Emaar Properties PJSC		680,990
	52,786	Emirates NBD Bank PJSC		316,937
	95,283	Emirates Telecommunications Group Co. PJSC		432,934
	123,114	First Abu Dhabi Bank PJSC		477,460
	114,981	Multiply Group PJSC*		60,109
	2,540,500	Talabat Holding PLC*		1,066,612

		Total United Arab Emirates		4,298,260


	United Kingdom — 0.9%
	13,977	Anglogold Ashanti PLC		397,025
	600,959	Helios Towers PLC*		738,031
	37,000	Lion Finance Group PLC		2,472,387
	20,324	Unilever PLC		1,143,945

		Total United Kingdom		4,751,388


	United States — 0.4%
	19,062	BeiGene Ltd.*		405,758
	4,089	EPAM Systems Inc.*		842,907
	2,342	Legend Biotech Corp., ADR*		81,993
	15,773	Schlumberger NV		657,103
	3,107	Southern Copper Corp.		276,306

		Total United States		2,264,067

See Notes to Financial Statements.

119



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Shares/Units			Security	Value

	Uruguay — 1.4%
	93,600		Arcos Dorados Holdings Inc., Class A Shares	$	716,040
	3,256		MercadoLibre Inc.*		6,908,809

			Total Uruguay		7,624,849

			TOTAL COMMON STOCKS (Cost — $434,324,053)		526,660,251


	PREFERRED STOCKS — 1.2%

	Brazil — 0.6%
	151,538		Banco Bradesco SA, Class Preferred Shares		289,424
	5,428		Centrais Eletricas Brasileiras SA, Class Preferred B Shares		38,710
	48,798		Cia Energetica de Minas Gerais, Class Preferred Shares		92,288
	41,489		Cia Paranaense de Energia — Copel, Class Preferred B Shares		69,582
	37,579		Gerdau SA, Class Preferred Shares		106,382
	284,985		Itau Unibanco Holding SA, Class Preferred Shares		1,546,689
	153,057		Itausa SA, Class Preferred Shares		228,606
	128,443		Petroleo Brasileiro SA, Class Preferred Shares		784,176
	9,738		Telefonica Brasil SA, Class Preferred Shares		79,988

			Total Brazil		3,235,845


	Chile — 0.0%@
	4,284		Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		163,478


	Colombia — 0.0%@
	11,353		Bancolombia SA, Class Preferred Shares		117,252


	Mexico — 0.1%
	418,317		Cemex SAB de CV, Class Preferred Shares		258,082


	South Korea — 0.5%
	940		Hyundai Motor Co., Class Preferred 2nd Shares		99,872
	565		Hyundai Motor Co., Class Preferred Shares		57,890
	13		LG Chem Ltd., Class Preferred Shares*		1,013
	82,922		Samsung Electronics Co., Ltd., Class Preferred Shares		2,543,948

			Total South Korea		2,702,723

			TOTAL PREFERRED STOCKS (Cost — $7,161,178)		6,477,380


	RIGHT — 0.0%@

	Brazil — 0.0%@
	2,107		Itausa SA expires 4/11/25 *(a)(e) (Cost — $0)		748

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $441,485,231)		533,138,379


Face Amount†

	SHORT-TERM INVESTMENTS (g) — 3.6%

	MONEY MARKET FUND — 0.3%
$	1,480,452		Invesco STIT — Government & Agency Portfolio, Institutional Class, 4.235%(h) (Cost — $1,480,452)		1,480,452


TIME DEPOSITS — 3.3%
	14,560	^ZAR	BBH — New York, 5.540% due 3/3/25		778
	219,925	^ZAR	BNP Paribas — Paris, 5.540% due 3/3/25		11,752
	3,901	^EUR	Citibank — London, 1.570% due 3/3/25		4,046
	4,254,623		Citibank — New York, 3.680% due 3/3/25		4,254,623
	157,169		DBS Bank Ltd. — Singapore, 3.680% due 3/3/25		157,169

See Notes to Financial Statements.

120



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund

Face Amount†			Security	Value

	TIME DEPOSITS — 3.3% — (continued)
	1,279,873	^HKD	HSBC Bank — Hong Kong, 2.190% due 3/3/25	$	164,572
$	4,115,322		JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		4,115,322
	183	^GBP	Societe Generale SA — Paris, 3.410% due 3/3/25		230
			Sumitomo Mitsui Banking Corp. — Tokyo:
	22	^EUR	1.570% due 3/3/25		22
	9,601,797		3.680% due 3/3/25		9,601,797

			TOTAL TIME DEPOSITS (Cost — $18,310,311)		18,310,311

			TOTAL SHORT-TERM INVESTMENTS (Cost — $19,790,763)		19,790,763

			TOTAL INVESTMENTS — 100.6% (Cost — $461,275,994)		552,929,142

			Liabilities in Excess of Other Assets — (0.6)%		(3,311,889	)

			TOTAL NET ASSETS — 100.0%	$	549,617,253

†	Amount denominated in U.S. dollars, 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)

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

(d)	Security trades on the Hong Kong exchange.

(e)	Illiquid security.

(f)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2025, 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 3.3%.

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

#	Security that used significant unobservable inputs to determine fair value. At February 28, 2025, the Fund held a Level 3 securities with a value of $16,931, representing less than 0.05% of net assets.

At February 28, 2025, 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	$	461,275,994	$	154,012,859	$	(62,363,426	)	$	91,649,433


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.

121



Schedules of Investments


(unaudited) (continued)


Emerging Markets Equity Fund


Summary of Investments by Security Sector^
Financials
Banks	19.0	%
Insurance	3.0
Consumer Finance	1.0
Other	1.2
Information Technology
Semiconductors & Semiconductor Equipment	14.2
Technology Hardware, Storage & Peripherals	4.7
IT Services	1.8
Other	1.9
Consumer Discretionary	16.7
Communication Services	8.3
Industrials	6.5
Materials	4.3
Energy	4.0
Consumer Staples	3.9
Health Care	3.3
Real Estate	1.6
Utilities	1.3
Short-Term Investments	3.3	%

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At February 28, 2025, 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		Value		Unrealized Depreciation
Contracts to Buy:
E-mini MSCI Emerging Markets Index Futures		13		3/25	$	716,440	$	712,725	$	(3,715	)

At February 28, 2025, Emerging Markets Equity Fund had deposited cash of $26,994 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.

122



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 28.9%

	Advertising — 0.0%@
$	77,000	BBB+	Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.600% due 4/15/26	$	76,188


	Aerospace/Defense — 0.5%
			Boeing Co. (The), Senior Unsecured Notes:
	50,000	BBB-	3.100% due 5/1/26		49,088
	70,000	BBB-	2.700% due 2/1/27		67,332
	200,000	BBB-	2.800% due 3/1/27		192,468
	130,000	BBB-	3.200% due 3/1/29		121,371
	100,000	BBB-	5.150% due 5/1/30		100,226
	50,000	BBB-	3.625% due 2/1/31		46,196
	100,000	BBB-	3.600% due 5/1/34		86,292
	50,000	BBB-	6.528% due 5/1/34		53,503
	40,000	BBB-	3.550% due 3/1/38		31,367
	25,000	BBB-	3.500% due 3/1/39		19,236
	40,000	BBB-	3.750% due 2/1/50		28,298
	965,000	BBB-	5.805% due 5/1/50		926,749
	248,000	BBB-	3.950% due 8/1/59		171,288
	101,000	BBB-	5.930% due 5/1/60		96,439
			General Dynamics Corp., Company Guaranteed Notes:
	10,000	A	4.250% due 4/1/40		8,963
	25,000	A	2.850% due 6/1/41		18,356
	85,000	A	4.250% due 4/1/50		71,790
	50,000	BBB+	General Electric Co., Senior Unsecured Notes, 5.875% due 1/14/38		53,361
			L3Harris Technologies Inc., Senior Unsecured Notes:
	489,000	BBB	3.850% due 12/15/26		483,412
	388,000	BBB	5.400% due 1/15/27		393,575
	361,000	BBB	4.400% due 6/15/28		357,835
	182,000	BBB	5.600% due 7/31/53		181,140
			Lockheed Martin Corp., Senior Unsecured Notes:
	90,000	A-	3.900% due 6/15/32		84,978
	50,000	A-	4.070% due 12/15/42		42,568
	126,000	A-	3.800% due 3/1/45		101,329
	50,000	A-	4.700% due 5/15/46		45,687
	25,000	A-	2.800% due 6/15/50		16,111
	50,000	A-	4.090% due 9/15/52		40,529
	784,000	A-	4.150% due 6/15/53		640,706
	25,000	A-	5.700% due 11/15/54		25,939
	120,000	A-	5.200% due 2/15/64		113,269
			Northrop Grumman Corp., Senior Unsecured Notes:
	600,000	BBB+	3.250% due 1/15/28		579,561
	334,000	BBB+	4.700% due 3/15/33		328,679
	64,000	BBB+	4.750% due 6/1/43		58,578
	51,000	BBB+	4.030% due 10/15/47		41,109
	280,000	BBB+	5.250% due 5/1/50		267,647
			RTX Corp., Senior Unsecured Notes:
	130,000	BBB+	3.950% due 8/16/25		129,622
	250,000	BBB+	5.750% due 11/8/26		254,879
	250,000	BBB+	3.500% due 3/15/27		245,347
	337,000	BBB+	4.125% due 11/16/28		332,320
	140,000	BBB+	5.750% due 1/15/29		145,607
	140,000	BBB+	2.250% due 7/1/30		123,837
	470,000	BBB+	6.000% due 3/15/31		498,196
	116,000	BBB+	2.375% due 3/15/32		98,540
	164,000	BBB+	6.100% due 3/15/34		175,852
	25,000	BBB+	6.125% due 7/15/38		26,980

See Notes to Financial Statements.

123



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Aerospace/Defense — 0.5% — (continued)
$	25,000	BBB+	4.450% due 11/16/38	$	22,944
	580,000	BBB+	4.500% due 6/1/42		514,211
	76,000	BBB+	3.750% due 11/1/46		59,084
	177,000	BBB+	2.820% due 9/1/51		110,359
	90,000	BBB+	3.030% due 3/15/52		58,440
	100,000	BBB+	5.375% due 2/27/53		96,956
	340,000	B-	Spirit AeroSystems Inc., Secured Notes, 9.750% due 11/15/30(a)		376,855
			TransDigm Inc., Senior Secured Notes:
	240,000	BB-	7.125% due 12/1/31(a)		247,772
	10,000	BB-	6.625% due 3/1/32(a)		10,203

			Total Aerospace/Defense		9,472,979


	Agriculture — 0.4%
			Altria Group Inc., Company Guaranteed Notes:
	40,000	BBB	2.350% due 5/6/25		39,824
	20,000	BBB	4.400% due 2/14/26		19,956
	210,000	BBB	6.200% due 11/1/28		220,816
	752,000	BBB	4.800% due 2/14/29		753,798
	1,290,000	BBB	2.450% due 2/4/32		1,085,684
	669,000	BBB	6.875% due 11/1/33		740,092
	140,000	BBB	5.800% due 2/14/39		141,706
	80,000	BBB	3.875% due 9/16/46		59,440
	320,000	BBB	5.950% due 2/14/49		320,403
	2,000	BBB	6.200% due 2/14/59		2,000
	25,000	A	Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30		23,475
			BAT Capital Corp., Company Guaranteed Notes:
	50,000	BBB+	3.215% due 9/6/26		48,997
	224,000	BBB+	3.557% due 8/15/27		218,503
	148,000	BBB+	2.259% due 3/25/28		137,934
	105,000	BBB+	5.834% due 2/20/31		109,396
	90,000	BBB+	6.000% due 2/20/34		94,139
	50,000	BBB+	4.390% due 8/15/37		44,212
	1,346,000	BBB+	4.540% due 8/15/47		1,096,788
	681,000	BBB+	4.758% due 9/6/49		569,744
	208,000	BBB+	7.081% due 8/2/53		234,652
			BAT International Finance PLC, Company Guaranteed Notes:
	50,000	BBB+	1.668% due 3/25/26		48,475
	110,000	BBB+	4.448% due 3/16/28		109,277
	168,000	BBB+	5.931% due 2/2/29		174,757
			Philip Morris International Inc., Senior Unsecured Notes:
	100,000	A-	0.875% due 5/1/26		96,048
	100,000	A-	4.750% due 2/12/27		100,656
	234,000	A-	5.125% due 11/17/27		237,834
	180,000	A-	4.875% due 2/13/29		181,581
	210,000	A-	2.100% due 5/1/30		185,306
	40,000	A-	5.125% due 2/13/31		40,670
	50,000	A-	5.375% due 2/15/33		51,098
	25,000	A-	5.625% due 9/7/33		25,958
	190,000	A-	5.250% due 2/13/34		191,998
	25,000	A-	6.375% due 5/16/38		27,602
	25,000	A-	3.875% due 8/21/42		20,413
	25,000	A-	4.125% due 3/4/43		20,948
	25,000	A-	4.250% due 11/10/44		21,173
			Reynolds American Inc., Company Guaranteed Notes:
	25,000	BBB+	5.700% due 8/15/35		25,370
	89,000	BBB+	5.850% due 8/15/45		86,527

			Total Agriculture		7,607,250

See Notes to Financial Statements.

124



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Airlines — 0.5%
$	250,000	BB	American Airlines Inc., Senior Secured Notes, 8.500% due 5/15/29(a)	$	263,611
	680,000	Ba1(b)	American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.750% due 4/20/29(a)		677,266
	1,285,437	AA-	British Airways Class AA Pass Through Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a)		1,200,129
	365,464	AA	Delta Air Lines Class AA Pass Through Trust, Pass-Thru Certificates, 2.000% due 6/10/28		342,649
	210,000	BBB-	Delta Air Lines Inc., Senior Unsecured Notes, 7.375% due 1/15/26		214,042
			Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes:
	57,425	A3(b)	4.500% due 10/20/25(a)		57,317
	2,620,000	A3(b)	4.750% due 10/20/28(a)		2,603,397
	1,155,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		1,163,699
	95,743	CCC-(c)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25*(a)(d)(e)		83,296
	42,743	Aa3(b)	United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates, 4.150% due 8/25/31		41,205
	912,000	A	United Airlines Class B Pass-Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		908,766
	780,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a)		752,653
	634,522	BBB+	US Airways Class A Pass Through Trust, Pass-Thru Certificates, 3.950% due 11/15/25		629,886
	500,000	B-	VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Unsecured Notes, 9.500% due 6/1/28(a)		500,380

			Total Airlines		9,438,296


	Apparel — 0.0%@
			NIKE Inc., Senior Unsecured Notes:
	230,000	AA-	2.750% due 3/27/27		223,254
	140,000	AA-	2.850% due 3/27/30		129,563
	125,000	AA-	3.250% due 3/27/40		100,117
	25,000	AA-	3.875% due 11/1/45		20,465
	270,000	AA-	3.375% due 3/27/50		196,512

			Total Apparel		669,911


	Auto Manufacturers — 0.8%
			American Honda Finance Corp., Senior Unsecured Notes:
	200,000	A-	1.300% due 9/9/26		190,976
	100,000	A-	2.300% due 9/9/26		96,978
	100,000	A-	4.900% due 3/12/27		100,851
	840,000	A	BMW US Capital LLC, Company Guaranteed Notes, 4.850% due 8/13/31(a)		838,821
	25,000	A	Cummins Inc., Senior Unsecured Notes, 2.600% due 9/1/50		15,396
			Ford Motor Co., Senior Unsecured Notes:
	1,155,000	BBB-	3.250% due 2/12/32		962,714
	1,085,000	BBB-	6.100% due 8/19/32		1,071,482
	50,000	BBB-	4.750% due 1/15/43		38,872
	50,000	BBB-	5.291% due 12/8/46		41,134
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	200,000	BBB-	2.700% due 8/10/26		192,709
	200,000	BBB-	5.800% due 3/5/27		201,418
	500,000	BBB-	4.950% due 5/28/27		494,787
	460,000	BBB-	2.900% due 2/16/28		428,418
	220,000	BBB-	2.900% due 2/10/29		198,293
	840,000	BBB-	7.350% due 3/6/30		890,733
	200,000	BBB-	4.000% due 11/13/30		181,972
	1,415,000	BBB-	6.054% due 11/5/31		1,412,679
	330,000	BBB-	7.122% due 11/7/33		342,729
			General Motors Co., Senior Unsecured Notes:
	206,000	BBB	6.125% due 10/1/25		207,276
	50,000	BBB	5.600% due 10/15/32		50,370
	50,000	BBB	6.600% due 4/1/36		52,798

See Notes to Financial Statements.

125



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Auto Manufacturers — 0.8% — (continued)
$	50,000		BBB	5.150% due 4/1/38	$	46,566
	260,000		BBB	6.250% due 10/2/43		257,563
	25,000		BBB	5.200% due 4/1/45		21,820
	25,000		BBB	6.750% due 4/1/46		26,098
	25,000		BBB	5.400% due 4/1/48		22,175
	50,000		BBB	5.950% due 4/1/49		47,641
				General Motors Financial Co., Inc.:
				Company Guaranteed Notes:
	100,000		BBB	5.250% due 3/1/26		100,331
	200,000		BBB	4.350% due 1/17/27		198,273
				Senior Unsecured Notes:
	100,000		BBB	5.400% due 4/6/26		100,617
	100,000		BBB	1.500% due 6/10/26		95,981
	100,000		BBB	2.350% due 2/26/27		95,644
	1,250,000		BBB	5.850% due 4/6/30		1,279,927
	50,000		BBB	5.950% due 4/4/34		50,500
	100,000		A-	Honda Motor Co., Ltd., Senior Unsecured Notes, 2.534% due 3/10/27		96,366
				Hyundai Capital America, Senior Unsecured Notes:
	1,500,000		A-	5.650% due 6/26/26(a)		1,518,415
	505,000		A-	5.300% due 3/19/27(a)		510,427
				Nissan Motor Co., Ltd., Senior Unsecured Notes:
	600,000		BB+	3.522% due 9/17/25(a)		593,720
	360,000		BB+	4.345% due 9/17/27(a)		353,526
	380,000		B-	PM General Purchaser LLC, Senior Secured Notes, 9.500% due 10/1/28(a)		370,464
				Toyota Motor Credit Corp., Senior Unsecured Notes:
	200,000		A+	4.450% due 5/18/26		200,472
	100,000		A+	1.125% due 6/18/26		96,147
	100,000		A+	5.000% due 8/14/26		101,030
	100,000		A+	5.400% due 11/20/26		101,878
	100,000		A+	3.200% due 1/11/27		98,165
	100,000		A+	1.900% due 1/13/27		95,750
	200,000		A+	3.050% due 3/22/27		195,039
	100,000		A+	5.550% due 11/20/30		104,531

				Total Auto Manufacturers		14,790,472


	Auto Parts & Equipment — 0.0%@
				Aptiv Swiss Holdings Ltd., Company Guaranteed Notes:
	25,000		BBB	3.100% due 12/1/51		15,267
	25,000		BBB	4.150% due 5/1/52		18,516
	380,000		BB+	ZF North America Capital Inc., Company Guaranteed Notes, 6.875% due 4/23/32(a)		367,463

				Total Auto Parts & Equipment		401,246


	Banks — 6.9%
				ABN AMRO Bank NV:
	800,000	^EUR	Ba1u(b)	Junior Subordinated Notes, (Cost — $825,797, acquired 3/7/24), 4.750% (5-Year EUR Swap Rate + 3.898%)(f)(g)(h)		825,715
	750,000		BBB-	Subordinated Notes, 4.750% due 7/28/25(a)		749,145
	300,000		B1(b)	Banco Industrial SA, Subordinated Notes, 4.875% (5-Year CMT Index + 4.442%) due 1/29/31(a)(g)		298,500
	1,000,000		BB-	Banco Mercantil del Norte SA, Junior Subordinated Notes, 5.875% (5-Year CMT Index + 4.643%)(a)(g)(h)		972,783
	1,000,000		Baa2(b)	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Subordinated Notes, 7.525% (5-Year CMT Index + 2.995%) due 10/1/28(a)(g)		1,045,419
	200,000		A+	Banco Santander SA, Senior Preferred Notes, 6.938% due 11/7/33		223,827
	575,000		Ba3(b)	Bancolombia SA, Subordinated Notes, 8.625% (5-Year CMT Index + 4.320%) due 12/24/34(g)		605,990

See Notes to Financial Statements.

126



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 6.9% — (continued)
			Bank of America Corp.:
			Senior Unsecured Notes:
$	310,000	A-	3.500% due 4/19/26	$	306,820
	840,000	A-	1.658% (SOFR + 0.910%) due 3/11/27(g)		815,706
	100,000	A-	3.559% (3-Month Term SOFR + 1.322%) due 4/23/27(g)		98,820
	340,000	A-	1.734% (SOFR + 0.960%) due 7/22/27(g)		327,089
	50,000	A-	5.933% (SOFR + 1.340%) due 9/15/27(g)		51,002
	100,000	A-	3.824% (3-Month Term SOFR + 1.837%) due 1/20/28(g)		98,600
	100,000	A-	2.551% (SOFR + 1.050%) due 2/4/28(g)		96,243
	230,000	A-	4.376% (SOFR + 1.580%) due 4/27/28(g)		228,586
	150,000	A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(g)		146,206
	100,000	A-	4.948% (SOFR + 2.040%) due 7/22/28(g)		100,669
	100,000	A-	6.204% (SOFR + 1.990%) due 11/10/28(g)		103,768
	435,000	A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(g)		420,120
	3,850,000	A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(g)		3,774,025
	100,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(g)		92,190
	100,000	A-	4.271% (3-Month Term SOFR + 1.572%) due 7/23/29(g)		98,568
	841,000	A-	5.819% (SOFR + 1.570%) due 9/15/29(g)		870,172
	659,000	A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(g)		639,486
	383,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(g)		343,439
	685,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(g)		585,063
	690,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(g)		606,589
	600,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(g)		517,806
	752,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(g)		659,389
	1,490,000	A-	4.571% (SOFR + 1.830%) due 4/27/33(g)		1,440,523
	911,000	A-	5.872% (SOFR + 1.840%) due 9/15/34(g)		952,292
	355,000	A-	5.468% (SOFR + 1.650%) due 1/23/35(g)		361,081
	1,290,000	A-	5.511% (SOFR + 1.310%) due 1/24/36(g)		1,316,187
	250,000	A-	4.244% (3-Month Term SOFR + 2.076%) due 4/24/38(g)		226,895
	250,000	A-	2.676% (SOFR + 1.930%) due 6/19/41(g)		179,058
	200,000	A-	3.311% (SOFR + 1.580%) due 4/22/42(g)		154,293
	200,000	A-	5.000% due 1/21/44		191,365
	360,000	A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(g)		303,792
	260,000	A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(g)		209,183
	50,000	A-	2.831% (SOFR + 1.880%) due 10/24/51(g)		31,896
			Subordinated Notes:
	40,000	BBB+	4.450% due 3/3/26		39,966
	120,000	BBB+	4.250% due 10/22/26		119,474
	100,000	BBB+	4.183% due 11/25/27		99,000
	1,690,000	BBB+	5.425% (SOFR + 1.913%) due 8/15/35(g)		1,666,636
	230,000	BBB+	5.518% (SOFR + 1.738%) due 10/25/35(g)		227,558
	1,070,000	BBB	Bank of Ireland Group PLC, Senior Unsecured Notes, 5.601% (SOFR + 1.620%) due 3/20/30(a)(g)		1,094,728
			Bank of Montreal, Senior Unsecured Notes:
	40,000	A-	1.850% due 5/1/25		39,822
	100,000	A-	5.300% due 6/5/26		101,062
	100,000	A-	2.650% due 3/8/27		96,798
			Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	90,000	A	1.600% due 4/24/25		89,595
	100,000	A	2.450% due 8/17/26		97,457
	50,000	A	1.050% due 10/15/26		47,502
	50,000	A	4.947% (SOFR + 1.026%) due 4/26/27(g)		50,286
	390,000	A	4.289% (SOFR + 1.418%) due 6/13/33(g)		373,194
	50,000	A	4.967% (SOFR + 1.606%) due 4/26/34(g)		49,882
			Bank of Nova Scotia (The):
			Senior Unsecured Notes:
	10,000	A-	1.300% due 6/11/25		9,907
	100,000	A-	2.700% due 8/3/26		97,636

See Notes to Financial Statements.

127



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 6.9% — (continued)
$	100,000		A-	1.950% due 2/2/27	$	95,733
	50,000		A-	2.951% due 3/11/27		48,537
	180,000		BBB+	Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(g)		167,281
				Barclays PLC:
				Senior Unsecured Notes:
	820,000		BBB+	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(g)		821,700
	200,000		BBB+	6.490% (SOFR + 2.220%) due 9/13/29(g)		210,175
	2,830,000		BBB+	5.367% (SOFR + 1.230%) due 2/25/31(g)		2,861,457
	200,000		BBB+	2.894% (1-Year CMT Index + 1.300%) due 11/24/32(g)		173,788
	200,000		BBB+	6.224% (SOFR + 2.980%) due 5/9/34(g)		210,185
	200,000		BBB-	Subordinated Notes, 5.200% due 5/12/26		201,016
	800,000	^EUR	Ba1(b)	BAWAG Group AG, Junior Subordinated Notes, (Cost — $879,032, acquired 12/9/24), 7.250% (5-Year EURIBOR ICE Swap + 5.052%)(f)(g)(h)		869,284
				BNP Paribas SA:
				Junior Subordinated Notes:
	900,000		BBB-	7.750% (5-Year CMT Index + 4.899%)(a)(g)(h)		936,280
	420,000		BBB-	8.000% (5-Year CMT Index + 3.727%)(a)(g)(h)		443,693
	470,000		BBB-	8.500% (5-Year CMT Index + 4.354%)(a)(g)(h)		498,424
				Senior Non-Preferred Notes:
	220,000		A-	2.219% (SOFR + 2.074%) due 6/9/26(a)(g)		218,462
	950,000		A-	4.400% due 8/14/28(a)		937,134
	200,000		A-	2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(g)		175,854
				Senior Preferred Notes:
	650,000		A+	5.125% (1-Year CMT Index + 1.450%) due 1/13/29(a)(g)		656,554
	600,000		A+	5.894% (SOFR + 1.866%) due 12/5/34(a)(g)		629,763
	200,000		BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(g)		194,038
	1,800,000	^EUR	BBB-	CaixaBank SA, Subordinated Notes, (Cost — $2,073,645, acquired 3/7/24), 6.250% (5-Year EUR Swap Rate + 3.550%) due 2/23/33(f)(g)		2,012,041
	100,000		A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.926% due 10/2/26		102,239
				Citigroup Inc.:
	220,000		BB+	Junior Subordinated Notes, 5.950% (3-Month Term SOFR + 4.167%)(g)(h)		220,121
				Senior Unsecured Notes:
	70,000		BBB+	4.658% (SOFR + 1.887%) due 5/24/28(g)		70,021
	2,540,000		BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(g)		2,464,213
	100,000		BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(g)		96,674
	550,000		BBB+	4.412% (SOFR + 3.914%) due 3/31/31(g)		535,882
	70,000		BBB+	2.572% (SOFR + 2.107%) due 6/3/31(g)		62,313
	690,000		BBB+	2.561% (SOFR + 1.167%) due 5/1/32(g)		598,237
	160,000		BBB+	2.520% (SOFR + 1.177%) due 11/3/32(g)		137,037
	250,000		BBB+	3.785% (SOFR + 1.939%) due 3/17/33(g)		229,307
	220,000		BBB+	4.910% (SOFR + 2.086%) due 5/24/33(g)		215,895
	76,000		BBB+	4.650% due 7/30/45		68,002
	70,000		BBB+	4.650% due 7/23/48		61,391
				Subordinated Notes:
	210,000		BBB	4.400% due 6/10/25		209,740
	20,000		BBB	5.500% due 9/13/25		20,079
	890,000		BBB	4.300% due 11/20/26		886,585
	30,000		BBB	6.625% due 6/15/32		32,404
	100,000		BBB	6.675% due 9/13/43		110,537
	286,000		BBB	5.300% due 5/6/44		272,485
	50,000		BBB+	Citizens Financial Group Inc., Senior Unsecured Notes, 2.850% due 7/27/26		48,791
	8,000		AA-	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(a)		6,542
				Cooperatieve Rabobank UA:
	380,000		BBB+	Company Guaranteed Notes, 4.375% due 8/4/25		379,036
				Senior Non-Preferred Notes:
	250,000		A-	3.649% (1-Year CMT Index + 1.220%) due 4/6/28(a)(g)		244,852

See Notes to Financial Statements.

128



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 6.9% — (continued)
$	270,000		A-	3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(g)	$	248,112
				Credit Agricole SA:
	1,000,000	^EUR	BBB-	(Cost — $1,147,706, acquired 3/6/24), Junior Subordinated Notes, 7.250% (5-Year EURIBOR ICE Swap + 4.441%)(f)(g)(h)		1,117,612
	500,000		A-	Senior Non-Preferred Notes, 1.907% (SOFR + 1.676%) due 6/16/26(a)(g)		495,978
				Danske Bank AS, Senior Non-Preferred Notes:
	2,500,000		A-	4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(g)		2,482,141
	1,250,000		A-	5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(g)		1,286,900
				Deutsche Bank AG:
	400,000	^EUR	BBB	Senior Non-Preferred Notes, (Cost — $452,547, acquired 12/4/24), 5.000% (3-Month EURIBOR + 2.950%) due 9/5/30(f)(g)		444,018
	200,000		BBB-	Subordinated Notes, 3.742% (SOFR + 2.257%) due 1/7/33(g)		175,305
	100,000		BBB+	Fifth Third Bancorp, Senior Unsecured Notes, 2.550% due 5/5/27		95,827
	25,000		A+	Goldman Sachs Bank USA, Senior Unsecured Notes, 5.414% (SOFR + 0.750%) due 5/21/27(g)		25,290
				Goldman Sachs Group Inc. (The):
				Senior Unsecured Notes:
	10,000		BBB+	3.500% due 4/1/25		9,990
	250,000		BBB+	3.500% due 11/16/26		246,003
	100,000		BBB+	3.850% due 1/26/27		98,874
	100,000		BBB+	1.431% (SOFR + 0.798%) due 3/9/27(g)		96,869
	570,000		BBB+	1.542% (SOFR + 0.818%) due 9/10/27(g)		544,373
	70,000		BBB+	3.615% (SOFR + 1.846%) due 3/15/28(g)		68,595
	891,000		BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(g)		868,249
	2,494,000		BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(g)		2,458,441
	374,000		BBB+	6.484% (SOFR + 1.770%) due 10/24/29(g)		395,189
	57,000		BBB+	1.992% (SOFR + 1.090%) due 1/27/32(g)		48,342
	984,000		BBB+	2.615% (SOFR + 1.281%) due 4/22/32(g)		859,359
	1,950,000		BBB+	2.383% (SOFR + 1.248%) due 7/21/32(g)		1,670,760
	1,538,000		BBB+	2.650% (SOFR + 1.264%) due 10/21/32(g)		1,328,702
	484,000		BBB+	6.561% (SOFR + 1.950%) due 10/24/34(g)		529,423
	50,000		BBB+	4.017% (3-Month Term SOFR + 1.635%) due 10/31/38(g)		43,528
	50,000		BBB+	4.411% (3-Month Term SOFR + 1.692%) due 4/23/39(g)		45,272
	210,000		BBB+	6.250% due 2/1/41		225,330
	530,000		BBB+	3.210% (SOFR + 1.513%) due 4/22/42(g)		398,870
	10,000		BBB+	2.908% (SOFR + 1.472%) due 7/21/42(g)		7,164
	400,000		BBB+	3.436% (SOFR + 1.632%) due 2/24/43(g)		308,271
	10,000		BBB+	4.750% due 10/21/45		9,032
	100,000		BBB+	5.734% (SOFR + 1.696%) due 1/28/56(g)		101,822
				Subordinated Notes:
	130,000		BBB	4.250% due 10/21/25		129,640
	290,000		BBB	5.150% due 5/22/45		271,476
				HSBC Holdings PLC:
				Senior Unsecured Notes:
	685,000		A-	2.099% (SOFR + 1.929%) due 6/4/26(g)		680,489
	200,000		A-	4.583% (3-Month Term SOFR + 1.796%) due 6/19/29(g)		198,246
	200,000		A-	5.402% (SOFR + 2.870%) due 8/11/33(g)		201,867
	200,000		A-	6.254% (SOFR + 2.390%) due 3/9/34(g)		211,973
	200,000		A-	6.332% (SOFR + 2.650%) due 3/9/44(g)		215,298
				Subordinated Notes:
	220,000		BBB	4.762% (SOFR + 2.530%) due 3/29/33(g)		210,645
	200,000		BBB	6.547% (SOFR + 2.980%) due 6/20/34(g)		210,682
	100,000		BBB	6.500% due 9/15/37		105,130
	200,000		A-	HSBC USA Inc., Senior Unsecured Notes, 5.294% due 3/4/27		203,457
				JPMorgan Chase & Co.:
				Senior Unsecured Notes:
	80,000		A	2.083% (SOFR + 1.850%) due 4/22/26(g)		79,709

See Notes to Financial Statements.

129



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 6.9% — (continued)
$	2,245,000		A	1.578% (SOFR + 0.885%) due 4/22/27(g)	$	2,173,266
	200,000		A	1.470% (SOFR + 0.765%) due 9/22/27(g)		190,839
	464,000		A	6.070% (SOFR + 1.330%) due 10/22/27(g)		475,185
	480,000		A	4.203% (3-Month Term SOFR + 1.522%) due 7/23/29(g)		472,704
	53,000		A	5.299% (SOFR + 1.450%) due 7/24/29(g)		53,978
	1,110,000		A	4.452% (3-Month Term SOFR + 1.592%) due 12/5/29(g)		1,102,296
	3,282,000		A	5.012% (SOFR + 1.310%) due 1/23/30(g)		3,316,237
	1,956,000		A	4.565% (SOFR + 1.750%) due 6/14/30(g)		1,939,982
	1,530,000		A	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(g)		1,400,447
	150,000		A	2.522% (SOFR + 2.040%) due 4/22/31(g)		134,363
	2,385,000		A	2.580% (3-Month Term SOFR + 1.250%) due 4/22/32(g)		2,094,486
	1,200,000		A	2.545% (SOFR + 1.180%) due 11/8/32(g)		1,036,877
	1,772,000		A	5.350% (SOFR + 1.845%) due 6/1/34(g)		1,802,422
	100,000		A	5.502% (SOFR + 1.315%) due 1/24/36(g)		102,480
	50,000		A	3.882% (3-Month Term SOFR + 1.622%) due 7/24/38(g)		43,556
	20,000		A	3.964% (3-Month Term SOFR + 1.642%) due 11/15/48(g)		16,063
	10,000		A	3.109% (SOFR + 2.440%) due 4/22/51(g)		6,780
				Subordinated Notes:
	210,000		A-	4.250% due 10/1/27		209,835
	600,000		A-	4.950% due 6/1/45		556,754
	800,000	^EUR	BB+	KBC Group NV, Junior Subordinated Notes, (Cost — $940,004, acquired 3/8/24), 8.000% (5-Year EURIBOR ICE Swap + 4.928%)(f)(g)(h)		921,034
				Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
	200,000		AAA	4.625% due 8/7/26		201,644
	400,000		AAA	4.375% due 3/1/27		402,633
	200,000		AAA	3.750% due 2/15/28		198,518
	200,000		AAA	4.625% due 3/18/30		204,769
				Lloyds Banking Group PLC:
	1,500,000		BB-	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 4.815%)(g)(h)		1,505,794
				Senior Unsecured Notes:
	200,000		BBB+	3.750% due 1/11/27		197,056
	200,000		BBB+	4.375% due 3/22/28		197,738
	200,000		BBB+	5.679% (1-Year CMT Index + 1.750%) due 1/5/35(g)		203,659
	1,070,000		BBB+	Macquarie Bank Ltd., Subordinated Notes, 3.052% (5-Year CMT Index + 1.700%) due 3/3/36(a)(g)		939,822
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	2.839% due 9/13/26		195,445
	200,000		A-	2.201% (3-Month Term SOFR + 1.772%) due 7/10/31(g)		174,641
	1,750,000		A-	National Australia Bank Ltd., Subordinated Notes, 3.347% (5-Year CMT Index + 1.700%) due 1/12/37(a)(g)		1,540,525
	250,000		AA+	National Securities Clearing Corp., Senior Unsecured Notes, 1.500% due 4/23/25(a)		248,954
				NatWest Group PLC, Senior Unsecured Notes:
	200,000		BBB+	4.800% due 4/5/26		200,642
	200,000		BBB+	5.847% (1-Year CMT Index + 1.350%) due 3/2/27(g)		202,461
	400,000		BBB+	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(g)		402,585
	1,870,000		BBB+	5.778% (1-Year CMT Index + 1.500%) due 3/1/35(g)		1,919,627
	1,000,000		A	NatWest Markets PLC, Senior Unsecured Notes, 1.600% due 9/29/26(a)		955,984
				PNC Financial Services Group Inc. (The), Senior Unsecured Notes:
	30,000		A-	5.812% (SOFR + 1.322%) due 6/12/26(g)		30,084
	100,000		A-	2.600% due 7/23/26		97,524
	420,000		A-	5.582% (SOFR + 1.841%) due 6/12/29(g)		431,461
	50,000		A-	2.550% due 1/22/30		45,254
	100,000		A-	5.222% (SOFR + 1.072%) due 1/29/31(g)		101,677
	50,000		A-	6.037% (SOFR + 2.140%) due 10/28/33(g)		52,681
	50,000		A-	5.068% (SOFR + 1.933%) due 1/24/34(g)		49,672
	50,000		A-	5.676% (SOFR + 1.902%) due 1/22/35(g)		51,476
	25,000		A-	5.401% (SOFR + 1.599%) due 7/23/35(g)		25,223

See Notes to Financial Statements.

130



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Banks — 6.9% — (continued)
	1,200,000	^EUR	Baa2(b)	Raiffeisen Bank International AG, Subordinated Notes, (Cost — $1,364,437, acquired 6/7/24), 7.375% (5-Year EURIBOR ICE Swap + 5.200%) due 12/20/32(f)(g)	$	1,357,836
				Royal Bank of Canada, Senior Unsecured Notes:
$	10,000		A	1.150% due 6/10/25		9,910
	100,000		A	5.200% due 7/20/26		101,193
	100,000		A	1.400% due 11/2/26		95,286
	100,000		A	4.875% due 1/19/27		100,883
	100,000		A	4.950% due 2/1/29		101,267
	250,000		A	3.875% due 5/4/32		234,607
	100,000		A	5.150% due 2/1/34		101,066
				Santander Holdings USA Inc., Senior Unsecured Notes:
	89,000		BBB+	6.174% (SOFR + 2.500%) due 1/9/30(g)		92,104
	1,500,000		BBB+	7.660% (SOFR + 3.280%) due 11/9/31(g)		1,669,939
				State Street Corp., Senior Unsecured Notes:
	100,000		A	2.650% due 5/19/26		98,252
	100,000		A	5.684% (SOFR + 1.484%) due 11/21/29(g)		103,791
	50,000		A	4.164% (SOFR + 1.726%) due 8/4/33(g)		47,541
				Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	5.880% due 7/13/26		203,785
	200,000		A-	3.446% due 1/11/27		196,545
	200,000		A-	2.174% due 1/14/27		191,848
	200,000		A-	2.130% due 7/8/30		174,806
	200,000		A-	5.808% due 9/14/33		211,563
				Toronto-Dominion Bank (The), Senior Unsecured Notes:
	210,000		A-	1.150% due 6/12/25		208,023
	100,000		A-	1.250% due 9/10/26		95,379
	100,000		A-	1.950% due 1/12/27		95,479
	100,000		A-	2.800% due 3/10/27		96,736
	100,000		A-	5.298% due 1/30/32		101,688
	300,000		A-	4.456% due 6/8/32		289,674
				Truist Financial Corp., Senior Unsecured Notes:
	100,000		A-	1.267% (SOFR + 0.609%) due 3/2/27(g)		96,791
	30,000		A-	6.047% (SOFR + 2.050%) due 6/8/27(g)		30,528
	50,000		A-	5.122% (SOFR + 1.852%) due 1/26/34(g)		49,399
	25,000		A-	5.867% (SOFR + 2.361%) due 6/8/34(g)		25,924
	100,000		A-	5.711% (SOFR + 1.922%) due 1/24/35(g)		102,660
				UBS AG, Senior Unsecured Notes:
	250,000		A+	2.950% due 4/9/25		249,567
	250,000		A+	5.000% due 7/9/27		252,840
	2,135,000		A+	7.500% due 2/15/28		2,306,620
				UBS Group AG:
				Junior Subordinated Notes:
	250,000		BB	4.875% (5-Year CMT Index + 3.404%)(a)(g)(h)		243,217
	750,000		BB	6.850% (5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(g)(h)		753,651
	200,000		BB	7.750% (5-Year USD SOFR ICE Swap Rate + 4.160%)(a)(g)(h)		211,711
	890,000		BB	9.250% (5-Year CMT Index + 4.745%)(a)(g)(h)		975,792
				Senior Unsecured Notes:
	320,000		A-	4.550% due 4/17/26		320,246
	370,000		A-	2.193% (SOFR + 2.044%) due 6/5/26(a)(g)		367,650
	295,000		A-	6.373% (SOFR + 3.340%) due 7/15/26(a)(g)		296,807
	960,000		A-	1.305% (SOFR + 0.980%) due 2/2/27(a)(g)		932,496
	2,000,000		A-	1.494% (1-Year CMT Index + 0.850%) due 8/10/27(a)(g)		1,912,653
	500,000		A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(g)		499,962
	950,000		A-	4.194% (SOFR + 3.730%) due 4/1/31(a)(g)		915,369
	1,665,000		A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(g)		1,486,625
	250,000		A-	9.016% (SOFR + 5.020%) due 11/15/33(a)(g)		308,019

See Notes to Financial Statements.

131



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 6.9% — (continued)
			US Bancorp:
			Senior Unsecured Notes:
$	90,000	A	1.450% due 5/12/25	$	89,432
	100,000	A	2.375% due 7/22/26		97,371
	350,000	A	5.850% (SOFR + 2.090%) due 10/21/33(g)		364,265
	1,415,000	A	4.839% (SOFR + 1.600%) due 2/1/34(g)		1,377,250
	50,000	A	5.836% (SOFR + 2.260%) due 6/12/34(g)		51,870
	885,000	A	5.678% (SOFR + 1.860%) due 1/23/35(g)		908,836
	100,000	A-	Subordinated Notes, 3.100% due 4/27/26		98,484
			Wells Fargo & Co.:
	50,000	BB+	Junior Subordinated Notes, 5.875%(g)(h)		50,067
			Senior Unsecured Notes:
	150,000	BBB+	3.000% due 4/22/26		147,579
	1,000,000	BBB+	3.908% (SOFR + 1.320%) due 4/25/26(g)		998,791
	20,000	BBB+	2.188% (SOFR + 2.000%) due 4/30/26(g)		19,919
	750,000	BBB+	3.000% due 10/23/26		732,553
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(g)		485,345
	490,000	BBB+	4.150% due 1/24/29		481,580
	1,010,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(g)		1,035,458
	511,000	BBB+	6.303% (SOFR + 1.790%) due 10/23/29(g)		537,261
	755,000	BBB+	5.244% (SOFR + 1.110%) due 1/24/31(g)		766,709
	103,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(g)		92,588
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(g)		98,185
	2,460,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(g)		2,206,393
	625,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(g)		631,233
	1,263,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(g)		1,286,814
	140,000	BBB+	6.491% (SOFR + 2.060%) due 10/23/34(g)		151,518
	300,000	BBB+	3.068% (SOFR + 2.530%) due 4/30/41(g)		226,589
	4,300,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(g)		3,953,363
	200,000	BBB+	4.611% (SOFR + 2.130%) due 4/25/53(g)		173,316
			Subordinated Notes:
	200,000	BBB	5.375% due 11/2/43		192,145
	20,000	BBB	4.650% due 11/4/44		17,404
	20,000	BBB	4.900% due 11/17/45		17,907
	10,000	BBB	4.750% due 12/7/46		8,672
			Wells Fargo Bank NA, Senior Unsecured Notes:
	358,000	A+	5.450% due 8/7/26		363,196
	250,000	A+	5.254% due 12/11/26		253,798
			Westpac Banking Corp., Senior Unsecured Notes:
	100,000	AA-	1.150% due 6/3/26		96,287
	100,000	AA-	2.700% due 8/19/26		97,853
	100,000	AA-	3.350% due 3/8/27		98,269
	50,000	AA-	2.150% due 6/3/31		43,492

			Total Banks		129,651,491


	Beverages — 0.2%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	125,000	A-	4.700% due 2/1/36		121,003
	1,074,000	A-	4.900% due 2/1/46		1,000,257
	50,000	A-	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 4.900% due 2/1/46		46,493
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	240,000	A-	4.750% due 1/23/29		242,100
	260,000	A-	3.500% due 6/1/30		246,990
	50,000	A-	4.375% due 4/15/38		46,298
	50,000	A-	5.450% due 1/23/39		51,087
	25,000	A-	4.950% due 1/15/42		23,807

See Notes to Financial Statements.

132



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Beverages — 0.2% — (continued)
$	100,000	A-	4.439% due 10/6/48	$	86,756
	260,000	A-	5.550% due 1/23/49		263,189
	50,000	A-	4.750% due 4/15/58		44,746
	50,000	A-	5.800% due 1/23/59		52,282
			Coca-Cola Co. (The), Senior Unsecured Notes:
	100,000	A+	3.375% due 3/25/27		98,364
	50,000	A+	5.000% due 5/13/34		51,000
	240,000	A+	2.500% due 6/1/40		173,964
	85,000	A+	2.600% due 6/1/50		53,409
	25,000	A+	3.000% due 3/5/51		17,015
	50,000	A+	2.500% due 3/15/51		30,447
	50,000	A+	5.300% due 5/13/54		49,769
	25,000	A+	5.400% due 5/13/64		24,833
			Constellation Brands Inc.:
			Company Guaranteed Notes:
	100,000	BBB	3.700% due 12/6/26		98,711
	25,000	BBB	5.250% due 11/15/48		23,289
			Senior Unsecured Notes:
	130,000	BBB	4.350% due 5/9/27		129,365
	30,000	BBB	2.250% due 8/1/31		25,417
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	25,000	BBB	3.800% due 5/1/50		19,008
	25,000	BBB	3.350% due 3/15/51		17,300
	50,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46		41,144
			PepsiCo Inc., Senior Unsecured Notes:
	100,000	A+	2.375% due 10/6/26		97,170
	100,000	A+	2.625% due 3/19/27		97,131
	50,000	A+	4.800% due 7/17/34		49,939
	25,000	A+	2.625% due 10/21/41		17,877
	25,000	A+	4.450% due 4/14/46		22,371
	25,000	A+	2.875% due 10/15/49		16,713
	25,000	A+	3.625% due 3/19/50		19,121
	50,000	A+	2.750% due 10/21/51		32,107
	25,000	A+	4.200% due 7/18/52		20,845
	25,000	A+	3.875% due 3/19/60		19,283

			Total Beverages		3,470,600


	Biotechnology — 0.2%
			Amgen Inc., Senior Unsecured Notes:
	100,000	BBB+	2.200% due 2/21/27		95,785
	171,000	BBB+	5.150% due 3/2/28		173,748
	180,000	BBB+	4.050% due 8/18/29		175,331
	271,000	BBB+	2.450% due 2/21/30		243,982
	25,000	BBB+	6.375% due 6/1/37		27,669
	100,000	BBB+	3.150% due 2/21/40		77,291
	43,000	BBB+	3.375% due 2/21/50		30,853
	150,000	BBB+	4.663% due 6/15/51		130,585
	69,000	BBB+	4.200% due 2/22/52		55,374
	114,000	BBB+	4.875% due 3/1/53		101,777
	160,000	BBB+	5.650% due 3/2/53		159,696
	100,000	BBB+	2.770% due 9/1/53		60,701
	63,000	BBB+	4.400% due 2/22/62		50,943
	67,000	BBB+	5.750% due 3/2/63		66,745
	50,000	BBB+	Biogen Inc., Senior Unsecured Notes, 3.150% due 5/1/50		32,403
			Gilead Sciences Inc., Senior Unsecured Notes:
	100,000	BBB+	3.650% due 3/1/26		99,235

See Notes to Financial Statements.

133



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Biotechnology — 0.2% — (continued)
$	674,000	BBB+	1.650% due 10/1/30	$	574,312
	90,000	BBB+	4.000% due 9/1/36		81,688
	308,000	BBB+	2.600% due 10/1/40		222,219
	142,000	BBB+	4.800% due 4/1/44		131,045
	99,000	BBB+	4.500% due 2/1/45		87,528
	70,000	BBB+	4.750% due 3/1/46		63,887
	100,000	BBB-	Royalty Pharma PLC, Company Guaranteed Notes, 5.400% due 9/2/34		99,758

			Total Biotechnology		2,842,555


	Building Materials — 0.1%
	660,000	B	Camelot Return Merger Sub Inc., Senior Secured Notes, 8.750% due 8/1/28(a)		625,922
			Carrier Global Corp., Senior Unsecured Notes:
	50,000	BBB	2.493% due 2/15/27		48,159
	50,000	BBB	3.377% due 4/5/40		39,780
	50,000	BBB	3.577% due 4/5/50		37,236
			Martin Marietta Materials Inc., Senior Unsecured Notes:
	25,000	BBB+	4.250% due 12/15/47		20,962
	25,000	BBB+	3.200% due 7/15/51		16,662
	25,000	BBB	Owens Corning, Senior Unsecured Notes, 4.400% due 1/30/48		20,826
	240,000	BB	Quikrete Holdings Inc., Senior Secured Notes, 6.375% due 3/1/32(a)		243,560

			Total Building Materials		1,053,107


	Chemicals — 0.4%
			Air Products & Chemicals Inc., Senior Unsecured Notes:
	25,000	A	4.850% due 2/8/34		24,882
	25,000	A	2.700% due 5/15/40		18,441
	50,000	A	2.800% due 5/15/50		32,163
	25,000	BBB-	Albemarle Corp., Senior Unsecured Notes, 5.650% due 6/1/52		21,641
	500,000	BB+	Braskem Netherlands Finance BV, Company Guaranteed Notes, 7.250% due 2/13/33(a)		465,958
	25,000	BBB	Cabot Corp., Senior Unsecured Notes, 5.000% due 6/30/32		24,885
	25,000	BBB	CF Industries Inc., Company Guaranteed Notes, 5.375% due 3/15/44		23,698
			Dow Chemical Co. (The), Senior Unsecured Notes:
	25,000	BBB	5.150% due 2/15/34		24,810
	25,000	BBB	5.250% due 11/15/41		23,528
	25,000	BBB	4.375% due 11/15/42		21,027
	25,000	BBB	4.625% due 10/1/44		21,523
	25,000	BBB	5.550% due 11/30/48		23,861
	25,000	BBB	4.800% due 5/15/49		21,288
	25,000	BBB	3.600% due 11/15/50		17,525
	25,000	BBB	6.900% due 5/15/53		27,867
	25,000	BBB	5.600% due 2/15/54		23,903
			DuPont de Nemours Inc., Senior Unsecured Notes:
	50,000	BBB+	4.725% due 11/15/28		50,354
	32,000	BBB+	5.319% due 11/15/38		33,231
	50,000	BBB+	5.419% due 11/15/48		51,560
			Eastman Chemical Co., Senior Unsecured Notes:
	176,000	BBB	4.500% due 12/1/28		175,174
	25,000	BBB	5.625% due 2/20/34		25,438
	25,000	BBB	4.650% due 10/15/44		21,694
			Ecolab Inc., Senior Unsecured Notes:
	25,000	A-	3.950% due 12/1/47		20,585
	25,000	A-	2.125% due 8/15/50		13,926
	25,000	A-	2.700% due 12/15/51		15,727
	25,000	A-	2.750% due 8/18/55		15,376
	25,000	A-	EIDP Inc., Senior Unsecured Notes, 4.800% due 5/15/33		24,651
	400,000	BBB	EQUATE Petrochemical Co. KSC, Company Guaranteed Notes, 4.250% due 11/3/26(a)		393,080

See Notes to Financial Statements.

134



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Chemicals — 0.4% — (continued)
			FMC Corp., Senior Unsecured Notes:
$	25,000	BBB-	4.500% due 10/1/49	$	19,036
	25,000	BBB-	6.375% due 5/18/53		24,431
	25,000	BBB-	Huntsman International LLC, Senior Unsecured Notes, 4.500% due 5/1/29		24,118
			International Flavors & Fragrances Inc., Senior Unsecured Notes:
	145,000	BBB-	4.375% due 6/1/47		117,118
	100,000	BBB-	5.000% due 9/26/48		86,992
	25,000	A	Linde Inc., Company Guaranteed Notes, 3.550% due 11/7/42		20,179
	25,000	BBB	LYB International Finance BV, Company Guaranteed Notes, 4.875% due 3/15/44		22,028
			LYB International Finance III LLC, Company Guaranteed Notes:
	600,000	BBB	5.500% due 3/1/34		600,585
	25,000	BBB	4.200% due 10/15/49		19,241
	50,000	BBB	4.200% due 5/1/50		38,437
	50,000	BBB	3.625% due 4/1/51		34,692
	25,000	BBB	3.800% due 10/1/60		17,248
	50,000	BBB	LyondellBasell Industries NV, Senior Unsecured Notes, 4.625% due 2/26/55		40,689
			Mosaic Co. (The), Senior Unsecured Notes:
	25,000	BBB	4.875% due 11/15/41		22,681
	25,000	BBB	5.625% due 11/15/43		24,295
			Nutrien Ltd., Senior Unsecured Notes:
	25,000	BBB	5.625% due 12/1/40		25,162
	25,000	BBB	4.900% due 6/1/43		22,907
	25,000	BBB	5.000% due 4/1/49		22,782
	25,000	BBB	3.950% due 5/13/50		19,255
	25,000	BBB	5.800% due 3/27/53		25,340
			OCP SA, Senior Unsecured Notes:
	200,000	BB+	4.500% due 10/22/25(a)		199,059
	200,000	BB+	3.750% due 6/23/31(a)		177,047
	730,000	BB+	6.750% due 5/2/34(a)		754,032
	400,000	BB+	5.125% due 6/23/51(a)		312,640
			Orbia Advance Corp. SAB de CV, Company Guaranteed Notes:
	270,000	BBB-	1.875% due 5/11/26(a)		259,702
	260,000	BBB-	2.875% due 5/11/31(a)		215,965
	213,000	BBB	RPM International Inc., Senior Unsecured Notes, 3.750% due 3/15/27		209,431
			Sherwin-Williams Co. (The), Senior Unsecured Notes:
	50,000	BBB	4.500% due 6/1/47		43,244
	25,000	BBB	3.800% due 8/15/49		19,069
	25,000	BBB	3.300% due 5/15/50		17,258
	25,000	BBB	2.900% due 3/15/52		15,855
	1,750,000	BBB+	Solvay Finance America LLC, Company Guaranteed Notes, 5.850% due 6/4/34(a)		1,801,619
			Westlake Corp., Senior Unsecured Notes:
	50,000	BBB+	3.125% due 8/15/51		32,108
	25,000	BBB+	3.375% due 8/15/61		15,391

			Total Chemicals		6,957,432


	Coal — 0.0%@
	10,000	BBB-	Teck Resources Ltd., Senior Unsecured Notes, 6.000% due 8/15/40		9,818


	Commercial Services — 0.5%
	1,220,000	BBB-	Ashtead Capital Inc., Company Guaranteed Notes, 5.550% due 5/30/33(a)		1,223,074
	90,000	A-	Cintas Corp. No 2, Company Guaranteed Notes, 4.000% due 5/1/32		85,685
	25,000	BBB	Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28		25,338
			GEO Group Inc. (The):
	270,000	B+	Company Guaranteed Notes, 10.250% due 4/15/31		296,052
	400,000	BB	Senior Secured Notes, 8.625% due 4/15/29		423,755
			Global Payments Inc., Senior Unsecured Notes:
	50,000	BBB-	1.200% due 3/1/26		48,265

See Notes to Financial Statements.

135



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Commercial Services — 0.5% — (continued)
$	176,000		BBB-	4.450% due 6/1/28	$	174,557
	44,000		BBB-	3.200% due 8/15/29		41,007
	100,000	^EUR	BBB-	4.875% due 3/17/31		110,562
	97,000		BBB-	2.900% due 11/15/31		85,077
	1,500,000		BBB-	5.950% due 8/15/52		1,491,705
				Moody’s Corp., Senior Unsecured Notes:
	245,000		BBB+	4.250% due 2/1/29		243,299
	42,000		BBB+	2.000% due 8/19/31		35,668
				PayPal Holdings Inc., Senior Unsecured Notes:
	10,000		A-	1.650% due 6/1/25		9,925
	25,000		A-	2.650% due 10/1/26		24,354
	50,000		A-	2.850% due 10/1/29		46,471
	240,000		A-	2.300% due 6/1/30		213,972
	25,000		A-	5.150% due 6/1/34		25,266
	25,000		A-	3.250% due 6/1/50		17,273
	25,000		A-	5.050% due 6/1/52		23,367
	118,000		BBB+	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29		115,228
	260,000		B	RR Donnelley & Sons Co., Senior Secured Notes, 9.500% due 8/1/29(a)		266,555
				S&P Global Inc., Company Guaranteed Notes:
	50,000		A3(b)	2.450% due 3/1/27		48,147
	25,000		A3(b)	3.700% due 3/1/52		19,208
	25,000		A3(b)	2.300% due 8/15/60		12,989
	25,000		A3(b)	3.900% due 3/1/62		19,013
	240,000		Ba3(b)	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		244,684
	1,000,000	^EUR	BBB+	Transurban Finance Co. Pty Ltd., Senior Secured Notes, (Cost — $1,131,842, acquired 3/6/24), 4.225% due 4/26/33(f)		1,095,237
				United Rentals North America Inc., Company Guaranteed Notes:
	50,000		BB+	3.875% due 2/15/31		45,751
	120,000		BB+	3.750% due 1/15/32		107,474
	20,000		BB+	6.125% due 3/15/34(a)		20,250
	670,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		655,311
	25,000		BBB	Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 3/15/29		24,500
	580,000	^EUR	B+	Verisure Holding AB, Senior Secured Notes, (Cost — $636,031, acquired 12/3/24), 5.500% due 5/15/30(f)		627,972
	600,000	^EUR	BBB-	Worldline SA, Senior Unsecured Notes, (Cost — $629,165, acquired 12/3/24), 4.125% due 9/12/28(f)		622,836

				Total Commercial Services		8,569,827


	Computers — 0.2%
	100,000		AA-	Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31		97,813
	505,000	^EUR	BB	Almaviva-The Italian Innovation Co. SpA, Senior Secured Notes, 5.000% due 10/30/30(a)		540,249
				Apple Inc., Senior Unsecured Notes:
	100,000		AA+	3.350% due 2/9/27		98,648
	50,000		AA+	2.200% due 9/11/29		45,716
	100,000		AA+	4.300% due 5/10/33		99,599
	25,000		AA+	4.500% due 2/23/36		24,907
	50,000		AA+	2.375% due 2/8/41		35,428
	100,000		AA+	3.850% due 5/4/43		84,882
	100,000		AA+	3.450% due 2/9/45		78,545
	50,000		AA+	4.375% due 5/13/45		45,041
	100,000		AA+	3.850% due 8/4/46		82,359
	25,000		AA+	3.750% due 9/12/47		20,200
	100,000		AA+	2.950% due 9/11/49		68,546
	50,000		AA+	2.650% due 5/11/50		32,037
	100,000		AA+	2.650% due 2/8/51		63,374

See Notes to Financial Statements.

136



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Computers — 0.2% — (continued)
$	50,000	AA+	2.700% due 8/5/51	$	31,825
	50,000	AA+	3.950% due 8/8/52		40,719
	50,000	AA+	2.800% due 2/8/61		30,506
	25,000	AA+	2.850% due 8/5/61		15,412
	50,000	AA+	4.100% due 8/8/62		40,526
			Dell International LLC/EMC Corp.:
	144,000	BBB	Company Guaranteed Notes, 3.450% due 12/15/51		99,602
	23,000	BBB	Senior Unsecured Notes, 8.350% due 7/15/46		29,763
			DXC Technology Co., Senior Unsecured Notes:
	25,000	BBB-	1.800% due 9/15/26		23,907
	88,000	BBB-	2.375% due 9/15/28		80,769
			Hewlett Packard Enterprise Co., Senior Unsecured Notes:
	248,000	BBB	5.250% due 7/1/28		252,859
	25,000	BBB	5.000% due 10/15/34		24,591
			HP Inc., Senior Unsecured Notes:
	25,000	BBB	4.750% due 1/15/28		25,163
	25,000	BBB	6.000% due 9/15/41		25,576
			International Business Machines Corp., Senior Unsecured Notes:
	100,000	A-	3.300% due 1/27/27		98,079
	100,000	A-	1.700% due 5/15/27		94,234
	100,000	A-	4.150% due 5/15/39		87,935
	100,000	A-	4.000% due 6/20/42		83,506
	100,000	A-	4.250% due 5/15/49		82,342
	100,000	A-	2.950% due 5/15/50		65,028
			Kyndryl Holdings Inc., Senior Unsecured Notes:
	750,000	BBB-	2.050% due 10/15/26		719,501
	25,000	BBB-	2.700% due 10/15/28		23,250
	25,000	BBB	Leidos Inc., Company Guaranteed Notes, 2.300% due 2/15/31		21,519

			Total Computers		3,413,956


	Cosmetics/Personal Care — 0.1%
			Estee Lauder Cos Inc. (The), Senior Unsecured Notes:
	25,000	A-	4.150% due 3/15/47		20,143
	25,000	A-	3.125% due 12/1/49		16,478
	25,000	A-	5.150% due 5/15/53		24,127
	560,000	BBB+	Haleon US Capital LLC, Company Guaranteed Notes, 3.375% due 3/24/29		533,488
			Kenvue Inc., Company Guaranteed Notes:
	540,000	A	4.900% due 3/22/33		541,126
	50,000	A	5.050% due 3/22/53		47,810
	25,000	A	5.200% due 3/22/63		23,839
			Procter & Gamble Co. (The), Senior Unsecured Notes:
	80,000	AA-	3.000% due 3/25/30		75,260
	25,000	AA-	3.600% due 3/25/50		19,491

			Total Cosmetics/Personal Care		1,301,762


	Diversified Financial Services — 1.1%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	2,950,000	BBB+	2.450% due 10/29/26		2,845,175
	150,000	BBB+	6.450% due 4/15/27		154,808
	150,000	BBB+	5.750% due 6/6/28		154,206
	690,000	BBB+	3.000% due 10/29/28		647,928
	667,000	BBB+	3.300% due 1/30/32		591,942
	150,000	BBB+	3.400% due 10/29/33		130,164
	655,000	BBB-	6.950% (5-Year CMT Index + 2.720%) due 3/10/55(g)		675,149
			Air Lease Corp., Senior Unsecured Notes:
	10,000	BBB	3.375% due 7/1/25		9,958

See Notes to Financial Statements.

137



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 1.1% — (continued)
$	50,000	BBB	1.875% due 8/15/26	$	48,121
	50,000	BBB	2.200% due 1/15/27		47,852
	25,000	BBB	5.850% due 12/15/27		25,789
	280,000	BBB	5.300% due 2/1/28		284,815
	50,000	BBB	2.100% due 9/1/28		45,750
	25,000	BBB	3.000% due 2/1/30		22,914
	25,000	BBB	3.125% due 12/1/30		22,655
	2,500,000	BBB-	Aircastle Ltd., Company Guaranteed Notes, 5.950% due 2/15/29(a)		2,574,974
	25,000	BBB-	Ally Financial Inc., Senior Unsecured Notes, 6.184% (SOFR + 2.290%) due 7/26/35(g)		25,261
			American Express Co., Senior Unsecured Notes:
	100,000	A-	2.550% due 3/4/27		96,457
	220,000	A-	4.050% due 5/3/29		216,854
	100,000	A-	5.085% (SOFR + 1.020%) due 1/30/31(g)		101,257
	100,000	A-	5.043% (SOFR + 1.835%) due 5/1/34(g)		100,444
	100,000	A-	5.442% (SOFR + 1.320%) due 1/30/36(g)		101,817
	100,000	A-	4.050% due 12/3/42		85,514
			Avolon Holdings Funding Ltd.:
	1,563,000	BBB-	Company Guaranteed Notes, 2.528% due 11/18/27(a)		1,463,126
	230,000	BBB-	Senior Unsecured Notes, 2.750% due 2/21/28(a)		216,031
			Capital One Financial Corp.:
			Senior Unsecured Notes:
	100,000	BBB	3.750% due 3/9/27		98,271
	50,000	BBB	5.817% (SOFR + 2.600%) due 2/1/34(g)		51,094
	50,000	BBB	6.377% (SOFR + 2.860%) due 6/8/34(g)		52,973
			Subordinated Notes:
	50,000	BBB-	3.750% due 7/28/26		49,391
	27,000	BBB-	2.359% (SOFR + 1.337%) due 7/29/32(g)		22,424
			Charles Schwab Corp. (The), Senior Unsecured Notes:
	50,000	A-	0.900% due 3/11/26		48,224
	25,000	A-	1.150% due 5/13/26		24,072
	750,000	A-	5.875% due 8/24/26		764,239
	50,000	A-	2.450% due 3/3/27		48,128
	25,000	A-	3.300% due 4/1/27		24,456
	50,000	A-	2.000% due 3/20/28		46,547
	25,000	A-	4.000% due 2/1/29		24,522
	50,000	A-	5.643% (SOFR + 2.210%) due 5/19/29(g)		51,477
	50,000	A-	6.196% (SOFR + 1.878%) due 11/17/29(g)		52,730
	25,000	A-	2.900% due 3/3/32		21,987
	2,530,000	A-	6.136% (SOFR + 2.010%) due 8/24/34(g)		2,702,347
	1,000,000	BBB-	Citadel Finance LLC, Company Guaranteed Notes, 5.900% due 2/10/30(a)		1,003,384
	759,000	A+	Credit Suisse USA LLC, Company Guaranteed Notes, 7.125% due 7/15/32		855,686
	50,000	BBB-	Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27		49,414
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	50,000	A-	4.000% due 9/15/27		49,479
	50,000	A-	4.350% due 6/15/29		49,542
	13,000	A-	2.100% due 6/15/30		11,441
	540,000	A-	4.600% due 3/15/33		527,174
	25,000	A-	2.650% due 9/15/40		18,102
	25,000	A-	4.250% due 9/21/48		21,142
	50,000	A-	3.000% due 6/15/50		33,344
	110,000	A-	4.950% due 6/15/52		101,850
	50,000	A-	3.000% due 9/15/60		30,579
	190,000	BB	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 6.125% due 11/1/32(a)		190,494
			Jefferies Financial Group Inc., Senior Unsecured Notes:
	50,000	BBB	4.850% due 1/15/27		50,098
	50,000	BBB	5.875% due 7/21/28		51,547

See Notes to Financial Statements.

138



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Diversified Financial Services — 1.1% — (continued)
$	50,000		BBB	4.150% due 1/23/30	$	48,077
	650,000		NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17*(d)(e)#		–
				Mastercard Inc., Senior Unsecured Notes:
	25,000		A+	3.650% due 6/1/49		19,364
	80,000		A+	3.850% due 3/26/50		64,119
	25,000		A+	2.950% due 3/15/51		16,862
	382,000		BBB	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		395,236
				Nomura Holdings Inc., Senior Unsecured Notes:
	200,000		BBB+	1.653% due 7/14/26		192,228
	200,000		BBB+	6.070% due 7/12/28		208,008
	25,000		BBB-	Radian Group Inc., Senior Unsecured Notes, 4.875% due 3/15/27		24,935
	760,000	^EUR	B	Sherwood Financing PLC, Senior Secured Notes, (Cost — $794,282, acquired 3/8/24), 4.500% due 11/15/26(f)		788,765
	50,000		BBB-	Synchrony Financial, Senior Unsecured Notes, 3.700% due 8/4/26		49,204
	150,000		AA	USAA Capital Corp., Senior Unsecured Notes, 2.125% due 5/1/30(a)		132,813
				Visa Inc., Senior Unsecured Notes:
	210,000		AA-	2.050% due 4/15/30		187,152
	25,000		AA-	2.700% due 4/15/40		18,808
	260,000		AA-	4.300% due 12/14/45		228,825
	25,000		AA-	3.650% due 9/15/47		19,744
	50,000		AA-	2.000% due 8/15/50		27,709
	25,000		BBB+	Voya Financial Inc., Company Guaranteed Notes, 3.650% due 6/15/26		24,708

				Total Diversified Financial Services		20,261,676


	Electric — 1.8%
				AEP Texas Inc., Senior Unsecured Notes:
	43,000		BBB+	5.400% due 6/1/33		43,295
	82,000		BBB+	3.450% due 1/15/50		57,111
	41,000		BBB+	3.450% due 5/15/51		28,201
				AEP Transmission Co. LLC, Senior Unsecured Notes:
	120,000		BBB+	3.750% due 12/1/47		91,888
	109,000		BBB+	3.150% due 9/15/49		73,586
	120,000		BBB+	2.750% due 8/15/51		74,676
	65,000		BBB+	4.500% due 6/15/52		55,335
				Alabama Power Co., Senior Unsecured Notes:
	64,000		A	3.700% due 12/1/47		48,812
	60,000		A	3.450% due 10/1/49		43,352
	116,000		A	3.125% due 7/15/51		77,986
	211,000		A	3.000% due 3/15/52		138,338
				Ameren Illinois Co., 1st Mortgage Notes:
	43,000		A	3.250% due 3/15/50		30,181
	95,000		A	2.900% due 6/15/51		61,788
	150,000		A-	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a)		128,930
				Arizona Public Service Co., Senior Unsecured Notes:
	25,000		BBB+	5.550% due 8/1/33		25,419
	25,000		BBB+	3.350% due 5/15/50		17,450
				Baltimore Gas & Electric Co., Senior Unsecured Notes:
	6,000		A	3.500% due 8/15/46		4,459
	150,000		A	3.750% due 8/15/47		116,144
	130,000		A	3.200% due 9/15/49		88,198
	67,000		A	2.900% due 6/15/50		43,014
	104,000		A	4.550% due 6/1/52		89,053
	65,000		A	5.400% due 6/1/53		63,063
	25,000		A-	Berkshire Hathaway Energy Co., Senior Unsecured Notes, 6.125% due 4/1/36		26,695
				CenterPoint Energy Houston Electric LLC:
	118,000		A	1st Mortgage Notes, 3.600% due 3/1/52		87,332
	129,000		A	General Refinance Mortgage, 4.450% due 10/1/32		125,192

See Notes to Financial Statements.

139



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Electric — 1.8% — (continued)
				Comision Federal de Electricidad, Company Guaranteed Notes:
$	1,500,000		BBB	3.348% due 2/9/31(a)	$	1,267,464
	1,000,000		BBB	3.875% due 7/26/33(a)		817,913
	25,000		A	Commonwealth Edison Co., 1st Mortgage Notes, 5.900% due 3/15/36		26,506
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	60,000		A-	3.350% due 4/1/30		56,553
	40,000		A-	3.950% due 4/1/50		31,725
	134,000		A-	5.900% due 11/15/53		139,094
	100,000		A-	5.700% due 5/15/54		101,253
	25,000		A-	4.625% due 12/1/54		21,495
				Consumers Energy Co., 1st Mortgage Notes:
	156,000		A	3.500% due 8/1/51		116,094
	53,000		A	2.650% due 8/15/52		33,311
	113,000		A	4.200% due 9/1/52		93,590
	1,405,000		BBB-	Dominion Energy Inc., Junior Subordinated Notes, 6.625% (5-Year CMT Index + 2.207%) due 5/15/55(g)		1,422,387
	83,000		A	Dominion Energy South Carolina Inc., 1st Mortgage Notes, 6.250% due 10/15/53		90,858
	180,000		A	DTE Electric Co., General Refinance Mortgage, 3.250% due 4/1/51		126,754
				Duke Energy Carolinas LLC, 1st Mortgage Notes:
	454,000		A	3.950% due 11/15/28		446,761
	240,000		A	4.950% due 1/15/33		240,200
	25,000		A	6.050% due 4/15/38		26,927
	500,000		A	4.250% due 12/15/41		432,990
	105,000		A	3.200% due 8/15/49		72,233
	180,000		A	3.550% due 3/15/52		130,344
	352,000		A	5.350% due 1/15/53		342,213
				Duke Energy Corp., Senior Unsecured Notes:
	50,000		BBB	2.650% due 9/1/26		48,696
	50,000		BBB	4.850% due 1/5/27		50,394
	1,900,000	^EUR	BBB	3.100% due 6/15/28		1,986,120
				Duke Energy Florida LLC, 1st Mortgage Notes:
	345,000		A	2.500% due 12/1/29		314,288
	233,000		A	1.750% due 6/15/30		201,053
	25,000		A	6.400% due 6/15/38		27,617
	24,000		A	4.200% due 7/15/48		19,959
	26,000		A	5.950% due 11/15/52		27,000
				Duke Energy Ohio Inc., 1st Mortgage Notes:
	729,000		A	3.650% due 2/1/29		705,609
	20,000		A	5.650% due 4/1/53		20,048
				Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000		A	3.450% due 3/15/29		125,144
	143,000		A	5.250% due 3/15/33		145,505
	131,000		A	4.150% due 12/1/44		109,309
	67,000		A	2.900% due 8/15/51		42,862
	180,000		BBB-	Edison International, Senior Unsecured Notes, 6.950% due 11/15/29		185,620
				Electricite de France SA:
	1,650,000		BBB	Senior Unsecured Notes, 5.750% due 1/13/35(a)		1,679,873
	1,000,000	^EUR	B+	Junior Subordinated Notes, (Cost — $1,173,381, acquired 12/9/24), 7.500% (5-Year EUR Swap Rate + 4.860%)(f)(g)(h)		1,153,938
	87,000		A	Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52		60,186
				Entergy Louisiana LLC:
				1st Mortgage Notes:
	25,000		A	5.150% due 9/15/34		25,023
	25,000		A	2.900% due 3/15/51		15,895
	25,000		A	Collateral Trust, 4.200% due 9/1/48		20,269
	200,000	^EUR	A-	ESB Finance DAC, Company Guaranteed Notes, (Cost — $222,761, acquired 3/6/24), 4.000% due 10/3/28(f)		215,472

See Notes to Financial Statements.

140



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 1.8% — (continued)
$	1,245,000	BB+(c)	EUSHI Finance Inc., Company Guaranteed Notes, 7.625% (5-Year CMT Index + 3.136%) due 12/15/54(g)	$	1,305,414
	1,350,000	BBB-	Evergy Inc., Subordinated Notes, 6.650% (5-Year CMT Index + 2.558%) due 6/1/55(g)		1,351,332
	228,000	BBB	Eversource Energy, Senior Unsecured Notes, 5.450% due 3/1/28		232,596
	35,000	BBB+	Exelon Corp., Senior Unsecured Notes, 5.625% due 6/15/35		35,764
			FirstEnergy Corp., Senior Unsecured Notes:
	60,000	BBB-	1.600% due 1/15/26		58,421
	470,000	BBB-	3.900% due 7/15/27		460,643
	240,000	BBB-	4.850% due 7/15/47		209,469
			Florida Power & Light Co., 1st Mortgage Notes:
	25,000	A+	5.650% due 2/1/37		26,213
	251,000	A+	3.950% due 3/1/48		201,366
	122,000	A+	2.875% due 12/4/51		78,742
	230,000	A+	5.700% due 3/15/55		237,356
			Georgia Power Co., Senior Unsecured Notes:
	50,000	A	5.004% due 2/23/27		50,562
	278,000	A	4.950% due 5/17/33		275,957
			MidAmerican Energy Co., 1st Mortgage Notes:
	47,000	A	3.100% due 5/1/27		45,845
	141,000	A	5.850% due 9/15/54		147,166
	167,000	A	5.300% due 2/1/55		161,250
	100,000	A-	National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850% due 2/7/29		100,738
			NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
	250,000	BBB+	1.875% due 1/15/27		238,306
	50,000	BBB+	2.250% due 6/1/30		43,999
	50,000	BBB+	5.050% due 2/28/33		49,845
	50,000	BBB+	5.250% due 3/15/34		50,163
			Northern States Power Co., 1st Mortgage Notes:
	211,000	A	2.900% due 3/1/50		138,514
	136,000	A	2.600% due 6/1/51		82,685
	162,000	A	5.100% due 5/15/53		153,286
			Ohio Power Co., Senior Unsecured Notes:
	113,000	BBB+	2.600% due 4/1/30		102,035
	89,000	BBB+	5.000% due 6/1/33		87,549
	66,000	BBB+	4.000% due 6/1/49		51,239
	118,000	BBB+	2.900% due 10/1/51		73,550
			Oncor Electric Delivery Co. LLC:
	25,000	A+	1st Mortgage Notes, 2.700% due 11/15/51		15,159
			Senior Secured Notes:
	50,000	A+	4.550% due 9/15/32		48,846
	50,000	A+	5.650% due 11/15/33		52,080
	50,000	A+	4.950% due 9/15/52		45,328
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	200,000	BBB	4.950% due 6/8/25		199,703
	500,000	BBB	5.450% due 6/15/27		505,738
	89,000	BBB	2.500% due 2/1/31		76,392
	136,000	BBB	6.150% due 1/15/33		140,857
	179,000	BBB	6.400% due 6/15/33		188,768
	211,000	BBB	6.950% due 3/15/34		230,235
	100,000	BBB	4.500% due 7/1/40		86,353
	150,000	BBB	3.300% due 8/1/40		112,020
	50,000	BBB	4.950% due 7/1/50		42,899
	90,000	BBB	3.500% due 8/1/50		61,107
	55,000	BBB	6.700% due 4/1/53		59,039
			PacifiCorp, 1st Mortgage Notes:
	50,000	A	5.450% due 2/15/34		50,293
	25,000	A	5.750% due 4/1/37		25,400

See Notes to Financial Statements.

141



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Electric — 1.8% — (continued)
				PECO Energy Co., 1st Mortgage Notes:
$	146,000		A	3.050% due 3/15/51	$	97,096
	174,000		A	4.600% due 5/15/52		152,324
	91,000		A	4.375% due 8/15/52		76,828
	1,025,000		B	PG&E Corp., Junior Subordinated Notes, 7.375% (5-Year CMT Index + 3.883%) due 3/15/55(g)		1,015,585
	100,000		AAA	PG&E Recovery Funding LLC, Senior Secured Notes, 5.231% due 6/1/42		101,454
				PPL Electric Utilities Corp., 1st Mortgage Notes:
	25,000		A+	5.000% due 5/15/33		25,194
	25,000		A+	4.850% due 2/15/34		24,866
	25,000		A+	5.250% due 5/15/53		24,515
	202,000		A	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		191,816
				Public Service Electric & Gas Co., 1st Mortgage Notes:
	199,000		A	3.200% due 5/15/29		189,277
	185,000		A	4.900% due 12/15/32		185,900
				San Diego Gas & Electric Co., 1st Mortgage Notes:
	230,000		A	3.320% due 4/15/50		159,269
	120,000		A	5.350% due 4/1/53		114,920
				Sempra:
	1,485,000		BBB-	Junior Subordinated Notes, 6.625% (5-Year CMT Index + 2.354%) due 4/1/55(g)		1,471,279
	25,000		BBB	Senior Unsecured Notes, 3.800% due 2/1/38		20,615
				Southern California Edison Co.:
				1st Mortgage Notes:
	710,000		A-	5.300% due 3/1/28		716,325
	308,000		A-	5.650% due 10/1/28		314,329
	299,000		A-	5.950% due 11/1/32		307,428
	219,000		A-	5.200% due 6/1/34		214,392
	60,000		A-	3.650% due 6/1/51		41,966
	55,000		A-	5.875% due 12/1/53		53,686
	1,000,000		A-	5.750% due 4/15/54		957,603
	1,130,000		A-	5.900% due 3/1/55		1,116,699
	25,000		A-	1st Refinanced Mortgage Notes, 5.950% due 2/1/38		25,340
	675,000		A-	Southwestern Public Service Co., 1st Mortgage Notes, 6.000% due 6/1/54		697,308
	304,000	^EUR	A3(b)	TenneT Holding BV, Senior Unsecured Notes, (Cost — $353,370, acquired 5/26/23), 4.750% due 10/28/42(f)		354,096
	126,000		A	Union Electric Co., 1st Mortgage Notes, 5.450% due 3/15/53		123,370
				Virginia Electric & Power Co., Senior Unsecured Notes:
	25,000		BBB+	6.000% due 5/15/37		26,511
	52,000		BBB+	2.950% due 11/15/51		33,233
	226,000		BBB+	5.700% due 8/15/53		227,358
	15,000		BBB+	5.350% due 1/15/54		14,405
	2,997,000		BBB-	Vistra Operations Co. LLC, Senior Secured Notes, 3.700% due 1/30/27(a)		2,932,436
				Wisconsin Power & Light Co., Senior Unsecured Notes:
	25,000		A	5.375% due 3/30/34		25,435
	25,000		A	3.650% due 4/1/50		18,628

				Total Electric		34,897,751


	Electrical Components & Equipment — 0.0%@
				Emerson Electric Co., Senior Unsecured Notes:
	25,000		A	2.750% due 10/15/50		16,297
	25,000		A	2.800% due 12/21/51		16,035

				Total Electrical Components & Equipment		32,332


	Electronics — 0.0%@
				Honeywell International Inc., Senior Unsecured Notes:
	100,000		A	2.500% due 11/1/26		97,101
	100,000		A	1.100% due 3/1/27		93,710

See Notes to Financial Statements.

142



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Electronics— 0 .0%@ — (continued)
$	540,000		A	5.000% due 3/1/35	$	538,128
	25,000		A	3.812% due 11/21/47		19,619
	50,000		A	2.800% due 6/1/50		32,380
	25,000		A	5.250% due 3/1/54		23,996
	25,000		A	5.350% due 3/1/64		24,055

				Total Electronics		828,989


	Engineering & Construction — 0.0%@
	475,000		BBB-	CIMIC Finance USA Pty Ltd., Company Guaranteed Notes, 7.000% due 3/25/34(a)		508,826


	Entertainment — 0.4%
	750,000	^EUR	B-	888 Acquisitions Ltd., Senior Secured Notes, 7.558% due 7/15/27(a)		797,642
	90,000		BB-	Caesars Entertainment Inc., Senior Secured Notes, 7.000% due 2/15/30(a)		92,810
	1,170,000		BBB-	GENM Capital Labuan Ltd., Company Guaranteed Notes, 3.882% due 4/19/31(a)		1,046,141
	1,000,000	^EUR	BBB+	Universal Music Group NV, Senior Unsecured Notes, (Cost — $1,115,635, acquired 12/3/24), 4.000% due 6/13/31(f)		1,086,791
				Warnermedia Holdings Inc., Company Guaranteed Notes:
	180,000		BBB-	3.755% due 3/15/27		175,709
	610,000		BBB-	4.054% due 3/15/29		579,126
	380,000		BBB-	4.279% due 3/15/32		340,439
	50,000		BBB-	5.050% due 3/15/42		41,348
	3,451,000		BBB-	5.141% due 3/15/52		2,653,835
	160,000		BB-	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(a)		168,473

				Total Entertainment		6,982,314


	Environmental Control — 0.0%@
				Republic Services Inc., Senior Unsecured Notes:
	66,000		BBB+	3.375% due 11/15/27		64,308
	260,000		BBB+	4.875% due 4/1/29		262,556
				Waste Connections Inc., Senior Unsecured Notes:
	330,000		BBB+	5.000% due 3/1/34		328,762
	25,000		BBB+	3.050% due 4/1/50		16,919
	25,000		BBB+	2.950% due 1/15/52		16,096
	170,000		A-	Waste Management Inc., Company Guaranteed Notes, 2.950% due 6/1/41		128,485

				Total Environmental Control		817,126


	Food — 0.2%
	100,000		BBB-	Conagra Brands Inc., Senior Unsecured Notes, 5.300% due 10/1/26		101,089
				General Mills Inc., Senior Unsecured Notes:
	50,000		BBB	3.200% due 2/10/27		48,861
	25,000		BBB	3.000% due 2/1/51		16,400
	620,000	^GBP	B	Iceland Bondsco PLC, Senior Secured Notes, (Cost — $825,024, acquired 5/29/24), 10.875% due 12/15/27(f)		837,405
				J.M. Smucker Co. (The), Senior Unsecured Notes:
	25,000		BBB	4.250% due 3/15/35		23,145
	25,000		BBB	6.500% due 11/15/53		27,461
				JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Company Guaranteed Notes:
	100,000		BBB-	2.500% due 1/15/27		96,118
	50,000		BBB-	4.375% due 2/2/52		39,285
	50,000		BBB-	6.500% due 12/1/52		52,852
				Kraft Heinz Foods Co., Company Guaranteed Notes:
	10,000		BBB	3.000% due 6/1/26		9,814
	40,000		BBB	4.250% due 3/1/31		38,857
	25,000		BBB	6.875% due 1/26/39		28,070
	25,000		BBB	6.500% due 2/9/40		27,184
	180,000		BBB	5.200% due 7/15/45		168,078

See Notes to Financial Statements.

143



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Food — 0.2% — (continued)
$	75,000		BBB	4.375% due 6/1/46	$	62,445
	50,000		BBB	4.875% due 10/1/49		44,115
				Kroger Co. (The), Senior Unsecured Notes:
	290,000		BBB	5.000% due 9/15/34		285,710
	25,000		BBB	3.875% due 10/15/46		19,388
	25,000		BBB	4.450% due 2/1/47		21,199
	25,000		BBB	5.400% due 1/15/49		24,257
	25,000		BBB	3.950% due 1/15/50		19,400
	25,000		BBB	5.500% due 9/15/54		24,201
	865,000		BBB	5.650% due 9/15/64		838,486
	230,000		A	Mars Inc., Company Guaranteed Notes, 3.200% due 4/1/30(a)		214,710
	70,000		BBB	Mondelez International Inc., Senior Unsecured Notes, 1.500% due 5/4/25		69,607
				Sysco Corp., Company Guaranteed Notes:
	50,000		BBB	3.300% due 7/15/26		49,242
	25,000		BBB	5.950% due 4/1/30		26,257
	25,000		BBB	4.450% due 3/15/48		21,001
	25,000		BBB	3.150% due 12/14/51		16,483
	25,000		BBB	Tyson Foods Inc., Senior Unsecured Notes, 5.100% due 9/28/48		22,936

				Total Food		3,274,056


	Forest Products & Paper — 0.0%@
				International Paper Co., Senior Unsecured Notes:
	25,000		BBB	6.000% due 11/15/41		26,032
	25,000		BBB	4.800% due 6/15/44		22,459
	25,000		BBB	4.350% due 8/15/48		20,872
				Suzano Austria GmbH, Company Guaranteed Notes:
	50,000		BBB-	3.750% due 1/15/31		45,296
	670,000		BBB-	3.125% due 1/15/32		571,765

				Total Forest Products & Paper		686,424


	Gas — 0.2%
	1,000,000	^EUR	BBB	APA Infrastructure Ltd., (Cost — $985,840, acquired 5/31/24), Company Guaranteed Notes, 2.000% due 7/15/30(f)		977,035
	92,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		76,992
	1,295,000		BBB+	Brooklyn Union Gas Co. (The), Senior Unsecured Notes, 6.388% due 9/15/33(a)		1,374,996
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	108,000		BBB+	5.250% due 3/1/28		109,950
	52,000		BBB+	1.750% due 10/1/30		44,398
	1,270,000		BBB+	KeySpan Gas East Corp., Senior Unsecured Notes, 5.994% due 3/6/33(a)		1,311,612
	25,000		BBB-	National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30		25,304
				NiSource Inc., Senior Unsecured Notes:
	75,000		BBB+	3.490% due 5/15/27		73,420
	161,000		BBB+	5.250% due 3/30/28		163,439
	153,000		BBB+	3.600% due 5/1/30		144,922
				Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	90,000		BBB+	3.500% due 6/1/29		85,950
	96,000		BBB+	2.500% due 3/15/31		83,690
	155,000		BBB	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		158,116
	75,000		A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		74,769

				Total Gas		4,704,593


	Healthcare — Products — 0.2%
				Abbott Laboratories, Senior Unsecured Notes:
	50,000		AA-	4.750% due 11/30/36		49,504
	185,000		AA-	4.900% due 11/30/46		177,867
	60,000		BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		52,059

See Notes to Financial Statements.

144



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Products — 0.2% — (continued)
			Baxter International Inc., Senior Unsecured Notes:
$	50,000	BBB	1.915% due 2/1/27	$	47,623
	25,000	BBB	3.132% due 12/1/51		16,317
	25,000	A-	Boston Scientific Corp., Senior Unsecured Notes, 4.700% due 3/1/49		22,819
			Danaher Corp., Senior Unsecured Notes:
	25,000	A-	2.600% due 10/1/50		15,465
	25,000	A-	2.800% due 12/10/51		15,933
	25,000	A-	DH Europe Finance II Sarl, Company Guaranteed Notes, 3.400% due 11/15/49		18,197
	100,000	BBB	GE HealthCare Technologies Inc., Senior Unsecured Notes, 6.377% due 11/22/52		110,840
	220,000	BB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		223,571
			Medtronic Inc., Company Guaranteed Notes:
	50,000	A	4.375% due 3/15/35		48,251
	50,000	A	4.625% due 3/15/45		45,610
			Solventum Corp., Company Guaranteed Notes:
	420,000	BBB-	5.400% due 3/1/29		428,601
	430,000	BBB-	5.450% due 3/13/31		440,375
	590,000	BBB-	5.600% due 3/23/34		603,176
	465,000	BBB-	5.900% due 4/30/54		470,503
			Stryker Corp., Senior Unsecured Notes:
	25,000	BBB+	4.625% due 3/15/46		22,409
	25,000	BBB+	2.900% due 6/15/50		16,736
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	164,000	A-	2.000% due 10/15/31		139,855
	755,000	A-	5.086% due 8/10/33		765,573

			Total Healthcare — Products		3,731,284


	Healthcare — Services — 0.7%
			Aetna Inc., Senior Unsecured Notes:
	25,000	BBB	6.625% due 6/15/36		26,835
	25,000	BBB	4.750% due 3/15/44		21,537
			Centene Corp., Senior Unsecured Notes:
	150,000	BBB-	4.250% due 12/15/27		146,056
	50,000	BBB-	2.450% due 7/15/28		45,586
	250,000	BBB-	4.625% due 12/15/29		240,235
	80,000	BBB-	3.375% due 2/15/30		72,491
	70,000	BBB-	3.000% due 10/15/30		61,272
	50,000	BBB-	2.500% due 3/1/31		42,249
	10,000	BBB-	2.625% due 8/1/31		8,432
			Cigna Group (The):
			Company Guaranteed Notes:
	100,000	A-	3.400% due 3/1/27		98,007
	930,000	A-	4.375% due 10/15/28		922,457
	50,000	A-	4.800% due 8/15/38		46,876
	50,000	A-	4.800% due 7/15/46		43,989
	25,000	A-	3.875% due 10/15/47		18,916
	75,000	A-	4.900% due 12/15/48		66,014
			Senior Unsecured Notes:
	50,000	A-	3.400% due 3/15/50		34,260
	50,000	A-	3.400% due 3/15/51		33,956
	25,000	A-	5.600% due 2/15/54		24,087
	100,000	A	City of Hope, Senior Secured Notes, 5.623% due 11/15/43		100,149
			CommonSpirit Health, Senior Secured Notes:
	175,000	AA	3.817% due 10/1/49		134,086
	95,000	A-	3.910% due 10/1/50		72,775
	205,000	AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49		153,589
	705,000	BB-	DaVita Inc., Company Guaranteed Notes, 6.875% due 9/1/32(a)		716,662

See Notes to Financial Statements.

145



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Services — 0.7% — (continued)
$	205,000	AA-	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47	$	168,945
			Elevance Health Inc., Senior Unsecured Notes:
	300,000	A	4.100% due 5/15/32		283,870
	247,000	A	4.550% due 3/1/48		209,121
	25,000	A	3.125% due 5/15/50		16,451
	50,000	A	3.600% due 3/15/51		35,855
	165,000	A	4.550% due 5/15/52		137,630
	116,000	A	6.100% due 10/15/52		119,976
	140,000	A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		109,697
			HCA Inc., Company Guaranteed Notes:
	216,000	BBB-	5.250% due 6/15/26		216,905
	681,000	BBB-	5.200% due 6/1/28		689,084
	90,000	BBB-	5.875% due 2/1/29		92,768
	104,000	BBB-	4.125% due 6/15/29		100,855
	655,000	BBB-	5.250% due 3/1/30		663,499
	805,000	BBB-	3.500% due 9/1/30		747,499
	25,000	BBB-	5.125% due 6/15/39		23,491
	150,000	BBB-	5.500% due 6/15/47		140,069
	178,000	BBB-	3.500% due 7/15/51		119,358
	830,000	BBB-	5.950% due 9/15/54		812,966
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		32,263
			Humana Inc., Senior Unsecured Notes:
	20,000	BBB	4.500% due 4/1/25		19,993
	107,000	BBB	1.350% due 2/3/27		100,475
	270,000	BBB	3.950% due 3/15/27		266,229
	50,000	BBB	2.150% due 2/3/32		40,954
	25,000	BBB	5.875% due 3/1/33		25,623
	25,000	BBB	5.950% due 3/15/34		25,734
	30,000	BBB	4.625% due 12/1/42		25,677
	20,000	BBB	4.950% due 10/1/44		17,455
	25,000	BBB	3.950% due 8/15/49		18,612
	25,000	BBB	5.500% due 3/15/53		22,904
	275,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		261,441
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		67,229
	90,000	Aa2(b)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52		81,600
	90,000	AA-	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		85,039
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		103,265
	240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(a)		148,266
	65,000	Aa2(b)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50		42,394
			UnitedHealth Group Inc., Senior Unsecured Notes:
	60,000	A+	1.250% due 1/15/26		58,419
	200,000	A+	3.450% due 1/15/27		196,849
	100,000	A+	2.950% due 10/15/27		96,463
	100,000	A+	3.850% due 6/15/28		98,189
	50,000	A+	3.875% due 12/15/28		48,910
	100,000	A+	4.250% due 1/15/29		98,859
	90,000	A+	4.000% due 5/15/29		88,168
	50,000	A+	2.000% due 5/15/30		43,896
	100,000	A+	2.300% due 5/15/31		86,883
	510,000	A+	4.200% due 5/15/32		488,472
	50,000	A+	4.500% due 4/15/33		48,208
	170,000	A+	5.000% due 4/15/34		168,930
	25,000	A+	5.800% due 3/15/36		26,404
	50,000	A+	3.500% due 8/15/39		40,754
	25,000	A+	2.750% due 5/15/40		18,113
	153,000	A+	3.750% due 10/15/47		116,972

See Notes to Financial Statements.

146



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Healthcare — Services — 0.7% — (continued)
$	65,000	A+	4.250% due 6/15/48	$	53,454
	30,000	A+	4.450% due 12/15/48		25,446
	375,000	A+	3.700% due 8/15/49		280,516
	20,000	A+	2.900% due 5/15/50		12,731
	474,000	A+	3.250% due 5/15/51		322,241
	50,000	A+	4.750% due 5/15/52		43,724
	50,000	A+	5.050% due 4/15/53		45,771
	345,000	A+	5.625% due 7/15/54		342,837
	120,000	A+	3.875% due 8/15/59		86,770
	70,000	A+	3.125% due 5/15/60		42,979
	115,000	A+	4.950% due 5/15/62		101,049
	53,000	A+	5.200% due 4/15/63		48,512

			Total Healthcare — Services		12,334,227


	Home Builders — 0.0%@
	10,000	BBB	Lennar Corp., Company Guaranteed Notes, 4.750% due 11/29/27		10,035
	35,000	BBB	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		35,446

			Total Home Builders		45,481


	Household Products/Wares — 0.0%@
	25,000	A	Kimberly-Clark Corp., Senior Unsecured Notes, 3.200% due 7/30/46		18,325


	Insurance — 1.3%
	800,000	A-	200 Park Funding Trust, Senior Unsecured Notes, 5.740% due 2/15/55(a)		806,078
			Aflac Inc., Senior Unsecured Notes:
	25,000	A-	1.125% due 3/15/26		24,159
	25,000	A-	3.600% due 4/1/30		23,836
	25,000	A-	4.750% due 1/15/49		22,422
			Allianz SE, Subordinated Notes:
	1,000,000	A+	6.350% (5-Year CMT Index + 3.232%) due 9/6/53(a)(g)		1,047,235
	1,000,000	A+	5.600% (5-Year CMT Index + 2.771%) due 9/3/54(a)(g)		998,102
			Allstate Corp. (The), Senior Unsecured Notes:
	25,000	BBB+	1.450% due 12/15/30		20,796
	25,000	BBB+	5.250% due 3/30/33		25,346
	25,000	BBB+	4.200% due 12/15/46		20,634
	25,000	BBB+	3.850% due 8/10/49		19,153
			American International Group Inc., Senior Unsecured Notes:
	50,000	BBB+	5.125% due 3/27/33		50,256
	83,000	BBB+	4.750% due 4/1/48		74,944
	25,000	BBB+	4.375% due 6/30/50		21,214
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		21,944
	124,000	A-	3.750% due 5/2/29		119,734
	288,000	A-	2.800% due 5/15/30		262,517
	50,000	A-	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33		50,870
			Aon North America Inc., Company Guaranteed Notes:
	620,000	A-	5.450% due 3/1/34		633,683
	50,000	A-	5.750% due 3/1/54		50,415
	25,000	BBB+	Arch Capital Group Ltd., Senior Unsecured Notes, 3.635% due 6/30/50		18,391
			Arthur J. Gallagher & Co., Senior Unsecured Notes:
	25,000	BBB	5.450% due 7/15/34		25,392
	25,000	BBB	3.500% due 5/20/51		17,852
	25,000	BBB	5.750% due 3/2/53		25,161
	25,000	BBB	5.750% due 7/15/54		25,305
	25,000	A	Assured Guaranty US Holdings Inc., Company Guaranteed Notes, 3.150% due 6/15/31		22,552
			Athene Holding Ltd., Senior Unsecured Notes:
	25,000	A-	6.150% due 4/3/30		26,352
	25,000	A-	3.500% due 1/15/31		23,174

See Notes to Financial Statements.

147



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 1.3% — (continued)
$	25,000	A-	5.875% due 1/15/34	$	25,686
	50,000	A-	6.250% due 4/1/54		51,353
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	25,000	AA	1.450% due 10/15/30		21,434
	50,000	AA	2.875% due 3/15/32		44,982
	25,000	AA	5.750% due 1/15/40		26,977
	25,000	AA	4.400% due 5/15/42		23,163
	50,000	AA	4.200% due 8/15/48		42,006
	460,000	AA	4.250% due 1/15/49		390,401
	50,000	AA	2.850% due 10/15/50		32,466
	25,000	AA	2.500% due 1/15/51		15,017
	75,000	AA	3.850% due 3/15/52		58,158
	25,000	AA	Berkshire Hathaway Inc., Senior Unsecured Notes, 4.500% due 2/11/43		23,414
	25,000	BBB+	Brighthouse Financial Inc., Senior Unsecured Notes, 5.625% due 5/15/30		25,891
			Brown & Brown Inc., Senior Unsecured Notes:
	25,000	BBB-	4.500% due 3/15/29		24,737
	25,000	BBB-	2.375% due 3/15/31		21,505
			Chubb INA Holdings LLC, Company Guaranteed Notes:
	25,000	A	3.350% due 5/3/26		24,712
	25,000	A	1.375% due 9/15/30		21,207
	25,000	A	4.150% due 3/13/43		21,451
	50,000	A	3.050% due 12/15/61		31,401
	750,000	BBB+	Cincinnati Financial Corp., Senior Unsecured Notes, 6.125% due 11/1/34		796,878
	25,000	A-	CNA Financial Corp., Senior Unsecured Notes, 5.500% due 6/15/33		25,545
	1,915,000	BBB-	CNO Financial Group Inc., Senior Unsecured Notes, 6.450% due 6/15/34		2,023,927
			Corebridge Financial Inc.:
	25,000	BBB-	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due 12/15/52(g)		25,706
			Senior Unsecured Notes:
	50,000	BBB+	3.650% due 4/5/27		49,074
	50,000	BBB+	3.850% due 4/5/29		48,179
	25,000	BBB+	6.050% due 9/15/33		26,254
	25,000	BBB+	5.750% due 1/15/34		25,904
	25,000	BBB+	4.350% due 4/5/42		21,504
	25,000	BBB+	4.400% due 4/5/52		20,613
	2,295,000	A-	Dai-ichi Life Insurance Co., Ltd. (The), Subordinated Notes, 6.200% (5-Year CMT Index + 2.515%)(a)(g)(h)		2,352,891
			Equitable Holdings Inc., Senior Unsecured Notes:
	25,000	A-	4.350% due 4/20/28		24,723
	25,000	A-	5.594% due 1/11/33		25,706
	17,000	A-	5.000% due 4/20/48		15,644
	985,000	BBB-	Essent Group Ltd., Senior Unsecured Notes, 6.250% due 7/1/29		1,016,483
			Everest Reinsurance Holdings Inc., Senior Unsecured Notes:
	25,000	BBB+	3.500% due 10/15/50		17,361
	25,000	BBB+	3.125% due 10/15/52		15,750
			Fairfax Financial Holdings Ltd., Senior Unsecured Notes:
	25,000	BBB+	6.000% due 12/7/33		26,137
	25,000	BBB+	6.350% due 3/22/54		25,991
	25,000	BBB	Fidelity National Financial Inc., Senior Unsecured Notes, 3.400% due 6/15/30		23,081
	615,000	AA-	Guardian Life Insurance Co. of America (The), Subordinated Notes, 4.850% due 1/24/77(a)		539,928
	25,000	BBB	Hanover Insurance Group Inc. (The), Senior Unsecured Notes, 4.500% due 4/15/26		24,961
			Hartford Insurance Group Inc. (The), Senior Unsecured Notes:
	98,000	BBB+	5.950% due 10/15/36		103,266
	4,000	BBB+	4.300% due 4/15/43		3,465
	1,395,000	A3(b)	Intact Financial Corp., Senior Unsecured Notes, 5.459% due 9/22/32(a)		1,422,106
	25,000	BBB	Jackson Financial Inc., Senior Unsecured Notes, 3.125% due 11/23/31		21,896
	25,000	BBB-	Kemper Corp., Senior Unsecured Notes, 3.800% due 2/23/32		22,535

See Notes to Financial Statements.

148



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 1.3% — (continued)
			Lincoln National Corp., Senior Unsecured Notes:
$	25,000	BBB+	3.625% due 12/12/26	$	24,598
	25,000	BBB+	3.800% due 3/1/28		24,408
	25,000	BBB+	3.050% due 1/15/30		23,040
	25,000	A	Loews Corp., Senior Unsecured Notes, 3.200% due 5/15/30		23,335
			Manulife Financial Corp., Senior Unsecured Notes:
	25,000	A	4.150% due 3/4/26		24,925
	25,000	A	5.375% due 3/4/46		24,786
			Markel Group Inc., Senior Unsecured Notes:
	25,000	BBB	3.350% due 9/17/29		23,646
	25,000	BBB	5.000% due 4/5/46		22,632
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	540,000	A-	2.250% due 11/15/30		475,209
	25,000	A-	5.450% due 3/15/53		24,789
	25,000	A-	5.700% due 9/15/53		25,723
			MetLife Inc.:
			Junior Subordinated Notes:
	1,500,000	BBB	3.850% (5-Year CMT Index + 3.576%)(g)(h)		1,489,406
	540,000	BBB	6.400% due 12/15/36		560,345
			Senior Unsecured Notes:
	50,000	A-	5.375% due 7/15/33		51,501
	25,000	A-	6.375% due 6/15/34		27,493
	25,000	A-	5.700% due 6/15/35		26,270
	25,000	A-	4.125% due 8/13/42		21,453
	25,000	A-	4.875% due 11/13/43		23,300
	25,000	A-	4.721% due 12/15/44		22,606
	25,000	A-	4.050% due 3/1/45		20,670
	50,000	A-	5.000% due 7/15/52		46,446
	25,000	A-	5.250% due 1/15/54		24,122
	500,000	A-	National Life Insurance Co., Subordinated Notes, 5.250% (3-Month USD-LIBOR + 3.314%) due 7/19/68(a)(g)		424,012
			Nippon Life Insurance Co., Subordinated Notes:
	750,000	A-	2.900% (5-Year CMT Index + 2.600%) due 9/16/51(a)(g)		645,414
	300,000	A-	5.950% (5-Year CMT Index + 2.590%) due 4/16/54(a)(g)		307,150
	870,000	Baa3(b)	NMI Holdings Inc., Senior Unsecured Notes, 6.000% due 8/15/29		886,046
	500,000	AA-	Northwestern Mutual Life Insurance Co. (The), Subordinated Notes, 3.625% due 9/30/59(a)		346,705
	25,000	BBB+	Old Republic International Corp., Senior Unsecured Notes, 3.850% due 6/11/51		18,202
	1,000,000	BBB+	PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT Index + 3.815%) due 10/1/50(g)		928,931
	1,330,000	A-	Pine Street Trust III, Senior Unsecured Notes, 6.223% due 5/15/54(a)		1,389,006
			Principal Financial Group Inc., Company Guaranteed Notes:
	25,000	A-	3.700% due 5/15/29		24,085
	25,000	A-	2.125% due 6/15/30		21,993
	25,000	A-	5.375% due 3/15/33		25,536
	25,000	A-	5.500% due 3/15/53		24,724
			Progressive Corp. (The), Senior Unsecured Notes:
	25,000	A	3.200% due 3/26/30		23,501
	50,000	A	3.000% due 3/15/32		44,669
	25,000	A	4.950% due 6/15/33		25,162
	25,000	A	4.200% due 3/15/48		21,067
	25,000	A	3.950% due 3/26/50		19,987
	25,000	A	3.700% due 3/15/52		19,105
			Prudential Financial Inc., Senior Unsecured Notes:
	25,000	A	3.878% due 3/27/28		24,584
	25,000	A	2.100% due 3/10/30		22,367
	50,000	A	5.750% due 7/15/33		52,972

See Notes to Financial Statements.

149



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Insurance — 1.3% — (continued)
$	25,000		A	5.700% due 12/14/36	$	26,327
	25,000		A	3.000% due 3/10/40		19,052
	50,000		A	3.905% due 12/7/47		39,444
	25,000		A	3.935% due 12/7/49		19,629
	50,000		A	4.350% due 2/25/50		42,315
	100,000		A	3.700% due 3/13/51		74,903
	25,000		A	Reinsurance Group of America Inc., Senior Unsecured Notes, 6.000% due 9/15/33		26,062
	600,000		BBB+	RenaissanceRe Holdings Ltd., Senior Unsecured Notes, 5.750% due 6/5/33		613,272
	300,000		AA-	Teachers Insurance & Annuity Association of America, Subordinated Notes, 4.900% due 9/15/44(a)		274,884
	555,000		AA	Transatlantic Holdings Inc., Senior Unsecured Notes, 8.000% due 11/30/39		695,267
	25,000		BBB	Unum Group, Senior Unsecured Notes, 4.125% due 6/15/51		19,255
				Willis North America Inc., Company Guaranteed Notes:
	25,000		BBB+	4.500% due 9/15/28		24,831
	25,000		BBB+	2.950% due 9/15/29		23,121
	25,000		BBB+	5.900% due 3/5/54		25,172
	25,000		BBB+	WR Berkley Corp., Senior Unsecured Notes, 3.550% due 3/30/52		17,910

				Total Insurance		24,416,351


	Internet — 0.4%
	200,000		A+	Alibaba Group Holding Ltd., Senior Unsecured Notes, 5.250% due 5/26/35(a)		202,343
				Alphabet Inc., Senior Unsecured Notes:
	80,000		AA+	1.100% due 8/15/30		67,740
	90,000		AA+	1.900% due 8/15/40		60,788
	100,000		AA+	2.050% due 8/15/50		57,353
	50,000		AA+	2.250% due 8/15/60		28,121
				Amazon.com Inc., Senior Unsecured Notes:
	250,000		AA	1.000% due 5/12/26		240,989
	260,000		AA	3.300% due 4/13/27		255,453
	240,000		AA	1.200% due 6/3/27		224,784
	220,000		AA	3.150% due 8/22/27		214,545
	130,000		AA	3.450% due 4/13/29		126,355
	120,000		AA	1.500% due 6/3/30		103,800
	320,000		AA	2.100% due 5/12/31		279,044
	360,000		AA	3.600% due 4/13/32		338,601
	1,130,000		AA	3.875% due 8/22/37		1,020,067
	50,000		AA	2.875% due 5/12/41		37,722
	50,000		AA	4.950% due 12/5/44		48,861
	200,000		AA	4.050% due 8/22/47		168,907
	275,000		AA	2.500% due 6/3/50		168,957
	75,000		AA	3.100% due 5/12/51		51,966
	75,000		AA	3.950% due 4/13/52		60,957
	115,000		AA	4.250% due 8/22/57		96,728
	50,000		AA	2.700% due 6/3/60		29,601
	50,000		AA	3.250% due 5/12/61		33,512
	25,000		AA	4.100% due 4/13/62		20,132
				eBay Inc., Senior Unsecured Notes:
	50,000		BBB+	1.400% due 5/10/26		48,248
	25,000		BBB+	3.650% due 5/10/51		18,357
	1,000,000		BB+	MercadoLibre Inc., Company Guaranteed Notes, 3.125% due 1/14/31		879,807
				Meta Platforms Inc., Senior Unsecured Notes:
	450,000		AA-	4.750% due 8/15/34		447,488
	375,000		AA-	4.450% due 8/15/52		324,170
	215,000		AA-	4.650% due 8/15/62		187,220
	25,000		A	Netflix Inc., Senior Unsecured Notes, 4.900% due 8/15/34		25,001
	1,140,000		BBB	Prosus NV, Senior Unsecured Notes, 3.061% due 7/13/31(a)		976,456
	650,000	^EUR	B	United Group BV, Senior Secured Notes, 6.500% due 10/31/31(a)		694,405

				Total Internet		7,538,478

See Notes to Financial Statements.

150



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Investment Companies — 0.1%
				Ares Capital Corp., Senior Unsecured Notes:
$	25,000		BBB	2.150% due 7/15/26	$	24,124
	25,000		BBB	7.000% due 1/15/27		25,883
	550,000		BBB	2.875% due 6/15/28		513,735
	25,000		BBB	5.875% due 3/1/29		25,529
				Blackstone Private Credit Fund, Senior Unsecured Notes:
	50,000		BBB-	2.625% due 12/15/26		47,869
	50,000		BBB-	3.250% due 3/15/27		48,209
	25,000		BBB-	6.250% due 1/25/31(a)		25,705
				Blackstone Secured Lending Fund, Senior Unsecured Notes:
	25,000		Baa2(b)	2.750% due 9/16/26		24,126
	25,000		Baa2(b)	2.850% due 9/30/28		22,988
	25,000		BBB-	Blue Owl Capital Corp., Senior Unsecured Notes, 3.400% due 7/15/26		24,394
				Blue Owl Credit Income Corp., Senior Unsecured Notes:
	25,000		BBB-	4.700% due 2/8/27		24,761
	25,000		BBB-	7.750% due 9/16/27		26,269
	25,000		BBB-	7.750% due 1/15/29		26,832
	25,000		Baa3(b)	FS KKR Capital Corp., Senior Unsecured Notes, 3.125% due 10/12/28		22,933
	200,000		Aa3(b)	Gaci First Investment Co., Company Guaranteed Notes, (Cost — $204,022, acquired 3/14/23), 5.250% due 10/13/32(f)		200,552
				Golub Capital BDC Inc., Senior Unsecured Notes:
	25,000		BBB-	2.500% due 8/24/26		24,104
	25,000		BBB-	6.000% due 7/15/29		25,428

				Total Investment Companies		1,133,441


	Iron/Steel — 0.0%@
				ArcelorMittal SA, Senior Unsecured Notes:
	25,000		BBB-	7.000% due 10/15/39		27,407
	25,000		BBB-	6.750% due 3/1/41		26,626
				Nucor Corp., Senior Unsecured Notes:
	25,000		A-	6.400% due 12/1/37		27,714
	25,000		A-	3.850% due 4/1/52		19,350
	25,000		A-	2.979% due 12/15/55		15,662
	25,000		BBB+	Reliance Inc., Senior Unsecured Notes, 2.150% due 8/15/30		21,776
	25,000		BBB	Steel Dynamics Inc., Senior Unsecured Notes, 3.250% due 10/15/50		17,108
				Vale Overseas Ltd., Company Guaranteed Notes:
	25,000		BBB-	6.875% due 11/21/36		27,398
	25,000		BBB-	6.875% due 11/10/39		27,816
	25,000		BBB-	Vale SA, Senior Unsecured Notes, 5.625% due 9/11/42		24,938

				Total Iron/Steel		235,795


	Leisure Time — 0.4%
	3,085,000		BB	Carnival Corp., Company Guaranteed Notes, 6.125% due 2/15/33(a)		3,107,094
	540,000		BB	NCL Corp., Ltd., Senior Secured Notes, 8.125% due 1/15/29(a)		573,163
				Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	140,000		BBB-	6.250% due 3/15/32(a)		142,908
	330,000		BBB-	6.000% due 2/1/33(a)		333,662
	1,345,000		B-	Sabre GLBL Inc., Senior Secured Notes, 10.750% due 11/15/29(a)		1,437,505
	506,000	^EUR	B+	TUI Cruises GmbH, Senior Unsecured Notes, 5.000% due 5/15/30(a)		539,529
	380,000		B+	Viking Cruises Ltd., Senior Unsecured Notes, 7.000% due 2/15/29(a)		384,250
	110,000		BB	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		107,998

				Total Leisure Time		6,626,109


	Lodging — 0.3%
				Hilton Domestic Operating Co., Inc., Company Guaranteed Notes:
	120,000		BB+	3.625% due 2/15/32(a)		106,385
	160,000		BB+	5.875% due 3/15/33(a)		160,439

See Notes to Financial Statements.

151



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Lodging — 0.3% — (continued)
				Las Vegas Sands Corp., Senior Unsecured Notes:
$	1,250,000		BB+	2.900% due 6/25/25	$	1,242,130
	110,000		BB+	3.900% due 8/8/29		103,795
	160,000		BB+	6.000% due 8/15/29		164,346
	1,190,000		BB+	6.200% due 8/15/34		1,219,627
				Marriott International Inc., Senior Unsecured Notes:
	155,000		BBB	5.300% due 5/15/34		155,956
	505,000		BBB	5.500% due 4/15/37		506,436
	210,000		BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 7.625% due 4/17/32(a)		211,121
				Sands China Ltd., Senior Unsecured Notes:
	1,150,000		BBB-	5.125% due 8/8/25		1,150,094
	550,000		BBB-	2.300% due 3/8/27		520,397
	200,000		BBB-	5.400% due 8/8/28		200,855
	200,000		BBB-	2.850% due 3/8/29		181,336

				Total Lodging		5,922,917


	Machinery — Construction & Mining — 0.0%@
				Caterpillar Financial Services Corp., Senior Unsecured Notes:
	200,000		A	1.700% due 1/8/27		190,893
	50,000		A	4.500% due 1/8/27		50,232
				Caterpillar Inc., Senior Unsecured Notes:
	50,000		A	3.803% due 8/15/42		41,706
	50,000		A	3.250% due 4/9/50		35,686

				Total Machinery — Construction & Mining		318,517


	Machinery — Diversified — 0.1%
	185,000		BBB+	CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28		184,465
				Deere & Co., Senior Unsecured Notes:
	40,000		A	3.100% due 4/15/30		37,440
	25,000		A	3.900% due 6/9/42		21,413
	155,000		A	3.750% due 4/15/50		122,362
				John Deere Capital Corp., Senior Unsecured Notes:
	50,000		A	4.750% due 6/8/26		50,323
	50,000		A	1.050% due 6/17/26		48,060
	100,000		A	1.700% due 1/11/27		95,504
	100,000		A	1.750% due 3/9/27		95,188
	400,000	^EUR	B	Nova Alexandre III SAS, Senior Secured Notes, 8.035% (3-Month EURIBOR + 5.250%) due 7/15/29(a)(g)		415,826
				Otis Worldwide Corp., Senior Unsecured Notes:
	80,000		BBB	2.056% due 4/5/25		79,792
	29,000		BBB	5.250% due 8/16/28		29,683
	210,000		BBB	2.565% due 2/15/30		189,805

				Total Machinery — Diversified		1,369,861


	Media — 1.2%
				CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	100,000		BB-	4.750% due 2/1/32(a)		89,928
	100,000		BB-	4.500% due 5/1/32		88,159
	370,000		BB-	4.500% due 6/1/33(a)		320,128
	1,240,000		BB-	4.250% due 1/15/34(a)		1,040,298
				Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	100,000		BBB-	6.150% due 11/10/26		102,118
	410,000		BBB-	3.750% due 2/15/28		396,542
	460,000		BBB-	4.200% due 3/15/28		449,807
	650,000		BBB-	5.050% due 3/30/29		645,811
	1,425,000		BBB-	6.100% due 6/1/29		1,471,265
	330,000		BBB-	2.300% due 2/1/32		267,440
	210,000		BBB-	4.400% due 4/1/33		191,101

See Notes to Financial Statements.

152



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Media — 1.2% — (continued)
$	130,000	BBB-	6.550% due 6/1/34	$	134,727
	50,000	BBB-	6.384% due 10/23/35		50,876
	50,000	BBB-	5.375% due 4/1/38		45,645
	50,000	BBB-	3.500% due 3/1/42		34,864
	560,000	BBB-	5.375% due 5/1/47		471,687
	402,000	BBB-	5.750% due 4/1/48		355,293
	415,000	BBB-	5.125% due 7/1/49		336,122
	550,000	BBB-	4.800% due 3/1/50		423,550
	422,000	BBB-	3.700% due 4/1/51		271,911
	896,000	BBB-	3.900% due 6/1/52		593,852
	515,000	BBB-	5.250% due 4/1/53		425,102
	1,108,000	BBB-	3.850% due 4/1/61		687,385
	101,000	BBB-	3.950% due 6/30/62		63,514
	80,000	BBB-	5.500% due 4/1/63		65,652
			Comcast Corp., Company Guaranteed Notes:
	10,000	A-	3.950% due 10/15/25		9,973
	80,000	A-	3.150% due 3/1/26		79,007
	100,000	A-	2.350% due 1/15/27		96,415
	70,000	A-	3.300% due 4/1/27		68,455
	1,720,000	A-	4.150% due 10/15/28		1,697,389
	90,000	A-	3.400% due 4/1/30		84,797
	270,000	A-	4.250% due 10/15/30		264,679
	45,000	A-	1.950% due 1/15/31		38,531
	188,000	A-	1.500% due 2/15/31		156,748
	282,000	A-	4.800% due 5/15/33		277,826
	7,000	A-	6.500% due 11/15/35		7,735
	25,000	A-	3.200% due 7/15/36		20,714
	75,000	A-	3.900% due 3/1/38		64,951
	20,000	A-	3.250% due 11/1/39		15,619
	20,000	A-	3.750% due 4/1/40		16,568
	27,000	A-	4.750% due 3/1/44		24,230
	20,000	A-	3.400% due 7/15/46		14,492
	30,000	A-	4.000% due 8/15/47		23,689
	153,000	A-	3.969% due 11/1/47		119,969
	20,000	A-	4.000% due 3/1/48		15,733
	43,000	A-	3.999% due 11/1/49		33,412
	60,000	A-	3.450% due 2/1/50		42,342
	570,000	A-	2.800% due 1/15/51		349,192
	149,000	A-	2.887% due 11/1/51		93,043
	1,051,000	A-	4.049% due 11/1/52		812,343
	389,000	A-	2.937% due 11/1/56		232,880
	20,000	A-	4.950% due 10/15/58		17,719
	79,000	A-	2.650% due 8/15/62		42,486
	600,000	A-	2.987% due 11/1/63		346,453
	1,500,000	CCC+	CSC Holdings LLC, Company Guaranteed Notes, 4.500% due 11/15/31(a)		1,103,404
	50,000	BBB-	Discovery Communications LLC, Company Guaranteed Notes, 4.900% due 3/11/26		50,002
			DISH DBS Corp.:
	50,000	C	Company Guaranteed Notes, 5.125% due 6/1/29		33,786
	60,000	CC	Senior Secured Notes, 5.250% due 12/1/26(a)		56,516
	421,000	Baa3(b)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		378,668
			Fox Corp., Senior Unsecured Notes:
	40,000	BBB	6.500% due 10/13/33		42,876
	290,000	BBB	5.476% due 1/25/39		281,380
	2,092,000	BBB-	News Corp., Senior Unsecured Notes, 3.875% due 5/15/29(a)		1,979,829
			Paramount Global, Senior Unsecured Notes:
	42,000	BB+	5.850% due 9/1/43		37,937
	43,000	BB+	5.250% due 4/1/44		35,571
	34,000	BB+	4.900% due 8/15/44		27,127

See Notes to Financial Statements.

153



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Media — 1.2% — (continued)
$	50,000		BB+	4.600% due 1/15/45	$	38,663
	48,000		BB+	4.950% due 5/19/50		37,870
	290,000		BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		333,229
				Time Warner Cable LLC, Senior Secured Notes:
	75,000		BBB-	6.550% due 5/1/37		74,642
	255,000		BBB-	7.300% due 7/1/38		269,256
	25,000		BBB-	6.750% due 6/15/39		25,218
	270,000		BBB-	5.875% due 11/15/40		249,886
	1,837,000		BBB-	5.500% due 9/1/41		1,620,119
	200,000		A	TWDC Enterprises 18 Corp., Company Guaranteed Notes, 1.850% due 7/30/26		193,304
				Walt Disney Co. (The), Company Guaranteed Notes:
	200,000		A	3.700% due 3/23/27		197,576
	100,000		A	2.200% due 1/13/28		94,501
	100,000		A	2.650% due 1/13/31		89,906
	100,000		A	6.200% due 12/15/34		110,197
	25,000		A	6.400% due 12/15/35		27,933
	30,000		A	6.650% due 11/15/37		34,101
	50,000		A	3.500% due 5/13/40		41,085
	50,000		A	2.750% due 9/1/49		32,119
	100,000		A	3.600% due 1/13/51		75,403
	800,000	^EUR	B-	Ziggo Bonds Co. BV, Company Guaranteed Notes, 3.375% due 2/28/30(a)		738,204

				Total Media		22,400,475


	Mining — 0.2%
				Barrick North America Finance LLC, Company Guaranteed Notes:
	45,000		BBB+	5.700% due 5/30/41		45,435
	225,000		BBB+	5.750% due 5/1/43		228,863
	25,000		BBB+	Barrick PD Australia Finance Pty Ltd., Company Guaranteed Notes, 5.950% due 10/15/39		25,964
				BHP Billsiton Finance USA Ltd., Company Guaranteed Notes:
	25,000		A-	5.250% due 9/8/30		25,721
	50,000		A-	5.250% due 9/8/33		50,931
	25,000		A-	4.125% due 2/24/42		21,609
	165,000		A-	5.000% due 9/30/43		157,691
	25,000		A-	5.500% due 9/8/53		25,181
				First Quantum Minerals Ltd.:
	200,000		B	Company Guaranteed Notes, 6.875% due 10/15/27(a)		201,655
	200,000		B	Secured Notes, 9.375% due 3/1/29(a)		213,644
				Freeport-McMoRan Inc., Company Guaranteed Notes:
	25,000		BBB-	4.125% due 3/1/28		24,534
	70,000		BBB-	5.400% due 11/14/34		70,544
	610,000		BBB-	5.450% due 3/15/43		581,675
	1,000,000		BBB+	Glencore Funding LLC, Company Guaranteed Notes, 3.375% due 9/23/51(a)		674,275
	25,000		BBB-	Kinross Gold Corp., Senior Unsecured Notes, 6.250% due 7/15/33		26,441
				Newmont Corp., Company Guaranteed Notes:
	61,000		BBB+	2.600% due 7/15/32		52,827
	133,000		BBB+	5.875% due 4/1/35		140,250
				Rio Tinto Finance USA Ltd., Company Guaranteed Notes:
	50,000		A	5.200% due 11/2/40		49,374
	25,000		A	2.750% due 11/2/51		15,664
				Rio Tinto Finance USA PLC, Company Guaranteed Notes:
	50,000		A	5.000% due 3/9/33		50,447
	25,000		A	4.750% due 3/22/42		23,245
	25,000		A	4.125% due 8/21/42		21,379
	25,000		A	5.125% due 3/9/53		23,809
				Southern Copper Corp., Senior Unsecured Notes:
	25,000		BBB+	6.750% due 4/16/40		27,226
	825,000		BBB+	5.250% due 11/8/42		762,806
	50,000		BBB+	5.875% due 4/23/45		49,226

See Notes to Financial Statements.

154



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Mining — 0.2% — (continued)
				Yamana Gold Inc., Company Guaranteed Notes:
$	10,000		BBB-	4.625% due 12/15/27	$	9,916
	25,000		BBB-	2.630% due 8/15/31		21,499

				Total Mining		3,621,831


	Miscellaneous Manufacturers — 0.0%@
				3M Co., Senior Unsecured Notes:
	50,000		BBB+	2.250% due 9/19/26		48,389
	25,000		BBB+	4.000% due 9/14/48		20,191
	50,000		BBB+	3.250% due 8/26/49		35,083
	25,000		BBB+	3.700% due 4/15/50		18,983
				Eaton Corp., Company Guaranteed Notes:
	115,000		A-	4.150% due 11/2/42		99,811
	25,000		A-	4.700% due 8/23/52		22,654
	25,000		BBB+	Parker-Hannifin Corp., Senior Unsecured Notes, 4.000% due 6/14/49		20,219
	218,000		BBB	Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29		209,727

				Total Miscellaneous Manufacturers		475,057


	Multi-National — 0.4%
	200,000		AAA	African Development Bank, Senior Unsecured Notes, 4.625% due 1/4/27		201,823
				Asian Development Bank, Senior Unsecured Notes:
	200,000		AAA	4.125% due 1/12/27		200,178
	200,000		AAA	2.500% due 11/2/27		192,321
	100,000		AAA	4.375% due 1/14/28		100,829
	200,000		AAA	3.750% due 4/25/28		198,179
	200,000		AAA	3.625% due 8/28/29		196,121
	200,000		AAA	3.875% due 9/28/32		195,473
	200,000		AAA	Asian Infrastructure Investment Bank (The), Senior Unsecured Notes, 4.500% due 1/16/30		203,255
	1,000,000	^EUR	Baa1(b)	Banque Ouest Africaine de Developpement, Senior Unsecured Notes, (Cost — $876,888, acquired 5/30/24), 2.750% due 1/22/33(f)		895,348
				European Investment Bank, Senior Unsecured Notes:
	200,000		AAA	4.375% due 3/19/27		201,227
	400,000		AAA	3.750% due 11/15/29		393,860
	200,000		AAA	4.500% due 3/14/30		203,376
	300,000		AAA	4.125% due 2/13/34		295,398
	200,000		AAA	4.625% due 2/12/35		204,749
				Inter-American Development Bank, Senior Unsecured Notes:
	200,000		AAA	2.000% due 7/23/26		194,386
	200,000		AAA	1.500% due 1/13/27		190,832
	200,000		AAA	4.375% due 2/1/27		201,082
	240,000,000	^INR	Aaa(b)	7.350% due 10/6/30		2,794,111
	500,000		AAA	4.375% due 7/17/34		501,186

				Total Multi-National		7,563,734


	Office/Business Equipment — 0.0%@
	25,000		BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 3.250% due 2/15/29		23,380


	Oil & Gas — 2.1%
				Aker BP ASA, Senior Unsecured Notes:
	1,200,000	^EUR	BBB	(Cost — $1,187,163, acquired 3/7/24), 1.125% due 5/12/29(f)		1,152,464
	1,860,000		BBB	5.125% due 10/1/34(a)		1,781,389
				APA Corp., Senior Unsecured Notes:
	10,000		BBB-	7.750% due 12/15/29(a)		10,906
	159,000		BBB-	4.250% due 1/15/30(a)		151,550
	2,000,000		BBB-	5.350% due 7/1/49(a)		1,692,948
	278,049		BB-	Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes, 10.000% due 11/15/28(a)		277,114

See Notes to Financial Statements.

155



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 2.1% — (continued)
			BP Capital Markets America Inc., Company Guaranteed Notes:
$	70,000	A-	3.410% due 2/11/26	$	69,342
	250,000	A-	3.017% due 1/16/27		244,001
	190,000	A-	3.588% due 4/14/27		186,919
	110,000	A-	3.633% due 4/6/30		104,713
	50,000	A-	4.812% due 2/13/33		49,288
	93,000	A-	4.989% due 4/10/34		92,328
	3,035,000	A-	5.227% due 11/17/34		3,058,014
	50,000	A-	2.772% due 11/10/50		31,101
	100,000	A-	2.939% due 6/4/51		63,976
	50,000	A-	3.001% due 3/17/52		32,390
	50,000	A-	3.379% due 2/8/61		32,981
	1,000,000	BBB	BP Capital Markets PLC, Company Guaranteed Notes, 6.450% (5-Year CMT Index + 2.153%)(g)(h)		1,023,956
	70,000	AA-	Chevron Corp., Senior Unsecured Notes, 1.995% due 5/11/27		66,768
			Chevron USA Inc., Company Guaranteed Notes:
	10,000	AA-	3.850% due 1/15/28		9,944
	25,000	AA-	2.343% due 8/12/50		14,642
	25,000	A+	CNOOC Petroleum North America ULC, Company Guaranteed Notes, 6.400% due 5/15/37		29,202
			ConocoPhillips Co., Company Guaranteed Notes:
	25,000	A-	5.050% due 9/15/33		25,148
	25,000	A-	6.500% due 2/1/39		27,918
	25,000	A-	3.800% due 3/15/52		18,770
	50,000	A-	5.300% due 5/15/53		47,324
	25,000	A-	5.550% due 3/15/54		24,595
	1,745,000	A-	5.500% due 1/15/55		1,702,708
	50,000	A-	4.025% due 3/15/62		37,363
	25,000	A-	5.700% due 9/15/63		24,732
	340,000	A-	5.650% due 1/15/65		331,674
			Continental Resources Inc., Company Guaranteed Notes:
	180,000	BBB-	2.268% due 11/15/26(a)		172,135
	580,000	BBB-	4.375% due 1/15/28		571,186
	120,000	BBB-	5.750% due 1/15/31(a)		121,714
			Coterra Energy Inc., Senior Unsecured Notes:
	950,000	BBB	3.900% due 5/15/27		933,884
	150,000	BBB	4.375% due 3/15/29		147,339
	965,000	BBB	5.400% due 2/15/35		955,746
	725,000	BBB	5.900% due 2/15/55		704,573
			Devon Energy Corp., Senior Unsecured Notes:
	32,000	BBB	5.250% due 10/15/27		32,049
	142,000	BBB	5.875% due 6/15/28		142,605
	129,000	BBB	4.500% due 1/15/30		126,371
	25,000	BBB	5.200% due 9/15/34		24,315
	485,000	BBB	5.600% due 7/15/41		459,298
	10,000	BBB	4.750% due 5/15/42		8,518
	640,000	BBB	5.000% due 6/15/45		552,233
			Diamondback Energy Inc., Company Guaranteed Notes:
	314,000	BBB	3.250% due 12/1/26		307,240
	794,000	BBB	3.500% due 12/1/29		749,862
	200,000	BBB	3.125% due 3/24/31		181,045
	330,000	BBB	4.400% due 3/24/51		264,893
	720,000	BB+	Ecopetrol SA, Senior Unsecured Notes, 5.875% due 5/28/45		519,604
	1,490,000	A-	Eni SpA, Senior Unsecured Notes, 5.950% due 5/15/54(a)		1,471,059
			EOG Resources Inc., Senior Unsecured Notes:
	190,000	A-	4.375% due 4/15/30		187,884
	1,420,000	A-	5.650% due 12/1/54		1,426,175

See Notes to Financial Statements.

156



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 2.1% — (continued)
			EQT Corp., Senior Unsecured Notes:
$	554,000	BBB-	3.900% due 10/1/27	$	544,553
	52,000	BBB-	5.700% due 4/1/28		53,384
	201,000	BBB-	5.000% due 1/15/29		201,807
	200,000	BBB-	3.625% due 5/15/31(a)		182,884
	128,000	BBB-	5.750% due 2/1/34		130,614
			Equinor ASA, Company Guaranteed Notes:
	50,000	AA-	3.625% due 9/10/28		48,824
	50,000	AA-	3.250% due 11/18/49		35,433
	25,000	AA-	3.700% due 4/6/50		19,184
			Expand Energy Corp., Company Guaranteed Notes:
	10,000	BBB-	5.375% due 2/1/29		9,983
	2,860,000	BBB-	5.375% due 3/15/30		2,844,175
	70,000	BBB-	4.750% due 2/1/32		66,459
			Exxon Mobil Corp., Senior Unsecured Notes:
	180,000	AA-	3.482% due 3/19/30		172,435
	460,000	AA-	4.227% due 3/19/40		412,283
	75,000	AA-	4.114% due 3/1/46		62,498
	185,000	AA-	4.327% due 3/19/50		156,481
	200,000	AA-	3.452% due 4/15/51		144,794
	75,000	BBB-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		77,109
			Marathon Petroleum Corp., Senior Unsecured Notes:
	25,000	BBB	5.150% due 3/1/30		25,170
	25,000	BBB	6.500% due 3/1/41		26,527
			Occidental Petroleum Corp., Senior Unsecured Notes:
	740,000	BB+	5.550% due 3/15/26		743,787
	90,000	BB+	3.400% due 4/15/26		88,529
	950,000	BB+	6.125% due 1/1/31		986,074
	140,000	BB+	7.500% due 5/1/31		155,211
	75,000	BB+	7.875% due 9/15/31		84,670
	50,000	BB+	5.550% due 10/1/34		49,344
	50,000	BB+	6.450% due 9/15/36		52,250
	25,000	BB+	6.200% due 3/15/40		25,358
	90,000	BB+	4.625% due 6/15/45		69,965
	50,000	BB+	6.600% due 3/15/46		51,849
	690,000	BB+	4.200% due 3/15/48		507,786
	700,000	BB+	6.050% due 10/1/54		674,969
	177,000	BBB-	Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33		184,338
	140,000	BB	Permian Resources Operating LLC, Company Guaranteed Notes, 6.250% due 2/1/33(a)		140,944
	1,760,000	BB	Petrobras Global Finance BV, Company Guaranteed Notes, 5.750% due 2/1/29		1,769,842
	50,000	BBB+	Phillips 66 Co., Company Guaranteed Notes, 5.500% due 3/15/55		46,428
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	30,000	AA-	1.125% due 1/15/26		29,137
	102,000	AA-	5.100% due 3/29/26		102,787
	50,000	AA-	1.900% due 8/15/30		43,526
	330,000	AA-	2.150% due 1/15/31		287,174
	50,000	Ba3(b)	Range Resources Corp., Company Guaranteed Notes, 4.875% due 5/15/25		49,910
	450,000	BBB+	Reliance Industries Ltd., Senior Unsecured Notes, 3.625% due 1/12/52(a)		323,679
			Shell Finance US Inc., Company Guaranteed Notes:
	60,000	A+	2.750% due 4/6/30		55,014
	25,000	A+	4.125% due 5/11/35		23,432
	90,000	A+	4.550% due 8/12/43		80,782
	140,000	A+	4.375% due 5/11/45		120,942
	340,000	A+	4.000% due 5/10/46		275,344
	50,000	A+	3.750% due 9/12/46		39,225
	480,000	A+	3.250% due 4/6/50		334,274

See Notes to Financial Statements.

157



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Oil & Gas — 2.1% — (continued)
				Shell International Finance BV, Company Guaranteed Notes:
$	220,000		A+	3.875% due 11/13/28	$	216,213
	50,000		A+	3.000% due 11/26/51		32,838
	50,000		A+	TotalEnergies Capital International SA, Company Guaranteed Notes, 3.127% due 5/29/50		33,970
				TotalEnergies Capital SA, Company Guaranteed Notes:
	50,000		A+	5.150% due 4/5/34		50,516
	100,000		A+	4.724% due 9/10/34		98,067
	1,670,000		A+	5.425% due 9/10/64		1,594,131
	25,000		BBB	Valero Energy Corp., Senior Unsecured Notes, 6.625% due 6/15/37		27,057
	800,000	^EUR	Ba1(b)	Wintershall Dea Finance 2 BV, Company Guaranteed Notes, (Cost — $788,553, acquired 12/10/24), 3.000% (3.319% — 5-Year EUR Swap Rate)(f)(h)(i)		786,868
	1,120,000		BBB+	Woodside Finance Ltd., Company Guaranteed Notes, 5.700% due 9/12/54		1,070,891

				Total Oil & Gas		38,997,614


	Oil & Gas Services — 0.0%@
				Halliburton Co., Senior Unsecured Notes:
	20,000		BBB+	4.850% due 11/15/35		19,369
	100,000		BBB+	5.000% due 11/15/45		91,289
	600,000	^EUR	B1(b)	OEG Finance PLC, Senior Secured Notes, (Cost — $656,612, acquired 12/11/24), 7.250% due 9/27/29(f)		654,311
	171,000		A	Schlumberger Holdings Corp., Senior Unsecured Notes, 3.900% due 5/17/28(a)		167,589

				Total Oil & Gas Services		932,558


	Packaging & Containers — 0.1%
	94,000		BBB	Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes, 2.690% due 5/25/31		82,757
	660,000		B	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes, 6.000% due 6/15/27(a)		657,791
	25,000		BBB-(c)	Berry Global Inc., Senior Secured Notes, 5.650% due 1/15/34		25,739
	730,000	^EUR	BB-	OI European Group BV, Senior Unsecured Notes, (Cost — $840,650, acquired 9/6/24), 6.250% due 5/15/28(f)		785,652
				Packaging Corp. of America, Senior Unsecured Notes:
	25,000		BBB	5.700% due 12/1/33		25,887
	25,000		BBB	3.050% due 10/1/51		16,361
				WRKCo Inc., Company Guaranteed Notes:
	50,000		BBB	3.900% due 6/1/28		48,851
	25,000		BBB	4.900% due 3/15/29		25,107

				Total Packaging & Containers		1,668,145


	Pharmaceuticals — 1.2%
				AbbVie Inc., Senior Unsecured Notes:
	20,000		A-	3.800% due 3/15/25		19,992
	450,000		A-	2.950% due 11/21/26		439,741
	100,000		A-	4.800% due 3/15/27		100,862
	400,000		A-	4.800% due 3/15/29		404,022
	1,430,000		A-	3.200% due 11/21/29		1,346,079
	180,000		A-	4.950% due 3/15/31		182,824
	240,000		A-	5.050% due 3/15/34		242,121
	551,000		A-	4.550% due 3/15/35		532,709
	611,000		A-	4.500% due 5/14/35		587,525
	10,000		A-	4.875% due 11/14/48		9,322
	355,000		A-	4.250% due 11/21/49		300,268
	75,000		A-	5.400% due 3/15/54		75,089
	50,000		A+	Astrazeneca Finance LLC, Company Guaranteed Notes, 5.000% due 2/26/34		50,543
				AstraZeneca PLC, Senior Unsecured Notes:
	25,000		A+	4.000% due 9/18/42		21,482
	25,000		A+	4.375% due 11/16/45		21,984

See Notes to Financial Statements.

158



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pharmaceuticals — 1.2% — (continued)
$	25,000	A+	4.375% due 8/17/48	$	21,795
	25,000	A+	2.125% due 8/6/50		14,096
	25,000	A+	3.000% due 5/28/51		17,019
			Becton Dickinson & Co., Senior Unsecured Notes:
	243,000	BBB	4.693% due 2/13/28		243,920
	27,000	BBB	4.685% due 12/15/44		23,993
	25,000	BBB	4.669% due 6/6/47		22,042
	25,000	BBB	3.794% due 5/20/50		19,104
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	100,000	A	4.900% due 2/22/27		101,159
	41,000	A	3.400% due 7/26/29		39,209
	493,000	A	5.100% due 2/22/31		503,982
	610,000	A	5.200% due 2/22/34		620,674
	98,000	A	4.125% due 6/15/39		87,149
	50,000	A	3.550% due 3/15/42		39,815
	50,000	A	4.350% due 11/15/47		42,571
	50,000	A	4.550% due 2/20/48		43,801
	100,000	A	4.250% due 10/26/49		83,095
	50,000	A	2.550% due 11/13/50		30,037
	100,000	A	3.700% due 3/15/52		75,006
	160,000	A	5.550% due 2/22/54		160,351
	50,000	A	3.900% due 3/15/62		36,859
	90,000	A	5.650% due 2/22/64		89,792
			CVS Health Corp., Senior Unsecured Notes:
	6,000	BBB	3.875% due 7/20/25		5,974
	200,000	BBB	2.875% due 6/1/26		195,688
	50,000	BBB	3.625% due 4/1/27		48,970
	534,000	BBB	4.300% due 3/25/28		525,800
	591,000	BBB	5.000% due 1/30/29		593,465
	620,000	BBB	3.750% due 4/1/30		584,390
	944,000	BBB	2.125% due 9/15/31		784,527
	540,000	BBB	4.780% due 3/25/38		488,699
	22,000	BBB	4.125% due 4/1/40		18,017
	170,000	BBB	5.125% due 7/20/45		149,761
	200,000	BBB	5.050% due 3/25/48		172,929
	65,420	BBB	CVS Pass-Through Trust, Pass-Thru Certificates, 6.036% due 12/10/28		66,179
			Eli Lilly & Co., Senior Unsecured Notes:
	100,000	A+	4.500% due 2/9/27		100,650
	595,000	A+	4.700% due 2/9/34		589,857
	200,000	A+	4.600% due 8/14/34		196,752
	25,000	A+	3.950% due 3/15/49		20,439
	25,000	A+	4.875% due 2/27/53		23,344
	110,000	A+	5.000% due 2/9/54		104,846
	25,000	A+	4.150% due 3/15/59		20,446
	25,000	A+	4.950% due 2/27/63		23,204
	475,000	A+	5.100% due 2/9/64		449,987
	50,000	A	GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/38		55,593
			Johnson & Johnson, Senior Unsecured Notes:
	50,000	AAA	4.950% due 6/1/34		51,118
	340,000	AAA	3.625% due 3/3/37		302,918
	50,000	AAA	3.700% due 3/1/46		40,751
	25,000	AAA	2.450% due 9/1/60		14,018
			Merck & Co., Inc., Senior Unsecured Notes:
	190,000	A+	1.450% due 6/24/30		162,750
	25,000	A+	3.900% due 3/7/39		21,825

See Notes to Financial Statements.

159



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pharmaceuticals — 1.2% — (continued)
$	25,000	A+	3.600% due 9/15/42	$	20,090
	50,000	A+	4.150% due 5/18/43		43,126
	50,000	A+	3.700% due 2/10/45		39,975
	50,000	A+	4.000% due 3/7/49		40,785
	50,000	A+	2.450% due 6/24/50		30,101
	390,000	A+	2.750% due 12/10/51		245,964
	50,000	A+	5.000% due 5/17/53		47,095
	50,000	A+	2.900% due 12/10/61		29,814
	100,000	AA-	Novartis Capital Corp., Company Guaranteed Notes, 3.800% due 9/18/29		97,766
			Pfizer Inc., Senior Unsecured Notes:
	160,000	A	2.625% due 4/1/30		146,120
	140,000	A	1.700% due 5/28/30		121,704
	25,000	A	4.000% due 12/15/36		22,912
	25,000	A	3.900% due 3/15/39		21,785
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
	200,000	A	4.450% due 5/19/26		200,277
	416,000	A	4.750% due 5/19/33		411,301
	3,352,000	A	5.300% due 5/19/53		3,239,876
	158,000	A	5.340% due 5/19/63		149,715
	256,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		225,495
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	1,440,000	BB	3.150% due 10/1/26		1,394,193
	720,000	BB	5.125% due 5/9/29		709,521
	270,000	BB	8.125% due 9/15/31		303,074
			Utah Acquisition Sub Inc., Company Guaranteed Notes:
	100,000	BBB-	3.950% due 6/15/26		98,958
	25,000	BBB-	5.250% due 6/15/46		20,966
	2,590,000	BBB-	Viatris Inc., Company Guaranteed Notes, 4.000% due 6/22/50		1,775,824
	110,000	A	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		117,106
			Zoetis Inc., Senior Unsecured Notes:
	25,000	BBB	4.700% due 2/1/43		22,947
	25,000	BBB	3.950% due 9/12/47		20,207

			Total Pharmaceuticals		22,059,626


	Pipelines — 1.5%
	140,000	B+	Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32(a)		146,149
			Cameron LNG LLC, Senior Secured Notes:
	50,000	A	2.902% due 7/15/31(a)		44,328
	580,000	A	3.302% due 1/15/35(a)		488,921
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	272,000	BBB	5.125% due 6/30/27		274,354
	399,000	BBB	3.700% due 11/15/29		379,266
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	147,000	BBB-	4.500% due 10/1/29		144,211
	143,000	BBB-	4.000% due 3/1/31		134,522
	486,000	BBB-	3.250% due 1/31/32		427,775
	105,000	BBB-	5.950% due 6/30/33		108,897
	350,000	Baa1(b)	Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33(a)		364,945
	10,000	BBB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.450% due 11/3/36(a)		10,516
	100,000	A-	Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 6.200% due 1/15/55		105,987
			Enbridge Inc.:
			Company Guaranteed Notes:
	100,000	BBB+	5.900% due 11/15/26		102,109
	50,000	BBB+	2.500% due 8/1/33		40,885
	25,000	BBB+	5.625% due 4/5/34		25,505

See Notes to Financial Statements.

160



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 1.5% — (continued)
$	50,000	BBB+	3.400% due 8/1/51	$	34,160
	50,000	BBB+	6.700% due 11/15/53		55,155
	995,000	BBB+	5.950% due 4/5/54		1,005,878
	1,845,000	BBB-	Subordinated Notes, 5.750% (5-Year CMT Index + 5.314%) due 7/15/80(g)		1,799,187
			Energy Transfer LP:
	240,000	BBB	Company Guaranteed Notes, 5.250% due 4/15/29		243,467
			Junior Subordinated Notes:
	795,000	BB+	6.500% (5-Year CMT Index + 5.694%)(g)(h)		798,174
	180,000	BB+	6.750% (5-Year CMT Index + 5.134%)(g)(h)		180,368
	240,000	BB+	7.125% (5-Year CMT Index + 5.306%)(g)(h)		244,727
	405,000	BB+	8.000% (5-Year CMT Index + 4.020%) due 5/15/54(g)		430,773
			Senior Unsecured Notes:
	149,000	BBB	5.500% due 6/1/27		151,300
	76,000	BBB	5.550% due 2/15/28		77,753
	30,000	BBB	4.950% due 6/15/28		30,211
	800,000	BBB	3.750% due 5/15/30		755,974
	280,000	BBB	5.550% due 5/15/34		282,107
	25,000	BBB	5.800% due 6/15/38		25,327
	340,000	BBB	5.300% due 4/1/44		313,207
	18,000	BBB	5.300% due 4/15/47		16,279
	750,000	BBB	6.250% due 4/15/49		764,603
	347,000	BBB	5.000% due 5/15/50		301,634
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	100,000	A-	4.600% due 1/11/27		100,418
	100,000	A-	3.950% due 2/15/27		99,316
	660,000	A-	4.150% due 10/16/28		652,439
	1,550,000	A-	2.800% due 1/31/30		1,427,154
	50,000	A-	4.850% due 1/31/34		49,348
	150,000	A-	6.650% due 10/15/34		167,255
	50,000	A-	4.950% due 2/15/35		49,522
	250,000	A-	4.850% due 3/15/44		229,048
	25,000	A-	5.100% due 2/15/45		23,469
	25,000	A-	4.250% due 2/15/48		20,655
	50,000	A-	4.800% due 2/1/49		44,567
	50,000	A-	4.200% due 1/31/50		40,602
	130,000	A-	3.700% due 1/31/51		96,143
	25,000	A-	3.200% due 2/15/52		16,818
	50,000	A-	3.300% due 2/15/53		34,111
	670,000	A-	5.550% due 2/16/55		663,216
	180,000	A-	3.950% due 1/31/60		133,508
	60,000	BBB	5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(g)		59,155
	25,000	BBB	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38		27,700
			Kinder Morgan Inc., Company Guaranteed Notes:
	560,000	BBB	5.000% due 2/1/29		564,083
	50,000	BBB	5.550% due 6/1/45		47,836
	25,000	BBB	5.200% due 3/1/48		22,694
	55,000	BBB	3.250% due 8/1/50		36,201
	132,000	BBB	3.600% due 2/15/51		92,280
	25,000	BBB	5.450% due 8/1/52		23,373
			MPLX LP, Senior Unsecured Notes:
	10,000	BBB	4.875% due 6/1/25		9,996
	100,000	BBB	1.750% due 3/1/26		97,191
	100,000	BBB	4.125% due 3/1/27		99,033
	850,000	BBB	4.800% due 2/15/29		850,353
	130,000	BBB	4.500% due 4/15/38		115,110
	140,000	BBB	4.700% due 4/15/48		116,868

See Notes to Financial Statements.

161



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 1.5% — (continued)
$	100,000	BBB	5.500% due 2/15/49	$	93,475
	50,000	BBB	4.950% due 3/14/52		42,897
	445,000	BB	Northriver Midstream Finance LP, Senior Secured Notes, 6.750% due 7/15/32(a)		454,509
	224,000	BBB	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		221,079
			ONEOK Inc., Company Guaranteed Notes:
	200,000	BBB	5.000% due 3/1/26		200,484
	120,000	BBB	5.550% due 11/1/26		121,698
	200,000	BBB	5.800% due 11/1/30		208,307
	165,000	BBB	6.050% due 9/1/33		172,765
	25,000	BBB	5.050% due 11/1/34		24,335
	25,000	BBB	5.150% due 10/15/43		22,970
	100,000	BBB	5.200% due 7/15/48		90,571
	25,000	BBB	4.850% due 2/1/49		21,256
	50,000	BBB	3.950% due 3/1/50		37,012
	25,000	BBB	4.500% due 3/15/50		20,195
	105,000	BBB	6.625% due 9/1/53		112,694
	25,000	BBB	ONEOK Partners LP, Company Guaranteed Notes, 6.650% due 10/1/36		27,146
	250,000	BBB	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.500% due 12/15/26		249,818
	500,000	B-	Prairie Acquiror LP, Senior Secured Notes, 9.000% due 8/1/29(a)		518,376
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	321,000	BBB+	5.000% due 3/15/27		322,665
	140,000	BBB+	4.200% due 3/15/28		138,192
	284,000	BBB+	5.900% due 9/15/37		292,653
	1,490,000	BBB-	South Bow USA Infrastructure Holdings LLC, Company Guaranteed Notes, 5.026% due 10/1/29(a)		1,481,424
	188,000	BBB+	Southern Natural Gas Co. LLC, Senior Unsecured Notes, 8.000% due 3/1/32		215,724
	25,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 4.500% due 3/15/45		20,983
	1,030,000	B+	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes, 6.000% due 12/31/30(a)		1,000,095
			Targa Resources Corp., Company Guaranteed Notes:
	222,000	BBB	6.150% due 3/1/29		232,470
	130,000	BBB	4.200% due 2/1/33		120,324
	100,000	BBB	6.500% due 2/15/53		106,094
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	50,000	BBB	6.500% due 7/15/27		50,301
	200,000	BBB	5.000% due 1/15/28		200,188
	20,000	BBB	6.875% due 1/15/29		20,483
	188,000	BBB	5.500% due 3/1/30		190,225
	639,000	BBB	4.875% due 2/1/31		626,859
	40,000	BBB	4.000% due 1/15/32		36,961
	690,000	BBB	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(a)		628,494
	25,000	BBB+	TransCanada PipeLines Ltd., Senior Unsecured Notes, 5.100% due 3/15/49		23,549
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	580,000	BBB	7.850% due 2/1/26		591,569
	237,000	BBB	4.000% due 3/15/28		232,391
	238,000	BBB	4.600% due 3/15/48		205,155
	110,000	BB+	Venture Global Calcasieu Pass LLC, Senior Secured Notes, 3.875% due 11/1/33(a)		95,698
			Venture Global LNG Inc., Senior Secured Notes:
	725,000	BB	9.500% due 2/1/29(a)		801,048
	330,000	BB	7.000% due 1/15/30(a)		334,818
			Western Midstream Operating LP, Senior Unsecured Notes:
	100,000	BBB-	4.650% due 7/1/26		99,924
	630,000	BBB-	4.050% due 2/1/30		600,864
	115,000	BBB-	5.250% due 2/1/50		101,069

See Notes to Financial Statements.

162



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Pipelines — 1.5% — (continued)
				Williams Cos., Inc. (The), Senior Unsecured Notes:
$	50,000		BBB	7.500% due 1/15/31	$	55,937
	280,000		BBB	7.750% due 6/15/31		317,138
	116,000		BBB	8.750% due 3/15/32		139,191

				Total Pipelines		28,240,189


	Private Equity — 0.0%@
				Brookfield Finance Inc., Company Guaranteed Notes:
	100,000		A-	4.250% due 6/2/26		99,750
	50,000		A-	3.900% due 1/25/28		49,121
	25,000		A-	4.850% due 3/29/29		25,124
	50,000		A-	5.968% due 3/4/54		51,842
	25,000		A-	Brookfield Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450% due 4/15/50		17,609

				Total Private Equity		243,446


	Real Estate — 0.0%@
	790,000	^EUR	Ba2(b)	Castellum AB, Junior Subordinated Notes, (Cost — $797,718, acquired 12/4/24), 3.125% (3.454% – 5-Year EUR Swap Rate)(f)(h)(i)		804,946


	Real Estate Investment Trusts (REITs) — 1.0%
				Alexandria Real Estate Equities Inc., Company Guaranteed Notes:
	25,000		BBB+	3.950% due 1/15/27		24,748
	25,000		BBB+	3.950% due 1/15/28		24,592
	25,000		BBB+	4.500% due 7/30/29		24,721
	25,000		BBB+	1.875% due 2/1/33		19,723
	25,000		BBB+	4.750% due 4/15/35		23,970
	50,000		BBB+	3.550% due 3/15/52		35,166
	25,000		BBB+	5.625% due 5/15/54		24,449
				American Homes 4 Rent LP, Senior Unsecured Notes:
	25,000		BBB	4.250% due 2/15/28		24,686
	25,000		BBB	3.625% due 4/15/32		22,835
	25,000		BBB	5.500% due 2/1/34		25,338
				American Tower Corp., Senior Unsecured Notes:
	200,000		BBB	1.600% due 4/15/26		193,655
	200,000		BBB	3.650% due 3/15/27		196,281
	243,000		BBB	5.800% due 11/15/28		251,985
	186,000		BBB	3.800% due 8/15/29		178,509
	100,000		BBB	2.100% due 6/15/30		87,210
	137,000		BBB	1.875% due 10/15/30		116,887
	106,000		BBB	2.700% due 4/15/31		93,645
	47,000		BBB	2.300% due 9/15/31		40,088
				AvalonBay Communities Inc., Senior Unsecured Notes:
	25,000		A-	3.300% due 6/1/29		23,744
	25,000		A-	2.300% due 3/1/30		22,439
	25,000		A-	5.000% due 2/15/33		25,062
	25,000		A-	5.300% due 12/7/33		25,549
				Boston Properties LP, Senior Unsecured Notes:
	25,000		BBB	4.500% due 12/1/28		24,570
	25,000		BBB	3.400% due 6/21/29		23,349
	25,000		BBB	3.250% due 1/30/31		22,411
	25,000		BBB	2.450% due 10/1/33		19,688
	25,000		BBB	6.500% due 1/15/34		26,506
	950,000		BB+	Brandywine Operating Partnership LP, Company Guaranteed Notes, 8.300% due 3/15/28		1,005,459
	25,000		BBB	Brixmor Operating Partnership LP, Senior Unsecured Notes, 5.500% due 2/15/34		25,327
	25,000		A-	Camden Property Trust, Senior Unsecured Notes, 4.900% due 1/15/34		24,799

See Notes to Financial Statements.

163



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 1.0% — (continued)
				Crown Castle Inc., Senior Unsecured Notes:
$	200,000		BBB	1.050% due 7/15/26	$	190,514
	200,000		BBB	4.000% due 3/1/27		197,813
	159,000		BBB	5.000% due 1/11/28		160,333
	263,000		BBB	3.800% due 2/15/28		256,401
	69,000		BBB	3.100% due 11/15/29		63,748
	183,000		BBB	2.250% due 1/15/31		157,514
	141,000		BBB	2.100% due 4/1/31		119,675
	130,000		BBB	2.500% due 7/15/31		111,930
				CubeSmart LP, Company Guaranteed Notes:
	25,000		BBB	3.125% due 9/1/26		24,455
	25,000		BBB	2.500% due 2/15/32		21,226
	560,000	^EUR	Baa2(b)	Digital Intrepid Holding BV, Company Guaranteed Notes, (Cost — $452,296, acquired 3/30/23), 0.625% due 7/15/31(f)		489,593
	25,000		BBB	Digital Realty Trust LP, Company Guaranteed Notes, 5.550% due 1/15/28		25,601
				EPR Properties, Senior Unsecured Notes:
	25,000		BBB-	3.750% due 8/15/29		23,471
	500,000		BBB-	3.600% due 11/15/31		448,983
				Equinix Inc., Senior Unsecured Notes:
	130,000		BBB	1.550% due 3/15/28		118,816
	183,000		BBB	2.000% due 5/15/28		168,825
	333,000		BBB	3.200% due 11/18/29		310,978
	270,000		BBB	2.500% due 5/15/31		235,310
				ERP Operating LP, Senior Unsecured Notes:
	25,000		A-	3.500% due 3/1/28		24,309
	25,000		A-	4.150% due 12/1/28		24,658
	25,000		A-	3.000% due 7/1/29		23,372
	25,000		A-	2.500% due 2/15/30		22,544
	25,000		A-	1.850% due 8/1/31		21,178
	2,511,000		BBB-	Essential Properties LP, Company Guaranteed Notes, 2.950% due 7/15/31		2,174,939
				Essex Portfolio LP, Company Guaranteed Notes:
	25,000		BBB+	3.625% due 5/1/27		24,537
	25,000		BBB+	4.000% due 3/1/29		24,391
	256,000		BBB+	Extra Space Storage LP, Company Guaranteed Notes, 5.700% due 4/1/28		263,407
				GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	187,000		BBB-	5.300% due 1/15/29		187,794
	267,000		BBB-	4.000% due 1/15/30		253,002
	265,000		BBB-	4.000% due 1/15/31		247,315
	86,000		BBB-	3.250% due 1/15/32		74,942
	25,000		BBB+	Healthpeak OP LLC, Company Guaranteed Notes, 2.875% due 1/15/31		22,406
	25,000		BBB-	Host Hotels & Resorts LP, Senior Unsecured Notes, 2.900% due 12/15/31		21,832
	246,000		BBB	Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28		225,930
				Kilroy Realty LP, Company Guaranteed Notes:
	25,000		BBB-	4.250% due 8/15/29		23,794
	25,000		BBB-	2.650% due 11/15/33		19,529
				Kimco Realty OP LLC, Company Guaranteed Notes:
	25,000		BBB+	3.800% due 4/1/27		24,666
	25,000		BBB+	3.200% due 4/1/32		22,396
	25,000		BBB+	4.600% due 2/1/33		24,224
				Mid-America Apartments LP, Senior Unsecured Notes:
	25,000		A-	5.000% due 3/15/34		24,838
	560,000		A-	4.950% due 3/1/35		553,139
				NNN REIT Inc., Senior Unsecured Notes:
	124,000		BBB+	3.100% due 4/15/50		81,235
	268,000		BBB+	3.500% due 4/15/51		187,747

See Notes to Financial Statements.

164



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 1.0% — (continued)
				Omega Healthcare Investors Inc., Company Guaranteed Notes:
$	25,000		BBB-	4.750% due 1/15/28	$	24,944
	1,525,000		BBB-	3.625% due 10/1/29		1,430,186
	1,250,000		BBB-	Piedmont Operating Partnership LP, Company Guaranteed Notes, 2.750% due 4/1/32		1,013,092
				Prologis LP, Senior Unsecured Notes:
	25,000		A	4.875% due 6/15/28		25,321
	297,000		A	2.250% due 4/15/30		264,729
	25,000		A	4.625% due 1/15/33		24,570
	25,000		A	5.125% due 1/15/34		25,175
	25,000		A	5.000% due 3/15/34		24,968
	25,000		A	5.250% due 6/15/53		24,248
				Public Storage Operating Co., Company Guaranteed Notes:
	25,000		A	1.850% due 5/1/28		23,162
	25,000		A	3.385% due 5/1/29		23,959
	25,000		A	2.250% due 11/9/31		21,436
	25,000		A	5.100% due 8/1/33		25,318
				Realty Income Corp., Senior Unsecured Notes:
	57,000		A-	3.100% due 12/15/29		53,150
	74,000		A-	3.250% due 1/15/31		68,143
	184,000		A-	5.125% due 2/15/34		183,636
	270,000	^EUR	A-	5.125% due 7/6/34		311,940
				Regency Centers LP, Company Guaranteed Notes:
	25,000		A-	3.600% due 2/1/27		24,588
	25,000		A-	5.250% due 1/15/34		25,184
	2,000,000		BBB-	Sabra Health Care LP, Company Guaranteed Notes, 5.125% due 8/15/26		2,008,840
	210,000		BB-	Service Properties Trust, Company Guaranteed Notes, 8.375% due 6/15/29		212,484
				Simon Property Group LP, Senior Unsecured Notes:
	50,000		A-	3.375% due 6/15/27		48,961
	50,000		A-	3.375% due 12/1/27		48,702
	50,000		A-	1.750% due 2/1/28		46,450
	50,000		A-	2.450% due 9/13/29		45,699
	50,000		A-	2.650% due 7/15/30		45,326
	25,000		A-	2.200% due 2/1/31		21,710
	25,000		A-	2.250% due 1/15/32		21,233
	25,000		A-	2.650% due 2/1/32		21,698
	25,000		A-	5.500% due 3/8/33		25,783
	25,000		A-	6.250% due 1/15/34		26,931
	50,000		A-	3.250% due 9/13/49		34,779
	25,000		A-	3.800% due 7/15/50		18,991
	550,000		BB-	Starwood Property Trust Inc., Senior Unsecured Notes, 6.500% due 7/1/30(a)		558,195
	25,000		BBB	Sun Communities Operating LP, Company Guaranteed Notes, 5.500% due 1/15/29		25,581
				UDR Inc., Company Guaranteed Notes:
	25,000		BBB+	3.000% due 8/15/31		22,400
	25,000		BBB+	2.100% due 8/1/32		20,400
				Ventas Realty LP, Company Guaranteed Notes:
	25,000		BBB+	4.000% due 3/1/28		24,564
	25,000		BBB+	4.400% due 1/15/29		24,682
	25,000		BBB+	3.000% due 1/15/30		23,027
	25,000		BBB+	4.875% due 4/15/49		22,480
	312,000		BBB-	VICI Properties LP, Senior Unsecured Notes, 4.750% due 2/15/28		312,552
	160,000		BBB-	VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes, 4.500% due 1/15/28(a)		158,021
	750,000		BBB+	WEA Finance LLC/Westfield UK & Europe Finance PLC, Company Guaranteed Notes, 4.750% due 9/17/44(a)		634,244
				Welltower OP LLC, Company Guaranteed Notes:
	25,000		BBB+	2.700% due 2/15/27		24,210
	25,000		BBB+	2.050% due 1/15/29		22,750

See Notes to Financial Statements.

165



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Real Estate Investment Trusts (REITs) — 1.0% — (continued)
$	25,000	BBB+	4.125% due 3/15/29	$	24,488
	25,000	BBB+	3.100% due 1/15/30		23,219
	25,000	BBB+	2.750% due 1/15/31		22,331
	25,000	BBB+	2.750% due 1/15/32		21,764
			Weyerhaeuser Co., Senior Unsecured Notes:
	25,000	BBB	4.000% due 11/15/29		24,190
	25,000	BBB	4.000% due 3/9/52		19,194

			Total Real Estate Investment Trusts (REITs)		18,654,329


	Retail — 0.4%
	50,000	BBB	AutoZone Inc., Senior Unsecured Notes, 5.400% due 7/15/34		50,806
			Costco Wholesale Corp., Senior Unsecured Notes:
	560,000	AA	1.375% due 6/20/27		525,261
	160,000	AA	1.600% due 4/20/30		139,404
	25,000	BBB	Dick’s Sporting Goods Inc., Senior Unsecured Notes, 4.100% due 1/15/52		18,539
	25,000	BBB	Dollar General Corp., Senior Unsecured Notes, 4.125% due 4/3/50		18,934
	240,000	BB+	Group 1 Automotive Inc., Company Guaranteed Notes, 6.375% due 1/15/30(a)		244,892
			Home Depot Inc. (The), Senior Unsecured Notes:
	210,000	A	2.500% due 4/15/27		202,534
	290,000	A	1.375% due 3/15/31		240,512
	290,000	A	3.250% due 4/15/32		263,858
	50,000	A	5.875% due 12/16/36		53,701
	70,000	A	3.300% due 4/15/40		55,905
	50,000	A	5.950% due 4/1/41		53,489
	25,000	A	4.200% due 4/1/43		21,558
	25,000	A	4.875% due 2/15/44		23,490
	25,000	A	4.400% due 3/15/45		22,025
	50,000	A	4.250% due 4/1/46		42,698
	70,000	A	3.900% due 6/15/47		56,204
	50,000	A	4.500% due 12/6/48		44,002
	50,000	A	3.125% due 12/15/49		34,605
	230,000	A	3.350% due 4/15/50		165,090
	50,000	A	2.375% due 3/15/51		29,118
	50,000	A	2.750% due 9/15/51		31,566
	50,000	A	3.625% due 4/15/52		37,468
	25,000	A	4.950% due 9/15/52		23,447
	25,000	A	3.500% due 9/15/56		17,893
	525,000	BB-	Kohl’s Corp., Senior Unsecured Notes, 4.625% due 5/1/31		410,394
			Lowe’s Cos., Inc., Senior Unsecured Notes:
	200,000	BBB+	2.500% due 4/15/26		195,857
	805,000	BBB+	3.650% due 4/5/29		775,736
	70,000	BBB+	4.500% due 4/15/30		69,499
	284,000	BBB+	1.700% due 10/15/30		242,120
	91,000	BBB+	2.625% due 4/1/31		80,706
	50,000	BBB+	4.050% due 5/3/47		39,901
	50,000	BBB+	3.000% due 10/15/50		32,133
	25,000	BBB+	4.250% due 4/1/52		20,069
	50,000	BBB+	5.625% due 4/15/53		49,333
	25,000	BBB+	4.450% due 4/1/62		19,930
	1,120,000	BB+	Macy’s Retail Holdings LLC, Company Guaranteed Notes, 5.875% due 3/15/30(a)		1,087,354
			McDonald’s Corp., Senior Unsecured Notes:
	30,000	BBB+	1.450% due 9/1/25		29,537
	10,000	BBB+	3.700% due 1/30/26		9,937
	100,000	BBB+	3.500% due 3/1/27		98,281
	60,000	BBB+	3.500% due 7/1/27		58,830

See Notes to Financial Statements.

166



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 0.4% — (continued)
$	100,000	BBB+	3.600% due 7/1/30	$	95,242
	25,000	BBB+	4.700% due 12/9/35		24,345
	25,000	BBB+	6.300% due 3/1/38		27,453
	50,000	BBB+	4.875% due 12/9/45		46,074
	50,000	BBB+	4.450% due 3/1/47		43,110
	25,000	BBB+	4.450% due 9/1/48		21,515
	70,000	BBB+	3.625% due 9/1/49		52,205
	425,000	BBB+	4.200% due 4/1/50		346,632
	25,000	BBB+	5.150% due 9/9/52		23,607
	25,000	BBB+	5.450% due 8/14/53		24,597
	480,000	BB	PetSmart Inc./PetSmart Finance Corp., Senior Secured Notes, 4.750% due 2/15/28(a)		457,095
	620,000	BB-	Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		584,331
			Starbucks Corp., Senior Unsecured Notes:
	50,000	BBB+	4.900% due 2/15/31		50,652
	25,000	BBB+	3.750% due 12/1/47		18,803
	25,000	BBB+	4.500% due 11/15/48		21,381
	25,000	BBB+	4.450% due 8/15/49		21,087
	25,000	BBB+	3.350% due 3/12/50		17,358
	25,000	BBB+	3.500% due 11/15/50		17,839
			Target Corp., Senior Unsecured Notes:
	50,000	A	4.500% due 9/15/32		49,138
	25,000	A	4.000% due 7/1/42		21,529
	25,000	A	3.625% due 4/15/46		19,471
	50,000	A	2.950% due 1/15/52		32,787
			Walmart Inc., Senior Unsecured Notes:
	90,000	AA	1.500% due 9/22/28		82,199
	40,000	AA	1.800% due 9/22/31		34,204
	100,000	AA	4.100% due 4/15/33		96,998
	25,000	AA	6.200% due 4/15/38		28,204
	25,000	AA	3.950% due 6/28/38		22,901
	25,000	AA	5.625% due 4/15/41		26,805
	25,000	AA	2.500% due 9/22/41		17,836
	25,000	AA	3.625% due 12/15/47		19,687
	50,000	AA	4.050% due 6/29/48		42,148
	25,000	AA	2.950% due 9/24/49		17,292
	50,000	AA	2.650% due 9/22/51		31,880
	50,000	AA	4.500% due 4/15/53		44,960

			Total Retail		8,117,981


	Semiconductors — 0.8%
			Analog Devices Inc., Senior Unsecured Notes:
	25,000	A-	2.800% due 10/1/41		18,320
	25,000	A-	2.950% due 10/1/51		16,531
			Applied Materials Inc., Senior Unsecured Notes:
	50,000	A	3.300% due 4/1/27		49,006
	25,000	A	5.850% due 6/15/41		26,574
	25,000	A	4.350% due 4/1/47		21,776
	100,000	BBB+	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.875% due 1/15/27		98,937
			Broadcom Inc.:
			Company Guaranteed Notes:
	377,000	BBB+	4.150% due 11/15/30		365,508
	200,000	BBB+	3.500% due 2/15/41(a)		159,400
	100,000	BBB+	3.750% due 2/15/51(a)		75,788
			Senior Unsecured Notes:
	170,000	BBB+	4.150% due 4/15/32(a)		161,638

See Notes to Financial Statements.

167



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Semiconductors — 0.8% — (continued)
$	316,000	BBB+	3.469% due 4/15/34(a)	$	278,662
	1,054,000	BBB+	3.137% due 11/15/35(a)		878,367
	10,000	BBB+	3.187% due 11/15/36(a)		8,213
	108,000	BBB+	4.926% due 5/15/37(a)		104,647
	725,000	BB	Entegris Inc., Senior Secured Notes, 4.750% due 4/15/29(a)		701,390
			Foundry JV Holdco LLC, Senior Secured Notes:
	320,000	BBB	5.875% due 1/25/34(a)		327,337
	3,040,000	BBB	6.200% due 1/25/37(a)		3,188,993
			Intel Corp., Senior Unsecured Notes:
	50,000	BBB	2.600% due 5/19/26		48,899
	370,000	BBB	1.600% due 8/12/28		332,718
	170,000	BBB	5.125% due 2/10/30		171,257
	104,000	BBB	3.734% due 12/8/47		73,746
	50,000	BBB	3.250% due 11/15/49		32,028
	210,000	BBB	4.750% due 3/25/50		172,726
	230,000	BBB	3.050% due 8/12/51		139,241
	50,000	BBB	4.900% due 8/5/52		41,989
	50,000	BBB	5.700% due 2/10/53		46,907
	810,000	BBB	5.600% due 2/21/54		751,641
	108,000	BBB	5.050% due 8/5/62		89,847
	64,000	BBB	5.900% due 2/10/63		61,093
			KLA Corp., Senior Unsecured Notes:
	258,000	A-	4.100% due 3/15/29		254,402
	271,000	A-	5.250% due 7/15/62		260,075
			Lam Research Corp., Senior Unsecured Notes:
	25,000	A-	4.875% due 3/15/49		23,121
	25,000	A-	3.125% due 6/15/60		15,856
	25,000	BBB-	Marvell Technology Inc., Senior Unsecured Notes, 5.750% due 2/15/29		25,841
			Micron Technology Inc., Senior Unsecured Notes:
	50,000	BBB-	4.185% due 2/15/27		49,660
	25,000	BBB-	5.375% due 4/15/28		25,448
	25,000	BBB-	4.663% due 2/15/30		24,668
	100,000	BBB-	5.875% due 2/9/33		104,135
	25,000	BBB-	5.875% due 9/15/33		26,090
			NVIDIA Corp., Senior Unsecured Notes:
	25,000	AA-	3.500% due 4/1/40		21,119
	510,000	AA-	3.500% due 4/1/50		390,875
	160,000	AA-	3.700% due 4/1/60		122,031
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
	90,000	BBB+	2.700% due 5/1/25		89,672
	50,000	BBB+	3.875% due 6/18/26		49,589
	296,000	BBB+	2.500% due 5/11/31		256,215
			QUALCOMM Inc., Senior Unsecured Notes:
	25,000	A	2.150% due 5/20/30		22,289
	25,000	A	4.800% due 5/20/45		23,017
	50,000	A	4.300% due 5/20/47		42,389
	25,000	A	3.250% due 5/20/50		17,501
	25,000	A	4.500% due 5/20/52		21,507
	25,000	A	6.000% due 5/20/53		26,566
	2,500,000	BBB	Renesas Electronics Corp., Senior Unsecured Notes, 2.170% due 11/25/26(a)		2,396,837
	2,130,000	BBB	SK Hynix Inc., Senior Unsecured Notes, 5.500% due 1/16/27(a)		2,163,641
			Texas Instruments Inc., Senior Unsecured Notes:
	90,000	A+	1.750% due 5/4/30		78,649
	25,000	A+	3.875% due 3/15/39		22,133
	50,000	A+	4.150% due 5/15/48		41,823
	66,000	A+	5.000% due 3/14/53		62,229
	62,000	A+	5.050% due 5/18/63		57,634

			Total Semiconductors		15,158,191

See Notes to Financial Statements.

168



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Shipbuilding — 0.0%@
$	137,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28	$	124,345


	Software — 0.3%
	50,000	A+	Adobe Inc., Senior Unsecured Notes, 2.300% due 2/1/30		45,251
	500,000	CCC	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		485,743
	90,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		82,762
	750,000	B	Cloud Software Group Inc., Senior Secured Notes, 8.250% due 6/30/32(a)		778,362
	25,000	BBB	Concentrix Corp., Senior Unsecured Notes, 6.600% due 8/2/28		26,095
			Fidelity National Information Services Inc., Senior Unsecured Notes:
	50,000	BBB	1.150% due 3/1/26		48,333
	25,000	BBB	1.650% due 3/1/28		22,927
	25,000	BBB	3.100% due 3/1/41		18,451
			Fiserv Inc., Senior Unsecured Notes:
	50,000	BBB	3.200% due 7/1/26		49,119
	25,000	BBB	5.450% due 3/2/28		25,592
	25,000	BBB	5.375% due 8/21/28		25,567
	25,000	BBB	4.200% due 10/1/28		24,622
	100,000	BBB	3.500% due 7/1/29		94,882
	25,000	BBB	2.650% due 6/1/30		22,477
	50,000	BBB	4.400% due 7/1/49		41,815
			Intuit Inc., Senior Unsecured Notes:
	25,000	A-	1.350% due 7/15/27		23,372
	25,000	A-	5.125% due 9/15/28		25,639
	25,000	A-	1.650% due 7/15/30		21,551
			Microsoft Corp., Senior Unsecured Notes:
	55,000	AAA	3.450% due 8/8/36		49,330
	157,000	AAA	2.525% due 6/1/50		99,356
	50,000	AAA	2.500% due 9/15/50		31,364
	168,000	AAA	2.921% due 3/17/52		114,453
	50,000	AAA	4.500% due 2/6/57		45,867
	142,000	AAA	3.041% due 3/17/62		93,081
			Oracle Corp., Senior Unsecured Notes:
	1,070,000	BBB	1.650% due 3/25/26		1,038,246
	100,000	BBB	2.650% due 7/15/26		97,543
	60,000	BBB	4.650% due 5/6/30		59,718
	600,000	BBB	2.875% due 3/25/31		536,967
	46,000	BBB	6.250% due 11/9/32		49,214
	238,000	BBB	4.300% due 7/8/34		222,522
	37,000	BBB	3.850% due 7/15/36		32,206
	479,000	BBB	3.800% due 11/15/37		408,087
	88,000	BBB	5.375% due 7/15/40		85,297
	76,000	BBB	4.000% due 7/15/46		59,575
	91,000	BBB	4.000% due 11/15/47		70,766
	348,000	BBB	3.600% due 4/1/50		247,802
	350,000	BBB	5.375% due 9/27/54		325,811
	55,000	BBB	4.375% due 5/15/55		43,680
	100,000	BBB	3.850% due 4/1/60		70,046
			Roper Technologies Inc., Senior Unsecured Notes:
	25,000	BBB+	2.950% due 9/15/29		23,250
	25,000	BBB+	1.750% due 2/15/31		21,017
	25,000	BBB+	4.900% due 10/15/34		24,560
			Salesforce Inc., Senior Unsecured Notes:
	140,000	A+	2.700% due 7/15/41		101,317
	50,000	A+	2.900% due 7/15/51		32,779
	25,000	A+	3.050% due 7/15/61		15,718
	50,000	BBB+	VMware LLC, Senior Unsecured Notes, 3.900% due 8/21/27		49,095

See Notes to Financial Statements.

169



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Software — 0.3% — (continued)
				Workday Inc., Senior Unsecured Notes:
$	25,000		BBB	3.500% due 4/1/27	$	24,495
	25,000		BBB	3.700% due 4/1/29		24,120

				Total Software		5,959,842


	Telecommunications — 1.3%
				AT&T Inc., Senior Unsecured Notes:
	200,000		BBB	1.700% due 3/25/26		194,130
	220,000		BBB	4.250% due 3/1/27		218,767
	960,000		BBB	2.300% due 6/1/27		913,900
	50,000		BBB	1.650% due 2/1/28		46,086
	55,000		BBB	4.350% due 3/1/29		54,446
	242,000		BBB	2.750% due 6/1/31		214,745
	180,000		BBB	2.550% due 12/1/33		147,828
	83,000		BBB	5.400% due 2/15/34		84,698
	25,000		BBB	5.250% due 3/1/37		24,939
	25,000		BBB	4.900% due 8/15/37		24,021
	25,000		BBB	4.850% due 3/1/39		23,674
	50,000		BBB	5.350% due 9/1/40		49,142
	80,000		BBB	5.550% due 8/15/41		79,428
	73,000		BBB	4.350% due 6/15/45		61,483
	382,000		BBB	4.750% due 5/15/46		339,404
	238,000		BBB	4.500% due 3/9/48		200,839
	270,000		BBB	3.500% due 9/15/53		187,698
	1,572,000		BBB	3.550% due 9/15/55		1,085,627
	72,000		BBB	3.800% due 12/1/57		51,450
	432,000		BBB	3.650% due 9/15/59		296,765
	18,000		BBB	3.850% due 6/1/60		12,846
	900,000	^GBP	BB+	British Telecommunications PLC, Company Guaranteed Notes, (Cost — $1,225,883, acquired 3/7/24), 8.375% (5-Year UK Government Note Generic Bid Yield + 3.820%) due 12/20/83(f)(g)		1,222,582
				Cisco Systems Inc., Senior Unsecured Notes:
	50,000		AA-	4.800% due 2/26/27		50,532
	50,000		AA-	5.900% due 2/15/39		53,950
	50,000		AA-	5.500% due 1/15/40		51,589
	50,000		AA-	5.300% due 2/26/54		49,770
	25,000		AA-	5.350% due 2/26/64		24,563
	505,000		B+	Colombia Telecomunicaciones SA ESP, Senior Unsecured Notes, 4.950% due 7/17/30(a)		435,570
	38,000		B-	CommScope LLC, Senior Secured Notes, 4.750% due 9/1/29(a)		34,243
				Corning Inc., Senior Unsecured Notes:
	25,000		BBB+	5.350% due 11/15/48		24,145
	25,000		BBB+	4.375% due 11/15/57		20,223
	670,000	^EUR	BB+	Fibercop SpA, Senior Secured Notes, 1.625% due 1/18/29		638,437
	63,000		BBB	Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30		53,735
	871,000	^EUR	BB+	Lorca Telecom Bondsco SA, Senior Secured Notes, (Cost — $918,380, acquired 12/3/24), 4.000% due 9/18/27(f)		906,652
				Motorola Solutions Inc., Senior Unsecured Notes:
	83,000		BBB	4.600% due 5/23/29		82,472
	37,000		BBB	2.750% due 5/24/31		32,690
	26,000		BBB	5.600% due 6/1/32		26,828
	570,000		BBB-	Nokia OYJ, Senior Unsecured Notes, 6.625% due 5/15/39		591,442
				Rogers Communications Inc., Company Guaranteed Notes:
	100,000		BBB-	3.200% due 3/15/27		97,104
	690,000		BBB-	5.300% due 2/15/34		682,024
	1,300,000		A1(b)	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes, 5.152% due 3/20/28(a)		1,308,081

See Notes to Financial Statements.

170



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Telecommunications — 1.3% — (continued)
	330,000	^EUR	BB	Telecom Italia SpA, Senior Unsecured Notes, (Cost — $321,334, acquired 3/6/24), 1.625% due 1/18/29(f)	$	319,258
$	150,000		BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47		136,206
	700,000	^EUR	BB	Telefonica Europe BV, Company Guaranteed Notes, (Cost — $789,168, acquired 3/7/24), 6.135% (7-Year EUR Swap Rate + 3.347%)(f)(g)(h)		785,528
				T-Mobile USA Inc., Company Guaranteed Notes:
	170,000		BBB	3.500% due 4/15/25		169,748
	40,000		BBB	2.250% due 2/15/26		39,132
	200,000		BBB	2.625% due 4/15/26		196,118
	172,000		BBB	3.750% due 4/15/27		169,300
	110,000		BBB	2.625% due 2/15/29		101,755
	300,000		BBB	3.375% due 4/15/29		284,313
	830,000		BBB	3.875% due 4/15/30		794,408
	100,000		BBB	2.550% due 2/15/31		87,978
	80,000		BBB	2.875% due 2/15/31		71,434
	1,930,000		BBB	3.500% due 4/15/31		1,785,440
	290,000		BBB	2.250% due 11/15/31		246,670
	330,000		BBB	2.700% due 3/15/32		285,016
	599,000		BBB	5.050% due 7/15/33		597,073
	110,000		BBB	5.150% due 4/15/34		110,266
	200,000		BBB	4.375% due 4/15/40		177,906
	60,000		BBB	3.000% due 2/15/41		44,050
	110,000		BBB	3.300% due 2/15/51		74,794
	100,000		BBB	3.400% due 10/15/52		68,636
				Verizon Communications Inc., Senior Unsecured Notes:
	100,000		BBB+	2.625% due 8/15/26		97,541
	200,000		BBB+	4.125% due 3/16/27		198,702
	37,000		BBB+	4.016% due 12/3/29		35,980
	640,000		BBB+	3.150% due 3/22/30		595,768
	138,000		BBB+	1.680% due 10/30/30		117,193
	255,000		BBB+	1.750% due 1/20/31		215,453
	505,000		BBB+	2.550% due 3/21/31		444,036
	281,000		BBB+	2.355% due 3/15/32		237,731
	114,000		BBB+	5.050% due 5/9/33		114,689
	1,410,000		BBB+	4.500% due 8/10/33		1,356,851
	20,000		BBB+	4.400% due 11/1/34		18,966
	964,000		BBB+	4.780% due 2/15/35(a)		939,424
	301,000		BBB+	5.850% due 9/15/35		316,418
	21,000		BBB+	4.272% due 1/15/36		19,394
	10,000		BBB+	5.250% due 3/16/37		10,043
	333,000		BBB+	2.650% due 11/20/40		235,632
	50,000		BBB+	3.400% due 3/22/41		39,020
	100,000		BBB+	4.125% due 8/15/46		81,864
	10,000		BBB+	4.862% due 8/21/46		9,170
	20,000		BBB+	5.500% due 3/16/47		19,971
	140,000		BBB+	4.000% due 3/22/50		109,842
	210,000		BBB+	2.875% due 11/20/50		134,062
	150,000		BBB+	3.550% due 3/22/51		109,539
	69,000		BBB+	2.987% due 10/30/56		42,494
	100,000		BBB+	3.000% due 11/20/60		60,502
				Vmed O2 UK Financing I PLC, Senior Secured Notes:
	200,000		B+	4.750% due 7/15/31(a)		175,537
	940,000	^EUR	B+	(Cost — $1,002,382, acquired 12/3/24), 5.625% due 4/15/32(f)		988,301
				Vodafone Group PLC:
	320,000	^EUR	BB+	Junior Subordinated Notes, (Cost — $322,584, acquired 12/10/24), 3.000% (3.477% — 5-Year EUR Swap Rate) due 8/27/80(f)(i)		315,835

See Notes to Financial Statements.

171



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Telecommunications — 1.3% — (continued)
				Senior Unsecured Notes:
$	9,000		BBB	6.150% due 2/27/37	$	9,612
	25,000		BBB	4.875% due 6/19/49		21,790
	50,000		BBB	4.250% due 9/17/50		39,365
	50,000		BBB	5.750% due 6/28/54		48,813
	25,000		BBB	5.875% due 6/28/64		24,423
	935,000	^EUR	Ba3(b)	Zegona Finance PLC, Senior Secured Notes, 6.750% due 7/15/29(a)		1,035,267

				Total Telecommunications		25,462,805


	Toys/Games/Hobbies — 0.1%
	975,000		BBB	Hasbro Inc., Senior Unsecured Notes, 6.050% due 5/14/34		1,002,750
	1,250,000		BBB	Mattel Inc., Company Guaranteed Notes, 5.875% due 12/15/27(a)		1,256,510

				Total Toys/Games/Hobbies		2,259,260


	Transportation — 0.2%
				Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	351,000		AA-	4.150% due 12/15/48		292,354
	52,000		AA-	3.050% due 2/15/51		35,291
	174,000		AA-	2.875% due 6/15/52		112,484
				Canadian National Railway Co., Senior Unsecured Notes:
	25,000		A-	3.200% due 8/2/46		18,250
	25,000		A-	3.650% due 2/3/48		19,499
	25,000		A-	4.450% due 1/20/49		22,073
				Canadian Pacific Railway Co., Company Guaranteed Notes:
	25,000		BBB+	4.300% due 5/15/43		21,659
	25,000		BBB+	4.700% due 5/1/48		22,404
	25,000		BBB+	3.500% due 5/1/50		18,137
	270,000		BBB+	3.100% due 12/2/51		181,332
				CSX Corp., Senior Unsecured Notes:
	25,000		BBB+	4.100% due 11/15/32		23,876
	25,000		BBB+	4.750% due 5/30/42		23,298
	25,000		BBB+	3.800% due 11/1/46		19,891
	25,000		BBB+	4.750% due 11/15/48		22,693
	25,000		BBB+	3.350% due 9/15/49		17,936
	25,000		BBB+	3.800% due 4/15/50		19,556
	25,000		BBB+	3.950% due 5/1/50		20,094
	25,000		BBB+	4.500% due 11/15/52		21,717
	25,000		BBB+	4.500% due 8/1/54		21,722
	25,000		BBB+	4.250% due 11/1/66		19,645
				FedEx Corp., Company Guaranteed Notes:
	25,000		BBB	3.250% due 5/15/41		18,273
	25,000		Baa2(b)	4.100% due 4/15/43(a)		20,077
	25,000		BBB	5.100% due 1/15/44		22,759
	25,000		BBB	4.100% due 2/1/45		19,742
	25,000		BBB	4.750% due 11/15/45		21,726
	50,000		BBB	4.550% due 4/1/46		42,184
	25,000		BBB	4.400% due 1/15/47		20,384
	25,000		BBB	4.050% due 2/15/48		19,371
	25,000		BBB	4.950% due 10/17/48		22,049
	24,000		BBB	5.250% due 5/15/50		21,857
				Norfolk Southern Corp., Senior Unsecured Notes:
	146,000		BBB+	2.550% due 11/1/29		133,701
	166,000		BBB+	2.300% due 5/15/31		145,264
	188,000		BBB+	3.942% due 11/1/47		149,719
	52,000		BBB+	3.155% due 5/15/55		33,886
	100,000		BBB+	Ryder System Inc., Senior Unsecured Notes, 5.300% due 3/15/27		101,476

See Notes to Financial Statements.

172



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Transportation — 0.2% — (continued)
				Union Pacific Corp., Senior Unsecured Notes:
$	60,000		A-	2.150% due 2/5/27	$	57,686
	403,000		A-	2.800% due 2/14/32		356,885
	884,000		A-	2.891% due 4/6/36		729,362
	35,000		A-	4.300% due 3/1/49		29,824
	188,000		A-	3.250% due 2/5/50		132,868
	45,000		A-	2.950% due 3/10/52		29,378
	144,000		A-	3.500% due 2/14/53		104,998
	320,000		A-	3.839% due 3/20/60		237,908
	10,000		A-	3.750% due 2/5/70		6,968
				United Parcel Service Inc., Senior Unsecured Notes:
	100,000		A	2.400% due 11/15/26		96,989
	50,000		A	4.875% due 3/3/33		50,169
	50,000		A	5.150% due 5/22/34		50,820
	25,000		A	6.200% due 1/15/38		27,367
	25,000		A	4.250% due 3/15/49		20,959
	25,000		A	3.400% due 9/1/49		18,107
	25,000		A	5.300% due 4/1/50		24,366

				Total Transportation		3,721,033


	Trucking & Leasing — 0.1%
	2,270,000		B+	Fortress Transportation & Infrastructure Investors LLC, Company Guaranteed Notes, 7.000% due 6/15/32(a)		2,324,230
				GATX Corp., Senior Unsecured Notes:
	25,000		BBB	5.400% due 3/15/27		25,330
	25,000		BBB	3.850% due 3/30/27		24,605
	25,000		BBB	4.700% due 4/1/29		24,878
	25,000		BBB	4.000% due 6/30/30		24,048
	25,000		BBB	3.500% due 6/1/32		22,588
	25,000		BBB	5.450% due 9/15/33		25,444
	25,000		BBB	6.900% due 5/1/34		27,922

				Total Trucking & Leasing		2,499,045


	Water — 0.0%@
	651,000	^EUR	BB+	Holding d’Infrastructures des Metiers de l’Environnement, Senior Unsecured Notes, (Cost — $699,553, acquired 12/5/24), 4.875% due 10/24/29(f)		698,137

				TOTAL CORPORATE BONDS & NOTES (Cost — $542,716,762)		546,097,732


	MORTGAGE-BACKED SECURITIES — 27.5%

	FHLMC — 8.1%
				Federal Home Loan Mortgage Corp. (FHLMC):
	2,442,227			4.500% due 4/1/29 — 12/1/52		2,365,660
	24,354,393			5.500% due 1/1/30 — 4/1/54		24,566,026
	21,931,019			3.000% due 3/1/31 — 6/1/52		19,352,899
	6,190,361			1.500% due 5/1/31 — 12/1/50		5,060,373
	24,888,019			2.500% due 11/1/31 — 5/1/52		20,998,647
	11,131,209			3.500% due 4/1/33 — 6/1/52		10,338,004
	7,314,943			5.000% due 12/1/34 — 4/1/54		7,240,631
	34,640,272			2.000% due 3/1/36 — 5/1/52		28,348,950
	15,778,565			4.000% due 4/1/38 — 5/1/54		15,052,939
	12,661,726			6.000% due 5/1/38 — 9/1/54		12,941,655
	4,315			7.000% due 3/1/39		4,543
	4,684,438			6.500% due 9/1/39 — 9/1/54		4,863,375
	72,172			2.491% (5-Year CMT Index + 1.287%) due 3/1/47(g)		68,518
	227,531			3.047% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.619%) due 11/1/47(g)		229,538

See Notes to Financial Statements.

173



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	FHLMC — 8.1% — (continued)
$	395,336	3.009% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.627%) due 11/1/48(g)	$	384,602
	94,789	3.107% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.621%) due 2/1/50(g)		93,983
	525,302	2.847% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.634%) due 12/1/50(g)		495,834

		TOTAL FHLMC		152,406,177


	FNMA — 11.5%
		Federal National Mortgage Association (FNMA):
	9,872,521	4.000% due 5/1/25 — 6/1/57		9,338,100
	19,555,863	3.500% due 11/1/25 — 6/1/52		17,917,672
	8,711,033	5.500% due 3/1/26 — 9/1/56		8,786,959
	54,092,696	2.500% due 11/1/27 — 6/1/62		45,909,956
	27,393,654	3.000% due 12/1/27 — 9/1/61		24,346,281
	24,142,080	4.500% due 3/1/29 — 8/1/58		23,355,635
	9,833,706	5.000% due 3/1/29 — 7/1/53		9,726,449
	4,702,424	1.500% due 6/1/31 — 8/1/51		4,011,435
	41,724	6.527% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%) due 3/1/34(g)		42,239
	6,037,049	6.000% due 8/1/34 — 9/1/54		6,180,339
	7,380	6.691% (1-Year Treasury Average Rate + 1.920%) due 10/1/35(g)		7,559
	2,419	6.585% (1-Year Treasury Average Rate + 1.829%) due 11/1/35(g)		2,478
	6,287	6.717% (1-Year Treasury Average Rate + 1.948%) due 11/1/35(g)		6,441
	53,696,493	2.000% due 6/1/36 — 12/1/53		44,026,400
	6,633	7.000% due 4/1/37		6,724
	100,000	3.870% due 5/1/37		91,950
	34,944	6.640% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(g)		35,240
	1,309,177	6.500% due 9/1/37 — 7/1/54		1,362,101
	1,250,000	2.000% due 3/1/40 — 3/1/51(k)		1,080,710
	650,000	2.500% due 3/1/40 — 4/1/55(k)		580,915
	675,000	3.000% due 3/1/40(k)		638,566
	475,000	3.500% due 3/1/40(k)		456,762
	425,000	4.000% due 3/1/40(k)		414,419
	1,175,000	5.000% due 3/1/42(k)		1,155,052
	3,125,000	5.500% due 3/1/55(k)		3,126,667
	13,035,000	6.000% due 3/1/55(k)		13,238,404
	1,600,000	6.500% due 3/1/55(k)		1,648,670

		TOTAL FNMA		217,494,123


	GNMA — 7.9%
		Government National Mortgage Association (GNMA):
	10,679	6.000% due 12/15/33 — 6/15/37		10,971
	241,358	5.000% due 10/15/34 — 9/15/40		243,092
	16,966	5.500% due 5/15/37 — 6/15/38		17,454
	26,058	6.500% due 1/15/38 — 10/15/38		27,164
	36,118	4.500% due 3/15/41		35,695
	307,796	4.000% due 6/15/41 — 11/15/45		299,895
	148,497	3.000% due 9/15/42 — 10/15/42		135,547
	89,113	3.500% due 6/15/48 — 5/15/50		83,063
		Government National Mortgage Association II (GNMA):
	5,195,005	6.000% due 7/20/37 — 2/20/54		5,338,869
	8,919,861	4.500% due 1/20/40 — 5/20/53		8,668,155
	25,858,862	5.000% due 7/20/40 — 11/20/54		25,546,861
	7,320,940	4.000% due 11/20/40 — 11/20/52		6,929,887

See Notes to Financial Statements.

174



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

GNMA — 7.9% — (continued)
$	16,996,042	3.000% due 1/20/43 — 4/20/53	$	15,142,958
	14,984,351	3.500% due 6/20/43 — 12/20/52		13,812,885
	21,757,928	2.500% due 9/20/50 — 5/20/52		18,630,617
	13,501,147	2.000% due 10/20/50 — 4/20/52		11,046,671
	18,389,224	5.500% due 11/20/52 — 9/20/54		18,462,121
	2,996,066	6.500% due 9/20/53 — 1/20/54		3,096,900
	900,000	2.500% due 3/20/55(k)		770,977
	950,000	5.000% due 3/20/55(k)		936,801
	4,375,000	5.500% due 3/20/55(k)		4,383,939
	12,390,000	6.000% due 3/20/55(k)		12,560,871
	3,255,000	6.500% due 3/20/55(k)		3,321,703

		TOTAL GNMA		149,503,096

		TOTAL MORTGAGE-BACKED SECURITIES (Cost — $540,700,980)		519,403,396


	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 23.5%

	U.S. GOVERNMENT AGENCIES — 0.2%
	2,720,000	Federal Farm Credit Banks Funding Corp., 3.500% due 2/28/39		2,375,185
		Federal Home Loan Banks:
	635,000	0.920% due 2/26/27		597,246
	690,000	2.490% due 3/26/40		511,376
		Federal National Mortgage Association (FNMA), Principal Strip:
	575,000	zero coupon due 1/15/30(l)		469,635
	595,000	zero coupon due 5/15/30(l)		478,041

		TOTAL U.S. GOVERNMENT AGENCIES		4,431,483


	U.S. GOVERNMENT OBLIGATIONS — 23.3%
		U.S. Treasury Bonds:
	2,370,000	5.000% due 5/15/37		2,539,696
	2,835,000	4.375% due 2/15/38		2,858,256
	1,500,000	1.125% due 8/15/40		942,393
	620,000	1.375% due 11/15/40		403,860
	6,000,000	1.875% due 2/15/41		4,225,430
	2,270,000	3.125% due 11/15/41		1,906,534
	1,435,000	2.375% due 2/15/42		1,068,851
	180,000	3.250% due 5/15/42		152,715
	1,115,000	3.375% due 8/15/42		960,120
	2,320,000	4.000% due 11/15/42		2,172,734
	100,000	3.125% due 2/15/43		82,420
	3,975,000	3.875% due 2/15/43		3,653,817
	10,335,000	3.875% due 5/15/43		9,477,518
	502,500	3.625% due 8/15/43		443,476
	540,000	4.375% due 8/15/43		528,694
	10,310,000	3.750% due 11/15/43		9,247,587
	920,000	4.750% due 11/15/43		944,006
	1,125,000	3.625% due 2/15/44		990,088
	1,830,000	4.500% due 2/15/44		1,816,775
	23,005,000	4.625% due 5/15/44		23,186,524
	415,000	3.125% due 8/15/44		336,588
	190,000	4.125% due 8/15/44		178,956
	1,375,000	3.000% due 11/15/44		1,090,332
	734,000	4.625% due 11/15/44		738,932
	245,000	2.875% due 8/15/45		189,085
	1,412,500	3.000% due 11/15/45		1,110,688
	3,490,000	2.500% due 2/15/46		2,500,667
	1,110,000	2.875% due 11/15/46		844,467

See Notes to Financial Statements.

175



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 23.3% — (continued)
$	3,723,000	3.000% due 2/15/47	$	2,889,397
	3,425,000	3.000% due 5/15/47		2,651,231
	880,000	2.750% due 8/15/47		648,570
	1,040,000	3.000% due 2/15/48		799,114
	995,000	3.375% due 11/15/48		813,607
	1,560,000	3.000% due 2/15/49		1,190,109
	510,000	2.875% due 5/15/49		379,123
	7,245,000	2.250% due 8/15/49		4,716,891
	2,960,000	2.000% due 2/15/50		1,809,589
	4,600,000	1.250% due 5/15/50		2,307,008
	7,525,000	1.375% due 8/15/50		3,878,167
	4,315,000	1.625% due 11/15/50		2,374,346
	2,003,000	1.875% due 2/15/51		1,174,454
	4,040,000	2.375% due 5/15/51		2,670,740
	3,310,000	2.000% due 8/15/51		1,993,822
	2,871,000	1.875% due 11/15/51		1,670,844
	2,989,000	2.250% due 2/15/52		1,908,173
	280,000	2.875% due 5/15/52		205,592
	1,472,000	3.000% due 8/15/52		1,108,773
	2,814,000	4.000% due 11/15/52		2,564,148
	5,776,000	3.625% due 2/15/53		4,919,302
	1,220,000	3.625% due 5/15/53		1,039,693
	904,000	4.125% due 8/15/53		842,556
	6,075,000	4.750% due 11/15/53(m)(n)		6,277,184
	2,848,000	4.250% due 2/15/54		2,715,001
	9,545,000	4.625% due 5/15/54		9,688,175
	7,871,000	4.250% due 8/15/54		7,516,805
	7,599,000	4.500% due 11/15/54		7,572,878
		U.S. Treasury Notes:
	2,020,000	4.875% due 11/30/25		2,029,664
	3,995,000	4.000% due 2/15/26		3,989,315
	4,214,000	0.500% due 2/28/26		4,065,917
	4,995,000	4.625% due 3/15/26		5,020,126
	1,759,000	3.750% due 4/15/26		1,752,301
	236,000	0.750% due 4/30/26		227,109
	1,183,000	3.625% due 5/15/26		1,176,669
	150,000	4.875% due 5/31/26		151,418
	1,324,000	4.500% due 7/15/26		1,331,913
	10,000	3.750% due 8/31/26		9,957
	1,270,000	4.625% due 9/15/26		1,281,088
	1,605,000	4.625% due 10/15/26		1,619,765
	2,150,000	4.125% due 10/31/26		2,153,359
	1,064,000	4.625% due 11/15/26		1,074,328
	2,000,000	4.000% due 1/15/27		1,999,570
	4,639,000	4.125% due 2/15/27		4,649,782
	770,000	1.875% due 2/28/27		738,974
	7,560,000	4.250% due 3/15/27		7,596,914
	6,000,000	2.500% due 3/31/27		5,824,336
	2,000,000	4.500% due 4/15/27		2,020,234
	3,000,000	2.750% due 4/30/27		2,923,594
	2,000,000	4.500% due 5/15/27		2,021,250
	6,000,000	2.625% due 5/31/27		5,825,391
	2,000,000	4.625% due 6/15/27		2,027,734
	1,000,000	4.375% due 7/15/27		1,008,691
	765,000	2.750% due 7/31/27		743,380

See Notes to Financial Statements.

176



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 23.3% — (continued)
$	5,270,000	3.750% due 8/15/27	$	5,240,665
	2,160,000	3.125% due 8/31/27		2,115,914
	4,000,000	3.375% due 9/15/27		3,941,719
	2,000,000	3.875% due 10/15/27		1,994,414
	1,343,000	4.125% due 10/31/27		1,347,643
	4,470,000	4.125% due 11/15/27		4,485,191
	2,500,000	3.875% due 11/30/27		2,492,529
	2,876,000	4.000% due 12/15/27		2,877,460
	2,000,000	3.875% due 12/31/27		1,994,414
	4,647,000	4.250% due 1/15/28		4,679,856
	2,286,000	4.250% due 2/15/28		2,303,056
	2,132,000	3.500% due 4/30/28		2,100,770
	581,000	4.875% due 10/31/28		597,829
	235,000	1.500% due 11/30/28		214,685
	6,000	4.375% due 11/30/28		6,074
	2,815,000	3.750% due 12/31/28		2,788,334
	6,374,000	4.000% due 1/31/29		6,369,892
	7,505,000	4.250% due 2/28/29		7,567,884
	415,000	2.375% due 3/31/29		389,443
	6,010,000	4.125% due 3/31/29		6,032,655
	5,000,000	4.625% due 4/30/29		5,114,160
	2,000,000	4.500% due 5/31/29		2,036,914
	4,000,000	4.250% due 6/30/29		4,035,000
	1,000,000	4.000% due 7/31/29		999,082
	930,000	3.125% due 8/31/29		895,561
	13,705,000	3.625% due 8/31/29		13,483,900
	17,515,000	3.500% due 9/30/29		17,130,833
	285,000	3.875% due 9/30/29		283,135
	930,000	4.000% due 10/31/29		928,492
	11,265,000	4.125% due 10/31/29		11,309,884
	2,687,000	3.875% due 11/30/29		2,668,527
	550,000	4.125% due 11/30/29		552,396
	1,637,000	4.375% due 12/31/29		1,661,427
	1,449,000	4.250% due 1/31/30		1,462,924
	4,123,000	4.000% due 2/28/30		4,118,329
	3,431,000	3.625% due 3/31/30		3,364,457
	1,556,000	3.750% due 5/31/30		1,533,602
	1,545,000	4.875% due 10/31/30		1,606,981
	2,362,000	4.375% due 11/30/30		2,397,061
	1,000,000	3.750% due 12/31/30		982,734
	1,668,000	4.000% due 1/31/31		1,659,823
	6,000,000	1.125% due 2/15/31		5,076,797
	1,345,000	4.250% due 2/28/31		1,356,060
	5,000,000	4.125% due 3/31/31		5,006,836
	1,000,000	4.625% due 5/31/31		1,028,301
	800,000	4.250% due 6/30/31		806,188
	1,000,000	4.125% due 7/31/31		1,000,781
	20,000	1.250% due 8/15/31		16,777
	130,000	3.750% due 8/31/31		127,298
	6,250,000	3.625% due 9/30/31		6,073,731
	1,000,000	4.125% due 10/31/31		1,000,117
	8,960,000	4.125% due 11/30/31		8,960,875
	9,245,000	4.375% due 1/31/32		9,382,230
	1,448,000	2.875% due 5/15/32		1,334,677
	5,000,000	2.750% due 8/15/32		4,554,785

See Notes to Financial Statements.

177



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 23.3% — (continued)
$	4,063,000		4.125% due 11/15/32	$	4,056,255
	3,900,000		3.375% due 5/15/33		3,683,900
	1,447,000		3.875% due 8/15/33		1,414,753
	3,294,000		4.500% due 11/15/33		3,365,413
	4,875,000		4.000% due 2/15/34		4,798,543
	1,000,000		4.375% due 5/15/34		1,011,816
	2,645,000		3.875% due 8/15/34		2,573,296
	11,995,000		4.250% due 11/15/34		12,012,805
	6,155,000		4.625% due 2/15/35		6,351,671
	2,020,000		U.S. Treasury Strip Principal, zero coupon due 5/15/49(l)		658,619

			TOTAL U.S. GOVERNMENT OBLIGATIONS		439,597,453

			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $468,928,189)		444,028,936


	COLLATERALIZED MORTGAGE OBLIGATIONS — 11.4%

	Asset Backed Securities — 4.2%
	555,913	Aaa(b)	321 Henderson Receivables V LLC, Series 2008-3A, Class A1, 8.000% due 6/15/45(a)		619,412
	370,000	AAA	AB BSL CLO 4 Ltd., Series 2023-4A, Class A, 6.293% (3-Month Term SOFR + 2.000%) due 4/20/36(a)(g)		371,054
	61,175	CC	AFC Home Equity Loan Trust, Series 1999-2, Class 2A, 5.084% (1-Month Term SOFR + 0.764%) due 6/25/29(g)		51,055
	500,000	AAA	AIMCO CLO, Series 2017-AA, Class AR, 5.605% (3-Month Term SOFR + 1.312%) due 4/20/34(a)(g)		500,729
	615,000	Aa2(b)	Allegro CLO XIII Ltd., Series 2021-1A, Class B, 6.255% (3-Month Term SOFR + 1.962%) due 7/20/34(a)(g)		615,944
	900,000	BBB	Applebee’s Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.824% due 3/5/53(a)		933,250
	183,615	A3(b)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a)		175,263
	930,000	Aaa(b)	Ares Loan Funding IV Ltd., Series 2023-ALF4A, Class A1, 6.052% (3-Month Term SOFR + 1.750%) due 10/15/36(a)(g)		935,777
	1,520,000	Aaa(b)	Birch Grove CLO 11 Ltd., Series 2024-11A, Class A1, 5.709% (3-Month Term SOFR + 1.360%) due 1/22/38(a)(g)		1,525,738
	560,000	Aaa(b)	Birch Grove CLO 7 Ltd., Series 2023-7A, Class A1, 6.093% (3-Month Term SOFR + 1.800%) due 10/20/36(a)(g)		564,090
	242,500	NR	Cajun Global LLC, Series 2021-1, Class A2, 3.931% due 11/20/51(a)		235,477
	1,020,000	AAA	CarVal CLO XI C Ltd., Series 2024-3A, Class A1, 5.961% (3-Month Term SOFR + 1.390%) due 10/20/37(a)(g)		1,026,623
	3,545,000	NR	CCAS LLC, Series 2024-1A, Class A, 7.124% due 6/16/31(a)		3,599,306
	1,423,792	NR	Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a)		1,445,136
			CyrusOne Data Centers Issuer I LLC:
	2,935,000	A-	Series 2023-2A, Class A2, 5.560% due 11/20/48(a)		2,963,782
	3,000,000	A-	Series 2024-1A, Class A2, 4.760% due 3/22/49(a)		2,926,936
	280,000	Aaa(b)	DLLMT LLC, Series 2024-1A, Class A4, 4.980% due 4/20/32(a)		284,096
	1,430,777	BBB-	Driven Brands Funding LLC, Series 2022-1A, Class A2, 7.393% due 10/20/52(a)		1,451,018
	141,368	AAA	Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 5.584% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(g)		141,723
	900,000	AAA	Elmwood CLO I Ltd., Series 2019-1A, Class A1RR, 5.813% (3-Month Term SOFR + 1.520%) due 4/20/37(a)(g)		905,804
	750,000	AAA	Empower CLO Ltd., Series 2023-2A, Class A1, 6.502% (3-Month Term SOFR + 2.200%) due 7/15/36(a)(g)		755,438
	4,299,225	BBB-	Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a)		4,501,485
	435,000	NR	Flexential Issuer, Series 2021-1A, Class A2, 3.250% due 11/27/51(a)		417,067
	1,165,000	A(c)	Frontier Issuer LLC, Series 2024-1, Class A2, 6.190% due 6/20/54(a)		1,209,542
	233,392	A(c)	GoodLeap Sustainable Home Solutions Trust, Series 2022-1GS, Class A, 2.700% due 1/20/49(a)		198,591
	940,000	Aaa(b)	Greenwood Park CLO Ltd., Series 2018-1A, Class B, 5.964% (3-Month Term SOFR + 1.662%) due 4/15/31(a)(g)		942,890

See Notes to Financial Statements.

178



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Asset Backed Securities — 4.2% — (continued)
$	353,131		Aa1(b)	Hildene Community Funding CDO Ltd., Series 2015-1A, Class ARR, 2.600% due 11/1/35(a)	$	302,527
	280,000		Aaa(b)	HPS Loan Management Ltd., Series 15A-19, Class A1R, 5.610% (3-Month Term SOFR + 1.320%) due 1/22/35(a)(g)		280,387
	279,650		NR	InStar Leasing III LLC, Series 2021-1A, Class A, 2.300% due 2/15/54(a)		257,223
	856,889		Ca(b)	IXIS Real Estate Capital Trust, Series 2006-HE2, Class A3, 4.754% (1-Month Term SOFR + 0.434%) due 8/25/36(g)		234,801
	4,272,000		BBB	Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.970% due 8/25/49(a)		4,154,705
	280,000		AAA	Kings Park CLO Ltd., Series 2021-1A, Class A, 5.685% (3-Month Term SOFR + 1.392%) due 1/21/35(a)(g)		280,717
	1,000,000		Aaa(b)	LCM XIV LP, Series 14A, Class BR, 6.135% (3-Month Term SOFR + 1.842%) due 7/20/31(a)(g)		1,000,100
	222,799		Baa2(b)	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.432% due 10/15/46(a)		208,045
	270,000		AAA	M&T Equipment 2024-LEAF1 Notes, Series 2024-1A, Class A4, 4.940% due 8/18/31(a)		273,340
	210,545		A+	MAPS Trust, Series 2021-1A, Class A, 2.521% due 6/15/46(a)		197,201
	3,375,000		A(c)	MetroNet Infrastructure Issuer LLC, Series 2024-1A, Class A2, 6.230% due 4/20/54(a)		3,462,095
	530,000		Aaa(b)	MMAF Equipment Finance LLC, Series 2024-A, Class A4, 5.100% due 7/13/49(a)		542,861
	150,473		NR	Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.710% due 12/20/46(a)		127,079
	759,514		AAA	MVW Owner Trust, Series 2019-1A, Class A, 2.890% due 11/20/36(a)		756,452
	2,323,325		NR	NBC Funding LLC, Series 2024-1A, Class A2, 6.750% due 7/30/54(a)		2,393,216
	1,270,000		BBB+	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a)		1,156,408
				Oak Street Investment Grade Net Lease Fund:
	339,566		AAA	Series 2020-1A, Class A1, 1.850% due 11/20/50(a)		329,956
	1,675,000		BBB	Series 2020-1A, Class B1, 5.110% due 11/20/50(a)		1,617,564
	3,536,138		BBB	Planet Fitness Master Issuer LLC, Series 2024-1A, Class A2I, 5.765% due 6/5/54(a)		3,617,410
	2,992,500		NR	Qdoba Funding LLC, Series 2023-1A, Class A2, 8.500% due 9/14/53(a)		3,161,588
	1,220,000		Aaa(b)	Rad CLO 22 Ltd., Series 2023-22A, Class A1, 6.123% (3-Month Term SOFR + 1.830%) due 1/20/37(a)(g)		1,228,967
	460,000		AAA	Sagard-Halseypoint CLO 8 Ltd., Series 2024-8A, Class A1, 5.704% (3-Month Term SOFR + 1.390%) due 1/30/38(a)(g)		456,395
				Saluda Grade Alternative Mortgage Trust:
	1,328,010		NR	Series 2023-FIG3, Class A, 7.067% due 8/25/53(a)(g)		1,381,810
	3,331,793		NR	Series 2023-FIG4, Class A, 6.718% due 11/25/53(a)(g)		3,449,800
	510,000		Aaa(b)	SCF Equipment Trust LLC, Series 2025-1A, Class A3, 5.110% due 11/21/33(a)		517,890
	4,174,538		BBB-	SEB Funding LLC, Series 2021-1A, Class A2, 4.969% due 1/30/52(a)		4,105,681
	1,417,037		NR	Service Experts Issuer LLC, Series 2024-1A, Class A, 6.390% due 11/20/35(a)		1,451,169
	1,311,750		BBB-	SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174% due 1/25/54(a)		1,337,920
	3,500,000		A-	Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.900% due 3/25/49(a)		3,570,877
	570,906		NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		546,404
	350,632		NR	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(a)		329,983
	750,000		AAA	Whitebox CLO I Ltd., Series 2019-1A, Class A1RR, 5.617% (3-Month Term SOFR + 1.320%) due 7/24/36(a)(g)		751,705
	2,977,025		NR	Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.238% due 7/30/51(a)		2,757,058
	4,300,000		A-(c)	Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, 6.640% due 4/20/54(a)		4,442,180

				Total Asset Backed Securities		79,978,740


	Consumer Cyclical — 0.0%@
	630,000	^EUR	B+	Cirsa Finance International Sarl, 10.375% due 11/30/27(a)		691,744


	Government — 0.0%@
	77,018		AAA	Virginia Housing Development Authority, Revenue Bonds, Series C, 6.000% due 6/25/34		77,866


	Mortgage Securities — 7.2%
	690,000		AAA(c)	280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 5.491% (1-Month Term SOFR + 1.180%) due 9/15/34(a)(g)		684,827
	2,116,838		AAA	A&D Mortgage Trust, Series 2024-NQM4, Class A1, 5.464% due 8/25/69(a)		2,116,118
	753,983		AAA(c)	Angel Oak Mortgage Trust, Series 2023-1, Class A1, step bond to yield, 4.750% due 9/26/67(a)		748,987
	12,417		AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 6.612% due 7/25/34(g)		11,941

See Notes to Financial Statements.

179



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	1,060,000	Aaa(b)	BANK, Series 2017-BNK7, Class A4, 3.175% due 9/15/60	$	1,024,353
	560,000	A-(c)	BANK5 Trust, Series 2024-5YR6, Class C, 6.967% due 5/15/57(g)		589,035
			BBCMS Mortgage Trust:
	280,000	AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(g)		274,937
	590,000	AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		599,754
	5,374,200	AAA	Series 2023-C20, Class XA, 0.851% due 7/15/56(g)(o)		268,915
			Benchmark Mortgage Trust:
	213,000	AAA	Series 2019-B13, Class A4, 2.952% due 8/15/57		196,848
	2,152,859	Aa1(b)	Series 2021-B28, Class XA, 1.259% due 8/15/54(g)(o)		122,214
	650,000	Aaa(b)	BLP Commercial Mortgage Trust, Series 2023-IND, Class A, 6.004% (1-Month Term SOFR + 1.692%) due 3/15/40(a)(g)		650,447
	280,000	AAA	BMO Mortgage Trust, Series 2022-C1, Class A5, 3.374% due 2/15/55(g)		254,199
			BRAVO Residential Funding Trust:
	509,864	AAA(c)	Series 2022-NQM3, Class A1, 5.108% due 7/25/62(a)(g)		509,065
	245,324	AAA(c)	Series 2024-NQM1, Class A1, step bond to yield, 5.943% due 12/1/63(a)		247,081
	548,493	AAA(c)	Series 2024-NQM5, Class A1, step bond to yield, 5.803% due 6/25/64(a)		552,284
			BX Commercial Mortgage Trust:
	815,364	Aaa(b)	Series 2021-CIP, Class A, 5.347% (1-Month Term SOFR + 1.035%) due 12/15/38(a)(g)		814,977
	210,000	A3(b)	Series 2021-XL2, Class D, 5.823% (1-Month Term SOFR + 1.511%) due 10/15/38(a)(g)		209,680
	340,000	A2(b)	Series 2024-BIO2, Class D, 7.713% due 8/13/41(a)(g)		339,768
	898,176	BB-(c)	Series 2024-KING, Class E, 8.000% (1-Month Term SOFR + 3.688%) due 5/15/34(a)(g)		904,912
	397,764	Aaa(b)	Series 2024-XL5, Class A, 5.704% (1-Month Term SOFR + 1.392%) due 3/15/41(a)(g)		398,749
	1,215,000	BBB-(c)	BX Mortgage Trust, Series 2021-PAC, Class D, 5.725% (1-Month Term SOFR + 1.413%) due 10/15/36(a)(g)		1,206,764
			BX Trust:
	220,000	BBB-	Series 2021-ARIA, Class D, 6.322% (1-Month Term SOFR + 2.010%) due 10/15/36(a)(g)		219,900
	287,412	AAA	Series 2021-RISE, Class A, 5.174% (1-Month Term SOFR + 0.862%) due 11/15/36(a)(g)		285,935
	206,110	Aaa(b)	Series 2022-IND, Class A, 5.803% (1-Month Term SOFR + 1.491%) due 4/15/37(a)(g)		206,326
	901,000	Aaa(b)	Series 2022-VAMF, Class A, 5.162% (1-Month Term SOFR + 0.850%) due 1/15/39(a)(g)		898,043
	969,000	A3(b)	Series 2024-BIO, Class C, 6.952% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(g)		958,113
	940,000	AAA	Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.006% due 1/15/53		862,914
	320,000	Aaa(b)	CD Mortgage Trust, Series 2017-CD3, Class A4, 3.631% due 2/10/50		305,339
	175,394	BBB	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A, Class A1, 4.704% (1-Month Term SOFR + 0.384%) due 5/25/35(a)(g)		169,568
			CIM Trust:
	686,345	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(g)		635,909
	387,757	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(g)		353,060
	1,446,666	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(g)		1,309,444
	714,173	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(g)		656,473
	906,351	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(g)		829,140
	1,755,632	NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(g)		1,509,284
	2,007,648	NR	Series 2023-R1, Class A1A, 5.400% due 4/25/62(a)(g)		1,985,854
	1,748,892	NR	Series 2023-R3, Class A1A, 4.500% due 1/25/63(a)(g)		1,748,666
	726,006	AAA(c)	Series 2023-R4, Class A1, 5.000% due 5/25/62(a)(g)		724,493
			Citigroup Commercial Mortgage Trust:
	125,064	Aaa(b)	Series 2013-375P, Class A, 3.251% due 5/10/35(a)		124,933
	1,550,000	AA-(c)	Series 2015-GC29, Class B, 3.758% due 4/10/48(g)		1,506,582
	285,000	Aa3(b)	Series 2016-C2, Class B, 3.176% due 8/10/49		274,868
	578,328	Aaa(b)	Series 2016-C3, Class A3, 2.896% due 11/15/49		562,352
	500,000	Aaa(b)	Series 2016-P5, Class A4, 2.941% due 10/10/49		480,107
	1,073,600	Aaa(b)	Series 2017-C4, Class A3, 3.209% due 10/12/50		1,036,659
	134,790	Aaa(b)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		133,429
	12,172,644	AA+	Series 2019-C7, Class XA, 0.819% due 12/15/72(g)(o)		405,922
	744,342	AAA(c)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(g)		617,431
			Commercial Mortgage Trust:
	190,000	BB-(c)	Series 2013-300P, Class B, 4.394% due 8/10/30(a)(g)		186,771

See Notes to Financial Statements.

180



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	46	PIF(c)	Series 2014-CR21, Class C, 4.697% due 12/10/47(g)(j)	$	46
	165,000	Aaa(b)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		160,232
			Connecticut Avenue Securities Trust:
	620,000	NR	Series 2020-R01, Class 1B1, 7.716% (30-Day Average SOFR + 3.364%) due 1/25/40(a)(g)		642,257
	1,110,000	BBB	Series 2022-R04, Class 1M2, 7.452% (30-Day Average SOFR + 3.100%) due 3/25/42(a)(g)		1,155,247
	236,146	A-	Series 2022-R07, Class 1M1, 7.303% (30-Day Average SOFR + 2.950%) due 6/25/42(a)(g)		243,816
	260,000	BBB-	Series 2022-R08, Class 1M2, 7.952% (30-Day Average SOFR + 3.600%) due 7/25/42(a)(g)		274,100
	1,220,000	BBB	Series 2023-R05, Class 1M2, 7.453% (30-Day Average SOFR + 3.100%) due 6/25/43(a)(g)		1,286,309
	270,000	BBB-	Series 2023-R06, Class 1M2, 7.052% (30-Day Average SOFR + 2.700%) due 7/25/43(a)(g)		279,988
	410,000	BBB	Series 2024-R01, Class 1M2, 6.152% (30-Day Average SOFR + 1.800%) due 1/25/44(a)(g)		415,309
			Credit Suisse Commercial Mortgage Capital Trust:
	119,598	AAA(c)	Series 2021-NQM7, Class A1, 1.756% due 10/25/66(a)(g)		106,093
	713,671	AAA(c)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(g)		684,263
			CSAIL Commercial Mortgage Trust:
	310,000	Aaa(b)	Series 2018-CX12, Class A4, 4.224% due 8/15/51(g)		300,720
	180,000	Aaa(b)	Series 2021-C20, Class A3, 2.805% due 3/15/54		159,783
	280,000	Aaa(b)	CSMC NET, Series 2020-NET, Class B, 2.816% due 8/15/37(a)		273,339
	524,694	AA+	CSMC Trust, Series 2019-AFC1, Class A2, step bond to yield, 3.776% due 7/25/49(a)		501,618
			DBJPM Mortgage Trust:
	350,000	A-(c)	Series 2016-C1, Class B, 4.195% due 5/10/49(g)		331,153
	163,157	Aaa(b)	Series 2016-C3, Class A4, 2.632% due 8/10/49		159,187
	2,025,000	NR	DBSG Mortgage Trust, Series 2024-ALTA, Class A, 5.946% due 6/10/37(a)(g)		2,058,725
	1,750,000	AAA(c)	DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a)		1,549,542
	640,000	Aaa(b)	DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, 6.038% due 1/15/41(a)(g)		656,044
			Federal Home Loan Mortgage Corp. (FHLMC), Interest Strips:
	34,102	NR	Series 334, Class S7, 1.647% (5.986% – 30-Day Average SOFR) due 8/15/44(i)(o)		3,419
	54,253	NR	Series 353, Class S1, 1.547% (5.886% – 30-Day Average SOFR) due 12/15/46(i)(o)		5,380
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	4,752	NR	Series 3451, Class SB, 1.577% (5.916% – 30-Day Average SOFR) due 5/15/38(i)(o)		393
	30,421	NR	Series 3621, Class SB, 1.777% (6.116% – 30-Day Average SOFR) due 1/15/40(i)(o)		2,464
	264,666	NR	Series 3947, Class SG, 1.497% (5.836% – 30-Day Average SOFR) due 10/15/41(i)(o)		26,677
	9,368	NR	Series 3973, Class SA, 2.037% (6.376% – 30-Day Average SOFR) due 12/15/41(i)(o)		1,101
	109,325	NR	Series 4203, Class PS, 1.797% (6.136% – 30-Day Average SOFR) due 9/15/42(i)(o)		8,283
	113,330	NR	Series 4210, Class Z, 3.000% due 5/15/43		92,683
	7,007	NR	Series 4239, Class IO, 3.500% due 6/15/27(o)		143
	77,412	NR	Series 4335, Class SW, 1.547% (5.886% – 30-Day Average SOFR) due 5/15/44(i)(o)		8,146
	409,892	NR	Series 4391, Class MZ, 3.000% due 9/15/44		363,340
	1,599,624	NR	Series 4980, Class KI, 4.500% due 6/25/50(o)		366,837
	60,770	NR	Series 5010, Class IK, 2.500% due 9/25/50(o)		9,723
	218,900	NR	Series 5010, Class JI, 2.500% due 9/25/50(o)		35,663
	75,504	NR	Series 5013, Class IN, 2.500% due 9/25/50(o)		12,629
	153,116	NR	Series 5018, Class MI, 2.000% due 10/25/50(o)		20,064
	63,158	NR	Series 5040, Class IB, 2.500% due 11/25/50(o)		8,870
	932,855	NR	Series 5085, Class NI, 2.000% due 3/25/51(o)		115,972
	878,669	NR	Series 5093, Class IY, 4.500% due 12/25/50(o)		211,338
	448,948	NR	Series 5115, Class IO, 4.500% due 10/25/49(o)		100,542
	1,433,672	NR	Series 5118, Class NI, 2.000% due 2/25/51(o)		186,990
	327,353	NR	Series 5140, Class NI, 2.500% due 5/25/49(o)		47,690
	413,295	NR	Series 5148, Class BI, 2.500% due 1/25/49(o)		62,383
	167,942	NR	Series 5148, Class CI, 2.000% due 6/25/49(o)		21,118
	664,013	NR	Series 5159, Class IP, 3.000% due 11/25/51(o)		97,864
	755,553	NR	Series 5161, Class IO, 2.000% due 3/25/51(o)		105,156
	661,270	NR	Series 5202, Class IN, 3.000% due 1/25/47(o)		87,958
	500,000	NR	Series 5224, Class HL, 4.000% due 4/25/52		455,351
	606,573	NR	Series 5274, Class IO, 2.500% due 1/25/51(o)		103,670

See Notes to Financial Statements.

181



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	1,495,321	NR	Series 5293, Class CI, 2.500% due 4/25/51(o)	$	235,523
	1,747,514	NR	Series 5293, Class IO, 2.000% due 3/25/51(o)		221,752
	29,293	NR	Series R007, Class ZA, 6.000% due 5/15/36		30,376
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk:
	198,218	A	Series 2021-DNA1, Class M2, 6.152% (30-Day Average SOFR + 1.800%) due 1/25/51(a)(g)		201,657
	436,679	BBB+	Series 2021-DNA5, Class M2, 6.002% (30-Day Average SOFR + 1.650%) due 1/25/34(a)(g)		438,863
	1,493,031	BBB+	Series 2021-DNA6, Class M2, 5.852% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(g)		1,503,884
	420,000	BBB+	Series 2022-DNA2, Class M1B, 6.752% (30-Day Average SOFR + 2.400%) due 2/25/42(a)(g)		430,513
	380,000	BB+	Series 2022-DNA2, Class M2, 8.102% (30-Day Average SOFR + 3.750%) due 2/25/42(a)(g)		397,255
	290,000	B+	Series 2022-DNA3, Class B1, 10.002% (30-Day Average SOFR + 5.650%) due 4/25/42(a)(g)		313,625
	250,000	BB	Series 2022-DNA6, Class M2, 10.102% (30-Day Average SOFR + 5.750%) due 9/25/42(a)(g)		276,549
	166,627	BBB+	Series 2023-DNA1, Class M1A, 6.453% (30-Day Average SOFR + 2.100%) due 3/25/43(a)(g)		169,686
	193,482	BBB+	Series 2023-DNA2, Class M1A, 6.453% (30-Day Average SOFR + 2.100%) due 4/25/43(a)(g)		197,031
	810,000	BBB-	Series 2024-DNA1, Class M2, 6.302% (30-Day Average SOFR + 1.950%) due 2/25/44(a)(g)		820,542
			Federal National Mortgage Association (FNMA), ACES:
	520,358	NR	Series 2020-M36, Class X1, 1.444% due 9/25/34(g)(o)		26,041
	245,000	NR	Series 2021-M2S, Class A2, 1.807% due 10/25/31(g)		208,777
	265,000	NR	Series 2022-M10, Class A2, 1.938% due 1/25/32(g)		225,280
	98,838	NR	Federal National Mortgage Association (FNMA), Grantor Trust, Series 2017-T1, Class A, 2.898% due 6/25/27		95,427
			Federal National Mortgage Association (FNMA), Interest Strip:
	39,477	NR	Series 409, Class C13, 3.500% due 11/25/41(o)		5,909
	84,837	NR	Series 409, Class C18, 4.000% due 4/25/42(o)		15,899
	11,090	NR	Series 409, Class C22, 4.500% due 11/25/39(o)		1,924
	1,772,164	NR	Series 440, Class C6, 2.000% due 10/25/52(o)		224,796
			Federal National Mortgage Association (FNMA), REMICS:
	8,682	NR	Series 2004-38, Class FK, 4.816% (30-Day Average SOFR + 0.464%) due 5/25/34(g)		8,639
	16,884	NR	Series 2011-87, Class SG, 2.084% (6.436% – 30-Day Average SOFR) due 4/25/40(i)(o)		206
	50,415	NR	Series 2012-35, Class SC, 2.034% (6.386% – 30-Day Average SOFR) due 4/25/42(i)(o)		5,480
	38,222	NR	Series 2012-46, Class BA, 6.000% due 5/25/42		39,920
	55,213	NR	Series 2012-51, Class B, 7.000% due 5/25/42		59,156
	36,665	NR	Series 2012-74, Class SA, 2.184% (6.536% – 30-Day Average SOFR) due 3/25/42(i)(o)		2,745
	6,111	NR	Series 2012-75, Class AO, zero coupon due 3/25/42(l)		5,506
	530	NR	Series 2012-101, Class BI, 4.000% due 9/25/27(o)		4
	35,323	NR	Series 2012-133, Class CS, 1.684% (6.036% – 30-Day Average SOFR) due 12/25/42(i)(o)		3,534
	143,132	NR	Series 2013-9, Class BC, 6.500% due 7/25/42		150,664
	110,456	NR	Series 2013-9, Class CB, 5.500% due 4/25/42		112,887
	29,046	NR	Series 2013-54, Class BS, 1.684% (6.036% – 30-Day Average SOFR) due 6/25/43(i)(o)		3,240
	17,973	NR	Series 2013-73, Class IA, 3.000% due 9/25/32(o)		691
	659,448	NR	Series 2014-6, Class Z, 2.500% due 2/25/44		573,681
	278,755	NR	Series 2015-65, Class CZ, 3.500% due 9/25/45		239,978
	11,180	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		11,121
	219,548	NR	Series 2020-47, Class GZ, 2.000% due 7/25/50		132,066
	700,000	NR	Series 2020-56, Class AQ, 2.000% due 8/25/50		552,744
	70,502	NR	Series 2020-56, Class DI, 2.500% due 8/25/50(o)		11,575

See Notes to Financial Statements.

182



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	4,039,429	NR	Series 2020-57, Class NI, 2.500% due 8/25/50(o)	$	657,250
	580,383	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(o)		107,020
	1,367,315	NR	Series 2021-43, Class IO, 2.500% due 6/25/51(o)		204,999
	494,077	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(o)		73,343
	762,758	NR	Series 2021-69, Class IJ, 2.500% due 1/25/49(o)		109,880
	698,746	NR	Series 2021-77, Class WI, 3.000% due 8/25/50(o)		115,768
	1,892,585	NR	Series 2022-22, Class IO, 2.500% due 10/25/51(o)		321,375
	691,920	NR	Series 2022-86, Class IO, 2.500% due 5/25/50(o)		97,434
	1,743,944	NR	Series 2023-2, Class CI, 2.000% due 10/25/50(o)		219,299
			FHLMC Multifamily Structured Pass-Through Certificates:
	3,356,676	AAA(c)	Series K104, Class X1, 1.111% due 1/25/30(g)(o)		149,630
	2,700,000	AA+(c)	Series K104, Class XAM, 1.379% due 1/25/30(g)(o)		161,250
	10,455,663	Aaa(b)	Series K130, Class X1, 1.036% due 6/25/31(g)(o)		553,369
	4,779,818	AAA(c)	Series K131, Class X1, 0.727% due 7/25/31(g)(o)		184,620
	440,000	AAA(c)	Series K144, Class A2, 2.450% due 4/25/32		385,872
	1,240,000	Aaa(b)	Series K146, Class A2, 2.920% due 6/25/32		1,120,091
	736,000	Aaa(b)	Series K148, Class A2, 3.500% due 7/25/32(g)		690,060
	24,160,222	Aaa(b)	Series K148, Class X1, 0.250% due 7/25/32(g)(o)		443,760
	938,740	AAA(c)	Series K736, Class X1, 1.280% due 7/25/26(g)(o)		11,918
	3,943,143	AAA(c)	Series K743, Class X1, 0.914% due 5/25/28(g)(o)		100,343
	320,000	AAA(c)	Series K-152, Class A2, 3.780% due 11/25/32(g)		304,894
	9,297,637	AAA(c)	Series K-157, Class X1, 0.254% due 5/25/33(g)(o)		197,119
	4,998,231	AAA	Series K-160, Class X1, 0.209% due 8/25/33(g)(o)		94,488
			Freddie Mac Seasoned Credit Risk Transfer Trust:
	700,126	BBB(c)	Series 2019-1, Class M, 4.750% due 7/25/58(a)(g)		678,094
	204,518	BBB(c)	Series 2020-2, Class M, 4.250% due 11/25/59(a)(g)		194,752
	314,076	NR	FREMF Mortgage Trust, Series 2019-KF58, Class B, 6.589% (30-Day Average SOFR + 2.264%) due 1/25/26(a)(g)		310,524
			Government National Mortgage Association (GNMA):
	194,727	NR	Series 2007-51, Class SG, 2.154% (6.466% – 1-Month Term SOFR) due 8/20/37(i)(o)		5,336
	38,899	NR	Series 2012-H27, Class AI, 1.738% due 10/20/62(g)(o)		864
	47,568	NR	Series 2013-53, Class OI, 3.500% due 4/20/43(o)		5,367
	238,848	NR	Series 2013-85, Class IA, 0.516% due 3/16/47(g)(o)		2,605
	62,377	NR	Series 2013-107, Class AD, 2.792% due 11/16/47(g)		56,888
	46,359	NR	Series 2014-105, Class IO, 0.134% due 6/16/54(g)(o)		28
	463,176	NR	Series 2014-H20, Class FA, 4.870% (1-Month Term SOFR + 0.544%) due 10/20/64(g)		463,765
	35,823	NR	Series 2015-167, Class OI, 4.000% due 4/16/45(o)		7,023
	37,684	NR	Series 2016-84, Class IG, 4.500% due 11/16/45(o)		8,639
	89,337	NR	Series 2016-135, Class SB, 1.674% (5.986% – 1-Month Term SOFR) due 10/16/46(i)(o)		10,912
	27,094	NR	Series 2017-H14, Class FK, 4.430% (1-Year CMT Index + 0.200%) due 5/20/67(g)		27,103
	271,202	NR	Series 2017-H22, Class IC, 3.015% due 11/20/67(g)(o)		10,249
	68,379	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		62,514
	16,951	NR	Series 2019-H13, Class FT, 4.680% (1-Year CMT Index + 0.450%) due 8/20/69(g)		16,922
	216,853	NR	Series 2020-47, Class MI, 3.500% due 4/20/50(o)		42,044
	61,953	NR	Series 2020-47, Class NI, 3.500% due 4/20/50(o)		11,619
	295,661	NR	Series 2020-123, Class IL, 2.500% due 8/20/50(o)		40,233
	202,197	NR	Series 2020-123, Class NI, 2.500% due 8/20/50(o)		28,702
	64,935	NR	Series 2020-127, Class IN, 2.500% due 8/20/50(o)		9,350
	67,188	NR	Series 2020-129, Class IE, 2.500% due 9/20/50(o)		9,532
	70,498	NR	Series 2020-160, Class IH, 2.500% due 10/20/50(o)		10,190
	68,867	NR	Series 2020-160, Class VI, 2.500% due 10/20/50(o)		9,757
	2,596,280	NR	Series 2020-173, Class MI, 2.500% due 11/20/50(o)		391,625
	3,577,378	NR	Series 2020-179, Class IO, 1.010% due 9/16/62(g)(o)		266,075
	323,776	NR	Series 2020-181, Class WI, 2.000% due 12/20/50(o)		38,072
	175,496	NR	Series 2020-H09, Class FL, 5.590% (1-Month Term SOFR + 1.264%) due 5/20/70(g)		180,625

See Notes to Financial Statements.

183



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	194,427	NR	Series 2020-H12, Class F, 4.940% (1-Month Term SOFR + 0.614%) due 7/20/70(g)	$	192,469
	307,948	NR	Series 2020-H13, Class FA, 4.890% (1-Month Term SOFR + 0.564%) due 7/20/70(g)		304,491
	42,513	NR	Series 2020-H13, Class FC, 4.890% (1-Month Term SOFR + 0.564%) due 7/20/70(g)		41,973
	219,044	NR	Series 2020-H20, Class FA, 4.790% (1-Month Term SOFR + 0.464%) due 4/20/70(g)		215,784
	164,022	NR	Series 2021-2, Class AH, 1.500% due 6/16/63		121,149
	140,460	NR	Series 2021-14, Class AB, 1.340% due 6/16/63		101,838
	2,598,515	NR	Series 2021-14, Class IO, 1.328% due 6/16/63(g)(o)		243,145
	1,174,134	NR	Series 2021-77, Class LC, 1.250% due 7/20/50		909,737
	406,544	NR	Series 2021-115, Class MI, 2.500% due 5/20/51(o)		47,652
	2,593,136	NR	Series 2021-133, Class IO, 0.882% due 7/16/63(g)(o)		177,082
	826,188	NR	Series 2021-138, Class IK, 3.000% due 7/20/51(o)		122,220
	2,850,061	NR	Series 2021-169, Class IO, 1.113% due 6/16/61(g)(o)		233,358
	372,027	NR	Series 2021-188, Class PA, 2.000% due 10/20/51		302,164
	443,160	NR	Series 2021-H02, Class TF, 5.720% (1-Month Term SOFR + 1.394%) due 1/20/71(g)		452,888
	300,000	NR	Series 2022-3, Class B, 1.850% due 2/16/61		160,606
	1,319,008	NR	Series 2022-3, Class IO, 0.640% due 2/16/61(g)(o)		58,725
	299,687	NR	Series 2022-9, Class GA, 2.000% due 1/20/52		248,146
	152,472	NR	Series 2022-24, Class AH, 2.500% due 2/20/52		131,432
	714,008	NR	Series 2022-81, Class CI, 3.000% due 9/20/50(o)		107,219
	342,162	NR	Series 2022-189, Class PT, 2.500% due 10/20/51		286,172
	200,000	NR	Series 2022-196, Class BE, 3.000% due 10/16/64(g)		142,606
	1,460,672	NR	Series 2022-210, Class IO, 0.701% due 7/16/64(g)(o)		93,679
	1,473,156	NR	Series 2022-216, Class IO, 0.749% due 7/16/65(g)(o)		89,888
	1,394,084	NR	Series 2023-92, Class AH, 2.000% due 6/16/64		1,067,249
	1,991,548	NR	Series 2023-92, Class IA, 0.611% due 6/16/64(g)(o)		108,425
	1,455,082	NR	Series 2023-130, Class IO, 4.000% due 8/20/47(o)		264,733
	8,141,972	NR	Series 2023-179, Class IO, 0.610% due 9/16/63(g)(o)		354,170
	770,000	Ba3(b)	GS Mortgage Securities Corp. II, Series 2024-70P, Class E, 9.263% due 3/10/41(a)(g)		798,424
			GS Mortgage Securities Corp. Trust:
	258,139	BB-	Series 2018-SRP5, Class A, 6.159% (1-Month Term SOFR + 1.847%) due 9/15/31(a)(g)		199,284
	4,380,000	AAA	Series 2021-DM, Class A, 5.311% (1-Month Term SOFR + 0.999%) due 11/15/36(a)(g)		4,355,095
	1,772,000	AA-(c)	Series 2021-IP, Class B, 5.576% (1-Month Term SOFR + 1.264%) due 10/15/36(a)(g)		1,759,662
	370,000	A+	Series 2021-ROSS, Class A, 5.727% (1-Month Term SOFR + 1.414%) due 5/15/26(a)(g)		356,350
	203,252	Aaa(b)	GS Mortgage Securities Trust, Series 2017-GS6, Class A2, 3.164% due 5/10/50		196,198
	41,059	WR(b)	Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 5.193% due 6/19/34(g)		39,284
	35,490	AA	Impac CMB Trust, Series 2007-A, Class A, 4.934% (1-Month Term SOFR + 0.614%) due 5/25/37(a)(g)		33,783
	21,451	Caa2(b)	IndyMac INDX Mortgage Loan Trust, Series 2005-AR15, Class A2, 4.133% due 9/25/35(g)		17,557
	350,000	CCC(c)	JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class E, 3.364% due 9/15/47(a)(g)		256,965
			JPMDB Commercial Mortgage Securities Trust:
	340,000	BBB(c)	Series 2017-C5, Class B, 4.009% due 3/15/50(g)		286,436
	190,000	Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		183,020
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		118,504
	250,000	Baa1(b)	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-MHC, Class D, 6.376% (1-Month Term SOFR + 2.064%) due 4/15/38(a)(g)		249,985
			JPMorgan Mortgage Trust:
	126,941	AAA	Series 2018-3, Class A1, 3.500% due 9/25/48(a)(g)		114,448
	117,905	AAA	Series 2018-5, Class A1, 3.500% due 10/25/48(a)(g)		106,312
	651,220	Aaa(b)	Series 2019-6, Class B1, 4.267% due 12/25/49(a)(g)		609,229
	1,481,271	Aaa(b)	Series 2021-13, Class A3, 2.500% due 4/25/52(a)(g)		1,219,672
	436,357	Aaa(b)	KIND Trust, Series 2021-KIND, Class A, 5.384% (1-Month Term SOFR + 1.064%) due 8/15/38(a)(g)		431,004
	590,419	Aaa(b)	KREF Ltd., Series 2021-FL2, Class A, 5.496% (1-Month Term SOFR + 1.184%) due 2/15/39(a)(g)		588,278

See Notes to Financial Statements.

184



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	1,200,000	NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(a)	$	885,110
	49,513	AAA	LAQ Mortgage Trust, Series 2023-LAQ, Class A, 6.403% (1-Month Term SOFR + 2.091%) due 3/15/36(a)(g)		49,644
			Legacy Mortgage Asset Trust:
	594,817	NR	Series 2021-GS2, Class A1, step bond to yield, 4.750% due 4/25/61(a)		594,714
	454,862	NR	Series 2021-GS3, Class A1, step bond to yield, 4.750% due 7/25/61(a)		454,609
	745,000	Aaa(b)	MCR Mortgage Trust, Series 2024-HF1, Class A, 6.105% (1-Month Term SOFR + 1.793%) due 12/15/41(a)(g)		750,715
	8,117	WD(c)	Merrill Lynch Mortgage Investors Trust, Series 2004-A3, Class 4A3, 5.782% due 5/25/34(g)		7,132
	76,178	AAA(c)	MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 5.227% (1-Month Term SOFR + 0.915%) due 4/15/38(a)(g)		76,127
			MSWF Commercial Mortgage Trust:
	730,000	Aaa(b)	Series 2023-2, Class A5, 6.014% due 12/15/56(g)		782,304
	3,796,205	Aaa(b)	Series 2023-2, Class XA, 0.907% due 12/15/56(g)(o)		232,028
	2,205,000	NR	Neighborly Issuer, Series 2023-1A, Class A2, 7.308% due 1/30/53(a)		2,268,926
			New Residential Mortgage Loan Trust:
	95,740	AAA	Series 2016-4A, Class A1, 3.750% due 11/25/56(a)(g)		91,128
	135,674	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(g)		132,153
	337,453	Aaa(b)	Series 2019-2A, Class A1, 4.250% due 12/25/57(a)(g)		328,683
	350,443	Aaa(b)	Series 2019-6A, Class A1B, 3.500% due 9/25/59(a)(g)		330,861
	613,456	AAA(c)	Series 2022-NQM4, Class A1, step bond to yield, 5.000% due 6/25/62(a)		609,234
	570,000	AAA(c)	NJ Trust, Series 2023-GSP, Class A, 6.481% due 1/6/29(a)(g)		599,903
	680,000	AAA(c)	NRTH Mortgage Trust, Series 2024-PARK, Class A, 5.953% (1-Month Term SOFR + 1.641%) due 3/15/39(a)(g)		682,248
	330,000	AAA(c)	NYC Trust, Series 2024-3ELV, Class A, 6.303% (1-Month Term SOFR + 1.991%) due 8/15/29(a)(g)		332,837
			OBX Trust:
	2,272,499	AAA(c)	Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(g)		1,899,109
	185,643	AAA(c)	Series 2022-NQM6, Class A1, step bond to yield, 4.700% due 7/25/62(a)		186,377
	349,414	AAA(c)	Series 2022-NQM7, Class A1, step bond to yield, 5.110% due 8/25/62(a)		348,383
	655,068	AAA(c)	Series 2023-NQM3, Class A1, step bond to yield, 5.949% due 2/25/63(a)		658,322
	1,050,289	AAA(c)	Series 2023-NQM7, Class A1, step bond to yield, 6.844% due 4/25/63(a)		1,067,578
	1,011,401	AAA(c)	Series 2024-NQM1, Class A1, step bond to yield, 5.928% due 11/25/63(a)		1,018,264
	3,234,000	AA	One New York Plaza Trust, Series 2020-1NYP, Class A, 5.376% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(g)		3,139,871
	870,000	AAA(c)	ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, 5.753% due 7/15/39(a)(g)		871,683
	1,176,463	NR	PRET LLC, Series 2022-RN2, Class A1, step bond to yield, 5.000% due 6/25/52(a)		1,178,782
			PRKCM Trust:
	770,000	BBB	Series 2022-AFC2, Class M1, 6.153% due 8/25/57(a)(g)		769,600
	560,392	AAA	Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a)		564,577
			PRPM LLC:
	764,957	AAA(c)	Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(a)		766,131
	287,181	AAA(c)	Series 2024-RCF1, Class A1, step bond to yield, 4.000% due 1/25/54(a)		281,698
			RCKT Mortgage Trust:
	1,271,014	AAA(c)	Series 2024-CES9, Class A1A, step bond to yield, 5.582% due 12/25/44(a)		1,280,978
	546,380	Aaa(b)	Series 2024-INV1, Class A1, 6.500% due 6/25/54(a)(g)		558,095
	422,675	Aaa(b)	Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 5.634% (1-Month Term SOFR + 1.314%) due 11/25/36(a)(g)		422,958
	850,000	NR	RIAL Issuer Ltd., Series 2022-FL8, Class D, 9.062% (1-Month Term SOFR + 4.750%) due 1/19/37(a)(g)		843,713
	3,715,000	Aa3(b)	ROCK Trust, Series 2024-CNTR, Class B, 5.930% due 11/13/41(a)		3,802,265
	3,864,702	NR	Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306% due 3/25/54(a)(g)		3,943,048
	4,960,000	AA-	SHER Trust, Series 2024-DAL, Class B, 6.552% (1-Month Term SOFR + 2.240%) due 4/15/37(a)(g)		4,972,992

See Notes to Financial Statements.

185



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Mortgage Securities — 7.2% — (continued)
$	3,715,000		Aaa(b)	SHR Trust, Series 2024-LXRY, Class A, 6.262% (1-Month Term SOFR + 1.950%) due 10/15/41(a)(g)	$	3,737,061
	330,000		AAA(c)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a)		284,697
	310,000		NR	Soho Trust, Series 2021-SOHO, Class B, 2.697% due 8/10/38(a)(g)		232,442
	995,206		AAA	SREIT Trust, Series 2021-MFP, Class A, 5.157% (1-Month Term SOFR + 0.845%) due 11/15/38(a)(g)		993,731
	33,648		WR(b)	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 4.928% (1-Month Term SOFR + 0.614%) due 7/19/35(g)		32,804
	714,624		Aaa(b)	STWD Ltd., Series 2022-FL3, Class A, 5.689% (30-Day Average SOFR + 1.350%) due 11/15/38(a)(g)		713,731
				Towd Point Mortgage Trust:
	770,000		Aa2(b)	Series 2016-5, Class B2, 3.796% due 10/25/56(a)(g)		690,186
	265,064		AAA(c)	Series 2020-2, Class A1A, 1.636% due 4/25/60(a)(g)		240,344
				UBS Commercial Mortgage Trust:
	340,000		AA-(c)	Series 2018-C11, Class B, 4.713% due 6/15/51(g)		316,862
	469,980		Aaa(b)	Series 2019-C17, Class A3, 2.669% due 10/15/52		428,463
	719,302		NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(g)		684,746
				Verus Securitization Trust:
	638,601		AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(g)		543,203
	2,333,997		AAA	Series 2021-7, Class A1, step bond to yield, 1.829% due 10/25/66(a)		2,093,577
	686,951		A	Series 2022-7, Class A3, 5.350% due 7/25/67(a)(g)		684,020
	203,171		A	Series 2023-3, Class A3, step bond to yield, 6.743% due 3/25/68(a)		204,685
	896,224		A	Series 2024-3, Class A3, step bond to yield, 6.845% due 4/25/69(a)		910,544
	466,854		A+	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 5.134% (1-Month Term SOFR + 0.814%) due 12/25/45(g)		464,498
				Wells Fargo Commercial Mortgage Trust:
	1,000,000		Aa2(b)	Series 2015-C28, Class AS, 3.872% due 5/15/48(g)		996,072
	87,469		AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		86,659
	367,278		Aaa(b)	Series 2016-C33, Class A3, 3.162% due 3/15/59		362,191
	9,456,356		Aaa(b)	Series 2018-C43, Class XA, 0.570% due 3/15/51(g)(o)		141,693
	250,000		Aaa(b)	Series 2018-C44, Class A4, 3.948% due 5/15/51		245,834
	3,032,759		Aaa(b)	Series 2019-C52, Class XA, 1.559% due 8/15/52(g)(o)		162,439
	180,000		AAA	Series 2019-C54, Class A4, 3.146% due 12/15/52		166,935
	370,000		Aaa(b)	Series 2024-C63, Class A5, 5.309% due 8/15/57		380,213

				Total Mortgage Securities		134,750,225

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $217,181,345)		215,498,575


	SOVEREIGN BONDS — 2.6%

	Argentina — 0.1%
				Argentine Republic Government International Bonds:
	57,935		CCC	1.000% due 7/9/29		44,413
	7,656		CCC	step bond to yield, 0.750% due 7/9/30		5,592
	1,827,377		CCC+	Provincia de Buenos Aires/Government Bonds, step bond to yield, 6.625% due 9/1/37(a)		1,212,922

				Total Argentina		1,262,927


	Australia — 0.1%
	3,830,000	^AUD	Aaau(b)	Australia Government Bonds, (Cost — $2,444,949, acquired 3/6/24), 2.750% due 11/21/28(f)		2,293,632


	Brazil — 0.3%
	33,000,000	^BRL	BB	Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/27		5,288,941


	Canada — 0.1%
				Province of British Columbia Canada:
	50,000		AA-	4.200% due 7/6/33		48,729
	400,000		AA-	4.750% due 6/12/34		403,252
				Province of Ontario Canada:
	200,000		AA-	2.500% due 4/27/26		196,121

See Notes to Financial Statements.

186



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Canada — 0.1% — (continued)
$	200,000		AA-	3.100% due 5/19/27	$	195,483
	50,000		AA-	5.050% due 4/24/34		51,528

				Total Canada		895,113


	Chile — 0.0%@
				Chile Government International Bonds:
	200,000		A	2.750% due 1/31/27		193,175
	200,000		A	3.240% due 2/6/28		191,677
	350,000		A	2.450% due 1/31/31		306,318
	45,000		A	2.550% due 1/27/32		38,717
	200,000		A	3.500% due 1/25/50		143,406

				Total Chile		873,293


	Colombia — 0.1%
				Colombia Government International Bonds:
	200,000		BB+	8.000% due 4/20/33		208,377
	750,000		BB+	8.000% due 11/14/35		768,514
	930,000		BB+	4.125% due 2/22/42		607,736

				Total Colombia		1,584,627


	Dominican Republic — 0.1%
				Dominican Republic International Bonds:
	850,000		BB	4.500% due 1/30/30(a)		795,523
	185,000		BB	7.050% due 2/3/31(a)		192,946

				Total Dominican Republic		988,469


	Hungary — 0.0%@
	200,000		BBB-	Hungary Government International Bonds, (Cost — $198,109, acquired 12/6/21), 2.125% due 9/22/31(f)		163,470


	Indonesia — 0.1%
				Indonesia Government International Bonds:
	80,000		BBB	4.100% due 4/24/28		78,756
	445,000		BBB	2.850% due 2/14/30		406,892
	320,000		BBB	2.150% due 7/28/31		271,823
	200,000		BBB	3.050% due 3/12/51		134,500
	29,000,000,000	^IDR	NR	Indonesia Treasury Bonds, 6.875% due 4/15/29		1,754,831

				Total Indonesia		2,646,802


	Israel — 0.1%
				Israel Government International Bonds:
	200,000		A	5.375% due 2/19/30		201,719
	400,000		A	2.750% due 7/3/30		354,489
	1,735,000		A	5.750% due 3/12/54		1,636,825

				Total Israel		2,193,033


	Italy — 0.0%@
	200,000		Baa3u(b)	Republic of Italy Government International Bonds, 3.875% due 5/6/51		142,434


	Ivory Coast — 0.0%@
	500,000		BB	Ivory Coast Government International Bonds, 8.250% due 1/30/37(a)		487,088


	Japan — 0.0%@
				Japan Bank for International Cooperation:
	200,000		A+	2.375% due 4/20/26		195,855
	200,000		A+	1.875% due 7/21/26		193,757

				Total Japan		389,612

See Notes to Financial Statements.

187



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Kenya — 0.1%
				Kenya Government International Bonds:
$	540,000		B-	9.750% due 2/16/31(a)	$	547,036
	520,000		B-	6.300% due 1/23/34(a)		423,197

				Total Kenya		970,233


	Malaysia — 0.1%
	6,400,000	^MYR	BBB+(c)	Malaysia Government Bonds, 3.882% due 3/14/25		1,434,453


	Mexico — 0.3%
				Mexico Government International Bonds:
	200,000		BBB	4.150% due 3/28/27		197,105
	323,000		BBB	3.750% due 1/11/28		312,811
	200,000		BBB	5.400% due 2/9/28		201,693
	572,000		BBB	4.500% due 4/22/29		555,044
	200,000		BBB	3.250% due 4/16/30		180,038
	964,000		BBB	2.659% due 5/24/31		812,108
	1,260,000		BBB	3.500% due 2/12/34		1,038,297
	1,700,000		BBB	6.350% due 2/9/35		1,714,162
	310,000		BBB	4.750% due 3/8/44		244,684
	425,000		BBB	4.600% due 2/10/48		318,815
	200,000		BBB	6.338% due 5/4/53		185,623

				Total Mexico		5,760,380


	Nigeria — 0.0%@
	260,000		B-	Nigeria Government International Bonds, 7.143% due 2/23/30(a)		243,935


	Oman — 0.0%@
	200,000		Ba1(b)	Oman Government International Bonds, (Cost — $210,132, acquired 12/6/21), 5.625% due 1/17/28(f)		202,062


	Panama — 0.2%
				Panama Government International Bonds:
	210,000		BBB-	3.875% due 3/17/28		198,534
	500,000		BBB-	3.160% due 1/23/30		432,804
	200,000		BBB-	2.252% due 9/29/32		146,280
	650,000		BBB-	3.298% due 1/19/33		510,506
	750,000		BBB-	6.400% due 2/14/35		711,133
	10,000		BBB-	4.500% due 4/1/56		6,325
	3,100,000		BBB-	4.500% due 1/19/63		1,927,196

				Total Panama		3,932,778


	Peru — 0.1%
				Peruvian Government International Bonds:
	650,000		BBB-	2.783% due 1/23/31		568,398
	100,000		BBB-	3.000% due 1/15/34		82,925
	70,000		BBB-	6.550% due 3/14/37		74,878
	290,000		BBB-	5.625% due 11/18/50		280,087
	50,000		BBB-	3.550% due 3/10/51		35,137
	190,000		BBB-	2.780% due 12/1/60		106,042

				Total Peru		1,147,467


	Philippines — 0.1%
				Philippine Government International Bonds:
	400,000		BBB+	3.000% due 2/1/28		382,134
	560,000		BBB+	1.648% due 6/10/31		463,604
	550,000		BBB+	1.950% due 1/6/32		454,693

				Total Philippines		1,300,431

See Notes to Financial Statements.

188



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Poland — 0.0%@
				Republic of Poland Government International Bonds:
$	50,000		A-	3.250% due 4/6/26	$	49,410
	50,000		A-	5.500% due 11/16/27		51,228
	100,000		A-	4.875% due 10/4/33		98,188
	50,000		A-	5.500% due 4/4/53		48,032
	100,000		A-	5.500% due 3/18/54		96,066

				Total Poland		342,924


	South Africa — 0.1%
	37,210,000	^ZAR	BB	South Africa Government Bonds, 8.000% due 1/31/30		1,901,072


	South Korea — 0.0%@
				Export-Import Bank of Korea:
	200,000		AA	1.125% due 12/29/26		188,812
	400,000		AA	5.250% due 1/14/35		415,136

				Total South Korea		603,948


	Supranational — 0.1%
				International Bank for Reconstruction & Development:
	100,000		AAA	3.125% due 6/15/27		97,978
	100,000		Aaa(b)	2.500% due 11/22/27		96,045
	200,000		AAA	1.375% due 4/20/28		184,318
	150,000		AAA	3.500% due 7/12/28		147,285
	100,000		AAA	3.625% due 9/21/29		97,981
	100,000		AAA	4.000% due 7/25/30		99,277
	100,000		AAA	4.500% due 4/10/31		101,559
	300,000		AAA	4.625% due 1/15/32		306,538
	500,000		AAA	3.875% due 8/28/34		481,757

				Total Supranational		1,612,738


	United Kingdom — 0.5%
				United Kingdom Gilt:
	3,845,000	^GBP	Aa3u(b)	(Cost — $4,880,675, acquired 12/3/24), 4.125% due 7/22/29(f)		4,831,761
	3,745,000	^GBP	AA-u(c)	(Cost — $4,559,094, acquired 3/6/24), 3.250% due 1/31/33(f)		4,363,580

				Total United Kingdom		9,195,341


	Uruguay — 0.0%@
	100,000		BBB+	Oriental Republic of Uruguay, 5.250% due 9/10/60		92,863
				Uruguay Government International Bonds:
	100,000		BBB+	5.750% due 10/28/34		103,853
	50,000		BBB+	5.442% due 2/14/37		50,525
	100,000		BBB+	5.100% due 6/18/50		93,593
	50,000		BBB+	4.975% due 4/20/55		45,188

				Total Uruguay		386,022

				TOTAL SOVEREIGN BONDS (Cost — $49,561,245)		48,243,225


	ASSET-BACKED SECURITIES — 0.7%

	Automobiles — 0.4%
				Avis Budget Rental Car Funding AESOP LLC:
	780,000		Aaa(b)	Series 2023-5A, Class A, 5.780% due 4/20/28(a)		797,943
	540,000		Aaa(b)	Series 2024-1A, Class A, 5.360% due 6/20/30(a)		553,232
	320,000		Baa3(b)	Series 2024-1A, Class C, 6.480% due 6/20/30(a)		328,862
	4,000,000		Aaa(b)	Series 2024-3A, Class A, 5.230% due 12/20/30(a)		4,087,162
	583,000		AAA	Ford Credit Floorplan Master Owner Trust A, Series 2018-4, Class A, 4.060% due 11/15/30		575,268
				Hertz Vehicle Financing III LLC:
	390,000		Aaa(b)	Series 2023-3A, Class A, 5.940% due 2/25/28(a)		397,454
	270,000		Aaa(b)	Series 2023-4A, Class A, 6.150% due 3/25/30(a)		281,600

See Notes to Financial Statements.

189



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Automobiles — 0.4% — (continued)
$	354,000	AAA	Hyundai Auto Receivables Trust, Series 2023-C, Class A3, 5.540% due 10/16/28	$	359,176
	933,000	AA	Octane Receivables Trust, Series 2024-1A, Class B, 5.660% due 5/20/30(a)		945,594

			Total Automobiles		8,326,291


	Credit Cards — 0.1%
			American Express Credit Account Master Trust:
	118,000	Aaa(b)	Series 2022-3, Class A, 3.750% due 8/15/27		117,612
	275,000	AAA	Series 2023-2, Class A, 4.800% due 5/15/30		279,696
	462,000	AAA	Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.950% due 10/15/27		463,672

			Total Credit Cards		860,980


	Student Loans — 0.2%
	1,100,111	Aa2(b)	Bayview Opportunity Master Fund VII LLC, Series 2024-EDU1, Class C, 6.152% (30-Day Average SOFR + 1.800%) due 6/25/47(a)(g)		1,111,248
	83,145	AAA	College Ave Student Loans LLC, Series 2019-A, Class A2, 3.280% due 12/28/48(a)		78,745
	820,413	Aaa(b)	ECMC Group Student Loan Trust, Series 2017-2A, Class A, 5.516% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(g)		822,225
	220,656	Aaa(b)	Edsouth Indenture No 9 LLC, Series 2015-1, Class A, 5.266% (30-Day Average SOFR + 0.914%) due 10/25/56(a)(g)		219,629
	914,496	AA+	Navient Student Loan Trust, Series 2017-3A, Class A3, 5.516% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(g)		922,401
	547,441	AAA	Nelnet Student Loan Trust, Series 2006-1, Class A6, 5.040% (3-Month Term SOFR + 0.712%) due 8/23/36(a)(g)		545,386
			SMB Private Education Loan Trust:
	189,715	Aaa(b)	Series 2021-A, Class B, 2.310% due 1/15/53(a)		184,115
	518,855	Aaa(b)	Series 2024-C, Class A1B, 5.440% (30-Day Average SOFR + 1.100%) due 6/17/52(a)(g)		522,630

			Total Student Loans		4,406,379

			TOTAL ASSET-BACKED SECURITIES (Cost — $13,431,519)		13,593,650


	SENIOR LOANS — 0.6%

	Airlines — 0.0%@
	37,040	NR	Spirit Airlines Inc., (Cost — $36,127, acquired 12/26/24), 11.322% (1-Month CME Term SOFR + 7.000%) due 12/23/25(e)(f)(g)		37,086


	Auto Parts & Equipment — 0.0%@
	129,675	NR	Clarios Global LP, (Cost — $130,620, acquired 7/16/24), 6.824% (1-Month CME Term SOFR + 2.500%) due 5/6/30(f)(g)		129,302


	Banks — 0.0%@
	477,492	NR	Ascensus Group Holdings Inc., (Cost — $481,272, acquired 12/13/24), 7.324% (1-Month CME Term SOFR + 3.000%) due 8/2/28(f)(g)		476,955


	Building Materials — 0.0%@
	372,178	NR	CP Atlas Buyer Inc., 8.174% (1-Month CME Term SOFR + 3.750%) due 11/23/27(g)		355,231


	Commercial Services — 0.1%
	245,535	NR	AlixPartners, LLP, (Cost — $244,523, acquired 6/12/23), 6.938% (1-Month CME Term SOFR + 2.500%) due 2/4/28(f)(g)		246,441
	799,659	NR	Allied Universal Holdco LLC, (Cost — $795,397, acquired 9/14/23), 8.174% (1-Month CME Term SOFR + 3.750%) due 5/12/28(f)(g)		801,442
	371,070	NR	Boost Newco Borrower LLC, (Cost — $372,404, acquired 2/3/25), 6.291% (3-Month CME Term SOFR + 2.000%) due 1/31/31(f)(g)		371,719

			Total Commercial Services		1,419,602


	Diversified Financial Services — 0.1%
	187,653	NR	Citadel Securities LP, (Cost — $187,920, acquired 10/28/24), 6.329% (3-Month CME Term SOFR + 2.000%) due 10/31/31(f)(g)		188,135

See Notes to Financial Statements.

190



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 0.1%
$	245,501	NR	Deerfield Dakota Holding LLC, (Cost — $239,546, acquired 6/12/23), 8.079% (3-Month CME Term SOFR + 3.750%) due 4/9/27(f)(g)	$	239,517
	200,000	NR	Setanta Aircraft Leasing DAC, (Cost — $200,764, acquired 5/14/24), 6.079% (3-Month CME Term SOFR + 1.750%) due 11/5/28(f)(g)		201,000

			Total Diversified Financial Services		628,652


	Electronics — 0.0%@
	215,236	NR	Coherent Corp., (Cost — $216,204, acquired 1/2/25), 6.324% (1-Month CME Term SOFR + 2.000%) due 7/2/29(f)(g)		215,192


	Engineering & Construction — 0.0%@
	212,991	NR	Brown Group Holding LLC, (Cost — $212,861, acquired 11/9/21), 6.824% (1-Month CME Term SOFR + 2.500%) due 7/1/31(f)(g)		213,015


	Entertainment — 0.1%
			Caesars Entertainment Inc.:
	32,900	NR	(Cost — $32,900, acquired 2/1/23), 6.563% (3-Month CME Term SOFR + 2.250%) due 2/6/30(f)(g)		32,953
	559,243	NR	(Cost — $558,060, acquired 1/24/24), 6.563% (3-Month CME Term SOFR + 2.250%) due 2/6/31(f)(g)		560,817
	712,800	NR	Flutter Entertainment Public Limited Co., (Cost — $713,841, acquired 12/19/24), 6.079% (3-Month CME Term SOFR + 1.750%) due 11/30/30(f)(g)		712,020
	302,954	NR	Light and Wonder International Inc., (Cost — $305,037, acquired 7/17/24), 6.562% (1-Month CME Term SOFR + 2.250%) due 4/16/29(f)(g)		303,760
	59,235	NR	PCI Gaming Authority, (Cost — $59,238, acquired 5/15/19), 6.324% (1-Month CME Term SOFR + 2.000%) due 7/18/31(f)(g)		59,215

			Total Entertainment		1,668,765


	Healthcare — Products — 0.0%@
	448,875	NR	Medline Borrower, LP, (Cost — $450,558, acquired 7/2/24), 6.574% (1-Month CME Term SOFR + 2.250%) due 10/23/28(f)(g)		450,058


	Healthcare — Services — 0.1%
			ModivCare Inc.:
	141,195	NR	12.785% (3-Month CME Term SOFR + 8.500%) due 1/9/26(g)		136,518
	819,980	NR	9.079% (3-Month CME Term SOFR + 4.750%) due 7/1/31(g)		660,764

			Total Healthcare — Services		797,282


	Holding Companies — Diversified — 0.0%@
	55,076	NR	First Eagle Holdings Inc., (Cost — $55,001, acquired 3/4/24), 7.329% (3-Month CME Term SOFR + 3.000%) due 3/5/29(f)(g)		55,155


	Insurance — 0.1%
	157,585	NR	Acrisure LLC, (Cost — $158,077, acquired 12/23/24), 7.324% (1-Month CME Term SOFR + 3.000%) due 11/6/30(f)(g)		157,708
			Asurion LLC:
	997,906	NR	7.688% (1-Month CME Term SOFR + 3.250%) due 12/23/26(g)		997,812
	115,500	NR	(Cost — $115,070, acquired 1/29/21), 7.688% (1-Month CME Term SOFR + 3.250%) due 7/31/27(f)(g)		115,491
	294,091	NR	(Cost — $294,066, acquired 9/19/24), (1-Month CME Term SOFR + 4.250%) due 9/19/30(f)(g)		293,217
	246,258	NR	Sedgwick Claims Management Services Inc., (Cost — $244,612, acquired 6/12/23), 7.313% (3-Month CME Term SOFR + 3.000%) due 7/31/31(f)(g)		246,654

			Total Insurance		1,810,882


	Leisure Time — 0.0%@
	34,538	NR	Alterra Mountain Co., (Cost — $34,646, acquired 11/14/24), 7.074% (1-Month CME Term SOFR + 2.750%) due 8/17/28(f)(g)		34,646

See Notes to Financial Statements.

191



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Machinery — Diversified — 0.0%@
$	191,359	NR	Ali Group North America Corp., (Cost — $190,366, acquired 10/13/21), 6.438% (1-Month CME Term SOFR + 2.000%) due 7/30/29(f)(g)	$	192,266


	Media — 0.0%@
	208,217	NR	Nexstar Media Inc., (Cost — $207,839, acquired 8/16/19), 6.938% (1-Month CME Term SOFR + 2.500%) due 9/18/26(f)(g)		208,376


	Pharmaceuticals — 0.0%@
	105,865	NR	Gainwell Acquisition Corp., (Cost — $105,268, acquired 2/12/21), 8.429% (3-Month CME Term SOFR + 4.000%) due 10/1/27(f)(g)		98,818
	244,253	NR	Jazz Pharmaceuticals Inc., (Cost — $244,973, acquired 7/19/24), 6.574% (1-Month CME Term SOFR + 2.250%) due 5/5/28(f)(g)		244,787

			Total Pharmaceuticals		343,605


	Software — 0.1%
	82,009	NR	Cloudera Inc., (Cost — $81,604, acquired 8/10/21), 8.174% (1-Month CME Term SOFR + 3.750%) due 10/8/28(f)(g)		81,821
	1,007,003	NR	Cotiviti Inc., (Cost — $1,002,670, acquired 2/22/24), 7.059% (1-Month CME Term SOFR + 2.750%) due 5/1/31(f)(g)		998,821
	308,925	NR	DCert Buyer Inc., (Cost — $306,278, acquired 6/12/23), 8.324% (1-Month CME Term SOFR + 4.000%) due 10/16/26(f)(g)		300,528
	372,183	NR	Rocket Software Inc., 8.574% (1-Month CME Term SOFR + 4.250%) due 11/28/28(g)		373,845

			Total Software		1,755,015


	Transportation — 0.0%@
	199,500	NR	Genesee & Wyoming Inc., (Cost — $198,628, acquired 4/5/24), 6.079% (3-Month CME Term SOFR + 1.750%) due 4/10/31(f)(g)		198,985

			TOTAL SENIOR LOANS (Cost — $11,153,185)		10,990,070


	MUNICIPAL BONDS — 0.2%

	California — 0.1%
	310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		249,253
	100,000	AA-	California State University, Revenue Bonds, Series B, 5.183% due 11/1/53		96,948
	205,000	A	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45		218,643
			State of California, GO:
	100,000	AA-	4.600% due 4/1/38		96,707
	200,000	AA-	5.750% due 10/1/31		214,658
	150,000	AA-	5.875% due 10/1/41		157,395
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		22,002
	266,000	AA	Series AQ, 4.767% due 5/15/15		230,545
	90,000	AA	Series BF, 2.650% due 5/15/50		59,875

			Total California		1,346,026


	Connecticut — 0.0%@
	300,000	AA-	State of Connecticut, GO, 5.850% due 3/15/32		318,518


	Florida — 0.0%@
	50,000	AA	State Board of Administration Finance Corp., Revenue Bonds, Series A, 5.526% due 7/1/34		51,736


	Illinois — 0.0%@
	150,000	A+	Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49		135,192
	235,294	A-	State of Illinois, GO, 5.100% due 6/1/33		236,908

			Total Illinois		372,100


	Minnesota — 0.0%@
	260,000	AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		221,459

See Notes to Financial Statements.

192



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	New Jersey — 0.1%
$	310,000		Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27	$	314,138
	85,000		A-	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		94,784

				Total New Jersey		408,922


	New York — 0.0%@
	100,000		AA	City of New York, GO, Series B-2, 5.263% due 10/1/52		101,184
	150,000		AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53		147,617

				Total New York		248,801


	Texas — 0.0%@
	40,000		AA-	Dallas Fort Worth International Airport, Revenue Bonds, Series A, 3.144% due 11/1/45		30,782

				TOTAL MUNICIPAL BONDS (Cost — $3,205,292)		2,998,344


Shares/Units

	COMMON STOCK — 0.0%@

	Telecommunications — 0.0%@
	11,289			Intelsat SA*(e) (Cost — $848,528)		422,400

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,847,727,045)		1,801,276,328


Face Amount/Units†

	SHORT-TERM INVESTMENTS — 5.4%

	TIME DEPOSITS — 4.6%
$	31,159,456			ANZ National Bank — London, 3.680% due 3/3/25	$	31,159,456
	1,711	^ZAR		BBH — New York, 5.540% due 3/3/25		91
	609,769	^AUD		BNP Paribas — Paris, 2.920% due 3/3/25		378,301
	1,789,886	^EUR		Citibank — London, 1.570% due 3/3/25		1,856,470
	39,817,481			Citibank — New York, 3.680% due 3/3/25		39,817,481
	11,784,203			JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		11,784,203
	494,758	^GBP		Royal Bank of Canada — London, 3.410% due 3/3/25		622,306
				Sumitomo Mitsui Banking Corp. — Tokyo:
	60,255,620	^JPY		0.110% due 3/3/25		400,356
	518,357			3.680% due 3/3/25		518,357

				TOTAL TIME DEPOSITS (Cost — $86,537,021)		86,537,021


	U.S. GOVERNMENT OBLIGATION — 0.8%
	15,000,000			U.S. Treasury Bills, 4.269% due 3/11/25(p) (Cost — $14,982,269)		14,982,269

				TOTAL SHORT-TERM INVESTMENTS (Cost — $101,519,290)		101,519,290

				TOTAL INVESTMENTS IN SECURITIES (Cost — $1,949,246,335)		1,902,795,618

				TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.0% (Cost — $334,610)		394,122

				TOTAL INVESTMENTS — 100.8% (Cost — $1,949,580,945)		1,903,189,740

				Liabilities in Excess of Other Assets — (0.8)%		(15,696,512	)

				TOTAL NET ASSETS — 100.0%	$	1,887,493,228

†	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.

193



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Rating by Moody’s Investors Service.

(c)	Rating by Fitch Ratings Service.

(d)	Security is currently in default.

(e)	Illiquid security.

(f)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2025, amounts to $46,633,519 and represents 2.5% of net assets.

(g)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2025.

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

(i)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2025.

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

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

(l)	Principal only security.

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

(n)	All or a portion of this security is held at the broker as collateral for open forward foreign currency contracts.

(o)	Interest only security.

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

#	Security that used significant unobservable inputs to determine fair value. At February 28, 2025, the Fund held Level 3 security with a value of $0, representing 0.0% of net assets.

At February 28, 2025, 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	$	1,949,580,945	$	33,631,761	$	(78,693,958)	$	(45,062,197)


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
EURIBOR		— Euro Interbank Offered Rate
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.

194



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund


Summary of Investments by Security Type^
Corporate Bonds & Notes	28.7	%
Mortgage-Backed Securities	27.3
U.S. Government Agencies & Obligations	23.4
Collateralized Mortgage Obligations	11.3
Sovereign Bonds	2.5
Asset-Backed Securities	0.7
Senior Loans	0.6
Municipal Bonds	0.2
Common Stock	0.0	*
Purchased Options	0.0	*
Short-Term Investments	5.3

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

At February 28, 2025, Core Fixed Income Fund held the following Options Contracts Purchased:

Options on Futures


Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	1	$	110,641	U.S. Treasury 10-Year Note Futures, Call		GSC		3/21/25	$	110.00	$	1,391
	39		4,314,984	U.S. Treasury 10-Year Note Futures, Call		GSC		3/21/25	$	111.00		30,469
	200		22,128,125	U.S. Treasury 10-Year Note Futures, Put		GSC		3/21/25	$	108.00		6,250
	53		6,227,500	U.S. Treasury Bond Futures, Put		GSC		3/21/25	$	112.00		3,313
	406		97,328,350	3-Month SOFR Futures, Call		GSC		6/13/25	$	96.00		134,487
	253		60,944,537	3-Month SOFR Futures, Call		GSC		12/11/26	$	97.00		218,212

				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $334,610)							$	394,122

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

At February 28, 2025, 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
	40	$	4,425,625	U.S. Treasury 10-Year Note Futures, Call		GSC		3/21/25	$	112.00	$	15,626
	100		11,064,063	U.S. Treasury 10-Year Note Futures, Put		GSC		4/25/25	$	108.00		18,750
	133		14,311,008	U.S. Treasury 5-Year Note Futures, Put		GSC		3/21/25	$	105.75		2,079
	53		6,227,500	U.S. Treasury Bond Futures, Put		GSC		4/25/25	$	110.00		9,109
	406		97,328,350	3-Month SOFR Futures, Call		GSC		6/13/25	$	96.50		55,824
	228		54,839,700	3-Month SOFR Futures, Call		GSC		12/12/25	$	97.50		59,850

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $218,836)							$	161,238

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

See Notes to Financial Statements.

195



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 28, 2025, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR Futures		285		3/26	$	68,492,003	$	68,624,437	$	132,434
3-Month SOFR Futures		83		3/27		19,953,616		20,011,300		57,684
U.S. Treasury 2-Year Note Futures		724		6/25		149,352,013		149,845,375		493,362
U.S. Treasury 5-Year Note Futures		309		6/25		33,268,444		33,352,687		84,243
U.S. Treasury 10-Year Note Futures		1,403		6/25		154,361,310		155,864,531		1,503,221
U.S. Treasury Ultra Long Bond Futures		140		6/25		17,260,436		17,377,500		117,064
United Kingdom Treasury 10-Year Gilt Futures		44		6/25		5,160,200		5,170,715		10,515

										2,398,523

Contracts to Sell:
Euro-Bobl Futures		81		3/25		9,929,972		9,905,156		24,816
Euro-Bund Futures		89		3/25		12,584,731		12,294,875		289,856
Japan Government 10-Year Bond Futures		9		3/25		8,520,116		8,358,062		162,054
U.S. Treasury 5-Year Note Futures		260		6/25		27,950,000		28,063,750		(113,750	)
U.S. Treasury Long Bond Futures		16		6/25		1,857,625		1,889,500		(31,875	)
U.S. Treasury Ultra Long Bond Futures		70		6/25		8,429,578		8,688,750		(259,172	)
U.S. Ultra Long Bond Futures		62		6/25		6,968,160		7,083,500		(115,340	)

										(43,411	)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	2,355,112

At February 28, 2025, Core Fixed Income Fund had deposited cash of $8,098,408 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At February 28, 2025, Core Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		3,405,708		USD	2,111,519		CITI	$	2,113,606		4/16/25	$	2,087
Brazilian Real		5,520,000		USD	943,783		CITI		937,568		3/6/25		(6,215	)
Brazilian Real		4,720,000		USD	807,003		CITI		801,689		3/6/25		(5,314	)
Brazilian Real		4,170,000		USD	712,967		CITI		708,272		3/6/25		(4,695	)
Brazilian Real		2,230,000		USD	381,275		CITI		378,764		3/6/25		(2,511	)
Brazilian Real		1,710,000		USD	292,368		CITI		290,443		3/6/25		(1,925	)
Brazilian Real		1,270,000		USD	217,139		CITI		215,709		3/6/25		(1,430	)
Brazilian Real		24,806,556		USD	4,182,419		CITI		4,213,377		3/6/25		30,958
Canadian Dollar		1,450,000		USD	1,011,191		CITI		1,004,112		4/16/25		(7,079	)
Euro		2,500,000		USD	2,637,215		CITI		2,598,963		4/16/25		(38,252	)
Euro		3,600,000		USD	3,758,040		GSC		3,739,176		3/31/25		(18,864	)
Euro		2,150,000		USD	2,250,212		GSC		2,233,119		3/31/25		(17,093	)
Euro		1,000,000		USD	1,051,910		GSC		1,038,660		3/31/25		(13,250	)
Euro		3,570,000		USD	3,718,548		GSC		3,708,016		3/31/25		(10,532	)
Euro		350,000		USD	368,974		GSC		363,531		3/31/25		(5,443	)
Indian Rupee		54,650,000		USD	629,790		CITI		623,112		4/16/25		(6,678	)

See Notes to Financial Statements.

196



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Japanese Yen		14,860,000		USD	96,883		CITI	$	99,241		4/16/25	$	2,358
Japanese Yen		89,810,000		USD	585,656		CITI		599,790		4/16/25		14,134
Japanese Yen		95,390,000		USD	620,706		CITI		637,055		4/16/25		16,349
Japanese Yen		351,117,380		USD	2,242,190		CITI		2,344,913		4/16/25		102,723
Mexican Peso		215,506,788		USD	10,462,142		CITI		10,419,246		4/16/25		(42,896	)
Mexican Peso		19,132,621		USD	923,768		CITI		925,017		4/16/25		1,249
Mexican Peso		47,000,000		USD	2,269,150		CITI		2,272,339		4/16/25		3,189
Mexican Peso		47,097,264		USD	2,265,882		CITI		2,277,042		4/16/25		11,160
South African Rand		15,750,000		USD	850,372		CITI		839,741		3/31/25		(10,631	)

													(8,601	)

Contracts to Sell:
Australian Dollar		3,710,000		USD	2,363,641		GSC		2,302,174		3/31/25		61,467
Brazilian Real		2,230,000		USD	375,497		CITI		378,764		3/6/25		(3,267	)
Brazilian Real		1,270,000		USD	218,974		CITI		215,709		3/6/25		3,265
Brazilian Real		1,710,000		USD	294,768		CITI		290,442		3/6/25		4,326
Brazilian Real		5,520,000		USD	945,878		CITI		937,569		3/6/25		8,309
Brazilian Real		4,720,000		USD	811,660		CITI		801,688		3/6/25		9,972
Brazilian Real		4,170,000		USD	719,947		CITI		708,272		3/6/25		11,675
Brazilian Real		24,806,556		USD	4,241,307		CITI		4,213,377		3/6/25		27,930
Brazilian Real		11,000,000		USD	1,750,895		GSC		1,856,945		3/31/25		(106,050	)
Brazilian Real		9,490,000		USD	1,519,226		GSC		1,602,037		3/31/25		(82,811	)
Brazilian Real		13,000,000		USD	2,257,728		GSC		2,194,571		3/31/25		63,157
British Pound		2,227,220		USD	2,745,851		CITI		2,801,087		4/16/25		(55,236	)
British Pound		450,000		USD	553,343		CITI		565,947		4/16/25		(12,604	)
British Pound		9,167,500		USD	11,627,415		GSC		11,530,184		3/31/25		97,231
Chinese Offshore Renminbi		29,698,454		USD	4,048,152		CITI		4,081,986		4/16/25		(33,834	)
Euro		5,710,610		USD	5,907,043		CITI		5,936,667		4/16/25		(29,624	)
Euro		3,500,000		USD	3,652,558		GSC		3,635,310		3/31/25		17,248
Euro		46,390,000		USD	48,973,923		GSC		48,183,436		3/31/25		790,487
Indian Rupee		43,780,000		USD	497,715		CITI		499,174		4/16/25		(1,459	)
Indian Rupee		6,960,000		USD	79,734		CITI		79,357		4/16/25		377
Indian Rupee		66,600,000		USD	760,231		CITI		759,365		4/16/25		866
Indian Rupee		21,960,000		USD	251,673		CITI		250,385		4/16/25		1,288
Indian Rupee		22,740,000		USD	260,645		CITI		259,278		4/16/25		1,367
Indian Rupee		68,240,000		USD	781,986		CITI		778,064		4/16/25		3,922
Indian Rupee		73,930,000		USD	847,044		CITI		842,940		4/16/25		4,104
Japanese Yen		25,680,000		USD	166,033		CITI		171,502		4/16/25		(5,469	)
Japanese Yen		109,810,000		USD	729,843		CITI		733,358		4/16/25		(3,515	)
Japanese Yen		97,330,000		USD	647,836		CITI		650,012		4/16/25		(2,176	)
Japanese Yen		217,340,000		USD	1,466,943		CITI		1,451,490		4/16/25		15,453
Malaysian Ringgit		6,440,000		USD	1,446,054		GSC		1,444,568		4/2/25		1,486
Mexican Peso		18,460,000		USD	884,558		CITI		892,498		4/16/25		(7,940	)
Mexican Peso		15,740,000		USD	753,517		CITI		760,992		4/16/25		(7,475	)
Mexican Peso		26,230,000		USD	1,263,077		CITI		1,268,159		4/16/25		(5,082	)
Mexican Peso		10,490,000		USD	504,251		CITI		507,167		4/16/25		(2,916	)
Mexican Peso		35,000,000		USD	1,690,739		CITI		1,692,167		4/16/25		(1,428	)
Mexican Peso		205,046,673		USD	9,915,840		CITI		9,913,524		4/16/25		2,316
Mexican Peso		17,770,000		USD	867,697		CITI		859,138		4/16/25		8,559
South African Rand		51,585,000		USD	2,814,276		CITI		2,750,349		3/31/25		63,927

													837,846

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	829,245

See Notes to Financial Statements.

197



Schedules of Investments


(unaudited) (continued)


Core Fixed Income Fund

At February 28, 2025, 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

Value

Upfront
Payment
Paid/
(Received)

Unrealized
Depreciation

Pay

BRL-CDI-Compounded

10.238%

1/2/29

PAM

CITI

BRL

48,580,000

(1,661,189

)

—

(1,661,189

)

At February 28, 2025, Core Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contract:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Value		Upfront Payment (Received)			Unrealized Depreciation
Receive	SOFR		4.060%		11/30/31		12-Month		USD	38,780,000	$	(716,183)	$	(392,880	)	$	(323,303	)

At February 28, 2025, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contracts:

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


Reference Obligations & Ratings	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/25 (2)		Notional Amount (3)			Value		Upfront Payment Paid		Unrealized Appreciation
Markit CDX North America Investment Grade Series 43 5-Year Index, NR		1.000	%		12/20/29		3-Month		0.501%		USD	63,728,000	$	1,508,777	$	1,446,726	$	62,051
Markit CDX North America High Yield Series 43 5-Year Index, NR		5.000	%		12/20/29		3-Month		3.136%		USD	786,600		66,435		56,941		9,494

													$	1,575,212	$	1,503,667	$	71,545

(1)

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

(2)

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

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

At February 28, 2025, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $1,806,990 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
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
MYR	— Malaysian Ringgit
USD	— United States Dollar
ZAR	— South African Rand

See pages 273-274 for definitions of ratings.

See Notes to Financial Statements.

198



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 95.6%

	Advertising — 0.7%
$	1,015,000	B	Neptune Bidco US Inc., Senior Secured Notes, 9.290% due 4/15/29(a)	$	910,087


	Airlines —2.0%
	475,000	BBB-	Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a)		465,304
			American Airlines Inc., Senior Secured Notes:
	770,000	BB-	7.250% due 2/15/28(a)		787,818
	240,000	BB	8.500% due 5/15/29(a)		253,066
	432,747	CCC-(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25*(a)(c)		376,490
			United Airlines Inc., Senior Secured Notes:
	106,000	BBB-	4.375% due 4/15/26(a)		104,743
	870,000	BBB-	4.625% due 4/15/29(a)		839,497

			Total Airlines		2,826,918


	Beverages — 0.1%
	188,000	B	Primo Water Holdings Inc./Triton Water Holdings Inc., Company Guaranteed Notes, 6.250% due 4/1/29(a)		187,456


	Building Materials — 0.9%
			Quikrete Holdings Inc.:
	80,000	BB	Senior Secured Notes, 6.375% due 3/1/32(a)		81,187
	377,000	B+	Senior Unsecured Notes, 6.750% due 3/1/33(a)		382,891
			Standard Industries Inc., Senior Unsecured Notes:
	252,000	BB	5.000% due 2/15/27(a)		249,812
	615,000	BB	3.375% due 1/15/31(a)		540,416

			Total Building Materials		1,254,306


	Chemicals — 2.4%
	901,000	B	Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a)		783,735
			Methanex Corp., Senior Unsecured Notes:
	215,000	BB	5.125% due 10/15/27		212,232
	4,000	BB	5.250% due 12/15/29		3,908
	800,000	BB	Methanex US Operations Inc., Company Guaranteed Notes, 6.250% due 3/15/32(a)		802,151
	557,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		539,594
	306,000	B-	Olympus Water US Holding Corp., Senior Secured Notes, 9.750% due 11/15/28(a)		322,448
	789,150	CCC-	Trinseo Luxco Finance SPV Sarl/Trinseo NA Finance SPV LLC, Secured Notes, 7.625% (5.125% cash and 2.500% PIK until 2/15/28 than 7.625% until 5/3/29) due 5/3/29(a)(d)		595,808

			Total Chemicals		3,259,876


	Coal — 0.1%
	152,000	BB+	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		156,931


	Commercial Services — 8.5%
	855,000	B	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes, 4.625% due 6/1/28(a)		815,419
			Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes:
	556,000	B+	5.375% due 3/1/29(a)		518,570
	170,000	B+	8.250% due 1/15/30(a)		173,308
	390,000	BB+	Block Inc., Senior Unsecured Notes, 6.500% due 5/15/32(a)		398,392
	510,000	BB	Boost Newco Borrower LLC, Senior Secured Notes, 7.500% due 1/15/31(a)		533,722
	754,000	B-	Champions Financing Inc., Senior Secured Notes, 8.750% due 2/15/29(a)		698,164
			Deluxe Corp.:
	822,000	CCC	Company Guaranteed Notes, 8.000% due 6/1/29(a)		782,655
	390,000	B	Senior Secured Notes, 8.125% due 9/15/29(a)		396,106
			EquipmentShare.com Inc.:
	522,000	B	Secured Notes, 8.625% due 5/15/32(a)		553,256
	240,000	B	Senior Secured Notes, 8.000% due 3/15/33(a)		249,491

See Notes to Financial Statements.

199



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Commercial Services — 8.5% — (continued)
			Garda World Security Corp., Senior Unsecured Notes:
$	412,000	CCC+	6.000% due 6/1/29(a)	$	397,767
	445,000	CCC+	8.375% due 11/15/32(a)		457,822
			Hertz Corp. (The):
	1,052,000	CCC+	Company Guaranteed Notes, 4.625% due 12/1/26(a)		913,818
	375,000	B	Senior Secured Notes, 12.625% due 7/15/29(a)		395,698
	890,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		863,503
			Prime Security Services Borrower LLC/Prime Finance Inc.:
	540,000	B	Secured Notes, 6.250% due 1/15/28(a)		541,371
	231,000	BB	Senior Secured Notes, 3.375% due 8/31/27(a)		219,708
	337,000	Ba3(e)	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		343,578
	725,000	BB	TriNet Group Inc., Company Guaranteed Notes, 3.500% due 3/1/29(a)		665,570
	610,000	B+	Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30(a)		664,169
	684,000	B	VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a)		669,031
	441,000	B	WEX Inc., Senior Unsecured Notes, 6.500% due 3/15/33(a)		441,583

			Total Commercial Services		11,692,701


	Computers — 1.1%
	535,000	CCC+	Ahead DB Holdings LLC, Company Guaranteed Notes, 6.625% due 5/1/28(a)		529,247
	520,000	B	Fortress Intermediate 3 Inc., Senior Secured Notes, 7.500% due 6/1/31(a)		538,879
	226,000	CCC+	McAfee Corp., Senior Unsecured Notes, 7.375% due 2/15/30(a)		220,548
	62,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a)		59,667
	210,000	BB	Seagate HDD Cayman, Company Guaranteed Notes, 4.091% due 6/1/29(a)		199,486

			Total Computers		1,547,827


	Cosmetics/Personal Care — 1.2%
	718,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		669,241
	940,000	B+	Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32		940,719

			Total Cosmetics/Personal Care		1,609,960


	Distribution/Wholesale — 0.2%
	221,000	B+	Windsor Holdings III LLC, Senior Secured Notes, 8.500% due 6/15/30(a)		233,957


	Diversified Financial Services — 8.6%
	735,000	BB	Aircastle Ltd., Junior Subordinated Notes, 5.250% (5-Year CMT Index + 4.410%)(a)(f)(g)		724,893
	1,287,000	BB+	Ally Financial Inc., Subordinated Notes, 6.700% due 2/14/33		1,328,106
	600,000	BB-	Bread Financial Holdings Inc., Company Guaranteed Notes, 9.750% due 3/15/29(a)		647,229
			Burford Capital Global Finance LLC, Company Guaranteed Notes:
	724,000	BB	6.250% due 4/15/28(a)		721,243
	240,000	BB	9.250% due 7/1/31(a)		258,509
	905,000	CCC	Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a)		798,623
	745,000	BB	Credit Acceptance Corp., Company Guaranteed Notes, 9.250% due 12/15/28(a)		795,887
			Enova International Inc., Company Guaranteed Notes:
	44,000	B-	11.250% due 12/15/28(a)		47,836
	640,000	B-	9.125% due 8/1/29(a)		675,279
	715,000	B	Focus Financial Partners LLC, Senior Secured Notes, 6.750% due 9/15/31(a)		721,432
			goeasy Ltd.:
	395,000	BB-	Company Guaranteed Notes, 6.875% due 5/15/30(a)		401,569
	316,000	BB-	Senior Unsecured Notes, 7.625% due 7/1/29(a)		328,365
			Jane Street Group/JSG Finance Inc., Senior Secured Notes:
	200,000	BB	4.500% due 11/15/29(a)		189,343
	405,000	BB	7.125% due 4/30/31(a)		420,438
	440,000	BB	6.125% due 11/1/32(a)		441,144
	534,000	B1(e)	LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(a)		530,627
			OneMain Finance Corp., Company Guaranteed Notes:
	119,000	BB	6.625% due 5/15/29		121,333

See Notes to Financial Statements.

200



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Diversified Financial Services — 8.6% — (continued)
$	231,000	BB	5.375% due 11/15/29	$	225,866
	445,000	BB	7.500% due 5/15/31		464,031
	705,000	B-	Planet Financial Group LLC, Company Guaranteed Notes, 10.500% due 12/15/29(a)		731,973
	505,000	B1(e)	Rfna LP, Senior Unsecured Notes, 7.875% due 2/15/30(a)		515,489
	710,000	B+	VFH Parent LLC/Valor Co.-Issuer Inc., Senior Secured Notes, 7.500% due 6/15/31(a)		734,843

			Total Diversified Financial Services		11,824,058


	Electric — 4.3%
	638,000	BB+	Atlantica Sustainable Infrastructure PLC, Company Guaranteed Notes, 4.125% due 6/15/28(a)		601,967
	523,000	B+	Calpine Corp., Senior Unsecured Notes, 5.000% due 2/1/31(a)		503,846
	700,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)		608,237
			NRG Energy Inc., Company Guaranteed Notes:
	174,000	BB	5.750% due 1/15/28		174,598
	290,000	BB	5.250% due 6/15/29(a)		284,472
	597,000	BB	3.625% due 2/15/31(a)		533,175
	170,000	BB	6.250% due 11/1/34(a)		170,693
	910,000	BB-	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		864,064
			Vistra Operations Co. LLC:
			Company Guaranteed Notes:
	170,000	BB+	7.750% due 10/15/31(a)		179,618
	320,000	BB+	6.875% due 4/15/32(a)		330,452
	546,000	BBB-	Senior Secured Notes, 4.300% due 7/15/29(a)		529,874
			XPLR Infrastructure Operating Partners LP:
	445,000	BB	Company Guaranteed Notes, 4.500% due 9/15/27(a)		425,480
	690,000	BB	Senior Unsecured Notes, 7.250% due 1/15/29(a)		685,860

			Total Electric		5,892,336


	Electrical Components & Equipment — 0.7%
			EnerSys, Company Guaranteed Notes:
	485,000	BB+	4.375% due 12/15/27(a)		470,416
	29,000	BB+	6.625% due 1/15/32(a)		29,885
	436,000	BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.375% due 3/15/33(a)		439,830

			Total Electrical Components & Equipment		940,131


	Electronics — 0.7%
	700,000	BB	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		673,880
	380,000	BB-	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		356,074

			Total Electronics		1,029,954


	Entertainment — 2.0%
	555,000	B+	Banijay Entertainment SAS, Senior Secured Notes, 8.125% due 5/1/29(a)		578,802
			Caesars Entertainment Inc.:
			Company Guaranteed Notes:
	395,000	B-	4.625% due 10/15/29(a)		373,508
	210,000	B-	6.000% due 10/15/32(a)		204,904
	127,000	BB-	Senior Secured Notes, 6.500% due 2/15/32(a)		128,916
	780,000	B	Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30(a)		806,934
	753,000	B+	SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a)		730,215

			Total Entertainment		2,823,279


	Environmental Control — 0.3%
			Reworld Holding Corp., Company Guaranteed Notes:
	240,000	B	4.875% due 12/1/29(a)		226,396
	208,000	B	5.000% due 9/1/30		194,569

			Total Environmental Control		420,965

See Notes to Financial Statements.

201



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Food — 2.0%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
$	372,000	BB+	5.875% due 2/15/28(a)	$	372,283
	505,000	BB+	3.500% due 3/15/29(a)		467,398
	1,348,000	B-	C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28(a)		1,132,942
	131,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)		130,175
			Performance Food Group Inc., Company Guaranteed Notes:
	347,000	BB	5.500% due 10/15/27(a)		345,729
	360,000	BB	4.250% due 8/1/29(a)		339,786

			Total Food		2,788,313


	Forest Products & Paper — 0.6%
	886,000	B+	Magnera Corp., Company Guaranteed Notes, 4.750% due 11/15/29(a)		806,717


	Healthcare — Products — 0.8%
	402,000	BB-	Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a)		376,880
	285,000	BB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		289,626
	417,000	BB-	Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31(a)		429,398

			Total Healthcare — Products		1,095,904


	Healthcare — Services — 1.9%
	778,000	B	Concentra Escrow Issuer Corp., Company Guaranteed Notes, 6.875% due 7/15/32(a)		807,740
	750,000	CCC+	LifePoint Health Inc., Company Guaranteed Notes, 5.375% due 1/15/29(a)		670,158
			Molina Healthcare Inc., Senior Unsecured Notes:
	715,000	BB	3.875% due 11/15/30(a)		644,206
	160,000	BB	6.250% due 1/15/33(a)		158,199
	285,000	B	Select Medical Corp., Company Guaranteed Notes, 6.250% due 12/1/32(a)		283,875

			Total Healthcare — Services		2,564,178


	Home Builders — 0.5%
			Mattamy Group Corp., Senior Unsecured Notes:
	201,000	BB+	5.250% due 12/15/27(a)		198,138
	525,000	BB+	4.625% due 3/1/30(a)		490,365

			Total Home Builders		688,503


	Insurance — 2.2%
	590,000	B	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500% due 10/1/31(a)		592,040
	520,000	B-	Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, Senior Secured Notes, 7.125% due 5/15/31(a)		531,955
	705,000	B	Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC, Senior Secured Notes, 7.250% due 2/15/31(a)		718,257
	557,000	B-	Jones Deslauriers Insurance Management Inc., Senior Secured Notes, 8.500% due 3/15/30(a)		593,469
	585,000	B	Panther Escrow Issuer LLC, Senior Secured Notes, 7.125% due 6/1/31(a)		602,387

			Total Insurance		3,038,108


	Internet — 1.8%
	582,000	B+	Cogent Communications Group Inc./Cogent Communications Finance Inc., Company Guaranteed Notes, 7.000% due 6/15/27(a)		586,639
	210,000	B+	Cogent Communications Group LLC, Company Guaranteed Notes, 7.000% due 6/15/27(a)		211,935
			Gen Digital Inc.:
			Company Guaranteed Notes:
	101,000	BB-	6.750% due 9/30/27(a)		102,906
	198,000	BB-	7.125% due 9/30/30(a)		204,350
	154,000	B1(e)	Senior Unsecured Notes, 6.250% due 4/1/33(a)		154,581
	784,000	B-	GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(a)		729,954
	490,000	B-	ION Trading Technologies Sarl, Senior Secured Notes, 5.750% due 5/15/28(a)		463,380

			Total Internet		2,453,745

See Notes to Financial Statements.

202



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Iron/Steel — 2.4%
$	484,000	BB-	ATI Inc., Senior Unsecured Notes, 4.875% due 10/1/29	$	465,773
			Cleveland-Cliffs Inc.:
			Company Guaranteed Notes:
	80,000	BB-	5.875% due 6/1/27		79,943
	330,000	BB-	7.000% due 3/15/32(a)		331,844
	660,000	Ba3(e)	7.375% due 5/1/33(a)		663,131
	48,000	B	Senior Unsecured Notes, 6.250% due 10/1/40		41,669
	665,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		602,918
			Mineral Resources Ltd., Senior Unsecured Notes:
	268,000	Ba3(e)	8.125% due 5/1/27(a)		268,186
	273,000	Ba3(e)	9.250% due 10/1/28(a)		282,777
	639,000	Ba3(e)	8.500% due 5/1/30(a)		646,193

			Total Iron/Steel		3,382,434


	Leisure Time — 2.7%
			Carnival Corp.:
			Company Guaranteed Notes:
	361,000	BB	5.750% due 3/1/27(a)		362,123
	749,000	BB	6.000% due 5/1/29(a)		751,386
	120,000	BBB-	Senior Secured Notes, 7.000% due 8/15/29(a)		126,222
			NCL Corp., Ltd.:
			Senior Secured Notes:
	270,000	BB-	5.875% due 2/15/27(a)		270,798
	230,000	BB	8.125% due 1/15/29(a)		244,125
			Senior Unsecured Notes:
	374,000	B+	7.750% due 2/15/29(a)		398,151
	350,000	B+	6.250% due 3/1/30(a)		351,804
	180,000	B+	NCL Finance Ltd., Company Guaranteed Notes, 6.125% due 3/15/28(a)		181,755
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	290,000	BBB-	6.250% due 3/15/32(a)		296,024
	735,000	BBB-	6.000% due 2/1/33(a)		743,157

			Total Leisure Time		3,725,545


	Lodging — 2.4%
	961,000	B+	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company Guaranteed Notes, 4.875% due 7/1/31(a)		877,682
			Melco Resorts Finance Ltd., Senior Unsecured Notes:
	820,000	BB-	5.375% due 12/4/29(a)		763,562
	200,000	BB-	7.625% due 4/17/32(a)		201,068
	722,000	B	Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32(a)		728,753
			Travel + Leisure Co., Senior Secured Notes:
	245,000	BB-	6.000% due 4/1/27		247,461
	540,000	BB-	4.500% due 12/1/29(a)		514,697

			Total Lodging		3,333,223


	Media — 5.5%
	345,000	BB+	Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27		361,099
	905,000	B+	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)		736,414
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	509,000	BB-	6.375% due 9/1/29(a)		511,317
	680,000	BB-	4.500% due 5/1/32		599,478
			CSC Holdings LLC:
			Company Guaranteed Notes:
	200,000	CCC+	6.500% due 2/1/29(a)		166,720
	200,000	CCC+	4.500% due 11/15/31(a)		147,121
			Senior Unsecured Notes:
	980,000	CCC-	5.750% due 1/15/30(a)		564,882

See Notes to Financial Statements.

203



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Media — 5.5% — (continued)
$	200,000	CCC-	4.625% due 12/1/30(a)	$	106,593
			Paramount Global, Junior Subordinated Notes:
	619,000	BB-	6.250% (3-Month USD-LIBOR + 3.899%) due 2/28/57(f)		596,489
	222,000	BB-	6.375% (5-Year CMT Index + 3.999%) due 3/30/62(f)		216,498
			Sirius XM Radio LLC, Company Guaranteed Notes:
	560,000	BB+	4.000% due 7/15/28(a)		526,423
	846,000	BB+	3.875% due 9/1/31(a)		734,383
	727,000	BB-	Sunrise FinCo I BV, Senior Secured Notes, 4.875% due 7/15/31(a)		679,091
	345,000	BB+	TEGNA Inc., Company Guaranteed Notes, 4.625% due 3/15/28(a)		330,852
			Univision Communications Inc., Senior Secured Notes:
	120,000	B+	8.000% due 8/15/28(a)		121,993
	112,000	B+	7.375% due 6/30/30(a)		109,465
	430,000	B+	8.500% due 7/31/31(a)		428,376
	817,000	B-	Virgin Media Finance PLC, Company Guaranteed Notes, 5.000% due 7/15/30(a)		710,077

			Total Media		7,647,271


	Mining — 1.5%
	1,160,000	BB+	FMG Resources August 2006 Pty Ltd., Company Guaranteed Notes, 4.375% due 4/1/31(a)		1,065,148
			Hudbay Minerals Inc., Company Guaranteed Notes:
	40,000	B	4.500% due 4/1/26(a)		39,581
	482,000	B	6.125% due 4/1/29(a)		481,790
	505,000	BB	Novelis Corp., Company Guaranteed Notes, 4.750% due 1/30/30(a)		477,471
	65,000	BB	Novelis Inc., Company Guaranteed Notes, 6.875% due 1/30/30(a)		66,499

			Total Mining		2,130,489


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


	Oil & Gas — 5.1%
	531,000	BB-	Baytex Energy Corp., Company Guaranteed Notes, 7.375% due 3/15/32(a)		519,501
			Comstock Resources Inc., Company Guaranteed Notes:
	505,000	B	6.750% due 3/1/29(a)		497,916
	170,000	B	5.875% due 1/15/30(a)		161,964
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	180,000	BB-	9.250% due 2/15/28(a)		188,784
	193,000	BB-	7.625% due 4/1/32(a)		193,581
	74,000	BB-	7.375% due 1/15/33(a)		72,739
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	342,000	BB+	5.750% due 2/1/29(a)		335,033
	490,000	BB+	6.250% due 4/15/32(a)		468,634
	150,000	BB+	8.375% due 11/1/33(a)		156,889
	175,000	BB+	7.250% due 2/15/35(a)		171,935
	283,000	B-	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		283,748
	420,000	CCC	Nabors Industries Ltd., Company Guaranteed Notes, 7.500% due 1/15/28(a)		399,332
	874,000	BB-	Strathcona Resources Ltd., Senior Unsecured Notes, 6.875% due 8/1/26(a)		877,540
	255,000	BB+	Sunoco LP, Company Guaranteed Notes, 7.250% due 5/1/32(a)		266,239
	457,000	BB-	Talos Production Inc., Secured Notes, 9.375% due 2/1/31(a)		470,603
	643,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		651,786
	535,000	B	Vital Energy Inc., Company Guaranteed Notes, 7.875% due 4/15/32(a)		516,065
	796,000	B+	Wildfire Intermediate Holdings LLC, Senior Unsecured Notes, 7.500% due 10/15/29(a)		792,413

			Total Oil & Gas		7,024,702


	Oil & Gas Services — 1.0%
			Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes:
	278,000	BB-	6.250% due 4/1/28(a)		279,066

See Notes to Financial Statements.

204



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas Services — 1.0% — (continued)
$	375,000	BB-	6.625% due 9/1/32(a)	$	379,861
	635,000	BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(a)		656,186

			Total Oil & Gas Services		1,315,113


	Packaging & Containers — 3.0%
			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes:
	210,000	B	6.000% due 6/15/27(a)		209,297
	625,000	B	3.250% due 9/1/28(a)		572,217
	708,000	CCC+	Clydesdale Acquisition Holdings Inc., Company Guaranteed Notes, 8.750% due 4/15/30(a)		719,379
	474,000	BB+	Crown Americas LLC, Company Guaranteed Notes, 5.250% due 4/1/30		466,826
	860,000	CCC-	Iris Holding Inc., Senior Unsecured Notes, 10.000% due 12/15/28(a)		796,775
			LABL Inc., Senior Secured Notes:
	756,000	B-	5.875% due 11/1/28(a)		669,612
	127,000	B-	9.500% due 11/1/28(a)		122,203
	244,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 8/15/26(a)		247,455
	417,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		402,540

			Total Packaging & Containers		4,206,304


	Pharmaceuticals — 2.4%
	382,000	B+	Endo Finance Holdings Inc., Senior Secured Notes, 8.500% due 4/15/31(a)		409,910
			HLF Financing Sarl LLC/Herbalife International Inc.:
	1,105,000	B	Company Guaranteed Notes, 4.875% due 6/1/29(a)		857,666
	685,000	B+	Senior Secured Notes, 12.250% due 4/15/29(a)		740,215
			Organon & Co./Organon Foreign Debt Co.-Issuer BV:
	265,000	BB	Senior Secured Notes, 4.125% due 4/30/28(a)		252,259
	404,000	BB-	Senior Unsecured Notes, 5.125% due 4/30/31(a)		367,633
	230,000	D	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27*(a)(h)		3,220
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	400,000	BB	7.875% due 9/15/29		434,471
	270,000	BB	8.125% due 9/15/31		303,074

			Total Pharmaceuticals		3,368,448


	Pipelines — 4.8%
	405,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		405,297
	625,000	BB-	Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes, 8.625% due 3/15/29(a)		656,656
			EQM Midstream Partners LP, Senior Unsecured Notes:
	27,000	BBB-	7.500% due 6/1/27(a)		27,690
	254,000	BBB-	7.500% due 6/1/30(a)		276,450
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	349,000	B	8.250% due 1/15/29		360,074
	510,000	B	8.875% due 4/15/30		529,849
	85,000	B	7.875% due 5/15/32		85,626
	110,000	B	8.000% due 5/15/33		111,180
			Harvest Midstream I LP, Senior Unsecured Notes:
	770,000	BB-	7.500% due 9/1/28(a)		787,003
	510,000	BB-	7.500% due 5/15/32(a)		535,090
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	120,000	B+	8.875% due 7/15/28(a)		126,698
	775,000	B+	7.375% due 7/15/32(a)		807,841
	1,220,000	B-	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		1,163,205
			NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes:
	59,000	B+	8.125% due 2/15/29(a)		60,181
	459,000	B+	8.375% due 2/15/32(a)		466,649

See Notes to Financial Statements.

205



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 4.8% — (continued)
			NuStar Logistics LP, Company Guaranteed Notes:
$	40,000	Ba1(e)	5.750% due 10/1/25	$	40,022
	238,000	Ba1(e)	6.375% due 10/1/30		243,183

			Total Pipelines		6,682,694


	Private Equity — 0.6%
			HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes:
	257,000	BB+	3.375% due 6/15/26(a)		249,495
	575,000	BB+	8.000% due 6/15/27(a)		599,765

			Total Private Equity		849,260


	Real Estate — 1.6%
			Cushman & Wakefield US Borrower LLC, Senior Secured Notes:
	338,000	BB-	6.750% due 5/15/28(a)		341,618
	380,000	BB-	8.875% due 9/1/31(a)		408,761
	495,000	BB	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		521,233
			Kennedy-Wilson Inc., Company Guaranteed Notes:
	925,000	B	4.750% due 3/1/29		865,588
	41,000	B	4.750% due 2/1/30		37,540

			Total Real Estate		2,174,740


	Real Estate Investment Trusts (REITs) — 3.0%
	803,000	B+	Apollo Commercial Real Estate Finance Inc., Senior Secured Notes, 4.625% due 6/15/29(a)		748,913
	646,000	B+	Blackstone Mortgage Trust Inc., Senior Secured Notes, 7.750% due 12/1/29(a)		672,927
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	305,000	BB	4.250% due 2/1/27(a)		297,094
	110,000	BB	4.750% due 6/15/29(a)		106,194
	340,000	BB	7.000% due 7/15/31(a)		353,183
			Service Properties Trust:
			Company Guaranteed Notes:
	336,000	BB-	5.500% due 12/15/27		327,473
	395,000	BB-	8.375% due 6/15/29		399,673
	478,000	BB-	8.875% due 6/15/32		474,728
	60,000	BB-	Senior Secured Notes, 8.625% due 11/15/31(a)		64,313
			Starwood Property Trust Inc., Senior Unsecured Notes:
	130,000	BB-	7.250% due 4/1/29(a)		135,329
	530,000	BB-	6.500% due 7/1/30(a)		537,897

			Total Real Estate Investment Trusts (REITs)		4,117,724


	Retail — 6.0%
	630,000	BB-	Brinker International Inc., Company Guaranteed Notes, 8.250% due 7/15/30(a)		673,388
	524,000	B-	CEC Entertainment LLC, Senior Secured Notes, 6.750% due 5/1/26(a)		523,529
			Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.:
	875,000	CCC+	Company Guaranteed Notes, 6.750% due 1/15/30(a)		814,132
	190,000	B	Senior Secured Notes, 4.625% due 1/15/29(a)		179,804
			FirstCash Inc., Company Guaranteed Notes:
	432,000	BB	4.625% due 9/1/28(a)		417,704
	187,000	BB	5.625% due 1/1/30(a)		183,644
	150,000	BB	6.875% due 3/1/32(a)		153,372
	1,325,000	BB-	Kohl’s Corp., Senior Unsecured Notes, 4.625% due 5/1/31		1,035,755
	935,000	CCC	LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29(a)		861,524
			Murphy Oil USA Inc., Company Guaranteed Notes:
	415,000	BB+	4.750% due 9/15/29		399,989
	110,000	BB+	3.750% due 2/15/31(a)		98,472
	850,000	CCC	Park River Holdings Inc., Senior Unsecured Notes, 6.750% due 8/1/29(a)		735,267
	495,000	B	Raising Cane’s Restaurants LLC, Senior Unsecured Notes, 9.375% due 5/1/29(a)		529,119
	700,000	B	Saks Global Enterprises LLC, Senior Secured Notes, 11.000% due 12/15/29(a)		647,067

See Notes to Financial Statements.

206



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 6.0% — (continued)
$	640,000	B	Specialty Building Products Holdings LLC/SBP Finance Corp., Senior Secured Notes, 7.750% due 10/15/29(a)	$	654,501
	308,000	B+	Victra Holdings LLC/Victra Finance Corp., Senior Secured Notes, 8.750% due 9/15/29(a)		327,482

			Total Retail		8,234,749


	Semiconductors — 0.2%
	320,000	BB-	Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a)		320,796


	Software — 2.0%
	635,000	B-	Capstone Borrower Inc., Senior Secured Notes, 8.000% due 6/15/30(a)		665,725
			Cloud Software Group Inc.:
	140,000	B-	Secured Notes, 9.000% due 9/30/29(a)		143,205
			Senior Secured Notes:
	355,000	B	6.500% due 3/31/29(a)		348,924
	370,000	B	8.250% due 6/30/32(a)		383,992
	450,000	B	Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes, 4.625% due 5/1/28(a)		413,058
			Open Text Corp., Company Guaranteed Notes:
	20,000	BB	3.875% due 2/15/28(a)		18,954
	260,000	BB	3.875% due 12/1/29(a)		239,340
	240,000	BB	Open Text Holdings Inc., Company Guaranteed Notes, 4.125% due 12/1/31(a)		215,270
	636,480	B-	Rackspace Finance LLC, Senior Secured Notes, 3.500% due 5/15/28(a)		350,471

			Total Software		2,778,939


	Telecommunications — 5.9%
			Altice Financing SA, Senior Secured Notes:
	1,264,000	CCC+	5.000% due 1/15/28(a)		1,025,282
	607,000	CCC+	5.750% due 8/15/29(a)		476,919
			Altice France SA, Senior Secured Notes:
	250,000	CCC	8.125% due 2/1/27(a)		224,090
	250,000	CCC	5.500% due 1/15/28(a)		200,498
	420,000	CCC	5.125% due 7/15/29(a)		325,557
	610,000	B+	C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33(a)		617,104
	2,000	B-	CommScope LLC, Senior Secured Notes, 4.750% due 9/1/29(a)		1,802
	715,000	B	Connect Finco Sarl/Connect US Finco LLC, Senior Secured Notes, 9.000% due 9/15/29(a)		656,312
			Iliad Holding SASU, Senior Secured Notes:
	345,000	B+	7.000% due 10/15/28(a)		351,362
	200,000	B+	8.500% due 4/15/31(a)		213,196
	580,000	B+	7.000% due 4/15/32(a)		586,419
			Rogers Communications Inc., Subordinated Notes:
	286,000	BB	7.000% (5-Year CMT Index + 2.653%) due 4/15/55(f)		286,835
	404,000	BB	7.125% (5-Year CMT Index + 2.620%) due 4/15/55(f)		405,327
	535,000	BB-	Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32(a)		525,370
	690,000	D	Telesat Canada/Telesat LLC, Senior Secured Notes, 4.875% due 6/1/27(a)		407,209
	912,000	CCC+	Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)		684,604
			Vmed O2 UK Financing I PLC, Senior Secured Notes:
	260,000	B+	4.750% due 7/15/31(a)		228,198
	270,000	B+	7.750% due 4/15/32(a)		274,338
	805,000	CCC	Zayo Group Holdings Inc., Senior Unsecured Notes, 6.125% due 3/1/28(a)		717,001

			Total Telecommunications		8,207,423


	Transportation — 1.3%
	496,000	BB-	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(a)		495,454
	611,000	B2(e)	Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30(a)		619,269
	663,000	BB	Stonepeak Nile Parent LLC, Senior Secured Notes, 7.250% due 3/15/32(a)		682,058

			Total Transportation		1,796,781

See Notes to Financial Statements.

207



Schedules of Investments


(unaudited) (continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Trucking & Leasing — 0.6%
$	800,000	BBB-	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month Term SOFR + 4.562%) due 6/15/45(a)(f)	$	801,382

			TOTAL CORPORATE BONDS & NOTES (Cost — $132,385,379)		132,144,227


	SENIOR LOANS — 0.4%

	Media — 0.1%
	131,289	NR	Gannett Holdings LLC, 9.308% (3-Month CME Term SOFR + 5.000%) due 9/24/29(f)(h)		131,456


	Mining — 0.3%
	360,705	NR	Arctic Canadian Diamond Co., Ltd., 9.854% (3-Month USD-LIBOR + 5.000%) due 12/31/27(f)(h)		345,375

			TOTAL SENIOR LOANS (Cost — $471,656)		476,831

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $132,857,035)		132,621,058


	SHORT-TERM INVESTMENTS — 3.2%

	TIME DEPOSITS — 3.2%
	2,923,354		ANZ National Bank — London, 3.680% due 3/3/25		2,923,354
	6,226		Citibank — New York, 3.680% due 3/3/25		6,226
	1,542,526		JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		1,542,526

			TOTAL SHORT-TERM INVESTMENTS (Cost — $4,472,106)		4,472,106

			TOTAL INVESTMENTS — 99.2% (Cost — $137,329,141)		137,093,164

			Other Assets in Excess of Liabilities — 0.8%		1,092,636

			TOTAL NET ASSETS — 100.0%	$	138,185,800

†	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 Fitch Ratings Service.

(c)	Security is currently in default.

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

(e)	Rating by Moody’s Investors Service.

(f)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2025.

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

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

At February 28, 2025, 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	$ 137,329,141	$	2,050,175	$	(2,286,152)	$	(235,977)

See Notes to Financial Statements.

208



Schedules of Investments


(unaudited) (continued)


High Yield Fund


Abbreviations used in this schedule:
CME		— Chicago Mercantile Exchange
CMT		— Constant Maturity Treasury Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate


Currency abbreviation used in this schedule:
USD		— United States Dollar


Summary of Investments by Security Type^
Corporate Bonds & Notes	96.4	%
Senior Loans	0.3
Short-Term Investments	3.3

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 273-274 for definitions of ratings.

See Notes to Financial Statements.

209



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	MORTGAGE-BACKED SECURITIES — 55.9%

	FHLMC — 7.8%
			Federal Home Loan Mortgage Corp. (FHLMC):
$	26,655		3.500% due 10/1/39	$	25,110
	362,014		2.500% due 12/1/51		302,508
	84,563		2.000% due 3/1/52		67,744
	1,185,446		4.500% due 9/1/52 — 10/1/52		1,143,957
	6,299,552		6.500% due 1/1/53 — 3/1/54		6,510,871
	2,804,692		5.000% due 3/1/53 — 6/1/54		2,765,382
	3,199,619		6.000% due 12/1/53 — 9/1/54		3,254,040

			TOTAL FHLMC		14,069,612


	FNMA — 42.6%
			Federal National Mortgage Association (FNMA):
	797,203		4.500% due 9/1/34 — 6/1/52		769,729
	290,767		3.500% due 10/1/34 — 6/1/50		268,149
	9,412		7.040% (1-Year CMT Index + 2.360%) due 11/1/34(a)		9,772
	7,701,167		6.500% due 8/1/37 — 3/1/54		7,958,956
	744,000		4.000% due 3/1/42(b)		696,564
	8,437,000		4.500% due 3/1/42(b)		8,119,425
	11,300,000		5.000% due 4/1/42(b)		11,101,095
	3,300,000		3.000% due 5/1/44(b)		2,872,198
	395,350		3.000% due 10/1/49 — 5/1/51		344,869
	78,642		4.000% due 6/1/50		74,400
	415,757		2.000% due 3/1/52		333,144
	14,359,564		6.000% due 4/1/53 — 7/1/54		14,619,253
	1,300,750		5.000% due 5/1/53 — 6/1/54		1,280,249
	539,037		5.500% due 9/1/53		541,885
	12,500,000		6.000% due 3/1/55(b)		12,695,056
	15,200,000		6.500% due 4/1/55(b)		15,642,772

			TOTAL FNMA		77,327,516


	GNMA — 5.5%
			Government National Mortgage Association II (GNMA):
	1,383		6.000% due 9/20/38		1,411
	5,800,000		3.500% due 3/20/42(b)		5,315,369
	4,618,607		3.000% due 11/20/51 — 6/20/52		4,109,716
	700,000		2.500% due 3/20/55(b)		599,648

			TOTAL GNMA		10,026,144

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $100,070,322)		101,423,272


	SOVEREIGN BONDS — 39.7%

	Australia — 0.9%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30		58,015
	50,000	^AUD	1.750% due 6/21/51		16,764
	700,000	^AUD	New South Wales Treasury Corp., 1.750% due 3/20/34		334,626
			Queensland Treasury Corp.:
	1,000,000	^AUD	2.000% due 8/22/33		497,834
	200,000	^AUD	1.750% due 7/20/34(c)		93,926
	300,000	^AUD	5.250% due 7/21/36(c)		186,853
	1,000,000	^AUD	Treasury Corp. of Victoria, 2.250% due 9/15/33		507,071

			Total Australia		1,695,089

See Notes to Financial Statements.

210



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Brazil — 2.0%
			Brazil Letras do Tesouro Nacional:
	9,400,000	^BRL	zero coupon due 4/1/25	$	1,582,014
	13,000,000	^BRL	zero coupon due 10/1/25		2,040,649

			Total Brazil		3,622,663


	Canada — 2.5%
			Canadian Government Bonds:
	1,100,000	^CAD	4.000% due 3/1/29		800,464
	1,400,000	^CAD	3.250% due 12/1/33		995,824
	27,900,000	^INR	Export Development Canada, 7.130% due 3/11/29(c)		321,678
	200,000	^CAD	Province of British Columbia Canada, 4.150% due 6/18/34		145,091
	1,800,000	^CAD	Province of Ontario Canada, 3.650% due 6/2/33		1,269,703
			Province of Quebec Canada:
	1,000,000	^CAD	3.600% due 9/1/33(c)		701,295
	500,000	^CAD	4.450% due 9/1/34		370,997

			Total Canada		4,605,052


	Chile — 0.1%
$	200,000		Chile Government International Bonds, 4.850% due 1/22/29		200,472


	China — 0.4%
	4,090,000	^CNY	China Government Bonds, 3.190% due 4/15/53		698,795


	France — 5.0%
			French Republic Government Bonds OAT:
	6,000,000	^EUR	2.750% due 2/25/30(c)		6,277,497
	3,300,000	^EUR	2.000% due 5/25/48(c)		2,583,678
	250,000	^EUR	0.750% due 5/25/52(c)		132,092
	200,000	^EUR	0.500% due 5/25/72(c)		68,864

			Total France		9,062,131


	Hungary — 0.1%
	200,000		Hungary Government International Bonds, 6.250% due 9/22/32(c)		208,425


	Israel — 1.0%
			Israel Government International Bonds:
	300,000		5.375% due 3/12/29		302,949
	900,000		5.375% due 2/19/30		907,736
	300,000		5.500% due 3/12/34		302,600
	300,000		5.750% due 3/12/54		283,025

			Total Israel		1,796,310


	Italy — 0.5%
	400,000		Cassa Depositi e Prestiti SpA, 5.750% due 5/5/26(c)		404,224
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		519,528

			Total Italy		923,752


	Japan — 10.7%
	50,000,000	^JPY	Japan Government Five Year Bonds, 0.400% due 6/20/29		324,267
	120,000,000	^JPY	Japan Government Forty Year Bonds, 2.200% due 3/20/64		721,797
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		1,325,807
	280,000,000	^JPY	1.400% due 9/20/45		1,657,695
	152,000,000	^JPY	0.500% due 9/20/46		731,554
	98,000,000	^JPY	0.700% due 12/20/48		474,192
	360,000,000	^JPY	0.500% due 3/20/49		1,646,272
	125,000,000	^JPY	0.700% due 6/20/51		574,726
	180,000,000	^JPY	0.700% due 12/20/51		819,459

See Notes to Financial Statements.

211



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Japan — 10.7% — (continued)
	152,000,000	^JPY	1.800% due 3/20/54	$	897,289
	202,000,000	^JPY	2.200% due 6/20/54		1,303,322
	264,000,000	^JPY	2.300% due 12/20/54		1,736,853
			Japan Government Twenty Year Bonds:
	131,000,000	^JPY	1.200% due 9/20/35		850,866
	200,000,000	^JPY	1.000% due 12/20/35		1,268,969
	20,000,000	^JPY	0.400% due 3/20/36		118,372
	80,000,000	^JPY	1.500% due 9/20/43		492,966
	130,000,000	^JPY	1.800% due 9/20/44		834,615
	210,000,000	^JPY	2.000% due 12/20/44		1,389,861
	110,000,000	^JPY	Japan Government Two Year Bonds, 0.100% due 1/1/26		728,141
			Japanese Government CPI Linked Bonds:
	163,530,150	^JPY	0.100% due 3/10/28		1,131,264
	51,924,190	^JPY	0.100% due 3/10/29		359,401

			Total Japan		19,387,688


	Malaysia — 1.7%
			Malaysia Government Bonds:
	12,523,000	^MYR	3.519% due 4/20/28		2,808,119
	900,000	^MYR	2.632% due 4/15/31		189,613

			Total Malaysia		2,997,732


	Peru — 0.8%
	900,000	^PEN	Peru Government Bonds, 7.600% due 8/12/39(c)		257,857
			Peruvian Government International Bonds:
	2,900,000	^PEN	6.950% due 8/12/31		855,488
	1,400,000	^PEN	5.400% due 8/12/34		353,434

			Total Peru		1,466,779


	Poland — 0.6%
			Poland Government International Bonds:
$	200,000		4.625% due 3/18/29		199,612
	100,000		4.875% due 2/12/30		100,579
	200,000	^EUR	3.875% due 2/14/33		217,543
	100,000		4.875% due 10/4/33		98,188
	100,000		5.125% due 9/18/34		99,475
	100,000		5.375% due 2/12/35		100,933
	100,000	^EUR	4.250% due 2/14/43		107,924
	100,000		5.500% due 4/4/53		96,065

			Total Poland		1,020,319


	Romania — 0.6%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		672,907
	200,000	^EUR	1.750% due 7/13/30(c)		176,898
	100,000	^EUR	2.000% due 4/14/33(c)		79,744
	50,000	^EUR	2.750% due 4/14/41(c)		33,380
	200,000	^EUR	2.875% due 4/13/42(c)		133,680

			Total Romania		1,096,609


	Saudi Arabia — 1.1%
			Saudi Government International Bonds:
	400,000		5.125% due 1/13/28(c)		404,664
	400,000		4.750% due 1/18/28(c)		401,222
	500,000	^EUR	3.375% due 3/5/32(c)		519,339

See Notes to Financial Statements.

212



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Saudi Arabia — 1.1% — (continued)
$	700,000		4.875% due 7/18/33(c)	$	689,981

			Total Saudi Arabia		2,015,206


	Serbia — 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(c)		93,910
	100,000	^EUR	1.650% due 3/3/33(c)		84,281

			Total Serbia		178,191


	Singapore — 0.8%
			Singapore Government Bonds:
	47,000	^SGD	2.375% due 7/1/39		33,130
	1,649,000	^SGD	3.250% due 6/1/54		1,338,258

			Total Singapore		1,371,388


	South Africa — 0.7%
			South Africa Government Bonds:
	8,800,000	^ZAR	8.000% due 1/31/30		449,595
	18,200,000	^ZAR	8.875% due 2/28/35		874,704

			Total South Africa		1,324,299


	South Korea — 0.2%
	400,000		Korea National Oil Corp., 4.250% due 9/30/29(c)		393,605


	Spain — 7.4%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		107,283
			Spain Government Bonds:
	900,000	^EUR	2.500% due 5/31/27		939,037
	400,000	^EUR	1.450% due 10/31/27(c)		406,537
	1,500,000	^EUR	1.400% due 7/30/28(c)		1,508,422
	450,000	^EUR	1.450% due 4/30/29(c)		449,052
	1,500,000	^EUR	2.700% due 1/31/30		1,568,202
	400,000	^EUR	0.700% due 4/30/32(c)		360,050
	2,100,000	^EUR	2.550% due 10/31/32(c)		2,138,735
	2,300,000	^EUR	3.550% due 10/31/33(c)		2,496,453
	1,560,000	^EUR	3.150% due 4/30/35(c)		1,628,417
	400,000	^EUR	1.850% due 7/30/35(c)		370,081
	500,000	^EUR	1.900% due 10/31/52(c)		359,067
	688,000	^EUR	3.450% due 7/30/66(c)		659,952
	700,000	^EUR	1.450% due 10/31/71(c)		363,174

			Total Spain		13,354,462


	United Kingdom — 2.5%
			United Kingdom Gilts:
	1,350,000	^GBP	3.250% due 1/22/44		1,340,943
	700,000	^GBP	3.500% due 1/22/45		715,840
	500,000	^GBP	1.750% due 1/22/49		347,162
	1,400,000	^GBP	0.625% due 10/22/50		674,432
	1,300,000	^GBP	1.250% due 7/31/51		744,969
	500,000	^GBP	4.375% due 7/31/54		562,130
	500,000	^GBP	1.125% due 10/22/73		220,492

			Total United Kingdom		4,605,968

			TOTAL SOVEREIGN BONDS (Cost — $85,804,200)		72,024,935

See Notes to Financial Statements.

213



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 17.3%

	Asset Backed Securities — 8.0%
$	4,820		ACAS CLO Ltd., Series 2015-1A, Class AR3, 5.445% (3-Month Term SOFR + 1.152%) due 10/18/28(a)(c)	$	4,824
	283,961		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 5.334% (1-Month Term SOFR + 1.014%) due 8/25/35(a)		279,316
	2,216		AMMC CLO 21 Ltd., Series 2017-21A, Class A, 5.802% (3-Month Term SOFR + 1.512%) due 11/2/30(a)(c)		2,217
	325,306		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 4.914% (1-Month Term SOFR + 0.594%) due 5/25/35(a)		288,748
	500,000		Bain Capital Credit CLO Ltd., Series 2020-2A, Class ARR, 5.533% (3-Month Term SOFR + 1.240%) due 7/19/34(a)(c)		500,667
	127,566		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 4.884% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(c)		127,626
	342,656		BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 5.523% (3-Month Term SOFR + 1.200%) due 11/15/30(a)(c)		343,193
	299,697	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 3.497% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(c)		310,021
	201,263	^EUR	Cairn CLO VII DAC, Series 2016-7A, Class A1R, 3.282% (3-Month EURIBOR + 0.670%) due 1/31/30(a)(c)		208,151
	211,055	^EUR	Cairn CLO X DAC, Series 2018-10A, Class AR, 3.565% (3-Month EURIBOR + 0.780%) due 10/15/31(a)(c)		218,976
	600,000		Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR, 5.383% (3-Month Term SOFR + 1.090%) due 7/20/34(a)(c)		600,608
	557,253		CarVal CLO I Ltd., Series 2018-1A, Class AR, 5.538% (3-Month Term SOFR + 1.230%) due 7/16/31(a)(c)		558,190
	160,875		CIFC Funding Ltd., Series 2017-4A, Class A1R, 5.508% (3-Month Term SOFR + 1.212%) due 10/24/30(a)(c)		161,157
			Countrywide Asset-Backed Certificates:
	208,708		Series 2007-9, Class 2A4, 4.684% (1-Month Term SOFR + 0.364%) due 2/25/36(a)		199,889
	34,848		Series 2007-12, Class 1A1, 5.174% (1-Month Term SOFR + 0.854%) due 8/25/47(a)		33,858
	244,077		Series 2007-13, Class 1A, 5.274% (1-Month Term SOFR + 0.954%) due 10/25/47(a)		237,981
	123,537		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		20,141
	224,439	^EUR	CVC Cordatus Loan Fund XI DAC, Series 11A, Class AR, 3.435% (3-Month EURIBOR + 0.650%) due 10/15/31(a)(c)		232,649
	463,969	^EUR	CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class A, 3.936% (3-Month EURIBOR + 1.380%) due 8/15/33(a)(c)		481,397
	231,071	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 3.445% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(c)		238,892
	600,000		Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, 5.363% (3-Month Term SOFR + 1.070%) due 4/20/34(a)(c)		601,799
	209,433		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 5.584% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(c)		209,960
			Elevation CLO Ltd.:
	21,822		Series 2017-8A, Class A1R2, 5.512% (3-Month Term SOFR + 1.212%) due 10/25/30(a)(c)		21,836
	500,000		Series 2018-3A, Class A1R2, 5.600% (3-Month Term SOFR + 1.300%) due 1/25/35(a)(c)		501,521
	288,610		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 5.484% (1-Month Term SOFR + 1.164%) due 5/25/37(a)(c)		281,303
	69,191		Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 5.534% (3-Month Term SOFR + 1.232%) due 10/15/30(a)(c)		69,308
	381,909		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.654% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(c)		382,410
	500,000	^EUR	Grosvenor Place CLO DAC, Series 2024-2A, Class A (3-Month EURIBOR + 1.240%) due 1/15/39(a)(c)		520,158
	500,000	^EUR	Hayfin Emerald CLO XII DAC, Series 12-A, Class A, 4.413% (3-Month EURIBOR + 1.740%) due 1/25/37(a)(c)		521,186
	900,000	^EUR	Hayfin Emerald CLO XIV DAC, Series 14-A, Class A, 3.914% (3-Month EURIBOR + 1.210%) due 1/22/39(a)(c)		934,246

See Notes to Financial Statements.

214



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Asset Backed Securities — 8.0% — (continued)
$	500,000		ICG US CLO Ltd., Series 2021-3A, Class AR, 5.443% (3-Month Term SOFR + 1.150%) due 10/20/34(a)(c)	$	500,462
	700,000		Jamestown CLO XVI Ltd., Series 2021-16A, Class AR, 5.420% (3-Month Term SOFR + 1.120%) due 7/25/34(a)(c)		700,641
	471,738		Northwoods Capital XII-B Ltd., Series 2018-12BA, Class AR, 5.549% (3-Month Term SOFR + 1.190%) due 6/15/31(a)(c)		472,033
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 4.974% (1-Month Term SOFR + 0.654%) due 5/25/36(a)		385,062
	47,408		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 4.574% (1-Month Term SOFR + 0.254%) due 3/25/37(a)		42,996
	357,370		OZLM IX Ltd., Series 2014-9A, Class A1A4, 5.493% (3-Month Term SOFR + 1.200%) due 10/20/31(a)(c)		357,513
	500,000	^EUR	Providus CLO II DAC, Series 2A, Class ARR, 3.945% (3-Month EURIBOR + 1.160%) due 10/15/38(a)(c)		519,697
	600,000	^EUR	Rockford Tower Europe CLO DAC, Series 2018-1A, Class AR, 4.041% (3-Month EURIBOR + 1.370%) due 4/24/37(a)(c)		623,536
	871,434		Soundview Home Loan Trust, Series 2006-3, Class A4, 4.934% (1-Month Term SOFR + 0.614%) due 11/25/36(a)		817,392
	489,101	^EUR	St Pauls CLO, Series 11A, Class AR, 3.598% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(c)		510,254
	370,608		Venture 38 CLO Ltd., Series 2019-38A, Class A1R, 5.709% (3-Month Term SOFR + 1.422%) due 7/30/32(a)(c)		370,627
	55,539		Voya CLO Ltd., Series 2017-1A, Class A1R, 5.514% (3-Month Term SOFR + 1.212%) due 4/17/30(a)(c)		55,599
	87,311		Wind River CLO Ltd., Series 2014-1A, Class ARR, 5.605% (3-Month Term SOFR + 1.312%) due 7/18/31(a)(c)		87,393

			Total Asset Backed Securities		14,535,433


	Mortgage Securities — 9.3%
	164,040	^GBP	ALBA PLC, Series 2007-1, Class A3, 4.928% (Sterling Overnight Index Average + 0.289%) due 3/17/39(a)		202,822
	275,940		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 5.789% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(c)		276,295
	4,436		Banc of America Funding Trust, Series 2006-A, Class 1A1, 6.437% due 2/20/36(a)		4,205
	246,223		BDS Ltd., Series 2021-FL10, Class A, 5.778% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(c)		246,640
			Bear Stearns Adjustable Rate Mortgage Trust:
	1,411		Series 2003-5, Class 1A2, 5.257% due 8/25/33(a)		1,357
	1,622		Series 2003-7, Class 6A, 6.508% due 10/25/33(a)		1,561
	6,963		Series 2004-2, Class 22A, 6.912% due 5/25/34(a)		6,664
	1,447		Series 2004-2, Class 23A, 4.000% due 5/25/34(a)		1,301
	26,638		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 5.375% due 1/26/36(a)		19,141
	365,088		BIG Commercial Mortgage Trust, Series 2022-BIG, Class A, 5.654% (1-Month Term SOFR + 1.342%) due 2/15/39(a)(c)		364,289
			Countrywide Alternative Loan Trust:
	3,091		Series 2005-21CB, Class A3, 5.250% due 6/25/35		2,316
	16,613		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		7,891
	33,215		Series 2007-11T1, Class A12, 4.784% (1-Month Term SOFR + 0.464%) due 5/25/37(a)		10,248
	25,503		Series 2007-7T2, Class A9, 6.000% due 4/25/37		11,514
			Countrywide Home Loan Mortgage Pass-Through Trust:
	34,242		Series 2005-2, Class 1A1, 5.074% (1-Month Term SOFR + 0.754%) due 3/25/35(a)		31,377
	1,209		Series 2005-3, Class 2A1, 5.014% (1-Month Term SOFR + 0.694%) due 4/25/35(a)		1,162
	34,666		Series 2005-9, Class 1A3, 4.894% (1-Month Term SOFR + 0.574%) due 5/25/35(a)		30,291
	11,375		Series 2005-11, Class 3A1, 3.710% due 4/25/35(a)		9,044
	5,593		Series 2005-HYB9, Class 3A2A, 6.662% (1-Year Term SOFR + 2.465%) due 2/20/36(a)		4,834
	490,115		Series 2007-4, Class 1A47, 6.000% due 5/25/37		216,009
	91,947		Series 2007-19, Class 2A1, 6.500% due 11/25/47		44,884

See Notes to Financial Statements.

215



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Mortgage Securities — 9.3% — (continued)
			Credit Suisse Commercial Mortgage Capital Trust:
$	34,400		Series 2007-5R, Class A5, 6.500% due 7/26/36	$	7,716
	72,459		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(c)		59,568
	343,152		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.934% (1-Month Term SOFR + 1.614%) due 10/25/47(a)		271,195
	32,574	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 4.908% (Sterling Overnight Index Average + 0.269%) due 6/15/44(a)		40,826
	145,600	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 5.719% (Sterling Overnight Index Average + 1.069%) due 6/13/45(a)		182,859
	347,033		Extended Stay America Trust, Series 2021-ESH, Class A, 5.506% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(c)		347,263
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	4,062		Series 2391, Class FJ, 4.953% (30-Day Average SOFR + 0.614%) due 4/15/28(a)		4,059
	15,580		Series 2614, Class SJ, 7.416% (19.348% – 2.750% x 30-Day Average SOFR) due 5/15/33(d)		17,184
	54,465		Series 4579, Class FD, 4.999% (30-Day Average SOFR + 0.464%) due 1/15/38(a)		53,786
	54,465		Series 4579, Class SD, 1.933% due 1/15/38(a)(e)		2,771
	900,000		Series 5513, Class MF, 5.264% (30-Day Average SOFR + 0.940%) due 11/25/54(a)		902,316
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	7,167		Series T-35, Class A, 4.746% (30-Day Average SOFR + 0.394%) due 9/25/31(a)		7,122
	14,550		Series T-62, Class 1A1, 5.886% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(a)		13,294
	3,370		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		3,369
	20,226		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		20,890
			Federal National Mortgage Association (FNMA), REMICS:
	3,283		Series 2003-34, Class A1, 6.000% due 4/25/43		3,305
	3,622		Series 2006-48, Class TF, 4.866% (30-Day Average SOFR + 0.514%) due 6/25/36(a)		3,606
	40,602		Series 2009-104, Class FA, 5.266% (30-Day Average SOFR + 0.914%) due 12/25/39(a)		40,985
	1,015,248		Series 2024-90, Class FA, 5.852% (30-Day Average SOFR + 1.500%) due 12/25/54(a)		1,027,836
	490,804		Series 2025-6, Class GF, 5.752% (30-Day Average SOFR + 1.400%) due 2/25/55(a)		495,326
	70,135		FORT CRE Issuer LLC, Series 2022-FL3, Class A, 6.202% (30-Day Average SOFR + 1.850%) due 2/23/39(a)(c)		68,596
	816,363		GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(c)		769,264
	7,843		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 4.253% due 11/19/35(a)		6,617
			Government National Mortgage Association (GNMA):
	92,466		Series 2016-H15, Class FA, 5.240% (1-Month Term SOFR + 0.914%) due 7/20/66(a)		92,507
	2,898		Series 2017-121, Class PE, 3.000% due 7/20/46		2,832
	493,013		Series 2024-H07, Class JF, 5.136% (30-Day Average SOFR + 0.790%) due 4/20/74(a)		494,837
	748,947		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(c)		616,754
			GS Mortgage-Backed Securities Trust:
	76,836		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(c)		63,166
	77,457		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(c)		63,824
			GSR Mortgage Loan Trust:
	1,366		Series 2003-1, Class A2, 6.750% (1-Year CMT Index + 1.750%) due 3/25/33(a)		1,358
	28,936		Series 2005-AR7, Class 2A1, 5.078% due 11/25/35(a)		27,903
			Harborview Mortgage Loan Trust:
	8,820		Series 2005-2, Class 2A1A, 4.868% (1-Month Term SOFR + 0.554%) due 5/19/35(a)		8,454
	12,367		Series 2005-3, Class 2A1A, 4.908% (1-Month Term SOFR + 0.594%) due 6/19/35(a)		12,033
	39,371		Series 2006-SB1, Class A1A, 5.536% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(a)		34,980
	54,369		Series 2007-1, Class 2A1A, 4.688% (1-Month Term SOFR + 0.374%) due 3/19/37(a)		49,949
			JP Morgan Mortgage Trust:
	1,129		Series 2003-A2, Class 3A1, 5.771% due 11/25/33(a)		1,060
	407		Series 2005-A1, Class 6T1, 6.062% due 2/25/35(a)		385
	313,925		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(c)		258,077
	909,254		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(c)		780,378

See Notes to Financial Statements.

216



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Mortgage Securities — 9.3% — (continued)
$	767,731		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(c)	$	657,994
	572,031		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(c)		490,952
	741,396		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(c)		661,619
	253,180	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 4.875% (Sterling Overnight Index Average + 0.279%) due 1/1/61(a)		312,148
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(c)		279,681
	1,596		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 6.295% due 2/25/33(a)		1,480
	11,871		MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 5.276% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(c)		11,857
			MFA Trust:
	83,267		Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(c)		80,085
	377,656		Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(c)		380,005
			New Residential Mortgage Loan Trust:
	133,741		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(c)		128,345
	142,518		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(c)		136,156
	308,779	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 4.759% (Sterling Overnight Index Average + 0.279%) due 12/1/50(a)		381,139
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 5.521% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(c)		399,033
	915,546		OBX Trust, Series 2024-HYB1, Class A1, 3.647% due 3/25/53(a)(c)		898,933
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 5.376% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(c)		291,268
	234,613		PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 4.843% due 9/25/51(c)		233,869
	393,092		PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(c)		401,151
	408,114		PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(c)		412,086
			RALI Trust:
	66,810		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		53,876
	40,516		Series 2007-QO2, Class A1, 4.584% (1-Month Term SOFR + 0.264%) due 2/25/47(a)		12,654
			Residential Asset Securitization Trust:
	13,321		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		4,932
	36,693		Series 2006-R1, Class A2, 4.834% (1-Month Term SOFR + 0.514%) due 1/25/46(a)		10,399
	127,293	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 4.919% (Sterling Overnight Index Average + 0.279%) due 12/15/43(a)		157,290
			RMAC Securities No 1 PLC:
	245,686	^GBP	Series 2006-NS3X, Class A2A, 4.922% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		303,918
	128,156	^GBP	Series 2006-NS1X, Class A2A, 4.922% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		159,389
			Structured Adjustable Rate Mortgage Loan Trust:
	1,387		Series 2004-1, Class 4A1, 6.528% due 2/25/34(a)		1,337
	487		Series 2004-4, Class 3A2, 6.639% due 4/25/34(a)		482
	18,660		Series 2004-19, Class 2A1, 6.086% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(a)		17,023
			Structured Asset Mortgage Investments II Trust:
	18,476		Series 2005-AR2, Class 2A1, 4.894% (1-Month Term SOFR + 0.574%) due 5/25/45(a)		17,420
	19,456		Series 2005-AR8, Class A1A, 4.994% (1-Month Term SOFR + 0.674%) due 2/25/36(a)		16,197
	16,168		Series 2006-AR5, Class 1A1, 4.854% (1-Month Term SOFR + 0.534%) due 5/25/36(a)		11,488
	86,994		Series 2007-AR4, Class A3, 4.874% (1-Month Term SOFR + 0.554%) due 9/25/47(a)		77,204
	49,275		Series 2007-AR6, Class A1, 6.186% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(a)		41,421
	42,020		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 4.714% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(c)		34,695
	412,423	^GBP	Towd Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1, 5.469% (Sterling Overnight Index Average + 0.925%) due 7/20/53(a)(c)		520,632
			Towd Point Mortgage Trust:
	437,806		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(c)		418,270
	107,031		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(c)		102,329
	81,865		UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(c)		70,164

See Notes to Financial Statements.

217



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Mortgage Securities — 9.3% — (continued)
			WaMu Mortgage Pass-Through Certificates Trust:
$	3,336		Series 2002-AR9, Class 1A, 6.086% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(a)	$	3,214
	907		Series 2003-AR5, Class A7, 6.192% due 6/25/33(a)		908
	36,135		Series 2003-AR9, Class 2A, 6.792% due 9/25/33(a)		35,097
	80,344		Series 2004-AR1, Class A, 6.215% due 3/25/34(a)		80,391
	10,921		Series 2005-AR13, Class A1A1, 5.014% (1-Month Term SOFR + 0.694%) due 10/25/45(a)		10,812
	20,016		Series 2006-AR10, Class 2A1, 4.358% due 9/25/36(a)		16,873
	30,846		Series 2006-AR13, Class 2A, 6.186% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(a)		28,694
	14,426		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 5.626% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(a)		8,915
	36,936		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 6.700% due 12/25/32(a)		36,674

			Total Mortgage Securities		16,762,594

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $33,030,937)		31,298,027


	CORPORATE BONDS & NOTES — 12.6%

	Belgium — 0.1%
	200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(c)		205,539


	Canada — 1.4%
	800,000		Canadian Imperial Bank of Commerce, Covered Notes, 4.876% due 1/14/30(c)		817,153
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		102,522
			Royal Bank of Canada:
	500,000		Covered Notes, 4.851% due 12/14/26(c)		504,592
	400,000		Senior Unsecured Notes, 4.969% (SOFR + 1.100%) due 8/2/30(a)		401,911
	700,000		Toronto-Dominion Bank (The), Covered Notes, 4.814% due 7/16/27(c)		707,933

			Total Canada		2,534,111


	Cayman Islands — 0.1%
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		200,855


	Denmark — 1.3%
	600,000		Danske Bank AS, Senior Non-Preferred Notes, 4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(c)		591,774
			Jyske Realkredit AS, Covered Notes:
	7,800,000	^DKK	1.000% due 4/1/26		1,073,854
	31,779	^DKK	1.000% due 10/1/50		3,396
	457,389	^DKK	1.500% due 10/1/53		52,585
	182,478	^DKK	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		21,061
	4,100,000	^DKK	Realkredit Danmark AS, Covered Notes, 1.000% due 4/1/25		569,101

			Total Denmark		2,311,771


	France — 0.7%
	400,000		BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(c)		411,303
	800,000		Credit Agricole SA, Senior Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(c)		821,528

			Total France		1,232,831


	Germany — 0.8%
			Deutsche Bank AG, Senior Non-Preferred Notes:
	400,000		2.552% (SOFR + 1.318%) due 1/7/28(a)		384,682
	100,000	^EUR	5.000% (3-Month EURIBOR + 2.950%) due 9/5/30(a)		111,004
	700,000		4.999% (SOFR + 1.700%) due 9/11/30(a)		696,380
	300,000	^EUR	1.750% (2.050% – 3-Month EURIBOR) due 11/19/30(d)		290,179

			Total Germany		1,482,245


	Italy — 0.2%
			Banca Monte dei Paschi di Siena SpA:
	100,000	^EUR	Senior Preferred Notes, 2.625% due 4/28/25		103,636

See Notes to Financial Statements.

218



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	Italy — 0.2% — (continued)
	100,000	^EUR	Covered Notes, 0.875% due 10/8/26	$	101,287
	100,000	^EUR	Nexi SpA, Senior Unsecured Notes, 2.125% due 4/30/29		99,639

			Total Italy		304,562


	Japan — 0.2%
$	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		191,639
	200,000		Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(c)		203,761

			Total Japan		395,400


	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)		404,379


	Qatar — 0.1%
	200,000		QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(c)		172,232


	Switzerland — 0.8%
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(c)		247,619
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(c)		244,402
	250,000	^EUR	7.750% (1-Year EURIBOR Ice Swap Rate + 4.950%) due 3/1/29(a)		294,911
	600,000		6.537% (SOFR + 3.920%) due 8/12/33(a)(c)		646,261

			Total Switzerland		1,433,193


	United Arab Emirates — 0.3%
	500,000		Abu Dhabi Developmental Holding Co. PJSC, Senior Unsecured Notes, 4.375% due 10/2/31(c)		487,232


	United Kingdom — 1.9%
			Barclays PLC, Senior Unsecured Notes:
	800,000		6.496% (SOFR + 1.880%) due 9/13/27(a)		820,612
	400,000	^EUR	4.918% (EUR Swap Rate + 1.750%) due 8/8/30(a)		444,988
	200,000		HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(a)		197,224
	300,000		Lloyds Banking Group PLC, Senior Unsecured Notes, 5.721% (1-Year CMT Index + 1.070%) due 6/5/30(a)		308,730
	300,000		Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(c)		289,943
	500,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534% (SOFR + 2.600%) due 1/10/29(a)		520,846
	900,000		Standard Chartered PLC, Senior Unsecured Notes, 6.750% (1-Year CMT Index + 1.850%) due 2/8/28(a)(c)		932,773

			Total United Kingdom		3,515,116


	United States — 4.5%
			Athene Global Funding:
	500,000		Secured Notes, 5.120% (SOFR + 0.750%) due 7/16/26(a)(c)		499,973
	300,000		Senior Secured Notes, 5.516% due 3/25/27(c)		304,808
			Bank of America Corp., Senior Unsecured Notes:
	500,000		5.202% (SOFR + 1.630%) due 4/25/29(a)		506,982
	700,000		1.898% (SOFR + 1.530%) due 7/23/31(a)		601,301
	600,000		5.511% (SOFR + 1.310%) due 1/24/36(a)		612,180
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(c)		143,447
	100,000		Goldman Sachs Bank USA, Senior Unsecured Notes, 5.283% (SOFR + 0.777%) due 3/18/27(a)		100,716
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	400,000		6.484% (SOFR + 1.770%) due 10/24/29(a)		422,663
	600,000		5.727% (SOFR + 1.265%) due 4/25/30(a)		618,683
	500,000		5.851% (SOFR + 1.552%) due 4/25/35(a)		518,965
	400,000		5.330% (SOFR + 1.550%) due 7/23/35(a)		399,847
	600,000		JPMorgan Chase & Co., Senior Unsecured Notes, 4.603% (SOFR + 1.040%) due 10/22/30(a)		595,338
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(f)(g)		1,365

See Notes to Financial Statements.

219



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†		Security	Value

	United States — 4.5% — (continued)
$	600,000	Lincoln Financial Global Funding, Secured Notes, 5.300% due 1/13/30(c)	$	613,914
	200,000	Pacific Gas & Electric Co., 1st Mortgage Notes, 4.400% due 3/1/32		187,561
	200,000	PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31		203,327
		Philip Morris International Inc., Senior Unsecured Notes:
	200,000	4.875% due 2/13/29		201,756
	200,000	5.250% due 2/13/34		202,104
	600,000	PNC Financial Services Group Inc. (The), Senior Unsecured Notes, 5.575% (SOFR + 1.394%) due 1/29/36(a)		613,193
		Wells Fargo & Co., Senior Unsecured Notes:
	200,000	3.908% (SOFR + 1.320%) due 4/25/26(a)		199,758
	600,000	4.808% (SOFR + 1.980%) due 7/25/28(a)		601,151

		Total United States		8,149,032

		TOTAL CORPORATE BONDS & NOTES (Cost — $22,793,281)		22,828,498


	U.S. GOVERNMENT OBLIGATIONS — 9.0%
		U.S. Treasury Bonds:
	200,000	1.375% due 11/15/40(h)		130,277
	1,100,000	1.875% due 2/15/41(h)		774,662
	975,000	4.125% due 8/15/44(h)		918,328
	300,000	3.000% due 2/15/48(h)		230,514
	175,000	3.000% due 8/15/48(h)		133,896
	800,000	3.375% due 11/15/48(h)		654,156
	400,000	2.250% due 8/15/49(h)		260,422
	350,000	2.375% due 11/15/49(h)		233,652
	3,900,000	4.500% due 11/15/54(h)		3,886,594
	1,800,000	4.625% due 2/15/55		1,832,625
		U.S. Treasury Inflation Indexed Notes:
	1,344,035	0.125% due 4/15/25(h)		1,348,073
	266,172	0.375% due 7/15/25(i)		267,312
	1,279,480	0.500% due 1/15/28(h)(j)		1,250,450
	1,059,786	0.125% due 7/15/31(h)		966,543
	796,971	0.125% due 1/15/32(h)		715,937
	108,624	0.625% due 7/15/32(i)		100,728
	1,483,328	1.125% due 1/15/33(h)		1,413,982
		U.S. Treasury Notes:
	600,000	2.875% due 4/30/25(k)		598,641
	200,000	4.000% due 2/29/28(h)		200,047
	400,000	4.375% due 5/15/34(h)		404,727

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $16,836,487)		16,321,566


	ASSET-BACKED SECURITIES — 0.1%

	Student Loans — 0.1%
	17,447	Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 5.768% (90-Day Average SOFR + 1.212%) due 4/25/38(a)		17,431
	226,699	SMB Private Education Loan Trust, Series 2022-B, Class A1B, 5.789% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(c)		230,210

		TOTAL ASSET-BACKED SECURITIES (Cost — $244,146)		247,641


	MUNICIPAL BOND — 0.1%

	Arizona — 0.1%
	200,000	Maricopa County Industrial Development Authorities, Revenue Bonds, 7.375% due 10/1/29(c) (Cost — $200,000)		205,911

		TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $258,979,373)		244,349,850

See Notes to Financial Statements.

220



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

	SHORT-TERM INVESTMENTS — 2.7%

	COMMERCIAL PAPER — 0.1%
$	250,000		Jones Lang LaSalle Inc., 4.666% due 3/6/25(c)(l) (Cost — $249,838)	$	249,838


	TIME DEPOSITS — 2.6%
	654,735		ANZ National Bank — London, 3.680% due 3/3/25		654,735
			BBH — New York:
	31,979	^SEK	1.040% due 3/3/25		2,971
	141,873	^SGD	1.210% due 3/3/25		104,974
	172	^DKK	1.250% due 3/3/25		24
	88,610	^NZD	2.160% due 3/3/25		49,573
	24,607	^NOK	3.250% due 3/3/25		2,184
	807,625	^ZAR	5.540% due 3/3/25		43,159
			BNP Paribas — Paris:
	1,395	^CHF	0.010% due 3/3/25		1,546
	26,297	^CAD	1.830% due 3/3/25		18,174
	285,141	^AUD	2.920% due 3/3/25		176,901
	145,601	^EUR	Citibank — London, 1.570% due 3/3/25		151,017
	452	^HKD	HSBC Bank — Hong Kong, 2.190% due 3/3/25		58
	834,603	^GBP	Royal Bank of Canada — London, 3.410% due 3/3/25		1,049,764
	2,393,079		Skandinaviska Enskilda Banken AB — Stockholm, 3.680% due 3/3/25		2,393,079
	5,124,846	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, 0.110% due 3/3/25		34,051

			TOTAL TIME DEPOSITS (Cost — $4,682,210)		4,682,210


	U.S. GOVERNMENT OBLIGATION — 0.0%@
	41,000		U.S. Treasury Bills, 4.250% due 5/22/25(i)(l) (Cost — $40,607)		40,607

			TOTAL SHORT-TERM INVESTMENTS (Cost — $4,972,655)		4,972,655

			TOTAL INVESTMENTS IN SECURITIES (Cost — $263,952,028)		249,322,505

			TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.1% (Cost — $142,930)		148,839

			TOTAL INVESTMENTS — 137.5% (Cost — $264,094,958)		249,471,344

			Liabilities in Excess of Other Assets — (37.5)%		(68,084,862	)

			TOTAL NET ASSETS — 100.0%	$	181,386,482

†	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 28, 2025.

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

(c)

(d)	Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2025.

(e)	Interest only security.

(f)	Security is currently in default.

(g)	Illiquid security.

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

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

See Notes to Financial Statements.

221



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

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

(k)	All or a portion of this security is held at the broker as collateral for open futures contracts.

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

At February 28, 2025, 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	$	264,094,958	$	8,127,939	$	(25,231,591)	$	(17,103,652)


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
ICE		— Intercontinental Exchange
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
OAT		— Obligations assimilables du Trésor
PAM		— Paid at Maturity
PJSC		— Private Joint Stock Company
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Mortgage-Backed Securities	40.7	%
Sovereign Bonds	28.9
Collateralized Mortgage Obligations	12.5
Corporate Bonds & Notes	9.1
U.S. Government Obligations	6.5
Asset-Backed Securities	0.1
Municipal Bond	0.1
Purchased Options	0.1
Short-Term Investments	2.0

Total Investments	100.0	%

^	As a percentage of total investments.

At February 28, 2025, International Fixed Income Fund held the following Options Contracts Purchased:

Currency Options

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike
Price

Value

200,000

$ 200,000

OTC U.S. Dollar vs Chinese Offshore Renminbi, Call

BNP

5/15/25

CNH 7.50

291

1,600,000

OTC U.S. Dollar vs Chinese Offshore Renminbi, Call

HSBC

5/13/25

CNH 7.50

2,246

Total Currency Options

2,537

See Notes to Financial Statements.

222



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Interest Rate Swaptions



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	10,400,000		$ 453,440	OTC 1-Year Swaption, SOFR, Put		BNP		8/13/25		4.570%	$	3,267
	15,000,000		654,000	OTC 1-Year Swaption, SOFR, Put		JPM		5/13/25		4.480%		1,536
	200,000		8,720	OTC 1-Year Swaption, SOFR, Put		JPM		8/13/25		4.570%		63
	100,000		4,360	OTC 30-Year Swaption, SOFR, Put		BCLY		9/25/25		4.005%		2,603
	700,000		30,520	OTC 30-Year Swaption, SOFR, Put		BOA		6/23/25		3.930%		13,826
	900,000		39,240	OTC 30-Year Swaption, SOFR, Put		DUB		6/25/25		3.960%		16,709
	200,000		8,720	OTC 30-Year Swaption, SOFR, Put		DUB		9/25/25		4.005%		5,207
	600,000		26,160	OTC 30-Year Swaption, SOFR, Put		DUB		6/24/25		4.065%		8,259

				Total Interest Rate Swaptions							$	51,470

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

94,832

TOTAL OPTIONS CONTRACTS PURCHASED
(Cost — $142,930)

148,839

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

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

At February 28, 2025, International Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	400,000	$	17,440		OTC 5-Year Swaption, SOFR, Put		BCLY		9/25/25		4.350%	$	1,644
	2,700,000		117,720		OTC 5-Year Swaption, SOFR, Put		BOA		6/23/25		4.250%		6,968
	800,000		34,880		OTC 5-Year Swaption, SOFR, Put		DUB		6/25/25		4.280%		1,964
	2,700,000		117,720		OTC 5-Year Swaption, SOFR, Put		DUB		6/25/25		4.300%		6,286
	800,000		34,880		OTC 5-Year Swaption, SOFR, Put		DUB		9/25/25		4.330%		3,415
	2,300,000		100,280		OTC 5-Year Swaption, SOFR, Put		DUB		6/24/25		4.400%		4,024
	300,000		7,455	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Call		UBS		3/11/25		2.210%		245
	300,000		7,455	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		UBS		3/11/25		2.460%		257
	200,000		8,720		OTC 10-Year Swaption, SOFR, Call		GSC		3/10/25		3.905%		2,494
	300,000		13,080		OTC 10-Year Swaption, SOFR, Call		JPM		3/20/25		3.930%		4,931
	500,000		21,800		OTC 10-Year Swaption, SOFR, Call		UBS		3/21/25		3.884%		6,989
	200,000		8,720		OTC 10-Year Swaption, SOFR, Put		GSC		3/10/25		4.255%		6
	300,000		13,080		OTC 10-Year Swaption, SOFR, Put		JPM		3/20/25		4.280%		104
	500,000		21,800		OTC 10-Year Swaption, SOFR, Put		UBS		3/21/25		4.234%		277
	200,000		4,970	^EUR	OTC 25-Year Swaption, 3-Month EURIBOR, Put		BNP		5/23/25		0.451%		72,288

					TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $110,448)							$	111,892

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

See Notes to Financial Statements.

223



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2025, International Fixed Income Fund held the following Reverse Repurchase Agreements:


Face Amount†		Security	Value
$	1,304,063	Canadian Imperial Bank of Commerce, 4.430% due 4/4/25	$	1,304,062
	4,661,719	Deutsche Bank Securities Inc., 4.400% due 3/6/25		4,661,719
		JPMorgan Chase & Co.:
	2,347,625	4.420% due 3/4/25		2,347,625
	256,469	4.440% due 3/7/25		256,469
	1,378,255	4.440% due 3/12/25		1,378,255
	2,728,750	4.430% due 4/3/25		2,728,750

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $12,676,880)	$	12,676,880

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

For the period ended February 28, 2025, the daily average borrowing and interest rate under the reverse repurchase agreements were $5,302,953 and 4.764%, respectively.

At February 28, 2025, International Fixed Income Fund held the following Forward Sale Commitments:


Face Amount†		Security	Value
		Federal National Mortgage Association (FNMA):
$	2,100,000	2.000% due 3/1/40(a)	$	1,894,300
	18,250,000	2.000% due 4/1/55(a)		14,571,638
	700,000	2.500% due 4/1/55(a)		584,582
	10,400,000	4.500% due 4/1/55(a)		9,991,880
	4,700,000	5.000% due 3/1/42(a)		4,620,207
	700,000	5.500% due 3/1/55(a)		700,374
	16,200,000	6.000% due 4/1/41(a)		16,434,441

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $48,102,021)	$	48,797,422

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

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

At February 28, 2025, International Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Government 3-Year Bond Futures		54		3/25	$	3,564,777	$	3,563,145	$	(1,632	)
Canada Government 10-Year Bond Futures		46		6/25		3,888,075		3,966,564		78,489
Canada Government 5-Year Bond Futures		8		6/25		638,750		640,962		2,212
Euro-BTP Futures		58		3/25		7,358,706		7,254,405		(104,301	)
Euro-BTP Futures		121		6/25		15,106,579		15,094,029		(12,550	)
Euro-Buxl 30-Year Bond Futures		11		3/25		1,594,861		1,480,914		(113,947	)
Euro-OAT Futures		43		3/25		5,501,713		5,555,326		53,613

See Notes to Financial Statements.

224



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Euro-OAT Futures		26		6/25	$	3,394,227	$	3,394,092	$	(135	)
Euro-Schatz Note Futures		53		3/25		5,895,025		5,878,113		(16,912	)
U.S. Treasury 2-Year Note Futures		26		6/25		5,353,156		5,381,187		28,031
U.S. Treasury 5-Year Note Futures		84		6/25		8,930,250		9,066,750		136,500
U.S. Ultra Long Bond Futures		70		6/25		7,915,317		7,997,500		82,183
United Kingdom Treasury 10-Year Gilt Futures		38		6/25		4,424,802		4,465,618		40,816

										172,367

Contracts to Sell:
Australian Government 10-Year Bond Futures		112		3/25		7,886,141		7,888,293		(2,152	)
Euro-Bobl Futures		28		6/25		3,451,459		3,453,336		(1,877	)
Euro-Bund Futures		22		3/25		3,068,587		3,039,183		29,404
Japan Government 10-Year Bond Futures		18		3/25		16,784,243		16,716,122		68,121
U.S. Treasury 10-Year Note Futures		15		6/25		1,645,381		1,666,406		(21,025	)
U.S. Treasury Long Bond Futures		1		6/25		114,430		118,094		(3,664	)
U.S. Treasury Ultra Long Bond Futures		22		6/25		2,622,297		2,730,750		(108,453	)

										(39,646	)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	132,721

At February 28, 2025, International Fixed Income Fund had deposited cash of $807,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At February 28, 2025, International Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty	Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		4,986,956		USD	3,141,284	WFB	$	3,093,909		3/4/25	$	(47,375	)
Brazilian Real		2,227,576		USD	386,480	BNP		378,353		3/6/25		(8,127	)
Brazilian Real		1,621,347		USD	279,863	BNP		275,385		3/6/25		(4,478	)
Brazilian Real		1,643,795		USD	283,657	BNP		279,197		3/6/25		(4,460	)
Brazilian Real		1,157,379		USD	200,000	BNP		196,580		3/6/25		(3,420	)
Brazilian Real		733,361		USD	127,000	BNP		123,739		4/2/25		(3,261	)
Brazilian Real		2,023,481		USD	344,827	BNP		343,687		3/6/25		(1,140	)
Brazilian Real		9,324,641		USD	1,627,337	GSC		1,573,327		4/2/25		(54,010	)
Brazilian Real		8,689,689		USD	1,485,722	GSC		1,475,938		3/6/25		(9,784	)
Brazilian Real		1,775,353		USD	299,754	GSC		299,552		4/2/25		(202	)
Brazilian Real		582,877		USD	97,877	GSC		99,001		3/6/25		1,124
Brazilian Real		300,000		USD	48,701	GSC		50,618		4/2/25		1,917
British Pound		100,000		USD	126,465	BCLY		125,780		3/4/25		(685	)
British Pound		6,460,189		USD	8,166,971	BNP		8,125,625		3/4/25		(41,346	)
Canadian Dollar		10,545,916		USD	7,322,126	DUB		7,288,376		3/4/25		(33,750	)
Canadian Dollar		881,000		USD	614,765	DUB		608,867		3/4/25		(5,898	)
Canadian Dollar		932,563		USD	647,343	JPM		645,349		4/2/25		(1,994	)
Canadian Dollar		214,647		USD	150,000	UBS		148,344		3/4/25		(1,656	)
Chinese Offshore Renminbi		368,000		USD	50,422	BCLY		50,755		6/18/25		333
Chinese Offshore Renminbi		1,455,000		USD	201,584	BNP		200,677		6/18/25		(907	)
Chinese Offshore Renminbi		437,000		USD	60,788	BNP		60,272		6/18/25		(516	)
Chinese Offshore Renminbi		435,000		USD	60,261	BNP		59,996		6/18/25		(265	)

See Notes to Financial Statements.

225



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Chinese Offshore Renminbi		587,000		USD	81,132		BNP	$	80,961		6/18/25	$	(171	)
Chinese Offshore Renminbi		459,000		USD	63,397		BNP		63,306		6/18/25		(91	)
Chinese Offshore Renminbi		1,161,000		USD	161,339		DUB		160,128		6/18/25		(1,211	)
Chinese Offshore Renminbi		997,881		USD	139,000		GSC		137,400		5/19/25		(1,600	)
Chinese Offshore Renminbi		7,953,224		USD	1,108,000		HSBC		1,094,860		5/15/25		(13,140	)
Chinese Offshore Renminbi		3,190,975		USD	441,108		HSBC		439,208		5/12/25		(1,900	)
Chinese Offshore Renminbi		3,205,340		USD	441,203		HSBC		441,185		5/12/25		(18	)
Chinese Offshore Renminbi		2,888,938		USD	399,466		JPM		397,635		5/12/25		(1,831	)
Chinese Offshore Renminbi		2,863,273		USD	394,662		JPM		394,102		5/12/25		(560	)
Chinese Offshore Renminbi		920,000		USD	127,307		SCB		126,888		6/18/25		(419	)
Chinese Offshore Renminbi		3,036,703		USD	420,945		WFB		417,973		5/12/25		(2,972	)
Chinese Onshore Renminbi		2,676,283		USD	370,235		BNP		367,684		3/14/25		(2,551	)
Chinese Onshore Renminbi		309,642		USD	42,833		BNP		42,528		3/10/25		(305	)
Chinese Onshore Renminbi		339,521		USD	46,920		BNP		46,616		3/5/25		(304	)
Chinese Onshore Renminbi		2,887,199		USD	402,537		BOA		396,412		3/5/25		(6,125	)
Chinese Onshore Renminbi		1,166,561		USD	163,087		BOA		160,342		3/20/25		(2,745	)
Chinese Onshore Renminbi		1,289,733		USD	179,719		DUB		177,272		3/20/25		(2,447	)
Chinese Onshore Renminbi		658,691		USD	91,658		DUB		90,577		3/26/25		(1,081	)
Chinese Onshore Renminbi		208,180		USD	28,766		GSC		28,593		3/10/25		(173	)
Chinese Onshore Renminbi		1,664,625		USD	232,279		HSBC		228,554		3/5/25		(3,725	)
Chinese Onshore Renminbi		1,235,042		USD	172,528		HSBC		170,027		4/11/25		(2,501	)
Chinese Onshore Renminbi		2,908,332		USD	402,370		JPM		399,504		3/12/25		(2,866	)
Chinese Onshore Renminbi		1,413,955		USD	196,952		SCB		194,434		3/26/25		(2,518	)
Chinese Onshore Renminbi		1,190,141		USD	166,232		SCB		163,845		4/11/25		(2,387	)
Chinese Onshore Renminbi		4,892,573		USD	682,367		SOG		673,463		4/9/25		(8,904	)
Danish Krone		531,411		USD	74,775		WFB		73,907		3/4/25		(868	)
Egyptian Pound		3,306,000		USD	60,000		DUB		60,122		8/25/25		122
Egyptian Pound		1,596,300		USD	30,000		GSC		29,878		6/18/25		(122	)
Egyptian Pound		1,030,000		USD	20,000		GSC		19,947		4/7/25		(53	)
Egyptian Pound		1,058,700		USD	20,000		GSC		19,984		5/29/25		(16	)
Egyptian Pound		1,539,000		USD	30,000		HSBC		29,876		4/3/25		(124	)
Egyptian Pound		1,056,600		USD	20,000		HSBC		19,905		6/3/25		(95	)
Egyptian Pound		1,028,000		USD	20,000		HSBC		19,908		4/7/25		(92	)
Egyptian Pound		1,101,400		USD	20,000		HSBC		20,021		8/26/25		21
Egyptian Pound		2,116,400		USD	40,000		JPM		39,979		5/27/25		(21	)
Egyptian Pound		1,588,050		USD	30,000		SCB		29,904		6/4/25		(96	)
Egyptian Pound		521,600		USD	10,000		SCB		9,962		4/30/25		(38	)
Egyptian Pound		1,082,200		USD	20,000		SCB		19,964		7/22/25		(36	)
Egyptian Pound		2,085,600		USD	40,000		SOG		39,831		4/30/25		(169	)
Euro		162,000		USD	168,014		BCLY		168,026		3/4/25		12
Euro		31,472,456		USD	32,952,983		BNP		32,643,238		3/4/25		(309,745	)
Euro		154,000		USD	160,023		BNP		159,729		3/4/25		(294	)
Euro		232,000		USD	237,862		BNP		240,631		3/4/25		2,769
Euro		484,000		USD	506,990		DUB		502,005		3/4/25		(4,985	)
Euro		189,000		USD	198,341		HSBC		196,030		3/4/25		(2,311	)
Euro		1,400,000		USD	1,470,349		JPM		1,452,080		3/4/25		(18,269	)
Hungarian Forint		5,470,082		USD	14,176		BOA		14,056		3/19/25		(120	)
Indian Rupee		1,270,473		USD	14,544		BCLY		14,531		3/6/25		(13	)
Indian Rupee		15,572,562		USD	180,683		BNP		177,914		3/21/25		(2,769	)
Indian Rupee		8,418,064		USD	96,610		BNP		96,175		3/21/25		(435	)
Indian Rupee		24,867,534		USD	287,842		HSBC		284,107		3/21/25		(3,735	)
Indian Rupee		6,553,179		USD	76,098		HSBC		74,869		3/21/25		(1,229	)
Indian Rupee		27,178,782		USD	314,704		JPM		310,512		3/21/25		(4,192	)
Indian Rupee		17,499,872		USD	202,702		JPM		199,933		3/21/25		(2,769	)

See Notes to Financial Statements.

226



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Indian Rupee		17,424,621		USD	201,814		JPM	$	199,073		3/21/25	$	(2,741	)
Indian Rupee		6,999,312		USD	81,080		JPM		79,966		3/21/25		(1,114	)
Indian Rupee		6,971,250		USD	80,725		JPM		79,645		3/21/25		(1,080	)
Indian Rupee		15,229,278		USD	174,788		JPM		174,184		3/6/25		(604	)
Indian Rupee		23,030,424		USD	266,964		SCB		263,118		3/21/25		(3,846	)
Indian Rupee		21,763,455		USD	249,353		SCB		248,918		3/6/25		(435	)
Indonesian Rupiah		3,093,856,052		USD	190,397		BCLY		186,500		3/19/25		(3,897	)
Indonesian Rupiah		4,012,364,411		USD	245,734		BNP		241,868		3/19/25		(3,866	)
Indonesian Rupiah		2,251,218,464		USD	138,554		BNP		135,739		3/12/25		(2,815	)
Indonesian Rupiah		2,252,581,514		USD	138,513		BNP		135,822		3/12/25		(2,691	)
Indonesian Rupiah		3,091,180,617		USD	187,916		BNP		186,168		4/16/25		(1,748	)
Indonesian Rupiah		1,195,392,976		USD	73,319		BNP		72,008		4/9/25		(1,311	)
Indonesian Rupiah		2,206,533,174		USD	132,884		DUB		132,890		4/16/25		6
Indonesian Rupiah		2,283,432,883		USD	140,525		GSC		137,647		3/19/25		(2,878	)
Indonesian Rupiah		2,867,541,054		USD	175,476		GSC		172,945		3/5/25		(2,531	)
Indonesian Rupiah		1,557,413,286		USD	94,263		GSC		93,796		4/16/25		(467	)
Indonesian Rupiah		1,681,579,956		USD	102,398		JPM		101,294		4/9/25		(1,104	)
Indonesian Rupiah		1,489,203,000		USD	90,000		JPM		89,770		3/19/25		(230	)
Indonesian Rupiah		3,137,883,198		USD	193,404		SCB		189,154		3/19/25		(4,250	)
Indonesian Rupiah		2,324,804,111		USD	142,303		SCB		140,176		3/12/25		(2,127	)
Israeli New Shekel		1,725,000		USD	481,889		BCLY		479,218		3/17/25		(2,671	)
Japanese Yen		764,065,826		USD	5,107,986		BNP		5,076,681		3/4/25		(31,305	)
Japanese Yen		50,900,000		USD	330,000		BOA		338,194		3/4/25		8,194
Japanese Yen		60,000,000		USD	406,757		HSBC		403,587		6/20/25		(3,170	)
Japanese Yen		687,639,190		USD	4,597,748		JPM		4,568,879		3/4/25		(28,869	)
Japanese Yen		100,000,000		USD	675,418		SCB		670,460		5/20/25		(4,958	)
Japanese Yen		582,757,621		USD	3,903,789		UBS		3,872,015		3/4/25		(31,774	)
Japanese Yen		640,753,410		USD	4,279,964		WFB		4,257,356		3/4/25		(22,608	)
Korean Won		1,573,130,380		USD	1,099,092		BNP		1,077,085		3/12/25		(22,007	)
Korean Won		187,529,912		USD	130,265		BNP		128,342		3/4/25		(1,923	)
Korean Won		145,284,804		USD	100,000		BNP		99,479		3/13/25		(521	)
Korean Won		620,926,451		USD	432,039		DUB		425,133		3/12/25		(6,906	)
Korean Won		187,250,918		USD	129,792		DUB		128,151		3/4/25		(1,641	)
Korean Won		68,641,940		USD	47,998		DUB		47,017		3/19/25		(981	)
Korean Won		72,552,769		USD	50,000		GSC		49,659		3/6/25		(341	)
Korean Won		72,801,651		USD	50,556		JPM		49,866		3/19/25		(690	)
Malaysian Ringgit		549,613		USD	123,075		DUB		123,225		3/19/25		150
Mexican Peso		2,318,000		USD	112,964		BNP		112,532		3/19/25		(432	)
Mexican Peso		3,255,000		USD	158,181		BNP		158,351		3/5/25		170
Mexican Peso		810,895		USD	39,704		GSC		39,372		3/18/25		(332	)
Mexican Peso		4,247,000		USD	206,100		JPM		206,179		3/19/25		79
Mexican Peso		4,923,000		USD	237,021		JPM		238,996		3/19/25		1,975
New Taiwan Dollar		8,210,000		USD	250,000		BCLY		249,355		3/4/25		(645	)
New Taiwan Dollar		1,629,112		USD	49,738		BCLY		49,484		3/5/25		(254	)
New Taiwan Dollar		1,630,753		USD	49,727		BCLY		49,529		3/3/25		(198	)
New Taiwan Dollar		8,188,403		USD	249,925		BNP		248,739		3/6/25		(1,186	)
New Taiwan Dollar		6,560,652		USD	200,020		BNP		199,261		3/4/25		(759	)
New Taiwan Dollar		4,493,021		USD	137,734		BNP		137,066		4/25/25		(668	)
New Taiwan Dollar		1,629,900		USD	50,000		BNP		49,503		3/4/25		(497	)
New Taiwan Dollar		5,487,797		USD	167,802		BNP		167,413		4/25/25		(389	)
New Taiwan Dollar		1,645,624		USD	50,207		BNP		50,202		4/25/25		(5	)
New Taiwan Dollar		78,109		USD	2,377		BOA		2,374		3/10/25		(3	)
New Taiwan Dollar		1,631,300		USD	50,000		GSC		49,546		3/3/25		(454	)
New Taiwan Dollar		1,958,789		USD	59,819		GSC		59,497		3/5/25		(322	)

See Notes to Financial Statements.

227



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
New Taiwan Dollar		1,642,850		USD	50,087		GSC	$	49,897		3/4/25	$	(190	)
New Taiwan Dollar		4,972,377		USD	152,865		GSC		152,684		7/16/25		(181	)
New Taiwan Dollar		3,557,603		USD	109,381		GSC		109,241		7/16/25		(140	)
New Taiwan Dollar		5,647,290		USD	172,489		HSBC		172,279		4/25/25		(210	)
New Taiwan Dollar		3,987,035		USD	122,077		JPM		121,630		4/25/25		(447	)
New Taiwan Dollar		5,526,408		USD	168,900		JPM		168,591		4/25/25		(309	)
New Taiwan Dollar		3,317,209		USD	100,873		JPM		100,800		3/10/25		(73	)
New Zealand Dollar		75,663		USD	42,740		BCLY		42,330		3/4/25		(410	)
New Zealand Dollar		12,337		USD	7,043		DUB		6,902		3/4/25		(141	)
Polish Zloty		618,090		USD	153,419		BNP		152,727		3/24/25		(692	)
Polish Zloty		31,941		USD	7,759		BNP		7,895		3/17/25		136
Polish Zloty		729,672		USD	176,098		BNP		180,396		3/10/25		4,298
Polish Zloty		9,755		USD	2,402		DUB		2,411		3/17/25		9
Polish Zloty		639,519		USD	159,240		GSC		158,022		3/24/25		(1,218	)
Polish Zloty		651,005		USD	155,080		GSC		160,948		3/10/25		5,868
Polish Zloty		75,628		USD	18,692		HSBC		18,687		3/24/25		(5	)
Polish Zloty		39,305		USD	9,459		HSBC		9,715		3/17/25		256
Polish Zloty		34,680		USD	8,491		JPM		8,572		3/17/25		81
Polish Zloty		36,462		USD	8,801		SCB		9,012		3/17/25		211
Polish Zloty		39,253		USD	9,457		SCB		9,702		3/17/25		245
Polish Zloty		647,412		USD	159,426		SCB		159,972		3/24/25		546
Polish Zloty		740,372		USD	178,415		SCB		183,041		3/10/25		4,626
Polish Zloty		674,480		USD	166,871		SOG		166,660		3/24/25		(211	)
Polish Zloty		765,425		USD	183,939		UBS		189,235		3/10/25		5,296
Singapore Dollar		274,601		USD	204,773		DUB		203,182		3/4/25		(1,591	)
Singapore Dollar		70,795		USD	52,895		DUB		52,382		3/4/25		(513	)
Singapore Dollar		1,202,608		USD	899,012		HSBC		889,832		3/4/25		(9,180	)
Singapore Dollar		369,945		USD	276,615		JPM		273,729		3/4/25		(2,886	)
Swiss Franc		92,000		USD	101,208		BOA		101,894		3/4/25		686
Swiss Franc		1,198,098		USD	1,339,651		WFB		1,326,944		3/4/25		(12,707	)
Turkish Lira		5,853,226		USD	145,081		BCLY		144,739		6/25/25		(342	)
Turkish Lira		5,118,526		USD	128,277		BCLY		128,166		6/10/25		(111	)
Turkish Lira		2,526,248		USD	64,665		BCLY		64,851		5/13/25		186
Turkish Lira		13,698,820		USD	346,753		BCLY		347,211		5/27/25		458
Turkish Lira		6,559,484		USD	168,994		BCLY		169,631		5/5/25		637
Turkish Lira		24,629,689		USD	631,401		BCLY		632,268		5/13/25		867
Turkish Lira		4,771,162		USD	123,944		BCLY		125,441		4/17/25		1,497
Turkish Lira		3,710,872		USD	85,185		JPM		95,876		5/6/25		10,691
Turkish Lira		6,657,617		USD	149,475		JPM		172,010		5/6/25		22,535

													(800,215	)

Contracts to Sell:
Australian Dollar		734,000		USD	456,458		BOA		455,373		3/4/25		1,085
Australian Dollar		158,000		USD	98,363		DUB		98,023		3/4/25		340
Australian Dollar		104,000		USD	65,339		HSBC		64,522		3/4/25		817
Australian Dollar		106,000		USD	66,560		JPM		65,762		3/4/25		798
Australian Dollar		3,884,956		USD	2,417,787		WFB		2,410,227		3/4/25		7,560
Australian Dollar		4,986,956		USD	3,142,002		WFB		3,094,617		4/2/25		47,385
Brazilian Real		2,700,000		USD	440,533		BNP		436,580		10/2/25		3,953
Brazilian Real		1,500,000		USD	246,832		BNP		242,544		10/2/25		4,288
Brazilian Real		8,673,579		USD	1,482,967		BNP		1,473,201		3/6/25		9,766
Brazilian Real		2,700,000		USD	483,698		BNP		455,566		4/2/25		28,132
Brazilian Real		300,000		USD	46,682		GSC		48,509		10/2/25		(1,827	)
Brazilian Real		300,000		USD	54,215		GSC		50,618		4/2/25		3,597

See Notes to Financial Statements.

228



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Brazilian Real		400,000		USD	71,541		GSC	$	67,491		4/2/25	$	4,050
Brazilian Real		500,000		USD	90,051		GSC		84,364		4/2/25		5,687
Brazilian Real		600,000		USD	107,012		GSC		101,237		4/2/25		5,775
Brazilian Real		700,000		USD	126,130		GSC		118,110		4/2/25		8,020
Brazilian Real		900,000		USD	160,992		GSC		151,855		4/2/25		9,137
Brazilian Real		8,500,000		USD	1,387,687		GSC		1,374,419		10/2/25		13,268
Brazilian Real		3,600,000		USD	650,501		GSC		607,421		4/2/25		43,080
Brazilian Real		9,272,566		USD	1,627,337		GSC		1,574,939		3/6/25		52,398
British Pound		6,119,189		USD	7,593,198		BNP		7,696,716		3/4/25		(103,518	)
British Pound		231,000		USD	284,204		BNP		290,552		3/4/25		(6,348	)
British Pound		6,460,189		USD	8,166,402		BNP		8,125,093		4/2/25		41,309
British Pound		210,000		USD	261,487		BOA		264,138		3/4/25		(2,651	)
Canadian Dollar		164,860		USD	113,748		BOA		113,936		3/4/25		(188	)
Canadian Dollar		124,000		USD	86,885		BOA		85,697		3/4/25		1,188
Canadian Dollar		10,532,554		USD	7,322,126		DUB		7,288,702		4/2/25		33,424
Canadian Dollar		933,753		USD	647,343		JPM		645,325		3/4/25		2,018
Canadian Dollar		10,418,393		USD	7,255,295		JPM		7,200,244		3/4/25		55,051
Chinese Offshore Renminbi		56,000		USD	7,707		BCLY		7,724		6/18/25		(17	)
Chinese Offshore Renminbi		3,281,350		USD	448,658		BNP		452,571		6/18/25		(3,913	)
Chinese Offshore Renminbi		3,883,493		USD	532,288		BNP		535,620		6/18/25		(3,332	)
Chinese Offshore Renminbi		3,229,901		USD	443,006		BNP		444,565		5/12/25		(1,559	)
Chinese Offshore Renminbi		3,205,218		USD	440,495		BNP		441,168		5/12/25		(673	)
Chinese Offshore Renminbi		634,000		USD	86,842		BNP		87,443		6/18/25		(601	)
Chinese Offshore Renminbi		107,173		USD	14,736		BNP		14,782		6/18/25		(46	)
Chinese Offshore Renminbi		1,068,000		USD	147,750		BNP		147,301		6/18/25		449
Chinese Offshore Renminbi		1,686,000		USD	233,116		BNP		232,537		6/18/25		579
Chinese Offshore Renminbi		3,188,540		USD	439,550		BNP		438,872		5/12/25		678
Chinese Offshore Renminbi		900,000		USD	125,030		BNP		124,130		6/18/25		900
Chinese Offshore Renminbi		1,867,452		USD	258,044		BNP		257,037		5/12/25		1,007
Chinese Offshore Renminbi		8,498,970		USD	1,163,075		BOA		1,172,198		6/18/25		(9,123	)
Chinese Offshore Renminbi		3,309,282		USD	452,100		BOA		455,491		5/12/25		(3,391	)
Chinese Offshore Renminbi		3,488,000		USD	482,482		BOA		481,073		6/18/25		1,409
Chinese Offshore Renminbi		3,217,755		USD	439,344		GSC		442,894		5/12/25		(3,550	)
Chinese Offshore Renminbi		3,187,692		USD	441,203		HSBC		441,281		8/20/25		(78	)
Chinese Offshore Renminbi		924,000		USD	127,538		HSBC		127,440		6/18/25		98
Chinese Offshore Renminbi		3,355,557		USD	461,988		HSBC		461,861		5/12/25		127
Chinese Offshore Renminbi		1,884,876		USD	260,378		HSBC		259,435		5/12/25		943
Chinese Offshore Renminbi		3,178,845		USD	441,108		HSBC		439,153		7/16/25		1,955
Chinese Offshore Renminbi		3,439,286		USD	470,853		JPM		473,385		5/12/25		(2,532	)
Chinese Offshore Renminbi		2,160,882		USD	296,064		JPM		298,034		6/18/25		(1,970	)
Chinese Offshore Renminbi		2,852,893		USD	394,662		JPM		394,124		7/16/25		538
Chinese Offshore Renminbi		2,878,472		USD	399,466		JPM		397,657		7/16/25		1,809
Chinese Offshore Renminbi		890,486		USD	124,000		SCB		122,612		5/19/25		1,388
Chinese Offshore Renminbi		3,911,644		USD	542,620		SCB		538,401		5/12/25		4,219
Chinese Offshore Renminbi		7,958,432		USD	1,108,000		SCB		1,095,576		5/15/25		12,424
Chinese Offshore Renminbi		3,025,085		USD	420,945		WFB		417,912		7/16/25		3,033
Chinese Onshore Renminbi		4,894,279		USD	682,367		SOG		671,985		3/5/25		10,382
Danish Krone		539,348		USD	75,328		BCLY		75,141		4/2/25		187
Danish Krone		1,071,617		USD	149,688		HSBC		149,036		3/4/25		652
Danish Krone		7,230,000		USD	1,034,163		HSBC		1,030,744		4/1/26		3,419
Danish Krone		4,100,000		USD	604,777		HSBC		571,173		4/1/25		33,604
Danish Krone		530,499		USD	74,775		WFB		73,909		4/2/25		866
Euro		6,114,000		USD	6,376,964		BCLY		6,341,442		3/4/25		35,522
Euro		1,403,000		USD	1,465,302		BNP		1,455,192		3/4/25		10,110

See Notes to Financial Statements.

229



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Euro		31,472,456		USD	33,001,325		BNP	$	32,692,745		4/2/25	$	308,580
Euro		484,000		USD	507,736		DUB		502,766		4/2/25		4,970
Euro		2,729,000		USD	2,845,048		HSBC		2,830,519		3/4/25		14,529
Euro		1,884,000		USD	1,973,308		JPM		1,954,085		3/4/25		19,223
Euro		21,963,456		USD	22,916,936		SCB		22,780,502		3/4/25		136,434
Indian Rupee		1,273,752		USD	14,544		BCLY		14,537		4/4/25		7
Indian Rupee		32,531,979		USD	370,664		BNP		371,953		3/11/25		(1,289	)
Indian Rupee		25,578,529		USD	291,236		BNP		292,472		3/10/25		(1,236	)
Indian Rupee		38,252,661		USD	438,100		BNP		437,513		3/6/25		587
Indian Rupee		16,725,216		USD	192,470		BNP		191,082		3/21/25		1,388
Indian Rupee		13,045,185		USD	150,000		BOA		149,129		3/13/25		871
Indian Rupee		7,544,468		USD	86,561		JPM		86,195		3/21/25		366
Indian Rupee		6,948,469		USD	79,765		JPM		79,385		3/21/25		380
Indian Rupee		15,245,359		USD	174,788		JPM		174,175		3/21/25		613
Indian Rupee		24,819,289		USD	285,963		JPM		283,556		3/21/25		2,407
Indian Rupee		4,313,440		USD	49,651		SCB		49,281		3/21/25		370
Indian Rupee		21,787,393		USD	249,353		SCB		248,917		3/21/25		436
Indian Rupee		12,500,908		USD	143,550		SCB		142,821		3/21/25		729
Indonesian Rupiah		1,193,853,277		USD	73,319		BNP		72,003		3/5/25		1,316
Indonesian Rupiah		3,087,328,339		USD	187,916		BNP		186,154		3/12/25		1,762
Indonesian Rupiah		2,203,410,408		USD	132,884		DUB		132,857		3/12/25		27
Indonesian Rupiah		1,555,339,500		USD	94,263		GSC		93,781		3/12/25		482
Indonesian Rupiah		1,679,224,802		USD	102,398		JPM		101,276		3/5/25		1,122
Israeli New Shekel		413,000		USD	114,863		BCLY		114,734		3/17/25		129
Israeli New Shekel		563,178		USD	158,156		BCLY		156,455		3/17/25		1,701
Israeli New Shekel		938,764		USD	263,594		BCLY		260,796		3/17/25		2,798
Israeli New Shekel		180,000		USD	49,840		BNP		50,005		3/17/25		(165	)
Israeli New Shekel		1,085,778		USD	301,866		BNP		301,637		3/17/25		229
Israeli New Shekel		180,000		USD	49,335		BOA		50,006		3/17/25		(671	)
Israeli New Shekel		265,000		USD	72,911		GSC		73,619		3/17/25		(708	)
Israeli New Shekel		179,000		USD	49,975		HSBC		49,727		3/17/25		248
Israeli New Shekel		478,711		USD	134,575		HSBC		132,990		3/17/25		1,585
Israeli New Shekel		255,000		USD	71,734		JPM		70,840		3/17/25		894
Japanese Yen		72,600,000		USD	472,801		BCLY		482,376		3/4/25		(9,575	)
Japanese Yen		30,266,752		USD	196,953		BCLY		201,101		3/4/25		(4,148	)
Japanese Yen		50,800,000		USD	335,009		BCLY		337,530		3/4/25		(2,521	)
Japanese Yen		8,500,000		USD	56,715		BCLY		56,667		4/2/25		48
Japanese Yen		100,000,000		USD	683,841		BCLY		670,461		5/20/25		13,380
Japanese Yen		1,139,695,031		USD	7,363,584		BNP		7,572,473		3/4/25		(208,889	)
Japanese Yen		761,534,819		USD	5,107,986		BNP		5,076,902		4/2/25		31,084
Japanese Yen		189,525,037		USD	1,223,252		BOA		1,259,261		3/4/25		(36,009	)
Japanese Yen		169,128,854		USD	1,093,301		BOA		1,123,742		3/4/25		(30,441	)
Japanese Yen		218,779,157		USD	1,424,095		DUB		1,453,634		3/4/25		(29,539	)
Japanese Yen		60,000,000		USD	400,173		GSC		403,587		6/20/25		(3,414	)
Japanese Yen		50,000,000		USD	371,443		GSC		343,044		1/5/26		28,399
Japanese Yen		6,730,504		USD	43,591		HSBC		44,720		3/4/25		(1,129	)
Japanese Yen		86,046,229		USD	573,640		HSBC		573,642		4/2/25		(2	)
Japanese Yen		90,053,000		USD	589,312		JPM		598,339		3/4/25		(9,027	)
Japanese Yen		60,000,000		USD	437,801		JPM		411,654		1/5/26		26,147
Japanese Yen		685,359,167		USD	4,597,748		JPM		4,569,064		4/2/25		28,684
Japanese Yen		580,821,342		USD	3,903,789		UBS		3,872,145		4/2/25		31,644
Japanese Yen		738,672,992		USD	4,770,341		WFB		4,907,963		3/4/25		(137,622	)
Japanese Yen		106,100,000		USD	708,743		WFB		704,960		3/4/25		3,783
Japanese Yen		638,633,116		USD	4,279,964		WFB		4,257,557		4/2/25		22,407

See Notes to Financial Statements.

230



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Korean Won		14,143,264		USD	9,749		BCLY	$	9,688		3/19/25	$	61
Korean Won		113,451,515		USD	76,644		BNP		77,709		3/19/25		(1,065	)
Korean Won		377,119,654		USD	257,728		BNP		258,311		3/19/25		(583	)
Korean Won		22,161,508		USD	15,368		BNP		15,174		3/12/25		194
Korean Won		20,823,137		USD	14,468		BNP		14,257		3/12/25		211
Korean Won		42,952,200		USD	30,000		BNP		29,396		3/4/25		604
Korean Won		144,577,712		USD	100,000		BNP		98,947		3/4/25		1,053
Korean Won		1,565,711,509		USD	1,099,092		BNP		1,077,231		6/12/25		21,861
Korean Won		1,404,786,303		USD	964,786		BOA		961,824		3/12/25		2,962
Korean Won		68,326,113		USD	47,998		DUB		47,024		6/18/25		974
Korean Won		186,366,555		USD	129,792		DUB		128,176		6/5/25		1,616
Korean Won		187,250,918		USD	130,071		DUB		128,151		3/4/25		1,920
Korean Won		617,989,320		USD	432,039		DUB		425,185		6/12/25		6,854
Korean Won		36,590,006		USD	24,971		HSBC		25,063		3/19/25		(92	)
Korean Won		63,433,717		USD	43,707		HSBC		43,449		3/19/25		258
Korean Won		857,816,193		USD	591,475		HSBC		587,326		3/12/25		4,149
Korean Won		13,815,686		USD	9,519		JPM		9,463		3/19/25		56
Korean Won		13,431,470		USD	9,318		JPM		9,200		3/19/25		118
Korean Won		72,852,713		USD	50,556		JPM		49,864		3/6/25		692
Korean Won		28,888,717		USD	19,733		SCB		19,787		3/19/25		(54	)
Korean Won		45,200,162		USD	31,020		SCB		30,948		3/12/25		72
Malaysian Ringgit		2,861,529		USD	638,592		BCLY		641,562		3/19/25		(2,970	)
Malaysian Ringgit		4,787,857		USD	1,081,623		BCLY		1,073,449		3/19/25		8,174
Malaysian Ringgit		6,470,037		USD	1,454,349		GSC		1,450,597		3/19/25		3,752
Mexican Peso		6,483,038		USD	316,988		BCLY		314,731		3/19/25		2,257
Mexican Peso		2,381,000		USD	114,759		BNP		115,833		3/5/25		(1,074	)
Mexican Peso		2,640,000		USD	127,710		BNP		128,164		3/19/25		(454	)
Mexican Peso		759		USD	37		GSC		37		3/5/25		—
Mexican Peso		2,888,006		USD	139,088		UBS		140,498		3/5/25		(1,410	)
New Taiwan Dollar		1,630,753		USD	49,738		BCLY		49,530		3/3/25		208
New Taiwan Dollar		8,210,000		USD	250,305		BCLY		249,355		3/4/25		950
New Taiwan Dollar		8,108,447		USD	244,983		BNP		247,360		4/25/25		(2,377	)
New Taiwan Dollar		8,413,629		USD	255,028		BNP		256,670		4/25/25		(1,642	)
New Taiwan Dollar		8,257,648		USD	251,145		BNP		251,911		4/25/25		(766	)
New Taiwan Dollar		8,381,118		USD	255,748		BNP		255,678		4/25/25		70
New Taiwan Dollar		5,460,780		USD	167,802		BNP		167,680		7/16/25		122
New Taiwan Dollar		3,174,141		USD	96,590		BNP		96,421		3/6/25		169
New Taiwan Dollar		3,397,432		USD	103,410		BNP		103,238		3/10/25		172
New Taiwan Dollar		4,469,744		USD	137,734		BNP		137,249		7/16/25		485
New Taiwan Dollar		8,190,552		USD	249,925		BNP		248,764		3/4/25		1,161
New Taiwan Dollar		4,304,117		USD	133,461		BNP		131,303		4/25/25		2,158
New Taiwan Dollar		77,487		USD	2,377		BOA		2,386		8/20/25		(9	)
New Taiwan Dollar		1,642,850		USD	50,000		GSC		49,897		3/4/25		103
New Taiwan Dollar		1,631,300		USD	49,744		GSC		49,546		3/3/25		198
New Taiwan Dollar		3,585,495		USD	109,381		GSC		108,908		3/5/25		473
New Taiwan Dollar		5,010,593		USD	152,865		GSC		152,207		3/6/25		658
New Taiwan Dollar		5,621,589		USD	172,489		HSBC		172,618		7/16/25		(129	)
New Taiwan Dollar		2,255,511		USD	70,023		HSBC		68,808		4/25/25		1,215
New Taiwan Dollar		4,470,556		USD	137,895		HSBC		136,381		4/25/25		1,514
New Taiwan Dollar		12,285,453		USD	374,066		JPM		374,785		4/25/25		(719	)
New Taiwan Dollar		3,290,175		USD	100,873		JPM		101,312		8/20/25		(439	)
New Taiwan Dollar		8,440,830		USD	257,413		JPM		257,499		4/25/25		(86	)
New Taiwan Dollar		5,499,384		USD	168,900		JPM		168,866		7/16/25		34
New Taiwan Dollar		3,965,427		USD	122,077		JPM		121,764		7/16/25		313

See Notes to Financial Statements.

231



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
New Taiwan Dollar		6,565,600		USD	200,000		JPM	$	199,562		3/13/25	$	438
New Taiwan Dollar		3,562,456		USD	109,766		SCB		108,678		4/25/25		1,088
New Zealand Dollar		12,337		USD	7,047		DUB		6,906		4/2/25		141
New Zealand Dollar		88,000		USD	49,725		DUB		49,231		3/4/25		494
Peruvian Sol		1,196,525		USD	314,709		DUB		323,525		5/27/25		(8,816	)
Peruvian Sol		1,022,732		USD	269,349		GSC		276,904		3/24/25		(7,555	)
Peruvian Sol		994,093		USD	264,485		GSC		269,029		4/11/25		(4,544	)
Peruvian Sol		378,355		USD	100,221		GSC		102,372		4/21/25		(2,151	)
Peruvian Sol		377,654		USD	100,221		GSC		102,182		4/21/25		(1,961	)
Peruvian Sol		672,552		USD	180,638		GSC		181,633		7/30/25		(995	)
Peruvian Sol		389,103		USD	103,603		SCB		105,237		5/12/25		(1,634	)
Peruvian Sol		263,364		USD	70,079		SCB		71,257		4/22/25		(1,178	)
Romanian New Leu		291,104		USD	60,102		BCLY		60,519		5/12/25		(417	)
Singapore Dollar		55,457		USD	41,170		BNP		41,034		3/4/25		136
Singapore Dollar		120,232		USD	88,686		BOA		88,962		3/4/25		(276	)
Singapore Dollar		397,073		USD	294,953		BOA		293,802		3/4/25		1,151
Singapore Dollar		100,496		USD	74,607		DUB		74,467		4/2/25		140
Singapore Dollar		70,696		USD	52,895		DUB		52,385		4/2/25		510
Singapore Dollar		274,212		USD	204,773		DUB		203,190		4/2/25		1,583
Singapore Dollar		207,674		USD	154,720		GSC		153,662		3/4/25		1,058
Singapore Dollar		1,200,990		USD	899,012		HSBC		889,931		4/2/25		9,081
Singapore Dollar		1,132,408		USD	835,892		JPM		837,890		3/4/25		(1,998	)
Singapore Dollar		369,428		USD	276,615		JPM		273,745		4/2/25		2,870
Singapore Dollar		105,704		USD	78,398		SCB		78,213		3/4/25		185
South African Rand		209,306		USD	11,037		BCLY		11,171		3/19/25		(134	)
South African Rand		582,000		USD	31,188		BNP		31,063		3/19/25		125
South African Rand		2,775,340		USD	150,138		BNP		148,125		3/19/25		2,013
Swiss Franc		1,290,720		USD	1,429,014		BOA		1,429,526		3/4/25		(512	)
Swiss Franc		1,194,120		USD	1,339,651		WFB		1,327,117		4/2/25		12,534
Thai Baht		222,000		USD	6,618		UBS		6,488		5/19/25		130
Turkish Lira		2,663,128		USD	69,970		BCLY		72,858		3/5/25		(2,888	)

													629,071

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(171,144	)

At February 28, 2025, International Fixed Income Fund held the following OTC Total Return Swap Contracts:


Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Financing Rate		Payment Frequency		Maturity Date		Counterparty		Notional Amount		Value		Upfront Payment Paid		Unrealized Appreciation/ (Depreciation)
iBoxx Investment Grade Index	SOFR		3.258%		PAM		6/20/25		BNP		USD 7,800,000	$	67,030	$	84,863	$	(17,833	)
iBoxx Investment Grade Index	SOFR		3.311%		PAM		3/20/25		JPM		USD 5,200,000		122,873		66,691		56,182

												$	189,903	$	151,554	$	38,349

See Notes to Financial Statements.

232



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2025, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Counterparty		Notional Amount		Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month MYR-KLIBOR		3.500%		3/19/30		3-Month		BNP		MYR 800,000	$	(442	)	$	(580	)	$	138
Pay	3-Month MYR-KLIBOR		3.500%		3/19/30		3-Month		GSC		MYR 1,040,000		(573	)		(1,170	)		597
Pay	3-Month MYR-KLIBOR		3.750%		3/19/30		3-Month		GSC		MYR 1,000,000		2,021			1,638			383
Pay	3-Month MYR-KLIBOR		3.500%		9/18/29		3-Month		JPM		MYR 1,610,000		(773	)		(638	)		(135	)
Pay	3-Month MYR-KLIBOR		3.500%		3/19/30		3-Month		JPM		MYR 2,090,000		(1,152	)		(2,516	)		1,364
Pay	3-Month MYR-KLIBOR		3.500%		3/19/30		3-Month		SCB		MYR 3,480,000		(1,919	)		(2,552	)		633
Receive	3-Month MYR-KLIBOR		3.750%		9/20/33		3-Month		GSC		MYR 1,510,000		(1,583	)		9,565			(11,148	)
Receive	3-Month MYR-KLIBOR		3.750%		9/18/34		3-Month		BNP		MYR 1,050,000		(673	)		(2,898	)		2,225
Receive	3-Month MYR-KLIBOR		3.750%		3/19/35		3-Month		JPM		MYR 1,990,000		(958	)		1,514			(2,472	)
Pay	China 7-Day Reverse Repo Index		1.500%		3/18/31		3-Month		BNP		CNY 177,500,000		(141,950	)		(27,265	)		(114,685	)
Pay	China 7-Day Reverse Repo Index		2.250%		9/18/29		3-Month		BNP		CNY 2,700,000		9,897			3,411			6,486
Pay	China 7-Day Reverse Repo Index		1.500%		3/18/31		3-Month		SCB		CNY 93,300,000		(74,614	)		43,106			(117,720	)

												$	(212,719	)	$	21,615		$	(234,334	)

At February 28, 2025, International Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month FRA New Zealand Bank Bill		3.750%		6/15/27	6-Month		NZD	900,000	$	2,683		$	(28,224	)	$	30,907
Pay	3-Month FRA New Zealand Bank Bill		4.750%		6/19/29	6-Month		NZD	1,800,000		46,078			(1,236	)		47,314
Pay	3-Month Stockholm Interbank Offered Rate		2.474%		2/3/30	12-Month		SEK	4,400,000		2,522			—			2,522
Pay	6-Month Australian Bank Bill		3.750%		3/19/30	6-Month		AUD	17,700,000		(110,970	)		14,428			(125,398	)
Pay	6-Month Australian Bank Bill		4.000%		6/21/33	6-Month		AUD	200,000		(1,906	)		(12,380	)		10,474
Pay	6-Month Australian Bank Bill		4.250%		3/19/35	6-Month		AUD	1,200,000		(1,469	)		(545	)		(924	)
Pay	6-Month Australian Bank Bill		4.500%		3/19/35	6-Month		AUD	5,300,000		61,151			14,685			46,466
Pay	6-Month EURIBOR		0.650%		4/12/27	12-Month		EUR	500,000		(19,290	)		—			(19,290	)
Pay	6-Month EURIBOR		0.650%		5/11/27	12-Month		EUR	300,000		(11,176	)		—			(11,176	)
Pay	6-Month EURIBOR		0.700%		4/11/27	12-Month		EUR	200,000		(7,443	)		—			(7,443	)
Pay	6-Month EURIBOR		1.000%		5/13/27	12-Month		EUR	500,000		(13,189	)		—			(13,189	)
Pay	6-Month EURIBOR		2.250%		9/21/37	12-Month		EUR	5,650,000		(111,553	)		141,469			(253,022	)
Pay	6-Month EURIBOR		2.250%		9/21/42	12-Month		EUR	2,310,000		(65,664	)		176,898			(242,562	)
Pay	6-Month EURIBOR		2.343%		1/10/30	12-Month		EUR	3,400,000		20,890			3,599			17,291
Pay	6-Month EURIBOR		2.500%		3/19/30	12-Month		EUR	10,300,000		156,842			(234,674	)		391,516
Pay	6-Month EURIBOR		2.500%		3/19/35	12-Month		EUR	10,788,000		174,591			(363,398	)		537,989
Pay	6-Month EURIBOR		3.000%		3/19/27	12-Month		EUR	7,050,000		123,469			47,415			76,054
Pay	6-Month EURIBOR		3.370%		10/9/28	12-Month		EUR	710,000		31,230			—			31,230
Receive	6-Month EURIBOR		0.054%		5/27/50	12-Month		EUR	50,000		21,815			6,520			15,295
Receive	6-Month EURIBOR		0.064%		11/17/52	12-Month		EUR	100,000		47,197			11,996			35,201
Receive	6-Month EURIBOR		2.250%		3/19/55	12-Month		EUR	3,285,000		(23,212	)		(125,761	)		102,549
Receive	6-Month EURIBOR		2.500%		3/19/27	12-Month		EUR	1,700,000		(12,674	)		(12,536	)		(138	)
Receive	6-Month EURIBOR		2.710%		8/6/34	12-Month		EUR	800,000		(39,279	)		—			(39,279	)
Receive	6-Month EURIBOR		2.833%		8/15/33	12-Month		EUR	800,000		(44,962	)		—			(44,962	)
Receive	6-Month EURIBOR		2.849%		8/15/33	12-Month		EUR	1,100,000		(63,330	)		—			(63,330	)
Receive	6-Month EURIBOR		2.857%		8/15/33	12-Month		EUR	2,800,000		(162,933	)		—			(162,933	)
Receive	6-Month EURIBOR		3.000%		3/15/33	12-Month		EUR	3,160,000		(92,642	)		(33,464	)		(59,178	)
Receive	6-Month EURIBOR		3.280%		11/22/33	12-Month		EUR	100,000		(8,181	)		—			(8,181	)

See Notes to Financial Statements.

233



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.000%		3/17/31	6-Month		JPY	130,000,000	$	(56,420	)	$	(4,651	)	$	(51,769	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.050%		12/15/31	12-Month		JPY	490,000,000		(218,981	)		(164,853	)		(54,128	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.250%		3/15/32	12-Month		JPY	50,000,000		(18,517	)		(1,479	)		(17,038	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.400%		12/15/51	12-Month		JPY	67,000,000		(140,337	)		(28,522	)		(111,815	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.450%		12/15/51	12-Month		JPY	40,000,000		(80,879	)		(61,872	)		(19,007	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.750%		3/19/27	12-Month		JPY	570,000,000		(5,088	)		628			(5,716	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.850%		9/20/33	12-Month		JPY	80,000,000		(11,991	)		776			(12,767	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		3/19/32	12-Month		JPY	860,000,000		(33,276	)		(15,354	)		(17,922	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		9/18/34	12-Month		JPY	90,000,000		(9,514	)		(2,958	)		(6,556	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		3/19/35	12-Month		JPY	800,000,000		(122,162	)		(65,211	)		(56,951	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		6/19/44	12-Month		JPY	230,000,000		(166,759	)		(92,913	)		(73,846	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.400%		6/19/39	6-Month		JPY	80,000,000		77,542			(20,457	)		97,999
Receive	Bank of Japan Uncollateralized Overnight Call Rate		1.500%		9/18/54	12-Month		JPY	63,500,000		36,309			9,937			26,372
Pay	Canadian Overnight Repo Rate Average		1.713%		10/2/29	6-Month		CAD	400,000		(10,823	)		(29,897	)		19,074
Pay	Canadian Overnight Repo Rate Average		2.850%		9/1/29	6-Month		CAD	1,000,000		11,661			(2,988	)		14,649
Pay	Canadian Overnight Repo Rate Average		3.250%		6/21/53	6-Month		CAD	200,000		10,230			(10,586	)		20,816
Pay	Canadian Overnight Repo Rate Average		3.898%		6/19/26	PAM		CAD	2,500,000		24,523			(3,864	)		28,387
Pay	Canadian Overnight Repo Rate Average		3.925%		6/19/26	PAM		CAD	4,300,000		42,970			(371	)		43,341
Receive	Canadian Overnight Repo Rate Average		2.850%		6/1/33	6-Month		CAD	300,000		(3,365	)		2,521			(5,886	)
Receive	Canadian Overnight Repo Rate Average		2.880%		9/1/33	6-Month		CAD	400,000		(4,906	)		—			(4,906	)
Receive	Canadian Overnight Repo Rate Average		3.000%		6/1/33	6-Month		CAD	200,000		(3,854	)		723			(4,577	)
Receive	Canadian Overnight Repo Rate Average		3.000%		6/1/34	6-Month		CAD	700,000		(12,969	)		98			(13,067	)
Receive	Canadian Overnight Repo Rate Average		3.180%		6/1/33	6-Month		CAD	1,500,000		(42,652	)		(1,311	)		(41,341	)
Receive	Canadian Overnight Repo Rate Average		3.250%		12/20/33	6-Month		CAD	2,500,000		(81,512	)		144,403			(225,915	)
Receive	Canadian Overnight Repo Rate Average		3.250%		12/18/34	6-Month		CAD	200,000		(6,626	)		(4,815	)		(1,811	)
Receive	Canadian Overnight Repo Rate Average		3.750%		12/20/33	6-Month		CAD	500,000		(30,203	)		(2,465	)		(27,738	)
Pay	Euro Short-Term Rate Market Index		1.795%		10/11/29	12-Month		EUR	2,700,000		(24,322	)		—			(24,322	)
Pay	Euro Short-Term Rate Market Index		1.923%		10/11/29	12-Month		EUR	1,800,000		(5,746	)		—			(5,746	)
Pay	Euro Short-Term Rate Market Index		2.028%		10/11/29	12-Month		EUR	800,000		(538	)		2,642			(3,180	)
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		6.250%		3/19/30	6-Month		INR	25,600,000		(3,268	)		(2,076	)		(1,192	)
Pay	Israeli Shekel 3-Month Rate		4.095%		9/19/29	12-Month		ILS	500,000		2,315			—			2,315
Pay	Israeli Shekel 3-Month Rate		4.175%		10/2/29	12-Month		ILS	1,200,000		6,867			—			6,867

See Notes to Financial Statements.

234



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Israeli Shekel 3-Month Rate		4.180%		10/1/29	12-Month		ILS	5,500,000	$	31,801		$	(13,345	)	$	45,146
Pay	Israeli Shekel 3-Month Rate		4.280%		9/27/29	12-Month		ILS	1,600,000		11,183			—			11,183
Receive	Singapore Overnight Rate Average		2.500%		3/19/27	6-Month		SGD	1,400,000		(3,560	)		2,084			(5,644	)
Receive	Singapore Overnight Rate Average		2.750%		9/18/29	6-Month		SGD	4,720,000		(56,962	)		(190	)		(56,772	)
Pay	SOFR		3.970%		1/15/35	12-Month		USD	200,000		3,076			—			3,076
Pay	SOFR		3.981%		11/30/27	12-Month		USD	3,700,000		15,598			—			15,598
Receive	SOFR		1.000%		12/15/26	12-Month		USD	1,000,000		56,451			3,719			52,732
Receive	SOFR		2.965%		11/30/26	12-Month		USD	6,600,000		125,480			(3,697	)		129,177
Receive	SOFR		3.000%		3/19/27	12-Month		USD	12,760,000		198,621			261,813			(63,192	)
Receive	SOFR		3.000%		3/19/30	12-Month		USD	4,220,000		136,379			196,514			(60,135	)
Receive	SOFR		3.250%		3/19/35	12-Month		USD	7,080,000		307,885			478,303			(170,418	)
Receive	SOFR		3.250%		12/20/53	12-Month		USD	100,000		8,759			11,616			(2,857	)
Receive	SOFR		3.250%		3/19/55	12-Month		USD	400,000		33,182			47,355			(14,173	)
Receive	SOFR		3.500%		12/20/38	12-Month		USD	3,200,000		120,239			50,178			70,061
Receive	SOFR		3.500%		6/20/54	12-Month		USD	300,000		15,246			14,915			331
Receive	SOFR		3.595%		8/19/34	12-Month		USD	400,000		8,128			—			8,128
Receive	SOFR		3.613%		8/22/34	12-Month		USD	300,000		5,593			—			5,593
Receive	SOFR		3.645%		8/7/34	12-Month		USD	700,000		11,625			—			11,625
Receive	SOFR		3.750%		6/21/25	12-Month		USD	4,900,000		50,662			24,288			26,374
Receive	SOFR		3.750%		6/20/31	12-Month		USD	400,000		2,961			(2,001	)		4,962
Receive	SOFR		3.765%		2/15/55	12-Month		USD	1,100,000		(3,443	)		—			(3,443	)
Receive	SOFR		3.773%		3/4/55	12-Month		USD	400,000		(1,819	)		—			(1,819	)
Receive	SOFR		3.806%		2/15/55	12-Month		USD	200,000		(3,127	)		—			(3,127	)
Receive	SOFR		3.813%		10/31/31	12-Month		USD	1,500,000		(7,302	)		1,332			(8,634	)
Receive	SOFR		3.815%		11/15/34	12-Month		USD	700,000		(3,456	)		—			(3,456	)
Receive	SOFR		3.836%		5/15/34	12-Month		USD	500,000		(2,031	)		—			(2,031	)
Receive	SOFR		3.838%		5/31/29	12-Month		USD	9,100,000		(41,683	)		—			(41,683	)
Receive	SOFR		3.840%		6/30/31	12-Month		USD	1,300,000		(6,152	)		—			(6,152	)
Receive	SOFR		3.843%		11/15/34	12-Month		USD	1,200,000		(8,633	)		—			(8,633	)
Receive	SOFR		3.844%		11/15/34	12-Month		USD	1,500,000		(10,824	)		—			(10,824	)
Receive	SOFR		3.847%		5/15/34	12-Month		USD	300,000		(1,478	)		—			(1,478	)
Receive	SOFR		3.851%		2/28/29	12-Month		USD	1,100,000		(3,399	)		—			(3,399	)
Receive	SOFR		3.862%		2/28/29	12-Month		USD	1,600,000		(5,622	)		—			(5,622	)
Receive	SOFR		3.905%		8/15/26	PAM		USD	1,800,000		(2,520	)		—			(2,520	)
Receive	SOFR		3.908%		3/4/35	12-Month		USD	400,000		(4,331	)		—			(4,331	)
Receive	SOFR		3.931%		11/15/54	12-Month		USD	300,000		(11,033	)		—			(11,033	)
Receive	SOFR		3.954%		11/15/54	12-Month		USD	200,000		(8,176	)		—			(8,176	)
Receive	SOFR		3.959%		11/15/54	12-Month		USD	400,000		(16,722	)		—			(16,722	)
Receive	SOFR		3.964%		11/15/54	12-Month		USD	300,000		(12,810	)		—			(12,810	)
Receive	SOFR		3.981%		5/31/29	12-Month		USD	1,300,000		(13,238	)		—			(13,238	)
Receive	SOFR		3.998%		11/15/54	12-Month		USD	1,100,000		(53,617	)		—			(53,617	)
Receive	SOFR		4.000%		6/20/26	12-Month		USD	3,600,000		22,627			(10,342	)		32,969
Receive	SOFR		4.018%		5/31/29	12-Month		USD	1,400,000		(16,238	)		—			(16,238	)
Receive	SOFR		4.020%		5/15/26	PAM		USD	2,500,000		(2,711	)		—			(2,711	)
Receive	SOFR		4.036%		8/15/34	12-Month		USD	1,300,000		(27,768	)		—			(27,768	)
Receive	SOFR		4.050%		5/31/29	12-Month		USD	2,800,000		(36,046	)		—			(36,046	)
Receive	SOFR		4.051%		5/31/29	12-Month		USD	900,000		(11,610	)		—			(11,610	)
Receive	SOFR		4.053%		8/15/34	12-Month		USD	200,000		(4,536	)		—			(4,536	)
Receive	SOFR		4.055%		8/15/34	12-Month		USD	2,000,000		(45,757	)		354			(46,111	)
Receive	SOFR		4.079%		8/15/34	12-Month		USD	1,300,000		(32,191	)		—			(32,191	)
Receive	SOFR		4.110%		8/15/34	12-Month		USD	900,000		(24,500	)		—			(24,500	)
Receive	SOFR		4.111%		11/15/54	12-Month		USD	640,000		(44,115	)		—			(44,115	)
Receive	SOFR		4.130%		11/15/54	12-Month		USD	660,000		(47,668	)		—			(47,668	)
Receive	SOFR		4.174%		8/15/34	12-Month		USD	1,600,000		(51,661	)		—			(51,661	)
Receive	SOFR		4.220%		8/15/34	12-Month		USD	400,000		(14,372	)		—			(14,372	)
Receive	SOFR		4.250%		12/20/25	12-Month		USD	27,709,000		(16,424	)		143,567			(159,991	)
Pay	South Korea Daily Closing of 3-Month Certificate of Deposit		3.000%		3/19/30	3-Month		KRW	54,700,000		825			660			165

See Notes to Financial Statements.

235



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Sterling Overnight Index Average		3.000%		6/17/27	12-Month		GBP	5,100,000	$	(110,453	)	$	(11,885	)	$	(98,568	)
Pay	Sterling Overnight Index Average		3.750%		9/18/34	12-Month		GBP	2,050,000		(58,652	)		(181,186	)		122,534
Pay	Sterling Overnight Index Average		4.000%		3/17/28	12-Month		GBP	11,200,000		42,500			34,710			7,790
Pay	Sterling Overnight Index Average		4.000%		9/18/29	12-Month		GBP	16,113,000		(1,065	)		117,865			(118,930	)
Receive	Sterling Overnight Index Average		3.000%		6/17/35	12-Month		GBP	1,100,000		108,760			18,443			90,317
Receive	Sterling Overnight Index Average		3.750%		9/18/54	12-Month		GBP	1,800,000		183,689			60,786			122,903
Pay	Swiss Average Rate Overnight Index		0.300%		2/15/27	12-Month		CHF	200,000		808			—			808
Pay	Thai Overnight Repurchase Rate		1.908%		12/19/29	3-Month		THB	3,440,000		591			—			591
Receive	Thai Overnight Repurchase Rate		2.750%		9/18/34	3-Month		THB	18,990,000		(34,660	)		(306	)		(34,354	)

										$	(343,392	)	$	495,427		$	(838,819	)

At February 28, 2025, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Sovereign Issues — Buy Protection (1)


Reference Obligation & Ratings†	Fixed Deal (Pay) Rate		Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/28/25 (2)		Notional Amount (3)		Value			Upfront Payment (Received)			Unrealized Depreciation
South Korea Government Bonds, AA		(1.000)%		12/20/29		3-Month		BNP		0.291%	USD	320,000	$	(10,608	)	$	(10,571	)	$	(37	)
South Korea Government Bonds, AA		(1.000)%		12/20/29		3-Month		GSC		0.292%	USD	450,000		(14,918	)		(14,865	)		(53	)

													$	(25,526	)	$	(25,436	)	$	(90	)

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

OTC Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/28/25 (2)		Notional Amount (3)		Value		Upfront Payment (Received)			Unrealized Appreciation
Petroleos Mexicanos, NR		4.750	%		7/6/26		1-Month		DUB		N/A(a)	USD	700,000	$	4,020	$	—		$	4,020
Republic of Italy Government International Bonds, BBB		1.000	%		6/20/25		3-Month		BCLY		0.085%	USD	300,000		1,434		(7,348	)		8,782

														$	5,454	$	(7,348	)	$	12,802

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

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

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


Reference Obligation & Ratings	Fixed Deal (Pay) Rate		Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/25 (2)		Notional Amount (3)			Market Value		Upfront Payment (Received)		Unrealized Depreciation
Markit iTraxx Europe Series 42 5-Year Index, NR		(1.000)%		12/20/29		3-Month		0.538%		EUR	2,700,000	$	(64,324)	$	(58,067)	$	(6,257)
Markit CDX North America Investment Grade Series 43 10-Year Index, NR		(1.000)%		12/20/34		3-Month		0.907%		USD	6,600,000		(59,260)		(38,716)		(20,544)
Markit iTraxx Europe Series 42 10-Year Index, NR		(1.000)%		12/20/34		3-Month		0.950%		EUR	4,400,000		(28,023)		(10,978)		(17,045)

												$	(151,607)	$	(107,761)	$	(43,846)

See Notes to Financial Statements.

236



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

Centrally Cleared — Credit Default Swaps on Corporate Issue and Index — Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate		Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/25 (2)		Notional Amount (3)			Value		Upfront Payment Paid		Unrealized Appreciation/ (Depreciation)
Markit CDX North America Investment Grade Series 43 5-Year Index, NR		1.000%		12/20/29		3-Month		0.501%		USD	50,200,000	$	1,202,120	$	1,123,780	$	78,340
Ford Motor Credit Co. LLC, BBB		5.000%		6/20/25		3-Month		0.335%		USD	200,000		4,849		7,947		(3,098	)

												$	1,206,969	$	1,131,727	$	75,242

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

At February 28, 2025, International Fixed Income Fund held the following OTC Cross-Currency Swap Contracts:


Counterparty Pay	Counterparty Receive	Maturity Date (5)		Counterparty		Notional Amount of Currency Received (6)		Notional Amount of Currency Delivered (6)		Value		Upfront Payment Paid/ (Received)		Unrealized Depreciation

Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.459% based on the notional amount of currency delivered	Floating rate equal to SOFR based on the notional amount of currency received		9/17/30		GSC		JPY 550,000,000		USD 3,603,427	$	(50,986)	$	(9,290)	$	(41,696)

Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.470% based on the notional amount of currency delivered	Floating rate equal to SOFR based on the notional amount of currency received		6/18/26		GSC		JPY 2,662,200,000		USD 18,342,922		664,671		1,377,049		(712,378)


										$	613,685	$	1,367,759	$	(754,074)

(1)

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

(2)

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

(4)

(5)	At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

(6)	The notional amounts to be received or delivered may be determined and exchanged at a future date, based on the effective date of the cross-currency swap.

See Notes to Financial Statements.

237



Schedules of Investments


(unaudited) (continued)


International Fixed Income Fund

At February 28, 2025, International Fixed Income Fund deposited cash collateral with brokers in the amount of $2,299,000 for open centrally cleared swap contracts.

At February 28, 2025, International Fixed Income Fund had cash collateral from brokers in the amount of $216,000 for open OTC swap contracts.


Currency abbreviations used in this schedule:		Counterparty abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
BRL	— Brazilian Real	BNP	— BNP Paribas SA
CAD	— Canadian Dollar	BOA	— Bank of America
CHF	— Swiss Franc	DUB	— Deutsche Bank AG
CNH	— Chinese Yuan Renminbi Offshore	GSC	— Goldman Sachs & Co.
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	SCB	— Standard Chartered Bank
HKD	— Hong Kong Dollar	SOG	— Societe Generale SA
ILS	— Israeli New Shekel	UBS	— UBS Securities LLC
INR	— Indian Rupee	WFB	— Wells Fargo Bank
JPY	— Japanese Yen
KRW	— Korean Won
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
THB	— Thai Baht
ZAR	— South African Rand

See Notes to Financial Statements.

238



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	MUNICIPAL BONDS — 92.2%

	Alabama — 4.1%
$	220,000	A1(a)	Black Belt Energy Gas District, Revenue Bonds, Series A, 5.250% due 5/1/55(b)	$	238,294
	1,000,000	Aa3(a)	Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000% due 8/1/54(b)		1,073,658
			Southeast Energy Authority A Cooperative District, Revenue Bonds:
	965,000	A1(a)	Series A, 5.250% due 1/1/54(b)		1,023,265
	1,400,000	Aa1(a)	Series C, 5.000% due 2/1/30		1,481,158

			Total Alabama		3,816,375


	Alaska — 0.2%
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		94,196
	45,000	BBB-	Series B1, 4.000% due 6/1/50		44,998

			Total Alaska		139,194


	Arizona — 2.4%
	420,000	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)		390,463
	1,000,000	A+	City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40		1,113,903
	500,000	Aa1(a)	Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, Series A, 6.500% due 3/1/55		560,919
	200,000	BB+	Maricopa County Industrial Development Authority, Revenue Bonds, Paradise School Project Paragon Management Inc., 4.000% due 7/1/26(c)		199,421

			Total Arizona		2,264,706


	California — 12.1%
	10,615,000	NR	California County Tobacco Securitization Agency, Revenue Bonds, zero coupon due 6/1/55		868,599
	1,000,000	BBB+	California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System, Series A, 5.250% due 12/1/40		1,113,465
			California School Finance Authority, Revenue Bonds:
	640,000	BBB-	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		662,769
	250,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		236,554
			California State Public Works Board, Revenue Bonds:
	1,000,000	A+	Series D, 4.000% due 5/1/47		1,004,696
	1,000,000	A+	Series D, 5.000% due 11/1/46		1,077,430
	15,750,000	NR	California Statewide Financing Authority, Revenue Bonds, Capital Appreciation Turbo Pooled Program, Series D, zero coupon due 6/1/55(c)		849,821
	100,000	NR	CSCDA Community Improvement Authority, Revenue Bonds, Series B, 4.000% due 12/1/59(c)		65,363
	1,350,000	AA	Orange Unified School District, GO, 5.000% due 8/1/35		1,554,575
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,076,579
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, 4.000% due 10/1/40		597,228
	485,000	Aa3(a)	San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.000% due 8/1/43		506,964
	1,000,000	AA-	San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, AMT, Series A, 5.500% due 5/1/55(d)		1,087,229
	475,000	Aa3(a)	Sonoma Valley Unified School District, GO, 4.000% due 8/1/38		482,825

			Total California		11,184,097


	Colorado — 5.5%
	1,000,000	AA+	Arapahoe County School District No. 5 Cherry Creek, GO, 5.250% due 12/15/44		1,123,894
	1,010,000	AAA	Board of Water Commissioners City & County of Denver (The), Revenue Bonds, Series A, 5.000% due 9/15/44		1,116,675
			Colorado Health Facilities Authority, Revenue Bonds, Adventhealth Obligated:
	500,000	AA	Series A, 3.000% due 11/15/51		389,098

See Notes to Financial Statements.

239



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Colorado — 5.5% — (continued)
$	485,000	AA	Series A, 5.000% due 11/15/59(b)	$	524,932
	500,000	AA	Mesa County Valley School District No 51 Grand Junction, GO, 5.250% due 12/1/43		563,463
	1,000,000	AA	Town of Johnstown, Water Revenue, Revenue Bonds, 5.000% due 12/1/48		1,077,723
	240,000	Aa1(a)	University of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36		280,274

			Total Colorado		5,076,059


	Connecticut — 0.7%
			State of Connecticut, GO:
	500,000	AA-	Series E, 5.000% due 11/15/28		540,869
	100,000	AA-	Series G, 5.000% due 11/15/41		112,525

			Total Connecticut		653,394


	District of Columbia — 1.6%
	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		470,033
	1,000,000	AA-	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds, AMT, Series A, 5.000% due 10/1/27(d)		1,044,275

			Total District of Columbia		1,514,308


	Florida — 5.9%
	480,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		480,037
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		1,050,540
	665,000	AA+	Broward County, Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/45		650,162
			Capital Trust Agency Inc., Revenue Bonds:
	100,000	Ba1(a)	Viera Charter Schools Inc. Project, Series A, 4.000% due 10/15/29(c)		99,736
	2,500,000	NR	Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		210,414
	500,000	AA+	City of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds, Series A, 5.000% due 9/1/41		555,543
	65,000	NR	Finley Woods Community Development District, Special Assessment, Area One, 3.150% due 5/1/25		64,895
	780,000	AA	JEA Electric System Revenue, Revenue Bonds, Series 2024A, 5.000% due 10/1/39		892,818
	275,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		275,610
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53		1,046,839
	100,000	AA+	Tampa Bay Water, Revenue Bonds, Series A, 5.000% due 10/1/49		107,869

			Total Florida		5,434,463


	Georgia — 3.6%
	300,000	AA	City of Gainesville, Water & Sewerage Revenue, Revenue Bonds, 5.000% due 11/15/41		336,787
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,537,533
	435,000	A3(a)	Series A, 5.000% due 6/1/53(b)		457,067

			Total Georgia		3,331,387


	Idaho — 1.2%
	1,000,000	A	Idaho Health Facilities Authority, Revenue Bonds, Series A, 5.000% due 3/1/41		1,107,903


	Illinois — 2.0%
	1,000,000	A	Chicago Midway International Airport, Revenue Bonds, AMT, Series C, 5.000% due 1/1/39(d)		1,078,176
	300,000	Aa1(a)	Cook County Community Consolidated School District No. 64 Park Ridge-Niles, GO, 5.000% due 12/1/41		333,002
			State of Illinois, GO:
	260,000	A-	Series C, 5.000% due 12/1/45		273,328
	150,000	A-	Series C, 5.000% due 12/1/46		157,242

			Total Illinois		1,841,748

See Notes to Financial Statements.

240



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Indiana — 2.0%
$	650,000	AA	Indiana Municipal Power Agency, Revenue Bonds, Series A, 5.000% due 1/1/43	$	712,494
	500,000	AA+	Indianapolis Local Public Improvement Bond Bank, Revenue Bonds, Series D, 6.000% due 2/1/48		570,245
	500,000	Aa2(a)	IPS Multi-School Building Corp., Revenue Bonds, 5.000% due 7/15/44		539,268

			Total Indiana		1,822,007


	Kansas — 0.3%
	250,000	Aaa(a)	Kansas Development Finance Authority, Revenue Bonds, Series R, 5.000% due 5/1/41		277,577


	Kentucky — 0.2%
	230,000	NR	City of Henderson, Revenue Bonds, Pratt Paper LLC Project, AMT, Series A, 4.450% due 1/1/42(c)(d)		231,097


	Maryland — 2.5%
			City of Baltimore, Tax Allocation, Harbor Point Project:
	125,000	NR	Series A, 2.800% due 6/1/25(c)		124,658
	135,000	NR	Series A, 2.850% due 6/1/26(c)		133,433
	500,000	AAA	County of Prince George’s, GO, Series A, 5.000% due 8/1/40		565,767
	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)		653,036
	725,000	AAA	State of Maryland, GO, Series A, 5.000% due 6/1/34		826,352

			Total Maryland		2,303,246


	Massachusetts — 1.9%
	1,000,000	AAA	City of Boston, GO, Series A, 5.000% due 11/1/37		1,150,939
	550,000	AA+	Commonwealth of Massachusetts, GO, Series C, 5.000% due 10/1/48		588,062

			Total Massachusetts		1,739,001


	Michigan — 3.4%
	845,000	A+	Central Michigan University, Revenue Bonds, Series A, 5.000% due 10/1/37		967,003
	500,000	AA-	Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, Series C, 5.250% due 7/1/48		546,230
	1,000,000	AA-	Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54		1,091,358
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		536,965

			Total Michigan		3,141,556


	Nebraska — 1.7%
	500,000	A2(a)	Central Plains Energy Project, Revenue Bonds, Series 1, 5.000% due 5/1/53(b)		527,131
	1,000,000	AA	Omaha Public Power District, Revenue Bonds, Series A, 5.250% due 2/1/48		1,089,735

			Total Nebraska		1,616,866


	New Jersey — 3.0%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		105,968
			New Jersey Economic Development Authority, Revenue Bonds:
	500,000	A-	Golden Door Charter School Project, Series A, 5.000% due 6/15/42		513,482
	110,000	NR	Golden Door Charter School Project, Series A, 5.125% due 11/1/29(c)		111,092
	810,000	A-	Series GGG, 5.250% due 9/1/25(c)		819,343
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	1,000,000	A-	Series A, 4.000% due 6/15/40		994,655
	240,000	A-	Series AA, 5.000% due 6/15/42		264,677

			Total New Jersey		2,809,217


	New Mexico — 1.1%
	1,000,000	Aa1(a)	New Mexico Municipal Energy Acquisition Authority, Revenue Bonds, Series A, 5.000% due 11/1/39(b)		1,002,194

See Notes to Financial Statements.

241



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	New York — 9.3%
$	1,000,000	AA	City of New York, GO, Series B, 5.250% due 10/1/47	$	1,075,340
			New York City Municipal Water Finance Authority, Revenue Bonds:
	500,000	AA+	Series CC1, 4.000% due 6/15/51		481,578
	500,000	AA+	Series DD1, 5.000% due 6/15/49		517,278
			New York State Dormitory Authority, Revenue Bonds:
	1,000,000	Aa1(a)	Series A, 5.250% due 3/15/37		1,072,053
	500,000	AA+	Series B, Unrefunded Portion, 5.000% due 2/15/43		516,010
			New York State Thruway Authority, Revenue Bonds:
	180,000	AA+	Series A, 4.125% due 3/15/52		175,584
	1,000,000	A+	Series P, 5.000% due 1/1/40		1,131,384
	225,000	Baa2(a)	New York Transportation Development Corp., Revenue Bonds, Delta Air Lines Inc. — LaGuardia, AMT, 4.000% due 10/1/30(d)		225,992
			Port Authority of New York & New Jersey, Revenue Bonds:
	1,000,000	AA-	Series 230, 3.000% due 12/1/31		1,002,287
	500,000	AA-	Series 241, 5.000% due 7/15/41		559,164
	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		1,116,444
	660,000	AA+	Triborough Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due 5/15/52		711,465

			Total New York		8,584,579


	North Carolina — 0.6%
	500,000	AA	City of Fayetteville, Public Works Commission Revenue, Revenue Bonds, 5.000% due 3/1/26		511,720


	North Dakota — 0.5%
	495,000	Aa1(a)	North Dakota Housing Finance Agency, Revenue Bonds, Water and Sewer System, Series A, 3.700% due 1/1/46		445,334


	Ohio — 4.9%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
	85,000	BBB+	Series A2, 3.000% due 6/1/48		64,197
	100,000	NR	Series B2, 5.000% due 6/1/55		91,564
	1,000,000	Aa2(a)	North Ridgeville City School District, GO, 5.000% due 12/1/44		1,040,817
	600,000	Baa3(a)	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Remarketing, Series A, 2.875% due 2/1/26		592,613
	495,000	Aaa(a)	Ohio Housing Finance Agency, Revenue Bonds, Series B, 6.000% due 3/1/55		542,744
	1,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series D, 5.000% due 12/1/44		1,103,215
	1,000,000	AAA	Ohio Water Development Authority, Revenue Bonds, Series A, 5.000% due 12/1/41		1,126,152

			Total Ohio		4,561,302


	Oklahoma — 0.2%
	200,000	AA-	Oklahoma Industries Authority, Revenue Bonds, 5.000% due 4/1/27		208,753


	Oregon — 1.2%
	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)		1,080,552


	Pennsylvania — 2.7%
	500,000	A+	Commonwealth of Pennsylvania, GO, Series B, 5.000% due 8/15/36		578,307
	1,000,000	A	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series B1, 5.250% due 11/1/37		1,144,083
	830,000	A+	Pennsylvania Turnpike Commission, Revenue Bonds, Series A, 4.000% due 12/1/46		795,552

			Total Pennsylvania		2,517,942


	Puerto Rico — 1.0%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	664,000	NR	Series A1, 4.750% due 7/1/53		660,565
	225,000	NR	Series A1, zero coupon due 7/1/46		75,703
	216,000	NR	Series A2, 4.784% due 7/1/58		213,851

			Total Puerto Rico		950,119

See Notes to Financial Statements.

242



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Tennessee — 0.4%
$	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)	$	261,387
	95,000	AA+	Tennessee Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due 1/1/55		105,379

			Total Tennessee		366,766


	Texas — 8.7%
	415,000	Aaa(a)	Bexar Management And Development Corp., Revenue Bonds, 4.610% due 7/1/44		421,303
	315,000	AA	City of Austin, Water & Wastewater System Revenue, Revenue Bonds, 5.000% due 11/15/41		350,065
	100,000	BB	City of Houston, Airport System Revenue, Revenue Bonds, AMT, Series B1, 5.000% due 7/15/30(d)		100,291
	500,000	Aa3(a)	City of Houston, GO, Series A, 5.250% due 3/1/40		566,130
	1,000,000	AA-	City of San Antonio, Electric & Gas Systems Revenue, Revenue Bonds, Series A, 5.000% due 2/1/35		1,153,731
	100,000	Aaa(a)	Crowley Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/1/48		107,001
	500,000	AAA	Dalhart Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/42		538,748
	1,000,000	AAA	Fort Bend Independent School District, GO, Series A, PSF-GTD-Insured, 5.000% due 8/15/44		1,086,264
	315,000	Aaa(a)	New Caney Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/41		349,812
	390,000	NR	New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Beta Academy, 3.375% due 8/15/29(c)		368,856
	795,000	Aaa(a)	Northside Independent School District, GO, PSF-GTD-Insured, 0.700% due 6/1/50(b)		788,727
	1,000,000	AAA	Plano Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/41		1,113,759
	1,000,000	AA	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, 5.000% due 12/1/44		1,089,778

			Total Texas		8,034,465


	Utah — 0.5%
	500,000	Aaa(a)	Canyons School District, GO, School Bonds Guaranty Program, 2.500% due 6/15/30		474,650


	Virginia — 0.8%
	500,000	AA+	Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38		563,333
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		81,667
	100,000	BBB	Virginia Small Business Financing Authority, Revenue Bonds, AMT, 4.000% due 1/1/48(d)		89,010

			Total Virginia		734,010


	Washington — 3.8%
	370,000	AA+	Pierce County School District No 10 Tacoma, GO, School Bonds Guaranty Program, 5.000% due 12/1/44		406,602
	1,000,000	Aaa(a)	Snohomish County School District No 15 Edmonds, GO, School Bonds Guaranty Program, 5.000% due 12/1/42		1,107,341
	1,500,000	AA+	State of Washington, GO, Series R-2022, 4.000% due 7/1/33		1,601,264
			Washington State Housing Finance Commission, Revenue Bonds:
	100,000	BB(e)	Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		100,637
	285,000	Ba2(a)	Spokane Int Acad Project, Series A, 4.000% due 7/1/26(c)		281,608

			Total Washington		3,497,452


	West Virginia — 0.5%
	435,000	AA-	State of West Virginia, GO, Series A, 5.000% due 6/1/26		447,316


	Wisconsin — 1.7%
	500,000	AA	Wisconsin Health & Educational Facilities Authority, Revenue Bonds, Milwaukee Regional Medical Center Thermal Service Obligated Group, 5.000% due 4/1/37		527,138
	1,000,000	AA+	Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Revenue Bonds, Series A, 3.250% due 9/1/26		1,001,233

			Total Wisconsin		1,528,371

			TOTAL MUNICIPAL BONDS (Cost — $84,329,688)		85,249,726

See Notes to Financial Statements.

243



Schedules of Investments


(unaudited) (continued)


Municipal Bond Fund

Face Amount†		Security	Value

	SHORT-TERM INVESTMENTS — 7.2%

	TIME DEPOSITS — 7.2%
$	5,396,116	JPMorgan Chase & Co. — New York, 3.680% due 3/3/25	$	5,396,116
	1,295,494	Skandinaviska Enskilda Banken AB — Stockholm, 3.680% due 3/3/25		1,295,494

		TOTAL SHORT-TERM INVESTMENTS (Cost — $6,691,610)		6,691,610

		TOTAL INVESTMENTS — 99.4% (Cost — $91,021,298)		91,941,336

		Other Assets in Excess of Liabilities — 0.6%		601,492

		TOTAL NET ASSETS — 100.0%	$	92,542,828

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

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

(a)	Rating by Moody’s Investors Service.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2025.

(c)

(d)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).

(e)	Rating by Fitch Ratings Service.

At February 28, 2025, 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

91,021,298

1,684,200

(764,162)

920,038


Abbreviations used in this schedule:
AMT		— Alternative Minimum Tax
GO		— General Obligation
PSF-GTD		— Permanent School Fund Guaranteed

See Notes to Financial Statements.

244



Schedules of Investments


(unaudited) (continued)


Summary of Investments by Industry^
General Obligation	29.3	%
School District	12.2
Water and Sewer	9.5
Health Care Providers & Services	9.3
Airport	6.4
Utilities	5.0
Single Family Housing	4.1
Education	3.8
Transportation	2.9
Tobacco Settlement	2.7
Power	2.7
Development	2.1
Higher Education	1.4
Multifamily Housing	0.6
Bond Bank	0.6
Nursing Homes	0.1
Short-Term Investments	7.3

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 273-274 for definitions of ratings.

See Notes to Financial Statements.

245



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 111.4%
		U.S. Treasury Inflation Indexed Bonds:
$	2,421,768	2.000% due 1/15/26	$	2,444,725
	2,104,567	1.750% due 1/15/28		2,131,186
	2,909,403	3.625% due 4/15/28		3,110,971
	1,605,218	2.500% due 1/15/29		1,670,651
	2,394,016	3.875% due 4/15/29		2,624,495
	42,673	3.375% due 4/15/32(a)		47,458
	846,910	2.125% due 2/15/40		858,841
	936,767	2.125% due 2/15/41		948,605
	1,955,422	0.750% due 2/15/42		1,578,976
	1,770,822	0.625% due 2/15/43		1,371,888
	3,344,825	1.375% due 2/15/44		2,936,641
	2,975,355	0.750% due 2/15/45		2,285,381
	2,783,838	1.000% due 2/15/46		2,221,652
	1,817,328	0.875% due 2/15/47		1,394,999
	2,201,325	1.000% due 2/15/48		1,717,399
	1,505,052	1.000% due 2/15/49		1,161,868
	1,178,477	0.250% due 2/15/50(a)		731,493
	1,454,676	0.125% due 2/15/51		853,857
	1,020,366	0.125% due 2/15/52(a)		589,205
	2,123,480	1.500% due 2/15/53		1,794,230
	2,056,700	2.125% due 2/15/54		2,001,946
	800,144	2.375% due 2/15/55		822,047
		U.S. Treasury Inflation Indexed Notes:
	4,013,922	0.125% due 10/15/25		4,015,874
	4,462,886	0.625% due 1/15/26		4,452,675
	2,767,935	0.125% due 4/15/26		2,740,019
	4,786,059	0.125% due 7/15/26		4,744,898
	4,273,389	0.125% due 10/15/26		4,224,745
	5,134,663	0.375% due 1/15/27		5,066,065
	2,794,475	0.125% due 4/15/27		2,730,115
	3,883,472	0.375% due 7/15/27		3,822,099
	6,392,460	1.625% due 10/15/27(b)		6,475,816
	8,416,419	0.500% due 1/15/28(b)		8,225,463
	1,052,190	1.250% due 4/15/28		1,048,109
	4,538,889	0.750% due 7/15/28		4,465,048
	5,770,240	2.375% due 10/15/28(b)		5,990,093
	3,112,276	0.875% due 1/15/29		3,048,560
	1,122,396	2.125% due 4/15/29(b)		1,151,597
	4,647,838	0.250% due 7/15/29		4,430,498
	1,604,832	1.625% due 10/15/29		1,620,645
	5,201,123	0.125% due 1/15/30		4,867,250
	3,902,112	0.125% due 7/15/30		3,632,717
	5,346,640	0.125% due 1/15/31		4,908,122
	7,312,523	0.125% due 7/15/31(b)		6,669,150
	4,326,414	0.125% due 1/15/32		3,886,517
	9,233,040	0.625% due 7/15/32(b)		8,561,875
	10,701,152	1.125% due 1/15/33(b)		10,200,870
	6,962,439	1.375% due 7/15/33(b)		6,757,693
	2,258,784	1.750% due 1/15/34		2,245,536
	4,123,821	1.875% due 7/15/34(b)		4,149,280
	2,200,132	2.125% due 1/15/35		2,252,707

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $167,248,155)		161,682,550

See Notes to Financial Statements.

246



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	MORTGAGE-BACKED SECURITIES — 14.1%

	FHLMC — 3.4%
				Federal Home Loan Mortgage Corp. (FHLMC):
$	87,880			3.000% due 7/1/52	$	76,640
	356,278			6.500% due 10/1/53		368,739
	4,191,062			6.000% due 3/1/54		4,276,567
	297,284			5.000% due 7/1/54		292,451

				Total FHLMC		5,014,397


	FNMA — 8.0%
				Federal National Mortgage Association (FNMA):
	32,661			4.000% due 3/1/50		30,953
	172,100			3.000% due 5/1/52		150,049
	84,092			4.500% due 10/1/52		81,122
	3,200,000			4.000% due 3/1/55(c)		2,995,975
	4,600,000			4.500% due 3/1/55(c)		4,426,853
	1,810,143			5.500% due 5/1/54		1,817,802
	2,000,000			6.500% due 4/1/55(c)		2,058,260

				Total FNMA		11,561,014


	GNMA — 2.7%
				Government National Mortgage Association II (GNMA)
	4,000,000			3.500% due 3/20/55(c)		3,665,772
	287,881			3.500% due 11/20/52		264,371

				Total GNMA		3,930,143

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $20,248,403)		20,505,554


	COLLATERALIZED MORTGAGE OBLIGATIONS — 11.4%

	Asset Backed Securities — 7.1%
	400,000		Aaa(d)	AIMCO CLO, Series 2015-AA, Class AR3, 5.553% (3-Month Term SOFR + 1.250%) due 10/17/34(e)(f)		400,669
	300,000	^EUR	AAA	Arbour CLO VI DAC, Series 6A, Class AR, 3.706% (3-Month EURIBOR + 1.150%) due 11/15/37(e)(f)		312,591
	143,902		Aaa(d)	ARES L CLO Ltd., Series 2018-50A, Class AR, 5.614% (3-Month Term SOFR + 1.312%) due 1/15/32(e)(f)		144,317
	89,459		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 5.409% (1-Month Term SOFR + 1.089%) due 6/25/34(e)		97,055
	171,328		AAA	BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 5.523% (3-Month Term SOFR + 1.200%) due 11/15/30(e)(f)		171,596
	253,267	^EUR	Aaa(d)	Cairn CLO X DAC, Series 2018-10A, Class AR, 3.565% (3-Month EURIBOR + 0.780%) due 10/15/31(e)(f)		262,772
	500,000		AAA	Canyon CLO Ltd., Series 2020-1A, Class AR2, 5.382% (3-Month Term SOFR + 1.080%) due 7/15/34(e)(f)		499,956
	184,779	^EUR	Aaa(d)	Carlyle Global Markets Strategis Euro CLO Ltd., Series 2014-2A, Class AR-1, 3.306% (3-Month EURIBOR + 0.750%) due 11/15/31(e)(f)		191,279
				Credit-Based Asset Servicing & Securitization LLC:
	140,774		CCC	Series 2005-CB3, Class M4, 3.789% (1-Month Term SOFR + 1.164%) due 6/25/35(e)		136,155
	641,124		D	Series 2007-CB6, Class A3, 4.654% (1-Month Term SOFR + 0.334%) due 7/25/37(e)(f)		419,246
				CWABS Asset-Backed Certificates Trust:
	149,011		Caa2(d)	Series 2004-7, Class MV5, 4.081% (1-Month Term SOFR + 1.839%) due 11/25/34(e)		132,387
	227,365		CC	Series 2007-1, Class 1A, 4.574% (1-Month Term SOFR + 0.254%) due 7/25/37(e)		210,454
	48,775		D	Series 2007-6, Class 1A, 4.834% (1-Month Term SOFR + 0.514%) due 9/25/37(e)		44,187
	246,221		CCC	Series 2007-8, Class 1A1, 4.624% (1-Month Term SOFR + 0.304%) due 11/25/37(e)		231,882
	500,000	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 3.665% (3-Month EURIBOR + 0.880%) due 4/15/34(e)(f)		517,951
	700,000	^EUR	AAA	Dunedin Park CLO DAC, Series 1A, Class AR, 3.496% (3-Month EURIBOR + 0.980%) due 11/20/34(e)(f)		724,704

See Notes to Financial Statements.

247



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Asset Backed Securities — 7.1% — (continued)
$	458,853		BB	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 5.534% (1-Month Term SOFR + 1.214%) due 5/25/37(e)(f)	$	446,408
	17,907		Caa3(d)	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		9,578
	125,967		Aaa(d)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 5.585% (3-Month Term SOFR + 1.292%) due 4/20/31(e)(f)		126,273
	146,796		Caa2(d)	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 4.674% (1-Month Term SOFR + 0.354%) due 8/25/36(e)		57,831
	266,202		Aaa(d)	Magnetite XII Ltd., Series 2015-12A, Class AR4, 5.452% (3-Month Term SOFR + 1.150%) due 10/15/31(e)(f)		266,537
	764,737	^EUR	Aaa(d)	Man GLG Euro CLO V DAC, Series 5A, Class A1R, 3.576% (3-Month EURIBOR + 0.690%) due 12/15/31(e)(f)		792,539
				Option One Mortgage Loan Trust:
	80,656		CC	Series 2007-1, Class 1A1, 4.574% (1-Month Term SOFR + 0.254%) due 1/25/37(e)		51,416
	75,193		D	Series 2007-2, Class 1A1, 4.574% (1-Month Term SOFR + 0.254%) due 3/25/37(e)		49,880
	520,550	^EUR	Aaa(d)	Palmer Square European Loan Funding DAC, Series 2023-3A, Class AR, 3.526% (3-Month EURIBOR + 0.970%) due 5/15/33(e)(f)		541,582
	87,222		AA-	RASC Trust, Series 2006-KS3, Class M1, 4.929% (1-Month Term SOFR + 0.444%) due 4/25/36(e)		86,418
	398,576		Aaa(d)	Regatta XV Funding Ltd., Series 2018-4A, Class A1R, 5.500% (3-Month Term SOFR + 1.200%) due 10/25/31(e)(f)		398,964
	88,619		Ca(d)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C, 4.734% (1-Month Term SOFR + 0.414%) due 7/25/36(e)		34,582
				Soundview Home Loan Trust:
	185,069		Caa3(d)	Series 2007-OPT1, Class 1A1, 4.634% (1-Month Term SOFR + 0.314%) due 6/25/37(e)		124,735
	42,865		CCC	Series 2007-OPT2, Class 2A3, 4.614% (1-Month Term SOFR + 0.294%) due 7/25/37(e)		38,058
	463,031	^EUR	Aaa(d)	St Paul’s CLO DAC, Series 4A, Class ARR1, 3.503% (3-Month EURIBOR + 0.830%) due 4/25/30(e)(f)		480,667
	482,156		AAA	TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.433% (3-Month Term SOFR + 1.140%) due 1/20/32(e)(f)		483,066
	615,205		AAA	Tralee CLO VI Ltd., Series 2019-6A, Class A1RR, 5.520% (3-Month Term SOFR + 1.220%) due 10/25/32(e)(f)		616,150
	500,000		AAA	Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR, 5.630% (3-Month Term SOFR + 1.330%) due 1/25/34(e)(f)		501,543
	600,000		AAA	Trinitas CLO XIV Ltd., Series 2020-14A, Class A1R, 5.640% (3-Month Term SOFR + 1.340%) due 1/25/34(e)(f)		601,356
				Voya CLO Ltd.:
	55,539		Aaa(d)	Series 2017-1A, Class A1R, 5.514% (3-Month Term SOFR + 1.212%) due 4/17/30(e)(f)		55,599
	38,171		AAA	Series 2017-2A, Class A1R, 5.544% (3-Month Term SOFR + 1.242%) due 6/7/30(e)(f)		38,203

				Total Asset Backed Securities		10,298,586


	Mortgage Securities — 4.3%
				Alternative Loan Trust:
	157,170		Caa2(d)	Series 2006-HY11, Class A1, 4.674% (1-Month Term SOFR + 0.354%) due 6/25/36(e)		146,206
	25,933		WR(d)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		21,837
	356,761		Caa3(d)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(e)		295,040
	12,146		WR(d)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.715% due 5/25/33(e)		11,425
	19,902		WR(d)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 4.794% (1-Month Term SOFR + 0.474%) due 3/25/35(e)(f)		19,637
				CHL Mortgage Pass-Through Trust:
	401,512		WR(d)	Series 2005-HYB6, Class 2A1, 5.067% due 10/20/35(e)		379,364
	38,158		WR(d)	Series 2005-HYB9, Class 2A1, 7.210% (1-Year Term SOFR + 2.465%) due 2/20/36(e)		34,874
	79,098		WR(d)	Series 2006-6, Class A4, 6.000% due 4/25/36		38,446
	116,394		WD(g)	Series 2007-1, Class A1, 6.000% due 3/25/37		52,937

See Notes to Financial Statements.

248



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Mortgage Securities — 4.3% — (continued)
				Citigroup Mortgage Loan Trust:
$	2,707		WR(d)	Series 2004-HYB2, Class 2A, 6.762% due 3/25/34(e)	$	2,450
	103,555		Caa2(d)	Series 2007-AR4, Class 1A1A, 4.752% due 3/25/37(e)		87,300
	12,395		CCC(g)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		12,087
	74,518		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 4.584% (1-Month Term SOFR + 0.264%) due 9/29/36(e)(f)		73,494
	117,617		NR	Freddie Mac Multifamily Structured Pass Through Certificates, Series KBX1, Class A2, 2.920% due 1/25/26		115,912
				Government National Mortgage Association (GNMA):
	209,743		NR	Series 2018-H15, Class FG, 5.461% (1-Year Term SOFR + 0.865%) due 8/20/68(e)		209,506
	495,067		NR	Series 2023-H11, Class FC, 5.446% (30-Day Average SOFR + 1.100%) due 5/20/73(e)		504,963
	2,582,165		NR	Series 2023-H19, Class FA, 5.246% (30-Day Average SOFR + 0.900%) due 8/20/73(e)		2,607,229
	2,736		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 5.106% (1-Month Term SOFR + 0.794%) due 6/20/35(e)		2,592
	36,920		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 5.074% (1-Month Term SOFR + 0.754%) due 7/25/45(e)		28,906
	99,617		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 4.894% (1-Month Term SOFR + 0.574%) due 3/25/36(e)		93,579
	57,172		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.809% (1-Month Term SOFR + 1.497%) due 12/15/31(e)(f)		55,411
	185,114		WD(g)	Lehman XS Trust, Series 2007-20N, Class A1, 6.734% (1-Month Term SOFR + 2.414%) due 12/25/37(e)		177,581
	600,000		Aaa(d)	LUX Trust LION, Class A, 7.002% (1-Month Term SOFR + 2.690%) due 8/15/40(e)(f)		607,603
	2,792		WR(d)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.906% (1-Month Term SOFR + 0.594%) due 6/15/30(e)		2,711
				New Residential Mortgage Loan Trust:
	27,688		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(e)(f)		26,970
	133,741		Aaa(d)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(e)(f)		128,345
	511,519		WD(g)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		166,394
	420,086		Ca(d)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.934% (1-Month Term SOFR + 0.614%) due 5/25/36(e)		215,553
	48,280		WR(d)	Sequoia Mortgage Trust, Series 6, Class A, 5.068% (1-Month Term SOFR + 0.754%) due 4/19/27(e)		47,027
	61,538		Aaa(d)	VMC Finance LLC, Series 2022-FL5, Class A, 6.240% (30-Day Average SOFR + 1.900%) due 2/18/39(e)(f)		61,442
				WaMu Mortgage Pass-Through Certificates Trust:
	4,235		Baa1(d)	Series 2002-AR2, Class A, 4.240% (11th District Cost of Funds Index + 1.250%) due 2/27/34(e)		4,064
	1,923		WR(d)	Series 2002-AR17, Class 1A, 5.886% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(e)		1,838

				Total Mortgage Securities		6,232,723

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $17,548,296)		16,531,309


	SOVEREIGN BONDS — 4.7%

	Canada — 0.3%
				Canadian Government Real Return Bonds:
	550,635	^CAD	AAA	4.250% due 12/1/26		405,083
	62,016	^CAD	AAA	0.500% due 12/1/50		35,482

				Total Canada		440,565


	France — 0.8%
				French Republic Government Bonds OAT:
	721,962	^EUR	AA-u(g)	0.100% due 3/1/26(f)		747,214
	241,028	^EUR	AA-u(g)	0.100% due 7/25/31(f)		239,721
	118,327	^EUR	AA-u(g)	0.100% due 7/25/38(f)		105,313

				Total France		1,092,248

See Notes to Financial Statements.

249



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Italy — 2.5%
				Italy Buoni Poliennali Del Tesoro:
$	3,104,743	^EUR	NR	1.400% due 5/26/25(f)	$	3,233,156
	366,579	^EUR	Baa3u(d)	0.400% due 5/15/30(f)		367,044

				Total Italy		3,600,200


	Japan — 1.0%
				Japanese Government CPI Linked Bonds:
	65,634,550	^JPY	A1(d)	0.100% due 3/10/28		454,045
	148,039,180	^JPY	A1(d)	0.100% due 3/10/29		1,024,674

				Total Japan		1,478,719


	Mexico — 0.1%
	2,519,265	^MXN	BBB-(g)	Mexican Udibonos, 4.000% due 8/24/34		112,472

				TOTAL SOVEREIGN BONDS (Cost — $7,854,365)		6,724,204


	CORPORATE BONDS & NOTES — 0.1%

	Banks — 0.1%
	100,000	^GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		123,043
	34,507	^DKK	AAA	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		3,808

				Total Banks		126,851


	Diversified Financial Services — 0.0%@
	98,771	^DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.500% due 10/1/53		11,047
	100,000	^DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		9,970
				Realkredit Danmark AS, Covered Notes:
	18,031	^DKK	AAA	1.000% due 10/1/53		1,986
	172,880	^DKK	AAA	1.500% due 10/1/53		19,888

				Total Diversified Financial Services		42,891

				TOTAL CORPORATE BONDS & NOTES (Cost — $234,866)		169,742

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $213,134,085)		205,613,359


	SHORT-TERM INVESTMENTS — 1.1%

	TIME DEPOSITS — 1.1%
	6,625	^DKK		BBH — New York, 1.250% due 3/3/25		921
	183,088	^NZD		BNP Paribas — Paris, 2.160% due 3/3/25		102,428
				DNB — Oslo:
	125,224	^SEK		1.040% due 3/3/25		11,632
	21,130	^AUD		2.920% due 3/3/25		13,109
	92,297	^SGD		HSBC Bank — Singapore, 1.210% due 3/3/25		68,292
	1,038,804			JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		1,038,804
	71,079	^GBP		Royal Bank of Canada — London, 3.410% due 3/3/25		89,404
				Skandinaviska Enskilda Banken AB — Stockholm:
	58,979	^CHF		0.010% due 3/3/25		65,322
	246,403	^EUR		1.570% due 3/3/25		255,569
	485	^NOK		3.250% due 3/3/25		43
	3,483,014	^JPY		Sumitomo Mitsui Banking Corp. — Tokyo, 0.110% due 3/3/25		23,142

				TOTAL SHORT-TERM INVESTMENTS (Cost — $1,668,666)		1,668,666

				TOTAL INVESTMENTS — 142.8% (Cost — $214,802,751)		207,282,025

				Liabilities in Excess of Other Assets — (42.8)%		(62,103,668	)

				TOTAL NET ASSETS — 100.0%	$	145,178,357

†	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.

250



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

@	The amount is less than 0.05%.

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

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

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

(d)	Rating by Moody’s Investors Service.

(e)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2025.

(f)

(g)	Rating by Fitch Ratings Service.

At February 28, 2025, 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

214,802,751

6,335,969

(13,729,002)

(7,393,033)


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	78.0	%
Mortgage-Backed Securities	9.9
Collateralized Mortgage Obligations	8.0
Sovereign Bonds	3.2
Corporate Bonds & Notes	0.1
Short-Term Investments	0.8

Total Investments	100.0	%

^	As a percentage of total investments.

At February 28, 2025, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	6,900,000		171,465	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Call		BCLY		1/25/27		2.440%	$	76,685
	5,900,000		146,615	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Call		BCLY		10/6/25		3.150%		128,031
	6,900,000		171,465	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Put		BCLY		1/25/27		2.440%		42,699
	5,900,000		146,615	^EUR	OTC 2-Year Swaption, 3-Month EURIBOR, Put		BCLY		10/6/25		3.150%		1,225

					TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $259,270)							$	248,640

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

See Notes to Financial Statements.

251



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

At February 28, 2025, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amount†		Security	Value
$	107,625	Bank of America, 4.450% due 3/11/25	$	107,625
	48,673,755	Nomura Securities International, Inc., 4.440% due 3/27/25		48,673,755

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $48,781,380)	$	48,781,380

For the period ended February 28, 2025, the daily average borrowing and interest rate under the reverse repurchase agreements were $47,698,933 and 4.772%, respectively.

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

At February 28, 2025, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month Euro-Euribor Futures		107		9/26	$	27,175,016	$	27,205,458	$	30,442
Australian Government 10-Year Bond Futures		22		3/25		1,561,095		1,549,486		(11,609	)
Euro-Bobl Futures		11		6/25		1,355,921		1,356,668		747
Euro-BTP Futures		20		3/25		2,509,599		2,501,519		(8,080	)
Euro-Bund Futures		14		3/25		1,961,594		1,934,025		(27,569	)
U.S. Treasury 5-Year Note Futures		27		6/25		2,890,688		2,914,313		23,625
U.S. Ultra Long Bond Futures		61		6/25		6,864,819		6,969,250		104,431

										111,987

Contracts to Sell:
3-Month Euro-Euribor Futures		107		9/25		27,174,653		27,192,972		(18,319	)
Euro-Buxl 30-Year Bond Futures		11		3/25		1,594,425		1,480,914		113,511
Euro-OAT Futures		20		3/25		2,608,558		2,583,873		24,685
Euro-OAT Futures		11		6/25		1,436,014		1,435,962		52
Euro-Schatz Note Futures		55		3/25		6,111,857		6,099,929		11,928
U.S. Treasury 2-Year Note Futures		121		6/25		24,892,914		25,043,219		(150,305	)
U.S. Treasury 10-Year Note Futures		117		6/25		12,833,975		12,997,969		(163,994	)
U.S. Treasury Ultra Long Bond Futures		18		6/25		2,156,102		2,234,250		(78,148	)

										(260,590	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(148,603)

See Notes to Financial Statements.

252



Schedules of Investments


(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At February 28, 2025, Inflation-Linked Fixed Income Fund had deposited cash of $681,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At February 28, 2025, Inflation-Linked Fixed Income Fund had open forward foreign currency contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Brazilian Real		2,351,860		USD	397,734		BCLY	$	399,462		3/6/25	$	1,728
Brazilian Real		1,758,610		USD	305,115		BNP		298,699		3/6/25		(6,416	)
Brazilian Real		1,280,014		USD	220,945		BNP		217,410		3/6/25		(3,535	)
Brazilian Real		1,297,732		USD	223,940		BNP		220,419		3/6/25		(3,521	)
Brazilian Real		868,034		USD	150,000		BNP		147,435		3/6/25		(2,565	)
Brazilian Real		1,666,394		USD	283,975		BNP		283,036		3/6/25		(939	)
Brazilian Real		9,280,858		USD	1,590,577		JPM		1,565,940		4/2/25		(24,637	)
Brazilian Real		9,228,528		USD	1,577,850		JPM		1,567,459		3/6/25		(10,391	)
Brazilian Real		713,803		USD	121,000		JPM		120,438		4/2/25		(562	)
British Pound		272,000		USD	337,520		BNP		342,121		3/4/25		4,601
Canadian Dollar		2,306,434		USD	1,601,379		DUB		1,593,998		3/4/25		(7,381	)
Chinese Offshore Renminbi		1,092,000		USD	151,292		BNP		150,612		6/18/25		(680	)
Chinese Offshore Renminbi		364,000		USD	50,634		BNP		50,204		6/18/25		(430	)
Chinese Offshore Renminbi		362,000		USD	50,148		BNP		49,928		6/18/25		(220	)
Chinese Offshore Renminbi		440,000		USD	60,808		BNP		60,686		6/18/25		(122	)
Chinese Offshore Renminbi		319,000		USD	43,900		BNP		43,998		6/18/25		98
Chinese Offshore Renminbi		368,000		USD	50,432		BNP		50,755		6/18/25		323
Chinese Offshore Renminbi		374,909		USD	51,826		HSBC		51,603		5/12/25		(223	)
Chinese Offshore Renminbi		376,596		USD	51,837		HSBC		51,835		5/12/25		(2	)
Chinese Offshore Renminbi		297,958		USD	41,200		JPM		41,011		5/12/25		(189	)
Chinese Offshore Renminbi		295,308		USD	40,704		JPM		40,646		5/12/25		(58	)
Euro		75,000		USD	78,116		BCLY		77,908		4/2/25		(208	)
Euro		77,000		USD	78,948		BCLY		79,865		3/4/25		917
Euro		8,236,000		USD	8,623,438		BNP		8,542,381		3/4/25		(81,057	)
Euro		97,000		USD	101,557		SCB		100,608		3/4/25		(949	)
Indian Rupee		1,039,510		USD	11,900		BCLY		11,889		3/6/25		(11	)
Indian Rupee		7,271,959		USD	84,374		BNP		83,081		3/21/25		(1,293	)
Indian Rupee		3,931,106		USD	45,115		BNP		44,912		3/21/25		(203	)
Indian Rupee		11,612,515		USD	134,415		HSBC		132,671		3/21/25		(1,744	)
Indian Rupee		3,060,183		USD	35,536		HSBC		34,962		3/21/25		(574	)
Indian Rupee		6,007,375		USD	69,000		HSBC		68,633		3/21/25		(367	)
Indian Rupee		12,691,820		USD	146,959		JPM		145,002		3/21/25		(1,957	)
Indian Rupee		8,171,936		USD	94,656		JPM		93,363		3/21/25		(1,293	)
Indian Rupee		8,136,854		USD	94,242		JPM		92,962		3/21/25		(1,280	)
Indian Rupee		3,268,475		USD	37,862		JPM		37,342		3/21/25		(520	)
Indian Rupee		3,255,351		USD	37,696		JPM		37,192		3/21/25		(504	)
Indian Rupee		12,460,287		USD	143,008		JPM		142,514		3/6/25		(494	)
Indian Rupee		72,857,117		USD	835,695		MLP		832,379		3/21/25		(3,316	)
Indian Rupee		10,754,588		USD	124,665		SCB		122,869		3/21/25		(1,796	)
Indian Rupee		17,806,455		USD	204,016		SCB		203,660		3/6/25		(356	)
Indonesian Rupiah		2,159,022,317		USD	132,867		BCLY		130,148		3/19/25		(2,719	)
Indonesian Rupiah		1,862,373,312		USD	114,228		BNP		112,185		4/9/25		(2,043	)
Indonesian Rupiah		2,368,409,304		USD	143,978		BNP		142,638		4/16/25		(1,340	)

See Notes to Financial Statements.

253



Schedules of Investments


(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Indonesian Rupiah		2,893,516,563		USD	174,256		DUB	$	174,263		4/16/25	$	7
Indonesian Rupiah		3,698,132,073		USD	227,274		HSBC		222,926		3/19/25		(4,348	)
Indonesian Rupiah		5,231,964,712		USD	320,429		JPM		315,467		3/12/25		(4,962	)
Indonesian Rupiah		4,467,513,568		USD	273,209		JPM		269,442		3/5/25		(3,767	)
Indonesian Rupiah		2,619,818,082		USD	159,531		JPM		157,812		4/9/25		(1,719	)
Indonesian Rupiah		2,890,702,941		USD	178,169		SCB		174,254		3/19/25		(3,915	)
Israeli New Shekel		86,000		USD	23,941		BCLY		23,892		3/17/25		(49	)
Japanese Yen		30,600,000		USD	201,581		BCLY		203,316		3/4/25		1,735
Japanese Yen		40,504,724		USD	270,785		BNP		269,125		3/4/25		(1,660	)
Japanese Yen		48,736,219		USD	325,864		JPM		323,818		3/4/25		(2,046	)
Japanese Yen		29,000,000		USD	188,016		MLP		192,685		3/4/25		4,669
Korean Won		694,106,072		USD	484,948		BNP		475,238		3/12/25		(9,710	)
Korean Won		72,570,131		USD	50,000		BNP		49,671		3/6/25		(329	)
Korean Won		28,634,800		USD	19,891		BNP		19,597		3/4/25		(294	)
Korean Won		273,967,687		USD	190,626		DUB		187,579		3/12/25		(3,047	)
Korean Won		141,744,362		USD	99,115		DUB		97,089		3/19/25		(2,026	)
Korean Won		100,743,741		USD	69,830		DUB		68,947		3/4/25		(883	)
Korean Won		51,552,364		USD	35,546		HSBC		35,297		3/12/25		(249	)
Korean Won		72,818,931		USD	50,568		JPM		49,878		3/19/25		(690	)
Korean Won		72,259,000		USD	50,194		MLP		49,453		3/4/25		(741	)
Korean Won		72,639,000		USD	50,000		MLP		49,737		3/13/25		(263	)
Korean Won		84,422,359		USD	57,980		MLP		57,802		3/12/25		(178	)
Mexican Peso		2,207,000		USD	107,102		JPM		107,143		3/19/25		41
Mexican Peso		4,702,000		USD	226,381		JPM		228,267		3/19/25		1,886
New Taiwan Dollar		6,568,000		USD	200,000		BCLY		199,484		3/4/25		(516	)
New Taiwan Dollar		6,230,425		USD	190,164		BNP		189,261		3/6/25		(903	)
New Taiwan Dollar		6,563,056		USD	200,093		BNP		199,333		3/4/25		(760	)
New Taiwan Dollar		3,696,775		USD	113,325		BNP		112,775		4/25/25		(550	)
New Taiwan Dollar		1,311,845		USD	40,243		BNP		39,843		3/4/25		(400	)
New Taiwan Dollar		4,515,245		USD	138,064		BNP		137,744		4/25/25		(320	)
New Taiwan Dollar		1,274,680		USD	39,024		BNP		38,715		3/3/25		(309	)
New Taiwan Dollar		1,632,633		USD	49,850		BNP		49,591		3/5/25		(259	)
New Taiwan Dollar		1,274,019		USD	38,865		BNP		38,698		3/5/25		(167	)
New Taiwan Dollar		3,819,652		USD	117,365		BNP		117,287		7/16/25		(78	)
New Taiwan Dollar		2,884,003		USD	88,612		BNP		88,557		7/16/25		(55	)
New Taiwan Dollar		1,645,648		USD	50,209		BNP		50,203		4/25/25		(6	)
New Taiwan Dollar		4,646,494		USD	141,921		HSBC		141,748		4/25/25		(173	)
New Taiwan Dollar		3,280,436		USD	100,442		JPM		100,074		4/25/25		(368	)
New Taiwan Dollar		4,547,033		USD	138,968		JPM		138,714		4/25/25		(254	)
New Taiwan Dollar		2,487,915		USD	75,655		JPM		75,600		3/10/25		(55	)
New Taiwan Dollar		58,558		USD	1,782		MLP		1,780		3/10/25		(2	)
New Zealand Dollar		184,496		USD	105,329		DUB		103,216		3/4/25		(2,113	)
Polish Zloty		205,677		USD	51,052		BNP		50,822		3/24/25		(230	)
Polish Zloty		691,470		USD	167,969		BNP		170,905		3/17/25		2,936
Polish Zloty		211,128		USD	51,990		DUB		52,183		3/17/25		193
Polish Zloty		249,934		USD	61,773		HSBC		61,757		3/24/25		(16	)
Polish Zloty		850,939		USD	204,785		HSBC		210,320		3/17/25		5,535
Polish Zloty		750,749		USD	183,813		JPM		185,557		3/17/25		1,744
Polish Zloty		146,809		USD	36,152		SCB		36,276		3/24/25		124
Polish Zloty		789,343		USD	190,528		SCB		195,096		3/17/25		4,568
Polish Zloty		849,773		USD	204,730		SCB		210,032		3/17/25		5,302
Singapore Dollar		14,268		USD	10,640		DUB		10,557		3/4/25		(83	)

See Notes to Financial Statements.

254



Schedules of Investments


(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Singapore Dollar		3,678		USD	2,748		DUB	$	2,721		3/4/25	$	(27	)
Singapore Dollar		62,487		USD	46,712		HSBC		46,235		3/4/25		(477	)
Singapore Dollar		19,222		USD	14,373		JPM		14,223		3/4/25		(150	)
South African Rand		20,732,005		USD	1,093,231		BCLY		1,106,505		3/19/25		13,274
Swiss Franc		1,008,034		USD	1,120,960		DUB		1,116,440		3/4/25		(4,520	)

													(169,881	)

Contracts to Sell:
Australian Dollar		1,703,000		USD	1,059,197		BCLY		1,056,783		4/2/25		2,414
Australian Dollar		1,517,000		USD	944,410		DUB		941,147		3/4/25		3,263
Australian Dollar		106,000		USD	65,065		MLP		65,762		3/4/25		(697	)
Australian Dollar		80,000		USD	50,232		MLP		49,632		3/4/25		600
Brazilian Real		2,351,860		USD	402,110		BCLY		399,462		3/6/25		2,648
Brazilian Real		6,870,785		USD	1,174,734		BNP		1,166,998		3/6/25		7,736
Brazilian Real		9,228,528		USD	1,590,577		JPM		1,567,459		3/6/25		23,118
British Pound		96,000		USD	118,995		BNP		120,748		3/4/25		(1,753	)
British Pound		45,000		USD	55,369		MLP		56,601		3/4/25		(1,232	)
British Pound		83,000		USD	103,350		MLP		104,398		3/4/25		(1,048	)
British Pound		78,000		USD	97,779		MLP		98,108		3/4/25		(329	)
Canadian Dollar		2,303,512		USD	1,601,379		DUB		1,594,069		4/2/25		7,310
Canadian Dollar		2,294,775		USD	1,594,560		SCB		1,585,940		3/4/25		8,620
Chinese Offshore Renminbi		2,481,634		USD	341,218		BNP		342,273		6/18/25		(1,055	)
Chinese Offshore Renminbi		595,906		USD	81,478		BNP		82,189		6/18/25		(711	)
Chinese Offshore Renminbi		705,253		USD	96,665		BNP		97,270		6/18/25		(605	)
Chinese Offshore Renminbi		544,000		USD	74,515		BNP		75,030		6/18/25		(515	)
Chinese Offshore Renminbi		508,000		USD	69,580		BNP		70,064		6/18/25		(484	)
Chinese Offshore Renminbi		502,159		USD	68,875		BNP		69,117		5/12/25		(242	)
Chinese Offshore Renminbi		498,324		USD	68,485		BNP		68,590		5/12/25		(105	)
Chinese Offshore Renminbi		495,731		USD	68,338		BNP		68,233		5/12/25		105
Chinese Offshore Renminbi		718,000		USD	99,310		BNP		99,029		6/18/25		281
Chinese Offshore Renminbi		1,276,178		USD	176,513		BNP		176,014		6/18/25		499
Chinese Offshore Renminbi		374,522		USD	51,837		HSBC		51,846		8/20/25		(9	)
Chinese Offshore Renminbi		521,694		USD	71,826		HSBC		71,806		5/12/25		20
Chinese Offshore Renminbi		739,000		USD	102,001		HSBC		101,924		6/18/25		77
Chinese Offshore Renminbi		373,484		USD	51,826		HSBC		51,596		7/16/25		230
Chinese Offshore Renminbi		2,036,023		USD	278,957		JPM		280,813		6/18/25		(1,856	)
Chinese Offshore Renminbi		624,590		USD	85,509		JPM		85,969		5/12/25		(460	)
Chinese Offshore Renminbi		294,237		USD	40,704		JPM		40,649		7/16/25		55
Chinese Offshore Renminbi		296,879		USD	41,200		JPM		41,013		7/16/25		187
Chinese Offshore Renminbi		1,543,457		USD	211,220		MLP		212,877		6/18/25		(1,657	)
Chinese Offshore Renminbi		514,501		USD	70,289		MLP		70,816		5/12/25		(527	)
Danish Krone		418,123		USD	58,397		BCLY		58,252		4/2/25		145
Danish Krone		418,788		USD	58,498		HSBC		58,243		3/4/25		255
Euro		8,236,000		USD	8,636,088		BNP		8,555,336		4/2/25		80,752
Euro		8,410,000		USD	8,775,096		SCB		8,722,854		3/4/25		52,242
Indian Rupee		1,042,193		USD	11,900		BCLY		11,894		4/4/25		6
Indian Rupee		26,617,081		USD	303,271		BNP		304,326		3/11/25		(1,055	)
Indian Rupee		20,927,887		USD	238,284		BNP		239,295		3/10/25		(1,011	)
Indian Rupee		5,278,490		USD	60,559		BNP		60,306		3/21/25		253
Indian Rupee		31,297,625		USD	358,445		BNP		357,965		3/6/25		480
Indian Rupee		13,773,766		USD	158,505		BNP		157,362		3/21/25		1,143
Indian Rupee		5,209,284		USD	59,800		JPM		59,515		3/21/25		285
Indian Rupee		12,473,444		USD	143,008		JPM		142,507		3/21/25		501
Indian Rupee		20,781,033		USD	239,435		JPM		237,419		3/21/25		2,016
Indian Rupee		13,045,185		USD	150,000		MLP		149,129		3/13/25		871
Indian Rupee		17,826,041		USD	204,016		SCB		203,659		3/21/25		357
Indian Rupee		4,313,440		USD	49,651		SCB		49,281		3/21/25		370

See Notes to Financial Statements.

255



Schedules of Investments


(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Indian Rupee		10,466,974		USD	120,194		SCB	$	119,583		3/21/25	$	611
Indonesian Rupiah		2,365,457,755		USD	143,978		BNP		142,628		3/12/25		1,350
Indonesian Rupiah		1,859,974,524		USD	114,228		BNP		112,178		3/5/25		2,050
Indonesian Rupiah		2,889,421,553		USD	174,256		DUB		174,221		3/12/25		35
Indonesian Rupiah		2,616,148,869		USD	159,531		JPM		157,784		3/5/25		1,747
Israeli New Shekel		43,728		USD	12,280		BCLY		12,148		3/17/25		132
Israeli New Shekel		143,000		USD	39,896		BCLY		39,727		3/17/25		169
Israeli New Shekel		72,888		USD	20,466		BCLY		20,249		3/17/25		217
Israeli New Shekel		213,000		USD	59,954		BCLY		59,173		3/17/25		781
Israeli New Shekel		904,959		USD	251,644		BNP		251,404		3/17/25		240
Israeli New Shekel		180,000		USD	50,388		BNP		50,006		3/17/25		382
Israeli New Shekel		181,000		USD	49,784		DUB		50,283		3/17/25		(499	)
Israeli New Shekel		181,000		USD	49,665		HSBC		50,283		3/17/25		(618	)
Israeli New Shekel		37,170		USD	10,449		HSBC		10,326		3/17/25		123
Israeli New Shekel		144,000		USD	39,867		JPM		40,004		3/17/25		(137	)
Japanese Yen		5,055,292		USD	32,896		BCLY		33,589		3/4/25		(693	)
Japanese Yen		86,439,236		USD	558,485		BNP		574,328		3/4/25		(15,843	)
Japanese Yen		40,370,550		USD	270,785		BNP		269,137		4/2/25		1,648
Japanese Yen		36,542,285		USD	237,864		DUB		242,798		3/4/25		(4,934	)
Japanese Yen		1,124,317		USD	7,282		HSBC		7,471		3/4/25		(189	)
Japanese Yen		51,412,337		USD	342,748		HSBC		342,749		4/2/25		(1	)
Japanese Yen		48,574,623		USD	325,864		JPM		323,831		4/2/25		2,033
Japanese Yen		31,655,936		USD	204,317		MLP		210,331		3/4/25		(6,014	)
Japanese Yen		28,249,118		USD	182,611		MLP		187,696		3/4/25		(5,085	)
Japanese Yen		11,300,000		USD	73,716		MLP		75,081		3/4/25		(1,365	)
Korean Won		14,143,264		USD	9,749		BCLY		9,688		3/19/25		61
Korean Won		14,774,819		USD	10,246		BNP		10,116		3/12/25		130
Korean Won		13,881,612		USD	9,645		BNP		9,504		3/12/25		141
Korean Won		28,634,800		USD	20,000		BNP		19,597		3/4/25		403
Korean Won		690,832,673		USD	484,948		BNP		475,303		6/12/25		9,645
Korean Won		100,267,940		USD	69,830		DUB		68,960		6/5/25		870
Korean Won		100,743,741		USD	69,980		DUB		68,947		3/4/25		1,033
Korean Won		141,092,185		USD	99,115		DUB		97,104		6/18/25		2,011
Korean Won		272,671,754		USD	190,626		DUB		187,602		6/12/25		3,024
Korean Won		470,806,751		USD	321,304		HSBC		322,482		3/19/25		(1,178	)
Korean Won		816,208,943		USD	562,383		HSBC		559,067		3/19/25		3,316
Korean Won		562,346,505		USD	382,783		JPM		385,025		3/12/25		(2,242	)
Korean Won		13,815,686		USD	9,519		JPM		9,463		3/19/25		56
Korean Won		13,431,814		USD	9,318		JPM		9,200		3/19/25		118
Korean Won		72,870,005		USD	50,568		JPM		49,876		3/6/25		692
Korean Won		36,281,500		USD	25,000		MLP		24,851		3/19/25		149
Korean Won		582,198,248		USD	398,908		MLP		398,617		3/12/25		291
Korean Won		72,259,000		USD	50,000		MLP		49,453		3/4/25		547
Mexican Peso		2,737,000		USD	131,917		BNP		133,151		3/5/25		(1,234	)
Mexican Peso		2,199,000		USD	106,377		BNP		106,755		3/19/25		(378	)
Mexican Peso		944,000		USD	45,518		BNP		45,828		3/19/25		(310	)
Mexican Peso		875,000		USD	42,667		BNP		42,478		3/19/25		189
Mexican Peso		2,396,000		USD	116,626		BNP		116,318		3/19/25		308
New Taiwan Dollar		6,568,000		USD	200,244		BCLY		199,484		3/4/25		760
New Taiwan Dollar		3,524,374		USD	106,483		BNP		107,516		4/25/25		(1,033	)
New Taiwan Dollar		3,657,052		USD	110,850		BNP		111,564		4/25/25		(714	)
New Taiwan Dollar		3,589,247		USD	109,162		BNP		109,495		4/25/25		(333	)
New Taiwan Dollar		5,340,014		USD	162,591		BNP		162,905		4/25/25		(314	)
New Taiwan Dollar		350		USD	11		BNP		11		3/3/25		—
New Taiwan Dollar		3,642,890		USD	111,162		BNP		111,132		4/25/25		30
New Taiwan Dollar		4,493,017		USD	138,064		BNP		137,964		7/16/25		100
New Taiwan Dollar		1,642,840		USD	50,000		BNP		49,896		3/4/25		104
New Taiwan Dollar		2,380,622		USD	72,443		BNP		72,316		3/6/25		127
New Taiwan Dollar		2,548,058		USD	77,557		BNP		77,428		3/10/25		129

See Notes to Financial Statements.

256



Schedules of Investments


(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
New Taiwan Dollar		1,274,330		USD	38,865		BNP	$	38,704		3/3/25	$	161
New Taiwan Dollar		2,905,288		USD	88,612		BNP		88,247		3/5/25		365
New Taiwan Dollar		3,677,623		USD	113,325		BNP		112,926		7/16/25		399
New Taiwan Dollar		3,847,327		USD	117,365		BNP		116,870		3/6/25		495
New Taiwan Dollar		1,685,192		USD	52,254		BNP		51,409		4/25/25		845
New Taiwan Dollar		6,232,061		USD	190,164		BNP		189,280		3/4/25		884
New Taiwan Dollar		4,625,347		USD	141,921		HSBC		142,027		7/16/25		(106	)
New Taiwan Dollar		883,097		USD	27,416		HSBC		26,940		4/25/25		476
New Taiwan Dollar		1,750,356		USD	53,990		HSBC		53,397		4/25/25		593
New Taiwan Dollar		2,467,639		USD	75,655		JPM		75,984		8/20/25		(329	)
New Taiwan Dollar		3,668,854		USD	111,886		JPM		111,924		4/25/25		(38	)
New Taiwan Dollar		4,524,798		USD	138,968		JPM		138,940		7/16/25		28
New Taiwan Dollar		3,262,657		USD	100,442		JPM		100,184		7/16/25		258
New Taiwan Dollar		4,924,200		USD	150,000		JPM		149,672		3/13/25		328
New Taiwan Dollar		27,499,506		USD	835,244		MLP		838,911		4/25/25		(3,667	)
New Taiwan Dollar		58,091		USD	1,782		MLP		1,789		8/20/25		(7	)
New Taiwan Dollar		1,394,786		USD	42,976		SCB		42,550		4/25/25		426
New Zealand Dollar		96,496		USD	54,508		BCLY		53,985		3/4/25		523
New Zealand Dollar		88,000		USD	49,725		DUB		49,231		3/4/25		494
New Zealand Dollar		184,496		USD	105,382		DUB		103,268		4/2/25		2,114
Polish Zloty		99,000		USD	24,599		HSBC		24,469		3/17/25		130
Singapore Dollar		5,587		USD	4,148		BNP		4,134		3/4/25		14
Singapore Dollar		3,673		USD	2,748		DUB		2,722		4/2/25		26
Singapore Dollar		14,248		USD	10,640		DUB		10,558		4/2/25		82
Singapore Dollar		62,403		USD	46,712		HSBC		46,240		4/2/25		472
Singapore Dollar		65,634		USD	48,448		JPM		48,564		3/4/25		(116	)
Singapore Dollar		19,196		USD	14,373		JPM		14,224		4/2/25		149
Singapore Dollar		23,014		USD	17,095		MLP		17,028		3/4/25		67
Singapore Dollar		10,649		USD	7,898		SCB		7,879		3/4/25		19
South African Rand		930,000		USD	49,836		BNP		49,636		3/19/25		200
South African Rand		2,775,193		USD	150,138		BNP		148,117		3/19/25		2,021
Swiss Franc		1,004,679		USD	1,120,960		DUB		1,116,577		4/2/25		4,383
Swiss Franc		1,005,613		USD	1,113,360		MLP		1,113,759		3/4/25		(399	)

													185,416

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	15,535

At February 28, 2025, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	6-Month EURIBOR		0.197%		11/8/52	12-Month		EUR	1,400,000	$	622,405		$	—		$	622,405
Pay	6-Month EURIBOR		0.650%		4/12/27	12-Month		EUR	300,000		(11,638	)		—			(11,638	)
Pay	6-Month EURIBOR		0.650%		5/11/27	12-Month		EUR	300,000		(11,176	)		—			(11,176	)
Pay	6-Month EURIBOR		0.700%		4/11/27	12-Month		EUR	200,000		(7,441	)		—			(7,441	)
Receive	6-Month EURIBOR		2.250%		3/19/55	12-Month		EUR	3,405,000		(24,060	)		(11,935	)		(12,125	)
Pay	6-Month EURIBOR		2.500%		3/19/35	12-Month		EUR	13,200,000		213,627			121,289			92,338
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.300%		9/20/27	6-Month		JPY	5,590,000		580			(1,139	)		1,719
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.500%		12/15/31	12-Month		JPY	75,000,000		18,381			1,442			16,939
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.550%		9/14/28	12-Month		JPY	90,000,000		6,867			(1,033	)		7,900

See Notes to Financial Statements.

257



Schedules of Investments


(unaudited) (continued)

Inflation-Linked Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	SOFR		2.237%		11/21/53		6-Month		USD	810,000	$	247,007		$	—		$	247,007
Pay	SOFR		2.340%		11/21/28		6-Month		USD	4,130,000		(216,330	)		—			(216,330	)
Receive	SOFR		2.865%		2/13/54		12-Month		USD	1,400,000		214,422			27,102			187,320
Pay	SOFR		3.085%		2/13/34		12-Month		USD	1,500,000		(77,827	)		(13,946	)		(63,881	)
Receive	SOFR		3.250%		3/19/55		12-Month		USD	3,100,000		257,156			405,813			(148,657	)
Receive	SOFR		3.500%		6/20/54		12-Month		USD	700,000		35,859			18,675			17,184
Receive	SOFR		4.250%		12/20/25		12-Month		USD	7,740,000		(4,587	)		(28,248	)		23,661
Pay	Sterling Overnight Index Average		4.250%		9/18/26		12-Month		GBP	6,000,000		(711	)		71,326			(72,037	)

											$	1,262,534		$	589,346		$	673,188

At February 28, 2025, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	2-Year EUR Inflation Linked		2.000%		2/15/27		EUR	300,000	$	(668	)	$	(30	)	$	(638	)
Pay	5-Year EUR Inflation Linked		3.000%		5/15/27		EUR	200,000		3,008			100			2,908
Receive	10-Year EUR Inflation Linked		1.380%		3/15/31		EUR	740,000		(137,397	)		(8,957	)		(128,440	)
Pay	10-Year EUR Inflation Linked		2.034%		9/15/34		EUR	500,000		(5,547	)		(2,239	)		(3,308	)
Pay	10-Year EUR Inflation Linked		2.720%		6/15/32		EUR	500,000		(16,548	)		(4,228	)		(12,320	)
Receive	30-Year EUR Inflation Linked		2.421%		5/15/52		EUR	30,000		458			—			458
Receive	30-Year EUR Inflation Linked		2.590%		3/15/52		EUR	200,000		11,517			(2,478	)		13,995
Receive	30-Year EUR Inflation Linked		2.590%		12/15/52		EUR	100,000		12,322			—			12,322
Receive	30-Year EUR Inflation Linked		2.700%		4/15/53		EUR	200,000		34,659			1,337			33,322
Receive	30-Year EUR Inflation Linked		2.736%		10/15/53		EUR	100,000		18,867			1,308			17,559
Receive	30-Year EUR Inflation Linked		2.763%		9/15/53		EUR	100,000		19,810			(974	)		20,784
Receive	10-Year GBP Inflation Linked		3.466%		9/15/34		GBP	300,000		(266	)		—			(266	)
Receive	10-Year GBP Inflation Linked		3.500%		8/15/34		GBP	600,000		1,830			3,390			(1,560	)
Receive	1-Year USD Inflation Linked		2.208%		10/7/25		USD	902,000		(6,743	)		—			(6,743	)
Receive	1-Year USD Inflation Linked		2.380%		10/15/25		USD	900,000		(5,435	)		—			(5,435	)
Receive	1-Year USD Inflation Linked		2.700%		1/14/26		USD	200,000		(617	)		—			(617	)
Receive	1-Year USD Inflation Linked		2.820%		2/5/26		USD	700,000		(1,235	)		—			(1,235	)
Receive	1-Year USD Inflation Linked		2.842%		2/13/26		USD	800,000		(1,181	)		—			(1,181	)
Receive	1-Year USD Inflation Linked		3.043%		2/21/26		USD	400,000		272			—			272
Pay	5-Year USD Inflation Linked		2.703%		5/25/26		USD	510,000		48,668			81			48,587
Pay	5-Year USD Inflation Linked		2.768%		5/13/26		USD	500,000		46,629			—			46,629
Pay	5-Year USD Inflation Linked		2.813%		5/14/26		USD	300,000		27,219			—			27,219
Pay	7-Year USD Inflation Linked		1.798%		8/25/27		USD	600,000		102,307			5,868			96,439
Pay	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		114,538			1,693			112,845
Pay	7-Year USD Inflation Linked		2.573%		8/26/28		USD	100,000		7,778			—			7,778
Pay	7-Year USD Inflation Linked		2.645%		9/10/28		USD	100,000		6,981			—			6,981
Receive	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(174,669	)		(50,027	)		(124,642	)
Receive	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(205,875	)		(8,764	)		(197,111	)
Receive	10-Year USD Inflation Linked		1.883%		11/20/29		USD	1,500,000		(239,539	)		9,233			(248,772	)
Pay	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		279,155			1,035			278,120
Receive	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		(106,595	)		59,292			(165,887	)
Receive	10-Year USD Inflation Linked		2.353%		5/9/28		USD	360,000		(38,199	)		24,122			(62,321	)
Receive	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		(56,855	)		36,670			(93,525	)
Receive	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		(57,705	)		37,569			(95,274	)

									$	(319,056	)	$	104,001		$	(423,057	)

See Notes to Financial Statements.

258



Schedules of Investments


(unaudited) (continued)


Inflation-Linked Fixed Income Fund

At February 28, 2025, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $625,000 for open centrally cleared swap contracts.


Currency abbreviations used in this schedule:		Counterparty abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
CAD	— Canadian Dollar	BNP	— BNP Paribas SA
CHF	— Swiss Franc	DUB	— Deutsche Bank AG
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
JPY	— Japanese Yen	SCB	— Standard Chartered Bank
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar

See pages 273-274 for definitions of ratings.

See Notes to Financial Statements.

259



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 48.1%

	Aerospace/Defense — 0.3%
$	400,000	BBB-	Boeing Co. (The), Senior Unsecured Notes, 2.600% due 10/30/25	$	394,331
	300,000	BBB	Rolls-Royce PLC, Company Guaranteed Notes, 3.625% due 10/14/25(a)		297,502

			Total Aerospace/Defense		691,833


	Agriculture — 1.6%
	1,200,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 3.500% due 7/26/26(a)		1,181,466
	3,172,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 4.450% due 6/12/25		3,169,717

			Total Agriculture		4,351,183


	Auto Manufacturers — 5.9%
	3,100,000	A	BMW US Capital LLC, Company Guaranteed Notes, 5.178% (SOFR + 0.800%) due 8/13/26(a)(b)		3,117,165
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	1,000,000	BBB-	4.687% due 6/9/25		998,941
	300,000	BBB-	5.125% due 6/16/25		300,083
	400,000	BBB-	4.134% due 8/4/25		398,504
	600,000	BBB-	4.389% due 1/8/26		596,079
			General Motors Financial Co., Inc., Senior Unsecured Notes:
	300,000	BBB	3.800% due 4/7/25		299,620
	300,000	BBB	6.050% due 10/10/25		302,245
	500,000	BBB	5.728% (SOFR + 1.350%) due 5/8/27(b)		505,429
			Hyundai Capital America, Senior Unsecured Notes:
	2,600,000	A-	5.528% (SOFR + 1.150%) due 8/4/25(a)(b)		2,608,448
	700,000	A-	5.860% (SOFR + 1.500%) due 1/8/27(a)(b)		709,270
	900,000	A	Mercedes-Benz Finance North America LLC, Company Guaranteed Notes, 5.007% (SOFR + 0.630%) due 7/31/26(a)(b)		902,931
			Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes:
	300,000	BB+	1.850% due 9/16/26(a)		285,739
	400,000	BB+	2.000% due 3/9/26(a)		387,465
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	400,000	BB+	3.522% due 9/17/25		395,813
	1,300,000	BB+	3.522% due 9/17/25(a)		1,286,393
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	2,800,000	BBB+	5.201% (SOFR + 0.830%) due 3/20/26(a)(b)		2,802,153
	250,000	BBB+	5.439% (SOFR + 1.060%) due 8/14/26(a)(b)		250,829

			Total Auto Manufacturers		16,147,107


	Banks — 21.9%
			ABN AMRO Bank NV, Senior Non-Preferred Notes:
	2,400,000	BBB	6.575% (1-Year CMT Index + 1.550%) due 10/13/26(a)(b)		2,426,276
	400,000	BBB	6.156% (SOFR + 1.780%) due 9/18/27(b)		406,840
	600,000	BBB	6.156% (SOFR + 1.780%) due 9/18/27(a)(b)		610,260
	200,000	BBB+	Banco Bilbao Vizcaya Argentaria SA, Senior Non-Preferred Notes, 5.862% (1-Year CMT Index + 2.300%) due 9/14/26(b)		201,181
			Bank of America Corp., Senior Unsecured Notes:
	1,200,000	A-	3.384% (SOFR + 1.330%) due 4/2/26(b)		1,198,764
	200,000	A-	5.695% (SOFR + 1.330%) due 4/2/26(b)		200,425
	200,000	A+	Banque Federative du Credit Mutuel SA, Senior Preferred Notes, 5.767% (SOFR + 1.400%) due 7/13/26(a)(b)		202,357
			Barclays PLC, Senior Unsecured Notes:
	500,000	BBB+	4.375% due 1/12/26		498,842
	1,800,000	BBB+	2.852% (SOFR + 2.714%) due 5/7/26(b)		1,794,034
	300,000	BBB+	7.325% (1-Year CMT Index + 3.050%) due 11/2/26(b)		304,988
	600,000	A-	BNP Paribas SA, Senior Non-Preferred Notes, 1.323% (SOFR + 1.004%) due 1/13/27(a)(b)		583,290
			BPCE SA, Senior Non-Preferred Notes:
	1,400,000	BBB+	1.652% (SOFR + 1.520%) due 10/6/26(a)(b)		1,375,546

See Notes to Financial Statements.

260



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 21.9% — (continued)
$	250,000	BBB+	5.975% (SOFR + 2.100%) due 1/18/27(b)	$	252,630
	1,000,000	BBB+	5.975% (SOFR + 2.100%) due 1/18/27(a)(b)		1,010,519
	700,000	A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.586% (SOFR + 1.220%) due 10/2/26(b)		707,903
	250,000	A+	Citibank NA, Senior Unsecured Notes, 5.085% (SOFR + 0.708%) due 8/6/26(b)		250,911
	4,400,000	BBB+	Citigroup Inc., Senior Unsecured Notes, 3.106% (SOFR + 2.842%) due 4/8/26(b)		4,392,392
	500,000	A-	Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 1.980% (1-Year CMT Index + 0.730%) due 12/15/27(a)(b)		477,342
			Credit Agricole SA:
	400,000	A-	Senior Non-Preferred Notes, 1.247% (SOFR + 0.892%) due 1/26/27(a)(b)		388,093
	600,000	A+	Senior Preferred Notes, 5.653% (SOFR + 1.290%) due 7/5/26(b)		605,632
	300,000	A-	Danske Bank AS, Senior Non-Preferred Notes, 1.621% (1-Year CMT Index + 1.350%) due 9/11/26(a)(b)		295,408
			Deutsche Bank AG, Senior Non-Preferred Notes:
	500,000	BBB	4.100% due 1/13/26		497,278
	1,600,000	BBB	6.119% (SOFR + 3.190%) due 7/14/26(b)		1,607,340
	200,000	BBB	(Cost - $195,544, acquired 1/22/25), 2.129% (SOFR + 1.870%) due 11/24/26(b)(c)		196,324
	200,000	A+	Goldman Sachs Bank USA, Senior Unsecured Notes, 5.146% (SOFR + 0.770%) due 3/18/27(b)		200,490
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	1,639,000	BBB+	5.444% (SOFR + 1.065%) due 8/10/26(b)		1,643,938
	1,000,000	BBB+	1.948% (SOFR + 0.913%) due 10/21/27(b)		958,087
			HSBC Holdings PLC, Senior Unsecured Notes:
	200,000	A-	2.999% (SOFR + 1.430%) due 3/10/26(b)		199,933
	900,000	A-	5.844% (SOFR + 1.430%) due 3/10/26(b)		900,185
	400,000	A-	1.645% (SOFR + 1.538%) due 4/18/26(b)		398,370
	1,500,000	A-	6.034% (3-Month Term SOFR + 1.642%) due 9/12/26(b)		1,509,695
			ING Groep NV, Senior Unsecured Notes:
	1,600,000	A-	6.011% (SOFR + 1.640%) due 3/28/26(b)		1,601,529
	1,900,000	A-	5.382% (SOFR + 1.010%) due 4/1/27(b)		1,909,768
			JPMorgan Chase & Co., Senior Unsecured Notes:
	1,100,000	A	2.005% (3-Month Term SOFR + 1.585%) due 3/13/26(b)		1,099,205
	1,000,000	A	3.960% (3-Month Term SOFR + 1.507%) due 1/29/27(b)		995,181
	600,000	A	5.293% (SOFR + 0.920%) due 4/22/28(b)		604,190
	800,000	A	5.233% (SOFR + 0.860%) due 10/22/28(b)		804,392
			Lloyds Banking Group PLC, Senior Unsecured Notes:
	900,000	BBB+	4.716% (1-Year CMT Index + 1.750%) due 8/11/26(b)		900,120
	800,000	BBB+	5.441% (SOFR + 1.060%) due 11/26/28(b)		804,936
	1,200,000	A-	Mizuho Financial Group Inc., Senior Unsecured Notes, 5.426% (SOFR + 1.080%) due 5/13/31(b)		1,205,298
			National Bank of Canada, Company Guaranteed Notes:
	1,100,000	BBB+	5.270% (SOFR + 0.900%) due 3/25/27(b)		1,102,912
	2,400,000	BBB+	5.396% (SOFR + 1.030%) due 7/2/27(b)		2,411,321
			NatWest Markets PLC, Senior Unsecured Notes:
	1,000,000	A	5.819% (SOFR + 1.450%) due 3/22/25(a)(b)		1,000,698
	200,000	A	5.131% (SOFR + 0.760%) due 9/29/26(b)		200,505
	300,000	A	5.131% (SOFR + 0.760%) due 9/29/26(a)(b)		300,757
	600,000	AA-	Nordea Bank Abp, Senior Preferred Notes, 5.370% (SOFR + 0.960%) due 6/6/25(a)(b)		601,143
	2,600,000	A	Royal Bank of Canada, Senior Unsecured Notes, 4.839% (SOFR + 0.460%) due 8/3/26(b)		2,600,851
	3,000,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 3.450% due 6/2/25		2,989,195
	300,000	BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.833% (SOFR + 2.749%) due 11/21/26(b)		304,238
			Standard Chartered PLC, Senior Unsecured Notes:
	355,000	BBB+	3.200% due 4/17/25(a)		354,280
	2,000,000	BBB+	3.971% (1-Year CMT Index + 1.650%) due 3/30/26(a)(b)		1,998,393
	2,050,000	BBB+	6.111% (SOFR + 1.740%) due 3/30/26(a)(b)		2,051,994

See Notes to Financial Statements.

261



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 21.9% — (continued)
$	1,000,000	A-	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 5.664% (SOFR + 1.300%) due 7/13/26(b)	$	1,012,061
			Swedbank AB:
	1,000,000	A-	Senior Non-Preferred Notes, 5.337% due 9/20/27		1,016,152
	800,000	A+	Senior Preferred Notes, 5.768% (SOFR + 1.380%) due 6/15/26(b)		809,472
	3,000,000	A-	UBS Group AG, Senior Unsecured Notes, 1.305% (SOFR + 0.980%) due 2/2/27(a)(b)		2,914,050
			Wells Fargo & Co., Senior Unsecured Notes:
	600,000	BBB+	3.908% (SOFR + 1.320%) due 4/25/26(b)		599,275
	400,000	BBB+	5.698% (SOFR + 1.320%) due 4/25/26(b)		400,621
	500,000	BBB+	5.157% (SOFR + 0.780%) due 1/24/28(b)		501,058

			Total Banks		59,388,868


	Biotechnology — 0.1%
	300,000	BBB	Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26		299,983


	Diversified Financial Services — 2.3%
			American Express Co., Senior Unsecured Notes:
	1,000,000	A-	5.028% (SOFR + 0.650%) due 11/4/26(b)		1,003,337
	1,200,000	A-	5.308% (SOFR + 0.930%) due 7/26/28(b)		1,209,784
			Aviation Capital Group LLC, Senior Unsecured Notes:
	200,000	BBB-	1.950% due 1/30/26(a)		194,792
	700,000	BBB-	1.950% due 9/20/26(a)		670,274
			Avolon Holdings Funding Ltd., Senior Unsecured Notes:
	400,000	BBB-	5.500% due 1/15/26(a)		401,943
	1,100,000	BBB-	2.125% due 2/21/26(a)		1,072,193
			Nomura Holdings Inc., Senior Unsecured Notes:
	1,500,000	BBB+	5.709% due 1/9/26		1,512,971
	300,000	BBB+	5.623% (SOFR + 1.250%) due 7/2/27(b)		303,425

			Total Diversified Financial Services		6,368,719


	Electric — 3.0%
	1,000,000	BBB-	Edison International, Senior Unsecured Notes, 4.700% due 8/15/25		997,771
	921,000	BBB	Enel Finance International NV, Senior Unsecured Notes, 4.500% due 6/15/25(a)		919,677
	1,869,000	BBB	Entergy Corp., Senior Unsecured Notes, 0.900% due 9/15/25		1,832,077
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	200,000	BBB	3.500% due 6/15/25		199,018
	1,400,000	BBB	3.450% due 7/1/25		1,392,193
	1,300,000	BBB	3.150% due 1/1/26		1,280,653
	200,000	BBB	2.950% due 3/1/26		196,445
			Southern California Edison Co., 1st Mortgage Notes:
	1,000,000	A-	4.200% due 6/1/25		997,555
	200,000	A-	4.400% due 9/6/26		198,992

			Total Electric		8,014,381


	Healthcare — Services — 1.0%
	2,600,000	BBB-	HCA Inc., Company Guaranteed Notes, 5.250% due 4/15/25		2,600,771


	Insurance — 3.2%
			Athene Global Funding, Secured Notes:
	2,700,000	A+	5.580% (SOFR + 1.210%) due 3/25/27(a)(b)		2,726,879
	400,000	A+	5.580% (SOFR + 1.210%) due 3/25/27(b)		403,982
	300,000	A+	Senior Secured Notes, 5.228% (SOFR + 0.850%) due 5/8/26(a)(b)		301,276
	1,000,000	A+	Corebridge Global Funding, Secured Notes, 5.113% (SOFR + 0.750%) due 1/7/28(a)(b)		1,002,816
			GA Global Funding Trust, Secured Notes:
	800,000	A-	3.850% due 4/11/25(a)		799,107
	1,025,000	A-	5.727% (SOFR + 1.360%) due 4/11/25(a)(b)		1,026,039
	300,000	A	Jackson National Life Global Funding, Secured Notes, 5.337% (SOFR + 0.970%) due 1/14/28(a)(b)		302,243

See Notes to Financial Statements.

262



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Insurance — 3.2% — (continued)
$	2,000,000	AA-	Pacific Life Global Funding II, Secured Notes, 4.856% (SOFR + 0.480%) due 2/4/27(a)(b)	$	2,003,595

			Total Insurance		8,565,937


	Internet — 0.2%
	600,000	BBB-	Uber Technologies Inc., Company Guaranteed Notes, 4.500% due 8/15/29(a)		590,696


	Leisure Time — 0.4%
	500,000	BBB-	Harley-Davidson Financial Services Inc., Company Guaranteed Notes, 3.350% due 6/8/25(a)		497,734
	500,000	BBB-	Harley-Davidson Inc., Senior Unsecured Notes, 3.500% due 7/28/25		497,220

			Total Leisure Time		994,954


	Machinery — Diversified — 0.2%
	500,000	BBB	Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 3.200% due 6/15/25		497,457


	Oil & Gas — 0.5%
	1,500,000	BBB+	Woodside Finance Ltd., Company Guaranteed Notes, 3.650% due 3/5/25(a)		1,499,857


	Packaging & Containers — 0.5%
			Berry Global Inc., Senior Secured Notes:
	800,000	BBB-	1.570% due 1/15/26		779,124
	519,000	BBB-	4.875% due 7/15/26(a)		518,702

			Total Packaging & Containers		1,297,826


	Pharmaceuticals — 1.0%
	2,700,000	BBB	Bayer US Finance II LLC, Company Guaranteed Notes, 4.250% due 12/15/25(a)		2,686,723


	Pipelines — 1.7%
			Energy Transfer LP, Senior Unsecured Notes:
	1,000,000	BBB	4.050% due 3/15/25		999,428
	1,600,000	BBB	2.900% due 5/15/25		1,592,880
	500,000	BBB	5.950% due 12/1/25		502,396
	100,000	BBB	MPLX LP, Senior Unsecured Notes, 1.750% due 3/1/26		97,190
	800,000	BBB	ONEOK Inc., Company Guaranteed Notes, 5.850% due 1/15/26		806,911
	446,000	BBB+	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.625% due 3/1/25		446,000
	200,000	BBB	Williams Cos., Inc. (The), Senior Unsecured Notes, 5.400% due 3/2/26		201,553

			Total Pipelines		4,646,358


	Semiconductors — 0.4%
	500,000	Baa1(d)	Microchip Technology Inc., Company Guaranteed Notes, 4.250% due 9/1/25		498,949
			SK Hynix Inc., Senior Unsecured Notes:
	400,000	BBB	6.250% due 1/17/26		405,595
	300,000	BBB	5.500% due 1/16/27(a)		304,738

			Total Semiconductors		1,209,282


	Shipbuilding — 1.1%
	3,000,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 3.844% due 5/1/25		2,993,615


	Software — 1.1%
	3,000,000	BBB+	VMware LLC, Senior Unsecured Notes, 4.500% due 5/15/25		2,997,363


	Telecommunications — 1.7%
	2,000,000	BBB-	Rogers Communications Inc., Company Guaranteed Notes, 3.625% due 12/15/25		1,985,469
			T-Mobile USA Inc., Company Guaranteed Notes:
	100,000	BBB	3.500% due 4/15/25		99,852
	2,600,000	BBB	2.250% due 2/15/26		2,543,608

			Total Telecommunications		4,628,929

			TOTAL CORPORATE BONDS & NOTES (Cost — $129,991,791)		130,471,842

See Notes to Financial Statements.

263



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 29.4%

	Asset Backed Securities — 10.5%
$	1,200,000	Aaa(d)	Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR3, 5.730% (3-Month Term SOFR + 1.440%) due 4/22/34(a)(b)	$	1,202,656
	143,902	Aaa(d)	ARES L CLO Ltd., Series 2018-50A, Class AR, 5.614% (3-Month Term SOFR + 1.312%) due 1/15/32(a)(b)		144,317
	1,000,000	Aaa(d)	Bain Capital Credit CLO Ltd., Series 2021-2A, Class A1R, 5.538% (3-Month Term SOFR + 1.230%) due 7/16/34(a)(b)		1,001,043
	171,905	BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 2.813% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		169,367
	387,091	AAA	BlueMountain CLO Ltd., Series 2018-3A, Class A1R, 5.490% (3-Month Term SOFR + 1.190%) due 10/25/30(a)(b)		388,307
	331,819	AAA	CARLYLE US CLO Ltd., Series 2018-2A, Class A1R, 5.452% (3-Month Term SOFR + 1.150%) due 10/15/31(a)(b)		332,184
	306,887	Aaa(d)	CNH Equipment Trust, Series 2023-B, Class A2, 5.900% due 2/16/27		307,831
	15,776	B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 5.289% (1-Month Term SOFR + 0.969%) due 8/25/34(b)		15,764
	2,000,000	Aaa(d)	Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.690% due 8/22/30(a)		2,005,214
			DLLAA LLC:
	123,785	Aaa(d)	Series 2023-1A, Class A2, 5.930% due 7/20/26(a)		124,236
	1,100,000	Aaa(d)	Series 2025-1A, Class A2, 4.700% due 10/20/27(a)		1,104,145
	895,372	Aaa(d)	DLLAD LLC, Series 2024-1A, Class A2, 5.500% due 8/20/27(a)		900,919
	530,234	Aaa(d)	DLLST LLC, Series 2024-1A, Class A2, 5.330% due 1/20/26(a)		531,319
	272,926	AAA(e)	Dryden 38 Senior Loan Fund, Series 2015-38A, Class ARR, 5.452% (3-Month Term SOFR + 1.150%) due 7/15/30(a)(b)		273,097
	319,034	Aaa(d)	Dryden 54 Senior Loan Fund, Series 2017-54A, Class AR, 5.443% (3-Month Term SOFR + 1.150%) due 10/19/29(a)(b)		319,471
	127,574	BBB-	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 5.259% (1-Month Term SOFR + 0.939%) due 8/25/34(b)		120,122
	69,060	A	Fremont Home Loan Trust, Series 2005-A, Class M3, 5.169% (1-Month Term SOFR + 0.849%) due 1/25/35(b)		67,925
	458,291	Aaa(d)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.654% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		458,892
	425,793	AAA	Goldentree Loan Management US CLO 4 Ltd., Series 2019-4A, Class ARR, 5.447% (3-Month Term SOFR + 1.150%) due 4/24/31(a)(b)		426,522
	1,300,000	AAA	Greywolf CLO III Ltd., Series 2020-3RA, Class A1R2, 5.520% (3-Month Term SOFR + 1.230%) due 4/22/33(a)(b)		1,301,234
	1,300,000	NR	Guggenheim CLO Ltd., Series 2022-2A, Class A1R, 5.473% (3-Month Term SOFR + 1.150%) due 1/15/35(a)(b)(j)		1,300,975
	228,857	Aaa(d)	KKR CLO 11 Ltd., Series 11, Class AR, 5.744% (3-Month Term SOFR + 1.442%) due 1/15/31(a)(b)		229,600
	83,944	Aaa(d)	Kubota Credit Owner Trust, Series 2023-1A, Class A2, 5.400% due 2/17/26(a)		83,999
	1,000,000	AAA	LCM 31 Ltd., Series 31A, Class AR, 5.573% (3-Month Term SOFR + 1.280%) due 7/20/34(a)(b)		1,002,612
	881,772	Aaa(d)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 5.585% (3-Month Term SOFR + 1.292%) due 4/20/31(a)(b)		883,910
	319,883	Aaa(d)	M&T Equipment 2023-LEAF1 Notes, Series 2023-1A, Class A2, 6.090% due 7/15/30(a)		320,580
	130,039	BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 5.134% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		118,701
			MMAF Equipment Finance LLC:
	216,743	Aaa(d)	Series 2023-A, Class A2, 5.790% due 11/13/26(a)		217,823
	713,099	Aaa(d)	Series 2024-A, Class A2, 5.200% due 9/13/27(a)		716,446
	350,029	B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 5.334% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(f)		362,176
	24,858	AA-	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 5.094% (1-Month Term SOFR + 0.774%) due 1/25/36(b)		24,706

See Notes to Financial Statements.

264



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Asset Backed Securities — 10.5% — (continued)
$	1,000,000	AAA	Ocean Trails CLO XI, Series 2021-11A, Class AR, 5.340% (3-Month Term SOFR + 1.030%) due 7/20/34(a)(b)	$	1,000,666
	284,236	Aaa(d)	Octagon Investment Partners 39 Ltd., Series 2018-3A, Class AR, 5.443% (3-Month Term SOFR + 1.150%) due 10/20/30(a)(b)		284,819
	39,503	NR	Pagaya AI Debt Trust, Series 2024-1, Class A, 6.660% due 7/15/31(a)		39,952
	1,500,000	AAA	PFS Financing Corp., Series 2023-D, Class A, 5.489% (30-Day Average SOFR + 1.150%) due 8/15/27(a)(b)		1,505,195
	465,006	Aaa(d)	Regatta XV Funding Ltd., Series 2018-4A, Class A1R, 5.500% (3-Month Term SOFR + 1.200%) due 10/25/31(a)(b)		465,458
	585,351	AAA	Sound Point CLO XXVIII Ltd., Series 2020-3A, Class A1R, 5.580% (3-Month Term SOFR + 1.280%) due 1/25/32(a)(b)		585,498
	112,679	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		107,843
	883,952	AAA	TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.433% (3-Month Term SOFR + 1.140%) due 1/20/32(a)(b)		885,621
	232,641	AAA(e)	Towd Point Mortgage Trust, Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b)		234,037
	2,000,000	Aaa(d)	Trinitas CLO XII Ltd., Series 2020-12A, Class A1R, 5.670% (3-Month Term SOFR + 1.370%) due 4/25/33(a)(b)		2,001,200
	840,215	Aaa(d)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 5.685% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)		840,425
	1,071,207	AAA(e)	Verdelite Static CLO Ltd., Series 2024-1A, Class A, 5.423% (3-Month Term SOFR + 1.130%) due 7/20/32(a)(b)		1,072,551
	3,000,000	AAA	Verizon Master Trust, Series 2024-1, Class A1B, 4.988% (30-Day Average SOFR + 0.650%) due 12/20/28(b)		3,008,344

			Total Asset Backed Securities		28,487,702


	Mortgage Securities — 18.9%
	484,100	Aaa(d)	ACREC LLC, Series 2023-FL2, Class A, 6.542% (1-Month Term SOFR + 2.230%) due 2/19/38(a)(b)		486,096
	95,033	Aaa(d)	AG Trust, Series 2024-NLP, Class A, 6.328% (1-Month Term SOFR + 2.016%) due 7/15/41(a)(b)		95,524
	719,669	Aaa(d)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 5.496% (1-Month Term SOFR + 1.184%) due 8/15/34(a)(b)		719,837
	1,000,000	NR	BAMLL Commercial Mortgage Securities Trust, Series 2020-BHP3, Class A, 6.326% (1-Month Term SOFR + 2.014%) due 3/15/37(a)(b)		999,747
	596,120	AAA(e)	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a)		599,488
	1,600,000	NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 5.676% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)		1,534,281
	606,950	Aaa(d)	BXMT Ltd., Series 2020-FL3, Class A, 6.326% (1-Month Term SOFR + 1.514%) due 11/15/37(a)(b)		606,895
	622,295	AAA(e)	Chase Home Lending Mortgage Trust, Series 2024-9, Class A11, 5.602% (30-Day Average SOFR + 1.250%) due 9/25/55(a)(b)		622,584
	2,700,000	AAA	Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, 5.606% (1-Month Term SOFR + 1.294%) due 10/15/36(a)(b)		2,687,389
	1,397,919	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)		1,299,632
	1,315,325	NR	COMM Mortgage Trust, Series 2021-2400, Class A, 5.726% (1-Month Term SOFR + 1.414%) due 12/15/38(a)(b)		1,305,373
			Credit Suisse Commercial Mortgage Capital Trust:
	217,377	AAA	Series 2021-INV1, Class A11, 5.000% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		202,381
	629,255	NR	Series 2021-RPL4, Class A1, 4.101% due 12/27/60(a)(b)		628,225
	156,851	AAA(e)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		150,387
	1,821,925	Aaa(d)	Extended Stay America Trust, Series 2021-ESH, Class A, 5.506% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(b)		1,823,132
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	366,253	NR	Series 4344, Class FA, 5.099% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		358,137
	443,744	NR	Series 4351, Class FA, 5.099% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		435,337

See Notes to Financial Statements.

265



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 18.9% — (continued)
$	931,817	NR	Series 4906, Class WF, 5.049% (30-Day Average SOFR + 0.514%) due 12/15/38(b)	$	920,620
	874,414	NR	Series 5481, Class FJ, 5.502% (30-Day Average SOFR + 1.150%) due 12/25/54(b)		879,999
	94,204	NR	Series 5484, Class FA, 5.552% (30-Day Average SOFR + 1.200%) due 12/25/54(b)		94,957
	292,890	NR	Series 5491, Class FL, 5.552% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		295,339
	981,931	NR	Series 5495, Class AF, 5.502% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		987,686
	984,594	NR	Series 5496, Class AF, 5.452% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		987,955
	297,169	NR	Series 5500, Class GF, 5.302% (30-Day Average SOFR + 0.950%) due 10/25/54(b)		298,873
	995,658	NR	Series 5508, Class QF, 5.302% (30-Day Average SOFR + 0.950%) due 2/25/55(b)		1,001,473
	393,328	NR	Series 5511, Class FG, 5.500% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		393,328
	3,800,000	NR	Series 5513, Class MF, 5.264% (30-Day Average SOFR + 0.940%) due 11/25/54(b)		3,809,778
			Federal National Mortgage Association (FNMA), REMICS:
	708,224	NR	Series 2017-108, Class AF, 4.766% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		697,375
	238,817	NR	Series 2019-9, Class FA, 5.049% (30-Day Average SOFR + 0.514%) due 3/25/49(b)		236,939
	868,615	NR	Series 2024-90, Class FB, 5.602% (30-Day Average SOFR + 1.250%) due 11/25/53(b)		877,997
	988,836	NR	Series 2024-101, Class FB, 5.452% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		992,218
	490,998	NR	Series 2024-103, Class FC, 5.502% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		493,868
	688,128	NR	Series 2024-103, Class FJ, 5.552% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		693,808
	393,352	NR	Series 2025-4, Class FB, 5.552% (30-Day Average SOFR + 1.200%) due 12/25/53(b)		394,916
	294,482	NR	Series 2025-6, Class FA, 5.602% (30-Day Average SOFR + 1.250%) due 2/25/55(b)		295,912
	500,000	NR	Series 2025-16, Class FA, 5.474% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		501,055
	1,000,000	NR	Series 2025-16, Class FN, 5.301% (30-Day Average SOFR + 0.950%) due 1/25/55(b)		1,000,625
	500,000	NR	Series 2025-19, Class FC, 5.510% (30-Day Average SOFR + 1.160%) due 3/25/55(b)		499,844
			GCAT Trust:
	612,151	AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		526,268
	726,147	AAA(e)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		671,293
			Government National Mortgage Association (GNMA):
	604,690	NR	Series 2016-H06, Class FD, 5.360% (1-Month Term SOFR + 1.034%) due 7/20/65(b)		605,841
	790,252	NR	Series 2017-H15, Class FE, 6.717% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		799,648
	64,943	NR	Series 2020-17, Class EU, 2.500% due 10/20/49		57,288
	46,791	NR	Series 2020-21, Class AC, 2.500% due 1/20/49		41,390
	2,906,751	NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)		2,522,256
	198,027	NR	Series 2023-H11, Class FC, 5.446% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		201,985
	385,713	NR	Series 2023-H24, Class FA, 5.296% (30-Day Average SOFR + 0.950%) due 10/20/73(b)		390,658
	195,273	NR	Series 2023-H27, Class FD, 5.446% (30-Day Average SOFR + 1.100%) due 11/20/73(b)		199,473
	784,658	NR	Series 2024-H01, Class FB, 5.246% (30-Day Average SOFR + 0.900%) due 1/20/74(b)		792,830
	1,061,247	AAA(e)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		993,710
			GS Mortgage-Backed Securities Trust:
	682,559	Aaa(d)	Series 2021-GR2, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		633,364
	232,372	Aaa(d)	Series 2021-INV1, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		216,033
	588,452	Aaa(d)	Series 2024-PJ7, Class A25, 5.703% (30-Day Average SOFR + 1.350%) due 11/25/54(a)(b)		590,777
	142,929	A-	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.809% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b)		138,529
			JPMorgan Mortgage Trust:
	150,364	Aaa(d)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		135,509
	293,493	Aaa(d)	Series 2021-12, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		272,786
	251,662	NR	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to yield, 5.250% due 7/25/67(a)		251,459
	904,760	Aaa(d)	M360 Ltd., Series 2021-CRE3, Class A, 5.937% (1-Month Term SOFR + 1.614%) due 11/22/38(a)(b)		904,118
	251,223	Aaa(d)	MF1 Ltd., Series 2020-FL4, Class A, 6.126% (1-Month Term SOFR + 1.814%) due 12/15/35(a)(b)		251,398
	106,839	Aaa(d)	MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 5.276% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(b)		106,710

See Notes to Financial Statements.

266



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 18.9% — (continued)
			MFA Trust:
	135,451	AAA	Series 2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b)		130,250
	130,849	AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		125,848
			Mill City Mortgage Loan Trust:
	391,248	Aaa(d)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		377,127
	272,475	AAA(e)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		260,175
	1,600,000	Aaa(d)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 5.526% (1-Month Term SOFR + 1.214%) due 8/15/38(a)(b)		1,534,045
			New Residential Mortgage Loan Trust:
	138,442	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		134,850
	42,414	AAA(e)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		41,036
	380,309	NR	NYMT Loan Trust, Series 2021-SP1, Class A1, step bond to yield, 4.670% due 8/25/61(a)		378,353
	1,800,000	AAA(e)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 5.521% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,795,647
			OBX Trust:
	307,636	AAA	Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a)		310,240
	558,333	AAA	Series 2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a)		566,231
	328,691	AAA	Resimac Bastille Trust, Series 2021-2NCA, Class A1A, 5.073% (1-Month Term SOFR + 0.764%) due 2/3/53(a)(b)		328,475
	730,035	AAA(e)	Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.555% due 11/25/63(a)(b)		721,168
	158,212	AAA	STWD Mortgage Trust, Series 2021-HTS, Class A, 5.526% (1-Month Term SOFR + 1.214%) due 4/15/34(a)(b)		157,282
			Towd Point Mortgage Trust:
	24,982	Aaa(d)	Series 2017-5, Class A1, 5.034% (1-Month Term SOFR + 0.714%) due 2/25/57(a)(b)		26,475
	245,572	AAA(e)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		240,137
	125,459	Aaa(d)	Series 2019-HY2, Class A1, 5.434% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		129,048
	151,727	Aaa(d)	Series 2019-HY3, Class A1A, 5.434% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		154,427
	428,122	AAA(e)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		409,318
	708,770	AAA(e)	Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		684,911
	190,172	AAA(e)	Verus Securitization Trust, Series 2023-5, Class A1, step bond to yield, 6.476% due 6/25/68(a)		192,159
	255,561	AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 5.014% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		253,010

			Total Mortgage Securities		51,162,545

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $80,650,130)		79,650,247


	ASSET-BACKED SECURITIES — 14.5%

	Automobiles — 7.5%
	57,228	Aaa(d)	Ally Auto Receivables Trust, Series 2023-1, Class A2, 5.760% due 11/15/26.		57,286
	1,976,217	AAA	ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due 4/15/33(a)		1,991,936
	100,000	Aaa(d)	Avis Budget Rental Car Funding AESOP LLC, Series 2019-3A, Class A, 2.360% due 3/20/26(a)		99,890
	12,876	Aaa(d)	Bank of America Auto Trust, Series 2023-1A, Class A2, 5.830% due 5/15/26(a)		12,888
			BMW Vehicle Lease Trust:
	212,589	AAA	Series 2023-2, Class A3, 5.990% due 9/25/26.		213,982
	705,180	AAA	Series 2024-1, Class A2B, 4.752% (30-Day Average SOFR + 0.400%) due 7/27/26(b)		705,558
			CarMax Auto Owner Trust:
	785,270	AAA	Series 2024-1, Class A2B, 4.959% (30-Day Average SOFR + 0.620%) due 3/15/27(b)		785,988
	1,853,268	AAA	Series 2024-3, Class A2B, 4.809% (30-Day Average SOFR + 0.470%) due 9/15/27(b)		1,854,873
			Carvana Auto Receivables Trust:
	157,457	AAA	Series 2021-P2, Class A4, 0.800% due 1/10/27		155,280
	375,528	AAA	Series 2023-P5, Class A2, 5.770% due 4/12/27(a)		376,451
	518,268	Aaa(d)	Chase Auto Owner Trust, Series 2024-2A, Class A2, 5.660% due 5/26/27(a)		520,367
	464,172	Aaa(d)	Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due 5/15/36(a)		469,784
	1,206,656	AAA	Citizens Auto Receivables Trust, Series 2024-1, Class A2B, 4.939% (30-Day Average SOFR + 0.600%) due 10/15/26(a)(b)		1,207,699

See Notes to Financial Statements.

267



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Automobiles — 7.5% — (continued)
$	96,591	AAA	Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.800% due 11/16/26	$	96,748
	1,160,965	AAA	Ford Credit Auto Lease Trust, Series 2024-A, Class A2B, 4.839% (30-Day Average SOFR + 0.500%) due 7/15/26(b)		1,161,366
	91,676	AAA	GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A2A, 5.740% due 9/16/26		91,809
	1,000,000	Aaa(d)	Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.490% due 6/25/27(a)		1,007,950
	127,688	AAA	Honda Auto Receivables Owner Trust, Series 2023-2, Class A2, 5.410% due 4/15/26		127,840
	879,261	AAA	Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2B, 4.839% (30-Day Average SOFR + 0.500%) due 6/15/26(a)(b)		879,890
	61,108	AAA	Hyundai Auto Receivables Trust, Series 2023-B, Class A2A, 5.770% due 5/15/26		61,191
	164,477	Aaa(d)	LAD Auto Receivables Trust, Series 2023-2A, Class A2, 5.930% due 6/15/27(a)		164,816
	637,640	Aaa(d)	Oscar US Funding XVI LLC, Series 2024-1A, Class A2, 5.480% due 2/10/27(a)		637,487
			SBNA Auto Lease Trust:
	650,167	Aaa(d)	Series 2024-B, Class A2, 5.670% due 11/20/26(a)		652,341
	1,300,000	Aaa(d)	Series 2024-B, Class A3, 5.560% due 11/22/27(a)		1,316,767
	578,051	AAA	SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A2, 5.710% due 10/20/27(a)		580,608
	1,549,620	Aaa(d)	Tesla Electric Vehicle Trust, Series 2023-1, Class A2B, 4.866% (30-Day Average SOFR + 0.520%) due 12/21/26(a)(b)		1,550,361
			Toyota Auto Receivables Owner Trust:
	904,198	AAA	Series 2022-C, Class A3, 3.760% due 4/15/27		900,595
	162,559	AAA	Series 2023-C, Class A2A, 5.600% due 8/17/26		162,855
			Toyota Lease Owner Trust:
	225,478	Aaa(d)	Series 2023-B, Class A2B, 4.899% (30-Day Average SOFR + 0.550%) due 4/20/26(a)(b)		225,571
	653,377	Aaa(d)	Series 2024-B, Class A2B, 4.786% (30-Day Average SOFR + 0.440%) due 2/22/27(a)(b)		654,196
	30,924	AAA	USAA Auto Owner Trust, Series 2023-A, Class A2, 5.830% due 7/15/26(a)		30,951
	106,427	AAA	Volkswagen Auto Lease Trust, Series 2023-A, Class A2B, 4.919% (30-Day Average SOFR + 0.570%) due 1/20/26(b)		106,445
	340,417	AAA	Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A, 5.500% due 12/21/26		341,043
	1,068,510	AAA	World Omni Auto Receivables Trust, Series 2023-D, Class A2A, 5.910% due 2/16/27		1,072,456

			Total Automobiles		20,275,268


	Credit Cards — 4.5%
	700,000	Aaa(d)	CARDS II Trust, Series 2023-2A, Class A, 5.203% (SOFR + 0.850%) due 7/15/28(a)(b)		701,269
	1,100,000	Aaa(d)	Golden Credit Card Trust, Series 2022-1A, Class A, 1.970% due 1/15/29(a)		1,050,886
			Master Credit Card Trust II:
	2,300,000	Aaa(d)	Series 2023-2A, Class A, 5.189% (30-Day Average SOFR + 0.850%) due 1/21/27(a)(b)		2,305,694
	2,200,000	Aaa(d)	Series 2024-1A, Class A, 5.089% (30-Day Average SOFR + 0.750%) due 1/21/28(a)(b)		2,207,449
			Trillium Credit Card Trust II:
	3,000,000	AAA	Series 2023-3A, Class A, 5.210% (SOFR + 0.850%) due 8/26/28(a)(b)		3,007,368
	3,000,000	Aaa(d)	Series 2024-1A, Class A, 5.110% (SOFR + 0.750%) due 12/26/28(a)(b)		3,009,492

			Total Credit Cards		12,282,158


	Student Loans — 2.5%
			ECMC Group Student Loan Trust:
	420,725	Aaa(d)	Series 2017-2A, Class A, 5.516% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		421,654
	308,958	Aaa(d)	Series 2018-1A, Class A, 5.216% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		305,677
	466,945	Aaa(d)	Series 2019-1A, Class A1B, 5.466% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		466,965
	1,421,689	AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		1,256,378
			Navient Private Education Loan Trust:
	415,794	AAA	Series 2015-BA, Class A3, 5.876% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)		418,504
	213,912	AAA	Series 2020-A, Class A2B, 5.326% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b)		213,713
			Navient Private Education Refinance Loan Trust:
	131,618	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		122,006
	186,305	AAA	Series 2020-IA, Class A1A, 1.330% due 4/15/69(a)		171,578
			Nelnet Student Loan Trust:
	480,466	AA+	Series 2017-3A, Class A, 5.316% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		479,398

See Notes to Financial Statements.

268



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Student Loans — 2.5% — (continued)
$	45,263		AAA	Series 2018-3A, Class A2, 4.874% (1-Month Term SOFR + 0.554%) due 9/27/66(a)(b)	$	45,286
	474,682		AA+	Series 2019-2A, Class A, 5.366% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		475,019
	382,366		AA+	Series 2019-3A, Class A, 5.234% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		381,467
				SMB Private Education Loan Trust:
	186,326		AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		174,707
	155,617		AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		145,028
	455,719		Aaa(d)	Series 2023-C, Class A1B, 5.890% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		461,291
	927,201		Aaa(d)	Series 2024-D, Class A1B, 5.440% (30-Day Average SOFR + 1.100%) due 7/15/53(a)(b)		934,871
	307,080		Aaa(d)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 5.126% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		305,987

				Total Student Loans		6,779,529

				TOTAL ASSET-BACKED SECURITIES (Cost — $39,410,777)		39,336,955


	MORTGAGE-BACKED SECURITIES — 2.9%

	FHLMC — 0.2%
	715,834			Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 — 9/1/49		679,122


	FNMA — 2.7%
	7,200,000			Federal National Mortgage Association (FNMA), 5.500% due 03/01/55(g)		7,203,840

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $7,868,548)		7,882,962


	U.S. GOVERNMENT OBLIGATION — 0.3%
	928,528			U.S. Treasury Inflation Indexed Notes, 2.125% due 4/15/29(h) (Cost — $929,499)		952,685

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $258,850,745)		258,294,691


	SHORT-TERM INVESTMENTS — 15.1%

	COMMERCIAL PAPERS — 5.8%
				Canadian Natural Resources Ltd.:
	1,000,000			4.746% due 3/25/25(a)(i)		996,847
	1,600,000			4.766% due 3/26/25(a)(i)		1,594,722
				Constellation Brands Inc.:
	300,000			4.692% due 3/11/25(a)(i)		299,610
	1,500,000			4.715% due 3/17/25(a)(i)		1,496,867
	2,600,000			Enbridge US Inc., 4.557% due 3/20/25(a)(i)		2,593,743
	800,000			Entergy Corp., 4.597% due 5/12/25(a)(i)		792,720
	2,600,000			Keurig Dr Pepper Inc., 4.550% due 3/26/25(a)(i)		2,591,821
	2,700,000			Northrop Grumman Corp., 4.643% due 5/28/25(i)		2,669,706
	2,600,000			RTX Corp., 4.567% due 3/28/25(a)(i)		2,591,127

				TOTAL COMMERCIAL PAPERS (Cost — $15,627,163)		15,627,163


	CORPORATE BOND — 0.2%
	500,000			Pacific Gas & Electric Co., 5.367%(SOFR + 0.950%) due 9/4/25(b) (Cost — $500,525)		500,525


	TIME DEPOSITS — 1.4%
	21	^NZD		BBH — New York, 2.160% due 3/3/25		12
	3,861,299			JPMorgan Chase & Co. — New York, 3.680% due 3/3/25		3,861,299

				TOTAL TIME DEPOSITS (Cost — $3,861,311)		3,861,311

See Notes to Financial Statements.

269



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	U.S. GOVERNMENT OBLIGATION — 7.7%
$	21,000,000		U.S. Treasury Bills, 4.261% due 4/29/25(i) (Cost — $20,861,738)	$	20,861,738

			TOTAL SHORT-TERM INVESTMENTS (Cost — $40,850,737)		40,850,737

			TOTAL INVESTMENTS — 110.3% (Cost — $299,701,482)		299,145,428

			Liabilities in Excess of Other Assets — (10.3)%		(27,998,999	)

			TOTAL NET ASSETS—100.0%	$	271,146,429

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

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

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2025.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2025, amounts to $196,324 and represents 0.1% of net assets.

(d)	Rating by Moody’s Investors Service.

(e)	Rating by Fitch Ratings Service.

(f)	Affiliated security (See Note 2). As of February 28, 2025, total cost and total value of affiliated security amounted to $349,527 and $362,176, respectively.

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

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

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

(j)	When-issued security.

At February 28, 2025, 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

299,701,482

1,187,025

(2,030,201)

(843,176)


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
LLC		— Limited Liability Company
MASTR		— Mortgage Asset Securitization Transactions, Inc.
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	43.6	%
Collateralized Mortgage Obligations	26.6
Asset-Backed Securities	13.2
Mortgage-Backed Securities	2.6
U.S. Government Obligation	0.3
Short-Term Investments	13.7

Total Investments	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

270



Schedules of Investments


(unaudited) (continued)


Ultra-Short Term Fixed Income Fund

At February 28, 2025, Ultra-Short Term Fixed Income Fund held the following Reverse Repurchase Agreement:



Face Amount†		Security	Value
$	947,250	Bank of America, 4.460% due 3/4/25
		(Proceeds — $947,250)	$	947,250

For the period ended February 28, 2025, the daily average borrowing and interest rate under the reverse repurchase agreements were $391,726 and 4.891%, respectively.

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

At February 28, 2025, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

The unrealized appreciation (depreciation) on the open contracts reflected in the accompanying financial statements were as follows:


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
U.S. Treasury 5-Year Note Futures		78		6/25	$	8,348,317	$	8,419,125	$	70,808


Contracts to Sell:
U.S. Treasury 2-Year Note Futures		86		6/25		17,731,453		17,799,312		(67,859	)
U.S. Treasury 10-Year Note Futures		56		6/25		6,142,757		6,221,250		(78,493	)
U.S. Treasury Ultra Long Bond Futures		28		6/25		3,337,469		3,475,500		(138,031	)
U.S. Ultra Long Bond Futures		48		6/25		5,410,454		5,484,001		(73,547	)

										(357,930)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(287,122)

At February 28, 2025, Ultra-Short Term Fixed Income Fund had deposited cash of $590,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


Currency abbreviations used in this schedule:
NZD		— New Zealand Dollar

See pages 273-274 for definitions of ratings.

See Notes to Financial Statements.

271



Schedules of Investments


(unaudited) (continued)


Alternative Strategies Fund

Units		Security	Value

OPEN END MUTUAL FUND SECURITIES — 97.5%

United States — 97.5%
	1,064,081	American Beacon AHL Managed Futures Strategy Fund, Class Y	$	10,172,617
	634,442	American Beacon AHL TargetRisk Fund, Class Y		7,035,966
	863,137	BlackRock Event Driven Equity Fund, Institutional Class		8,769,474
	773,697	BlackRock Global Equity Market Neutral Fund, Institutional Class.		10,646,071
	1,857,910	BlackRock Systematic Multi-Strategy Fund, Institutional Class		19,359,420
	787,967	BNY Mellon Global Real Return Fund, Class Y		12,347,447
	588,579	Calamos Market Neutral Income Fund, Class I		8,899,320
	65,099	Cohen & Steers Global Realty Shares Inc., Class I		3,462,610
	252,746	Diamond Hill Long/Short Fund, Class I		7,119,856
	685,256	Driehaus Event Driven Fund, Common Class		8,449,207
	1,350,197	John Hancock Diversified Macro Fund, Class I		12,597,341
	213,643	JPMorgan Hedged Equity Fund, Class I		7,142,077
	813,659	LoCorr Market Trend Fund, Class I		8,820,067
	561,875	Neuberger Berman Long Short Fund, Institutional Class		10,788,008
	261,010	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		3,677,632
	906,790	PIMCO Credit Opportunities Bond Fund, Institutional Class		8,904,673
	2,289,098	PIMCO Mortgage Opportunities and Bond Fund, Class I2		21,403,063
	616,333	Thornburg Strategic Income Fund, Institutional Class		7,087,835

		TOTAL INVESTMENTS — 97.5% (Cost — $172,996,898)		176,682,684

		Other Assets in Excess of Liabilities — 2.5%		4,539,844

		TOTAL NET ASSETS — 100.0%	$	181,222,528

At February 28, 2025, 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	$	172,996,898	$	7,271,322	$	(3,585,536)	$	3,685,786


Summary of Investments by Security Type^
Open End Mutual Fund Securities	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

272



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.

273



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.

274

(This page intentionally left blank)

275



Statements of Assets and Liabilities


February 28, 2025 (unaudited)


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund
ASSETS:
Unaffiliated investments, at value^1,3	$	2,797,834,762	$	559,728,474	$	1,216,281,437
Affiliated investments, at value²		5,105,967		—		—
Foreign currency, at value⁴		37		29		640,678
Cash		135,056		48,903		—
Receivable for securities sold		325,389		576,980		5,434,626
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		2,910,166		371,047		8,170,479
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		—		—		609,202
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open futures contracts (Note 1)		192,056		62,506		—
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		521,984		424,996		128,804
Prepaid trustees expenses		36,896		7,368		45,606
Prepaid expenses		91,359		28,263		51,432

Total Assets		2,807,153,672		561,248,566		1,231,362,264

LIABILITIES:
Reverse repurchase agreements, at value⁷		—		—		—
Payable for collateral received from securities on loan		2,943,298		5,323,810		6,146,147
Payable for Fund shares repurchased		—		—		877,501
Payable for securities purchased		—		923,436		6,838,874
Payable for TBA securities purchased		—		—		—
Payable for sale-buyback transactions		—		—		—
Investment management fee payable		627,650		197,833		411,307
Transfer agent fees payable		70,631		9,488		20,853
Interest expense payable		—		—		—
Custody fee payable		89,569		39,081		140,744
Variation margin on open futures contracts (Note 1)		—		—		10,492
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
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		—		—		—
Accrued expenses		137,024		128,413		218,109

Total Liabilities		3,868,172		6,622,061		14,664,027

Total Net Assets	$	2,803,285,500	$	554,626,505	$	1,216,698,237

NET ASSETS:
Paid-in-capital (Note 4)	$	1,527,517,567	$	448,763,461	$	943,987,055
Total distributable earnings (losses)		1,275,767,933		105,863,044		272,711,182

Total Net Assets	$	2,803,285,500	$	554,626,505	$	1,216,698,237

Shares Outstanding		57,382,167		11,998,475		86,553,999

Net Asset Value	$	48.85	$	46.22	$	14.06

¹ Unaffiliated investments, at cost	$	1,532,608,241	$	448,886,124	$	919,828,042

² Affiliated investments, at cost	$	1,639,353	$	—	$	—

³ Includes securities on loan	$	2,592,996	$	5,228,806	$	7,138,157

⁴ Foreign currency, at cost	$	2,267	$	1,725	$	643,983

⁵ Proceeds received	$	—	$	—	$	—

⁶ Premiums received	$	—	$	—	$	—

⁷ Proceeds of reverse repurchase agreements	$	—	$	—	$	—

See Notes to Financial Statements.

276


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

$	552,929,142	$	1,903,189,740		$	137,093,164		$	249,471,344		$	91,941,336		$	207,282,025		$	298,783,252		$	176,682,684
	—		—			—			—			—			—			362,176			—
	431,453		10,800,983			—			319,224			—			56,336			—			—
	—		31,580			—			107			—			956,083			—			4,639,053
	1,264,966		22,685,448			259,758			21,249,077			—			—			832,204			—
	—		—			—			89,583,211			—			2,047,560			—			—
	879,529		14,218,042			2,248,802			1,247,141			944,389			430,617			1,444,945			—
	—		—			—			—			—			—			207			—
	309,715		1,074,183			67,297			106,506			6,757			29,205			448,673			270,016
	—		1,382,939			—			1,375,702			—			298,224			—			—
	—		—			—			120,132			—			3,293			117,345			—
	—		—			—			—			—			43,395			—			—
	—		—			—			80,810			—			—			—			—
	—		—			—			1,587,837			—			—			—			—
	26,994		9,905,398			—			3,106,000			—			1,306,000			590,000			—
	26,843		158,694			11,224			2,180			7,949			6,934			3,519			5,441
	55,556		95,297			14,018			19,216			16,071			—			37,241			38,077

	555,924,198		1,963,542,304			139,694,263			368,268,487			92,916,502			212,459,672			302,619,562			181,635,271


	—		—			—			12,676,880			—			48,781,380			947,250			—
	1,480,452		—			—			—			—			—			—			—
	376,415		7,045,013			91,931			82,979			211,147			197,636			879,536			194,453
	1,900,012		17,659,632			1,109,642			24,093,075			—			2,087			22,161,738			32,282
	—		44,098,264			—			97,918,028			—			14,929,992			7,117,594			—
	—		—			—			—			—			2,392,046			—			—
	216,266		784,862			48,627			57,602			25,886			46,111			66,456			25,645
	6,644		25,407			1,836			2,696			1,447			6,872			5,372			3,239
	—		—			—			14,872			—			53,749			117			—
	61,728		119,474			34,095			73,298			20,550			21,800			29,633			21,867
	13,832		3,575,897			—			—			—			—			—			—
	—		199,859			—			102,493			—			—			—			—
	—		—			—			48,797,422			—			—			—			—
	—		161,238			—			111,892			—			248,640			—			—
	—		1,661,189			—			1,018,157			—			—			—			—
	—		—			—			79,693			—			—			—			—
	—		553,694			—			1,546,846			—			282,689			—			—
	—		—			—			216,000			—			—			—			—
	2,024,172		—			—			—			—			—			—			—
	—		66			—			—			—			—			54			—
	—		—			147,446			—			101,377			—			—			80,868
	227,424		164,481			74,886			90,072			13,267			318,313			265,383			54,389

	6,306,945		76,049,076			1,508,463			186,882,005			373,674			67,281,315			31,473,133			412,743

$	549,617,253	$	1,887,493,228		$	138,185,800		$	181,386,482		$	92,542,828		$	145,178,357		$	271,146,429		$	181,222,528


$	530,524,166	$	2,145,117,552		$	161,029,603		$	204,380,777		$	97,867,101		$	160,167,473		$	285,038,690		$	176,004,919
	19,093,087		(257,624,324	)		(22,843,803	)		(22,994,295	)		(5,324,273	)		(14,989,116	)		(13,892,261	)		5,217,609


$	549,617,253	$	1,887,493,228		$	138,185,800		$	181,386,482		$	92,542,828		$	145,178,357		$	271,146,429		$	181,222,528

	40,187,263		277,051,199			42,430,885			26,677,702			10,756,419			17,426,442			27,773,342			16,852,264

$	13.68	$	6.81		$	3.26		$	6.80		$	8.60		$	8.33		$	9.76		$	10.75

$	461,275,994	$	1,949,580,945		$	137,329,141		$	264,094,958		$	91,021,298		$	214,802,751		$	299,351,955		$	172,996,898

$	—	$	—		$	—		$	—		$	—		$	—		$	349,527		$	—

$	1,443,215	$	—		$	—		$	—		$	—		$	—		$	—		$	—

$	435,413	$	10,791,816		$	—		$	341,797		$	—		$	50,137		$	—		$	—

$	—	$	—		$	—		$	48,102,021		$	—		$	—		$	—		$	—

$	—	$	218,836		$	—		$	110,448		$	—		$	259,270		$	—		$	—

$	—	$	—		$	—		$	12,676,880		$	—		$	48,781,380		$	947,250		$	—

See Notes to Financial Statements.

277



Statements of Operations


For the Six Months Ended February 28, 2025 (unaudited)


	Morgan Stanley Pathway Large Cap Equity ETF			Morgan Stanley Pathway Small-Mid Cap Equity ETF			International Equity Fund
INVESTMENT INCOME:

Dividends from unaffiliated investments	$	17,764,584		$	3,090,484		$	10,231,679
Dividends from affiliated investments		69,710			—			—
Interest from unaffiliated investments		1,064,962			298,581			515,523
Interest from affiliated investments		—			—			—
Income from securities lending		6,628			25,070			49,219
Less: Foreign taxes withheld (see Note 1r)		(18,126	)		(4,059	)		(790,469	)
Miscellaneous income		49,809			15,208			89,895
Income from security litigation		196,593			11,726			—

Total Investment Income		19,134,160			3,437,010			10,095,847


EXPENSES:

Investment management fee (Note 2)		8,183,653			2,165,726			4,211,667
Transfer agent fees		156,743			28,607			75,221
Custody fees		321,534			110,824			360,191
Trustees’ fees		187,974			34,810			74,666
Shareholder reports		110,933			76,078			44,630
Insurance		43,484			9,836			—
Audit and tax		44,214			43,219			30,148
Legal fees		87,857			20,105			40,551
Registration fees		16,910			11,884			11,417
Other expense		189,856			143,929			26,064
Interest expense		—			—			—

Total Expenses		9,343,158			2,645,018			4,874,555
Less: Fee waivers and/or expense reimbursement (Note 2)		(3,948,312	)		(863,109	)		(1,341,300	)

Net Expenses		5,394,846			1,781,909			3,533,255

Net Investment Income	$	13,739,314		$	1,655,101		$	6,562,592


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	$	18,705,772		$	6,188,635		$	15,774,183
Affiliated investments		—			—			—
Futures contracts		1,596,226			(42,695	)		57,225
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(118	)		(286	)		(297,706	)
Capital gain distributions received		—			—			—

Net Realized Gain (Loss):		20,301,880			6,145,654			15,533,702

Change in Net Unrealized Appreciation (Depreciation) from:

Unaffiliated investments		114,220,173			(9,865,279	)		(35,980,988	)
Affiliated investments		1,103,013			–			—
Futures contracts		(520,074	)		(362,678	)		6,643
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(1,573	)		(1,238	)		(474,276	)

Change in Net Unrealized Appreciation (Depreciation):		114,801,539			(10,229,195	)		(36,448,621	)

Net 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		135,103,419			(4,083,541	)		(20,914,919	)

Total Increase (Decrease) in Net Assets from Operations	$	148,842,733		$	(2,428,440	)	$	(14,352,327	)

(a)	Includes net increase in accrued foreign capital gains taxes of $2,053,579 for Emerging Markets Equity Fund.

278


Emerging Markets Equity Fund			Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund


$	4,364,474		$	79,905		$	1,665		$	—		$	—		$	—		$	—		$	4,633,026
	—			—			—			—			—			—			—			—
	308,115			46,384,918			5,035,416			4,379,773			1,666,887			2,522,573			7,448,018			—
	—			—			—			—			—			—			8,109			—
	13,579			—			—			—			—			—			—			—
	(563,300	)		(8,888	)		—			—			—			—			—			—
	789			83,818			—			40,079			—			9,123			—			—
	—			—			—			—			—			—			—			—

	4,123,657			46,539,753			5,037,081			4,419,852			1,666,887			2,531,696			7,456,127			4,633,026




	2,386,308			3,700,192			473,850			447,970			177,843			360,240			702,661			1,035,854
	28,892			109,839			7,987			10,469			5,452			5,336			17,996			9,827
	308,527			721,563			107,470			250,012			63,702			89,254			88,142			61,636
	30,190			89,863			6,218			12,549			4,153			8,516			21,232			10,714
	42,686			68,778			35,264			40,630			3,524			18,391			34,381			11,006
	5,987			31,874			4,485			3,807			3,557			7,328			7,328			131
	48,799			47,193			44,832			63,868			32,903			37,377			46,483			36,893
	17,568			56,593			4,164			7,008			2,675			2,750			7,017			3,620
	8,248			8,142			8,129			12,561			8,440			35,939			2,217			4,496
	11,661			66,323			2,935			27,784			1,968			4,306			7,601			5,165
	—			—			—			127,475			—			1,131,522			9,659			—

	2,888,866			4,900,360			695,334			1,004,133			304,217			1,700,959			944,717			1,179,342
	(944,970	)		(533,004	)		(137,615	)		(47,708	)		—			(36,740	)		(212,881	)		(863,212	)

	1,943,896			4,367,356			557,719			956,425			304,217			1,664,219			731,836			316,130

$	2,179,761		$	42,172,397		$	4,479,362		$	3,463,427		$	1,362,670		$	867,477		$	6,724,291		$	4,316,896






$	(5,584,331	)	$	(13,493,774	)	$	(1,528,585	)	$	(1,593,473	)	$	(52,307	)	$	(988,297	)	$	345,832		$	—
	—			—			—			—			—			—			22			—
	(23,440	)		(11,175,117	)		—			2,010,567			—			685,422			804,626			—
	—			3,059,478			—			109,612			—			14,139			—			—
	—			(568	)		—			904,341			—			—			—			—
	—			—			—			—			—			(26,090	)		—			—
	—			1,037,768			—			(262,656	)		—			30,872			—			—
	—			1,645,595			—			2,034,371			—			697,465			—			—
	(80,765	)		(206,491	)		—			(817,382	)		—			(45,771	)		134			—
	—			—			—			—			—			—			—			481,994

	(5,688,536	)		(19,133,109	)		(1,528,585	)		2,385,380			(52,307	)		367,740			1,150,614			481,994



	(166,848	)^(a)		(15,957,090	)		1,946,393			(2,199,191	)		(384,470	)		1,342,750			234,656			(925,801	)
	—			—			—			—			—			—			4,191			—
	(12,234	)		3,619,037			—			(347,619	)		—			(260,562	)		(340,036	)		—
	—			184,215			—			(12,229	)		—			(444	)		—			—
	—			—			—			(594,485	)		—			—			—			—
	—			(106,185	)		—			(216,373	)		—			(65,086	)		—			—
	—			1,741,225			—			2,086,462			—			213,931			—			—
	(13,588	)		23,421			—			101,418			—			41,583			—			—

	(192,670	)		(10,495,377	)		1,946,393			(1,182,017	)		(384,470	)		1,272,172			(101,189	)		(925,801	)

	(5,881,206	)		(29,628,486	)		417,808			1,203,363			(436,777	)		1,639,912			1,049,425			(443,807	)

$	(3,701,445	)	$	12,543,911		$	4,897,170		$	4,666,790		$	925,893		$	2,507,389		$	7,773,716		$	3,873,089

See Notes to Financial Statements.

279



Statements of Changes in Net Assets

For the Six Months Ended February 28, 2025 (unaudited) and Year Ended August 31, 2024


	Morgan Stanley Pathway Large Cap Equity ETF						Morgan Stanley Pathway Small-Mid Cap Equity ETF
	2025			2024			2025			2024
OPERATIONS:

Net investment income	$	13,739,314		$	23,449,049		$	1,655,101		$	4,082,190
Net realized gain (loss)		20,301,880			89,558,588			6,145,654			56,758,057
Change in unrealized appreciation (depreciation)		114,801,539			384,636,481			(10,229,195	)		5,188,528

Increase (Decrease) in Net Assets from Operations		148,842,733			497,644,118			(2,428,440	)		66,028,775

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(106,305,264	)		(115,892,456	)		(56,973,556	)		(4,637,293	)
Tax return of capital		—			—			—			—

Decrease in Net Assets from Distributions to Shareholders		(106,305,264	)		(115,892,456	)		(56,973,556	)		(4,637,293	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		287,851,683			790,882,481			156,351,559			121,570,781
Reinvestment of distributions		106,305,161			115,892,324			56,973,373			4,637,278
Cost of shares repurchased		(280,646,446	)		(456,318,745	)		(77,840,346	)		(199,213,563	)

Increase (Decrease) in Net Assets from Fund Share Transactions		113,510,398			450,456,060			135,484,586			(73,005,504	)

Increase (Decrease) in Net Assets		156,047,867			832,207,722			76,082,590			(11,614,022	)
NET ASSETS:

Beginning of period		2,647,237,633			1,815,029,911			478,543,915			490,157,937

End of period	$	2,803,285,500		$	2,647,237,633		$	554,626,505		$	478,543,915

See Notes to Financial Statements.

280


International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2025			2024			2025			2024			2025			2024			2025			2024


$	6,562,592		$	26,214,737		$	2,179,761		$	9,211,507		$	42,172,397		$	73,211,618		$	4,479,362		$	8,874,912
	15,533,702			53,443,203			(5,688,536	)		(29,794,197	)		(19,133,109	)		(36,666,342	)		(1,528,585	)		(2,265,111	)
	(36,448,621	)		135,793,022			(192,670	)		76,609,865			(10,495,377	)		86,111,580			1,946,393			6,903,216

	(14,352,327	)		215,450,962			(3,701,445	)		56,027,175			12,543,911			122,656,856			4,897,170			13,513,017



	(68,490,694	)		(25,231,455	)		(10,763,392	)		(10,119,149	)		(40,791,070	)		(79,434,988	)		(4,574,244	)		(9,093,545	)
	—			—			—			—			—			(937,998	)		—			—

	(68,490,694	)		(25,231,455	)		(10,763,392	)		(10,119,149	)		(40,791,070	)		(80,372,986	)		(4,574,244	)		(9,093,545	)



	195,293,822			268,806,806			116,060,671			136,409,466			255,804,117			480,458,500			16,829,143			32,807,799
	68,490,205			25,231,297			10,763,328			10,119,077			40,790,653			80,372,272			4,574,233			9,093,522
	(274,275,093	)		(349,822,542	)		(61,593,364	)		(184,173,133	)		(246,075,922	)		(534,138,513	)		(16,755,532	)		(40,976,379	)

	(10,491,066	)		(55,784,439	)		65,230,635			(37,644,590	)		50,518,848			26,692,259			4,647,844			924,942

	(93,334,087	)		134,435,068			50,765,798			8,263,436			22,271,689			68,976,129			4,970,770			5,344,414


	1,310,032,324			1,175,597,256			498,851,455			490,588,019			1,865,221,539			1,796,245,410			133,215,030			127,870,616

$	1,216,698,237		$	1,310,032,324		$	549,617,253		$	498,851,455		$	1,887,493,228		$	1,865,221,539		$	138,185,800		$	133,215,030

See Notes to Financial Statements.

281



Statements of Changes in Net Assets

For the Six Months Ended February 28, 2025 (unaudited) and Year Ended August 31, 2024



	International Fixed Income Fund
	2025			2024
OPERATIONS:

Net investment income	$	3,463,427		$	5,295,002
Net realized gain (loss)		2,385,380			918,543
Change in unrealized appreciation (depreciation)		(1,182,017	)		5,934,035

Increase (Decrease) in Net Assets from Operations		4,666,790			12,147,580

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(4,195,977	)		(1,577,786	)
Tax return of capital		—			—

Decrease in Net Assets from Distributions to Shareholders		(4,195,977	)		(1,577,786	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		28,451,206			51,217,949
Reinvestment of distributions		4,195,905			1,577,762
Cost of shares repurchased		(31,046,610	)		(66,150,989	)

Increase (Decrease) in Net Assets from Fund Share Transactions		1,600,501			(13,355,278	)

Increase (Decrease) in Net Assets		2,071,314			(2,785,484	)
NET ASSETS:

Beginning of period		179,315,168			182,100,652

End of period	$	181,386,482		$	179,315,168

See Notes to Financial Statements.

282



Municipal Bond Fund						Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2025			2024			2025			2024			2025			2024			2025			2024


$	1,362,670		$	2,867,631		$	867,477		$	5,013,410		$	6,724,291		$	15,757,242		$	4,316,896		$	5,218,549
	(52,307	)		(1,929,002	)		367,740			(2,659,833	)		1,150,614			(5,892,396	)		481,994			751,140
	(384,470	)		4,601,596			1,272,172			6,081,301			(101,189	)		9,151,415			(925,801	)		7,735,938

	925,893			5,540,225			2,507,389			8,434,878			7,773,716			19,016,261			3,873,089			13,705,627



	(1,361,290	)		(3,290,933	)		(1,581,692	)		(5,674,302	)		(6,580,613	)		(10,854,653	)		(4,281,510	)		(5,012,008	)
	—			(39,392	)		—			—			—			(4,497,656	)		—			—

	(1,361,290	)		(3,330,325	)		(1,581,692	)		(5,674,302	)		(6,580,613	)		(15,352,309	)		(4,281,510	)		(5,012,008	)



	18,240,559			18,669,224			11,533,505			43,599,256			48,673,393			98,367,828			38,644,361			49,781,837
	1,361,290			3,330,325			1,581,669			5,674,221			6,580,264			15,351,691			4,281,510			5,012,008
	(16,955,113	)		(32,435,221	)		(16,166,609	)		(31,820,671	)		(100,681,587	)		(110,754,142	)		(24,394,307	)		(57,340,034	)

	2,646,736			(10,435,672	)		(3,051,435	)		17,452,806			(45,427,930	)		2,965,377			18,531,564			(2,546,189	)

	2,211,339			(8,225,772	)		(2,125,738	)		20,213,382			(44,234,827	)		6,629,329			18,123,143			6,147,430


	90,331,489			98,557,261			147,304,095			127,090,713			315,381,256			308,751,927			163,099,385			156,951,955

$	92,542,828		$	90,331,489		$	145,178,357		$	147,304,095		$	271,146,429		$	315,381,256		$	181,222,528		$	163,099,385

See Notes to Financial Statements.

283



Statements of Cash Flows


For the Period Ended February 28, 2025 (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	$	4,666,790		$	2,507,389
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		(246,167,780	)		(117,292,251	)
Proceeds from the sale, paydown and maturity of long-term investments		173,320,196			124,033,549
Proceeds from short-term investments, net		11,990,600			(897,597	)
Decrease to the principal amount of inflation-indexed bonds		(62,091	)		(790,220	)
Proceeds from forward sale commitments		271,403,824			—
Payments on forward sale commitments		(256,020,158	)		—
Change in net unrealized depreciation from forward sale commitments		594,485			—
Change in net unrealized appreciation/depreciation from unaffiliated investments		2,199,191			(1,342,750	)
Change in net unrealized depreciation from options contracts written		12,229			444
Change in net unrealized appreciation on open OTC swap contracts		(904,156	)		—
Change in net unrealized appreciation on open forward foreign currency contracts		(2,086,462	)		(213,931	)
Decrease in variation margin on open centrally cleared swap contracts		225,483			59,293
Net amortization (accretion) of premiums (discounts) of investments		(398,275	)		(769,729	)
Net realized gain from unaffiliated investments		1,593,473			988,297
Increase/Decrease in premium received on options contracts written		(26,637	)		118,399
Increase in variation margin on open futures contracts		(54,573	)		(3,293	)
Decrease in receivable for securities sold		244,180			30,870,777
Increase/Decrease in receivable for TBA securities sold		(35,746,856	)		8,994,776
Increase in dividends and interest receivable from unaffiliated investments		(207,756	)		(11,430	)
Increase/Decrease in deposits for collateral from counterparty		910,000			(1,188,493	)
Decrease in net upfront payments received/paid on OTC open swap contracts		15,757			—
Increase/Decrease in prepaid trustee expenses		(31	)		1,262,066
Increase/Decrease in prepaid expenses		(3,142	)		5,275
Increase/Decrease in payable for securities purchased		4,498,528			(50,778	)
Increase/ Decrease in payable for TBA securities purchased		61,599,141			(14,931,321	)
Increase/Decrease in deposits for collateral from counterparty		216,000			(320,000	)
Decrease in investment management fee payable		(10,325	)		(10,139	)
Increase/Decrease in interest expense payable		14,872			(26,086	)
Increase/Decrease in custody fee payable		1,201			(6,735	)
Increase/Decrease in transfer agent fees payable		303			(2,872	)
Decrease in accrued expenses		(63,609	)		(68,319	)

Net cash and foreign currency provided by/used in operating activities		(8,245,598	)		30,914,321


Cash Flows Provided by/Used in Financing Activities:
Proceeds from sale-buyback transactions		(572,413	)		46,310,131
Payments on sale-buyback transactions		—			(43,938,015	)
Net proceeds from/payments on reverse repurchase agreements		11,461,880			(29,492,883	)
Proceeds from sale of shares		28,469,177			11,528,438
Cost of shares repurchased		(31,052,101	)		(16,135,643	)
Distributions to shareholders, net of reinvestments		(72	)		(23	)

Net cash and foreign currency provided by/used in financing activities		8,306,471			(31,727,995	)

Net increase/decrease in cash and foreign currency^(a)		60,873			(813,674	)


Cash and Foreign Currency:
Cash, cash equivalents and foreign cash at the beginning of the period		258,458			1,826,093

Cash, cash equivalents and foreign cash at end of the period		319,331			1,012,419


Non-Cash Financing Activities:
Reinvestment of distributions		(4,195,905	)		(1,581,669	)

(a)	Includes net change in unrealized appreciation and depreciation on foreign currency of $(39,105) and $1,401 for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

284



Financial Highlights

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Morgan Stanley Pathway Large Cap Equity ETF
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	25.71		$	21.93		$	20.91		$	27.58		$	21.62		$	19.10

Income (Loss) from Operations:
Net investment income⁽²⁾		0.17			0.25			0.23			0.20			0.22			0.26
Net realized and unrealized gain (loss)		24.00			4.84			2.58			(3.96	)		6.49			3.23

Total Income (Loss) from Operations		24.17			5.09			2.81			(3.76	)		6.71			3.49

Less Distributions from:
Net investment income		(0.22	)		(0.21	)		(0.18	)		(0.20	)		(0.18	)		(0.20	)
Net realized gain		(0.81	)		(1.10	)		(1.61	)		(2.71	)		(0.57	)		(0.77	)

Total Distributions		(1.03	)		(1.31	)		(1.79	)		(2.91	)		(0.75	)		(0.97	)

Net Asset Value, End of Year	$	48.85		$	25.71		$	21.93		$	20.91		$	27.58		$	21.62

Total Return^†⁽³⁾		5.64	%⁽⁴⁾		24.57	%		14.71	%		(15.44	)%		31.79	%		18.85	%
Net Assets, End of Year (millions)	$	2,803		$	2,647		$	1,815		$	1,685		$	2,175		$	1,854
Ratios to Average Net Assets:
Gross expenses		0.69	%⁽⁵⁾		0.69	%		0.70	%		0.69	%		0.68	%		0.70	%
Net expenses⁽⁶⁾		0.40	⁽⁵⁾		0.41			0.47			0.48			0.47			0.49
Net investment income		1.01	⁽⁵⁾		1.07			1.12			0.82			0.91			1.33
Portfolio Turnover Rate		8	%⁽⁴⁾		25	%		34	%		20	%		15	%		21	%

(1)	For the six months ended February 28, 2025 (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.

285



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Morgan Stanley Pathway Small-Mid Cap Equity ETF
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	18.10		$	15.87		$	16.56		$	24.35		$	18.01		$	18.60

Income (Loss) from Operations:
Net investment income⁽²⁾		0.08			0.14			0.15			0.12			0.13			0.13
Net realized and unrealized gain (loss)		29.87			2.25			0.81			(3.25	)		7.10			1.48

Total Income (Loss) from Operations		29.95			2.39			0.96			(3.13	)		7.23			1.61

Less Distributions from:
Net investment income		(0.13	)		(0.16	)		(0.11	)		(0.08	)		(0.14	)		(0.10	)
Net realized gain		(1.70	)		—			(1.54	)		(4.58	)		(0.75	)		(2.10	)

Total Distributions		(1.83	)		(0.16	)		(1.65	)		(4.66	)		(0.89	)		(2.20	)

Net Asset Value, End of Year	$	46.22		$	18.10		$	15.87		$	16.56		$	24.35		$	18.01

Total Return^†⁽³⁾		(0.31	)%⁽⁴⁾		15.19	%		6.47	%		(15.89	)%		41.14	%		8.78	%
Net Assets, End of Year (millions)	$	555		$	479		$	490		$	542		$	677		$	620
Ratios to Average Net Assets:
Gross expenses		0.98	%⁽⁵⁾		0.95	%		0.94	%		0.93	%		0.92	%		0.96	%
Net expenses⁽⁶⁾		0.66	⁽⁵⁾		0.60			0.60			0.59			0.58			0.62
Net investment income		0.61	⁽⁵⁾		0.86			0.99			0.63			0.61			0.77
Portfolio Turnover Rate		24	%⁽⁴⁾		56	%		23	%		41	%		29	%		45	%

(1)	For the six months ended February 28, 2025 (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.

286



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Equity Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	15.04		$	12.98		$	11.19		$	15.54		$	12.27		$	11.59

Income (Loss) from Operations:
Net investment income⁽²⁾		0.08			0.29			0.25			0.27			0.21			0.17
Net realized and unrealized gain (loss)		(0.20	)		2.05			2.11			(3.34	)		3.30			0.84

Total Income (Loss) from Operations		(0.12	)		2.34			2.36			(3.07	)		3.51			1.01

Less Distributions from:
Net investment income		(0.36	)		(0.28	)		(0.21	)		(0.33	)		(0.24	)		(0.33	)
Net realized gain		(0.50	)		—			(0.36	)		(0.95	)		—			—

Total Distributions		(0.86	)		(0.28	)		(0.57	)		(1.28	)		(0.24	)		(0.33	)

Net Asset Value, End of Year	$	14.06		$	15.04		$	12.98		$	11.19		$	15.54		$	12.27

Total Return^†⁽³⁾		(0.56	)%⁽⁴⁾		18.36	%		21.72	%		(21.37	)%		28.93	%		8.64	%
Net Assets, End of Year (millions)	$	1,217		$	1,310		$	1,176		$	1,148		$	1,458		$	1,254
Ratios to Average Net Assets:
Gross expenses		0.81	%⁽⁵⁾		0.83	%		0.86	%		0.85	%		0.84	%		0.87	%
Net expenses⁽⁶⁾		0.59	⁽⁵⁾		0.61			0.68			0.67			0.67			0.71
Net investment income		1.09	⁽⁵⁾		2.12			2.01			2.01			1.50			1.44
Portfolio Turnover Rate		15	%⁽⁴⁾		26	%		33	%		38	%		52	%		39	%

(1)	For the six months ended February 28, 2025 (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.

287



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Emerging Markets Equity Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	14.03		$	12.70		$	12.39		$	17.44		$	14.67		$	14.00

Income (Loss) from Operations:
Net investment income⁽²⁾		0.06			0.26			0.23			0.30			0.20			0.20
Net realized and unrealized gain (loss)		(0.13	)		1.38			0.31			(4.65	)		2.90			0.75

Total Income (Loss) from Operations		(0.07	)		1.64			0.54			(4.35	)		3.10			0.95

Less Distributions from:
Net investment income		(0.28	)		(0.31	)		(0.23	)		(0.29	)		(0.33	)		(0.28	)
Net realized gain		—			—			—			(0.41	)		—			—

Total Distributions		(0.28	)		(0.31	)		(0.23	)		(0.70	)		(0.33	)		(0.28	)

Net Asset Value, End of Year	$	13.68		$	14.03		$	12.70		$	12.39		$	17.44		$	14.67

Total Return^†⁽³⁾		(0.57	)%⁽⁴⁾		13.27	%		4.64	%		(25.82	)%		21.28	%		6.79	%
Net Assets, End of Year (millions)	$	550		$	499		$	491		$	481		$	563		$	548
Ratios to Average Net Assets:
Gross expenses		1.09	%⁽⁵⁾		1.10	%		1.15	%		1.15	%		1.12	%		1.15	%
Net expenses⁽⁶⁾		0.73	⁽⁵⁾		0.76			0.82			0.81			0.80			0.84
Net investment income		0.82	⁽⁵⁾		2.03			1.87			2.10			1.18			1.44
Portfolio Turnover Rate		9	%⁽⁴⁾		26	%		12	%		14	%		53	%		23	%

(1)	For the six months ended February 28, 2025 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

288



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Core Fixed Income Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	6.92		$	6.75		$	7.12		$	8.39		$	8.79		$	8.42

Income (Loss) from Operations:
Net investment income⁽²⁾		0.15			0.27			0.25			0.14			0.13			0.19
Net realized and unrealized gain (loss)		(0.11	)		0.20			(0.36	)		(1.20	)		(0.08	)		0.42

Total Income (Loss) from Operations		0.04			0.47			(0.11	)		(1.06	)		0.05			0.61

Less Distributions from:
Net investment income		(0.15	)		(0.30	)		(0.25	)		(0.16	)		(0.17	)		(0.22	)
Tax return of capital		—			(0.00	)⁽³⁾		(0.01	)		—			—			—
Net realized gain		—			—			—			(0.05	)		(0.28	)		(0.02	)

Total Distributions		(0.15	)		(0.30	)		(0.26	)		(0.21	)		(0.45	)		(0.24	)

Net Asset Value, End of Year	$	6.81		$	6.92		$	6.75		$	7.12		$	8.39		$	8.79

Total Return^†⁽⁴⁾		0.73	%⁽⁵⁾		6.97	%		(1.60	)%		(12.86	)%		0.58	%		7.46	%
Net Assets, End of Year (millions)	$	1,887		$	1,865		$	1,796		$	1,352		$	1,311		$	981
Ratios to Average Net Assets:
Gross expenses		0.53	%⁽⁶⁾		0.53	%		0.55	%		0.56	%		0.56	%		0.58	%
Net expenses⁽⁷⁾		0.47	⁽⁶⁾		0.48			0.52			0.53			0.54			0.56
Net investment income		4.56	⁽⁶⁾		4.00			3.65			1.85			1.57			2.27
Portfolio Turnover Rate		44	%⁽⁵⁾		229	%		254	%		238	%		227	%		216	%

(1)	For the six months ended February 28, 2025 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)	Amount is less than $0.005 per share.

(4)

(5)	Not annualized.

(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.

289



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



High Yield Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	3.25		$	3.14		$	3.14		$	3.72		$	3.61		$	3.76

Income (Loss) from Operations:
Net investment income⁽²⁾		0.11			0.22			0.20			0.17			0.18			0.17
Net realized and unrealized gain (loss)		0.01			0.11			—			(0.56	)		0.11			(0.15	)

Total Income (Loss) from Operations		0.12			0.33			0.20			(0.39	)		0.29			0.02

Less Distributions from:
Net investment income		(0.11	)		(0.22	)		(0.20	)		(0.19	)		(0.18	)		(0.17	)

Total Distributions		(0.11	)		(0.22	)		(0.20	)		(0.19	)		(0.18	)		(0.17	)

Net Asset Value, End of Year	$	3.26		$	3.25		$	3.14		$	3.14		$	3.72		$	3.61

Total Return^†⁽³⁾		3.73	%⁽⁴⁾		10.96	%		6.71	%		(10.88	)%		8.61	%		0.14	%
Net Assets, End of Year (millions)	$	138		$	133		$	128		$	113		$	213		$	282
Ratios to Average Net Assets:
Gross expenses		1.02	%⁽⁵⁾		1.05	%		1.17	%		1.07	%		0.96	%		1.07	%
Net expenses⁽⁶⁾		0.82	⁽⁵⁾		0.85			0.97			0.87			0.76			0.86
Net investment income		6.62	⁽⁵⁾		6.80			6.30			4.88			4.79			4.85
Portfolio Turnover Rate		54	%⁽⁴⁾		44	%		25	%		46	%		117	%		84	%

(1)	For the six months ended February 28, 2025 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

290



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



International Fixed Income Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	6.78		$	6.40		$	7.00		$	8.12		$	8.03		$	8.35

Income (Loss) from Operations:
Net investment income⁽²⁾		0.13			0.19			0.12			0.07			0.07			0.20
Net realized and unrealized gain (loss)		0.05			0.25			(0.13	)		(0.98	)		0.08			(0.15	)

Total Income (Loss) from Operations		0.18			0.44			(0.01	)		(0.91	)		0.15			0.05

Less Distributions from:
Net investment income		(0.16	)		(0.03	)		(0.59	)		(0.12	)		—			(0.35	)
Net realized gain		—			(0.03	)		—			(0.09	)		(0.06	)		(0.02	)

Total Distributions		(0.16	)		(0.06	)		(0.59	)		(0.21	)		(0.06	)		(0.37	)

Net Asset Value, End of Year	$	6.80		$	6.78		$	6.40		$	7.00		$	8.12		$	8.03

Total Return^†⁽³⁾		2.69	%⁽⁴⁾		6.85	%		(0.15	)%		(11.54	)%		1.86	%		0.75	%
Net Assets, End of Year (millions)	$	181		$	179		$	182		$	171		$	156		$	135
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		1.12	%⁽⁶⁾		0.97	%		0.95	%		0.93	%		0.97	%		1.16	%
Net expenses⁽⁵⁾⁽⁷⁾		1.07	⁽⁶⁾		0.92			0.90			0.88			0.92			1.11
Net investment income		3.87	⁽⁶⁾		2.90			1.86			0.95			0.92			2.49
Portfolio Turnover Rate		88	%⁽⁴⁾		328	%		381	%		312	%		402	%		437	%

(1)	For the six months ended February 28, 2025 (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 0.14%, 0.01%, 0.00%, 0.00%, less than 0.005% and 0.09%, 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.

291



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Municipal Bond Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	8.64		$	8.44		$	8.55		$	9.60		$	9.53		$	9.61

Income (Loss) from Operations:
Net investment income⁽²⁾		0.13			0.26			0.23			0.18			0.17			0.20
Net realized and unrealized gain (loss)		(0.04	)		0.24			(0.12	)		(1.03	)		0.12			(0.01	)

Total Income (Loss) from Operations		0.09			0.50			0.11			(0.85	)		0.29			0.19

Less Distributions from:
Net investment income		(0.13	)		(0.26	)		(0.22	)		(0.18	)		(0.17	)		(0.21	)
Tax return of capital		—			(0.00	)⁽³⁾		—			—			—			—
Net realized gain		—			(0.04	)		—			(0.02	)		(0.05	)		(0.06	)

Total Distributions		(0.13	)		(0.30	)		(0.22	)		(0.20	)		(0.22	)		(0.27	)

Net Asset Value, End of Year	$	8.60		$	8.64		$	8.44		$	8.55		$	9.60		$	9.53

Total Return^†⁽⁴⁾		1.05	%⁽⁵⁾		6.02	%		1.35	%		(8.91	)%		3.07	%		1.99	%
Net Assets, End of Year (millions)	$	93		$	90		$	99		$	87		$	92		$	69
Ratios to Average Net Assets:
Gross expenses		0.68	%⁽⁶⁾		0.69	%		0.76	%		0.71	%		0.73	%		0.73	%
Net expenses		0.68	⁽⁶⁾		0.69			0.76			0.71			0.73			0.73
Net investment income		3.04	⁽⁶⁾		3.01			2.66			1.99			1.79			2.16
Portfolio Turnover Rate		24	%⁽⁵⁾		40	%		28	%		48	%		7	%		10	%

(1)	For the six months ended February 28, 2025 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)	Amount is less than $0.005 per share.

(4)

(5)	Not annualized.

(6)	Annualized.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

292



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Inflation-Linked Fixed Income Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	8.27		$	8.12		$	9.17		$	11.16		$	11.13		$	10.19

Income (Loss) from Operations:
Net investment income⁽²⁾		0.05			0.31			0.25			0.87			0.56			0.18
Net realized and unrealized gain (loss)		0.10			0.20			(0.65	)		(1.54	)		0.07			0.88

Total Income (Loss) from Operations		0.15			0.51			(0.40	)		(0.67	)		0.63			1.06

Less Distributions from:
Net investment income		(0.09	)		(0.30	)		(0.37	)		(0.93	)		(0.60	)		(0.12	)
Net realized gain		—			(0.06	)		(0.28	)		(0.39	)		—			—

Total Distributions		(0.09	)		(0.36	)		(0.65	)		(1.32	)		(0.60	)		(0.12	)

Net Asset Value, End of Year	$	8.33		$	8.27		$	8.12		$	9.17		$	11.16		$	11.13

Total Return^†⁽³⁾		1.83	%⁽⁴⁾		6.44	%		(4.51	)%		(6.55	)%		5.87	%		10.38	%
Net Assets, End of Year (millions)	$	145		$	147		$	127		$	102		$	148		$	156
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		2.36	%⁽⁶⁾		2.54	%		2.35	%		1.08	%		0.93	%		1.27	%
Net expenses⁽⁵⁾⁽⁷⁾		2.31	⁽⁶⁾		2.49			2.30			1.03			0.88			1.22
Net investment income		1.20	⁽⁶⁾		3.82			2.96			8.43			5.08			1.76
Portfolio Turnover Rate		57	%⁽⁴⁾		121	%		56	%		57	%		104	%		193	%

(1)	For the six months ended February 28, 2025 (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 1.57%, 1.67%, 1.32%, 0.17%, 0.03% and 0.35%, respectively.

(6)	Annualized.

(7)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

293



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Ultra-Short Term Fixed Income Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	9.73		$	9.61		$	9.69		$	9.89		$	9.99		$	9.90

Income (Loss) from Operations:
Net investment income⁽²⁾		0.23			0.48			0.32			0.08			0.05			0.18
Net realized and unrealized gain (loss)		0.03			0.11			0.14			(0.17	)		0.01			0.06

Total Income (Loss) from Operations		0.26			0.59			0.46			(0.09	)		0.06			0.24

Less Distributions from:
Net investment income		(0.23	)		(0.33	)		(0.54	)		(0.11	)		(0.16	)		(0.15	)
Tax return of capital		—			(0.14	)		—			—			—			—

Total Distributions		(0.23	)		(0.47	)		(0.54	)		(0.11	)		(0.16	)		(0.15	)

Net Asset Value, End of Year	$	9.76		$	9.73		$	9.61		$	9.69		$	9.89		$	9.99

Total Return^†⁽³⁾		2.69	%⁽⁴⁾		6.28	%		4.95	%		(0.92	)%		0.61	%		2.36	%
Net Assets, End of Year (millions)	$	271		$	315		$	309		$	506		$	442		$	398
Ratios to Average Net Assets:
Gross expenses⁽⁵⁾		0.67	%⁽⁶⁾		0.69	%		0.81	%		0.67	%		0.67	%		0.69	%
Net expenses⁽⁵⁾⁽⁷⁾		0.52	⁽⁶⁾		0.54			0.76			0.62			0.62			0.64
Net investment income		4.78	⁽⁶⁾		4.98			3.34			0.79			0.50			1.78
Portfolio Turnover Rate		50	%⁽⁴⁾		87	%		42	%		86	%		55	%		96	%

(1)	For the six months ended February 28, 2025 (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%, 0.01%, 0.14%, 0.02%, less than 0.005% and 0.02%, 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.

294



Financial Highlights


(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:



Alternative Strategies Fund
	2025⁽¹⁾			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	10.77		$	10.24		$	10.69		$	10.99		$	10.04		$	10.10

Income (Loss) from Operations:
Net investment income⁽²⁾		0.27			0.34			0.38			0.20			0.13			0.15
Net realized and unrealized gain (loss)		(0.03	)		0.52			(0.17	)		(0.42	)		0.91			0.10

Total Income (Loss) from Operations		0.24			0.86			0.21			(0.22	)		1.04			0.25

Less Distributions from:
Net investment income		(0.26	)		(0.33	)		(0.64	)		(0.07	)		(0.09	)		(0.28	)
Net realized gain		—			—			(0.02	)		(0.01	)		—			(0.03	)

Total Distributions		(0.26	)		(0.33	)		(0.66	)		(0.08	)		(0.09	)		(0.31	)

Net Asset Value, End of Year	$	10.75		$	10.77		$	10.24		$	10.69		$	10.99		$	10.04

Total Return^†⁽³⁾		2.26	%⁽⁴⁾		8.65	%		2.14	%		(2.06	)%		10.39	%		2.61	%
Net Assets, End of Year (millions)	$	181		$	163		$	157		$	147		$	119		$	39
Ratios to Average Net Assets:
Gross expenses		1.37	%⁽⁵⁾		1.39	%		1.50	%		1.59	%		1.56	%		1.85	%
Net expenses⁽⁶⁾⁽⁷⁾		0.37	⁽⁵⁾		0.39			0.50			0.59			0.56			0.70
Net investment income		5.00	⁽⁵⁾		3.22			3.70			1.83			1.24			1.52
Portfolio Turnover Rate		9	%⁽⁴⁾		13	%		27	%		18	%		18	%		34	%

(1)	For the six months ended February 28, 2025 (unaudited).

(2)	Per share amounts have been calculated using the average shares method.

(3)

(4)	Not annualized.

(5)	Annualized.

(6)	Does not reflect the Fund’s proportionate share of income and expenses from the Underlying Fund.

(7)	Reflects fee waivers and/or expense reimbursements.

†	Calculated based on the net asset value as of the last business day of the period.

See Notes to Financial Statements.

295



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 Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (individually, a “Fund” and collectively, the “Funds”). Alternative Strategies Fund will allocate its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by a third party professional money manager (“Underlying Funds”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

The investment objectives of each Fund are as follows:


Morgan Stanley Pathway Large Cap Equity ETF		Capital appreciation.
Morgan Stanley Pathway Small-Mid Cap Equity ETF		Capital appreciation.
International Equity Fund		Capital appreciation.
Emerging Marketing Equity Fund		Long-term capital appreciation.
Core Fixed Income Fund		Maximum total return, consistent with preservation of capital and prudent investment management.
High Yield Fund		A high level of current income primarily through investment in below-investment grade debt securities.
International Fixed Income Fund		Maximize current income, consistent with the protection of principal.
Municipal Bond Fund		A high level of interest income that is excluded form federal income taxation, to the extent consistent with prudent investment management and the preservation of capital.
Inflation-Linked Fixed Income Fund		Total return that exceeds the rate of inflation over an economic cycle.
Ultra-Short Term Fixed Income Fund		Total return, consistent with preservation of capital.
Alternative Strategies Fund		Long term growth of capital.

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 – Investment Companies.

(a) Investment Valuation. Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. For securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the New York Stock Exchange (“NYSE”).

Exchange-traded purchased and written options and futures contracts are valued at the last sale price (closing price) in the market where such contracts are principally traded or, if no sales are reported, the bid price. Swaps for which quotations are available on an automated basis from approved third-party pricing services are valued using those automated third-party pricing service quotations. Forward foreign currency contracts are valued using the official closing price for such contracts on the NYSE.

296



Notes to Financial Statements


(unaudited) (continued)

Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. Investments in registered open-end management investment companies are valued at reported net asset value per share.

Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, and as well as industry and economic events.

Overnight repurchase agreements and repurchase agreements maturing in seven days or less are valued at cost. Term repurchase agreements maturing in more than seven days are valued at the average of the bid quotations obtained daily from at least two recognized purchasers of such term repurchase agreements selected by Consulting Group Advisory Services, LLC (“CGAS”) (the “Manager”).

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Manager in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

Each business day, Emerging Markets Equity Fund and International Equity Fund use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2 and 3). The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including assumptions made by the Manager or persons acting at their direction that are used in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, senior loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

297



Notes to Financial Statements


(unaudited) (continued)

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, forward foreign currency contracts, options contracts, or swap contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and Secured Overnight Financing Rate (“SOFR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

298



Notes to Financial Statements


(unaudited) (continued)

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:


	Total Fair Value at February 28, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Morgan Stanley Pathway Large Cap Equity ETF
Investments, at Value
Common Stocks:
Communication Services	$	260,122,521	*	$	260,122,521		$	—		$	—	*
Consumer Discretionary		284,823,333			284,823,333			—			—
Consumer Staples		137,194,747			137,194,747			—			—
Energy		93,847,457			93,847,457			—			—
Financials		477,896,987			477,896,987			—			—
Health Care		321,940,616			321,940,616			—			—
Industrials		278,488,189			278,488,189			—			—
Information Technology		697,767,262			697,767,262			—			—
Materials		74,361,970			74,361,970			—			—
Real Estate		71,644,245			71,644,245			—			—
Utilities		55,222,939			55,222,939			—			—
Short-Term Investments:
Money Market Fund		2,943,298			2,943,298			—			—
Time Deposits		46,687,165			—			46,687,165			—

Total Investments, at Value	$	2,802,940,729	*	$	2,756,253,564		$	46,687,165		$	—	*

Securities Lending Transactions — Liabilities	$	(2,943,298	)	$	—		$	(2,943,298	)	$	—

Other Financial Instruments — Assets***
Futures Contract	$	56,345		$	56,345		$	—		$	—

Total Other Financial Instruments — Assets	$	56,345		$	56,345		$	—		$	—

Other Financial Instruments — Liabilities***
Futures Contract	$	(3,620	)	$	(3,620	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(3,620	)	$	(3,620	)	$	—		$	—

Morgan Stanley Pathway Small-Mid Cap Equity ETF
Investments, at Value
Common Stocks:
Communication Services	$	13,677,387	*	$	13,677,387		$	—		$	—	*
Consumer Discretionary		59,536,292			59,536,292			—			—
Consumer Staples		14,079,865			14,079,865			—			—
Energy		25,765,148			25,765,148			—			—
Financials		81,901,273			81,901,273			—			—
Health Care		73,857,034			73,849,771			7,263			—
Industrials		109,639,095			109,639,095			—			—
Information Technology		89,494,134			89,494,134			—			—
Materials		23,110,668			23,107,599			3,069			—
Real Estate		25,548,077			25,548,077			—			—
Utilities		19,946,885			19,946,885			—			—

299



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 28, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Warrant:
Health Care	$	391		$	—		$	391		$	—
Corporate Bond & Note		811,337			—			811,337			—
Short-Term Investments:
Money Market Fund		5,323,810			5,323,810			—			—
Time Deposits		17,037,078			—			17,037,078			—

Total Investments, at Value	$	559,728,474	*	$	541,869,336		$	17,859,138		$	—	*

Securities Lending Transactions — Liabilities	$	(5,323,810	)	$	—		$	(5,323,810	)	$	—

Other Financial Instruments — Liabilities***
Futures Contracts	$	(256,168	)	$	(256,168	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(256,168	)	$	(256,168	)	$	—		$	—

International Equity Fund
Investments, at Value
Common Stocks:
France	$	144,198,134		$	—		$	144,198,134		$	—
Germany		107,843,251			—			107,843,251			—
Japan		220,289,270			85,705			220,203,565			—
Netherlands		62,188,188			692,259			61,495,929			—
Switzerland		98,228,458			—			98,228,458			—
United Kingdom		201,544,252			1,754,402			199,789,850			—
Other Countries**		337,507,655			57,537,630			279,970,025			—
Preferred Stocks:
Germany		1,570,451			—			1,570,451			—
Open End Mutual Fund Security:
United States		757,930			757,930			—			—
Right:
South Korea		4,334			—			4,334			—
Short-Term Investments:
Money Market Fund		6,146,147			6,146,147			—			—
Time Deposits		36,003,367			—			36,003,367			—

Total Investments, at Value	$	1,216,281,437		$	66,974,073		$	1,149,307,364		$	—

Security Lending Transactions — Liabilities	$	(6,146,147	)	$	—		$	(6,146,147	)	$	—

Other Financial Instruments — Assets***
Futures Contracts	$	57,540		$	57,540		$	—		$	—

Total Other Financial Instruments — Assets	$	57,540		$	57,540		$	—		$	—

Other Financial Instruments — Liabilities***
Futures Contracts	$	(15,631	)	$	(15,631	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(15,631	)	$	(15,631	)	$	—		$	—

300



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 28, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
China	$	143,007,570		$	21,234,692		$	121,772,876		$	2
India		84,266,350			14,735,251			69,531,099			—
South Korea		47,450,659			—			47,450,659			—
Taiwan		89,178,629			12,905,955			76,272,674			—
Other Countries**		162,757,043	*		63,476,341			99,263,773			16,929	*
Preferred Stocks:
Brazil		3,235,845			3,235,845			—			—
Chile		163,478			163,478			—			—
Colombia		117,252			117,252			—			—
Mexico		258,082			258,082			—			—
South Korea		2,702,723			—			2,702,723			—
Right:
Brazil		748			—			748			—
Short-Term Investments:
Money Market Fund		1,480,452			1,480,452			—			—
Time Deposits		18,310,311			—			18,310,311			—

Total Investments, at Value	$	552,929,142	*	$	117,607,348		$	435,304,863		$	16,931	*

Security Lending Transactions — Liabilities	$	(1,480,452	)	$	—		$	(1,480,452	)	$	—

Other Financial Instruments — Liabilities***
Futures Contract	$	(3,715	)	$	(3,715	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(3,715	)	$	(3,715	)	$	—		$	—

Core Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	546,097,732	*	$	—		$	546,097,732		$	—	*
Mortgage-Backed Securities		519,403,396			—			519,403,396			—
U.S. Government Agencies & Obligations		444,028,936			—			444,028,936			—
Collateralized Mortgage Obligations		215,498,575			—			215,498,575			—
Sovereign Bonds:
Other Countries**		48,243,225			—			48,243,225			—
Asset-Backed Securities		13,593,650			—			13,593,650			—
Senior Loans		10,990,070			—			10,990,070			—
Municipal Bonds		2,998,344			—			2,998,344			—
Common Stock:
Telecommunications		422,400			—			422,400			—
Purchased Options		394,122			394,122			—			—
Short-Term Investments:
Time Deposits		86,537,021			—			86,537,021			—
U.S. Government Obligation		14,982,269			—			14,982,269			—

Total Investments, at Value	$	1,903,189,740	*	$	394,122		$	1,902,795,618		$	—	*

301



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 28, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Assets***
Futures Contracts	$	2,875,249		$	2,875,249		$	—		$	—
Forward Foreign Currency Contracts		1,382,939			—			1,382,939			—
Centrally Cleared Credit Default Swaps		71,545			—			71,545			—

Total Other Financial Instruments — Assets	$	4,329,733		$	2,875,249		$	1,454,484		$	—

Other Financial Instruments — Liabilities***
Options Contracts Written	$	(161,238	)	$	(161,238	)	$	—		$	—
Futures Contracts		(520,137	)		(520,137	)		—			—
Forward Foreign Currency Contracts		(553,694	)		—			(553,694	)		—
OTC Interest Rate Swap		(1,661,189	)		—			(1,661,189	)		—
Centrally Cleared Interest Rate Swap		(323,303	)		—			(323,303	)		—

Total Other Financial Instruments — Liabilities	$	(3,219,561	)	$	(681,375	)	$	(2,538,186	)	$	—

High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	132,144,227		$	—		$	132,144,227		$	—
Senior Loans		476,831			—			476,831			—
Short-Term Investments:
Time Deposits		4,472,106			—			4,472,106			—

Total Investments, at Value	$	137,093,164		$	—		$	137,093,164		$	—

International Fixed Income Fund
Investments, at Value
Mortgage-Backed Securities	$	101,423,272		$	—		$	101,423,272		$	—
Sovereign Bonds:
France		9,062,131			—			9,062,131			—
Japan		19,387,688			—			19,387,688			—
Spain		13,354,462			—			13,354,462			—
Other Countries**		30,220,654			—			30,220,654			—
Collateralized Mortgage Obligations		31,298,027			—			31,298,027			—
Corporate Bonds & Notes		22,828,498			—			22,828,498			—
U.S. Government Obligations		16,321,566			—			16,321,566			—
Asset-Backed Securities		247,641			—			247,641			—
Municipal Bond		205,911			—			205,911			—
Purchased Options		148,839			—			148,839			—
Short-Term Investments:
Commercial Paper		249,838			—			249,838			—
Time Deposits		4,682,210			—			4,682,210			—
U.S. Government Obligation		40,607			—			40,607			—

Total Investments, at Value	$	249,471,344		$	—		$	249,471,344		$	—

Other Financial Instruments — Assets***
Futures Contracts	$	519,369		$	519,369		$	—		$	—
Forward Foreign Currency Contracts		1,375,702			—			1,375,702			—
OTC Total Return Swap		56,182			—			56,182			—
OTC Interest Rate Swaps		11,826			—			11,826			—
Centrally Cleared Interest Rate Swaps		2,366,691			—			2,366,691			—
OTC Credit Default Swaps		12,802			—			12,802			—

302



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 28, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Centrally Cleared Credit Default Swap	$	78,340		$	—		$	78,340		$	—

Total Other Financial Instruments — Assets	$	4,420,912		$	519,369		$	3,901,543		$	—

Other Financial Instruments — Liabilities***
Options Contracts Written	$	(111,892	)	$	—		$	(111,892	)	$	—
Reverse Repurchase Agreements		(12,676,880	)		—			(12,676,880	)		—
Forward Sale Commitments		(48,797,422	)		—			(48,797,422	)		—
Futures Contracts		(386,648	)		(386,648	)		—			—
Forward Foreign Currency Contracts		(1,546,846	)		—			(1,546,846	)		—
OTC Total Return Swap		(17,833	)		—			(17,833	)		—
OTC Interest Rate Swaps		(246,160	)		—			(246,160	)		—
Centrally Cleared Interest Rate Swaps		(3,205,510	)		—			(3,205,510	)		—
OTC Credit Default Swaps		(90	)		—			(90	)		—
Centrally Cleared Credit Default Swaps		(46,944	)		—			(46,944	)		—
OTC Cross Currency Swaps		(754,074	)		—			(754,074	)		—

Total Other Financial Instruments — Liabilities	$	(67,790,299	)	$	(386,648	)	$	(67,403,651	)	$	—

Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	85,249,726		$	—		$	85,249,726		$	—
Short-Term Investments:
Time Deposits		6,691,610			—			6,691,610			—

Total Investments, at Value	$	91,941,336		$	—		$	91,941,336		$	—

Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Obligations	$	161,682,550		$	—		$	161,682,550		$	—
Mortgage-Backed Securities		20,505,554			—			20,505,554			—
Collateralized Mortgage Obligations		16,531,309			—			16,531,309			—
Sovereign Bonds:
Other Countries**		6,724,204			—			6,724,204			—
Corporate Bonds & Notes		169,742			—			169,742			—
Short-Term Investments:
Time Deposits		1,668,666			—			1,668,666			—

Total Investments, at Value	$	207,282,025		$	—		$	207,282,025		$	—

Other Financial Instruments — Assets***
Futures Contracts	$	309,421		$	309,421		$	—		$	—
Forward Foreign Currency Contracts		298,224			—			298,224			—
Centrally Cleared Interest Rate Swaps		1,216,473			—			1,216,473			—
Centrally Cleared Inflation Rate Swaps		726,218			—			726,218			—

Total Other Financial Instruments — Assets	$	2,550,336		$	309,421		$	2,240,915		$	—

Other Financial Instruments — Liabilities***
Options Contracts Written	$	(248,640	)	$	—		$	(248,640	)	$	—
Reverse Repurchase Agreements		(48,781,380	)		—			(48,781,380	)		—
Futures Contracts		(458,024	)		(458,024	)		—			—
Forward Foreign Currency Contracts		(282,689	)		—			(282,689	)		—

303



Notes to Financial Statements


(unaudited) (continued)


	Total Fair Value at February 28, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Centrally Cleared Interest Rate Swaps	$	(543,285	)	$	—		$	(543,285	)	$	—
Centrally Cleared Inflation Rate Swaps		(1,149,275	)		—			(1,149,275	)		—

Total Other Financial Instruments — Liabilities	$	(51,463,293	)	$	(458,024	)	$	(51,005,269	)	$	—

Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	130,471,842		$	—		$	130,471,842		$	—
Collateralized Mortgage Obligations		79,650,247			—			79,650,247			—
Asset-Backed Securities		39,336,955			—			39,336,955			—
Mortgage-Backed Securities		7,882,962			—			7,882,962			—
U.S. Government Obligation		952,685			—			952,685			—
Short-Term Investments:
Commercial Papers		15,627,163			—			15,627,163			—
Corporate Bond		500,525			—			500,525			—
Time Deposits		3,861,311			—			3,861,311			—
U.S. Government Obligation		20,861,738			—			20,861,738			—

Total Investments, at Value	$	299,145,428		$	—		$	299,145,428		$	—

Other Financial Instruments — Assets***
Futures Contract	$	70,808		$	70,808		$	—		$	—

Total Other Financial Instruments — Assets	$	70,808		$	70,808		$	—		$	—

Other Financial Instruments — Liabilities***
Reverse Repurchase Agreement	$	(947,250	)	$	—		$	(947,250	)	$	—
Futures Contracts		(357,930	)		(357,930	)		—			—

Total Other Financial Instruments — Liabilities	$	(1,305,180	)	$	(357,930	)	$	(947,250	)	$	—

Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	176,682,684		$	176,682,684		$	—		$	—

Total Investments, at Value	$	176,682,684		$	176,682,684		$	—		$	—

*	Includes securities that are fair valued using significant unobservable inputs at $0.

**	Other countries represents countries that are individually less than 5% of Net Assets.

***	Swaps, futures contracts and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument and option contracts written, forward sale commitments and reverse repurchase agreements are shown at value.

304



Notes to Financial Statements


(unaudited) (continued)

There were no significant transfers in or out of level 3 for the period ended February 28, 2025 for any of the Funds.

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

All open derivative positions at the period-end for each Fund are disclosed in the Fund’s Schedule of Investments.

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(i) Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin, which is included in deposits for collateral with counterparty on the Statements of Assets and Liabilities. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments and are reported on the Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund

305



Notes to Financial Statements


(unaudited) (continued)

will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. When a Fund purchases an inflation-capped option, the Fund pays a premium which is recorded as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

(v) Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(vi) Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets. Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and Changes in Net Assets. Details of purchased swaptions contracts held at 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

306



Notes to Financial Statements


(unaudited) (continued)

preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Such amounts are reported on the Statements of Assets and Liabilities as deposits with counterparties.

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

307



Notes to Financial Statements


(unaudited) (continued)

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

(xii) Volatility Swaps. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

(xiii) Inflation Rate Swaps. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiv) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swap contracts are agreements where the total return of a reference asset is paid in exchange for periodic cash flows. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gains or losses in the Statements of Operations.

308



Notes to Financial Statements


(unaudited) (continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 28, 2025:

Morgan Stanley Pathway Large Cap Equity ETF


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	56,345	$	56,345

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	3,620	$	3,620


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	1,596,226		$	1,596,226

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(520,074	)	$	(520,074	)

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	256,168	$	256,168


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(42,695	)	$	(42,695	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(362,678	)	$	(362,678	)

International Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	57,540	$	57,540

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	15,631	$	15,631

309



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	57,225	$	57,225

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	6,643	$	6,643

Emerging Markets Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	3,715	$	3,715


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(23,440	)	$	(23,440	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(12,234	)	$	(12,234	)

Core Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	394,122	$	—	$	—	$	—	$	394,122
Unrealized appreciation on open futures contracts (b)		2,875,249		—		—		—		2,875,249
Unrealized appreciation on forward foreign currency contracts (c)		—		1,382,939		—		—		1,382,939
Unrealized appreciation on centrally cleared swaps (f)		—		—		71,545		—		71,545

	$	3,269,371	$	1,382,939	$	71,545	$	—	$	4,723,855

Liability derivatives
Options contracts written outstanding (a)	$	161,238	$	—	$	—	$	—	$	161,238
Unrealized depreciation on open futures contracts (b)		520,137		—		—		—		520,137
Unrealized depreciation on forward foreign currency contracts (a)		—		553,694		—		—		553,694
Unrealized depreciation on centrally cleared swaps (f)		323,303		—		—		—		323,303
Unrealized depreciation on OTC swaps (a)		1,661,189		—		—		—		1,661,189

	$	2,665,867	$	553,694	$	—	$	—	$	3,219,561

310



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk			Foreign exchange risk		Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(2,255,178	)	$	—	$	—		$	—	$	(2,255,178	)
Futures contracts		(11,175,117	)		—		—			—		(11,175,117	)
Options contracts written		3,059,478			—		—			—		3,059,478
Swap contracts		549,239			—		488,529			—		1,037,768
Forward foreign currency contracts		—			1,645,595		—			—		1,645,595

	$	(9,821,578	)	$	1,645,595	$	488,529		$	—	$	(7,687,454	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	77,188		$	—	$	—		$	—	$	77,188
Futures contracts		3,619,037			—		—			—		3,619,037
Options contracts written		184,215			—		—			—		184,215
Swap contracts		53,018			—		(159,203	)		—		(106,185	)
Forward foreign currency contracts		—			1,741,225		—			—		1,741,225

	$	3,933,458		$	1,741,225	$	(159,203	)	$	—	$	5,515,480

International Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	146,302	$	2,537	$	—	$	—	$	148,839
Unrealized appreciation on open futures contracts (b)		519,369		—		—		—		519,369
Unrealized appreciation on forward foreign currency contracts (c)		—		1,375,702		—		—		1,375,702
Unrealized appreciation on centrally cleared swaps (f)		2,366,691		—		78,340		—		2,445,031
Unrealized appreciation on OTC swaps (c)		68,008		—		12,802		—		80,810

	$	3,100,370	$	1,378,239	$	91,142	$	—	$	4,569,751

Liability derivatives
Options contracts written outstanding (a)	$	111,892	$	—	$	—	$	—	$	111,892
Unrealized depreciation on open futures contracts (b)		386,648		—		—		—		386,648
Unrealized depreciation on forward foreign currency contracts (a)		—		1,546,846		—		—		1,546,846
Unrealized depreciation on centrally cleared swaps (f)		3,205,510		—		46,944		—		3,252,454
Unrealized depreciation on OTC swaps (a)		263,993		754,074		90		—		1,018,157

	$	3,968,043	$	2,300,920	$	47,034	$	—	$	6,315,997

311



Notes to Financial Statements


(unaudited) (continued)


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	3,543		$	87,154	$	—	$	—	$	90,697
Futures contracts		2,010,567			—		—		—		2,010,567
Options contracts written		83,667			25,945		—		—		109,612
Swap contracts		(371,347	)		—		108,691		—		(262,656	)
Forward foreign currency contracts		—			2,034,371		—		—		2,034,371

	$	1,726,430		$	2,147,470	$	108,691	$	—	$	3,982,591

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(28,773	)	$	9,891	$	—	$	—	$	(18,882	)
Futures contracts		(347,619	)		—		—		—		(347,619	)
Options contracts written		(12,229	)		—		—		—		(12,229	)
Swap contracts		(732,411	)		501,250		14,788		—		(216,373	)
Forward foreign currency contracts		—			2,086,462		—		—		2,086,462

	$	(1,121,032	)	$	2,597,603	$	14,788	$	—	$	1,491,359

Inflation-Linked Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	309,421	$	—	$	—	$	—	$	309,421
Unrealized appreciation on forward foreign currency contracts (c)		—		298,224		—		—		298,224
Unrealized appreciation on centrally cleared swaps (f)		1,942,691		—		—		—		1,942,691

	$	2,252,112	$	298,224	$	—	$	—	$	2,550,336

Liability derivatives
Options contracts written outstanding (a)	$	248,640	$	—	$	—	$	—	$	248,640
Unrealized depreciation on open futures contracts (b)		458,024		—		—		—		458,024
Unrealized depreciation on forward foreign currency contracts (a)		—		282,689		—		—		282,689
Unrealized depreciation on centrally cleared swaps (f)		1,692,560		—		—		—		1,692,560

	$	2,399,224	$	282,689	$	—	$	—	$	2,681,913


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	685,422		$	—	$	—	$	—	$	685,422
Options contracts written		14,139			—		—		—		14,139
Swap contracts		30,872			—		—		—		30,872
Forward foreign currency contracts		—			697,465		—		—		697,465

	$	730,433		$	697,465	$	—	$	—	$	1,427,898

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(260,562	)	$	—	$	—	$	—	$	(260,562	)
Options contracts written		(444	)		—		—		—		(444	)
Swap contracts		(65,086	)		—		—		—		(65,086	)
Forward foreign currency contracts		—			213,931		—		—		213,931

	$	(326,092	)	$	213,931	$	—	$	—	$	(112,161	)

312



Notes to Financial Statements


(unaudited) (continued)

Ultra-Short Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	70,808	$	—	$	—	$	—	$	70,808

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	357,930	$	—	$	—	$	—	$	357,930


Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2025:

Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	804,626		$	—	$	—	$	—	$	804,626

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(340,036	)	$	—	$	—	$	—	$	(340,036	)

(a)	Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts, unrealized depreciation on OTC swap contracts or options contracts written, at value.

(b)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the open exchanged-traded futures contracts table in the Fund’s Schedule of Investments.

(c)	Statements of Assets and Liabilities location: Investments, at value or unrealized appreciation on open forward foreign currency contracts or unrealized appreciation on OTC swap contracts.

(d)	Statements of Operations location: Net realized gain (loss) from unaffiliated investments, futures contracts, options contracts written, swap contracts or forward foreign currency contracts.

(e)	Statements of Operations location: Change in net unrealized appreciation (depreciation) from unaffiliated investments, futures contracts, options contracts written, swap contracts or forward foreign currency contracts.

(f)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on centrally cleared swaps is reported in the open swap contracts table in the Fund’s Schedule of Investments.

The average monthly notional amounts of futures contracts, swaps contracts and forward foreign currency contracts, and the monthly average market value of options contracts written and purchased options outstanding during the period ended February 28, 2025 were as follows:

Morgan Stanley Pathway Large Cap Equity ETF


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	17,651,048
Morgan Stanley Pathway Small-Mid Cap Equity ETF
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	3,198,720

313



Notes to Financial Statements


(unaudited) (continued)


International Equity Fund
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	2,069,337
Emerging Markets Equity Fund
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	686,588
Core Fixed Income Fund
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	170,794	$	—	$	—	$	—
Futures contracts		518,963,359		—		—		—
Option contracts written		428,973		—		—		—
Swap contracts		52,823,321		—		64,514,600		—
Forward foreign currency contracts		—		143,815,765		—		—
International Fixed Income Fund
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	177,899	$	31,021	$	—	$	—
Futures contracts		107,234,314		—		—		—
Option contracts written		131,991		5,951		—		—
Swap contracts		331,115,725		18,857,697		56,585,167		—
Forward foreign currency contracts		—		224,624,979		—		—
Inflation-Linked Fixed Income Fund
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	112,675,300	$	—	$	—	$	—
Option contracts written		171,209		—		—		—
Swap contracts		83,063,881		—		—		—
Forward foreign currency contracts		—		41,901,779		—		—
Ultra-Short Term Fixed Income Fund
	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	44,316,798	$	—	$	—	$	—

(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.

314



Notes to Financial Statements


(unaudited) (continued)

(d) Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(e) Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(f) Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

The following table presents securities on loan that are subject to enforceable netting arrangements as of February 28, 2025:

Gross Amounts Not Offset in the Statements of Assets and Liabilities



Fund	Gross Asset Amount Presented in the Statements of Assets and Liabilities (a)		Financial Instrument	Collateral Received (b)(c)			Net Amount (Not Less than $0)
Morgan Stanley Pathway Large Cap Equity ETF	$	2,592,996	$ —	$	(2,592,996	)	$	0
Morgan Stanley Pathway Small-Mid Cap Equity ETF		5,228,806	—		(5,228,806	)		0
International Equity Fund		7,138,157	—		(7,138,157	)		0
Emerging Markets Equity Fund		1,443,215	—		(1,443,215	)		0

(a)	Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $2,943,298, $5,323,810, $6,146,147 and $1,480,452, 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, $1,509,317 and $18,816, respectively, in the form of U.S. Government Obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedules of Investments.

(c)	The actual collateral received could be greater than the amount shown here due to overcollateralization.

FASB ASC 860, “Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

315



Notes to Financial Statements


(unaudited) (continued)

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2025:


	Remaining Contractual Maturity of the Agreements As of February 28, 2025
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Morgan Stanley Pathway Large Cap Equity ETF
Securities Lending Transactions
Common Stocks	$	2,943,298	$	—	$	—	$	—	$	2,943,298

Total Borrowings	$	2,943,298	$	—	$	—	$	—	$	2,943,298

Gross amount of recognized liabilities for securities lending transactions									$	2,943,298


Morgan Stanley Pathway Small-Mid Cap Equity ETF
Securities Lending Transactions
Common Stocks	$	5,323,810	$	—	$	—	$	—	$	5,323,810

Total Borrowings	$	5,323,810	$	—	$	—	$	—	$	5,323,810

Gross amount of recognized liabilities for securities lending transactions									$	5,323,810


International Equity Fund
Securities Lending Transactions
Common Stocks	$	6,146,147	$	—	$	—	$	—	$	6,146,147

Total Borrowings	$	6,146,147	$	—	$	—	$	—	$	6,146,147

Gross amount of recognized liabilities for securities lending transactions									$	6,146,147


Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	1,480,452	$	—	$	—	$	—	$	1,480,452

Total Borrowings	$	1,480,452	$	—	$	—	$	—	$	1,480,452

Gross amount of recognized liabilities for securities lending transactions									$	1,480,452


International Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	8,644,067	$	4,032,813	$	—	$	12,676,880

Total Borrowings	$	—	$	8,644,067	$	4,032,813	$	—	$	12,676,880

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	12,676,880


Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	48,781,380	$	—	$	—	$	48,781,380

Total Borrowings	$	—	$	48,781,380	$	—	$	—	$	48,781,380

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	48,781,380


Ultra-Short Term Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	947,250	$	—	$	—	$	947,250

Total Borrowings	$	—	$	947,250	$	—	$	—	$	947,250

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	947,250

316



Notes to Financial Statements


(unaudited) (continued)

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments, at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(i) Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

(j) Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities

317



Notes to Financial Statements


(unaudited) (continued)

rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

(k) Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(l) Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(m) Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

(n) Market Risk. The value of an investment in the Fund is based on the values of the Fund’s investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund’s portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi- governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund’s portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund’s investments (and, in turn, the Fund’s investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund’s investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

(o) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as income from non-cash dividends at fair value. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt, if any, and is included in interest and dividend income, respectively. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.

318



Notes to Financial Statements


(unaudited) (continued)

(p) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(q) Distributions to Shareholders. Distributions from net investment income for Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund, if any, are declared and paid on an annual basis. Distributions from net investment income for Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund, if any, are declared and paid on a monthly basis.

The Funds intend to satisfy conditions that will enable interest from municipal securities, which are exempt from regular federal income tax and from designated state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Funds. Distributions of net realized gains to shareholders of the Funds, if any, are taxable and are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(r) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2023 tax returns. Each Fund’s federal tax returns for the prior four fiscal years remain subject to examination by the Internal Revenue Service.

(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

319



Notes to Financial Statements


(unaudited) (continued)

for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund’s liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund’s indebtedness and will have the effect of leveraging the Fund’s assets.

(v) Indemnification. The Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds’ that have not yet occurred.

(w) Senior Floating-Rate Loans. Interests in senior floating-rate loans (“Senior Loans”) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Funds based on information available to such managers. The portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Funds. At times, the fair value of a Senior Loan determined by the portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Funds. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

In connection with bank loan interests, the Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Funds are obligated to fund those commitments at the borrower’s discretion. In connection with these commitments, the Funds earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period.

There were no fully/partially unfunded loan positions as of February 28, 2025.

(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 28, 2025, the International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at February 28, 2025, and the average amount of borrowings, incurred interest expense and a weighted

320



Notes to Financial Statements


(unaudited) (continued)

average interest rate related to sale-buyback transactions outstanding during the period ended February 28, 2025, were as following:


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Payable for investments purchased	$	—		$	2,392,046		$	—
Average amount borrowed		22,120			2,323,298			3,249
Interest expense		—			58,848			33
Weighted average interest rate		5.56	%		5.10	%		2.03	%

A buy-saleback lending transaction consists of a purchase of a security by a Fund from a counterparty, with a simultaneous agreement to sell the same or substantially the same security at an agreed-upon price and date. The party who sold the security is not entitled to receive principal and interest payments, if any, made on the security during the term of the agreement. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under buy-saleback transactions.

During the period ended February 28, 2025, the Funds did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between each Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Schedule of Investments.

(y) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedules of Investments. The carrying amount of such deposits due to brokers at February 28, 2025 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 1(a)).

Repurchase agreements and reverse repurchase agreements may be entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. The Fund’s repurchase agreements as of February 28, 2025 are shown on a gross basis and the required offsetting disclosures are shown in the Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements as of February 28, 2025.

321



Notes to Financial Statements


(unaudited) (continued)

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

The following table presents the Funds’ gross and net amounts of assets and liabilities, by derivative type, available for offset under a master netting agreement, or similar agreement as of February 28, 2025:


	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	$	1,382,939		$	(553,694	)
Swap contracts		—			(1,661,189	)

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,382,939		$	(2,214,883	)

International Fixed Income Fund:
Forward foreign currency contracts	$	1,375,702		$	(1,546,846	)
Option contracts		148,839	(b)		(111,892	)
Swap contracts		80,810			(1,018,157	)

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,605,351		$	(2,676,895	)

Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	298,224		$	(282,689	)
Option contracts		—			(248,640	)

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	298,224		$	(531,329	)

(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 28, 2025:


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.	$	351,863	$	(351,863	)	$	—	$	0
Goldman Sachs & Co.		1,031,076		(254,043	)		—		777,033

Total over-the-counter derivative instruments	$	1,382,939	$	(605,906	)	$	—	$	777,033

322



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)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	1,960,840	$	(351,863	)	$	—		$	1,608,977
Goldman Sachs & Co.		254,043		(254,043	)		—			0

Total over-the-counter derivative instruments	$	2,214,883	$	(605,906	)	$	—		$	1,608,977


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	$	31,372	$	(31,372	)	$	—		$	0
Barclays Bank PLC		80,797		(33,540	)		—			47,257
BNP Paribas SA		591,263		(591,263	)		—			0
Deutsche Bank AG		87,475		(87,475	)		—			0
Goldman Sachs & Co.		190,024		(190,024	)		—			0
HSBC Bank USA		76,717		(42,865	)		—			33,852
JPMorgan Chase & Co.		239,077		(97,062	)		(142,015	)		0
Societe Generale SA		10,382		(9,284	)		—			1,098
Standard Chartered Bank		163,606		(141,696	)		—			21,910
UBS Securities LLC		37,070		(37,070	)		—			0
Wells Fargo Bank		97,568		(97,568	)		—			0

Total over-the-counter derivative instruments	$	1,605,351	$	(1,359,219	)	$	(142,015	)	$	104,117


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	$	99,232	$	(31,372	)	$	—		$	67,860
Barclays Bank PLC		33,540		(33,540	)		—			0
BNP Paribas SA		1,001,773		(591,263	)		—			410,510
Deutsche Bank AG		115,189		(87,475	)		—			27,714
Goldman Sachs & Co.		869,494		(190,024	)		—			679,470
HSBC Bank USA		42,865		(42,865	)		—			0
JPMorgan Chase & Co.		97,062		(97,062	)		—			0
Societe Generale SA		9,284		(9,284	)		—			0
Standard Chartered Bank		141,696		(141,696	)		—			0
UBS Securities LLC		42,608		(37,070	)		—			5,538
Wells Fargo Bank		224,152		(97,568	)		—			126,584

Total over-the-counter derivative instruments	$	2,676,895	$	(1,359,219	)	$	—		$	1,317,676

323



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		Net Amount (b) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	25,510	$	(25,510	)	$	—	$	0
BNP Paribas SA		121,567		(121,567	)		—		0
Deutsche Bank AG		24,845		(24,845	)		—		0
HSBC Bank USA		11,227		(10,274	)		—		953
JPMorgan Chase & Co.		35,242		(35,242	)		—		0
Merrill Lynch, Pierce, Fenner & Smith Inc.		7,194		(7,194	)		—		0
Standard Chartered Bank		72,639		(7,016	)		—		65,623

Total over-the-counter derivative instruments	$	298,224	$	(231,648	)	$	—	$	66,576


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	$	252,836	$	(25,510	)	$	—	$	227,326
BNP Paribas SA		148,089		(121,567	)		—		26,522
Deutsche Bank AG		25,513		(24,845	)		—		668
HSBC Bank USA		10,274		(10,274	)		—		0
JPMorgan Chase & Co.		61,074		(35,242	)		—		25,832
Merrill Lynch, Pierce, Fenner & Smith Inc.		26,527		(7,194	)		—		19,333
Standard Chartered Bank		7,016		(7,016	)		—		0

Total over-the-counter derivative instruments	$	531,329	$	(231,648	)	$	—	$	299,681

(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.

(aa) Segment Reporting. During the reporting period, the Trust adopted FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental

324



Notes to Financial Statements


(unaudited) (continued)

disclosures related to a public entity’s reportable segments. Each Fund operates as a single reportable segment, an investment company whose investment objectives are included in Note 1. In connection with the adoption of ASU 2023-07, the Trust’s Chief Operating Officer acts as the Trust’s Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund’s single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in each Fund’s financial statements.

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%.

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 act to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

The maximum allowable investment management fees represents the total amount that could be charged to each Fund. The aggregate fees paid by the Manager to each Fund’s Sub-advisers and the fees retained by the Manager for the period ended February 28, 2025 are indicated below:


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Morgan Stanley Pathway Large Cap Equity ETF		0.11	%		0.20	%		0.60	%
Morgan Stanley Pathway Small-Mid Cap Equity ETF		0.28	%		0.20	%		0.80	%
International Equity Fund		0.28	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.34	%		0.20	%		0.90	%
Core Fixed Income Fund		0.14	%		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		0.15	%		0.20	%		0.50	%
Alternative Strategies Fund		N/A			0.20	%		1.20	%

325



Notes to Financial Statements


(unaudited) (continued)

The Manager has agreed to waive and/or reimburse a portion of its fee. For the period ended February 28, 2025, the amounts waived and/or reimbursed by the Manager were as follows:


Fund	Amounts Waived and/or Reimbursed
Morgan Stanley Pathway Large Cap Equity ETF	$	3,948,312
Morgan Stanley Pathway Small-Mid Cap Equity ETF		863,109
International Equity Fund		1,341,300
Emerging Markets Equity Fund		944,970
Core Fixed Income Fund		533,004
High Yield Fund		137,615
International Fixed Income Fund		47,708
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		36,740
Ultra-Short Term Fixed Income Fund		212,881
Alternative Strategies Fund		863,212

Brown Brothers Harriman & Co. (“BBH”) serves as the Trust’s administrator. For its administrative services, BBH receives an annual asset based fee of 0.0250% of the Trust’s assets up to $5 billion, 0.02% on assets between $5 billion and $8 billion and 0.0175% on assets in excess of $8 billion, plus out-of-pocket expenses. The fee is calculated and allocated daily based on the relative assets of each Fund.

For the period ended February 28, 2025, Morgan Stanley & Co. Incorporated (“MS&Co.”), and its affiliates, including Morgan Stanley Smith Barney LLC, the Trust’s distributor, received brokerage commissions of:


Fund	Commission Dollars to MS&Co.
Morgan Stanley Pathway Large Cap Equity ETF	$	929
Morgan Stanley Pathway Small-Mid Cap Equity ETF		9,704
International Equity Fund		—
Emerging Markets Equity Fund		2,124
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 28, 2025, the Funds assume the following to be affiliated issuers:

Morgan Stanley Pathway Large Cap Equity ETF


Underlying Security	Beginning Value as of August 31, 2024		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of February 28, 2025
Morgan Stanley	$	3,852,841	$	150,113	$	—	$	—	$	1,103,013	$	69,710	$	5,105,967

326



Notes to Financial Statements


(unaudited) (continued)

Ultra-Short Term Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2024		Purchases at Cost		Proceeds from Sales			Net Realized Gain on Sales		Change in Unrealized Appreciation		Accretion of discount		Dividend/ Interest Income		Ending Value as of February 28, 2025
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 5.334% (1-Month Term SOFR + 1.014%) due 5/25/34	$	371,341	$	—	$	(13,468	)	$	22	$	4,191	$	90	$	8,019	$	362,176

3. Investments

During the period ended February 28, 2025, 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
Morgan Stanley Pathway Large Cap Equity ETF	$	251,809,563	$	224,848,666	$	—	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF		202,414,872		126,684,635		—		—
International Equity Fund		178,021,228		264,993,035		—		—
Emerging Markets Fund		93,060,704		43,918,513		—		—
Core Fixed Income Fund		165,876,892		220,129,540		627,412,069		582,777,871
High Yield Fund		72,448,698		68,411,668		—		—
International Fixed Income Fund		55,950,489		28,846,207		186,295,133		141,715,473
Municipal Bond Fund		20,616,743		21,244,473		—		—
Inflation-Linked Fixed Income Fund		2,378,785		4,110,923		114,914,290		119,377,946
Ultra-Short Term Fixed Income Fund		76,821,223		100,482,203		42,645,715		56,849,945
Alternative Strategies Fund		15,834,452		—		—		—

The cost of investments for federal income tax purposes and gross unrealized appreciation and unrealized depreciation at February 28, 2025 have been disclosed under the respective Schedule of Investments.

4. Shares of Beneficial Interest

At February 28, 2025, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 28, 2025, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

Transactions in shares of each Fund were as follows:


	Period Ended February 28, 2025			Year Ended August 31, 2024
Morgan Stanley Pathway Large Cap Equity ETF
Shares sold		10,174,977			34,805,714
Shares issued on reinvestment		3,991,932			5,516,055
Shares repurchased		(59,733,140	)		(20,142,665	)

Net Increase (Decrease)		(45,566,231	)		20,179,104

327



Notes to Financial Statements


(unaudited) (continued)


	Period Ended February 28, 2025			Year Ended August 31, 2024
Morgan Stanley Pathway Small-Mid Cap Equity ETF
Shares sold		7,691,398			7,385,124
Shares issued on reinvestment		3,179,318			297,643
Shares repurchased		(25,307,306	)		(12,137,440	)

Net Decrease		(14,436,590	)		(4,454,673	)


International Equity Fund
Shares sold		14,156,473			19,960,222
Shares issued on reinvestment		5,103,592			1,958,952
Shares repurchased		(19,784,846	)		(25,387,585	)

Net Decrease		(524,781	)		(3,468,411	)

Emerging Markets Equity Fund
Shares sold		8,255,882			10,561,701
Shares issued on reinvestment		792,004			823,359
Shares repurchased		(4,419,462	)		(14,442,840	)

Net Increase (Decrease)		4,628,424			(3,057,780	)


Core Fixed Income Fund
Shares sold		37,572,914			71,305,055
Shares issued on reinvestment		6,003,984			11,954,712
Shares repurchased		(36,245,170	)		(79,469,989	)

Net Increase		7,331,728			3,789,778


High Yield Fund
Shares sold		5,168,277			10,313,895
Shares issued on reinvestment		1,416,077			2,864,296
Shares repurchased		(5,160,790	)		(12,884,403	)

Net Increase		1,423,564			293,788


International Fixed Income Fund
Shares sold		4,185,340			7,770,890
Shares issued on reinvestment		619,779			242,360
Shares repurchased		(4,562,809	)		(10,035,865	)

Net Increase (Decrease)		242,310			(2,022,615	)


Municipal Bond Fund
Shares sold		2,121,338			2,181,628
Shares issued on reinvestment		158,257			391,076
Shares repurchased		(1,973,409	)		(3,802,599	)

Net Increase (Decrease)		306,186			(1,229,895	)


Inflation-Linked Fixed Income Fund
Shares sold		1,401,924			5,369,255
Shares issued on reinvestment		193,893			706,207
Shares repurchased		(1,971,352	)		(3,929,674	)

Net Increase (Decrease)		(375,535	)		2,145,788

328



Notes to Financial Statements


(unaudited) (continued)


	Period Ended February 28, 2025			Year Ended August 31, 2024
Ultra-Short Term Fixed Income Fund
Shares sold		4,985,728			10,143,636
Shares issued on reinvestment		675,195			1,584,409
Shares repurchased		(10,312,384	)		(11,416,637	)

Net Increase (Decrease)		(4,651,461	)		311,408


Alternative Strategies Fund
Shares sold		3,578,776			4,786,165
Shares issued on reinvestment		405,062			493,308
Shares repurchased		(2,270,984	)		(5,474,553	)

Net Increase (Decrease)		1,712,854			(195,080	)

5. Capital Loss Carry Forward

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused.

As of August 31, 2024, the Funds had the following net capital loss carryforwards remaining:


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund		Emerging Markets Equity Fund		Core Fixed Income Fund		High Yield Fund
Short Term	$	—	$	—	$	—	$	6,422,648	$	47,020,845	$	2,842,097
Long Term		—		—		—		45,512,031		125,186,099		18,900,833

Total	$	—	$	—	$	—	$	51,934,679	$	172,206,944	$	21,742,930


			International Fixed Income Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short Term			$	3,448,042	$	2,530,100	$	—	$	15,511,414	$	79,751
Long Term				1,682,758		3,663,284		—		—		513,916

Total			$	5,130,800	$	6,193,384	$	—	$	15,511,414	$	593,667

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 information below.

Subsequent to February 28, 2025, 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

3/1/25-3/31/25

0.025103

0.016596

0.022134

0.037806

0.048798

329



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 (“Sub-advisory 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 evaluate the terms of the Agreements, and the Manager and Sub-advisers are required to provide such information. The determination of what particular information may be reasonably necessary must be made by the Independent Trustees in the exercise of their reasonable business judgment.

****

At an in-person meeting held on the December 16, 2024 (the “December Meeting”), the Board, including a majority of the Independent Trustees, (i) approved a new investment advisory agreement (the “December Advisory Agreement”) with J.P. Morgan Investment Management (“JPMIM” or “New Sub-adviser”) as an additional Sub-adviser to the Core Fixed Income Fund and (ii) terminated Western Asset Management as an investment adviser to the High Yield Fund and Core Fixed Income Fund. JPMIM began managing its allocated portion of the Core Fixed Income Fund’s investment portfolio on March 28, 2025.

In voting to approve the December Advisory Agreement at the December Meeting, the Independent Trustees considered whether the approval of the Agreement would be in the best interests of the Core Fixed Income Fund and its shareholders, an evaluation based on several factors including those discussed below.

Nature, Extent, and Quality of the Services to be Provided Under the Agreement

In determining whether to approve the December Advisory Agreement, the Board considered the due diligence materials prepared by the Manager and other information, which included copies of the December 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 Core Fixed Income Fund; and (iii) the New Sub-adviser’s (A) investment management business, personnel, and operations, (B) trading policies and practices, (C) compliance programs, (D) historical performance returns managing investment mandates similar to the Core Fixed Income 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 Core Fixed Income Fund by the New Sub-adviser. The Independent Trustees also discussed the acceptability of the terms of the December 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 Core Fixed Income Fund. The materials and information were provided in advance of and at the December 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 December 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 Core Fixed Income Fund and the selection and evaluation of the New Sub-adviser. 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.

330



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

The terms of the December Advisory Agreement is similar in all material respects to the agreements between the Manager and the Trust’s other Sub-advisers. The December 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 Core Fixed Income Fund’s assets allocated to it in accordance with the Core Fixed Income 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 December Advisory Agreement provides that the New Sub-adviser will exercise its best judgment in rendering services to the Core Fixed Income 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 Core Fixed Income Fund or the Manager in connection with the matters to which the December 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 December Advisory Agreement. The December Advisory Agreement sets forth information about the terms of the December 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 satisfactory 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 Core Fixed Income Fund and the performance history of those portfolios, (ii) the New Sub-adviser’s portfolio management and research resources to be applied in managing the portion of the Core Fixed Income Fund’s assets allocated to it, (iii) how the New Sub-adviser’s investment strategy would complement that of the Core Fixed Income Fund’s existing Sub-advisers, (iv) the New Sub-adviser’s compliance programs, and (v) the Manager’s recommendation to engage the New Sub-adviser, and supported a decision to approve the December Advisory Agreement with the New Sub-adviser.

Fund Performance

Because the New Sub-adviser was newly appointed as a Sub-adviser for the Core Fixed Income Fund, the Independent Trustees could not consider its investment performance in managing a portion of the Core Fixed Income Fund’s portfolio as a factor in evaluating the December Advisory Agreement during the December Meeting. The Independent Trustees discussed with representatives of the Manager the investment strategies to be employed by the New Sub-adviser in the management of its portion of the Core Fixed Income Fund’s assets. The Independent Trustees noted the historical performance returns of the New Sub-adviser in managing investment mandates similar to the Core Fixed Income 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 December Advisory Agreement with the New Sub-adviser.

Sub-Advisory Fee and Expense Ratio

The Independent Trustees reviewed and considered the sub-advisory fee payable under the December 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 Core Fixed Income Fund, and, thus, would not impact the fees paid by the Core Fixed Income Fund.

The Core Fixed Income Fund has agreed to pay the Manager a management fee at the annual rate of 0.40% of the value of the Core Fixed Income Fund’s average daily net assets, from which, the Manager will pay the Core Fixed Income Fund’s Sub-advisers. Effective January 1, 2025, the Manager has contractually agreed to waive fees and reimburse expenses for a period of one year in order to keep the Core Fixed Income Fund’s management fee from exceeding the total amount of sub-advisory fees paid by the Manager to the Core Fixed Income Fund’s Sub-advisers plus 0.20% based on average net assets. This contractual waiver and reimbursement will only apply if the Core Fixed Income Fund’s total management fees exceed the total amount of sub-advisory fees paid by the Manager plus 0.20%, and will not affect the Fund’s total management fee if it is less than such amount. This fee waiver and reimbursement agreement shall remain in effect until January 1, 2026.

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 Core Fixed Income Fund’s assets to be allocated to the New Sub-adviser was reasonable and appropriate.

331



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

Profitability

The Independent Trustees recognized that, because the New Sub-adviser’s fee would be paid by the Manager, and not the Core Fixed Income 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 Core Fixed Income 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 Core Fixed Income Fund by the Manager and the New Sub-adviser.

Economies of Scale

The Independent Trustees recognized that, because the New Sub-adviser’s fee would be paid by the Manager, and not the Core Fixed Income 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 December Advisory Agreement with the New Sub-adviser.

Other Benefits to the Manager and the New Sub-adviser

The Board considered other benefits received by the Manager, the New Sub-adviser and their affiliates as a result of their relationship with the Core Fixed Income Fund. The Independent Trustees concluded that any benefits that were expected to accrue to the New Sub-adviser by virtue of its relationship with the Core Fixed Income 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, as to the New Sub-adviser, that the approval of the December Advisory Agreement with the New Sub-adviser was in the best interests of the Core Fixed Income Fund, and approved the December Advisory Agreement.

The Manager entered into the December Advisory Agreement with JPMIM, pursuant to which JPMIM began managing the portion of the assets of the Core Fixed Income Fund allocated to it by the Manager on March 28, 2025. The Manager determined that the target percentages of the Core Fixed Income Fund’s assets to be allocated to the New Sub-adviser and the Fund’s other Sub-advisers would be approximately as follows: 40% to Allspring Global Investments, 30% to BlackRock Financial Management, Inc., and 30% to JPMIM., such allocations having been previously approved by the Board.

****

Review of Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 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 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.

****

332

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.

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by the report.

Item 9. Proxy Disclosures for Open-End Management Companies.

There were no matters submitted to a vote of shareholders during the period covered by the report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The disclosure regarding the Approval of Advisory Agreement, if applicable, is included as part of the financial statements included above in Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)) were effective, as of a date within 90 days of the filing date of this report, based on his evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(b)), and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(d)), that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits.

(a)(1) 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:		April 28, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Morgan Stanley Pathway Funds

By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		April 28, 2025

Morgan Stanley Pathway Funds

By:		/s/ Francis Smith
		Francis Smith
		Chief Financial Officer
		Morgan Stanley Pathway Funds

Date:		April 28, 2025

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

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

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

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - International Equity Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Country Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Country Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - Core Fixed Income Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

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

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - High Yield Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

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

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - International Fixed Income Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

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

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - Municipal Bond Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

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

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund

What were the Fund costs for the last six months?

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

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

Material Fund Changes

Additional Information

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

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

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

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

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

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

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

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

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

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

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