# EDGAR Filing Document

**Accession Number:** 0000875186
**File Stem:** 0001193125-26-189301
**Filing Date:** 2026-4
**Character Count:** 1451008
**Document Hash:** 86504ac2585bebd1c31b7ecef842fad0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-189301.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-189301

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY PATHWAY FUNDS
- **CENTRAL INDEX KEY:** 0000875186

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06318
- **FILM NUMBER:** 26910779

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577
- **BUSINESS PHONE:** 8883749999

**MAIL ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSULTING GROUP CAPITAL MARKETS FUNDS
- **DATE OF NAME CHANGE:** 19950125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUST FOR TRAK INVESTMENTS
- **DATE OF NAME CHANGE:** 19920929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL ADVISORS PORTFOLIOS
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### Municipal Bond Fund (Series ID: S000008430)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023138 | Municipal Bond Fund | TMUUX           |

### International Equity Fund (Series ID: S000008435)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000023143 | International Equity Fund | TIEUX           |

### Emerging Markets Equity Fund (Series ID: S000008436)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000023144 | Emerging Markets Equity Fund | TEMUX           |

### Core Fixed Income Fund (Series ID: S000008437)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000023145 | Core Fixed Income Fund | TIIUX           |

### High Yield Fund (Series ID: S000008438)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000023146 | High Yield Fund | THYUX           |

### International Fixed Income Fund (Series ID: S000008439)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000023147 | International Fixed Income Fund | TIFUX           |

### Inflation-Linked Fixed Income Fund (Series ID: S000052236)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000164312 | Inflation-Linked Fixed Income Fund | TILUX           |

### Ultra-Short Term Fixed Income Fund (Series ID: S000052237)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000164313 | Ultra-Short Term Fixed Income Fund | TSDUX           |

### Alternative Strategies Fund (Series ID: S000060155)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000196891 | Alternative Strategies Fund |  |

### Morgan Stanley Pathway Large Cap Equity ETF (Series ID: S000088119)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000254172 | Morgan Stanley Pathway Large Cap Equity ETF | MSLC            |

### Morgan Stanley Pathway Small-Mid Cap Equity ETF (Series ID: S000088120)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000254173 | Morgan Stanley Pathway Small-Mid Cap Equity ETF | MSSM            |

?xml version='1.0' encoding='ASCII'? 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, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

------

#### Item 1. Report to Stockholders.

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

#### MSLC \| NYSE Arca
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Large Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $18 | 0.36%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3573845624 |
| # of Portfolio Holdings | 1018 |
| Portfolio Turnover Rate | 6% |

---

## 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.](g58191ie150af73cfcce331044c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.3% |
| Utilities | 2.1% |
| Real Estate | 2.1% |
| Materials | 2.9% |
| Energy | 3.5% |
| Consumer Staples | 4.3% |
| Health Care | 9.9% |
| Consumer Discretionary | 10.0% |
| Communication Services | 10.7% |
| Industrials | 11.0% |
| Financials | 14.4% |
| Information Technology | 27.8% |

---

### Top Ten Holdings (% of Investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.0% |
| Microsoft Corp. | 4.9% |
| Apple Inc. | 4.5% |
| Amazon.com Inc. | 4.0% |
| Alphabet Inc., Class A Shares | 3.0% |
| Meta Platforms Inc., Class A Shares | 2.6% |
| Broadcom Inc. | 2.3% |
| Alphabet Inc., Class C Shares | 1.9% |
| JPMorgan Chase & Co. | 1.5% |
| Tesla Inc. | 1.3% |
| Total | 32.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excludes cash equivalents. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

MSLC-TSR-SAR

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

#### MSSM \| NYSE Arca
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Small-Mid Cap Equity ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $31 | 0.59%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $728681148 |
| # of Portfolio Holdings | 2262 |
| Portfolio Turnover Rate | 20% |

---

## 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.](g58191i30a8d771b45962f3049e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.3% |
| Communication Services | 2.0% |
| Consumer Staples | 3.0% |
| Utilities | 3.7% |
| Real Estate | 3.8% |
| Energy | 4.4% |
| Materials | 4.6% |
| Consumer Discretionary | 8.8% |
| Financials | 12.2% |
| Health Care | 12.9% |
| Information Technology | 18.2% |
| Industrials | 24.1% |

---

### Top Ten Holdings (% of Investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| FTAI Aviation Ltd. | 1.3% |
| Comfort Systems USA Inc. | 1.1% |
| Ascendis Pharma AS, ADR | 1.0% |
| TechnipFMC PLC | 1.0% |
| ViaSat Inc. | 0.9% |
| Bloom Energy Corp., Class A Shares | 0.8% |
| Regal Rexnord Corp. | 0.8% |
| Ciena Corp. | 0.7% |
| Resideo Technologies Inc. | 0.6% |
| IPG Photonics Corp. | 0.6% |
| Total | 8.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excludes cash equivalents. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

MSSM-TSR-SAR

# Morgan Stanley Pathway Funds - International Equity Fund

#### TIEUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $31 | 0.58%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1373760301 |
| # of Portfolio Holdings | 934 |
| Portfolio Turnover Rate | 17% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Country Allocation (% of Investments)
![A graphical representation of Investments made.](g58191i3693b1dc1686638b517f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.4% |
| Other Countries | 15.9% |
| Sweden | 2.7% |
| Italy | 2.8% |
| Spain | 3.2% |
| Australia | 3.6% |
| Netherlands | 5.3% |
| Switzerland | 8.2% |
| Germany | 8.7% |
| France | 11.2% |
| United Kingdom | 17.2% |
| Japan | 19.8% |

---

### Top Ten Holdings (% of Investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| ASML Holding NV | 2.0% |
| Roche Holding AG | 2.0% |
| AstraZeneca PLC | 1.9% |
| SAP SE | 1.4% |
| Infineon Technologies AG | 1.2% |
| Kering SA | 1.1% |
| National Grid PLC | 1.0% |
| Renesas Electronics Corp. | 0.9% |
| LVMH Moët Hennessy Louis Vuitton SE | 0.9% |
| Alstom SA | 0.9% |
| Total | 13.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excludes cash equivalents. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TIEUX-TSR-SAR

# Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

#### TEMUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Emerging Markets Equity Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $40 | 0.70%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $877925190 |
| # of Portfolio Holdings | 1232 |
| 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)
![A graphical representation of Investments made.](g58191if28de89b16a2f3459db0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.9% |
| Other Countries | 11.0% |
| Indonesia | 1.3% |
| Saudi Arabia | 2.2% |
| Mexico | 2.5% |
| Hong Kong | 3.9% |
| South Africa | 4.0% |
| Brazil | 5.6% |
| India | 12.5% |
| China | 17.1% |
| South Korea | 18.0% |
| Taiwan | 20.0% |

---

### Top Ten Holdings (% of Investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 11.6% |
| Samsung Electronics Co., Ltd. | 5.9% |
| SK hynix Inc. | 5.0% |
| Tencent Holdings Ltd. | 3.8% |
| Alibaba Group Holding Ltd. | 1.7% |
| Reliance Industries Ltd. | 1.2% |
| Delta Electronics Inc. | 1.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 1.1% |
| Shinhan Financial Group Co., Ltd. | 1.0% |
| MediaTek Inc. | 1.0% |
| Total | 33.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excludes cash equivalents. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TEMUX-TSR-SAR

# Morgan Stanley Pathway Funds - Core Fixed Income Fund

#### TIIUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Core Fixed Income Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | 0.45%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1875758020 |
| # of Portfolio Holdings | 3441 |
| Portfolio Turnover Rate | 53% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of Investments)
![Top 10 Chart](g58191i9ea35f9eb7e75bc2e383.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 4.6% |
| Common Stock | 0.0%<sup>Footnote Referencea</sup> |
| Senior Loans | 0.0%<sup>Footnote Referencea</sup> |
| Collateralized Loan Obligation | 0.1% |
| Municipal Bonds | 0.1% |
| Open End Mutual Fund Securities | 0.2% |
| Asset-Backed Securities | 2.1% |
| Sovereign Bonds | 3.6% |
| Collateralized Mortgage Obligations | 13.1% |
| U.S. Government Agencies & Obligations | 20.0% |
| Mortgage-Backed Securities | 25.6% |
| Corporate Bonds & Notes | 30.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

### Credit Quality Allocation (% of net assets)<sup>**Footnote Reference \***</sup>
![A graphical representation of Investments made.](g58191i269d040154bb8da91dec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Short-Term Investments | 5.1% |
| Not Rated | 9.4% |
| CCC or Lower | 0.1% |
| B | 1.3% |
| BB | 5.4% |
| BBB | 17.5% |
| A | 10.5% |
| AA | 49.2% |
| AAA | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TIIUX-TSR-SAR

# Morgan Stanley Pathway Funds - High Yield Fund

#### THYUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - High Yield Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $39 | 0.77%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $155070334 |
| # of Portfolio Holdings | 310 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of Investments)
![Top 10 Chart](g58191i00c17fc00fe21a6b6941.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 5.7% |
| Senior Loan | 0.0%<sup>Footnote Referencea</sup> |
| Corporate Bonds & Notes | 94.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

### Credit Quality Allocation (% of net assets)<sup>**Footnote Reference \***</sup>
![A graphical representation of Investments made.](g58191ibd0071822951e9afdea8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Short-Term Investments | 8.7% |
| Not Rated | 0.2% |
| CCC or Lower | 4.4% |
| B | 31.9% |
| BB | 54.9% |
| BBB | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

THYUX-TSR-SAR

# Morgan Stanley Pathway Funds - International Fixed Income Fund

#### TIFUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Fixed Income Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $52 | 1.04%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $195299171 |
| # of Portfolio Holdings | 423 |
| Portfolio Turnover Rate | 131% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of Investments)
![Top 10 Chart](g58191ia0cfd2ab7783d050a0f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.6% |
| Purchased Options | 0.0%<sup>Footnote Referencea</sup> |
| Asset-Backed Securities | 0.1% |
| Municipal Bond | 0.1% |
| Collateralized Loan Obligations | 4.6% |
| U.S. Government Obligations | 6.1% |
| Collateralized Mortgage Obligations | 6.7% |
| Corporate Bonds & Notes | 10.4% |
| Mortgage-Backed Securities | 33.0% |
| Sovereign Bonds | 35.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

### Credit Quality Allocation (% of net assets)<sup>**Footnote Reference \***</sup>
![A graphical representation of Investments made.](g58191i4027ef2b0372b56d8e7d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Short-Term Investments | 4.8% |
| Not Rated | 16.0% |
| CCC or Lower | 1.3% |
| B | 0.6% |
| BB | 5.0% |
| BBB | 7.5% |
| A | 15.1% |
| AA | 61.3% |
| AAA | 12.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TIFUX-TSR-SAR

# Morgan Stanley Pathway Funds - Municipal Bond Fund

#### TMUUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Municipal Bond Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $38 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $89023030 |
| # of Portfolio Holdings | 131 |
| 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)
![Top 10 Chart](g58191i1a965976040144d2f235.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 10.7% |
| Warrant | 0.0%<sup>Footnote Referencea</sup> |
| Collateralized Mortgage Obligation | 0.2% |
| Municipal Bonds | 89.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

### Credit Quality Allocation (% of net assets)<sup>**Footnote Reference \***</sup>
![A graphical representation of Investments made.](g58191i9219cb6407e5a19c9e82.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Short-Term Investments | 10.6% |
| Not Rated | 3.8% |
| BB | 0.3% |
| BBB | 1.6% |
| A | 18.0% |
| AA | 47.8% |
| AAA | 17.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TMUUX-TSR-SAR

# Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund

#### TILUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $115 | 2.29%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $143726063 |
| # of Portfolio Holdings | 153 |
| Portfolio Turnover Rate | 38% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of Investments)
![Top 10 Chart](g58191ie0f86a04c7c42c2fffec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 1.3% |
| Corporate Bonds & Notes | 0.1% |
| Collateralized Loan Obligations | 3.3% |
| Sovereign Bonds | 3.7% |
| Collateralized Mortgage Obligations | 5.7% |
| Mortgage-Backed Securities | 10.7% |
| U.S. Government Obligations | 75.2% |

---

### Credit Quality Allocation (% of net assets)<sup>**Footnote Reference \***</sup>
![A graphical representation of Investments made.](g58191id1332b2d417a6ef10108.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Short-Term Investments | 5.0% |
| Not Rated | 5.2% |
| CCC or Lower | 1.6% |
| B | 0.0%<sup>Footnote Reference\*\*</sup> |
| BB | 0.2% |
| BBB | 0.4% |
| A | 2.6% |
| AA | 123.7% |
| AAA | 6.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TILUX-TSR-SAR

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

#### TSDUX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
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, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $32 | 0.63%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $300679440 |
| # of Portfolio Holdings | 371 |
| 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)
![Top 10 Chart](g58191i668a7aa6381d0f75e10d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 3.1% |
| Sovereign Bonds | 1.3% |
| Mortgage-Backed Securities | 2.4% |
| U.S. Government Obligations | 5.1% |
| Asset-Backed Securities | 8.6% |
| Collateralized Loan Obligations | 8.8% |
| Collateralized Mortgage Obligations | 21.2% |
| Corporate Bonds & Notes | 49.5% |

---

### Credit Quality Allocation (% of net assets)<sup>**Footnote Reference \***</sup>
![A graphical representation of Investments made.](g58191i73ed4bbd8f6353ff07ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash & Short-Term Investments | 3.5% |
| Not Rated | 16.9% |
| CCC or Lower | 0.0%<sup>Footnote Reference\*\*</sup> |
| B | 0.1% |
| BB | 0.4% |
| BBB | 33.2% |
| A | 20.5% |
| AA | 10.4% |
| AAA | 23.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Less than 0.05%. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

TSDUX-TSR-SAR

# Morgan Stanley Pathway Funds - Alternative Strategies Fund

#### TALTX
![Image](g58191i699bf335120969dce7ba.jpg)

#### Semi-Annual Shareholder Report February 28, 2026
This semi-annual shareholder report contains important information about Morgan Stanley Pathway Funds - Alternative Strategies Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

## What were the Fund costs for the last 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 | $18 | 0.36%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $205871233 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 4% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of Investments)
![A graphical representation of Investments made.](g58191i8e2343ed2769e5c70bf0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Open End Mutual Fund Securities | 100.0% |

---

### Top Ten Holdings (% of Investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| BlackRock Systematic Multi-Strategy Fund, Institutional Class | 10.2% |
| PIMCO Mortgage Opportunities and Bond Fund, Class I2 | 9.9% |
| Abbey Capital Futures Strategy Fund, Class I | 9.2% |
| John Hancock Diversified Macro Fund, Class I | 8.3% |
| BlackRock Event Driven Equity Fund, Institutional Class | 7.8% |
| BNY Mellon Global Real Return Fund, Class Y | 7.1% |
| PIMCO Credit Opportunities Bond Fund, Institutional Class | 6.8% |
| Neuberger Berman Long Short Fund, Institutional Class | 6.8% |
| Touchstone Flexible Income Fund, Institutional Class | 6.0% |
| Calamos Market Neutral Income Fund, Class I | 5.9% |
| Total | 78.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;&nbsp;Excludes cash equivalents. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.morganstanley.com/wealth-investmentsolutions/cgcm](g58191i3245d1a1fd7a3292f954.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

1-800-869-3326. You will begin receiving copies thirty days after your request is received.

#### INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Semi-Annual Shareholder Report February 28, 2026

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](g58191logo_02.jpg)

![LOGO](g58191art_01.jpg)

## Morgan Stanley

## Pathway Funds
Semi-Annual Financial Statements and Additional Information

» February 28, 2026

• Morgan Stanley Pathway Large Cap Equity ETF (MSLC)

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

• International Equity Fund (TIEUX)

• Emerging Markets Equity Fund (TEMUX)

• Core Fixed Income Fund (TIIUX)

• High Yield Fund (THYUX)

• International Fixed Income Fund (TIFUX)

• Municipal Bond Fund (TMUUX)

• Inflation-Linked Fixed Income Fund (TILUX)

• Ultra-Short Term Fixed Income Fund (TSDUX)

• Alternative Strategies Fund (TALTX)

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

------

## **Table of Contents**

---

| | |
|:---|:---|
|  **ITEMS 6 AND 7 OF FORM N-CSR:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SCHEDULES OF INVESTMENTS](#toc58191_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF](#toc58191_2)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[MORGAN STANLEY PATHWAY SMALL-MID CAP EQUITY ETF](#toc58191_3)** | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INTERNATIONAL EQUITY FUND](#toc58191_4)** | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EMERGING MARKETS EQUITY FUND](#toc58191_5)** | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CORE FIXED INCOME FUND](#toc58191_6)** | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[HIGH YIELD FUND](#toc58191_7)** | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INTERNATIONAL FIXED INCOME FUND](#toc58191_8)** | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[MUNICIPAL BOND FUND](#toc58191_9)** | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INFLATION-LINKED FIXED INCOME FUND](#toc58191_10)** | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ULTRA-SHORT TERM FIXED INCOME FUND](#toc58191_11)** | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ALTERNATIVE STRATEGIES FUND](#toc58191_12)** | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STATEMENTS OF ASSETS AND LIABILITIES](#toc58191_13)** | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STATEMENTS OF OPERATIONS](#toc58191_14)** | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STATEMENTS OF CHANGES IN NET ASSETS](#toc58191_15)** | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STATEMENTS OF CASH FLOWS](#toc58191_16)** | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[FINANCIAL HIGHLIGHTS](#toc58191_17)** | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[NOTES TO FINANCIAL STATEMENTS](#toc58191_18)** | 290 |

---

#### ITEMS 8, 9 AND 11 OF FORM N-CSR ARE NOT APPLICABLE . FOR ITEM 10 OF FORM N-CSR, SEE ITEM 7.

------

<br> Schedules of Investments

February 28, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| COMMON STOCKS — 98.6% | COMMON STOCKS — 98.6% | COMMON STOCKS — 98.6% |
| COMMUNICATION SERVICES — 10.7% | COMMUNICATION SERVICES — 10.7% | COMMUNICATION SERVICES — 10.7% |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| 8180 | AST SpaceMobile Inc., Class A Shares\* | $647774 |
| 261207 | AT&T Inc. | 7316408 |
| 269992 | Comcast Corp., Class A Shares | 8358952 |
| 104 | GCI Liberty Inc., Class A Shares\* | 4133 |
| 1107 | GCI Liberty Inc., Class C Shares\* | 43561 |
| 3860 | Iridium Communications Inc. | 92447 |
| 5122 | Liberty Global Ltd., Class A Shares\* | 65254 |
| 5313 | Liberty Global Ltd., Class C Shares\* | 65350 |
| 270728 | Verizon Communications Inc. | 13574302 |
|  | Total Diversified Telecommunication Services | 30168181 |
| **Entertainment — 1.9%** | **Entertainment — 1.9%** | **Entertainment — 1.9%** |
| 9479 | Electronic Arts Inc. | 1901203 |
| 795 | Liberty Media Corp.-Liberty Formula One, Class A Shares\* | 67074 |
| 7911 | Liberty Media Corp.-Liberty Formula One, Class C Shares\* | 724568 |
| 6041 | Live Nation Entertainment Inc.\* | 979488 |
| 665 | Madison Square Garden Sports Corp., Class A Shares\* | 220554 |
| 376589 | Netflix Inc.\* | 36242925 |
| 23371 | ROBLOX Corp., Class A Shares\* | 1604653 |
| 4833 | Roku Inc., Class A Shares\* | 475616 |
| 5814 | Spotify Technology SA\* | 2993861 |
| 6872 | Take-Two Interactive Software Inc.\* | 1453291 |
| 2567 | TKO Group Holdings Inc., Class A Shares | 574674 |
| 163184 | Walt Disney Co. (The) | 17304031 |
| 88363 | Warner Bros Discovery Inc.\* | 2489186 |
|  | Total Entertainment | 67031124 |
| **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** | **Interactive Media & Services — 7.5%** |
| 343006 | Alphabet Inc., Class A Shares | 106935550 |
| 219928 | Alphabet Inc., Class C Shares | 68492177 |
| 2896 | IAC Inc.\* | 110975 |
| 8847 | Match Group Inc. | 279565 |
| 141784 | Meta Platforms Inc., Class A Shares | 91901553 |
| 21955 | Pinterest Inc., Class A Shares\* | 376089 |
| 4617 | Reddit Inc., Class A Shares\* | 673205 |
| 5832 | Trump Media & Technology Group Corp.\* | 62461 |
| 11141 | ZoomInfo Technologies Inc., Class A Shares\* | 69186 |
|  | Total Interactive Media & Services | 268900761 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| 3243 | Charter Communications Inc., Class A Shares\* | 760905 |
| 5680 | DoubleVerify Holdings Inc.\* | 59867 |
| 115700 | Fox Corp., Class A Shares | 6518538 |
| 5424 | Fox Corp., Class B Shares | 280584 |
| 524 | Liberty Broadband Corp., Class A Shares\* | 28600 |
| 4327 | Liberty Broadband Corp., Class C Shares\* | 236297 |
| 6044 | New York Times Co. (The), Class A Shares | 482251 |
| 14000 | News Corp., Class A Shares | 340060 |
| 4899 | News Corp., Class B Shares | 131195 |
| 1102 | Nexstar Media Group Inc., Class A Shares | 276624 |
| 1731 | NIQ Global Intelligence PLC\* | 23074 |
| 12249 | Omnicom Group Inc. | 1044717 |
| 7377 | Sirius XM Holdings Inc. | 161999 |
| 16683 | Trade Desk Inc. (The), Class A Shares\* | 397389 |
| 5362 | Versant Media Group Inc.\* | 178662 |
|  | Total Media | 10920762 |

---

#### See Notes to Financial Statements.

#### 1

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| COMMUNICATION SERVICES — 10.7% — (continued) | COMMUNICATION SERVICES — 10.7% — (continued) | COMMUNICATION SERVICES — 10.7% — (continued) |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| 3674 | Millicom International Cellular SA | $267798 |
| 18156 | T-Mobile US Inc. | 3941486 |
|  | Total Wireless Telecommunication Services | 4209284 |
|  | **TOTAL COMMUNICATION SERVICES** | **381230112** |
| CONSUMER DISCRETIONARY — 10.0% | CONSUMER DISCRETIONARY — 10.0% | CONSUMER DISCRETIONARY — 10.0% |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| 8880 | Aptiv PLC\* | 653035 |
| 8164 | BorgWarner Inc. | 470002 |
| 8290 | Gentex Corp. | 193986 |
| 1991 | Lear Corp. | 261319 |
| 17633 | QuantumScape Corp., Class A Shares\* | 122020 |
|  | Total Automobile Components | 1700362 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| 147539 | Ford Motor Co. | 2078825 |
| 123964 | General Motors Co. | 9757207 |
| 3886 | Harley-Davidson Inc. | 69948 |
| 4517 | Lucid Group Inc., Class A Shares\*(a) | 45170 |
| 29968 | Rivian Automotive Inc., Class A Shares\* | 459409 |
| 116502 | Tesla Inc.\* | 46893220 |
| 1917 | Thor Industries Inc. | 184281 |
|  | Total Automobiles | 59488060 |
| **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** | **Broadline Retail — 4.1%** |
| 686284 | Amazon.com Inc.\* | 144119640 |
| 48629 | Coupang Inc., Class A Shares\* | 927841 |
| 100 | Dillard's Inc., Class A Shares | 60279 |
| 17019 | eBay Inc. | 1546346 |
| 4119 | Etsy Inc.\* | 226051 |
| 10469 | Macy's Inc. | 207077 |
| 2383 | Ollie's Bargain Outlet Holdings Inc.\* | 255219 |
|  | Total Broadline Retail | 147342453 |
| **Distributors — 0.0%@** | **Distributors — 0.0%@** | **Distributors — 0.0%@** |
| 5282 | Genuine Parts Co. | 629931 |
| 9324 | LKQ Corp. | 308718 |
| 1355 | Pool Corp. | 307829 |
|  | Total Distributors | 1246478 |
| **Diversified Consumer Services — 0.0%@** | **Diversified Consumer Services — 0.0%@** | **Diversified Consumer Services — 0.0%@** |
| 18562 | ADT Inc. | 148867 |
| 2034 | Bright Horizons Family Solutions Inc.\* | 151574 |
| 1346 | Duolingo Inc., Class A Shares\* | 135946 |
| 1014 | Grand Canyon Education Inc.\* | 161297 |
| 4988 | H&R Block Inc. | 152732 |
| 640 | Liberty Live Holdings Inc., Class A Shares\* | 62106 |
| 1689 | Liberty Live Holdings Inc., Class C Shares\* | 168309 |
| 5265 | Service Corp. International | 443208 |
|  | Total Diversified Consumer Services | 1424039 |
| **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
| 60754 | Airbnb Inc., Class A Shares\* | 8208473 |
| 9547 | Aramark | 399542 |
| 1229 | Booking Holdings Inc. | 5210161 |
| 2182 | Boyd Gaming Corp. | 181608 |

---

#### See Notes to Financial Statements.

#### 2

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 10.0% — (continued) | CONSUMER DISCRETIONARY — 10.0% — (continued) | CONSUMER DISCRETIONARY — 10.0% — (continued) |
| **Hotels, Restaurants & Leisure — 1.9% — (continued)** | **Hotels, Restaurants & Leisure — 1.9% — (continued)** | **Hotels, Restaurants & Leisure — 1.9% — (continued)** |
| 7304 | Caesars Entertainment Inc.\* | $182965 |
| 40901 | Carnival Corp. | 1290427 |
| 3628 | Cava Group Inc.\* | 299201 |
| 144653 | Chipotle Mexican Grill Inc., Class A Shares\* | 5383985 |
| 1046 | Choice Hotels International Inc. | 110196 |
| 2408 | Churchill Downs Inc. | 221368 |
| 34699 | Darden Restaurants Inc. | 7420381 |
| 1233 | Domino's Pizza Inc. | 496295 |
| 13590 | DoorDash Inc., Class A Shares\* | 2398227 |
| 18136 | DraftKings Inc., Class A Shares\* | 432362 |
| 4289 | Dutch Bros Inc., Class A Shares\* | 229933 |
| 4435 | Expedia Group Inc. | 956585 |
| 6371 | Flutter Entertainment PLC\* | 676218 |
| 17934 | Hilton Worldwide Holdings Inc. | 5591463 |
| 1464 | Hyatt Hotels Corp., Class A Shares | 236436 |
| 12510 | Las Vegas Sands Corp. | 709567 |
| 8481 | Marriott International Inc., Class A Shares | 2898212 |
| 27017 | McDonald's Corp. | 9214418 |
| 8632 | MGM Resorts International\* | 318176 |
| 17165 | Norwegian Cruise Line Holdings Ltd.\* | 425520 |
| 5004 | Penn Entertainment Inc.\* | 78263 |
| 3015 | Planet Fitness Inc., Class A Shares\* | 247682 |
| 12228 | Restaurant Brands International Inc. | 876870 |
| 9596 | Royal Caribbean Cruises Ltd. | 2983972 |
| 43063 | Starbucks Corp. | 4221035 |
| 2538 | Texas Roadhouse Inc., Class A Shares | 464124 |
| 2199 | Travel + Leisure Co. | 162066 |
| 1378 | Vail Resorts Inc. | 187146 |
| 7269 | Viking Holdings Ltd.\* | 567127 |
| 6650 | Wendy's Co. (The) | 50939 |
| 1061 | Wingstop Inc. | 275340 |
| 2642 | Wyndham Hotels & Resorts Inc. | 216116 |
| 2987 | Wynn Resorts Ltd. | 323164 |
| 10569 | Yum! Brands Inc. | 1777283 |
|  | Total Hotels, Restaurants & Leisure | 65922846 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| 9955 | DR Horton Inc. | 1596683 |
| 6093 | Garmin Ltd. | 1540493 |
| 8316 | Lennar Corp., Class A Shares | 951018 |
| 406 | Lennar Corp., Class B Shares | 43332 |
| 1986 | Mohawk Industries Inc.\* | 248786 |
| 13920 | Newell Brands Inc. | 63336 |
| 103 | NVR Inc.\* | 774332 |
| 7387 | PulteGroup Inc. | 1013496 |
| 3212 | SharkNinja Inc.\* | 394659 |
| 7616 | Somnigroup International Inc. | 681708 |
| 3604 | Toll Brothers Inc. | 566693 |
| 1048 | TopBuild Corp.\* | 469818 |
| 1876 | Whirlpool Corp.(a) | 128375 |
|  | Total Household Durables | 8472729 |
| **Leisure Products — 0.0%@** | **Leisure Products — 0.0%@** | **Leisure Products — 0.0%@** |
| 2400 | Brunswick Corp. | 191088 |
| 5125 | Hasbro Inc. | 510399 |

---

#### See Notes to Financial Statements.

#### 3

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 10.0% — (continued) | CONSUMER DISCRETIONARY — 10.0% — (continued) | CONSUMER DISCRETIONARY — 10.0% — (continued) |
| **Leisure Products — 0.0%@ — (continued)** | **Leisure Products — 0.0%@ — (continued)** | **Leisure Products — 0.0%@ — (continued)** |
| 11757 | Mattel Inc.\* | $199281 |
| 3374 | YETI Holdings Inc.\* | 147477 |
|  | Total Leisure Products | 1048245 |
| **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
| 1031 | AutoNation Inc.\* | 201210 |
| 628 | AutoZone Inc.\* | 2358504 |
| 7710 | Bath & Body Works Inc. | 175480 |
| 7233 | Best Buy Co., Inc. | 448229 |
| 2341 | Burlington Stores Inc.\* | 718383 |
| 5429 | CarMax Inc.\* | 234370 |
| 5084 | Carvana Co., Class A Shares\* | 1698869 |
| 8178 | Chewy Inc., Class A Shares\* | 224241 |
| 2418 | Dick's Sporting Goods Inc. | 492377 |
| 2076 | Five Below Inc.\* | 464048 |
| 4032 | Floor & Decor Holdings Inc., Class A Shares\* | 278571 |
| 14899 | GameStop Corp., Class A Shares\* | 358023 |
| 8365 | Gap Inc. (The) | 234555 |
| 37630 | Home Depot Inc., (The) | 14326494 |
| 934 | Lithia Motors Inc., Class A Shares | 261128 |
| 58030 | Lowe's Cos., Inc. | 15352997 |
| 681 | Murphy USA Inc. | 266094 |
| 58691 | O'Reilly Automotive Inc.\* | 5509911 |
| 712 | Penske Automotive Group Inc. | 112154 |
| 615 | RH\* | 101912 |
| 12047 | Ross Stores Inc. | 2477345 |
| 92138 | TJX Cos., Inc. (The) | 14895029 |
| 19891 | Tractor Supply Co. | 1031149 |
| 1696 | Ulta Beauty Inc.\* | 1161404 |
| 5135 | Valvoline Inc.\* | 194103 |
| 3718 | Wayfair Inc., Class A Shares\* | 283795 |
| 4499 | Williams-Sonoma Inc. | 925219 |
|  | Total Specialty Retail | 64785594 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| 5425 | Amer Sports Inc.\* | 206042 |
| 1870 | Birkenstock Holding PLC\* | 77886 |
| 1025 | Columbia Sportswear Co. | 63488 |
| 2006 | Crocs Inc.\* | 181964 |
| 5582 | Deckers Outdoor Corp.\* | 654601 |
| 3875 | Lululemon Athletica Inc.\* | 717534 |
| 43853 | NIKE Inc., Class B Shares | 2726780 |
| 8354 | On Holding AG, Class A Shares\* | 388294 |
| 2042 | PVH Corp. | 140081 |
| 1439 | Ralph Lauren Corp., Class A Shares | 521781 |
| 7790 | Tapestry Inc. | 1211111 |
| 5673 | Under Armour Inc., Class A Shares\* | 42094 |
| 7178 | Under Armour Inc., Class C Shares\* | 51897 |
| 13774 | V.F. Corp. | 267491 |
|  | Total Textiles, Apparel & Luxury Goods | 7251044 |
|  | **TOTAL CONSUMER DISCRETIONARY** | **358681850** |
| CONSUMER STAPLES — 4.3% | CONSUMER STAPLES — 4.3% | CONSUMER STAPLES — 4.3% |
| **Beverages — 1.1%** | **Beverages — 1.1%** | **Beverages — 1.1%** |
| 309 | Boston Beer Co., Inc. (The), Class A Shares\* | 70075 |
| 1581 | Brown-Forman Corp., Class A Shares | 46418 |

---

#### See Notes to Financial Statements.

#### 4

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER STAPLES — 4.3% — (continued) | CONSUMER STAPLES — 4.3% — (continued) | CONSUMER STAPLES — 4.3% — (continued) |
| **Beverages — 1.1% — (continued)** | **Beverages — 1.1% — (continued)** | **Beverages — 1.1% — (continued)** |
| 6307 | Brown-Forman Corp., Class B Shares | $182020 |
| 6329 | Celsius Holdings Inc.\* | 339298 |
| 146977 | Coca-Cola Co. (The) | 11987444 |
| 2120 | Coca-Cola Consolidated Inc. | 429088 |
| 5355 | Constellation Brands Inc., Class A Shares | 845340 |
| 48952 | Keurig Dr Pepper Inc. | 1482267 |
| 6164 | Molson Coors Beverage Co., Class B Shares | 301974 |
| 59783 | Monster Beverage Corp.\* | 5099490 |
| 104151 | PepsiCo Inc. | 17678591 |
| 9181 | Primo Brands Corp., Class A Shares | 208225 |
|  | Total Beverages | 38670230 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| 14857 | Albertsons Cos., Inc., Class A Shares | 265940 |
| 4919 | BJ's Wholesale Club Holdings Inc.\* | 485948 |
| 1393 | Casey's General Stores Inc. | 955027 |
| 19588 | Costco Wholesale Corp. | 19799354 |
| 8324 | Dollar General Corp. | 1300542 |
| 7368 | Dollar Tree Inc.\* | 931905 |
| 22930 | Kroger Co. (The) | 1564743 |
| 6192 | Maplebear Inc.\* | 232262 |
| 5725 | Performance Food Group Co.\* | 555668 |
| 3841 | Sprouts Farmers Market Inc.\* | 283735 |
| 17972 | Sysco Corp. | 1638328 |
| 17129 | Target Corp. | 1949109 |
| 8595 | US Foods Holding Corp.\* | 830363 |
| 164432 | Walmart Inc. | 21039074 |
|  | Total Consumer Staples Distribution & Retail | 51831998 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| 18119 | Archer-Daniels-Midland Co. | 1250936 |
| 5149 | Bunge Global SA | 621227 |
| 6999 | Campbell's Co. (The) | 188623 |
| 18408 | Conagra Brands Inc. | 354354 |
| 5914 | Darling Ingredients Inc.\* | 314388 |
| 6582 | Flowers Foods Inc. | 65030 |
| 1731 | Freshpet Inc.\* | 146183 |
| 19911 | General Mills Inc. | 900575 |
| 5465 | Hershey Co. (The) | 1291270 |
| 11311 | Hormel Foods Corp. | 289562 |
| 2412 | Ingredion Inc. | 283313 |
| 3924 | J.M. Smucker Co. (The) | 454988 |
| 32472 | Kraft Heinz Co. (The) | 799136 |
| 5238 | Lamb Weston Holdings Inc. | 252419 |
| 9480 | McCormick & Co., Inc., Class VTG Shares | 673459 |
| 160582 | Mondelez International Inc., Class A Shares | 9888640 |
| 1496 | Pilgrim's Pride Corp. | 64567 |
| 1884 | Post Holdings Inc.\* | 200269 |
| 8 | Seaboard Corp. | 41062 |
| 1940 | Smithfield Foods Inc. | 48267 |
| 10726 | Tyson Foods Inc., Class A Shares | 697083 |
|  | Total Food Products | 18825351 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| 8979 | Church & Dwight Co., Inc. | 941538 |
| 4626 | Clorox Co. (The) | 588242 |

---

#### See Notes to Financial Statements.

#### 5

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER STAPLES — 4.3% — (continued) | CONSUMER STAPLES — 4.3% — (continued) | CONSUMER STAPLES — 4.3% — (continued) |
| **Household Products — 0.8% — (continued)** | **Household Products — 0.8% — (continued)** | **Household Products — 0.8% — (continued)** |
| 30464 | Colgate-Palmolive Co. | $3020201 |
| 12596 | Kimberly-Clark Corp. | 1403698 |
| 129072 | Procter & Gamble Co. (The) | 21580839 |
| 1594 | Reynolds Consumer Products Inc. | 39547 |
|  | Total Household Products | 27574065 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| 4497 | BellRing Brands Inc.\* | 82700 |
| 14270 | Coty Inc., Class A Shares\* | 35818 |
| 1988 | elf Beauty Inc.\* | 182995 |
| 9182 | Estee Lauder Cos., Inc. (The), Class A Shares | 1005154 |
| 71194 | Kenvue Inc. | 1361229 |
|  | Total Personal Care Products | 2667896 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| 63873 | Altria Group Inc. | 4409792 |
| 58884 | Philip Morris International Inc. | 11001297 |
|  | Total Tobacco | 15411089 |
|  | **TOTAL CONSUMER STAPLES** | **154980629** |
| ENERGY — 3.5% | ENERGY — 3.5% | ENERGY — 3.5% |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| 37286 | Baker Hughes Co., Class A Shares | 2433284 |
| 32072 | Halliburton Co. | 1154592 |
| 14547 | NOV Inc. | 294722 |
| 213667 | SLB Ltd. | 10969664 |
| 15063 | TechnipFMC PLC | 998828 |
| 2560 | Weatherford International PLC | 269978 |
|  | Total Energy Equipment & Services | 16121068 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| 12240 | Antero Midstream Corp. | 275155 |
| 11157 | Antero Resources Corp.\* | 410689 |
| 13386 | APA Corp. | 406533 |
| 8006 | Cheniere Energy Inc. | 1887254 |
| 70807 | Chevron Corp. | 13223915 |
| 2273 | Chord Energy Corp. | 246325 |
| 115599 | ConocoPhillips | 13115863 |
| 28315 | Coterra Energy Inc. | 866156 |
| 23342 | Devon Energy Corp. | 1016077 |
| 7089 | Diamondback Energy Inc. | 1234053 |
| 3761 | DT Midstream Inc. | 522177 |
| 64915 | EOG Resources Inc. | 8054653 |
| 23646 | EQT Corp. | 1452337 |
| 44321 | Expand Energy Corp. | 4783122 |
| 255259 | Exxon Mobil Corp. | 38926998 |
| 5808 | HF Sinclair Corp. | 290458 |
| 73088 | Kinder Morgan Inc. | 2431638 |
| 11525 | Marathon Petroleum Corp. | 2284370 |
| 4386 | Matador Resources Co. | 225440 |
| 26731 | Occidental Petroleum Corp. | 1418882 |
| 23534 | ONEOK Inc. | 1947909 |
| 10848 | Ovintiv Inc. | 548800 |
| 26433 | Permian Resources Corp., Class A Shares | 483460 |
| 15269 | Phillips 66 | 2356465 |
| 9057 | Range Resources Corp. | 373873 |

---

#### See Notes to Financial Statements.

#### 6

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| ENERGY — 3.5% — (continued) | ENERGY — 3.5% — (continued) | ENERGY — 3.5% — (continued) |
| **Oil, Gas & Consumable Fuels — 3.0% — (continued)** | **Oil, Gas & Consumable Fuels — 3.0% — (continued)** | **Oil, Gas & Consumable Fuels — 3.0% — (continued)** |
| 8021 | Targa Resources Corp. | $1891352 |
| 2176 | Texas Pacific Land Corp. | 1140855 |
| 11450 | Valero Energy Corp. | 2343128 |
| 6136 | Viper Energy Inc., Class A Shares | 285570 |
| 46104 | Williams Cos., Inc. (The) | 3444891 |
|  | Total Oil, Gas & Consumable Fuels | 107888398 |
|  | **TOTAL ENERGY** | **124009466** |
| FINANCIALS — 14.3% | FINANCIALS — 14.3% | FINANCIALS — 14.3% |
| **Banks — 3.7%** | **Banks — 3.7%** | **Banks — 3.7%** |
| 474465 | Bank of America Corp. | 23642591 |
| 3644 | Bank OZK | 169665 |
| 792 | BOK Financial Corp. | 99570 |
| 67073 | Citigroup Inc. | 7390774 |
| 16144 | Citizens Financial Group Inc. | 971707 |
| 11408 | Columbia Banking System Inc. | 324558 |
| 5140 | Commerce Bancshares Inc. | 262089 |
| 2279 | Cullen/Frost Bankers Inc. | 315003 |
| 5236 | East West Bancorp Inc. | 573080 |
| 33981 | Fifth Third Bancorp | 1681040 |
| 353 | First Citizens BancShares Inc., Class A Shares | 670047 |
| 4299 | First Hawaiian Inc. | 106443 |
| 18612 | First Horizon Corp. | 442780 |
| 12979 | FNB Corp. | 220513 |
| 75388 | Huntington Bancshares Inc. | 1266518 |
| 178560 | JPMorgan Chase & Co. | 53621568 |
| 35506 | KeyCorp | 736394 |
| 5919 | M&T Bank Corp. | 1284305 |
| 125720 | NU Holdings Ltd., Class A Shares\* | 1883286 |
| 5569 | Pinnacle Financial Partners Inc. | 505442 |
| 14934 | PNC Financial Services Group Inc. (The) | 3171235 |
| 2519 | Popular Inc. | 340972 |
| 3586 | Prosperity Bancshares Inc. | 252347 |
| 33298 | Regions Financial Corp. | 926683 |
| 3820 | SouthState Bank Corp. | 376919 |
| 1501 | TFS Financial Corp. | 21044 |
| 95019 | Truist Financial Corp. | 4685387 |
| 59028 | US Bancorp | 3226471 |
| 6280 | Webster Financial Corp. | 452976 |
| 256740 | Wells Fargo & Co. | 20911473 |
| 4000 | Western Alliance Bancorp | 321280 |
| 2446 | Wintrust Financial Corp. | 352371 |
| 5113 | Zions Bancorp NA | 292873 |
|  | Total Banks | 131499404 |
| **Capital Markets — 4.3%** | **Capital Markets — 4.3%** | **Capital Markets — 4.3%** |
| 1040 | Affiliated Managers Group Inc. | 318427 |
| 3512 | Ameriprise Financial Inc. | 1651062 |
| 7176 | Ares Management Corp., Class A Shares | 803784 |
| 26283 | Bank of New York Mellon Corp. (The) | 3130305 |
| 15863 | Blackrock Inc. | 16866018 |
| 28080 | Blackstone Inc. | 3183430 |
| 23671 | Blue Owl Capital Inc., Class A Shares(a) | 249729 |
| 35020 | Brookfield Asset Management Ltd., Class A Shares | 1637185 |
| 547899 | Brookfield Corp. | 24019892 |
| 1229 | Bullish\* | 38578 |

---

#### See Notes to Financial Statements.

#### 7

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 14.3% — (continued) | FINANCIALS — 14.3% — (continued) | FINANCIALS — 14.3% — (continued) |
| **Capital Markets — 4.3% — (continued)** | **Capital Markets — 4.3% — (continued)** | **Capital Markets — 4.3% — (continued)** |
| 9785 | Carlyle Group Inc. (The) | $508722 |
| 4003 | Cboe Global Markets Inc. | 1199779 |
| 94050 | Charles Schwab Corp. (The) | 8953560 |
| 13618 | CME Group Inc., Class A Shares | 4350951 |
| 8404 | Coinbase Global Inc., Class A Shares\* | 1477843 |
| 1340 | Evercore Inc., Class A Shares | 413846 |
| 1362 | FactSet Research Systems Inc. | 295295 |
| 11198 | Franklin Resources Inc. | 297195 |
| 632 | Freedom Holding Corp./NV\* | 75948 |
| 21671 | Goldman Sachs Group Inc. (The) | 18627742 |
| 1597 | Hamilton Lane Inc., Class A Shares | 167589 |
| 2079 | Houlihan Lokey Inc., Class A Shares | 340478 |
| 16285 | Interactive Brokers Group Inc., Class A Shares | 1159329 |
| 74241 | Intercontinental Exchange Inc. | 12185175 |
| 14132 | Invesco Ltd. | 371106 |
| 4721 | Janus Henderson Group PLC | 245964 |
| 5846 | Jefferies Financial Group Inc. | 259562 |
| 93119 | KKR & Co., Inc., Class Miscella Shares | 8164674 |
| 4154 | Lazard Inc., Class A Shares | 210192 |
| 2979 | LPL Financial Holdings Inc. | 894832 |
| 1358 | MarketAxess Holdings Inc. | 260736 |
| 13136 | Moody's Corp. | 6273622 |
| 43528 | Morgan Stanley(b) | 7247847 |
| 930 | Morningstar Inc. | 170320 |
| 2763 | MSCI Inc., Class A Shares | 1579966 |
| 17076 | Nasdaq Inc. | 1495516 |
| 7048 | Northern Trust Corp. | 1008498 |
| 6677 | Raymond James Financial Inc. | 1022115 |
| 28028 | Robinhood Markets Inc., Class A Shares\* | 2125924 |
| 31943 | S&P Global Inc. | 14114973 |
| 3808 | SEI Investments Co. | 309667 |
| 37983 | State Street Corp. | 4885374 |
| 5508 | Stifel Financial Corp. | 407868 |
| 7999 | T. Rowe Price Group Inc. | 756945 |
| 4809 | TPG Inc., Class A Shares | 208807 |
| 4321 | Tradeweb Markets Inc., Class A Shares | 532585 |
| 2820 | Virtu Financial Inc., Class A Shares | 116776 |
| 16067 | XP Inc., Class A Shares | 345923 |
|  | Total Capital Markets | 154961654 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| 10034 | Ally Financial Inc. | 395741 |
| 39737 | American Express Co. | 12274759 |
| 23757 | Capital One Financial Corp. | 4647820 |
| 232 | Credit Acceptance Corp.\* | 109778 |
| 1291 | Figure Technology Solutions Inc., Class A Shares\*(a) | 32636 |
| 4355 | OneMain Holdings Inc., Class A Shares | 239612 |
| 7454 | SLM Corp. | 139688 |
| 46286 | SoFi Technologies Inc.\* | 822039 |
| 14032 | Synchrony Financial | 969752 |
|  | Total Consumer Finance | 19631825 |
| **Financial Services — 3.7%** | **Financial Services — 3.7%** | **Financial Services — 3.7%** |
| 10400 | Affirm Holdings Inc., Class A Shares\* | 488592 |
| 15675 | Apollo Global Management Inc. | 1639605 |
| 90292 | Berkshire Hathaway Inc., Class B Shares\* | 45592945 |

---

#### See Notes to Financial Statements.

#### 8

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 14.3% — (continued) | FINANCIALS — 14.3% — (continued) | FINANCIALS — 14.3% — (continued) |
| **Financial Services — 3.7% — (continued)** | **Financial Services — 3.7% — (continued)** | **Financial Services — 3.7% — (continued)** |
| 20429 | Block Inc., Class A Shares\* | $1301327 |
| 2585 | Corpay Inc.\* | 840384 |
| 9252 | Equitable Holdings Inc. | 372115 |
| 1549 | Euronet Worldwide Inc.\* | 107733 |
| 19874 | Fidelity National Information Services Inc. | 1012779 |
| 20480 | Fiserv Inc.\* | 1275699 |
| 9134 | Global Payments Inc. | 698386 |
| 2738 | Jack Henry & Associates Inc. | 444815 |
| 61425 | MasterCard Inc., Class A Shares | 31769624 |
| 9252 | MGIC Investment Corp. | 245456 |
| 35773 | PayPal Holdings Inc. | 1653070 |
| 36196 | Rocket Cos., Inc., Class A Shares | 658405 |
| 2509 | Shift4 Payments Inc., Class A Shares\*(a) | 110572 |
| 17988 | Toast Inc., Class A Shares\* | 491252 |
| 6999 | UWM Holdings Corp. | 30866 |
| 138108 | Visa Inc., Class A Shares | 44213895 |
| 3608 | Voya Financial Inc. | 241303 |
| 6395 | Western Union Co. (The) | 61584 |
| 1283 | WEX Inc.\* | 191411 |
|  | Total Financial Services | 133441818 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| 18140 | Aflac Inc. | 2048550 |
| 9931 | Allstate Corp. (The) | 2130398 |
| 2542 | American Financial Group Inc. | 338035 |
| 20871 | American International Group Inc. | 1679907 |
| 7947 | Aon PLC, Class A Shares | 2665980 |
| 13519 | Arch Capital Group Ltd.\* | 1353928 |
| 19988 | Arthur J. Gallagher & Co. | 4561262 |
| 1980 | Assurant Inc. | 454588 |
| 1699 | Assured Guaranty Ltd. | 146471 |
| 2705 | Axis Capital Holdings Ltd. | 285973 |
| 2242 | Brighthouse Financial Inc.\* | 134475 |
| 11079 | Brown & Brown Inc. | 795694 |
| 13814 | Chubb Ltd. | 4708640 |
| 5799 | Cincinnati Financial Corp. | 950920 |
| 929 | CNA Financial Corp. | 44611 |
| 1581 | Everest Group Ltd. | 530410 |
| 9612 | Fidelity National Financial Inc. | 508283 |
| 3656 | First American Financial Corp. | 256322 |
| 2997 | Globe Life Inc. | 435344 |
| 1401 | Hanover Insurance Group Inc. (The) | 253063 |
| 80137 | Hartford Insurance Group Inc. (The) | 11285694 |
| 2288 | Kemper Corp. | 73948 |
| 874 | Kinsale Capital Group Inc. | 340572 |
| 4059 | Lincoln National Corp. | 139224 |
| 6353 | Loews Corp. | 698957 |
| 467 | Markel Group Inc.\* | 967843 |
| 38364 | Marsh & McLennan Cos., Inc. | 7164093 |
| 21043 | MetLife Inc. | 1516569 |
| 8708 | Old Republic International Corp. | 373312 |
| 1226 | Primerica Inc. | 310987 |
| 8268 | Principal Financial Group Inc. | 788933 |
| 22147 | Progressive Corp. (The) | 4731928 |
| 38459 | Prudential Financial Inc. | 3783596 |
| 2464 | Reinsurance Group of America Inc., Class A Shares | 531559 |

---

#### See Notes to Financial Statements.

#### 9

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 14.3% — (continued) | FINANCIALS — 14.3% — (continued) | FINANCIALS — 14.3% — (continued) |
| **Insurance — 2.0% — (continued)** | **Insurance — 2.0% — (continued)** | **Insurance — 2.0% — (continued)** |
| 1835 | RenaissanceRe Holdings Ltd. | $555014 |
| 3004 | RLI Corp. | 187209 |
| 3867 | Ryan Specialty Holdings Inc., Class A Shares | 152166 |
| 36499 | Travelers Cos., Inc. (The) | 11265051 |
| 6319 | Unum Group | 453262 |
| 91 | White Mountains Insurance Group Ltd. | 202066 |
| 3637 | Willis Towers Watson PLC | 1109903 |
| 10996 | WR Berkley Corp. | 788413 |
|  | Total Insurance | 71703153 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%@** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%@** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%@** |
| 39808 | AGNC Investment Corp. | 446248 |
| 25404 | Annaly Capital Management Inc. | 590389 |
| 20681 | Rithm Capital Corp. | 207844 |
| 12572 | Starwood Property Trust Inc. | 223907 |
|  | Total Mortgage Real Estate Investment Trusts (REITs) | 1468388 |
|  | **TOTAL FINANCIALS** | **512706242** |
| HEALTH CARE — 9.9% | HEALTH CARE — 9.9% | HEALTH CARE — 9.9% |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| 93959 | AbbVie Inc. | 21806005 |
| 4782 | Alnylam Pharmaceuticals Inc.\* | 1592023 |
| 35458 | Amgen Inc. | 13763377 |
| 4310 | Apellis Pharmaceuticals Inc.\* | 90338 |
| 5475 | Biogen Inc.\* | 1050215 |
| 7175 | BioMarin Pharmaceutical Inc.\* | 442913 |
| 814 | Caris Life Sciences Inc.\* | 16394 |
| 6924 | Exact Sciences Corp.\* | 715803 |
| 10184 | Exelixis Inc.\* | 448707 |
| 116879 | Gilead Sciences Inc. | 17409127 |
| 4382 | Halozyme Therapeutics Inc.\* | 304680 |
| 6025 | Incyte Corp.\* | 610152 |
| 7941 | Insmed Inc.\* | 1185830 |
| 5998 | Ionis Pharmaceuticals Inc.\* | 486738 |
| 13467 | Moderna Inc.\* | 721427 |
| 4862 | Natera Inc.\* | 1011491 |
| 3820 | Neurocrine Biosciences Inc.\* | 505195 |
| 3823 | Regeneron Pharmaceuticals Inc. | 2988324 |
| 6497 | Revolution Medicines Inc.\* | 662824 |
| 18681 | Roivant Sciences Ltd.\* | 540628 |
| 3228 | Sarepta Therapeutics Inc.\* | 54101 |
| 4253 | Summit Therapeutics Inc.\* | 70557 |
| 2939 | Ultragenyx Pharmaceutical Inc.\* | 68743 |
| 1615 | United Therapeutics Corp.\* | 813799 |
| 19393 | Vertex Pharmaceuticals Inc.\* | 9635024 |
| 3987 | Viking Therapeutics Inc.\* | 134920 |
|  | Total Biotechnology | 77129335 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| 159824 | Abbott Laboratories | 18595522 |
| 2678 | Align Technology Inc.\* | 509088 |
| 19303 | Baxter International Inc. | 393202 |
| 37882 | Becton Dickinson & Co. | 6685415 |
| 156033 | Boston Scientific Corp.\* | 11991136 |
| 7533 | Cooper Cos Inc. (The)\* | 630286 |
| 7759 | DENTSPLY SIRONA Inc. | 113902 |

---

#### See Notes to Financial Statements.

#### 10

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 9.9% — (continued) | HEALTH CARE — 9.9% — (continued) | HEALTH CARE — 9.9% — (continued) |
| **Health Care Equipment & Supplies — 2.3% — (continued)** | **Health Care Equipment & Supplies — 2.3% — (continued)** | **Health Care Equipment & Supplies — 2.3% — (continued)** |
| 14648 | DexCom Inc.\* | $1075603 |
| 21820 | Edwards Lifesciences Corp.\* | 1886775 |
| 6110 | Envista Holdings Corp.\* | 178473 |
| 17304 | GE HealthCare Technologies Inc. | 1458208 |
| 4195 | Globus Medical Inc., Class A Shares\* | 400455 |
| 8429 | Hologic Inc.\* | 635209 |
| 5294 | IDEXX Laboratories Inc.\* | 3476729 |
| 1041 | Inspire Medical Systems Inc.\* | 67155 |
| 2614 | Insulet Corp.\* | 644639 |
| 28095 | Intuitive Surgical Inc.\* | 14146114 |
| 1738 | Masimo Corp.\* | 304758 |
| 48467 | Medtronic PLC | 4733287 |
| 1405 | Penumbra Inc.\* | 483868 |
| 5521 | ResMed Inc. | 1414812 |
| 5682 | Solventum Corp.\* | 421604 |
| 3677 | STERIS PLC | 927891 |
| 22618 | Stryker Corp. | 8763570 |
| 1609 | Teleflex Inc. | 196395 |
| 7486 | Zimmer Biomet Holdings Inc. | 736922 |
|  | Total Health Care Equipment & Supplies | 80871018 |
| **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** | **Health Care Providers & Services — 1.5%** |
| 3355 | Acadia Healthcare Co., Inc.\* | 78641 |
| 8984 | Cardinal Health Inc. | 2059402 |
| 28410 | Cencora Inc. | 10572498 |
| 18207 | Centene Corp.\* | 817130 |
| 538 | Chemed Corp. | 220585 |
| 9984 | Cigna Group (The) | 2893563 |
| 47172 | CVS Health Corp. | 3769043 |
| 1368 | DaVita Inc.\* | 213818 |
| 8406 | Elevance Health Inc. | 2689920 |
| 3790 | Encompass Health Corp. | 408865 |
| 6254 | HCA Healthcare Inc. | 3312744 |
| 4390 | Henry Schein Inc.\* | 361692 |
| 4533 | Humana Inc. | 863718 |
| 3136 | Labcorp Holdings Inc. | 906680 |
| 4750 | McKesson Corp. | 4690008 |
| 2004 | Molina Healthcare Inc.\* | 308716 |
| 4159 | Quest Diagnostics Inc. | 881334 |
| 3421 | Tenet Healthcare Corp.\* | 818953 |
| 56688 | UnitedHealth Group Inc. | 16624890 |
| 2069 | Universal Health Services Inc., Class B Shares | 426421 |
|  | Total Health Care Providers & Services | 52918621 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| 4732 | Certara Inc.\* | 33503 |
| 5291 | Doximity Inc., Class A Shares\* | 129788 |
| 17403 | Veeva Systems Inc., Class A Shares\* | 3167520 |
|  | Total Health Care Technology | 3330811 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| 10772 | Agilent Technologies Inc. | 1307505 |
| 24429 | Avantor Inc.\* | 221082 |
| 745 | Bio-Rad Laboratories Inc., Class A Shares\* | 207438 |
| 5825 | Bio-Techne Corp. | 343675 |
| 3694 | Bruker Corp. | 148166 |

---

#### See Notes to Financial Statements.

#### 11

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 9.9% — (continued) | HEALTH CARE — 9.9% — (continued) | HEALTH CARE — 9.9% — (continued) |
| **Life Sciences Tools & Services — 1.3% — (continued)** | **Life Sciences Tools & Services — 1.3% — (continued)** | **Life Sciences Tools & Services — 1.3% — (continued)** |
| 1812 | Charles River Laboratories International Inc.\* | $323424 |
| 80736 | Danaher Corp. | 17006231 |
| 5707 | Illumina Inc.\* | 767363 |
| 6370 | IQVIA Holdings Inc.\* | 1139020 |
| 886 | Medpace Holdings Inc.\* | 400259 |
| 782 | Mettler-Toledo International Inc.\* | 1068752 |
| 7651 | QIAGEN NV | 381020 |
| 2038 | Repligen Corp.\* | 262352 |
| 4400 | Revvity Inc. | 432564 |
| 7473 | Sotera Health Co.\* | 121436 |
| 3570 | Tempus AI Inc., Class A Shares\* | 190103 |
| 34854 | Thermo Fisher Scientific Inc. | 18162768 |
| 7386 | Waters Corp.\* | 2358941 |
| 2663 | West Pharmaceutical Services Inc. | 677307 |
|  | Total Life Sciences Tools & Services | 45519406 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| 77028 | Bristol-Myers Squibb Co. | 4804236 |
| 3361 | Corcept Therapeutics Inc.\* | 119988 |
| 18591 | Elanco Animal Health Inc.\* | 490802 |
| 30278 | Eli Lilly & Co. | 31852153 |
| 2165 | Jazz Pharmaceuticals PLC\* | 411393 |
| 90950 | Johnson & Johnson | 22594708 |
| 183798 | Merck & Co., Inc. | 22757868 |
| 8895 | Organon & Co. | 64845 |
| 4681 | Perrigo Co. PLC | 61883 |
| 214710 | Pfizer Inc. | 5936732 |
| 41870 | Roche Holding AG, ADR(a) | 2493358 |
| 14532 | Royalty Pharma PLC, Class A Shares | 671524 |
| 43270 | Viatris Inc. | 646021 |
| 16785 | Zoetis Inc., Class A Shares | 2200514 |
|  | Total Pharmaceuticals | 95106025 |
|  | **TOTAL HEALTH CARE** | **354875216** |
| INDUSTRIALS — 11.0% | INDUSTRIALS — 11.0% | INDUSTRIALS — 11.0% |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| 56763 | Airbus SE, ADR | 3074852 |
| 5086 | ATI Inc.\* | 832019 |
| 2821 | Axon Enterprise Inc.\* | 1530110 |
| 60434 | Boeing Co. (The)\* | 13750548 |
| 3492 | BWX Technologies Inc. | 719282 |
| 1794 | Carpenter Technology Corp. | 714138 |
| 1408 | Curtiss-Wright Corp. | 986065 |
| 3863 | FTAI Aviation Ltd. | 1181305 |
| 9531 | General Dynamics Corp. | 3403043 |
| 50025 | General Electric Co. | 17121556 |
| 1584 | HEICO Corp. | 506025 |
| 15896 | HEICO Corp., Class A Shares | 3816788 |
| 2991 | Hexcel Corp. | 277236 |
| 15132 | Howmet Aerospace Inc. | 3972604 |
| 1472 | Huntington Ingalls Industries Inc. | 654333 |
| 1890 | Karman Holdings Inc.\* | 166528 |
| 7088 | L3Harris Technologies Inc. | 2583859 |
| 2704 | Leonardo DRS Inc. | 117327 |
| 1515 | Loar Holdings Inc.\* | 107247 |

---

#### See Notes to Financial Statements.

#### 12

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) |
| **Aerospace & Defense — 3.4% — (continued)** | **Aerospace & Defense — 3.4% — (continued)** | **Aerospace & Defense — 3.4% — (continued)** |
| 7795 | Lockheed Martin Corp. | $5129734 |
| 5125 | Northrop Grumman Corp. | 3712447 |
| 15469 | Rocket Lab Corp.\* | 1068908 |
| 142715 | RTX Corp. | 28916913 |
| 7247 | StandardAero Inc.\* | 223208 |
| 69555 | Textron Inc. | 6861601 |
| 14396 | TransDigm Group Inc. | 18754965 |
| 2296 | Woodward Inc. | 888001 |
|  | Total Aerospace & Defense | 121070642 |
| **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| 4450 | CH Robinson Worldwide Inc. | 824363 |
| 5108 | Expeditors International of Washington Inc. | 740813 |
| 8119 | FedEx Corp. | 3142053 |
| 4137 | GXO Logistics Inc.\* | 259928 |
| 27740 | United Parcel Service Inc., Class B Shares | 3216730 |
|  | Total Air Freight & Logistics | 8183887 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| 2593 | AAON Inc. | 262412 |
| 2740 | Advanced Drainage Systems Inc. | 469472 |
| 3315 | Allegion PLC | 534212 |
| 4397 | AO Smith Corp. | 342966 |
| 1581 | Armstrong World Industries Inc. | 274304 |
| 4066 | Builders FirstSource Inc.\* | 424043 |
| 1604 | Carlisle Cos., Inc. | 633211 |
| 122828 | Carrier Global Corp. | 7910123 |
| 4748 | Fortune Brands Innovations Inc. | 258006 |
| 7216 | Hayward Holdings Inc.\* | 115456 |
| 24951 | Johnson Controls International PLC | 3600429 |
| 1210 | Lennox International Inc. | 689627 |
| 7758 | Masco Corp. | 555628 |
| 36973 | Owens Corning | 4513294 |
| 1529 | Simpson Manufacturing Co., Inc. | 295969 |
| 8403 | Trane Technologies PLC | 3884875 |
| 4312 | Trex Co., Inc.\* | 178603 |
|  | Total Building Products | 24942630 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| 13044 | Cintas Corp. | 2623540 |
| 1942 | Clean Harbors Inc.\* | 569394 |
| 44360 | Copart Inc.\* | 1689672 |
| 1363 | MSA Safety Inc. | 266344 |
| 6961 | RB Global Inc. | 702783 |
| 7642 | Republic Services Inc., Class A Shares | 1750018 |
| 10428 | Rollins Inc. | 634961 |
| 10062 | Tetra Tech Inc. | 360622 |
| 8993 | Veralto Corp. | 876188 |
| 13982 | Waste Management Inc. | 3367425 |
|  | Total Commercial Services & Supplies | 12840947 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| 4969 | AECOM | 486863 |
| 13966 | API Group Corp.\* | 620928 |
| 1306 | Comfort Systems USA Inc. | 1866757 |
| 1684 | EMCOR Group Inc. | 1220260 |
| 1961 | Everus Construction Group Inc.\* | 237026 |

---

#### See Notes to Financial Statements.

#### 13

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) |
| **Construction & Engineering — 0.5% — (continued)** | **Construction & Engineering — 0.5% — (continued)** | **Construction & Engineering — 0.5% — (continued)** |
| 2344 | MasTec Inc.\* | $698559 |
| 21682 | Quanta Services Inc. | 12208701 |
| 733 | Valmont Industries Inc. | 337129 |
| 6243 | WillScot Holdings Corp. | 134911 |
|  | Total Construction & Engineering | 17811134 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| 1135 | Acuity Inc. | 342305 |
| 8676 | AMETEK Inc. | 2075473 |
| 29294 | Eaton Corp. PLC | 11012200 |
| 21301 | Emerson Electric Co. | 3211126 |
| 17096 | GE Vernova Inc. | 14935066 |
| 2198 | Generac Holdings Inc.\* | 495363 |
| 1998 | Hubbell Inc., Class B Shares | 1022237 |
| 5969 | nVent Electric PLC | 706491 |
| 2525 | Regal Rexnord Corp. | 557974 |
| 25393 | Rockwell Automation Inc. | 10346378 |
| 5484 | Sensata Technologies Holding PLC | 204772 |
| 14397 | Vertiv Holdings Co., Class A Shares | 3669651 |
|  | Total Electrical Equipment | 48579036 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| 546 | Avis Budget Group Inc.\*(a) | 53186 |
| 286762 | CSX Corp. | 12241870 |
| 2932 | JB Hunt Transport Services Inc. | 684358 |
| 5943 | Knight-Swift Transportation Holdings Inc., Class A Shares | 373934 |
| 1229 | Landstar System Inc. | 200266 |
| 14825 | Lyft Inc., Class A Shares\* | 205178 |
| 8564 | Norfolk Southern Corp. | 2695433 |
| 6974 | Old Dominion Freight Line Inc. | 1416071 |
| 1439 | Ryder System Inc. | 318825 |
| 1002 | Saia Inc.\* | 406201 |
| 1934 | Schneider National Inc., Class B Shares | 54887 |
| 117760 | Uber Technologies Inc.\* | 8881459 |
| 219 | U-Haul Holding Co.\* | 11094 |
| 3719 | U-Haul Holding Co.-Non Voting | 175388 |
| 22603 | Union Pacific Corp. | 5989343 |
| 4388 | XPO Inc.\* | 923542 |
|  | Total Ground Transportation | 34631035 |
| **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| 20154 | 3M Co. | 3331859 |
| 24035 | Honeywell International Inc. | 5854686 |
|  | Total Industrial Conglomerates | 9186545 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| 2303 | AGCO Corp. | 314360 |
| 3034 | Allison Transmission Holdings Inc. | 380160 |
| 17500 | Caterpillar Inc. | 12999525 |
| 33171 | CNH Industrial NV | 408003 |
| 1900 | Crane Co. | 381007 |
| 5201 | Cummins Inc. | 3036708 |
| 9234 | Deere & Co. | 5814742 |
| 4399 | Donaldson Co., Inc. | 408051 |
| 5081 | Dover Corp. | 1145766 |
| 2059 | Esab Corp. | 259784 |

---

#### See Notes to Financial Statements.

#### 14

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) |
| **Machinery — 2.0% — (continued)** | **Machinery — 2.0% — (continued)** | **Machinery — 2.0% — (continued)** |
| 4792 | Flowserve Corp. | $424188 |
| 12535 | Fortive Corp. | 742072 |
| 9842 | Gates Industrial Corp. PLC\* | 271344 |
| 6242 | Graco Inc. | 586249 |
| 2838 | IDEX Corp. | 594476 |
| 10951 | Illinois Tool Works Inc. | 3182689 |
| 14971 | Ingersoll Rand Inc. | 1409370 |
| 3145 | ITT Inc. | 636579 |
| 2035 | Lincoln Electric Holdings Inc. | 584147 |
| 1852 | Middleby Corp. (The)\* | 312729 |
| 4082 | Mueller Industries Inc. | 481513 |
| 2051 | Nordson Corp. | 601845 |
| 2343 | Oshkosh Corp. | 398357 |
| 89352 | Otis Worldwide Corp. | 8270421 |
| 19370 | PACCAR Inc. | 2442363 |
| 21136 | Parker-Hannifin Corp. | 21330029 |
| 6139 | Pentair PLC | 608927 |
| 1174 | RBC Bearings Inc.\* | 676130 |
| 1961 | Snap-on Inc. | 755416 |
| 5879 | Stanley Black & Decker Inc. | 508475 |
| 2356 | Timken Co. (The) | 255343 |
| 3794 | Toro Co. (The) | 375075 |
| 6407 | Westinghouse Air Brake Technologies Corp. | 1691128 |
| 9097 | Xylem Inc. | 1178607 |
|  | Total Machinery | 73465578 |
| **Marine Transportation — 0.0%@** | **Marine Transportation — 0.0%@** | **Marine Transportation — 0.0%@** |
| 2033 | Kirby Corp.\* | 263883 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| 4475 | Alaska Air Group Inc.\* | 230910 |
| 23742 | American Airlines Group Inc.\* | 310308 |
| 143859 | Delta Air Lines Inc. | 9451536 |
| 18281 | Southwest Airlines Co. | 900522 |
| 12307 | United Airlines Holdings Inc.\* | 1308234 |
|  | Total Passenger Airlines | 12201510 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| 6065 | Amentum Holdings Inc.\* | 181162 |
| 15315 | Automatic Data Processing Inc. | 3282923 |
| 4498 | Booz Allen Hamilton Holding Corp., Class A Shares | 354577 |
| 4378 | Broadridge Financial Solutions Inc. | 813739 |
| 813 | CACI International Inc., Class A Shares\* | 496068 |
| 12941 | Clarivate PLC\* | 29764 |
| 1844 | Concentrix Corp. | 60483 |
| 4647 | Equifax Inc. | 971037 |
| 5659 | ExlService Holdings Inc.\* | 176844 |
| 1256 | FTI Consulting Inc.\* | 206512 |
| 6058 | Genpact Ltd. | 240624 |
| 4557 | Jacobs Solutions Inc. | 628228 |
| 4700 | KBR Inc. | 198481 |
| 4827 | Leidos Holdings Inc. | 845208 |
| 1598 | ManpowerGroup Inc. | 44696 |
| 1987 | Parsons Corp.\* | 131142 |
| 12229 | Paychex Inc. | 1145246 |
| 2009 | Paycom Software Inc. | 252793 |

---

#### See Notes to Financial Statements.

#### 15

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) | INDUSTRIALS — 11.0% — (continued) |
| **Professional Services — 0.4% — (continued)** | **Professional Services — 0.4% — (continued)** | **Professional Services — 0.4% — (continued)** |
| 1676 | Paylocity Holding Corp.\* | $178477 |
| 3512 | Robert Half Inc. | 85763 |
| 1713 | Science Applications International Corp. | 158041 |
| 7884 | SS&C Technologies Holdings Inc. | 593586 |
| 7487 | TransUnion | 588104 |
| 5256 | Verisk Analytics Inc., Class A Shares | 1090988 |
|  | Total Professional Services | 12754486 |
| **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| 3876 | Air Lease Corp., Class A Shares | 251320 |
| 1448 | Applied Industrial Technologies Inc. | 409176 |
| 7366 | Core & Main Inc., Class A Shares\* | 398943 |
| 43251 | Fastenal Co. | 1991276 |
| 7240 | Ferguson Enterprises Inc. | 1887902 |
| 1600 | MSC Industrial Direct Co., Inc., Class A Shares | 150144 |
| 23036 | QXO Inc.\* | 551712 |
| 1601 | SiteOne Landscape Supply Inc.\* | 228767 |
| 2403 | United Rentals Inc. | 2018520 |
| 1306 | Watsco Inc. | 545033 |
| 1825 | WESCO International Inc. | 528337 |
| 6327 | WW Grainger Inc. | 7242707 |
|  | Total Trading Companies & Distributors | 16203837 |
|  | **TOTAL INDUSTRIALS** | **392135150** |
| INFORMATION TECHNOLOGY — 27.7% | INFORMATION TECHNOLOGY — 27.7% | INFORMATION TECHNOLOGY — 27.7% |
| **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |
| 65425 | Arista Networks Inc.\* | 8734237 |
| 5338 | Ciena Corp.\* | 1861361 |
| 302548 | Cisco Systems Inc. | 24040464 |
| 2153 | F5 Inc.\* | 584238 |
| 2673 | Lumentum Holdings Inc.\* | 1873532 |
| 21876 | Motorola Solutions Inc. | 10549920 |
| 142 | Ubiquiti Inc. | 108913 |
|  | Total Communications Equipment | 47752665 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| 75393 | Amphenol Corp., Class A Shares | 11011902 |
| 1995 | Arrow Electronics Inc.\* | 303559 |
| 3107 | Avnet Inc. | 204565 |
| 5052 | CDW Corp. | 619577 |
| 6496 | Cognex Corp. | 353382 |
| 5892 | Coherent Corp.\* | 1525616 |
| 29507 | Corning Inc. | 4437263 |
| 1921 | Crane NXT Co. | 92765 |
| 14000 | Flex Ltd.\* | 882280 |
| 898 | Ingram Micro Holding Corp. | 18580 |
| 1005 | IPG Photonics Corp.\* | 132228 |
| 3975 | Jabil Inc. | 1053335 |
| 6504 | Keysight Technologies Inc.\* | 1998874 |
| 944 | Littelfuse Inc. | 332722 |
| 4178 | Ralliant Corp. | 191728 |
| 2819 | TD SYNNEX Corp. | 442047 |
| 1765 | Teledyne Technologies Inc.\* | 1202142 |
| 5348 | Vontier Corp. | 218840 |
| 1929 | Zebra Technologies Corp., Class A Shares\* | 432019 |
|  | Total Electronic Equipment, Instruments & Components | 25453424 |

---

#### See Notes to Financial Statements.

#### 16

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 27.7% — (continued) | INFORMATION TECHNOLOGY — 27.7% — (continued) | INFORMATION TECHNOLOGY — 27.7% — (continued) |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| 23659 | Accenture PLC, Class A Shares | $4938107 |
| 5362 | Akamai Technologies Inc.\* | 527567 |
| 4062 | Amdocs Ltd. | 283528 |
| 11786 | Cloudflare Inc., Class A Shares\* | 2029431 |
| 18145 | Cognizant Technology Solutions Corp., Class A Shares | 1169082 |
| 6133 | DXC Technology Co.\* | 77214 |
| 1990 | EPAM Systems Inc.\* | 280590 |
| 2775 | Gartner Inc.\* | 436230 |
| 1523 | Globant SA\* | 75785 |
| 5005 | GoDaddy Inc., Class A Shares\* | 436236 |
| 35164 | International Business Machines Corp. | 8446744 |
| 9134 | Kyndryl Holdings Inc.\* | 112622 |
| 2961 | MongoDB Inc., Class A Shares\* | 972600 |
| 6250 | Okta Inc., Class A Shares\* | 453125 |
| 12447 | Snowflake Inc., Class A Shares\* | 2096199 |
| 5453 | Twilio Inc., Class A Shares\* | 659595 |
| 3165 | VeriSign Inc. | 721430 |
|  | Total IT Services | 23716085 |
| **Semiconductors & Semiconductor Equipment — 12.0%** | **Semiconductors & Semiconductor Equipment — 12.0%** | **Semiconductors & Semiconductor Equipment — 12.0%** |
| 60865 | Advanced Micro Devices Inc.\* | 12185782 |
| 4748 | Allegro MicroSystems Inc.\* | 173159 |
| 4511 | Amkor Technology Inc. | 215716 |
| 18751 | Analog Devices Inc. | 6671418 |
| 30314 | Applied Materials Inc. | 11285902 |
| 3848 | ASML Holding NV, Class REG Shares, ADR | 5581755 |
| 4687 | Astera Labs Inc.\* | 556956 |
| 254170 | Broadcom Inc. | 81220023 |
| 1998 | Cirrus Logic Inc.\* | 281958 |
| 4697 | Enphase Energy Inc.\* | 198542 |
| 5691 | Entegris Inc. | 753773 |
| 3802 | First Solar Inc.\* | 749754 |
| 4007 | GLOBALFOUNDRIES Inc.\* | 190533 |
| 166769 | Intel Corp.\* | 7606334 |
| 4973 | KLA Corp. | 7581587 |
| 47453 | Lam Research Corp. | 11098782 |
| 5007 | Lattice Semiconductor Corp.\* | 478769 |
| 2380 | MACOM Technology Solutions Holdings Inc.\* | 590526 |
| 32696 | Marvell Technology Inc. | 2670936 |
| 19920 | Microchip Technology Inc. | 1486829 |
| 73654 | Micron Technology Inc. | 30372700 |
| 2577 | MKS Inc. | 629973 |
| 1751 | Monolithic Power Systems Inc. | 2000938 |
| 1212479 | NVIDIA Corp. | 214839154 |
| 53264 | ON Semiconductor Corp.\* | 3540991 |
| 1872 | Onto Innovation Inc.\* | 404146 |
| 39193 | Qnity Electronics Inc. | 4968105 |
| 3341 | Qorvo Inc.\* | 276969 |
| 40830 | QUALCOMM Inc. | 5812559 |
| 5826 | Skyworks Solutions Inc. | 347113 |
| 15500 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 5805990 |
| 5926 | Teradyne Inc. | 1896498 |
| 38652 | Texas Instruments Inc. | 8198476 |
| 1662 | Universal Display Corp. | 177319 |
|  | Total Semiconductors & Semiconductor Equipment | 430849965 |

---

#### See Notes to Financial Statements.

#### 17

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 27.7% — (continued) | INFORMATION TECHNOLOGY — 27.7% — (continued) | INFORMATION TECHNOLOGY — 27.7% — (continued) |
| **Software — 8.2%** | **Software — 8.2%** | **Software — 8.2%** |
| 15811 | Adobe Inc.\* | $4148965 |
| 836 | Appfolio Inc., Class A Shares\* | 148607 |
| 9025 | AppLovin Corp., Class A Shares\* | 3923799 |
| 6164 | Atlassian Corp., Class A Shares\* | 463101 |
| 43340 | Aurora Innovation Inc., Class A Shares\* | 202831 |
| 8013 | Autodesk Inc.\* | 1970156 |
| 5724 | Bentley Systems Inc., Class B Shares | 209212 |
| 3636 | BILL Holdings Inc.\* | 161838 |
| 52382 | Cadence Design Systems Inc.\* | 15787935 |
| 19920 | CCC Intelligent Solutions Holdings Inc.\* | 116134 |
| 1695 | Circle Internet Group Inc., Class A Shares\* | 141431 |
| 10830 | Confluent Inc., Class A Shares\* | 332156 |
| 1375 | Constellation Software Inc. | 2564568 |
| 9356 | Crowdstrike Holdings Inc., Class A Shares\* | 3480245 |
| 23593 | Datadog Inc., Class A Shares\* | 2641472 |
| 7444 | Docusign Inc., Class A Shares\* | 335501 |
| 2232 | Dolby Laboratories Inc., Class A Shares | 148584 |
| 8161 | Dropbox Inc., Class A Shares\* | 203943 |
| 10840 | Dynatrace Inc.\* | 389373 |
| 3430 | Elastic NV\* | 178600 |
| 2154 | Fair Isaac Corp.\* | 3035761 |
| 23946 | Fortinet Inc.\* | 1892452 |
| 20258 | Gen Digital Inc. | 457223 |
| 5397 | Gitlab Inc., Class A Shares\* | 141941 |
| 3164 | Guidewire Software Inc.\* | 459793 |
| 1909 | HubSpot Inc.\* | 504950 |
| 17204 | Intuit Inc. | 7036952 |
| 2202 | Manhattan Associates Inc.\* | 298217 |
| 449154 | Microsoft Corp. | 176400742 |
| 3877 | nCino Inc.\* | 62575 |
| 9733 | Nutanix Inc., Class A Shares\* | 372579 |
| 104672 | Oracle Corp. | 15219309 |
| 82555 | Palantir Technologies Inc., Class A Shares\* | 11325720 |
| 59021 | Palo Alto Networks Inc.\* | 8789407 |
| 3302 | Pegasystems Inc. | 144396 |
| 4460 | Procore Technologies Inc.\* | 245478 |
| 4467 | PTC Inc.\* | 699488 |
| 2788 | RingCentral Inc., Class A Shares\* | 101623 |
| 4057 | Roper Technologies Inc. | 1418855 |
| 4970 | Rubrik Inc., Class A Shares\* | 258241 |
| 2601 | SailPoint Inc.\* | 36674 |
| 40509 | Salesforce Inc. | 7890748 |
| 11602 | Samsara Inc., Class A Shares\* | 335298 |
| 11502 | SentinelOne Inc., Class A Shares\* | 150906 |
| 56310 | ServiceNow Inc.\* | 6082043 |
| 10123 | Strategy Inc., Class A Shares\* | 1310929 |
| 14853 | Synopsys Inc.\* | 6149142 |
| 3797 | Teradata Corp.\* | 119568 |
| 8953 | Trimble Inc.\* | 598687 |
| 1621 | Tyler Technologies Inc.\* | 574953 |
| 15976 | UiPath Inc., Class A Shares\* | 171423 |
| 12212 | Unity Software Inc.\* | 222625 |
| 8136 | Workday Inc., Class A Shares\* | 1088271 |
| 10172 | Zoom Communications Inc., Class A Shares\* | 752118 |
| 3713 | Zscaler Inc.\* | 545774 |
|  | Total Software | 292443312 |

---

#### See Notes to Financial Statements.

#### 18

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 27.7% — (continued) | INFORMATION TECHNOLOGY — 27.7% — (continued) | INFORMATION TECHNOLOGY — 27.7% — (continued) |
| **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** |
| 601870 | Apple Inc. | $159002016 |
| 12043 | Dell Technologies Inc., Class C Shares | 1783327 |
| 49819 | Hewlett Packard Enterprise Co. | 1069614 |
| 35235 | HP Inc. | 669113 |
| 7661 | NetApp Inc. | 758669 |
| 11803 | Pure Storage Inc., Class A Shares\* | 757989 |
| 5087 | Sandisk Corp.\* | 3232076 |
| 19430 | Super Micro Computer Inc.\* | 629338 |
| 12891 | Western Digital Corp. | 3605613 |
|  | Total Technology Hardware, Storage & Peripherals | 171507755 |
|  | **TOTAL INFORMATION TECHNOLOGY** | **991723206** |
| MATERIALS — 2.9% | MATERIALS — 2.9% | MATERIALS — 2.9% |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| 8351 | Air Products & Chemicals Inc. | 2302120 |
| 4461 | Albemarle Corp. | 797047 |
| 1606 | Ashland Inc. | 100150 |
| 7792 | Axalta Coating Systems Ltd.\* | 260331 |
| 4325 | Celanese Corp., Class A Shares | 215991 |
| 6204 | CF Industries Holdings Inc. | 617546 |
| 25776 | Corteva Inc. | 2065173 |
| 26576 | Dow Inc. | 816680 |
| 78397 | DuPont de Nemours Inc. | 3922986 |
| 4448 | Eastman Chemical Co. | 335869 |
| 9444 | Ecolab Inc. | 2912057 |
| 8379 | Element Solutions Inc. | 294019 |
| 4625 | FMC Corp. | 68173 |
| 7118 | Huntsman Corp. | 90043 |
| 9630 | International Flavors & Fragrances Inc. | 791875 |
| 55061 | Linde PLC | 27975393 |
| 9329 | LyondellBasell Industries NV, Class A Shares | 536604 |
| 11554 | Mosaic Co. (The) | 321663 |
| 236 | NewMarket Corp. | 147738 |
| 4515 | Olin Corp. | 114546 |
| 8494 | PPG Industries Inc. | 1047055 |
| 4747 | RPM International Inc. | 541728 |
| 1809 | Scotts Miracle-Gro Co. (The) | 126847 |
| 20172 | Sherwin-Williams Co. (The) | 7314166 |
| 6077 | Solstice Advanced Materials Inc. | 477105 |
| 1167 | Westlake Corp. | 122978 |
|  | Total Chemicals | 54315883 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| 25589 | CRH PLC | 3070168 |
| 1171 | Eagle Materials Inc. | 262070 |
| 5440 | James Hardie Industries PLC\* | 132464 |
| 14041 | Martin Marietta Materials Inc. | 9499719 |
| 9991 | Vulcan Materials Co. | 3097210 |
|  | Total Construction Materials | 16061631 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| 17133 | Amcor PLC | 829751 |
| 2417 | AptarGroup Inc. | 347347 |
| 2855 | Avery Dennison Corp. | 560579 |
| 10723 | Ball Corp. | 719835 |

---

#### See Notes to Financial Statements.

#### 19

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| MATERIALS — 2.9% — (continued) | MATERIALS — 2.9% — (continued) | MATERIALS — 2.9% — (continued) |
| **Containers & Packaging — 0.2% — (continued)** | **Containers & Packaging — 0.2% — (continued)** | **Containers & Packaging — 0.2% — (continued)** |
| 4437 | Crown Holdings Inc. | $508480 |
| 10358 | Graphic Packaging Holding Co. | 126678 |
| 19919 | International Paper Co. | 867473 |
| 3351 | Packaging Corp. of America | 777901 |
| 5305 | Sealed Air Corp. | 222174 |
| 3564 | Silgan Holdings Inc. | 171250 |
| 19548 | Smurfit WestRock PLC | 918952 |
| 3924 | Sonoco Products Co. | 221588 |
|  | Total Containers & Packaging | 6272008 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| 9716 | Alcoa Corp. | 603169 |
| 18831 | Anglogold Ashanti PLC | 2406037 |
| 20493 | Cleveland-Cliffs Inc.\* | 218455 |
| 170622 | Freeport-McMoRan Inc. | 11615946 |
| 4777 | MP Materials Corp.\* | 281222 |
| 41522 | Newmont Corp. | 5397860 |
| 8671 | Nucor Corp. | 1533726 |
| 1995 | Reliance Inc. | 629702 |
| 3084 | Royal Gold Inc. | 924552 |
| 3165 | Southern Copper Corp. | 690920 |
| 5201 | Steel Dynamics Inc. | 1004469 |
|  | Total Metals & Mining | 25306058 |
| **Paper & Forest Products — 0.0%@** | **Paper & Forest Products — 0.0%@** | **Paper & Forest Products — 0.0%@** |
| 2474 | Louisiana-Pacific Corp. | 209647 |
|  | **TOTAL MATERIALS** | **102165227** |
| REAL ESTATE — 2.2% | REAL ESTATE — 2.2% | REAL ESTATE — 2.2% |
| **Diversified REITs — 0.0%@** | **Diversified REITs — 0.0%@** | **Diversified REITs — 0.0%@** |
| 8077 | WP Carey Inc. | 602948 |
| **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| 6549 | Alexandria Real Estate Equities Inc. | 353908 |
| 13397 | Healthcare Realty Trust Inc., Class A Shares | 247175 |
| 26382 | Healthpeak Properties Inc. | 466434 |
| 21700 | Medical Properties Trust Inc. | 124992 |
| 10965 | Omega Healthcare Investors Inc. | 529280 |
| 17717 | Ventas Inc. | 1526497 |
| 25988 | Welltower Inc. | 5382634 |
|  | Total Health Care REITs | 8630920 |
| **Hotel & Resort REITs — 0.0%@** | **Hotel & Resort REITs — 0.0%@** | **Hotel & Resort REITs — 0.0%@** |
| 25319 | Host Hotels & Resorts Inc. | 495999 |
| 7686 | Park Hotels & Resorts Inc. | 86929 |
|  | Total Hotel & Resort REITs | 582928 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| 9865 | Americold Realty Trust Inc. | 132092 |
| 2052 | EastGroup Properties Inc. | 402828 |
| 4785 | First Industrial Realty Trust Inc. | 302125 |
| 2986 | Lineage Inc. | 120993 |
| 79901 | Prologis Inc. | 11391486 |
| 8617 | Rexford Industrial Realty Inc. | 322879 |
| 7233 | STAG Industrial Inc. | 283678 |
|  | Total Industrial REITs | 12956081 |

---

#### See Notes to Financial Statements.

#### 20

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| REAL ESTATE — 2.2% — (continued) | REAL ESTATE — 2.2% — (continued) | REAL ESTATE — 2.2% — (continued) |
| **Office REITs — 0.0%@** | **Office REITs — 0.0%@** | **Office REITs — 0.0%@** |
| 6101 | BXP Inc. | $351296 |
| 5895 | Cousins Properties Inc. | 136528 |
| 4386 | Highwoods Properties Inc. | 98641 |
| 4190 | Kilroy Realty Corp. | 124946 |
| 6345 | Vornado Realty Trust | 174995 |
|  | Total Office REITs | 886406 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| 11192 | CBRE Group Inc., Class A Shares\* | 1652611 |
| 93327 | CoStar Group Inc.\* | 4165184 |
| 1100 | Howard Hughes Holdings Inc.\* | 79607 |
| 1789 | Jones Lang LaSalle Inc.\* | 564519 |
| 1770 | Zillow Group Inc., Class A Shares\* | 79296 |
| 6247 | Zillow Group Inc., Class C Shares\* | 278741 |
|  | Total Real Estate Management & Development | 6819958 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| 12788 | American Homes 4 Rent, Class A Shares | 383640 |
| 5432 | AvalonBay Communities Inc. | 962713 |
| 3934 | Camden Property Trust | 426210 |
| 50326 | Equity LifeStyle Properties Inc. | 3379894 |
| 14235 | Equity Residential | 899794 |
| 2444 | Essex Property Trust Inc. | 623489 |
| 23083 | Invitation Homes Inc. | 608006 |
| 4401 | Mid-America Apartment Communities Inc. | 589118 |
| 4651 | Sun Communities Inc. | 634675 |
| 12331 | UDR Inc. | 462413 |
|  | Total Residential REITs | 8969952 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| 4388 | Agree Realty Corp. | 353146 |
| 11449 | Brixmor Property Group Inc. | 346561 |
| 3190 | Federal Realty Investment Trust | 346976 |
| 25530 | Kimco Realty Corp. | 601232 |
| 6966 | NNN REIT Inc. | 315699 |
| 34447 | Realty Income Corp. | 2307949 |
| 6817 | Regency Centers Corp. | 538543 |
| 12295 | Simon Property Group Inc. | 2506336 |
|  | Total Retail REITs | 7316442 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |
| 45411 | American Tower Corp. | 8712555 |
| 16403 | Crown Castle Inc. | 1468725 |
| 8560 | CubeSmart | 352158 |
| 12941 | Digital Realty Trust Inc. | 2293145 |
| 2805 | EPR Properties | 166645 |
| 3694 | Equinix Inc. | 3598916 |
| 7995 | Extra Space Storage Inc. | 1207485 |
| 2529 | Fermi Inc.\* | 25214 |
| 10402 | Gaming & Leisure Properties Inc. | 508762 |
| 10957 | Iron Mountain Inc. | 1186972 |
| 3205 | Lamar Advertising Co., Class A Shares | 441457 |
| 5597 | Millrose Properties Inc. | 175522 |
| 2458 | National Storage Affiliates Trust | 86079 |
| 23821 | Public Storage | 7314476 |
| 11189 | Rayonier Inc. | 240452 |

---

#### See Notes to Financial Statements.

#### 21

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| REAL ESTATE — 2.2% — (continued) | REAL ESTATE — 2.2% — (continued) | REAL ESTATE — 2.2% — (continued) |
| **Specialized REITs — 0.9% — (continued)** | **Specialized REITs — 0.9% — (continued)** | **Specialized REITs — 0.9% — (continued)** |
| 4093 | SBA Communications Corp., Class A Shares | $823348 |
| 40500 | VICI Properties Inc., Class A Shares | 1223505 |
| 27438 | Weyerhaeuser Co. | 673054 |
|  | Total Specialized REITs | 30498470 |
|  | **TOTAL REAL ESTATE** | **77264105** |
| UTILITIES — 2.1% | UTILITIES — 2.1% | UTILITIES — 2.1% |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| 9785 | Alliant Energy Corp. | 707847 |
| 20291 | American Electric Power Co., Inc. | 2715342 |
| 11794 | Constellation Energy Corp. | 3890605 |
| 87693 | Duke Energy Corp. | 11474629 |
| 14539 | Edison International | 1086645 |
| 16847 | Entergy Corp. | 1804482 |
| 8692 | Evergy Inc. | 727173 |
| 14131 | Eversource Energy | 1076923 |
| 38112 | Exelon Corp. | 1885401 |
| 20625 | FirstEnergy Corp. | 1055175 |
| 2085 | IDACORP Inc. | 300177 |
| 163168 | NextEra Energy Inc. | 15300263 |
| 7262 | NRG Energy Inc. | 1299608 |
| 7481 | OGE Energy Corp. | 367616 |
| 82859 | PG&E Corp. | 1574321 |
| 4572 | Pinnacle West Capital Corp. | 458572 |
| 27670 | PPL Corp. | 1078577 |
| 41498 | Southern Co. (The) | 4041075 |
| 22315 | Xcel Energy Inc. | 1860178 |
|  | Total Electric Utilities | 52704609 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| 6081 | Atmos Energy Corp. | 1135870 |
| 7585 | MDU Resources Group Inc. | 156858 |
| 3395 | National Fuel Gas Co. | 309047 |
| 8199 | UGI Corp. | 306724 |
|  | Total Gas Utilities | 1908499 |
| **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** | **Independent Power & Renewable Electricity Producers — 0.1%** |
| 26360 | AES Corp. (The) | 455501 |
| 5351 | Brookfield Renewable Corp. | 228648 |
| 1465 | Clearway Energy Inc., Class A Shares | 52769 |
| 2939 | Clearway Energy Inc., Class C Shares | 112593 |
| 1688 | Talen Energy Corp.\* | 626197 |
| 12723 | Vistra Corp. | 2212403 |
|  | Total Independent Power & Renewable Electricity Producers | 3688111 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| 10261 | Ameren Corp. | 1162366 |
| 24360 | CenterPoint Energy Inc. | 1059660 |
| 11561 | CMS Energy Corp. | 902567 |
| 13625 | Consolidated Edison Inc. | 1533085 |
| 32269 | Dominion Energy Inc. | 2037465 |
| 7877 | DTE Energy Co. | 1167687 |
| 17781 | NiSource Inc. | 841041 |
| 18854 | Public Service Enterprise Group Inc. | 1622764 |
| 24540 | Sempra | 2362466 |

---

#### See Notes to Financial Statements.

#### 22

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| UTILITIES — 2.1% — (continued) | UTILITIES — 2.1% — (continued) | UTILITIES — 2.1% — (continued) |
| **Multi-Utilities — 0.4% — (continued)** | **Multi-Utilities — 0.4% — (continued)** | **Multi-Utilities — 0.4% — (continued)** |
| 12321 | WEC Energy Group Inc. | $1441064 |
|  | Total Multi-Utilities | 14130165 |
| **Water Utilities — 0.0%@** | **Water Utilities — 0.0%@** | **Water Utilities — 0.0%@** |
| 7281 | American Water Works Co., Inc. | 990434 |
| 10797 | Essential Utilities Inc. | 431556 |
|  | Total Water Utilities | 1421990 |
|  | **TOTAL UTILITIES** | **73853374** |
|  | **TOTAL COMMON STOCKS**<br> (Cost — $1,877,385,133) | **3523624577** |
| **Face**<br>**Amount†** |  |  |
| SHORT-TERM INVESTMENTS(c) — 1.3%  | SHORT-TERM INVESTMENTS(c) — 1.3%  | SHORT-TERM INVESTMENTS(c) — 1.3%  |
| MONEY MARKET FUND — 0.0%@ | MONEY MARKET FUND — 0.0%@ | MONEY MARKET FUND — 0.0%@ |
| $973888 | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(d)<br>(Cost — $973,888) | **973888** |
| TIME DEPOSITS — 1.3%  | TIME DEPOSITS — 1.3%  | TIME DEPOSITS — 1.3%  |
| 37979 <sup>CAD</sup> | BBH — New York, 1.100% due 3/2/26 | 27838 |
| 1561543 | Citibank — New York, 2.980% due 3/2/26 | 1561543 |
| 24569032 | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 24569032 |
| 20 | Royal Bank of Canada — Toronto, 2.980% due 3/2/26 | 20 |
| 5225016 | Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 3/2/26 | 5225016 |
| 13536849 | Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 3/2/26 | 13536849 |
|  | **TOTAL TIME DEPOSITS**<br> (Cost — $44,920,298) | **44920298** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $45,894,186) | **45894186** |
|  | **TOTAL INVESTMENTS — 99.9%**<br> (Cost — $1,923,279,319) | **3569518763** |
|  | Other Assets in Excess of Liabilities — 0.1% | 4326861 |
|  | **TOTAL NET ASSETS — 100.0%** | $**3573845624** |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

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

(b) Affiliated security (see Note 2). As of February 28, 2026, total cost and total value of affiliated security amounted to $2,375,030 and $7,247,847, respectively.

(c) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 1.3%.

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

At February 28, 2026, for Morgan Stanley Pathway Large Cap Equity ETF the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For<br>Federal Income<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross <br>Unrealized <br>(Depreciation)** | **Net <br>Unrealized <br>Appreciation** |
|  Morgan Stanley Pathway Large Cap Equity ETF | $1923279319 | $1687936941 | $(41753120) | $1646183821 |

---

#### See Notes to Financial Statements.

#### 23

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Morgan Stanley Pathway Large Cap Equity ETF</u>

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **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 | 27.8 |
|  Financials | 14.4 |
|  Industrials | 11.0 |
|  Communication Services | 10.7 |
|  Consumer Discretionary | 10.0 |
|  Health Care | 9.9 |
|  Consumer Staples | 4.3 |
|  Energy | 3.5 |
|  Materials | 2.9 |
|  Real Estate | 2.1 |
|  Utilities | 2.1 |
|  Short-Term Investments | 1.3 |
|  Total Investments | 100.0 |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

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

At February 28, 2026, 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**<br> **Contracts** | **Expiration**<br> **Date**<br> **(Month/Year)** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-mini Index Futures | 53 | 3/26 | $18327633 | $18255850 | $(71783) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MidCap 400 E-mini Index Futures | 3 | 3/26 | 1057210 | 1073370 | 16160 |
|  |  |  |  |  | $(55623) |

---

At February 28, 2026, Morgan Stanley Pathway Large Cap Equity ETF had deposited cash of $1,197,984 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

---

| | |
|:---|:---|
| **Currency abbreviation used in this schedule:** | **Currency abbreviation used in this schedule:** |
| CAD | — Canadian Dollar |

---

#### See Notes to Financial Statements.

#### 24

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| COMMON STOCKS — 97.6% | COMMON STOCKS — 97.6% | COMMON STOCKS — 97.6% |
| COMMUNICATION SERVICES — 2.0% | COMMUNICATION SERVICES — 2.0% | COMMUNICATION SERVICES — 2.0% |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| 368 | Anterix Inc.\* | $13583 |
| 9280 | AST SpaceMobile Inc., Class A Shares\* | 734883 |
| 382 | ATN International Inc. | 11009 |
| 997 | Bandwidth Inc., Class A Shares\* | 14776 |
| 1959 | Cogent Communications Holdings Inc. | 36751 |
| 1445 | GCI Liberty Inc., Class C Shares\* | 56861 |
| 2066 | Globalstar Inc.\* | 128650 |
| 719 | IDT Corp., Class B Shares | 36633 |
| 3845 | Iridium Communications Inc. | 92088 |
| 6998 | Liberty Global Ltd., Class A Shares\* | 89154 |
| 5737 | Liberty Global Ltd., Class C Shares\* | 70565 |
| 2029 | Liberty Latin America Ltd., Class A Shares\* | 15907 |
| 4976 | Liberty Latin America Ltd., Class C Shares\* | 39509 |
| 39147 | Lumen Technologies Inc.\* | 278335 |
| 1859 | Shenandoah Telecommunications Co. | 25338 |
| 6299 | Uniti Group Inc.\* | 46109 |
|  | Total Diversified Telecommunication Services | 1690151 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| 17450 | AMC Entertainment Holdings Inc., Class A Shares\* | 20242 |
| 409 | Atlanta Braves Holdings Inc., Class A Shares\* | 19800 |
| 1984 | Atlanta Braves Holdings Inc., Class C Shares\* | 86721 |
| 4414 | Cinemark Holdings Inc. | 124651 |
| 2993 | Eventbrite Inc., Class A Shares\* | 13229 |
| 69353 | IMAX Corp.\* | 2970389 |
| 150992 | Lionsgate Studios Corp.\* | 1358928 |
| 1664 | Madison Square Garden Entertainment Corp., Class A Shares\* | 105065 |
| 693 | Madison Square Garden Sports Corp., Class A Shares\* | 229840 |
| 924 | Marcus Corp. (The) | 15551 |
| 2726 | Playtika Holding Corp. | 8423 |
| 697 | Reservoir Media Inc.\* | 6252 |
| 5384 | Roku Inc., Class A Shares\* | 529840 |
| 1174 | Sphere Entertainment Co.\* | 139718 |
| 10130 | Starz Entertainment Corp.\* | 111430 |
|  | Total Entertainment | 5740079 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| 1485 | Angi Inc., Class A Shares\* | 11553 |
| 3543 | Bumble Inc., Class A Shares\* | 10771 |
| 3422 | Cargurus Inc., Class A Shares\* | 105055 |
| 2485 | Cars.com Inc.\* | 21222 |
| 1212 | EverQuote Inc., Class A Shares\* | 19150 |
| 14529 | fuboTV Inc., Class A Shares\* | 16999 |
| 3599 | Getty Images Holdings Inc.\* | 2800 |
| 1226 | Grindr Inc.\* | 13952 |
| 2809 | IAC Inc.\* | 107641 |
| 10077 | Match Group Inc. | 318433 |
| 1244 | MediaAlpha Inc., Class A Shares\* | 12365 |
| 7146 | Nextdoor Holdings Inc.\* | 12505 |
| 2451 | QuinStreet Inc.\* | 28726 |
| 4016 | Rumble Inc.\* | 21727 |
| 947 | Shutterstock Inc. | 15910 |
| 4852 | TripAdvisor Inc.\* | 49054 |
| 7075 | Trump Media & Technology Group Corp.\* | 75773 |
| 654 | Webtoon Entertainment Inc.\* | 7357 |
| 2475 | Yelp Inc., Class A Shares\* | 55168 |

---

#### See Notes to Financial Statements.

#### 25

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| COMMUNICATION SERVICES — 2.0% — (continued) | COMMUNICATION SERVICES — 2.0% — (continued) | COMMUNICATION SERVICES — 2.0% — (continued) |
| **Interactive Media & Services — 0.2% — (continued)** | **Interactive Media & Services — 0.2% — (continued)** | **Interactive Media & Services — 0.2% — (continued)** |
| 1812 | Ziff Davis Inc.\* | $49069 |
| 2653 | ZipRecruiter Inc., Class A Shares\* | 4802 |
| 11844 | ZoomInfo Technologies Inc., Class A Shares\* | 73551 |
|  | Total Interactive Media & Services | 1033583 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| 3912 | Advantage Solutions Inc.\* | 2043 |
| 1217 | AMC Networks Inc., Class A Shares\* | 9943 |
| 862 | Boston Omaha Corp., Class A Shares\* | 10646 |
| 244 | Cable One Inc.\* | 23412 |
| 84995 | Criteo SA, ADR\* | 1518861 |
| 6196 | DoubleVerify Holdings Inc.\* | 65306 |
| 5649 | EchoStar Corp., Class A Shares\* | 652629 |
| 2331 | Entravision Communications Corp., Class A Shares | 7226 |
| 2008 | EW Scripps Co. (The), Class A Shares\* | 8333 |
| 711 | Gambling.com Group Ltd.\* | 3100 |
| 3529 | Gray Media Inc. | 18316 |
| 737 | Ibotta Inc., Class A Shares\* | 18403 |
| 4494 | iHeartMedia Inc., Class A Shares\* | 14695 |
| 1701 | John Wiley & Sons Inc., Class A Shares | 52765 |
| 741 | Liberty Broadband Corp., Class A Shares\* | 40444 |
| 4770 | Liberty Broadband Corp., Class C Shares\* | 260490 |
| 5814 | Magnite Inc.\* | 79187 |
| 2565 | National CineMedia Inc. | 9131 |
| 6748 | New York Times Co. (The), Class A Shares | 538423 |
| 15818 | News Corp., Class A Shares | 384219 |
| 5362 | News Corp., Class B Shares | 143594 |
| 1282 | Newsmax Inc., Class B Shares\* | 7628 |
| 1203 | Nexstar Media Group Inc., Class A Shares | 301977 |
| 2126 | Nexxen International Ltd., ADR\* | 13691 |
| 47092 | NIQ Global Intelligence PLC\* | 627736 |
| 13780 | Optimum Communications Inc., Class A Shares\* | 19843 |
| 1595 | PubMatic Inc., Class A Shares\* | 12919 |
| 869 | Scholastic Corp. | 30215 |
| 1759 | Sinclair Inc. | 28742 |
| 7812 | Sirius XM Holdings Inc. | 171552 |
| 4947 | Stagwell Inc., Class A Shares\* | 23845 |
| 978 | TechTarget Inc.\* | 3433 |
| 6552 | TEGNA Inc. | 137264 |
| 1624 | Thryv Holdings Inc.\* | 3768 |
| 5934 | USA TODAY Co., Inc.\* | 35307 |
|  | Total Media | 5279086 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| 2955 | Gogo Inc.\* | 12500 |
| 4253 | Millicom International Cellular SA | 310001 |
| 602 | Spok Holdings Inc. | 7308 |
| 4063 | Telephone & Data Systems Inc. | 181819 |
|  | Total Wireless Telecommunication Services | 511628 |
|  | **TOTAL COMMUNICATION SERVICES** | **14254527** |
| CONSUMER DISCRETIONARY — 8.8% | CONSUMER DISCRETIONARY — 8.8% | CONSUMER DISCRETIONARY — 8.8% |
| **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
| 3745 | Adient PLC\* | 91078 |
| 43688 | BorgWarner Inc. | 2515118 |
| 593 | Cooper-Standard Holdings Inc.\* | 22795 |

---

#### See Notes to Financial Statements.

#### 26

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) |
| **Automobile Components — 1.0% — (continued)** | **Automobile Components — 1.0% — (continued)** | **Automobile Components — 1.0% — (continued)** |
| 5062 | Dana Inc. | $173323 |
| 9490 | Dauch Corp.\* | 62634 |
| 14316 | Dorman Products Inc.\* | 1687284 |
| 1945 | Fox Factory Holding Corp.\* | 32754 |
| 6656 | Garrett Motion Inc. | 135516 |
| 9382 | Gentex Corp. | 219539 |
| 1451 | Gentherm Inc.\* | 47549 |
| 10966 | Goodyear Tire & Rubber Co. (The)\* | 90470 |
| 2083 | Holley Inc.\* | 8499 |
| 1046 | LCI Industries | 139327 |
| 12536 | Lear Corp. | 1645350 |
| 1355 | Patrick Industries Inc. | 167735 |
| 1589 | Phinia Inc. | 115409 |
| 19312 | QuantumScape Corp., Class A Shares\* | 133639 |
| 5627 | Solid Power Inc.\* | 19920 |
| 836 | Standard Motor Products Inc. | 33172 |
| 1140 | Visteon Corp. | 109064 |
| 1025 | XPEL Inc.\* | 43686 |
|  | Total Automobile Components | 7493861 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| 4509 | Harley-Davidson Inc. | 81162 |
| 5075 | Lucid Group Inc., Class A Shares\*(a) | 50750 |
| 33231 | Rivian Automotive Inc., Class A Shares\* | 509431 |
| 2115 | Thor Industries Inc. | 203315 |
| 1069 | Winnebago Industries Inc. | 42643 |
|  | Total Automobiles | 887301 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| 140 | Dillard's Inc., Class A Shares | 84390 |
| 4060 | Etsy Inc.\* | 222813 |
| 1215 | Groupon Inc., Class A Shares\* | 15333 |
| 4510 | Kohl's Corp. | 73829 |
| 11283 | Macy's Inc. | 223178 |
| 2541 | Ollie's Bargain Outlet Holdings Inc.\* | 272141 |
| 33660 | Pattern Group Inc., Class A Shares\* | 354440 |
| 1056 | Savers Value Village Inc.\* | 9958 |
|  | Total Broadline Retail | 1256082 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| 869 | GigaCloud Technology Inc., Class A Shares\* | 38532 |
| 652 | Gold.com Inc. | 37471 |
| 10857 | LKQ Corp. | 359475 |
| 1452 | Pool Corp. | 329865 |
| 209 | Weyco Group Inc. | 6535 |
|  | Total Distributors | 771878 |
| **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** | **Diversified Consumer Services — 1.0%** |
| 204889 | ADT Inc. | 1643210 |
| 806 | American Public Education Inc.\* | 36931 |
| 2354 | Bright Horizons Family Solutions Inc.\* | 175420 |
| 629 | Carriage Services Inc., Class A Shares | 28978 |
| 6131 | Coursera Inc.\* | 39300 |
| 1457 | Covista Inc.\* | 142786 |
| 2666 | Driven Brands Holdings Inc.\* | 29326 |
| 1608 | Duolingo Inc., Class A Shares\* | 162408 |

---

#### See Notes to Financial Statements.

#### 27

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) |
| **Diversified Consumer Services — 1.0% — (continued)** | **Diversified Consumer Services — 1.0% — (continued)** | **Diversified Consumer Services — 1.0% — (continued)** |
| 1392 | European Wax Center Inc., Class A Shares\* | $7962 |
| 22116 | Frontdoor Inc.\* | 1516494 |
| 131 | Graham Holdings Co., Class B Shares | 137971 |
| 1137 | Grand Canyon Education Inc.\* | 180863 |
| 5371 | H&R Block Inc. | 164460 |
| 1046 | KinderCare Learning Cos Inc.\* | 3661 |
| 46616 | Laureate Education Inc., Class A Shares\* | 1507561 |
| 863 | Liberty Live Holdings Inc., Class A Shares\* | 83746 |
| 2033 | Liberty Live Holdings Inc., Class C Shares\* | 202588 |
| 1290 | Lincoln Educational Services Corp.\* | 46750 |
| 1140 | Matthews International Corp., Class A Shares | 30130 |
| 1711 | McGraw Hill Inc.\* | 23954 |
| 4478 | Mister Car Wash Inc.\* | 31883 |
| 11294 | Nerdy Inc.\* | 10896 |
| 4217 | OneSpaWorld Holdings Ltd. | 90792 |
| 2566 | Perdoceo Education Corp. | 85576 |
| 5739 | Service Corp. International | 483109 |
| 947 | Strategic Education Inc. | 77919 |
| 1733 | Stride Inc.\* | 146231 |
| 3512 | Udemy Inc.\* | 17665 |
| 2070 | Universal Technical Institute Inc.\* | 74934 |
|  | Total Diversified Consumer Services | 7183504 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| 2476 | Accel Entertainment Inc., Class A Shares\* | 28127 |
| 11031 | Aramark | 461647 |
| 26 | Biglari Holdings Inc., Class B Shares\* | 10082 |
| 845 | BJ's Restaurants Inc.\* | 32102 |
| 436 | Black Rock Coffee Bar Inc., Class A Shares\* | 5816 |
| 3877 | Bloomin' Brands Inc. | 23727 |
| 2275 | Boyd Gaming Corp. | 189348 |
| 156409 | Brightstar Lottery PLC | 2120906 |
| 1817 | Brinker International Inc.\* | 269279 |
| 8513 | Caesars Entertainment Inc.\* | 213251 |
| 4155 | Cava Group Inc.\* | 342663 |
| 1894 | Cheesecake Factory Inc. (The) | 122693 |
| 1147 | Choice Hotels International Inc. | 120836 |
| 2783 | Churchill Downs Inc. | 255841 |
| 999 | Cracker Barrel Old Country Store Inc.(a) | 32687 |
| 1210 | Dave & Buster's Entertainment Inc.\* | 17811 |
| 691 | Dine Brands Global Inc. | 21393 |
| 38483 | Dutch Bros Inc., Class A Shares\* | 2063074 |
| 962 | El Pollo Loco Holdings Inc.\* | 10640 |
| 2087 | First Watch Restaurant Group Inc.\* | 26004 |
| 219887 | Genius Sports Ltd.\* | 1365498 |
| 4814 | Global Business Travel Group I\* | 26333 |
| 752 | Golden Entertainment Inc. | 21733 |
| 2471 | Hilton Grand Vacations Inc.\* | 111096 |
| 1678 | Hyatt Hotels Corp., Class A Shares | 270997 |
| 771 | Inspired Entertainment Inc.\* | 6291 |
| 736 | Jack in the Box Inc. | 12453 |
| 3158 | Krispy Kreme Inc. | 11843 |
| 358 | Kura Sushi USA Inc., Class A Shares\* | 25214 |
| 80923 | Life Time Group Holdings Inc.\* | 2184921 |
| 1374 | Lindblad Expeditions Holdings Inc.\* | 27082 |
| 1147 | Marriott Vacations Worldwide Corp. | 74567 |

---

#### See Notes to Financial Statements.

#### 28

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) |
| **Hotels, Restaurants & Leisure — 2.0% — (continued)** | **Hotels, Restaurants & Leisure — 2.0% — (continued)** | **Hotels, Restaurants & Leisure — 2.0% — (continued)** |
| 8708 | MGM Resorts International\* | $320977 |
| 565 | Monarch Casino & Resort Inc. | 54297 |
| 79 | Nathan's Famous Inc. | 7946 |
| 2211 | Navan Inc., Class A Shares\* | 21535 |
| 19011 | Norwegian Cruise Line Holdings Ltd.\* | 471283 |
| 1310 | Papa John's International Inc. | 41069 |
| 6073 | Penn Entertainment Inc.\* | 94982 |
| 3557 | Planet Fitness Inc., Class A Shares\* | 292208 |
| 2153 | Portillo's Inc., Class A Shares\* | 11497 |
| 764 | Pursuit Attractions & Hospitality Inc.\* | 26557 |
| 318 | RCI Hospitality Holdings Inc. | 7037 |
| 2049 | Red Rock Resorts Inc., Class A Shares | 124067 |
| 3704 | Rush Street Interactive Inc.\* | 73154 |
| 12652 | Sabre Corp.\* | 14929 |
| 2451 | Serve Robotics Inc.\*(a) | 24486 |
| 1576 | Shake Shack Inc., Class A Shares\* | 151312 |
| 3772 | Six Flags Entertainment Corp.\* | 64237 |
| 6982 | Super Group SGHC Ltd. | 74707 |
| 4379 | Sweetgreen Inc., Class A Shares\* | 24303 |
| 1370 | Target Hospitality Corp.\* | 10672 |
| 2771 | Texas Roadhouse Inc., Class A Shares | 506733 |
| 2592 | Travel + Leisure Co. | 191030 |
| 14292 | United Parks & Resorts Inc.\* | 497219 |
| 1467 | Vail Resorts Inc. | 199233 |
| 6441 | Wendy's Co. (The) | 49338 |
| 1149 | Wingstop Inc. | 298177 |
| 3064 | Wyndham Hotels & Resorts Inc. | 250635 |
| 3178 | Wynn Resorts Ltd. | 343828 |
| 901 | Xponential Fitness Inc., Class A Shares\* | 3838 |
|  | Total Hotels, Restaurants & Leisure | 14757241 |
| **Household Durables — 1.6%** | **Household Durables — 1.6%** | **Household Durables — 1.6%** |
| 1455 | Beazer Homes USA Inc.\* | 37219 |
| 325 | Cavco Industries Inc.\* | 187609 |
| 1357 | Century Communities Inc. | 91231 |
| 2351 | Champion Homes Inc.\* | 219771 |
| 1705 | Cricut Inc., Class A Shares | 7331 |
| 1378 | Dream Finders Homes Inc., Class A Shares\* | 24900 |
| 1105 | Ethan Allen Interiors Inc. | 25172 |
| 214 | Flexsteel Industries Inc. | 11015 |
| 1330 | Green Brick Partners Inc.\* | 97968 |
| 417 | Hamilton Beach Brands Holding Co., Class A Shares | 7940 |
| 892 | Helen of Troy Ltd.\* | 15735 |
| 189 | Hovnanian Enterprises Inc., Class A Shares\* | 23742 |
| 965 | Installed Building Products Inc. | 316288 |
| 2640 | KB Home | 167851 |
| 1821 | La-Z-Boy Inc. | 65046 |
| 368 | Legacy Housing Corp.\* | 8067 |
| 5336 | Leggett & Platt Inc. | 62324 |
| 977 | LGI Homes Inc.\* | 50706 |
| 551 | Lovesac Co. (The)\* | 7042 |
| 1108 | M/I Homes Inc.\* | 157513 |
| 2840 | Meritage Homes Corp. | 214193 |
| 2114 | Mohawk Industries Inc.\* | 264821 |
| 17983 | Newell Brands Inc. | 81823 |
| 3515 | SharkNinja Inc.\* | 431888 |

---

#### See Notes to Financial Statements.

#### 29

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) |
| **Household Durables — 1.6% — (continued)** | **Household Durables — 1.6% — (continued)** | **Household Durables — 1.6% — (continued)** |
| 29515 | Somnigroup International Inc. | $2641888 |
| 5130 | Sonos Inc.\* | 79002 |
| 15894 | Taylor Morrison Home Corp., Class A Shares\* | 1047256 |
| 4012 | Toll Brothers Inc. | 630847 |
| 7823 | TopBuild Corp.\* | 3507051 |
| 13308 | Traeger Inc.\* | 11445 |
| 3591 | Tri Pointe Homes Inc.\* | 166263 |
| 13199 | Whirlpool Corp.(a) | 903208 |
|  | Total Household Durables | 11564155 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| 1092 | Acushnet Holdings Corp. | 111744 |
| 20968 | Brunswick Corp. | 1669472 |
| 5543 | Callaway Golf Co.\* | 77935 |
| 970 | Clarus Corp. | 3065 |
| 445 | Escalade Inc. | 6408 |
| 1150 | Funko Inc., Class A Shares\* | 5750 |
| 24747 | Hasbro Inc. | 2464554 |
| 271 | JAKKS Pacific Inc. | 5924 |
| 182 | Johnson Outdoors Inc., Class A Shares | 8825 |
| 1748 | Latham Group Inc.\* | 11729 |
| 752 | Malibu Boats Inc., Class A Shares\* | 21853 |
| 691 | MasterCraft Boat Holdings Inc.\* | 14998 |
| 13096 | Mattel Inc.\* | 221977 |
| 17405 | Peloton Interactive Inc., Class A Shares\* | 69968 |
| 2209 | Polaris Inc. | 134175 |
| 1808 | Smith & Wesson Brands Inc. | 21515 |
| 758 | Sturm Ruger & Co., Inc. | 28380 |
| 3456 | YETI Holdings Inc.\* | 151062 |
|  | Total Leisure Products | 5029334 |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| 932 | 1-800-Flowers.com Inc., Class A Shares\* | 3243 |
| 1935 | Abercrombie & Fitch Co., Class A Shares\* | 189243 |
| 2739 | Academy Sports & Outdoors Inc. | 164696 |
| 2473 | Advance Auto Parts Inc. | 131489 |
| 6679 | American Eagle Outfitters Inc. | 164103 |
| 370 | America's Car-Mart Inc.\* | 7385 |
| 1871 | Arhaus Inc., Class A Shares\* | 15436 |
| 2859 | Arko Corp. | 18383 |
| 807 | Asbury Automotive Group Inc.\* | 172521 |
| 3431 | AutoNation Inc.\* | 669594 |
| 5855 | BARK Inc.\* | 4575 |
| 66464 | Bath & Body Works Inc. | 1512721 |
| 3374 | Bed Bath & Beyond Inc.\* | 17983 |
| 1265 | Boot Barn Holdings Inc.\* | 239363 |
| 1244 | Buckle Inc. (The) | 66616 |
| 501 | Build-A-Bear Workshop Inc. | 24379 |
| 30378 | Caleres Inc. | 361194 |
| 2946 | Camping World Holdings Inc., Class A Shares | 24511 |
| 6218 | CarMax Inc.\* | 268431 |
| 307 | Citi Trends Inc.\* | 14546 |
| 1844 | Designer Brands Inc., Class A Shares | 13129 |
| 2656 | Dick's Sporting Goods Inc. | 540841 |
| 6611 | EVgo Inc., Class A Shares\* | 18114 |
| 2239 | Five Below Inc.\* | 500484 |

---

#### See Notes to Financial Statements.

#### 30

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) |
| **Specialty Retail — 1.2% — (continued)** | **Specialty Retail — 1.2% — (continued)** | **Specialty Retail — 1.2% — (continued)** |
| 4421 | Floor & Decor Holdings Inc., Class A Shares\* | $305447 |
| 17029 | GameStop Corp., Class A Shares\* | 409207 |
| 9565 | Gap Inc. (The) | 268203 |
| 395 | Genesco Inc.\* | 10760 |
| 512 | Group 1 Automotive Inc. | 166779 |
| 560 | Haverty Furniture Cos., Inc. | 13334 |
| 264 | J Jill Inc. | 4559 |
| 617 | Lands' End Inc.\* | 9915 |
| 987 | Lithia Motors Inc., Class A Shares | 275946 |
| 808 | MarineMax Inc.\* | 24644 |
| 1104 | Monro Inc. | 23769 |
| 718 | Murphy USA Inc. | 280551 |
| 3247 | National Vision Holdings Inc.\* | 87572 |
| 338 | OneWater Marine Inc., Class A Shares\* | 3848 |
| 4531 | Outdoor Holding Co.\* | 9651 |
| 755 | Penske Automotive Group Inc. | 118928 |
| 3269 | Petco Health & Wellness Co., Inc., Class A Shares\* | 8336 |
| 3897 | RealReal Inc. (The)\* | 47777 |
| 1515 | Revolve Group Inc., Class A Shares\* | 38117 |
| 672 | RH\* | 111357 |
| 4135 | Sally Beauty Holdings Inc.\* | 66449 |
| 715 | Shoe Carnival Inc. | 14436 |
| 1643 | Signet Jewelers Ltd. | 158040 |
| 800 | Sleep Number Corp.\* | 4936 |
| 675 | Sonic Automotive Inc., Class A Shares | 42336 |
| 3632 | Stitch Fix Inc., Class A Shares\* | 12095 |
| 4700 | ThredUp Inc., Class A Shares\* | 22936 |
| 2471 | Upbound Group Inc. | 53003 |
| 2525 | Urban Outfitters Inc.\* | 167155 |
| 5209 | Valvoline Inc.\* | 196900 |
| 2868 | Victoria's Secret & Co.\* | 179824 |
| 4008 | Warby Parker Inc., Class A Shares\* | 100240 |
| 4128 | Wayfair Inc., Class A Shares\* | 315090 |
| 125 | Winmark Corp. | 57030 |
| 661 | Zumiez Inc.\* | 17331 |
|  | Total Specialty Retail | 8769481 |
| **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** | **Textiles, Apparel & Luxury Goods — 0.9%** |
| 6239 | Amer Sports Inc.\* | 236957 |
| 49447 | Birkenstock Holding PLC\* | 2059468 |
| 4844 | Capri Holdings Ltd.\* | 99350 |
| 1594 | Carter's Inc. | 53479 |
| 1074 | Columbia Sportswear Co. | 66524 |
| 2187 | Crocs Inc.\* | 198383 |
| 2557 | Ermenegildo Zegna NV | 28817 |
| 3852 | Figs Inc., Class A Shares\* | 59513 |
| 1477 | G-III Apparel Group Ltd. | 45181 |
| 2244 | Kontoor Brands Inc. | 146331 |
| 555 | Movado Group Inc. | 13847 |
| 746 | Oxford Industries Inc. | 29534 |
| 1966 | PVH Corp. | 134868 |
| 1601 | Ralph Lauren Corp., Class A Shares | 580523 |
| 279 | Rocky Brands Inc. | 12611 |
| 2914 | Steven Madden Ltd. | 105195 |
| 481 | Superior Group of Cos., Inc. | 4776 |
| 8660 | Tapestry Inc. | 1346370 |

---

#### See Notes to Financial Statements.

#### 31

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) | CONSUMER DISCRETIONARY — 8.8% — (continued) |
| **Textiles, Apparel & Luxury Goods — 0.9% — (continued)** | **Textiles, Apparel & Luxury Goods — 0.9% — (continued)** | **Textiles, Apparel & Luxury Goods — 0.9% — (continued)** |
| 8509 | Under Armour Inc., Class A Shares\* | $63137 |
| 99704 | Under Armour Inc., Class C Shares\* | 720860 |
| 14655 | V.F. Corp. | 284600 |
| 3456 | Wolverine World Wide Inc. | 61068 |
|  | Total Textiles, Apparel & Luxury Goods | 6351392 |
|  | **TOTAL CONSUMER DISCRETIONARY** | **64064229** |
| CONSUMER STAPLES — 3.0%  | CONSUMER STAPLES — 3.0%  | CONSUMER STAPLES — 3.0%  |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| 345 | Boston Beer Co., Inc. (The), Class A Shares\* | 78239 |
| 39342 | Celsius Holdings Inc.\* | 2109125 |
| 2396 | Coca-Cola Consolidated Inc. | 484950 |
| 530 | MGP Ingredients Inc. | 10070 |
| 993 | National Beverage Corp.\* | 36096 |
| 10592 | Primo Brands Corp., Class A Shares | 240227 |
| 41602 | Vita Coco Co., Inc. (The)\* | 2415412 |
|  | Total Beverages | 5374119 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| 16500 | Albertsons Cos., Inc., Class A Shares | 295350 |
| 1317 | Andersons Inc. (The) | 85987 |
| 25457 | BJ's Wholesale Club Holdings Inc.\* | 2514897 |
| 1547 | Casey's General Stores Inc. | 1060608 |
| 1589 | Chefs' Warehouse Inc. (The)\* | 113439 |
| 13516 | Dollar Tree Inc.\* | 1709504 |
| 4097 | Grocery Outlet Holding Corp.\* | 40478 |
| 1410 | HF Foods Group Inc.\* | 2947 |
| 648 | Ingles Markets Inc., Class A Shares | 55145 |
| 7323 | Maplebear Inc.\* | 274686 |
| 679 | Natural Grocers by Vitamin Cottage Inc. | 18353 |
| 6425 | Performance Food Group Co.\* | 623610 |
| 1053 | PriceSmart Inc. | 162815 |
| 4164 | Sprouts Farmers Market Inc.\* | 307595 |
| 2473 | United Natural Foods Inc.\* | 94493 |
| 31497 | US Foods Holding Corp.\* | 3042925 |
| 334 | Village Super Market Inc., Class A Shares | 13076 |
| 724 | Weis Markets Inc. | 49058 |
|  | Total Consumer Staples Distribution & Retail | 10464966 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| 284 | Alico Inc. | 11724 |
| 2868 | B&G Foods Inc. | 15229 |
| 10711 | Beyond Meat Inc.\*(a) | 10128 |
| 610 | Calavo Growers Inc. | 16372 |
| 1822 | Cal-Maine Foods Inc. | 158714 |
| 6490 | Darling Ingredients Inc.\* | 345008 |
| 3375 | Dole PLC | 54135 |
| 8171 | Flowers Foods Inc. | 80730 |
| 1301 | Fresh Del Monte Produce Inc. | 55852 |
| 2002 | Freshpet Inc.\* | 169069 |
| 60345 | Hain Celestial Group Inc. (The)\* | 48240 |
| 2698 | Ingredion Inc. | 316907 |
| 635 | J&J Snack Foods Corp. | 55283 |
| 304 | John B Sanfilippo & Son Inc. | 25113 |
| 5565 | Lamb Weston Holdings Inc. | 268177 |
| 163 | Lifeway Foods Inc.\* | 3612 |

---

#### See Notes to Financial Statements.

#### 32

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| CONSUMER STAPLES — 3.0% — (continued) | CONSUMER STAPLES — 3.0% — (continued) | CONSUMER STAPLES — 3.0% — (continued) |
| **Food Products — 0.5% — (continued)** | **Food Products — 0.5% — (continued)** | **Food Products — 0.5% — (continued)** |
| 630 | Limoneira Co. | $8877 |
| 67392 | Magnum Ice Cream Co. NV (The)\* | 1069511 |
| 1209 | Mama's Creations Inc.\* | 20722 |
| 858 | Marzetti Co. (The) | 141004 |
| 1596 | Mission Produce Inc.\* | 22647 |
| 1632 | Pilgrim's Pride Corp. | 70437 |
| 2006 | Post Holdings Inc.\* | 213238 |
| 10 | Seaboard Corp. | 51327 |
| 167 | Seneca Foods Corp., Class A Shares\* | 23210 |
| 3938 | Simply Good Foods Co. (The)\* | 67182 |
| 2014 | Smithfield Foods Inc. | 50108 |
| 3519 | SunOpta Inc.\* | 22803 |
| 724 | Tootsie Roll Industries Inc. | 30575 |
| 29632 | TreeHouse Foods Inc.\*(b)# | 57190 |
| 2930 | Utz Brands Inc. | 27220 |
| 1383 | Vital Farms Inc.\* | 29168 |
| 1319 | Westrock Coffee Co.\* | 5830 |
|  | Total Food Products | 3545342 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| 448 | Central Garden & Pet Co.\* | 17557 |
| 2228 | Central Garden & Pet Co., Class A Shares\* | 76955 |
| 2742 | Energizer Holdings Inc. | 59200 |
| 400 | Oil-Dri Corp. of America | 27136 |
| 2451 | Reynolds Consumer Products Inc. | 60809 |
| 1050 | Spectrum Brands Holdings Inc. | 82299 |
| 5985 | WD-40 Co. | 1425627 |
|  | Total Household Products | 1749583 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| 3042 | Beauty Health Co. (The)\* | 3164 |
| 5193 | BellRing Brands Inc.\* | 95499 |
| 16031 | Coty Inc., Class A Shares\* | 40238 |
| 2085 | Edgewell Personal Care Co. | 47413 |
| 2273 | elf Beauty Inc.\* | 209230 |
| 4000 | Herbalife Ltd.\* | 78080 |
| 3123 | Honest Co., Inc. (The)\* | 8744 |
| 770 | Interparfums Inc. | 77601 |
| 412 | Medifast Inc.\* | 4338 |
| 462 | Nature's Sunshine Products Inc.\* | 12788 |
| 2063 | Niagen Bioscience Inc.\* | 10418 |
| 1812 | Nu Skin Enterprises Inc., Class A Shares | 15366 |
| 5174 | Olaplex Holdings Inc.\* | 8330 |
| 416 | USANA Health Sciences Inc.\* | 8952 |
|  | Total Personal Care Products | 620161 |
| **Tobacco — 0.0%@** | **Tobacco — 0.0%@** | **Tobacco — 0.0%@** |
| 2958 | Ispire Technology Inc.\* | 6952 |
| 688 | Turning Point Brands Inc. | 94249 |
| 1051 | Universal Corp. | 56470 |
|  | Total Tobacco | 157671 |
|  | **TOTAL CONSUMER STAPLES** | **21911842** |

---

#### See Notes to Financial Statements.

#### 33

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| ENERGY — 4.4% | ENERGY — 4.4% | ENERGY — 4.4% |
| **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** | **Energy Equipment & Services — 1.9%** |
| 7149 | Archrock Inc. | $252574 |
| 2951 | Atlas Energy Solutions Inc., Class A Shares | 28418 |
| 10916 | Borr Drilling Ltd.\* | 66915 |
| 1190 | Bristow Group Inc.\* | 56763 |
| 2843 | Cactus Inc., Class A Shares | 153522 |
| 1752 | Core Laboratories Inc. | 30818 |
| 699 | DMC Global Inc.\* | 4117 |
| 4363 | Expro Group Holdings NV\* | 77923 |
| 767 | Flowco Holdings Inc., Class A Shares | 17304 |
| 302 | Forum Energy Technologies Inc.\* | 17525 |
| 6400 | Helix Energy Solutions Group Inc.\* | 58816 |
| 3999 | Helmerich & Payne Inc. | 140845 |
| 18928 | Innovex International Inc.\* | 498753 |
| 6678 | ION Geophysical Corp.\*(b)# |  |
| 3546 | Kodiak Gas Services Inc. | 193505 |
| 6700 | Liberty Energy Inc., Class A Shares | 188203 |
| 720 | Nabors Industries Ltd.\* | 56246 |
| 2641 | National Energy Services Reunited Corp.\* | 66157 |
| 395 | Natural Gas Services Group Inc. | 15113 |
| 5172 | Noble Corp. PLC | 234964 |
| 15127 | NOV Inc. | 306473 |
| 4144 | Oceaneering International Inc.\* | 147112 |
| 2491 | Oil States International Inc.\* | 32607 |
| 77042 | Patterson-UTI Energy Inc. | 655627 |
| 852 | ProFrac Holding Corp., Class A Shares\* | 4217 |
| 3269 | ProPetro Holding Corp.\* | 39653 |
| 585 | Ranger Energy Services Inc., Class A Shares | 10191 |
| 3435 | RPC Inc. | 19957 |
| 769 | SEACOR Marine Holdings Inc.\* | 5891 |
| 2754 | Seadrill Ltd.\* | 120846 |
| 3729 | Select Water Solutions Inc., Class A Shares | 50975 |
| 1819 | Solaris Energy Infrastructure Inc., Class A Shares | 90277 |
| 109844 | TechnipFMC PLC | 7283756 |
| 218743 | TETRA Technologies Inc.\* | 1894314 |
| 2038 | Tidewater Inc.\* | 161858 |
| 41035 | Transocean Ltd.\* | 265907 |
| 2641 | Valaris Ltd.\* | 253140 |
| 2991 | Weatherford International PLC | 315431 |
|  | Total Energy Equipment & Services | 13816713 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| 13977 | Antero Midstream Corp. | 314203 |
| 12091 | Antero Resources Corp.\* | 445070 |
| 15192 | APA Corp. | 461381 |
| 1636 | Ardmore Shipping Corp. | 26798 |
| 907 | BKV Corp.\* | 28416 |
| 2991 | California Resources Corp. | 175990 |
| 2712 | Calumet Inc.\* | 73116 |
| 714 | Centrus Energy Corp., Class A Shares\* | 144649 |
| 2364 | Chord Energy Corp. | 256187 |
| 6419 | Clean Energy Fuels Corp.\* | 14507 |
| 46030 | CNX Resources Corp.\* | 1923133 |
| 3002 | Comstock Resources Inc.\* | 58869 |
| 2142 | Core Natural Resources Inc. | 175815 |
| 10365 | Crescent Energy Co., Class A Shares | 120856 |

---

#### See Notes to Financial Statements.

#### 34

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| ENERGY — 4.4% — (continued) | ENERGY — 4.4% — (continued) | ENERGY — 4.4% — (continued) |
| **Oil, Gas & Consumable Fuels — 2.5% — (continued)** | **Oil, Gas & Consumable Fuels — 2.5% — (continued)** | **Oil, Gas & Consumable Fuels — 2.5% — (continued)** |
| 1379 | CVR Energy Inc. | $33317 |
| 2373 | Delek US Holdings Inc. | 90435 |
| 36066 | Devon Energy Corp. | 1569953 |
| 5653 | DHT Holdings Inc. | 110177 |
| 2432 | Diversified Energy Co. | 33464 |
| 1683 | Dorian LPG Ltd. | 62254 |
| 4282 | DT Midstream Inc. | 594513 |
| 7149 | Encore Energy Corp.\* | 19302 |
| 9841 | Energy Fuels Inc.\* | 209810 |
| 1066 | Evolution Petroleum Corp. | 4765 |
| 944 | Excelerate Energy Inc., Class A Shares | 37996 |
| 1152 | FLEX LNG Ltd.(a) | 31473 |
| 1005 | FutureFuel Corp. | 4342 |
| 13649 | Gevo Inc.\*(a) | 24841 |
| 4096 | Golar LNG Ltd. | 182108 |
| 1949 | Granite Ridge Resources Inc. | 9862 |
| 2989 | Green Plains Inc.\* | 41039 |
| 653 | Gulfport Energy Corp.\* | 136255 |
| 6647 | HF Sinclair Corp. | 332416 |
| 529 | Infinity Natural Resources Inc., Class A Shares\* | 8781 |
| 1726 | International Seaways Inc. | 130365 |
| 1845 | Kinetik Holdings Inc., Class A Shares | 83929 |
| 21548 | Kosmos Energy Ltd.\* | 50207 |
| 884 | Lightbridge Corp.\* | 11430 |
| 57650 | Magnolia Oil & Gas Corp., Class A Shares | 1603823 |
| 31526 | Matador Resources Co. | 1620436 |
| 5644 | Murphy Oil Corp. | 187099 |
| 101 | NACCO Industries Inc., Class A Shares | 5795 |
| 1753 | Navigator Holdings Ltd. | 36848 |
| 8812 | New Fortress Energy Inc., Class A Shares\*(a) | 9605 |
| 6331 | NextDecade Corp.\* | 34124 |
| 8222 | Nordic American Tankers Ltd. | 47112 |
| 43453 | Northern Oil & Gas Inc. | 1198868 |
| 11917 | Ovintiv Inc. | 602881 |
| 2114 | Par Pacific Holdings Inc.\* | 90204 |
| 3461 | PBF Energy Inc., Class A Shares | 123212 |
| 5038 | Peabody Energy Corp. | 158899 |
| 107422 | Permian Resources Corp., Class A Shares | 1964748 |
| 9820 | Range Resources Corp. | 405370 |
| 1200 | REX American Resources Corp.\* | 42672 |
| 422 | Riley Exploration Permian Inc. | 12170 |
| 3181 | Sable Offshore Corp.\* | 26243 |
| 1525 | SandRidge Energy Inc. | 26733 |
| 1895 | Scorpio Tankers Inc. | 149857 |
| 5641 | SFL Corp., Ltd., Class B Shares | 62107 |
| 10252 | SM Energy Co. | 237129 |
| 5497 | Talos Energy Inc.\* | 67338 |
| 2027 | Teekay Corp., Ltd. | 26250 |
| 913 | Teekay Tankers Ltd., Class A Shares | 71461 |
| 65730 | Uranium Energy Corp.\* | 1007641 |
| 4067 | VAALCO Energy Inc. | 20945 |
| 7020 | Viper Energy Inc., Class A Shares | 326711 |
| 1234 | Vitesse Energy Inc. | 23829 |
| 3524 | W&T Offshore Inc. | 9339 |
| 2129 | World Kinect Corp. | 53119 |
|  | Total Oil, Gas & Consumable Fuels | 18284592 |
|  | **TOTAL ENERGY** | **32101305** |

---

#### See Notes to Financial Statements.

#### 35

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% | FINANCIALS — 12.2% | FINANCIALS — 12.2% |
| **Banks — 5.4%** | **Banks — 5.4%** | **Banks — 5.4%** |
| 852 | 1st Source Corp. | $57093 |
| 385 | ACNB Corp. | 19404 |
| 964 | Amalgamated Financial Corp. | 37104 |
| 1512 | Amerant Bancorp Inc., Class A Shares | 32281 |
| 2861 | Ameris Bancorp | 222185 |
| 326 | Ames National Corp. | 8805 |
| 663 | Arrow Financial Corp. | 22085 |
| 7103 | Associated Banc-Corp. | 187590 |
| 5952 | Atlantic Union Bankshares Corp. | 220581 |
| 2231 | Axos Financial Inc.\* | 193695 |
| 77052 | Banc of California Inc. | 1423150 |
| 898 | BancFirst Corp. | 98780 |
| 1749 | Bancorp Inc. (The)\* | 91805 |
| 368 | Bank First Corp. | 49559 |
| 1543 | Bank of Hawaii Corp. | 116913 |
| 650 | Bank of Marin Bancorp | 16178 |
| 1666 | Bank of NT Butterfield & Son Ltd. (The) | 84550 |
| 4425 | Bank OZK | 206028 |
| 194 | Bank7 Corp. | 7892 |
| 3184 | BankUnited Inc. | 148693 |
| 327 | Bankwell Financial Group Inc. | 15271 |
| 1483 | Banner Corp. | 87275 |
| 756 | Bar Harbor Bankshares | 24389 |
| 427 | Baycom Corp. | 12554 |
| 798 | BCB Bancorp Inc. | 6384 |
| 3383 | Beacon Financial Corp. | 100610 |
| 936 | Blue Foundry Bancorp\* | 12336 |
| 998 | BOK Financial Corp. | 125469 |
| 835 | Bridgewater Bancshares Inc.\* | 15264 |
| 516 | Burke & Herbert Financial Services Corp. | 33251 |
| 1261 | Business First Bancshares Inc. | 34425 |
| 1350 | Byline Bancorp Inc. | 42120 |
| 853 | California BanCorp | 15618 |
| 781 | Camden National Corp. | 36051 |
| 378 | Capital Bancorp Inc. | 11117 |
| 618 | Capital City Bank Group Inc. | 26478 |
| 5983 | Capitol Federal Financial Inc. | 42958 |
| 965 | Carter Bankshares Inc.\* | 20111 |
| 2971 | Cathay General Bancorp | 147688 |
| 770 | Central Pacific Financial Corp. | 24525 |
| 154 | Chemung Financial Corp. | 8550 |
| 896 | ChoiceOne Financial Services Inc. | 25644 |
| 635 | Citizens & Northern Corp. | 14262 |
| 177 | Citizens Financial Services Inc. | 10631 |
| 549 | City Holding Co. | 65864 |
| 679 | Civista Bancshares Inc. | 16167 |
| 1233 | CNB Financial Corp. | 34536 |
| 535 | Coastal Financial Corp.\* | 39692 |
| 731 | Colony Bankcorp Inc. | 14496 |
| 12362 | Columbia Banking System Inc. | 351699 |
| 1021 | Columbia Financial Inc.\* | 18276 |
| 5351 | Commerce Bancshares Inc. | 272847 |
| 2234 | Community Financial System Inc. | 135269 |
| 731 | Community Trust Bancorp Inc. | 43889 |
| 743 | Community West Bancshares | 17260 |

---

#### See Notes to Financial Statements.

#### 36

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Banks — 5.4% — (continued)** | **Banks — 5.4% — (continued)** | **Banks — 5.4% — (continued)** |
| 1971 | ConnectOne Bancorp Inc. | $52291 |
| 2681 | Cullen/Frost Bankers Inc. | 370568 |
| 1278 | Customers Bancorp Inc.\* | 86188 |
| 5837 | CVB Financial Corp. | 112246 |
| 1876 | Dime Community Bancshares Inc. | 60689 |
| 1275 | Eagle Bancorp Inc. | 32449 |
| 23018 | East West Bancorp Inc. | 2519320 |
| 9366 | Eastern Bankshares Inc. | 183199 |
| 1535 | Enterprise Financial Services Corp. | 87648 |
| 738 | Equity Bancshares Inc., Class A Shares | 33121 |
| 286 | Esquire Financial Holdings Inc. | 28880 |
| 525 | Farmers & Merchants Bancorp Inc. | 13577 |
| 1573 | Farmers National Banc Corp. | 20339 |
| 1789 | FB Financial Corp. | 97840 |
| 186 | Fidelity D&D Bancorp Inc. | 8156 |
| 811 | Financial Institutions Inc. | 25449 |
| 50935 | First Bancorp | 1137913 |
| 1230 | First Bank | 19582 |
| 3826 | First Busey Corp. | 97027 |
| 294 | First Business Financial Services Inc. | 16067 |
| 781 | First Citizens BancShares Inc., Class A Shares | 1482455 |
| 4785 | First Commonwealth Financial Corp. | 83881 |
| 599 | First Community Bankshares Inc. | 23439 |
| 4032 | First Financial Bancorp | 113178 |
| 5492 | First Financial Bankshares Inc. | 169868 |
| 613 | First Financial Corp. | 38840 |
| 2380 | First Foundation Inc.\* | 13971 |
| 32113 | First Hawaiian Inc. | 795118 |
| 21108 | First Horizon Corp. | 502159 |
| 310 | First Internet Bancorp | 6287 |
| 3799 | First Interstate BancSystem Inc., Class A Shares | 131483 |
| 2423 | First Merchants Corp. | 94691 |
| 1029 | First Mid Bancshares Inc. | 42199 |
| 320 | First Western Financial Inc.\* | 8093 |
| 462 | Firstsun Capital Bancorp\* | 16849 |
| 742 | Five Star Bancorp | 28886 |
| 93866 | Flagstar Bank N.A. | 1191160 |
| 1038 | Flushing Financial Corp. | 16016 |
| 15387 | FNB Corp. | 261425 |
| 280 | FS Bancorp Inc. | 11063 |
| 7749 | Fulton Financial Corp. | 158467 |
| 686 | FVCBankcorp Inc. | 10592 |
| 397 | GBank Financial Holdings Inc.\* | 11993 |
| 1589 | German American Bancorp Inc. | 65689 |
| 18080 | Glacier Bancorp Inc. | 822459 |
| 351 | Great Southern Bancorp Inc. | 21597 |
| 266 | Greene County Bancorp Inc. | 5871 |
| 3719 | Hancock Whitney Corp. | 244747 |
| 1315 | Hanmi Financial Corp. | 34335 |
| 644 | HBT Financial Inc. | 17362 |
| 3032 | Heritage Commerce Corp. | 37688 |
| 1343 | Heritage Financial Corp. | 35469 |
| 2345 | Hilltop Holdings Inc. | 87773 |
| 65 | Hingham Institution For Savings The | 18143 |
| 295 | Home Bancorp Inc. | 17435 |

---

#### See Notes to Financial Statements.

#### 37

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Banks — 5.4% — (continued)** | **Banks — 5.4% — (continued)** | **Banks — 5.4% — (continued)** |
| 8168 | Home BancShares Inc. | $224293 |
| 830 | HomeTrust Bancshares Inc. | 34976 |
| 5260 | Hope Bancorp Inc. | 59228 |
| 3307 | Horizon Bancorp Inc. | 55690 |
| 156403 | Huntington Bancshares Inc. | 2627570 |
| 18766 | Independent Bank Corp. | 1425597 |
| 2251 | International Bancshares Corp. | 151065 |
| 433 | Investar Holding Corp. | 12224 |
| 587 | John Marshall Bancorp Inc. | 11270 |
| 2369 | Kearny Financial Corp. | 18123 |
| 1074 | Lakeland Financial Corp. | 62389 |
| 564 | LCNB Corp. | 9582 |
| 1077 | LINKBANCORP Inc. | 9316 |
| 1667 | Live Oak Bancshares Inc. | 60462 |
| 1654 | Mechanics Bancorp, Class A Shares | 23586 |
| 830 | Mercantile Bank Corp. | 42878 |
| 818 | Metrocity Bankshares Inc. | 22986 |
| 409 | Metropolitan Bank Holding Corp. | 34417 |
| 807 | Mid Penn Bancorp Inc. | 25961 |
| 304 | Middlefield Banc Corp. | 10236 |
| 719 | Midland States Bancorp Inc. | 15911 |
| 430 | MVB Financial Corp. | 11610 |
| 1593 | National Bank Holdings Corp., Class A Shares | 63704 |
| 273 | National Bankshares Inc. | 10251 |
| 1643 | NB Bancorp Inc. | 35062 |
| 2224 | NBT Bancorp Inc. | 95009 |
| 732 | Nicolet Bankshares Inc. | 111820 |
| 274 | Northeast Bank | 30381 |
| 533 | Northeast Community Bancorp Inc. | 12899 |
| 1560 | Northfield Bancorp Inc. | 20810 |
| 543 | Northpointe Bancshares Inc. | 9807 |
| 920 | Northrim BanCorp Inc. | 21611 |
| 5997 | Northwest Bancshares Inc. | 74663 |
| 297 | Norwood Financial Corp. | 8631 |
| 236 | Oak Valley Bancorp | 7552 |
| 2595 | OceanFirst Financial Corp. | 46866 |
| 1820 | OFG Bancorp | 72946 |
| 14434 | Old National Bancorp | 333425 |
| 2497 | Old Second Bancorp Inc. | 49016 |
| 533 | Orange County Bancorp Inc. | 17701 |
| 1327 | Origin Bancorp Inc. | 55203 |
| 770 | Orrstown Financial Services Inc. | 27674 |
| 612 | Park National Corp. | 100692 |
| 1059 | Pathward Financial Inc. | 96147 |
| 540 | PCB Bancorp | 12074 |
| 660 | Peapack Gladstone Financial Corp. | 22103 |
| 1514 | Peoples Bancorp Inc. | 48857 |
| 222 | Peoples Bancorp of North Carolina Inc. | 8483 |
| 386 | Peoples Financial Services Corp. | 20690 |
| 6225 | Pinnacle Financial Partners Inc. | 564981 |
| 545 | Pioneer Bancorp Inc.\* | 7690 |
| 238 | Plumas Bancorp | 11971 |
| 668 | Ponce Financial Group Inc.\* | 10855 |
| 2770 | Popular Inc. | 374947 |
| 386 | Preferred Bank | 33860 |

---

#### See Notes to Financial Statements.

#### 38

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Banks — 5.4% — (continued)** | **Banks — 5.4% — (continued)** | **Banks — 5.4% — (continued)** |
| 950 | Primis Financial Corp. | $12550 |
| 209 | Princeton Bancorp Inc. | 7100 |
| 3778 | Prosperity Bancshares Inc. | 265858 |
| 4607 | Provident Financial Services Inc. | 96931 |
| 655 | QCR Holdings Inc. | 56658 |
| 762 | RBB Bancorp | 16383 |
| 182 | Red River Bancshares Inc. | 16143 |
| 3838 | Renasant Corp. | 144501 |
| 365 | Republic Bancorp Inc., Class A Shares | 25185 |
| 1645 | S&T Bancorp Inc. | 68777 |
| 3747 | Seacoast Banking Corp. of Florida | 116607 |
| 2147 | ServisFirst Bancshares Inc. | 173928 |
| 1970 | Shore Bancshares Inc. | 36603 |
| 564 | Sierra Bancorp | 20293 |
| 6252 | Simmons First National Corp., Class A Shares | 124477 |
| 657 | SmartFinancial Inc. | 25761 |
| 524 | South Plains Financial Inc. | 21463 |
| 313 | Southern First Bancshares Inc.\* | 17478 |
| 384 | Southern Missouri Bancorp Inc. | 23773 |
| 1226 | Southside Bancshares Inc. | 38398 |
| 4440 | SouthState Bank Corp. | 438095 |
| 1985 | Stellar Bancorp Inc. | 74755 |
| 1036 | Sterling Bancorp Inc.\*(b)# |  |
| 1121 | Stock Yards Bancorp Inc. | 71901 |
| 37570 | Texas Capital Bancshares Inc.\* | 3580421 |
| 2222 | TFS Financial Corp. | 31152 |
| 458 | Third Coast Bancshares Inc.\* | 18141 |
| 317 | Timberland Bancorp Inc. | 12071 |
| 684 | Tompkins Financial Corp. | 52470 |
| 2971 | Towne Bank | 101786 |
| 1489 | TriCo Bancshares | 71144 |
| 972 | Triumph Financial Inc.\* | 54296 |
| 802 | TrustCo. Bank Corp. NY | 34783 |
| 2415 | Trustmark Corp. | 102855 |
| 15715 | UMB Financial Corp. | 1821054 |
| 5972 | United Bankshares Inc. | 246644 |
| 5107 | United Community Banks Inc. | 164292 |
| 317 | Unity Bancorp Inc. | 16861 |
| 1274 | Univest Financial Corp. | 42743 |
| 482 | USCB Financial Holdings Inc. | 9124 |
| 20128 | Valley National Bancorp | 253814 |
| 198 | Virginia National Bankshares Corp. | 7667 |
| 42951 | WaFd Inc. | 1338353 |
| 851 | Washington Trust Bancorp Inc. | 28670 |
| 7009 | Webster Financial Corp. | 505559 |
| 3908 | WesBanco Inc. | 136272 |
| 761 | West BanCorp Inc. | 18530 |
| 904 | Westamerica BanCorp | 45788 |
| 4523 | Western Alliance Bancorp | 363287 |
| 24040 | Wintrust Financial Corp. | 3463202 |
| 2279 | WSFS Financial Corp. | 144739 |
| 6184 | Zions Bancorp NA | 354220 |
|  | Total Banks | 39051884 |

---

#### See Notes to Financial Statements.

#### 39

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| 1136 | Acadian Asset Management Inc. | $61185 |
| 1209 | Affiliated Managers Group Inc. | 370172 |
| 1313 | AlTi Global Inc.\* | 5817 |
| 2540 | Artisan Partners Asset Management Inc., Class A Shares | 102311 |
| 15204 | BGC Group Inc., Class A Shares | 144742 |
| 1353 | Bullish\* | 42471 |
| 10957 | Carlyle Group Inc. (The) | 569654 |
| 2673 | Cboe Global Markets Inc. | 801152 |
| 1115 | Cohen & Steers Inc. | 74560 |
| 94 | Diamond Hill Investment Group Inc. | 16156 |
| 7122 | DigitalBridge Group Inc. | 110035 |
| 1059 | Donnelley Financial Solutions Inc.\* | 52696 |
| 1541 | Evercore Inc., Class A Shares | 475922 |
| 1571 | FactSet Research Systems Inc. | 340609 |
| 395 | Forge Global Holdings Inc.\* | 17775 |
| 12915 | Franklin Resources Inc. | 342764 |
| 730 | Freedom Holding Corp.\* | 87724 |
| 2296 | GCM Grosvenor Inc., Class A Shares | 26588 |
| 12109 | Hamilton Lane Inc., Class A Shares | 1270718 |
| 17899 | Houlihan Lokey Inc., Class A Shares | 2931319 |
| 78377 | Invesco Ltd. | 2058180 |
| 5377 | Janus Henderson Group PLC | 280142 |
| 6518 | Jefferies Financial Group Inc. | 289399 |
| 3855 | Lazard Inc., Class A Shares | 195063 |
| 2179 | Marex Group PLC | 94699 |
| 1505 | MarketAxess Holdings Inc. | 288960 |
| 978 | Miami International Holdings Inc.\* | 41663 |
| 2335 | Moelis & Co., Class A Shares | 138606 |
| 951 | Morningstar Inc. | 174166 |
| 3688 | Open Lending Corp.\* | 4905 |
| 2788 | Patria Investments Ltd., Class A Shares | 36579 |
| 2966 | Perella Weinberg Partners, Class A Shares | 54901 |
| 739 | Piper Sandler Cos. | 218411 |
| 986 | PJT Partners Inc., Class A Shares | 145612 |
| 1947 | Ridgepost Capital Inc., Class A Shares | 15712 |
| 4244 | SEI Investments Co. | 345122 |
| 575 | Silvercrest Asset Management Group Inc., Class A Shares | 8743 |
| 25543 | StepStone Group Inc., Class A Shares | 1101925 |
| 23369 | Stifel Financial Corp. | 1730474 |
| 2032 | StoneX Group Inc.\* | 259080 |
| 5583 | TPG Inc., Class A Shares | 242414 |
| 1873 | Victory Capital Holdings Inc., Class A Shares | 129574 |
| 3291 | Virtu Financial Inc., Class A Shares | 136280 |
| 305 | Virtus Investment Partners Inc. | 42200 |
| 12067 | Webull Corp.\* | 70109 |
| 5433 | WisdomTree Inc. | 92959 |
| 16829 | XP Inc., Class A Shares | 362328 |
|  | Total Capital Markets | 16402576 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| 11561 | Ally Financial Inc. | 455966 |
| 210 | Atlanticus Holdings Corp.\* | 10985 |
| 11231 | Bread Financial Holdings Inc. | 795829 |
| 440 | Consumer Portfolio Services Inc.\* | 3564 |
| 186 | Credit Acceptance Corp.\* | 88011 |

---

#### See Notes to Financial Statements.

#### 40

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Consumer Finance — 0.9% — (continued)** | **Consumer Finance — 0.9% — (continued)** | **Consumer Finance — 0.9% — (continued)** |
| 440 | Dave Inc.\* | $85039 |
| 996 | Encore Capital Group Inc.\* | 68017 |
| 1001 | Enova International Inc.\* | 139189 |
| 1530 | Figure Technology Solutions Inc., Class A Shares\*(a) | 38678 |
| 12934 | FirstCash Holdings Inc. | 2493546 |
| 2490 | Green Dot Corp., Class A Shares\* | 28784 |
| 65488 | LendingClub Corp.\* | 976426 |
| 553 | LendingTree Inc.\* | 20666 |
| 944 | Medallion Financial Corp. | 9525 |
| 3198 | Navient Corp. | 28110 |
| 455 | Nelnet Inc., Class A Shares | 58904 |
| 2001 | NerdWallet Inc., Class A Shares\* | 21711 |
| 4992 | OneMain Holdings Inc., Class A Shares | 274660 |
| 717 | OppFi Inc. | 6582 |
| 1531 | PRA Group Inc.\* | 24113 |
| 1561 | PROG Holdings Inc. | 54963 |
| 351 | Regional Management Corp. | 11169 |
| 8785 | SLM Corp. | 164631 |
| 51393 | SoFi Technologies Inc.\* | 912740 |
| 3488 | Upstart Holdings Inc.\* | 94978 |
| 118 | World Acceptance Corp.\* | 15916 |
|  | Total Consumer Finance | 6882702 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| 1324 | Acacia Research Corp.\* | 5548 |
| 11534 | Affirm Holdings Inc., Class A Shares\* | 541867 |
| 875 | Alerus Financial Corp. | 20860 |
| 1317 | Banco Latinoamericano de Comercio Exterior SA, Class E Shares | 65889 |
| 8708 | Burford Capital Ltd. | 73496 |
| 2626 | Cannae Holdings Inc. | 32037 |
| 2353 | Cantaloupe Inc.\* | 24565 |
| 573 | Cass Information Systems Inc. | 25430 |
| 2987 | Compass Diversified Holdings | 22373 |
| 1453 | Enact Holdings Inc. | 60794 |
| 11232 | Equitable Holdings Inc. | 451751 |
| 3963 | Essent Group Ltd. | 241109 |
| 1754 | Euronet Worldwide Inc.\* | 121991 |
| 2792 | EVERTEC Inc. | 79042 |
| 378 | Federal Agricultural Mortgage Corp., Class C Shares | 59595 |
| 4908 | Flywire Corp.\* | 60417 |
| 51542 | HA Sustainable Infrastructure Capital Inc. | 1882314 |
| 1192 | International Money Express Inc.\* | 18810 |
| 3036 | Jack Henry & Associates Inc. | 493229 |
| 2557 | Jackson Financial Inc., Class A Shares | 279940 |
| 15966 | Marqeta Inc., Class A Shares\* | 61309 |
| 1069 | Merchants Bancorp | 45197 |
| 9305 | MGIC Investment Corp. | 246862 |
| 41137 | NCR Atleos Corp.\* | 1821546 |
| 1765 | NewtekOne Inc. | 21674 |
| 3295 | NMI Holdings Inc., Class A Shares\* | 129526 |
| 214 | Onity Group Inc.\* | 8969 |
| 7193 | Pagseguro Digital Ltd., Class A Shares | 76318 |
| 11857 | Payoneer Global Inc.\* | 51222 |
| 1252 | Paysafe Ltd.\* | 7838 |
| 1759 | Paysign Inc.\* | 6244 |
| 1207 | PennyMac Financial Services Inc. | 110959 |

---

#### See Notes to Financial Statements.

#### 41

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Financial Services — 1.2% — (continued)** | **Financial Services — 1.2% — (continued)** | **Financial Services — 1.2% — (continued)** |
| 1787 | Priority Technology Holdings Inc.\* | $9918 |
| 5594 | Radian Group Inc. | 193105 |
| 7243 | Remitly Global Inc.\* | 120958 |
| 3464 | Repay Holdings Corp., Class A Shares\* | 9630 |
| 664 | Sezzle Inc.\* | 48439 |
| 2831 | Shift4 Payments Inc., Class A Shares\*(a) | 124762 |
| 10288 | StoneCo Ltd., Class A Shares\* | 172838 |
| 6705 | UWM Holdings Corp. | 29569 |
| 342 | Velocity Financial Inc.\* | 6358 |
| 4009 | Voya Financial Inc. | 268122 |
| 14131 | Walker & Dunlop Inc. | 650167 |
| 713 | Waterstone Financial Inc. | 12699 |
| 12906 | Western Union Co. (The) | 124285 |
| 1403 | WEX Inc.\* | 209314 |
|  | Total Financial Services | 9128885 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| 1058 | Abacus Global Management Inc. | 9660 |
| 930 | American Coastal Insurance Corp. | 10593 |
| 13663 | American Financial Group Inc. | 1816906 |
| 872 | AMERISAFE Inc. | 28366 |
| 2128 | Assurant Inc. | 488568 |
| 2022 | Assured Guaranty Ltd. | 174317 |
| 3295 | Axis Capital Holdings Ltd. | 348347 |
| 2867 | Baldwin Insurance Group Inc. (The), Class A Shares\* | 66600 |
| 619 | Bowhead Specialty Holdings Inc.\* | 15679 |
| 2425 | Brighthouse Financial Inc.\* | 145451 |
| 4420 | CNO Financial Group Inc. | 184800 |
| 1901 | Crawford & Co., Class A Shares | 20455 |
| 806 | Donegal Group Inc., Class A Shares | 14202 |
| 977 | Employers Holdings Inc. | 40399 |
| 1740 | Everest Group Ltd. | 583753 |
| 1526 | F&G Annuities & Life Inc. | 34564 |
| 2591 | Fidelis Insurance Holdings Ltd. | 49384 |
| 4099 | First American Financial Corp. | 287381 |
| 17866 | Genworth Financial Inc., Class A Shares\* | 150789 |
| 3483 | Globe Life Inc. | 505941 |
| 999 | Goosehead Insurance Inc., Class A Shares\* | 54146 |
| 710 | Greenlight Capital Re Ltd., Class A Shares\* | 10075 |
| 2042 | Hamilton Insurance Group Ltd., Class B Shares\* | 64507 |
| 12562 | Hanover Insurance Group Inc. (The) | 2269074 |
| 438 | HCI Group Inc. | 77272 |
| 960 | Heritage Insurance Holdings Inc.\* | 26755 |
| 754 | Hippo Holdings Inc.\* | 21685 |
| 1798 | Horace Mann Educators Corp. | 78231 |
| 61 | Investors Title Co. | 14085 |
| 1534 | James River Group Holdings Inc. | 10738 |
| 2615 | Kemper Corp. | 84517 |
| 681 | Kingsway Financial Services Inc.\* | 8335 |
| 920 | Kinsale Capital Group Inc. | 358496 |
| 2566 | Lemonade Inc.\* | 132765 |
| 6224 | Lincoln National Corp. | 213483 |
| 1651 | MBIA Inc.\* | 10814 |
| 1181 | Mercury General Corp. | 106975 |
| 380 | NI Holdings Inc.\* | 5046 |
| 1747 | Octave Specialty Group Inc.\* | 9346 |

---

#### See Notes to Financial Statements.

#### 42

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Insurance — 2.1% — (continued)** | **Insurance — 2.1% — (continued)** | **Insurance — 2.1% — (continued)** |
| 9853 | Old Republic International Corp. | $422398 |
| 8011 | Oscar Health Inc., Class A Shares\* | 109270 |
| 20018 | Palomar Holdings Inc.\* | 2476427 |
| 1444 | Primerica Inc. | 366285 |
| 2037 | ProAssurance Corp.\* | 50008 |
| 2760 | Reinsurance Group of America Inc., Class A Shares | 595415 |
| 1924 | RenaissanceRe Holdings Ltd. | 581933 |
| 3530 | RLI Corp. | 219990 |
| 502 | Root Inc., Class A Shares\* | 26044 |
| 4386 | Ryan Specialty Holdings Inc., Class A Shares | 172589 |
| 673 | Safety Insurance Group Inc. | 52245 |
| 2526 | Selective Insurance Group Inc. | 212285 |
| 9663 | Selectquote Inc.\* | 8311 |
| 2721 | SiriusPoint Ltd.\* | 57522 |
| 1595 | Skyward Specialty Insurance Group Inc.\* | 74120 |
| 1547 | Slide Insurance Holdings Inc.\* | 29393 |
| 1192 | Stewart Information Services Corp. | 84620 |
| 1016 | Tiptree Inc. | 17302 |
| 1782 | Trupanion Inc.\* | 47294 |
| 790 | United Fire Group Inc. | 30699 |
| 1277 | Universal Insurance Holdings Inc. | 44912 |
| 7308 | Unum Group | 524203 |
| 107 | White Mountains Insurance Group Ltd. | 237595 |
|  | Total Insurance | 14973360 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4%** |
| 4100 | Adamas Trust Inc. | 33784 |
| 44989 | AGNC Investment Corp. | 504327 |
| 560 | Angel Oak Mortgage REIT Inc. | 4805 |
| 28668 | Annaly Capital Management Inc. | 666244 |
| 6248 | Apollo Commercial Real Estate Finance Inc. | 66229 |
| 5912 | Arbor Realty Trust Inc. | 46882 |
| 1995 | Ares Commercial Real Estate Corp. | 10015 |
| 4447 | ARMOUR Residential REIT Inc. | 79824 |
| 6931 | Blackstone Mortgage Trust Inc., Class A Shares | 133145 |
| 5674 | BrightSpire Capital Inc., Class A Shares | 32966 |
| 619 | Chicago Atlantic Real Estate Finance Inc. | 7521 |
| 3594 | Chimera Investment Corp. | 48914 |
| 3170 | Claros Mortgage Trust Inc.\* | 7576 |
| 7070 | Dynex Capital Inc. | 99192 |
| 4311 | Ellington Financial Inc. | 53543 |
| 3528 | Franklin BSP Realty Trust Inc. | 32211 |
| 3910 | Invesco Mortgage Capital Inc. | 32961 |
| 2073 | KKR Real Estate Finance Trust Inc. | 14407 |
| 5133 | Ladder Capital Corp., Class A Shares | 53229 |
| 4624 | MFA Financial Inc. | 46749 |
| 287 | Nexpoint Real Estate Finance Inc. | 4164 |
| 6634 | Orchid Island Capital Inc. | 49357 |
| 3867 | PennyMac Mortgage Investment Trust | 47409 |
| 6373 | Ready Capital Corp. | 11790 |
| 6127 | Redwood Trust Inc. | 37068 |
| 23393 | Rithm Capital Corp. | 235100 |
| 1144 | Seven Hills Realty Trust | 9793 |
| 14666 | Starwood Property Trust Inc. | 261201 |
| 958 | TPG Mortgage Investment Trust Inc. | 7750 |
| 3289 | TPG RE Finance Trust Inc. | 27825 |

---

#### See Notes to Financial Statements.

#### 43

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) | FINANCIALS — 12.2% — (continued) |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.4% — (continued)** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4% — (continued)** | **Mortgage Real Estate Investment Trusts (REITs) — 0.4% — (continued)** |
| 4906 | Two Harbors Investment Corp. | $50679 |
|  | Total Mortgage Real Estate Investment Trusts (REITs) | 2716660 |
|  | **TOTAL FINANCIALS** | **89156067** |
| HEALTH CARE — 12.9% | HEALTH CARE — 12.9% | HEALTH CARE — 12.9% |
| **Biotechnology — 5.5%** | **Biotechnology — 5.5%** | **Biotechnology — 5.5%** |
| 1849 | 4D Molecular Therapeutics Inc.\* | 17861 |
| 17914 | Abivax SA, ADR\* | 2172610 |
| 8415 | Absci Corp.\*(a) | 23057 |
| 5028 | ACADIA Pharmaceuticals Inc.\* | 123488 |
| 2666 | ADC Therapeutics SA\* | 10931 |
| 132603 | ADMA Biologics Inc.\* | 2064629 |
| 870 | Aduro Biotech Holdings Europe BV\*(b)(e) | 444 |
| 2454 | Agios Pharmaceuticals Inc.\* | 74184 |
| 12413 | Akebia Therapeutics Inc.\* | 16261 |
| 3155 | Akero Therapeutics Inc.\*(b) | 2051 |
| 2197 | Aldeyra Therapeutics Inc.\* | 11996 |
| 2467 | Alector Inc.\* | 5995 |
| 6657 | Alkermes PLC\* | 200376 |
| 5063 | Allogene Therapeutics Inc.\* | 14075 |
| 2654 | Altimmune Inc.\* | 11439 |
| 12243 | Amicus Therapeutics Inc.\* | 175932 |
| 898 | AnaptysBio Inc.\* | 49435 |
| 3701 | Anavex Life Sciences Corp.\* | 16395 |
| 530 | Anika Therapeutics Inc.\* | 7611 |
| 3983 | Annexon Inc.\* | 22305 |
| 4700 | Apellis Pharmaceuticals Inc.\* | 98512 |
| 1619 | Apogee Therapeutics Inc.\* | 113330 |
| 5603 | Arbutus Biopharma Corp.\* | 26110 |
| 1448 | Arcellx Inc.\* | 164768 |
| 772 | Arcturus Therapeutics Holdings Inc.\* | 6354 |
| 3051 | Arcus Biosciences Inc.\* | 62149 |
| 4665 | Arcutis Biotherapeutics Inc.\* | 125815 |
| 10244 | Ardelyx Inc.\* | 67098 |
| 1107 | ArriVent Biopharma Inc.\* | 25428 |
| 5508 | Arrowhead Pharmaceuticals Inc.\* | 348491 |
| 2715 | ARS Pharmaceuticals Inc.\* | 25195 |
| 32159 | Ascendis Pharma AS, ADR\* | 7509126 |
| 481 | Atrium Therapeutics Inc.\*(b) | 7095 |
| 4788 | aTyr Pharma Inc.\* | 4596 |
| 1893 | Aura Biosciences Inc.\* | 11150 |
| 5137 | Aurinia Pharmaceuticals Inc.\* | 72791 |
| 4812 | Avidity Biosciences Inc.\*(e) | 346464 |
| 3649 | Avita Medical Inc.\* | 18354 |
| 3978 | Beam Therapeutics Inc.\* | 113214 |
| 1663 | Bicara Therapeutics Inc.\* | 27905 |
| 10061 | BioCryst Pharmaceuticals Inc.\* | 88034 |
| 3739 | Biohaven Ltd.\* | 43073 |
| 6636 | Bridgebio Pharma Inc.\* | 441161 |
| 150 | Bright Minds Biosciences Inc.\* | 12573 |
| 2448 | Candel Therapeutics Inc.\* | 12852 |
| 1420 | Capricor Therapeutics Inc.\* | 39661 |
| 1647 | Cardiff Oncology Inc.\* | 3195 |
| 2288 | CareDx Inc.\* | 42923 |
| 1170 | Caris Life Sciences Inc.\* | 23564 |

---

#### See Notes to Financial Statements.

#### 44

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Biotechnology — 5.5% — (continued)** | **Biotechnology — 5.5% — (continued)** | **Biotechnology — 5.5% — (continued)** |
| 4865 | Catalyst Pharmaceuticals Inc.\* | $112284 |
| 1343 | Celcuity Inc.\* | 150027 |
| 2808 | Celldex Therapeutics Inc.\* | 84493 |
| 2454 | CG oncology Inc.\* | 144295 |
| 5796 | Cogent Biosciences Inc.\* | 225175 |
| 4788 | Coherus Oncology Inc.\* | 7996 |
| 4848 | Compass Therapeutics Inc.\* | 27391 |
| 1253 | Contra Inhibrx Inc.\*(b)(e) | 2080 |
| 1599 | Corvus Pharmaceuticals Inc.\* | 29198 |
| 3705 | CRISPR Therapeutics AG\* | 222819 |
| 1892 | Cullinan Therapeutics Inc.\* | 29326 |
| 4834 | Cytokinetics Inc.\* | 300771 |
| 3172 | Day One Biopharmaceuticals Inc.\* | 33623 |
| 5721 | Denali Therapeutics Inc.\* | 121171 |
| 1220 | Design Therapeutics Inc.\* | 12737 |
| 911 | Dianthus Therapeutics Inc.\* | 50278 |
| 971 | Discount Medicine Inc., Class A Shares\* | 64688 |
| 4967 | Dyne Therapeutics Inc.\* | 77585 |
| 3076 | Editas Medicine Inc.\* | 6767 |
| 2250 | Emergent BioSolutions Inc.\* | 18337 |
| 1384 | Enanta Pharmaceuticals Inc.\* | 19791 |
| 930 | Entrada Therapeutics Inc.\* | 11095 |
| 6356 | Erasca Inc.\* | 86823 |
| 7829 | Exact Sciences Corp.\* | 809362 |
| 11131 | Exelixis Inc.\* | 490432 |
| 4506 | Fate Therapeutics Inc.\* | 6669 |
| 629 | Fennec Pharmaceuticals Inc.\* | 5340 |
| 784 | Foghorn Therapeutics Inc.\* | 4453 |
| 24594 | Geron Corp.\* | 41318 |
| 7614 | Gossamer Bio Inc.\* | 3235 |
| 1473 | GRAIL Inc.\* | 78408 |
| 420 | Greenwich Lifesciences Inc.\* | 11642 |
| 4806 | Halozyme Therapeutics Inc.\* | 334161 |
| 4418 | Heron Therapeutics Inc.\* | 5257 |
| 3532 | Humacyte Inc.\* | 3938 |
| 3485 | Ideaya Biosciences Inc.\* | 112217 |
| 12180 | ImmunityBio Inc.\*(a) | 119120 |
| 4130 | Immunome Inc.\* | 90282 |
| 2970 | Immunovant Inc.\* | 82358 |
| 377 | Inhibrx Biosciences Inc.\* | 27947 |
| 8788 | Insmed Inc.\* | 1312312 |
| 4533 | Intellia Therapeutics Inc.\* | 62465 |
| 6605 | Ionis Pharmaceuticals Inc.\* | 535996 |
| 12703 | Iovance Biotherapeutics Inc.\* | 49034 |
| 7543 | Ironwood Pharmaceuticals Inc., Class A Shares\* | 25797 |
| 3631 | Jade Biosciences Inc. | 53848 |
| 1925 | Janux Therapeutics Inc.\* | 26199 |
| 1371 | KalVista Pharmaceuticals Inc.\* | 22320 |
| 1260 | Keros Therapeutics Inc.\* | 17879 |
| 1361 | Kodiak Sciences Inc.\* | 36475 |
| 1028 | Krystal Biotech Inc.\* | 283358 |
| 2800 | Kura Oncology Inc.\* | 24444 |
| 2365 | Kymera Therapeutics Inc.\* | 216043 |
| 1886 | Larimar Therapeutics Inc.\* | 10015 |
| 49124 | Legend Biotech Corp., ADR\* | 933356 |

---

#### See Notes to Financial Statements.

#### 45

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Biotechnology — 5.5% — (continued)** | **Biotechnology — 5.5% — (continued)** | **Biotechnology — 5.5% — (continued)** |
| 2153 | Lexeo Therapeutics Inc.\* | $15459 |
| 2847 | Madrigal Pharmaceuticals Inc.\* | 1229904 |
| 12658 | MannKind Corp.\* | 41518 |
| 1516 | MeiraGTx Holdings PLC\* | 11461 |
| 5419 | MiMedx Group Inc.\* | 26499 |
| 2030 | Mineralys Therapeutics Inc.\* | 59398 |
| 1673 | Mirum Pharmaceuticals Inc.\* | 154401 |
| 1902 | Monte Rosa Therapeutics Inc.\* | 33760 |
| 3344 | Myriad Genetics Inc.\* | 15416 |
| 4074 | Neurocrine Biosciences Inc.\* | 538786 |
| 386 | Neurogene Inc.\* | 9067 |
| 19640 | Newamsterdam Pharma Co. NV\* | 696434 |
| 2097 | Nkarta Inc.\* | 5662 |
| 7011 | Novavax Inc.\* | 71092 |
| 4477 | Nurix Therapeutics Inc.\* | 71498 |
| 2147 | Nuvalent Inc., Class A Shares\* | 218887 |
| 2500 | Olema Pharmaceuticals Inc.\* | 60500 |
| 19 | Oncternal Therapeutics Inc.\*(b)(e) |  |
| 2782 | Organogenesis Holdings Inc., Class A Shares\* | 8930 |
| 2472 | ORIC Pharmaceuticals Inc.\* | 33248 |
| 1592 | Oruka Therapeutics Inc.\* | 54781 |
| 246 | Palvella Therapeutics Inc.\* | 33215 |
| 2248 | Perspective Therapeutics Inc.\* | 12139 |
| 1005 | Praxis Precision Medicines Inc.\* | 338434 |
| 7302 | Precigen Inc.\* | 27675 |
| 4780 | Prime Medicine Inc.\* | 22084 |
| 2404 | Protagonist Therapeutics Inc.\* | 221360 |
| 1505 | Prothena Corp. PLC\* | 13048 |
| 3202 | PTC Therapeutics Inc.\* | 218344 |
| 2183 | Puma Biotechnology Inc.\* | 12443 |
| 15795 | Recursion Pharmaceuticals Inc., Class A Shares\* | 57968 |
| 1711 | REGENXBIO Inc.\* | 15467 |
| 5834 | Relay Therapeutics Inc.\* | 59857 |
| 2834 | Replimune Group Inc.\* | 21680 |
| 23621 | Revolution Medicines Inc.\* | 2409814 |
| 2639 | Rezolute Inc.\* | 8471 |
| 29398 | Rhythm Pharmaceuticals Inc.\* | 2726077 |
| 719 | Rigel Pharmaceuticals Inc.\* | 24978 |
| 3318 | Rocket Pharmaceuticals Inc.\* | 16623 |
| 16475 | Roivant Sciences Ltd.\* | 476787 |
| 6931 | Sana Biotechnology Inc.\* | 29180 |
| 3913 | Sarepta Therapeutics Inc.\* | 65582 |
| 10271 | Savara Inc.\* | 61831 |
| 3385 | Scholar Rock Holding Corp.\* | 149854 |
| 3750 | SELLAS Life Sciences Group Inc.\*(a) | 18487 |
| 661 | Sionna Therapeutics Inc.\* | 24153 |
| 2021 | Soleno Therapeutics Inc.\* | 78960 |
| 2492 | Solid Biosciences Inc.\* | 15475 |
| 3017 | Spyre Therapeutics Inc.\* | 129761 |
| 2015 | Stoke Therapeutics Inc.\* | 73366 |
| 4955 | Summit Therapeutics Inc.\* | 82203 |
| 3718 | Syndax Pharmaceuticals Inc.\* | 80718 |
| 4220 | Tango Therapeutics Inc.\* | 47011 |
| 8966 | Taysha Gene Therapies Inc.\* | 40616 |
| 5961 | TG Therapeutics Inc.\* | 179366 |

---

#### See Notes to Financial Statements.

#### 46

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Biotechnology — 5.5% — (continued)** | **Biotechnology — 5.5% — (continued)** | **Biotechnology — 5.5% — (continued)** |
| 3684 | Travere Therapeutics Inc., Class Preferred Shares\* | $109746 |
| 2510 | Twist Bioscience Corp.\* | 117769 |
| 1058 | Tyra Biosciences Inc.\* | 35242 |
| 3844 | Ultragenyx Pharmaceutical Inc.\* | 89911 |
| 1780 | United Therapeutics Corp.\* | 896942 |
| 1458 | Upstream Bio Inc.\* | 11197 |
| 1388 | UroGen Pharma Ltd.\* | 30120 |
| 2203 | Vanda Pharmaceuticals Inc.\* | 19629 |
| 55963 | Vaxcyte Inc.\* | 3455156 |
| 2388 | Vera Therapeutics Inc., Class A Shares\* | 97407 |
| 3260 | Veracyte Inc.\* | 119283 |
| 2537 | Verastem Inc.\* | 14512 |
| 2124 | Vericel Corp.\* | 75784 |
| 4591 | Viking Therapeutics Inc.\* | 155359 |
| 4601 | Vir Biotechnology Inc.\* | 41823 |
| 3492 | Viridian Therapeutics Inc.\* | 102595 |
| 1953 | Voyager Therapeutics Inc.\* | 8007 |
| 2574 | Xencor Inc.\* | 32870 |
| 20813 | Xenon Pharmaceuticals Inc.\* | 899746 |
| 322 | XOMA Royalty Corp.\* | 8221 |
| 623 | Zenas Biopharma Inc.\* | 16416 |
| 2037 | Zymeworks Inc.\* | 47442 |
|  | Total Biotechnology | 40111391 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| 150467 | Accuray Inc.\* | 86895 |
| 4866 | Alphatec Holdings Inc.\* | 66275 |
| 1510 | AngioDynamics Inc.\* | 17274 |
| 1871 | Artivion Inc.\* | 72034 |
| 24385 | AtriCure Inc.\* | 762275 |
| 1628 | Avanos Medical Inc.\* | 22955 |
| 1893 | AxoGen Inc.\* | 60065 |
| 1629 | Beta Bionics Inc.\* | 20574 |
| 1374 | Bioventus Inc., Class A Shares\* | 12064 |
| 8604 | Butterfly Network Inc., Class A Shares\* | 32609 |
| 1376 | Ceribell Inc.\* | 25690 |
| 6314 | Cerus Corp.\* | 16164 |
| 1175 | ClearPoint Neuro Inc.\* | 14770 |
| 8910 | CONMED Corp. | 409860 |
| 605 | CVRx Inc.\* | 4937 |
| 22884 | CytoSorbents Corp.\* | 17220 |
| 1722 | Delcath Systems Inc.\* | 15326 |
| 38727 | DENTSPLY SIRONA Inc. | 568512 |
| 2224 | Embecta Corp. | 22818 |
| 2437 | Enovis Corp.\* | 62070 |
| 72734 | Envista Holdings Corp.\* | 2124560 |
| 2335 | Glaukos Corp.\* | 281134 |
| 24187 | Globus Medical Inc., Class A Shares\* | 2308891 |
| 37654 | Haemonetics Corp.\* | 2384251 |
| 1006 | ICU Medical Inc.\* | 151483 |
| 990 | Inogen Inc.\* | 6039 |
| 1195 | Inspire Medical Systems Inc.\* | 77089 |
| 17406 | Integer Holdings Corp.\* | 1508752 |
| 58214 | Integra LifeSciences Holdings Corp.\* | 662475 |
| 370 | iRadimed Corp. | 38306 |
| 5599 | IRhythm Holdings Inc.\* | 748866 |

---

#### See Notes to Financial Statements.

#### 47

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Health Care Equipment & Supplies — 2.8% — (continued)** | **Health Care Equipment & Supplies — 2.8% — (continued)** | **Health Care Equipment & Supplies — 2.8% — (continued)** |
| 1063 | Kestra Medical Technologies Ltd.\* | $24747 |
| 2808 | Lantheus Holdings Inc.\* | 210347 |
| 853 | LeMaitre Vascular Inc. | 92278 |
| 2310 | LivaNova PLC\* | 163086 |
| 17699 | Masimo Corp.\* | 3103520 |
| 2422 | Merit Medical Systems Inc.\* | 186930 |
| 36451 | Neogen Corp.\* | 409345 |
| 740 | NeuroPace Inc.\* | 10789 |
| 4112 | Novocure Ltd.\* | 56211 |
| 1891 | Omnicell Inc.\* | 77720 |
| 94986 | OraSure Technologies Inc.\* | 299206 |
| 1312 | Orthofix Medical Inc.\* | 17751 |
| 682 | OrthoPediatrics Corp.\* | 13074 |
| 1008 | Outset Medical Inc.\* | 3518 |
| 1584 | Penumbra Inc.\* | 545514 |
| 2170 | PROCEPT BioRobotics Corp.\* | 49237 |
| 846 | Pulse Biosciences Inc.\* | 15846 |
| 44731 | QuidelOrtho Corp.\* | 1017183 |
| 1838 | RxSight Inc.\* | 13748 |
| 143 | Sanara Medtech Inc.\* | 2923 |
| 1976 | SI-BONE Inc.\* | 30668 |
| 1632 | Sight Sciences Inc.\* | 8421 |
| 2279 | STAAR Surgical Co.\* | 45352 |
| 1944 | Stereotaxis Inc.\* | 4199 |
| 381 | Strive Inc., Class A Shares\* | 3025 |
| 906 | Tactile Systems Technology Inc.\* | 26537 |
| 2843 | Tandem Diabetes Care Inc.\* | 71928 |
| 1848 | Teleflex Inc. | 225567 |
| 1371 | TransMedics Group Inc.\* | 199151 |
| 1716 | Treace Medical Concepts Inc.\* | 3192 |
| 308 | UFP Technologies Inc.\* | 64859 |
| 72 | Utah Medical Products Inc. | 4796 |
| 52205 | Varex Imaging Corp.\* | 687540 |
|  | Total Health Care Equipment & Supplies | 20290441 |
| **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |
| 53247 | Acadia Healthcare Co., Inc.\* | 1248110 |
| 2933 | Accendra Health Inc.\* | 7098 |
| 4424 | AdaptHealth Corp., Class A Shares\* | 40480 |
| 757 | Addus HomeCare Corp.\* | 78372 |
| 12962 | agilon health Inc.\* | 7638 |
| 7284 | Alignment Healthcare Inc.\* | 139998 |
| 1780 | AMN Healthcare Services Inc.\* | 34674 |
| 1054 | Ardent Health Inc.\* | 9897 |
| 1839 | Astrana Health Inc.\* | 37387 |
| 3020 | Aveanna Healthcare Holdings Inc.\* | 22227 |
| 4648 | BrightSpring Health Services Inc.\* | 192567 |
| 9669 | Brookdale Senior Living Inc.\* | 147936 |
| 1232 | Castle Biosciences Inc.\* | 36430 |
| 584 | Chemed Corp. | 239446 |
| 17895 | Clover Health Investments Corp., Class A Shares\* | 37401 |
| 5286 | Community Health Systems Inc.\* | 18290 |
| 5024 | Concentra Group Holdings Parent Inc. | 120375 |
| 1152 | CorVel Corp.\* | 59420 |
| 1226 | Cross Country Healthcare Inc.\* | 10666 |
| 1565 | DaVita Inc.\* | 244609 |

---

#### See Notes to Financial Statements.

#### 48

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Health Care Providers & Services — 2.5% — (continued)** | **Health Care Providers & Services — 2.5% — (continued)** | **Health Care Providers & Services — 2.5% — (continued)** |
| 3686 | DocGo Inc.\* | $2647 |
| 15603 | Encompass Health Corp. | 1683252 |
| 2014 | Enhabit Inc.\* | 27411 |
| 2355 | Ensign Group Inc. (The) | 504370 |
| 726 | Fulgent Genetics Inc.\* | 11130 |
| 19732 | GeneDx Holdings Corp., Class A Shares\* | 1572838 |
| 23945 | Guardant Health Inc.\* | 2248435 |
| 860 | Guardian Pharmacy Services Inc., Class A Shares\* | 28819 |
| 23868 | HealthEquity Inc.\* | 1825663 |
| 4376 | Henry Schein Inc.\* | 360539 |
| 8613 | Hims & Hers Health Inc.\* | 125061 |
| 1243 | Innovage Holding Corp.\* | 11137 |
| 424 | Joint Corp. (The)\* | 3731 |
| 7247 | LifeStance Health Group Inc.\* | 52468 |
| 2009 | Nano-X Imaging Ltd.\* | 4761 |
| 550 | National HealthCare Corp. | 89925 |
| 496 | National Research Corp. | 6651 |
| 5513 | NeoGenomics Inc.\* | 54193 |
| 137 | Nutex Health Inc.\* | 15133 |
| 24461 | OPKO Health Inc.\* | 29353 |
| 40935 | Option Care Health Inc.\* | 1328750 |
| 1824 | PACS Group Inc.\* | 66594 |
| 3715 | Pediatrix Medical Group Inc.\* | 73743 |
| 1488 | Pennant Group Inc. (The)\* | 50160 |
| 4874 | Privia Health Group Inc.\* | 115757 |
| 2988 | Progyny Inc.\* | 52858 |
| 17844 | RadNet Inc.\* | 1245690 |
| 4537 | Select Medical Holdings Corp. | 67919 |
| 183 | Sonida Senior Living Inc.\* | 6568 |
| 2589 | Strata Critical Medical Inc.\* | 11081 |
| 3238 | Surgery Partners Inc.\* | 50189 |
| 6820 | Talkspace Inc.\* | 32872 |
| 12903 | Tenet Healthcare Corp.\* | 3088849 |
| 2246 | Universal Health Services Inc., Class B Shares | 462901 |
| 657 | US Physical Therapy Inc. | 54505 |
| 1122 | Viemed Healthcare Inc.\* | 9761 |
|  | Total Health Care Providers & Services | 18108735 |
| **Health Care Technology — 0.0%@** | **Health Care Technology — 0.0%@** | **Health Care Technology — 0.0%@** |
| 5075 | Certara Inc.\* | 35931 |
| 409 | Claritev Corp., Class A Shares\* | 5509 |
| 2148 | Definitive Healthcare Corp., Class A Shares\* | 2749 |
| 5511 | Doximity Inc., Class A Shares\* | 135185 |
| 4973 | Evolent Health Inc., Class A Shares\* | 16162 |
| 2001 | Health Catalyst Inc.\* | 3242 |
| 1106 | HealthStream Inc. | 23480 |
| 1085 | HeartFlow Inc.\* | 25129 |
| 1315 | LifeMD Inc.\* | 3511 |
| 765 | OptimizeRx Corp.\* | 5799 |
| 2350 | Phreesia Inc.\* | 28976 |
| 2367 | Schrodinger Inc.\* | 28546 |
| 763 | Simulations Plus Inc.\* | 9331 |
| 7241 | Teladoc Health Inc.\* | 38088 |
| 4448 | Waystar Holding Corp.\* | 114091 |
|  | Total Health Care Technology | 475729 |

---

#### See Notes to Financial Statements.

#### 49

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Life Sciences Tools & Services — 1.2%**  | **Life Sciences Tools & Services — 1.2%**  | **Life Sciences Tools & Services — 1.2%**  |
| 4801 | 10X Genomics Inc., Class A Shares\* | $110663 |
| 78827 | Adaptive Biotechnologies Corp.\* | 1262808 |
| 27502 | Avantor Inc.\* | 248893 |
| 17848 | Azenta Inc.\* | 481539 |
| 1699 | BioLife Solutions Inc.\* | 41116 |
| 788 | Bio-Rad Laboratories Inc., Class A Shares\* | 219411 |
| 33810 | Bio-Techne Corp. | 1994790 |
| 4327 | Bruker Corp. | 173556 |
| 6399 | Charles River Laboratories International Inc.\* | 1142157 |
| 2694 | Codexis Inc.\* | 2721 |
| 1543 | CryoPort Inc.\* | 12992 |
| 4520 | Cytek Biosciences Inc.\* | 20250 |
| 3906 | Fortrea Holdings Inc.\* | 41872 |
| 2193 | Ginkgo Bioworks Holdings Inc.\* | 14803 |
| 9347 | ICON PLC, ADR\* | 1010785 |
| 789 | Lifecore Biomedical Inc.\* | 5681 |
| 4400 | Maravai LifeSciences Holdings Inc., Class A Shares\* | 15664 |
| 3837 | MaxCyte Inc.\* | 3113 |
| 941 | Medpace Holdings Inc.\* | 425106 |
| 208 | Mesa Laboratories Inc. | 20086 |
| 2956 | OmniAb Inc.\* | 5084 |
| 234 | OmniAb Inc., Class CR3 Shares\*(e) |  |
| 234 | OmniAb Inc., Class CR4 Shares\*(e) |  |
| 10144 | Pacific Biosciences of California Inc.\* | 17042 |
| 2210 | Personalis Inc.\* | 20023 |
| 8445 | QIAGEN NV | 420561 |
| 1361 | Quanterix Corp.\* | 8914 |
| 4548 | Quantum-Si Inc.\* | 4350 |
| 2204 | Repligen Corp.\* | 283721 |
| 9116 | Sotera Health Co.\* | 148135 |
| 148793 | Standard BioTools Inc.\* | 168136 |
| 4104 | Tempus AI Inc., Class A Shares\* | 218538 |
|  | Total Life Sciences Tools & Services | 8542510 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| 2077 | Alumis Inc.\* | 61666 |
| 99307 | Amneal Pharmaceuticals Inc.\* | 1371430 |
| 1442 | Amphastar Pharmaceuticals Inc.\* | 29172 |
| 3920 | Amylyx Pharmaceuticals Inc.\* | 59466 |
| 780 | ANI Pharmaceuticals Inc.\* | 57642 |
| 4252 | Aquestive Therapeutics Inc.\* | 17008 |
| 2409 | Arvinas Inc.\* | 31967 |
| 3220 | Atea Pharmaceuticals Inc.\* | 15070 |
| 1709 | Axsome Therapeutics Inc.\* | 280088 |
| 1312 | Collegium Pharmaceutical Inc.\* | 54671 |
| 3906 | Corcept Therapeutics Inc.\* | 139444 |
| 2788 | CorMedix Inc.\*(a) | 19878 |
| 3983 | Crinetics Pharmaceuticals Inc.\* | 163701 |
| 3701 | Definium Therapeutics Inc.\* | 64582 |
| 2887 | Edgewise Therapeutics Inc.\* | 87880 |
| 20475 | Elanco Animal Health Inc.\* | 540540 |
| 1733 | Enliven Therapeutics Inc.\* | 51453 |
| 9252 | Esperion Therapeutics Inc.\* | 30994 |
| 1030 | Eton Pharmaceuticals Inc.\* | 17500 |
| 2092 | Evolus Inc.\* | 8996 |
| 3049 | EyePoint Inc.\* | 53540 |

---

#### See Notes to Financial Statements.

#### 50

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) | HEALTH CARE — 12.9% — (continued) |
| **Pharmaceuticals — 0.9% — (continued)** | **Pharmaceuticals — 0.9% — (continued)** | **Pharmaceuticals — 0.9% — (continued)** |
| 2335 | Fulcrum Therapeutics Inc.\* | $19567 |
| 1834 | Harmony Biosciences Holdings Inc.\* | 52342 |
| 1293 | Harrow Inc.\* | 70055 |
| 4995 | Indivior Pharmaceuticals Inc.\* | 163436 |
| 2707 | Innoviva Inc.\* | 62153 |
| 2420 | Jazz Pharmaceuticals PLC\* | 459848 |
| 540 | LB Pharmaceuticals Inc.\* | 12965 |
| 730 | LENZ Therapeutics Inc.\* | 9848 |
| 805 | Ligand Pharmaceuticals Inc.\* | 159640 |
| 2788 | Liquidia Corp.\* | 86484 |
| 929 | Maze Therapeutics Inc.\* | 42353 |
| 1477 | MBX Biosciences Inc.\* | 48076 |
| 442 | MediWound Ltd.\* | 7647 |
| 10657 | Nuvation Bio Inc.\* | 62983 |
| 7963 | Ocular Therapeutix Inc.\* | 71189 |
| 2781 | Omeros Corp.\* | 33511 |
| 10281 | Organon & Co. | 74949 |
| 2002 | Pacira BioSciences Inc.\* | 43864 |
| 5944 | Perrigo Co. PLC | 78580 |
| 1403 | Phathom Pharmaceuticals Inc.\* | 17622 |
| 789 | Phibro Animal Health Corp., Class A Shares | 43072 |
| 1995 | Prestige Consumer Healthcare Inc.\* | 138254 |
| 1093 | Rapport Therapeutics Inc.\* | 31730 |
| 717 | Septerna Inc.\* | 20807 |
| 1907 | SIGA Technologies Inc. | 12338 |
| 2260 | Supernus Pharmaceuticals Inc.\* | 123690 |
| 1674 | Tarsus Pharmaceuticals Inc.\* | 126420 |
| 3572 | Terns Pharmaceuticals Inc.\* | 150453 |
| 1412 | Theravance Biopharma Inc.\* | 25769 |
| 866 | Third Harmonic Bio Inc.\*(b)(e) | 4659 |
| 4061 | Trevi Therapeutics Inc.\* | 48407 |
| 48775 | Viatris Inc. | 728211 |
| 4719 | WaVe Life Sciences Ltd.\* | 65736 |
| 6967 | Xeris Biopharma Holdings Inc.\* | 42638 |
| 2080 | Zevra Therapeutics Inc.\* | 18574 |
|  | Total Pharmaceuticals | 6314558 |
| **Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@** | **Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@** | **Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@** |
| 1045 | AstraZeneca PLC\*(b)(e) | 324 |
| 2089 | Novartis AG\*(b)(e) | 355 |
|  | Total Pharmaceuticals, Biotechnology & Life Sciences | 679 |
|  | **TOTAL HEALTH CARE** | **93844043** |
| INDUSTRIALS — 24.1% | INDUSTRIALS — 24.1% | INDUSTRIALS — 24.1% |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| 1719 | AAR Corp.\* | 201415 |
| 1585 | Aerovironment Inc.\* | 399816 |
| 1142 | AerSale Corp.\* | 8908 |
| 26985 | Archer Aviation Inc., Class A Shares\* | 192133 |
| 1333 | Astronics Corp.\* | 107466 |
| 5648 | ATI Inc.\* | 923956 |
| 3828 | BWX Technologies Inc. | 788491 |
| 693 | Byrna Technologies Inc.\* | 8857 |
| 1167 | Cadre Holdings Inc. | 51803 |
| 2023 | Carpenter Technology Corp. | 805296 |

---

#### See Notes to Financial Statements.

#### 51

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Aerospace & Defense — 3.9% — (continued)** | **Aerospace & Defense — 3.9% — (continued)** | **Aerospace & Defense — 3.9% — (continued)** |
| 1582 | Curtiss-Wright Corp. | $1107922 |
| 613 | Ducommun Inc.\* | 75761 |
| 4015 | Eve Holding Inc.\* | 12045 |
| 701 | Firefly Aerospace Inc.\* | 13508 |
| 30707 | FTAI Aviation Ltd. | 9390201 |
| 23981 | Hexcel Corp. | 2222799 |
| 1642 | Huntington Ingalls Industries Inc. | 729902 |
| 4645 | Intuitive Machines Inc., Class A Shares\*(a) | 76550 |
| 18879 | Karman Holdings Inc.\* | 1663429 |
| 32523 | Kratos Defense & Security Solutions Inc.\* | 2802832 |
| 3240 | Leonardo DRS Inc. | 140584 |
| 1734 | Loar Holdings Inc.\* | 122750 |
| 25330 | Mercury Systems Inc.\* | 2255130 |
| 1171 | Moog Inc., Class A Shares | 395130 |
| 183 | National Presto Industries Inc. | 24145 |
| 809 | Park Aerospace Corp. | 21374 |
| 3983 | Red Cat Holdings Inc.\* | 46402 |
| 2621 | Redwire Corp.\* | 23772 |
| 17411 | Rocket Lab Corp.\* | 1203100 |
| 8047 | StandardAero Inc.\* | 247848 |
| 7362 | Textron Inc. | 726261 |
| 872 | V2X Inc.\* | 60822 |
| 409 | Voyager Technologies Inc., Class A Shares\* | 10916 |
| 1021 | VSE Corp. | 231838 |
| 2517 | Woodward Inc. | 973475 |
|  | Total Aerospace & Defense | 28066637 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| 16127 | CH Robinson Worldwide Inc. | 2987527 |
| 941 | Forward Air Corp.\* | 23798 |
| 33693 | GXO Logistics Inc.\* | 2116931 |
| 2598 | Hub Group Inc., Class A Shares | 111896 |
| 1467 | Radiant Logistics Inc.\* | 10885 |
|  | Total Air Freight & Logistics | 5251037 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| 2778 | AAON Inc. | 281134 |
| 2991 | Advanced Drainage Systems Inc. | 512478 |
| 3606 | Allegion PLC | 581107 |
| 582 | American Woodmark Corp.\* | 29158 |
| 4756 | AO Smith Corp. | 370968 |
| 989 | Apogee Enterprises Inc. | 39382 |
| 1824 | Armstrong World Industries Inc. | 316464 |
| 1207 | AZZ Inc. | 164128 |
| 673 | CSW Industrials Inc. | 198084 |
| 5019 | Fortune Brands Innovations Inc. | 272732 |
| 28788 | Gibraltar Industries Inc.\* | 1309278 |
| 1583 | Griffon Corp. | 134935 |
| 8474 | Hayward Holdings Inc.\* | 135584 |
| 902 | Insteel Industries Inc. | 33626 |
| 5582 | Janus International Group Inc.\* | 38851 |
| 3402 | JELD-WEN Holding Inc.\* | 6668 |
| 5199 | Masterbrand Inc.\* | 52614 |
| 2159 | Modine Manufacturing Co.\* | 490633 |
| 3519 | Owens Corning | 429564 |
| 1733 | Quanex Building Products Corp. | 35578 |

---

#### See Notes to Financial Statements.

#### 52

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Building Products — 1.5% — (continued)** | **Building Products — 1.5% — (continued)** | **Building Products — 1.5% — (continued)** |
| 113681 | Resideo Technologies Inc.\* | $4399455 |
| 1740 | Simpson Manufacturing Co., Inc. | 336812 |
| 1037 | Tecnoglass Inc. | 47246 |
| 4410 | Trex Co., Inc.\* | 182662 |
| 2448 | UFP Industries Inc. | 251924 |
| 6260 | Zurn Elkay Water Solutions Corp. | 319135 |
|  | Total Building Products | 10970200 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
| 2512 | ABM Industries Inc. | 111784 |
| 3556 | ACCO Brands Corp. | 14473 |
| 6874 | ACV Auctions Inc., Class A Shares\* | 33408 |
| 2818 | BrightView Holdings Inc.\* | 38860 |
| 1725 | Brink's Co. (The) | 201428 |
| 25055 | Casella Waste Systems Inc., Class A Shares\* | 2334124 |
| 677 | Cimpress PLC\* | 49455 |
| 6197 | Clean Harbors Inc.\* | 1816960 |
| 4438 | CoreCivic Inc.\* | 78464 |
| 1777 | Deluxe Corp. | 49312 |
| 939 | Ennis Inc. | 19822 |
| 161595 | Enviri Corp.\* | 3058993 |
| 5575 | GEO Group Inc. (The)\* | 83848 |
| 2996 | Healthcare Services Group Inc.\* | 65223 |
| 2912 | HNI Corp. | 130924 |
| 2521 | Interface Inc., Class A Shares | 79386 |
| 1006 | Liquidity Services Inc.\* | 31800 |
| 3079 | MillerKnoll Inc. | 62011 |
| 1202 | Montrose Environmental Group Inc.\* | 35122 |
| 1567 | MSA Safety Inc. | 306207 |
| 95695 | OPENLANE Inc.\* | 2728264 |
| 698 | Perma-Fix Environmental Services Inc.\* | 9521 |
| 4276 | Pitney Bowes Inc. | 45882 |
| 1177 | Quad/Graphics Inc. | 8133 |
| 11134 | Tetra Tech Inc. | 399043 |
| 595 | UniFirst Corp. | 139718 |
| 5470 | Vestis Corp.\* | 43049 |
| 1841 | Virco Mfg. Corp. | 11690 |
|  | Total Commercial Services & Supplies | 11986904 |
| **Construction & Engineering — 3.9%** | **Construction & Engineering — 3.9%** | **Construction & Engineering — 3.9%** |
| 5547 | AECOM | 543495 |
| 1214 | Ameresco Inc., Class A Shares\* | 36978 |
| 67859 | API Group Corp.\* | 3017011 |
| 21613 | Arcosa Inc. | 2322965 |
| 544 | Argan Inc. | 245480 |
| 487 | Bowman Consulting Group Ltd.\* | 16334 |
| 19416 | Centuri Holdings Inc.\* | 601896 |
| 5844 | Comfort Systems USA Inc. | 8353238 |
| 834 | Concrete Pumping Holdings Inc.\* | 5621 |
| 1928 | Construction Partners Inc., Class A Shares\* | 259065 |
| 1156 | Dycom Industries Inc.\* | 485543 |
| 1858 | EMCOR Group Inc. | 1346344 |
| 2123 | Everus Construction Group Inc.\* | 256607 |
| 6699 | Fluor Corp.\* | 350425 |
| 1804 | Granite Construction Inc. | 242566 |
| 2709 | Great Lakes Dredge & Dock Corp.\* | 45918 |

---

#### See Notes to Financial Statements.

#### 53

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Construction & Engineering — 3.9% — (continued)** | **Construction & Engineering — 3.9% — (continued)** | **Construction & Engineering — 3.9% — (continued)** |
| 382 | IES Holdings Inc.\* | $189224 |
| 54985 | Legence Corp., Class A Shares\* | 3191879 |
| 469 | Limbach Holdings Inc.\* | 42876 |
| 2597 | MasTec Inc.\* | 773958 |
| 966 | Matrix Service Co.\* | 10616 |
| 639 | MYR Group Inc.\* | 172505 |
| 345 | NWPX Infrastructure Inc.\* | 26772 |
| 2083 | Orion Group Holdings Inc.\* | 28600 |
| 22927 | Primoris Services Corp. | 3455558 |
| 1257 | Sterling Infrastructure Inc.\* | 538159 |
| 1808 | Tutor Perini Corp. | 136269 |
| 828 | Valmont Industries Inc. | 380822 |
| 78711 | WillScot Holdings Corp. | 1700945 |
|  | Total Construction & Engineering | 28777669 |
| **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** |
| 1291 | Acuity Inc. | 389353 |
| 552 | Allient Inc. | 36344 |
| 1893 | American Superconductor Corp.\* | 61674 |
| 4343 | Amprius Technologies Inc.\* | 46600 |
| 5942 | Array Technologies Inc.\* | 45040 |
| 1382 | Atkore Inc. | 89429 |
| 130636 | Babcock & Wilcox Enterprises Inc.\* | 1157435 |
| 37224 | Bloom Energy Corp., Class A Shares\* | 5794660 |
| 1601 | EnerSys | 266006 |
| 7433 | Enovix Corp.\* | 39172 |
| 13161 | Eos Energy Enterprises Inc.\* | 74952 |
| 3156 | Fluence Energy Inc., Class A Shares\* | 49044 |
| 2426 | Generac Holdings Inc.\* | 546748 |
| 5642 | Hyliion Holdings Corp.\* | 11566 |
| 1058 | LSI Industries Inc. | 22874 |
| 1661 | NANO Nuclear Energy Inc.\*(a) | 44166 |
| 38147 | Nextpower Inc., Class A Shares\* | 4009250 |
| 5183 | NuScale Power Corp.\* | 66602 |
| 6776 | nVent Electric PLC | 802007 |
| 45161 | Plug Power Inc.\* | 80838 |
| 405 | Powell Industries Inc. | 212058 |
| 332 | Power Solutions International Inc.\* | 27722 |
| 90 | Preformed Line Products Co. | 22828 |
| 26061 | Regal Rexnord Corp. | 5758960 |
| 6130 | Sensata Technologies Holding PLC | 228894 |
| 7415 | Shoals Technologies Group Inc., Class A Shares\* | 43971 |
| 9630 | Sunrun Inc.\* | 127597 |
| 5416 | T1 Energy Inc.\* | 33363 |
| 1322 | Thermon Group Holdings Inc.\* | 67131 |
| 997 | Vicor Corp.\* | 200796 |
|  | Total Electrical Equipment | 20357080 |
| **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** | **Ground Transportation — 1.3%** |
| 16622 | ArcBest Corp. | 1706415 |
| 689 | Avis Budget Group Inc.\*(a) | 67116 |
| 417 | Covenant Logistics Group Inc., Class A Shares | 12277 |
| 3808 | FTAI Infrastructure Inc. | 22105 |
| 1305 | Heartland Express Inc. | 14394 |
| 4339 | Hertz Global Holdings Inc.\*(a) | 19699 |
| 32901 | Knight-Swift Transportation Holdings Inc., Class A Shares | 2070131 |

---

#### See Notes to Financial Statements.

#### 54

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Ground Transportation — 1.3% — (continued)** | **Ground Transportation — 1.3% — (continued)** | **Ground Transportation — 1.3% — (continued)** |
| 1437 | Landstar System Inc. | $234159 |
| 16519 | Lyft Inc., Class A Shares\* | 228623 |
| 2604 | Marten Transport Ltd. | 35388 |
| 511 | Proficient Auto Logistics Inc.\* | 3868 |
| 7059 | RXO Inc.\* | 112662 |
| 1648 | Ryder System Inc. | 365131 |
| 7211 | Saia Inc.\* | 2923267 |
| 2157 | Schneider National Inc., Class B Shares | 61216 |
| 4328 | U-Haul Holding Co. | 204108 |
| 242 | U-Haul Holding Co.\* | 12260 |
| 261 | Universal Logistics Holdings Inc. | 4340 |
| 2582 | Werner Enterprises Inc. | 90602 |
| 4829 | XPO Inc.\* | 1016360 |
|  | Total Ground Transportation | 9204121 |
| **Industrial Conglomerates — 0.0%@** | **Industrial Conglomerates — 0.0%@** | **Industrial Conglomerates — 0.0%@** |
| 1041 | Brookfield Business Corp., Class A Shares | 35862 |
| **Machinery — 4.1%** | **Machinery — 4.1%** | **Machinery — 4.1%** |
| 4809 | 3D Systems Corp.\* | 9281 |
| 1362 | Aebi Schmidt Holding AG | 19640 |
| 2576 | AGCO Corp. | 351624 |
| 410 | Alamo Group Inc. | 87547 |
| 9024 | Albany International Corp., Class A Shares | 520234 |
| 1853 | Alliance Laundry Holdings Inc.\* | 41563 |
| 3491 | Allison Transmission Holdings Inc. | 437422 |
| 1055 | Astec Industries Inc. | 65505 |
| 3431 | Atmus Filtration Technologies Inc. | 221402 |
| 1250 | Blue Bird Corp.\* | 72837 |
| 1280 | CECO Environmental Corp.\* | 77376 |
| 1863 | Chart Industries Inc.\* | 386200 |
| 93522 | CNH Industrial NV | 1150321 |
| 1076 | Columbus McKinnon Corp. | 20422 |
| 2045 | Crane Co. | 410084 |
| 4885 | Donaldson Co., Inc. | 453133 |
| 1132 | Douglas Dynamics Inc. | 51981 |
| 273 | Eastern Co. (The) | 5070 |
| 1994 | Energy Recovery Inc.\* | 20797 |
| 2209 | Enerpac Tool Group Corp., Class A Shares | 90127 |
| 882 | Enpro Inc. | 228129 |
| 2362 | Esab Corp. | 298014 |
| 1061 | ESCO Technologies Inc. | 294205 |
| 2467 | Federal Signal Corp. | 287233 |
| 5402 | Flowserve Corp. | 478185 |
| 1586 | Franklin Electric Co., Inc. | 157997 |
| 10563 | Gates Industrial Corp. PLC\* | 291222 |
| 401 | Gencor Industries Inc.\* | 6264 |
| 917 | Gorman-Rupp Co. (The) | 58899 |
| 6921 | Graco Inc. | 650020 |
| 421 | Graham Corp.\* | 34194 |
| 1245 | Greenbrier Cos., Inc. (The) | 70243 |
| 17210 | Helios Technologies Inc. | 1227417 |
| 75922 | Hillman Solutions Corp.\* | 622560 |
| 635 | Hyster-Yale Inc. | 23387 |
| 18672 | ITT Inc. | 3779400 |
| 11102 | JBT Marel Corp. | 1709708 |

---

#### See Notes to Financial Statements.

#### 55

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Machinery — 4.1% — (continued)** | **Machinery — 4.1% — (continued)** | **Machinery — 4.1% — (continued)** |
| 475 | Kadant Inc. | $161106 |
| 3168 | Kennametal Inc. | 127607 |
| 327 | LB Foster Co., Class A Shares\* | 10049 |
| 2248 | Lincoln Electric Holdings Inc. | 645288 |
| 453 | Lindsay Corp. | 61019 |
| 1171 | Luxfer Holdings PLC, ADR | 15071 |
| 1152 | Manitowoc Co., Inc. (The)\* | 16992 |
| 556 | Mayville Engineering Co., Inc.\* | 11676 |
| 7453 | Microvast Holdings Inc.\* | 16695 |
| 2010 | Middleby Corp. (The)\* | 339409 |
| 420 | Miller Industries Inc. | 17653 |
| 4562 | Mueller Industries Inc. | 538134 |
| 6308 | Mueller Water Products Inc., Class A Shares | 188798 |
| 2225 | Nordson Corp. | 652904 |
| 108 | Omega Flex Inc. | 3880 |
| 15632 | Oshkosh Corp. | 2657753 |
| 333 | Park-Ohio Holdings Corp. | 8571 |
| 15673 | Pentair PLC | 1554605 |
| 982 | Proto Labs Inc.\* | 60963 |
| 1309 | RBC Bearings Inc.\* | 753879 |
| 8313 | Richtech Robotics Inc., Class B Shares\* | 20699 |
| 2148 | Snap-on Inc. | 827453 |
| 6258 | SPX Technologies Inc.\* | 1420191 |
| 503 | Standex International Corp. | 131786 |
| 6530 | Stanley Black & Decker Inc. | 564780 |
| 112453 | Stratasys Ltd.\* | 1082922 |
| 738 | Tennant Co. | 45040 |
| 29039 | Terex Corp. | 1997593 |
| 2617 | Timken Co. (The) | 283630 |
| 1948 | Titan International Inc.\* | 18954 |
| 4140 | Toro Co. (The) | 409280 |
| 3294 | Trinity Industries Inc. | 112589 |
| 1794 | Wabash National Corp. | 18209 |
| 1153 | Watts Water Technologies Inc., Class A Shares | 379037 |
| 1348 | Worthington Enterprises Inc. | 75501 |
|  | Total Machinery | 29939359 |
| **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** | **Marine Transportation — 0.5%** |
| 328 | Costamare Bulkers Holdings Ltd.\* | 6258 |
| 1644 | Costamare Inc. | 28885 |
| 1449 | Genco Shipping & Trading Ltd. | 34849 |
| 1059 | Himalaya Shipping Ltd.\* | 15578 |
| 16043 | Kirby Corp.\* | 2082381 |
| 1331 | Matson Inc. | 221119 |
| 1037 | Pangaea Logistics Solutions Ltd. | 9696 |
| 2124 | Safe Bulkers Inc. | 13933 |
| 51354 | Star Bulk Carriers Corp. | 1350097 |
|  | Total Marine Transportation | 3762796 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| 4796 | Alaska Air Group Inc.\* | 247474 |
| 633 | Allegiant Travel Co.\* | 64661 |
| 27332 | American Airlines Group Inc.\* | 357229 |
| 2692 | Frontier Group Holdings Inc.\* | 11952 |
| 14078 | JetBlue Airways Corp.\* | 77992 |
| 20526 | Joby Aviation Inc.\* | 206492 |

---

#### See Notes to Financial Statements.

#### 56

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Passenger Airlines — 0.2% — (continued)** | **Passenger Airlines — 0.2% — (continued)** | **Passenger Airlines — 0.2% — (continued)** |
| 1687 | SkyWest Inc.\* | $175583 |
| 2695 | Sun Country Airlines Holdings Inc.\* | 53038 |
|  | Total Passenger Airlines | 1194421 |
| **Professional Services — 1.6%** | **Professional Services — 1.6%** | **Professional Services — 1.6%** |
| 192666 | Alight Inc., Class A Shares | 169488 |
| 6646 | Amentum Holdings Inc.\* | 198516 |
| 986 | Asure Software Inc.\* | 9012 |
| 1114 | Barrett Business Services Inc. | 30936 |
| 1542 | BlackSky Technology Inc., Class A Shares\* | 29067 |
| 3406 | CACI International Inc., Class A Shares\* | 2078239 |
| 14859 | CBIZ Inc.\* | 425562 |
| 15079 | Clarivate PLC\* | 34682 |
| 1780 | Concentrix Corp. | 58384 |
| 307727 | Conduent Inc.\* | 449281 |
| 250 | CRA International Inc. | 43165 |
| 1136 | CSG Systems International Inc. | 90766 |
| 6579 | ExlService Holdings Inc.\* | 205594 |
| 2146 | Exponent Inc. | 156186 |
| 94553 | First Advantage Corp.\* | 1088305 |
| 392 | Franklin Covey Co.\* | 5104 |
| 1289 | FTI Consulting Inc.\* | 211937 |
| 6657 | Genpact Ltd. | 264416 |
| 853 | HireQuest Inc. | 9946 |
| 698 | Huron Consulting Group Inc.\* | 98697 |
| 368 | IBEX Holdings Ltd.\* | 10635 |
| 711 | ICF International Inc. | 59105 |
| 1237 | Innodata Inc.\* | 54638 |
| 1550 | Insperity Inc. | 34425 |
| 67411 | KBR Inc. | 2846766 |
| 1238 | Kelly Services Inc., Class A Shares | 12021 |
| 823 | Kforce Inc. | 22237 |
| 2226 | Korn Ferry | 139503 |
| 5156 | Legalzoom.com Inc.\* | 36247 |
| 1826 | ManpowerGroup Inc. | 51073 |
| 2302 | Maximus Inc. | 174054 |
| 777 | Mistras Group Inc.\* | 11873 |
| 2179 | Parsons Corp.\* | 143814 |
| 1836 | Paylocity Holding Corp.\* | 195516 |
| 9904 | Planet Labs PBC\* | 239083 |
| 152 | Resolute Holdings Management Inc.\* | 25620 |
| 1137 | Resources Connection Inc. | 4275 |
| 52633 | Robert Half Inc. | 1285298 |
| 1930 | Science Applications International Corp. | 178062 |
| 793 | Spire Global Inc.\* | 7018 |
| 8253 | TIC Solutions Inc.\* | 78156 |
| 1258 | TriNet Group Inc. | 47905 |
| 920 | TrueBlue Inc.\* | 3892 |
| 988 | TTEC Holdings Inc.\* | 2470 |
| 4981 | Upwork Inc.\* | 66845 |
| 6494 | Verra Mobility Corp., Class A Shares\* | 108515 |
| 576 | Willdan Group Inc.\* | 51345 |
|  | Total Professional Services | 11547674 |
| **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** | **Trading Companies & Distributors — 2.0%** |
| 22631 | AerCap Holdings NV | 3381977 |
| 4366 | Air Lease Corp., Class A Shares | 283091 |

---

#### See Notes to Financial Statements.

#### 57

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) | INDUSTRIALS — 24.1% — (continued) |
| **Trading Companies & Distributors — 2.0% — (continued)** | **Trading Companies & Distributors — 2.0% — (continued)** | **Trading Companies & Distributors — 2.0% — (continued)** |
| 1046 | Alta Equipment Group Inc. | $7217 |
| 9816 | Applied Industrial Technologies Inc. | 2773805 |
| 316 | BlueLinx Holdings Inc.\* | 20831 |
| 17559 | Boise Cascade Co. | 1452832 |
| 32403 | Core & Main Inc., Class A Shares\* | 1754946 |
| 1832 | Custom Truck One Source Inc.\* | 13117 |
| 434 | Distribution Solutions Group Inc.\* | 12977 |
| 7553 | DNOW Inc.\* | 88974 |
| 564 | DXP Enterprises Inc.\* | 78097 |
| 261 | EVI Industries Inc. | 5071 |
| 9969 | GATX Corp. | 1835991 |
| 459 | Global Industrial Co. | 15138 |
| 1338 | Herc Holdings Inc. | 187039 |
| 1643 | Hudson Technologies Inc.\* | 11682 |
| 224 | Karat Packaging Inc. | 5522 |
| 1041 | McGrath RentCorp | 115499 |
| 1887 | MSC Industrial Direct Co., Inc., Class A Shares | 177076 |
| 3333 | NPK International Inc.\* | 48095 |
| 25718 | QXO Inc.\* | 615946 |
| 2462 | Rush Enterprises Inc., Class A Shares | 174728 |
| 410 | Rush Enterprises Inc., Class B Shares | 26507 |
| 1840 | SiteOne Landscape Supply Inc.\* | 262918 |
| 751 | Titan Machinery Inc.\* | 14637 |
| 420 | Transcat Inc.\* | 32747 |
| 1464 | Watsco Inc. | 610971 |
| 2035 | WESCO International Inc. | 589133 |
| 114 | Willis Lease Finance Corp. | 23223 |
| 1809 | Xometry Inc., Class A Shares\* | 74196 |
|  | Total Trading Companies & Distributors | 14693983 |
| **Transportation Infrastructure — 0.0%@** | **Transportation Infrastructure — 0.0%@** | **Transportation Infrastructure — 0.0%@** |
| 429 | Sky Harbour Group Corp., Class A Shares\* | 3767 |
|  | **TOTAL INDUSTRIALS** | **175791510** |
| INFORMATION TECHNOLOGY — 18.1% | INFORMATION TECHNOLOGY — 18.1% | INFORMATION TECHNOLOGY — 18.1% |
| **Communications Equipment — 2.9%** | **Communications Equipment — 2.9%** | **Communications Equipment — 2.9%** |
| 3184 | ADTRAN Holdings Inc.\* | 32477 |
| 2789 | Applied Optoelectronics Inc.\* | 234918 |
| 458 | Aviat Networks Inc.\* | 11468 |
| 72729 | Calix Inc.\* | 3765180 |
| 15309 | Ciena Corp.\* | 5338248 |
| 426 | Clearfield Inc.\* | 13394 |
| 1584 | Digi International Inc.\* | 77331 |
| 5828 | Extreme Networks Inc.\* | 81476 |
| 7423 | F5 Inc.\* | 2014305 |
| 5102 | Harmonic Inc.\* | 54234 |
| 2965 | Lumentum Holdings Inc.\* | 2078198 |
| 1027 | NETGEAR Inc.\* | 21177 |
| 2911 | NetScout Systems Inc.\* | 85030 |
| 360538 | Ribbon Communications Inc.\* | 804000 |
| 138528 | ViaSat Inc.\* | 6341812 |
| 9109 | Viavi Solutions Inc.\* | 270628 |
| 8799 | Vistance Networks Inc.\* | 154598 |
|  | Total Communications Equipment | 21378474 |

---

#### See Notes to Financial Statements.

#### 58

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) |
| **Electronic Equipment, Instruments & Components — 4.6%** | **Electronic Equipment, Instruments & Components — 4.6%** | **Electronic Equipment, Instruments & Components — 4.6%** |
| 1798 | 908 Devices Inc.\* | $12406 |
| 1569 | Advanced Energy Industries Inc. | 526509 |
| 1534 | Aeva Technologies Inc.\* | 20341 |
| 4325 | Arlo Technologies Inc.\* | 67859 |
| 2195 | Arrow Electronics Inc.\* | 333991 |
| 30178 | Avnet Inc. | 1986920 |
| 1255 | Badger Meter Inc. | 191300 |
| 83 | Bel Fuse Inc., Class A Shares | 17592 |
| 427 | Bel Fuse Inc., Class B Shares | 98086 |
| 1633 | Belden Inc. | 234009 |
| 1573 | Benchmark Electronics Inc. | 90935 |
| 168 | Climb Global Solutions Inc. | 15906 |
| 6976 | Cognex Corp. | 379494 |
| 13136 | Coherent Corp.\* | 3401304 |
| 29760 | Crane NXT Co. | 1437110 |
| 1303 | CTS Corp. | 68616 |
| 1540 | Daktronics Inc.\* | 39701 |
| 1102 | ePlus Inc. | 88887 |
| 6131 | Evolv Technologies Holdings Inc.\* | 32494 |
| 7187 | Fabrinet\* | 3921443 |
| 15500 | Flex Ltd.\* | 976810 |
| 179 | Frequency Electronics Inc.\* | 8988 |
| 1142 | Ingram Micro Holding Corp. | 23628 |
| 76047 | Innoviz Technologies Ltd.\* | 64860 |
| 1230 | Insight Enterprises Inc.\* | 102779 |
| 31475 | IPG Photonics Corp.\* | 4141166 |
| 14837 | Itron Inc.\* | 1393936 |
| 4430 | Jabil Inc. | 1173906 |
| 875 | Kimball Electronics Inc.\* | 21866 |
| 3827 | Knowles Corp.\* | 103980 |
| 1028 | Littelfuse Inc. | 362329 |
| 1435 | Methode Electronics Inc. | 12140 |
| 8847 | MicroVision Inc.\* | 6910 |
| 10099 | Mirion Technologies Inc., Class A Shares\* | 218239 |
| 1423 | Napco Security Technologies Inc. | 66326 |
| 23472 | nLight Inc.\* | 1318892 |
| 1488 | Novanta Inc.\* | 200032 |
| 8746 | OSI Systems Inc.\* | 2494359 |
| 2302 | Ouster Inc.\* | 43623 |
| 410 | PC Connection Inc. | 24990 |
| 11968 | Plexus Corp.\* | 2323348 |
| 5191 | Powerfleet Inc.\* | 18532 |
| 409 | Richardson Electronics Ltd. | 5023 |
| 7173 | Rogers Corp.\* | 773465 |
| 2148 | Sanmina Corp.\* | 333498 |
| 954 | ScanSource Inc.\* | 35088 |
| 13105 | TD SYNNEX Corp. | 2054995 |
| 2720 | Teledyne Technologies Inc.\* | 1852592 |
| 4353 | TTM Technologies Inc.\* | 453757 |
| 5247 | Vishay Intertechnology Inc. | 98224 |
| 436 | Vishay Precision Group Inc.\* | 20087 |
| 6010 | Vontier Corp. | 245929 |
|  | Total Electronic Equipment, Instruments & Components | 33939200 |

---

#### See Notes to Financial Statements.

#### 59

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| 4505 | Amdocs Ltd. | $314449 |
| 25553 | Applied Digital Corp.\* | 696830 |
| 1716 | ASGN Inc.\* | 73616 |
| 1475 | Backblaze Inc., Class A Shares\* | 5546 |
| 19256 | BigBear.ai Holdings Inc.\* | 76254 |
| 2700 | Commerce.com Inc.\* | 7506 |
| 2811 | DigitalOcean Holdings Inc.\* | 157585 |
| 7901 | DXC Technology Co.\* | 99474 |
| 2272 | EPAM Systems Inc.\* | 320352 |
| 5564 | Fastly Inc., Class A Shares\* | 106384 |
| 19966 | Globant SA\* | 993508 |
| 2908 | Grid Dynamics Holdings Inc.\* | 19629 |
| 959 | Hackett Group Inc. (The) | 13100 |
| 1768 | Information Services Group Inc. | 8504 |
| 101119 | Kyndryl Holdings Inc.\* | 1246797 |
| 2984 | Rackspace Technology Inc.\*(a) | 5819 |
| 879 | TSS Inc.\* | 9080 |
| 342 | Tucows Inc., Class A Shares\* | 6211 |
| 122406 | Unisys Corp.\* | 297447 |
| 3278 | VTEX, Class A Shares\* | 11243 |
| 6268 | Wix.com Ltd.\* | 441643 |
|  | Total IT Services | 4910977 |
| **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** | **Semiconductors & Semiconductor Equipment — 4.7%** |
| 2037 | ACM Research Inc., Class A Shares\* | 113420 |
| 1161 | Aehr Test Systems\* | 43456 |
| 5289 | Allegro MicroSystems Inc.\* | 192890 |
| 889 | Alpha & Omega Semiconductor Ltd.\* | 18678 |
| 1681 | Ambarella Inc.\* | 101432 |
| 4759 | Amkor Technology Inc. | 227575 |
| 5299 | Astera Labs Inc.\* | 629680 |
| 1320 | Axcelis Technologies Inc.\* | 109045 |
| 28465 | CEVA Inc.\* | 593780 |
| 2168 | Cirrus Logic Inc.\* | 305948 |
| 1822 | Cohu Inc.\* | 55024 |
| 25914 | Credo Technology Group Holding Ltd.\* | 2909365 |
| 1958 | Diodes Inc.\* | 133594 |
| 5249 | Enphase Energy Inc.\* | 221875 |
| 15026 | FormFactor Inc.\* | 1485771 |
| 1236 | Ichor Holdings Ltd.\* | 58772 |
| 1150 | Impinj Inc.\* | 141059 |
| 171338 | indie Semiconductor Inc., Class A Shares\* | 627097 |
| 5610 | Kopin Corp.\* | 12398 |
| 2290 | Kulicke & Soffa Industries Inc. | 159659 |
| 26017 | Lattice Semiconductor Corp.\* | 2487746 |
| 11306 | MACOM Technology Solutions Holdings Inc.\* | 2805245 |
| 3682 | MaxLinear Inc., Class A Shares\* | 64177 |
| 11568 | MKS Inc. | 2827913 |
| 6757 | Navitas Semiconductor Corp., Class A Shares\* | 60813 |
| 165 | NVE Corp. | 11359 |
| 26299 | ON Semiconductor Corp.\* | 1748358 |
| 12052 | Onto Innovation Inc.\* | 2601906 |
| 1170 | PDF Solutions Inc.\* | 39523 |
| 2394 | Penguin Solutions Inc.\* | 49747 |
| 2387 | Photronics Inc.\* | 89345 |

---

#### See Notes to Financial Statements.

#### 60

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) |
| **Semiconductors & Semiconductor Equipment — 4.7% — (continued)** | **Semiconductors & Semiconductor Equipment — 4.7% — (continued)** | **Semiconductors & Semiconductor Equipment — 4.7% — (continued)** |
| 2232 | Power Integrations Inc. | $106957 |
| 3505 | Qorvo Inc.\* | 290565 |
| 29825 | Rambus Inc.\* | 2972360 |
| 13144 | Rigetti Computing Inc.\* | 228969 |
| 41838 | Semtech Corp.\* | 3774624 |
| 1360 | Silicon Laboratories Inc.\* | 278161 |
| 907 | SiTime Corp.\* | 360877 |
| 1351 | SkyWater Technology Inc.\* | 39800 |
| 6166 | Skyworks Solutions Inc. | 367370 |
| 1591 | Synaptics Inc.\* | 129603 |
| 2035 | Ultra Clean Holdings Inc.\* | 123484 |
| 15291 | Universal Display Corp. | 1631397 |
| 91649 | Veeco Instruments Inc.\* | 2800793 |
|  | Total Semiconductors & Semiconductor Equipment | 34031610 |
| **Software — 4.3%** | **Software — 4.3%** | **Software — 4.3%** |
| 4737 | 8x8 Inc.\* | 10137 |
| 3026 | A10 Networks Inc. | 58281 |
| 25309 | ACI Worldwide Inc.\* | 1004261 |
| 78356 | Adeia Inc. | 1621186 |
| 1065 | Agilysys Inc.\* | 76861 |
| 1966 | Alarm.com Holdings Inc.\* | 94073 |
| 2893 | Alkami Technology Inc.\* | 47865 |
| 3725 | Amplitude Inc., Class A Shares\* | 27193 |
| 937 | Appfolio Inc., Class A Shares\* | 166561 |
| 1553 | Appian Corp., Class A Shares\* | 41419 |
| 996 | Arteris Inc.\* | 16922 |
| 3638 | Asana Inc., Class A Shares\* | 25830 |
| 1236 | AudioEye Inc.\* | 8430 |
| 50370 | Aurora Innovation Inc., Class A Shares\* | 235732 |
| 7038 | AvePoint Inc.\* | 75870 |
| 6802 | Bentley Systems Inc., Class B Shares | 248613 |
| 3520 | BILL Holdings Inc.\* | 156675 |
| 14871 | Bit Digital Inc.\* | 24835 |
| 4006 | Bitdeer Technologies Group, Class A Shares\* | 30846 |
| 1579 | Blackbaud Inc.\* | 76645 |
| 2149 | BlackLine Inc.\* | 75752 |
| 10436 | Blend Labs Inc., Class A Shares\* | 17532 |
| 5936 | Box Inc., Class A Shares\* | 139793 |
| 118685 | Braze Inc., Class A Shares\* | 2253828 |
| 5029 | C3.ai Inc., Class A Shares\* | 39981 |
| 24219 | CCC Intelligent Solutions Holdings Inc.\* | 141197 |
| 1648 | Cerence Inc.\* | 13036 |
| 1400 | Chaince Digital Holdings Inc., ADR\* | 8218 |
| 13683 | Cipher Digital Inc.\* | 213455 |
| 11741 | Cleanspark Inc.\* | 116823 |
| 3663 | Clear Secure Inc., Class A Shares | 178168 |
| 11649 | Clearwater Analytics Holdings Inc., Class A Shares\* | 272470 |
| 136136 | Cognyte Software Ltd.\* | 965204 |
| 10709 | Commvault Systems Inc.\* | 911122 |
| 12210 | Confluent Inc., Class A Shares\* | 374481 |
| 750 | Consensus Cloud Solutions Inc.\* | 22560 |
| 12234 | Core Scientific Inc.\* | 207611 |
| 934 | CS Disco Inc.\* | 3036 |
| 51 | Daily Journal Corp.\* | 25985 |
| 10849 | Descartes Systems Group Inc. (The)\* | 718746 |

---

#### See Notes to Financial Statements.

#### 61

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) |
| **Software — 4.3% — (continued)** | **Software — 4.3% — (continued)** | **Software — 4.3% — (continued)** |
| 621 | Digimarc Corp.\*(a) | $2736 |
| 3618 | Digital Turbine Inc.\* | 14689 |
| 2587 | Dolby Laboratories Inc., Class A Shares | 172217 |
| 1305 | Domo Inc., Class B Shares\* | 4685 |
| 7519 | Dropbox Inc., Class A Shares\* | 187900 |
| 13833 | D-Wave Quantum Inc.\* | 259784 |
| 73991 | Dynatrace Inc.\* | 2657757 |
| 816 | eGain Corp.\* | 7621 |
| 3958 | Elastic NV\* | 206093 |
| 901 | EverCommerce Inc.\* | 10343 |
| 3363 | Five9 Inc.\* | 58651 |
| 8575 | Freshworks Inc., Class A Shares\* | 67057 |
| 23145 | Gen Digital Inc. | 522383 |
| 6244 | Gitlab Inc., Class A Shares\* | 164217 |
| 17831 | Guidewire Software Inc.\* | 2591201 |
| 4046 | Hut 8 Corp.\* | 215369 |
| 825 | I3 Verticals Inc., Class A Shares\* | 18463 |
| 2368 | Intapp Inc.\* | 53114 |
| 1086 | InterDigital Inc. | 398052 |
| 4119 | Kaltura Inc.\* | 5725 |
| 855 | Life360 Inc.\* | 45016 |
| 23348 | LiveRamp Holdings Inc.\* | 634365 |
| 2538 | Manhattan Associates Inc.\* | 343721 |
| 15277 | MARA Holdings Inc.\*(a) | 136576 |
| 1693 | Mitek Systems Inc.\* | 24684 |
| 2661 | N-able Inc.\* | 11708 |
| 4624 | nCino Inc.\* | 74631 |
| 93386 | NCR Voyix Corp.\* | 713469 |
| 3604 | NextNav Inc.\* | 57988 |
| 7530 | Nice Ltd., ADR\* | 875362 |
| 10856 | Nutanix Inc., Class A Shares\* | 415568 |
| 1099 | ON24 Inc.\* | 8803 |
| 39550 | OneSpan Inc. | 436632 |
| 898 | Ooma Inc.\* | 11099 |
| 1992 | Pagaya Technologies Ltd., Class A Shares\* | 22290 |
| 3415 | PagerDuty Inc.\* | 24110 |
| 1673 | PAR Technology Corp.\* | 27420 |
| 3606 | Pegasystems Inc. | 157690 |
| 3066 | Porch Group Inc.\* | 25172 |
| 32399 | Procore Technologies Inc.\* | 1783241 |
| 1671 | Progress Software Corp.\* | 69981 |
| 2534 | Q2 Holdings Inc.\* | 121936 |
| 1481 | Qualys Inc.\* | 136948 |
| 40205 | Radware Ltd.\* | 930746 |
| 2706 | Rapid7 Inc.\* | 16831 |
| 429 | Red Violet Inc.\* | 18580 |
| 440 | ReposiTrak Inc. | 3828 |
| 7239 | Rezolve AI PLC\* | 16867 |
| 1777 | Rimini Street Inc.\* | 6610 |
| 3501 | RingCentral Inc., Class A Shares\* | 127611 |
| 62026 | Riot Platforms Inc.\* | 1010404 |
| 5643 | Rubrik Inc., Class A Shares\* | 293210 |
| 2749 | SailPoint Inc.\* | 38761 |
| 2088 | SEMrush Holdings Inc., Class A Shares\* | 24680 |
| 12252 | SentinelOne Inc., Class A Shares\* | 160746 |

---

#### See Notes to Financial Statements.

#### 62

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) | INFORMATION TECHNOLOGY — 18.1% — (continued) |
| **Software — 4.3% — (continued)** | **Software — 4.3% — (continued)** | **Software — 4.3% — (continued)** |
| 15121 | SoundHound AI Inc., Class A Shares\*(a) | $130041 |
| 4436 | Sprinklr Inc., Class A Shares\* | 25818 |
| 2096 | Sprout Social Inc., Class A Shares\* | 13519 |
| 1552 | SPS Commerce Inc.\* | 87704 |
| 2026 | Telos Corp.\* | 8145 |
| 5310 | Tenable Holdings Inc.\* | 102111 |
| 4074 | Teradata Corp.\* | 128290 |
| 12958 | Terawulf Inc.\* | 210179 |
| 77073 | UiPath Inc., Class A Shares\* | 826993 |
| 13510 | Unity Software Inc.\* | 246287 |
| 59176 | Varonis Systems Inc., Class B Shares\* | 1366966 |
| 2904 | Vertex Inc., Class A Shares\* | 42050 |
| 609 | Viant Technology Inc., Class A Shares\* | 6169 |
| 3561 | Weave Communications Inc.\* | 17947 |
| 2075 | Workiva Inc., Class A Shares\* | 127778 |
| 60975 | Xperi Inc.\* | 373777 |
| 4069 | Yext Inc.\* | 23112 |
| 7897 | Zeta Global Holdings Corp., Class A Shares\* | 133854 |
|  | Total Software | 31043314 |
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
| 1757 | Corsair Gaming Inc.\* | 9646 |
| 236 | CPI Card Group Inc.\* | 2895 |
| 1149 | Diebold Nixdorf Inc.\* | 91920 |
| 2671 | Eastman Kodak Co.\* | 19552 |
| 2366 | GPGI Inc., Class A Shares | 53117 |
| 1164 | Immersion Corp. | 7112 |
| 54504 | IonQ Inc.\* | 2091318 |
| 13032 | Pure Storage Inc., Class A Shares\* | 836915 |
| 8349 | Quantum Computing Inc.\*(a) | 70215 |
| 5903 | Sandisk Corp.\* | 3750530 |
| 747 | Turtle Beach Corp.\* | 9367 |
| 5815 | Xerox Holdings Corp. | 10467 |
|  | Total Technology Hardware, Storage & Peripherals | 6953054 |
|  | **TOTAL INFORMATION TECHNOLOGY** | **132256629** |
| MATERIALS — 4.6% | MATERIALS — 4.6% | MATERIALS — 4.6% |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| 969 | AdvanSix Inc. | 17277 |
| 4939 | Albemarle Corp. | 882451 |
| 1145 | American Vanguard Corp.\* | 5278 |
| 1211 | Arq Inc.\* | 4251 |
| 1946 | Ashland Inc. | 121353 |
| 3718 | ASP Isotopes Inc.\* | 19854 |
| 2841 | Aspen Aerogels Inc.\* | 8864 |
| 80807 | Avient Corp. | 3318743 |
| 9006 | Axalta Coating Systems Ltd.\* | 300890 |
| 1337 | Balchem Corp. | 242572 |
| 2228 | Cabot Corp. | 169640 |
| 4615 | Celanese Corp., Class A Shares | 230473 |
| 6448 | Chemours Co. (The) | 117612 |
| 310 | Core Molding Technologies Inc.\* | 5658 |
| 4872 | Eastman Chemical Co. | 367885 |
| 4544 | Ecovyst Inc.\* | 51211 |
| 9394 | Element Solutions Inc. | 329635 |

---

#### See Notes to Financial Statements.

#### 63

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| MATERIALS — 4.6% — (continued) | MATERIALS — 4.6% — (continued) | MATERIALS — 4.6% — (continued) |
| **Chemicals — 1.6% — (continued)** | **Chemicals — 1.6% — (continued)** | **Chemicals — 1.6% — (continued)** |
| 5331 | FMC Corp. | $78579 |
| 793 | Hawkins Inc. | 118236 |
| 18406 | HB Fuller Co. | 1209642 |
| 7012 | Huntsman Corp. | 88702 |
| 1588 | Ingevity Corp.\* | 114384 |
| 1010 | Innospec Inc. | 77346 |
| 416 | Intrepid Potash Inc.\* | 15380 |
| 761 | Koppers Holdings Inc. | 28766 |
| 772 | Kronos Worldwide Inc. | 4485 |
| 1941 | LSB Industries Inc.\* | 22554 |
| 2095 | Mativ Holdings Inc. | 22710 |
| 1291 | Minerals Technologies Inc. | 91170 |
| 13389 | Mosaic Co. (The) | 372750 |
| 244 | NewMarket Corp. | 152746 |
| 4806 | Olin Corp. | 121928 |
| 2147 | Orion SA | 12216 |
| 5855 | Perimeter Solutions Inc.\* | 137475 |
| 5882 | PureCycle Technologies Inc.\*(a) | 37115 |
| 587 | Quaker Chemical Corp. | 86307 |
| 2465 | Rayonier Advanced Materials Inc.\* | 23344 |
| 19864 | RPM International Inc. | 2266880 |
| 1804 | Scotts Miracle-Gro Co. (The) | 126496 |
| 1737 | Sensient Technologies Corp. | 176358 |
| 940 | Stepan Co. | 47837 |
| 4487 | Tronox Holdings PLC | 33563 |
| 465 | Valhi Inc. | 6496 |
|  | Total Chemicals | 11667112 |
| **Construction Materials — 0.1%**  | **Construction Materials — 0.1%**  | **Construction Materials — 0.1%**  |
| 1337 | Eagle Materials Inc. | 299221 |
| 6418 | James Hardie Industries PLC\* | 156278 |
| 2351 | Knife River Corp.\* | 209192 |
| 164 | Smith-Midland Corp.\* | 6299 |
| 1071 | Titan America SA\* | 19407 |
| 472 | United States Lime & Minerals Inc. | 53883 |
|  | Total Construction Materials | 744280 |
| **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
| 2760 | AptarGroup Inc. | 396640 |
| 5350 | Ardagh Metal Packaging SA | 25948 |
| 13892 | Avery Dennison Corp. | 2727694 |
| 4850 | Crown Holdings Inc. | 555810 |
| 107940 | Graphic Packaging Holding Co. | 1320106 |
| 1096 | Greif Inc., Class A Shares | 79646 |
| 197 | Greif Inc., Class B Shares | 17214 |
| 1358 | Myers Industries Inc. | 30378 |
| 98765 | O-I Glass Inc.\* | 1323451 |
| 3692 | Packaging Corp. of America | 857061 |
| 1818 | Ranpak Holdings Corp., Class A Shares\* | 9308 |
| 23053 | Sealed Air Corp. | 965460 |
| 3791 | Silgan Holdings Inc. | 182158 |
| 4145 | Sonoco Products Co. | 234068 |
| 1536 | TriMas Corp. | 60027 |
|  | Total Containers & Packaging | 8784969 |

---

#### See Notes to Financial Statements.

#### 64

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| MATERIALS — 4.6% — (continued) | MATERIALS — 4.6% — (continued) | MATERIALS — 4.6% — (continued) |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| 22180 | Alcoa Corp. | $1376934 |
| 473 | Alpha Metallurgical Resources Inc.\* | 76933 |
| 5495 | American Battery Technology Co.\* | 20277 |
| 681 | Caledonia Mining Corp. PLC | 21615 |
| 2151 | Century Aluminum Co.\* | 110906 |
| 142154 | Cleveland-Cliffs Inc.\* | 1515362 |
| 64496 | Coeur Mining Inc.\* | 1751066 |
| 4690 | Commercial Metals Co. | 343777 |
| 1691 | Compass Minerals International Inc.\* | 42613 |
| 5887 | Constellium SE, Class A Shares\* | 146527 |
| 491 | Contango ORE Inc.\* | 14764 |
| 1921 | Critical Metals Corp.\*(a) | 19498 |
| 2810 | Dakota Gold Corp.\* | 19558 |
| 5745 | Ferroglobe PLC | 29357 |
| 26543 | Hecla Mining Co. | 661186 |
| 500 | Idaho Strategic Resources Inc.\* | 21535 |
| 4967 | Ivanhoe Electric Inc.\* | 85383 |
| 650 | Kaiser Aluminum Corp. | 84591 |
| 1234 | Lifezone Metals Ltd.\* | 5738 |
| 886 | Materion Corp. | 144471 |
| 1617 | Metallus Inc.\* | 27489 |
| 5430 | MP Materials Corp.\* | 319664 |
| 4488 | NioCorp Developments Ltd.\* | 23786 |
| 12606 | Novagold Resources Inc.\* | 167912 |
| 3700 | Perpetua Resources Corp.\* | 136382 |
| 1781 | Ramaco Resources Inc., Class A Shares\* | 26964 |
| 9149 | Reliance Inc. | 2887790 |
| 3429 | Royal Gold Inc. | 1027980 |
| 1772 | Ryerson Holding Corp. | 46356 |
| 8434 | SSR Mining Inc.\* | 271491 |
| 3909 | SunCoke Energy Inc. | 22281 |
| 1116 | Tredegar Corp.\* | 10245 |
| 5220 | United States Antimony Corp.\* | 46667 |
| 3683 | USA Rare Earth Inc.\* | 69609 |
| 2149 | Warrior Met Coal Inc. | 178883 |
| 1528 | Worthington Steel Inc. | 63504 |
|  | Total Metals & Mining | 11819094 |
| **Paper & Forest Products — 0.1%**  | **Paper & Forest Products — 0.1%**  | **Paper & Forest Products — 0.1%**  |
| 630 | Clearwater Paper Corp.\* | 9443 |
| 2623 | Louisiana-Pacific Corp. | 222273 |
| 1725 | Magnera Corp.\* | 22339 |
| 1860 | Resolute Forest Products Inc.\*(e) | 1265 |
| 1357 | Sylvamo Corp. | 62829 |
|  | Total Paper & Forest Products | 318149 |
|  | **TOTAL MATERIALS** | **33333604** |
| REAL ESTATE — 3.8% | REAL ESTATE — 3.8% | REAL ESTATE — 3.8% |
| **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| 3143 | Alexander & Baldwin Inc. | 65343 |
| 375 | Alpine Income Property Trust Inc. | 7395 |
| 2362 | American Assets Trust Inc. | 46106 |
| 2878 | Armada Hoffler Properties Inc. | 17988 |
| 47401 | Broadstone Net Lease Inc., Class A Shares | 919106 |
| 1352 | CTO Realty Growth Inc. | 26337 |

---

#### See Notes to Financial Statements.

#### 65

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| REAL ESTATE — 3.8% — (continued) | REAL ESTATE — 3.8% — (continued) | REAL ESTATE — 3.8% — (continued) |
| **Diversified REITs — 0.2% — (continued)** | **Diversified REITs — 0.2% — (continued)** | **Diversified REITs — 0.2% — (continued)** |
| 7982 | Essential Properties Realty Trust Inc. | $270909 |
| 2000 | Gladstone Commercial Corp. | 24980 |
| 8279 | Global Net Lease Inc. | 77988 |
| 1147 | NexPoint Diversified Real Estate Trust | 5104 |
|  | Total Diversified REITs | 1461256 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| 20413 | American Healthcare REIT Inc. | 1066375 |
| 9280 | CareTrust REIT Inc. | 376954 |
| 522 | Chiron Real Estate Inc. | 18077 |
| 1317 | Community Healthcare Trust Inc. | 22508 |
| 9673 | Diversified Healthcare Trust | 65389 |
| 13840 | Healthcare Realty Trust Inc., Class A Shares | 255348 |
| 1871 | LTC Properties Inc. | 74241 |
| 21091 | Medical Properties Trust Inc. | 121484 |
| 1950 | National Health Investors Inc. | 163936 |
| 12392 | Omega Healthcare Investors Inc. | 598162 |
| 10054 | Sabra Health Care REIT Inc. | 206610 |
| 2466 | Sila Realty Trust Inc. | 63450 |
| 587 | Strawberry Fields REIT Inc. | 7514 |
| 455 | Universal Health Realty Income Trust | 19847 |
|  | Total Health Care REITs | 3059895 |
| **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** | **Hotel & Resort REITs — 0.3%** |
| 9845 | Apple Hospitality REIT Inc. | 120700 |
| 3087 | Braemar Hotels & Resorts Inc. | 8983 |
| 1734 | Chatham Lodging Trust | 13369 |
| 11921 | DiamondRock Hospitality Co. | 119687 |
| 28938 | Host Hotels & Resorts Inc. | 566895 |
| 9186 | Park Hotels & Resorts Inc. | 103894 |
| 5255 | Pebblebrook Hotel Trust | 67422 |
| 7029 | RLJ Lodging Trust | 56373 |
| 9890 | Ryman Hospitality Properties Inc. | 976637 |
| 6311 | Service Properties Trust | 14515 |
| 4049 | Summit Hotel Properties Inc. | 18261 |
| 8558 | Sunstone Hotel Investors Inc. | 79418 |
| 4153 | Xenia Hotels & Resorts Inc. | 63458 |
|  | Total Hotel & Resort REITs | 2209612 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| 11771 | Americold Realty Trust Inc. | 157614 |
| 2209 | EastGroup Properties Inc. | 433649 |
| 5338 | First Industrial Realty Trust Inc. | 337041 |
| 2292 | Industrial Logistics Properties Trust | 13431 |
| 1194 | Innovative Industrial Properties Inc., Class A Shares | 63234 |
| 2521 | LXP Industrial Trust | 124941 |
| 640 | One Liberty Properties Inc. | 15033 |
| 9841 | Rexford Industrial Realty Inc. | 368742 |
| 38749 | STAG Industrial Inc. | 1519736 |
| 4179 | Terreno Realty Corp. | 276065 |
|  | Total Industrial REITs | 3309486 |
| **Office REITs — 0.4%** | **Office REITs — 0.4%** | **Office REITs — 0.4%** |
| 8393 | Brandywine Realty Trust | 26774 |
| 6685 | BXP Inc. | 384922 |
| 49970 | COPT Defense Properties | 1588047 |

---

#### See Notes to Financial Statements.

#### 66

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| REAL ESTATE — 3.8% — (continued) | REAL ESTATE — 3.8% — (continued) | REAL ESTATE — 3.8% — (continued) |
| **Office REITs — 0.4% — (continued)** | **Office REITs — 0.4% — (continued)** | **Office REITs — 0.4% — (continued)** |
| 7119 | Cousins Properties Inc. | $164876 |
| 5637 | Douglas Emmett Inc. | 55750 |
| 1701 | Easterly Government Properties Inc., Class A Shares | 39599 |
| 5830 | Empire State Realty Trust Inc., Class A Shares | 34280 |
| 4278 | Franklin Street Properties Corp. | 3519 |
| 4548 | Highwoods Properties Inc. | 102285 |
| 2421 | Hudson Pacific Properties Inc.\* | 17528 |
| 2630 | JBG SMITH Properties | 40002 |
| 4868 | Kilroy Realty Corp. | 145164 |
| 1310 | Peakstone Realty Trust | 27327 |
| 5597 | Piedmont Realty Trust Inc., Class A Shares\* | 42481 |
| 905 | Postal Realty Trust Inc., Class A Shares | 18761 |
| 2970 | SL Green Realty Corp. | 109444 |
| 7386 | Vornado Realty Trust | 203706 |
|  | Total Office REITs | 3004465 |
| **Real Estate Management & Development — 0.5%**  | **Real Estate Management & Development — 0.5%**  | **Real Estate Management & Development — 0.5%**  |
| 26825 | Compass Inc., Class A Shares\* | 261544 |
| 5997 | Cushman & Wakefield Ltd.\* | 80420 |
| 3891 | eXp World Holdings Inc. | 27120 |
| 669 | Forestar Group Inc.\* | 19214 |
| 506 | FRP Holdings Inc.\* | 12114 |
| 1303 | Howard Hughes Holdings Inc.\* | 94298 |
| 8079 | Jones Lang LaSalle Inc.\* | 2549328 |
| 5154 | Kennedy-Wilson Holdings Inc. | 56075 |
| 1302 | Marcus & Millichap Inc. | 34386 |
| 426 | Maui Land & Pineapple Co., Inc.\* | 7008 |
| 6353 | Newmark Group Inc., Class A Shares | 92246 |
| 623 | RE/MAX Holdings Inc., Class A Shares\* | 3919 |
| 5460 | Real Brokerage Inc. (The)\* | 14469 |
| 604 | RMR Group Inc. (The), Class A Shares | 9893 |
| 249 | Seaport Entertainment Group Inc.\* | 5817 |
| 1598 | St Joe Co. (The) | 115328 |
| 298 | Stratus Properties Inc.\* | 9095 |
| 758 | Tejon Ranch Co.\* | 13348 |
| 1994 | Zillow Group Inc., Class A Shares\* | 89331 |
| 6986 | Zillow Group Inc., Class C Shares\* | 311715 |
|  | Total Real Estate Management & Development | 3806668 |
| **Residential REITs — 0.4%**  | **Residential REITs — 0.4%**  | **Residential REITs — 0.4%**  |
| 14393 | American Homes 4 Rent, Class A Shares | 431790 |
| 474 | BRT Apartments Corp. | 6954 |
| 4400 | Camden Property Trust | 476696 |
| 663 | Centerspace | 41703 |
| 7996 | Equity LifeStyle Properties Inc. | 537011 |
| 82346 | Independence Realty Trust Inc. | 1364473 |
| 1018 | NexPoint Residential Trust Inc. | 28697 |
| 3517 | UMH Properties Inc. | 53036 |
| 3515 | Veris Residential Inc. | 66258 |
|  | Total Residential REITs | 3006618 |
| **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
| 5789 | Acadia Realty Trust | 121106 |
| 4774 | Agree Realty Corp. | 384212 |
| 89 | Alexander's Inc. | 20881 |
| 12811 | Brixmor Property Group Inc. | 387789 |

---

#### See Notes to Financial Statements.

#### 67

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| REAL ESTATE — 3.8% — (continued) | REAL ESTATE — 3.8% — (continued) | REAL ESTATE — 3.8% — (continued) |
| **Retail REITs — 0.6% — (continued)** | **Retail REITs — 0.6% — (continued)** | **Retail REITs — 0.6% — (continued)** |
| 958 | CBL & Associates Properties Inc. | $36193 |
| 4222 | Curbline Properties Corp. | 117414 |
| 3611 | Federal Realty Investment Trust | 392768 |
| 558 | FrontView REIT Inc. | 9246 |
| 2128 | Getty Realty Corp. | 69841 |
| 3385 | InvenTrust Properties Corp. | 105612 |
| 28048 | Kimco Realty Corp. | 660530 |
| 9336 | Kite Realty Group Trust | 243203 |
| 10858 | Macerich Co. (The) | 222263 |
| 3960 | NETSTREIT Corp. | 82249 |
| 7830 | NNN REIT Inc. | 354856 |
| 5130 | Phillips Edison & Co., Inc. | 201506 |
| 7530 | Regency Centers Corp. | 594870 |
| 421 | Saul Centers Inc. | 14348 |
| 2400 | SITE Centers Corp. | 14784 |
| 4551 | Tanger Inc. | 168660 |
| 5778 | Urban Edge Properties | 122783 |
| 1932 | Whitestone REIT, Class B Shares | 29347 |
|  | Total Retail REITs | 4354461 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| 26371 | CubeSmart | 1084903 |
| 3087 | EPR Properties | 183399 |
| 1538 | Farmland Partners Inc. | 20055 |
| 4255 | Four Corners Property Trust Inc. | 108588 |
| 11320 | Gaming & Leisure Properties Inc. | 553661 |
| 1177 | Gladstone Land Corp. | 14454 |
| 3623 | Lamar Advertising Co., Class A Shares | 499032 |
| 6418 | Millrose Properties Inc. | 201268 |
| 3064 | National Storage Affiliates Trust | 107301 |
| 6184 | Outfront Media Inc. | 178161 |
| 12825 | Rayonier Inc. | 275609 |
| 2440 | Safehold Inc. | 39382 |
| 1513 | Smartstop Self Storage REIT Inc. | 50459 |
|  | Total Specialized REITs | 3316272 |
|  | **TOTAL REAL ESTATE** | **27528733** |
| UTILITIES — 3.7% | UTILITIES — 3.7% | UTILITIES — 3.7% |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| 1009 | Genie Energy Ltd., Class B Shares | 14661 |
| 7116 | Hawaiian Electric Industries Inc.\* | 110227 |
| 17249 | IDACORP Inc. | 2483338 |
| 1583 | MGE Energy Inc. | 129838 |
| 8407 | OGE Energy Corp. | 413120 |
| 4560 | Oklo Inc., Class A Shares\* | 287052 |
| 1609 | Otter Tail Corp. | 136926 |
| 5121 | Pinnacle West Capital Corp. | 513636 |
| 46316 | Portland General Electric Co. | 2499211 |
| 4191 | TXNM Energy Inc. | 247353 |
|  | Total Electric Utilities | 6835362 |
| **Gas Utilities — 1.3%** | **Gas Utilities — 1.3%** | **Gas Utilities — 1.3%** |
| 11389 | Atmos Energy Corp. | 2127351 |
| 5040 | Brookfield Infrastructure Corp., Class A Shares | 251395 |
| 10161 | Chesapeake Utilities Corp. | 1381591 |
| 8537 | MDU Resources Group Inc. | 176545 |

---

#### See Notes to Financial Statements.

#### 68

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Shares/Units** | **Security** | **Value** |
| UTILITIES — 3.7% — (continued) | UTILITIES — 3.7% — (continued) | UTILITIES — 3.7% — (continued) |
| **Gas Utilities — 1.3% — (continued)** | **Gas Utilities — 1.3% — (continued)** | **Gas Utilities — 1.3% — (continued)** |
| 3728 | National Fuel Gas Co. | $339360 |
| 42369 | New Jersey Resources Corp. | 2298094 |
| 1764 | Northwest Natural Holding Co. | 93563 |
| 18398 | ONE Gas Inc. | 1608721 |
| 281 | RGC Resources Inc. | 6199 |
| 2681 | Southwest Gas Holdings Inc. | 236384 |
| 2396 | Spire Inc. | 219498 |
| 8969 | UGI Corp. | 335530 |
|  | Total Gas Utilities | 9074231 |
| **Independent Power & Renewable Electricity Producers — 0.9%** | **Independent Power & Renewable Electricity Producers — 0.9%** | **Independent Power & Renewable Electricity Producers — 0.9%** |
| 30051 | AES Corp. (The) | 519281 |
| 5642 | Brookfield Renewable Corp. | 241083 |
| 1347 | Clearway Energy Inc., Class A Shares | 48519 |
| 3452 | Clearway Energy Inc., Class C Shares | 132246 |
| 1024 | Hallador Energy Co.\* | 18616 |
| 2632 | Montauk Renewables Inc.\* | 4053 |
| 36538 | Ormat Technologies Inc. | 3788991 |
| 1908 | Talen Energy Corp.\* | 707811 |
| 5208 | Vistra Corp. | 905619 |
|  | Total Independent Power & Renewable Electricity Producers | 6366219 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| 3425 | Avista Corp. | 139124 |
| 2984 | Black Hills Corp. | 219802 |
| 20286 | NiSource Inc. | 959528 |
| 35490 | Northwestern Energy Group Inc. | 2482880 |
| 701 | Unitil Corp. | 36669 |
|  | Total Multi-Utilities | 3838003 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| 1650 | American States Water Co. | 122974 |
| 1459 | Cadiz Inc.\* | 7587 |
| 2383 | California Water Service Group | 107426 |
| 513 | Consolidated Water Co., Ltd. | 19417 |
| 11856 | Essential Utilities Inc. | 473884 |
| 397 | Global Water Resources Inc. | 3637 |
| 1284 | H2O America | 69066 |
| 732 | Middlesex Water Co. | 39528 |
| 734 | Pure Cycle Corp.\* | 7758 |
| 643 | York Water Co. (The) | 21142 |
|  | Total Water Utilities | 872419 |
|  | **TOTAL UTILITIES** | **26986234** |
|  | **TOTAL COMMON STOCKS**<br> (Cost — $495,983,233) | **711228723** |
| **Face**<br>**Amount†** |  |  |
| SHORT-TERM INVESTMENTS(c) — 2.5% | SHORT-TERM INVESTMENTS(c) — 2.5% | SHORT-TERM INVESTMENTS(c) — 2.5% |
| MONEY MARKET FUND — 0.3% | MONEY MARKET FUND — 0.3% | MONEY MARKET FUND — 0.3% |
| $1999348 | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(d)<br> (Cost — $1,999,348) | **1999348** |

---

#### See Notes to Financial Statements.

#### 69

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
| **Face<br>Amount†** | **Security** | **Value** |
| TIME DEPOSITS — 2.2% | TIME DEPOSITS — 2.2% | TIME DEPOSITS — 2.2% |
| 29944 <sup>CAD</sup> | BBH — New York, 1.100% due 3/2/26 | $21948 |
| $9012009 | Citibank — New York, 2.980% due 3/2/26 | 9012009 |
| 222191 | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 222191 |
| 7119226 | Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 3/2/26 | 7119226 |
|  | **TOTAL TIME DEPOSITS**<br> (Cost — $16,375,374) | **16375374** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $18,374,722) | **18374722** |
|  | **TOTAL INVESTMENTS — 100.1%**<br> (Cost — $514,357,955) | **729603445** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (922297) |
|  | **TOTAL NET ASSETS — 100.0%** | $**728681148** |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

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

(b) Illiquid security.

(c) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.2%.

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

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

# Security that used significant unobservable inputs to determine fair value. At February 28, 2026, the Fund held Level 3 securities with a value of $57,190, representing less than 0.05% of net assets. 

At February 28, 2026, for Morgan Stanley Pathway Small-Mid Cap Equity ETF the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For<br>Federal Income <br>Tax Purposes** | **Gross <br>Unrealized <br>Appreciation** | **Gross <br>Unrealized <br>(Depreciation)** | **Net <br>Unrealized <br>Appreciation** |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | $514357955 | $259266521 | $(43889457) | $215377064 |

---

---

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

---

#### See Notes to Financial Statements.

#### 70

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Morgan Stanley Pathway Small-Mid Cap Equity ETF</u>

---

| | |
|:---|:---|
| Summary of Investments by Security Sector^ | Summary of Investments by Security Sector^ |
|  Industrials | 24.1 |
|  Information Technology | 18.2 |
|  Health Care | 12.9 |
|  Financials | 12.2 |
|  Consumer Discretionary | 8.8 |
|  Materials | 4.6 |
|  Energy | 4.4 |
|  Real Estate | 3.8 |
|  Utilities | 3.7 |
|  Consumer Staples | 3.0 |
|  Communication Services | 2.0 |
|  Short-Term Investments | 2.3 |
|  Total Investments | 100.0 |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

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

At February 28, 2026, Morgan Stanley Pathway Small-Mid 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<br>Contracts** | **Expiration<br>Date<br>(Month/Year)** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-mini Russell 2000 Index Futures | 27 | 3/26 | $3563423 | $3556845 | $(6578) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MidCap 400 E-mini Index Futures | 9 | 3/26 | 3081958 | 3220110 | 138152 |
|  |  |  |  |  | $131574 |

---

At February 28, 2026, Morgan Stanley Pathway Small-Mid Cap Equity ETF had deposited cash of $496,996 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

---

| | |
|:---|:---|
| **Currency abbreviation used in this schedule:** | **Currency abbreviation used in this schedule:** |
| CAD | — Canadian Dollar |

---

#### See Notes to Financial Statements.

#### 71

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| COMMON STOCKS — 97.7% | COMMON STOCKS — 97.7% | COMMON STOCKS — 97.7% |
| **Australia — 3.6%** | **Australia — 3.6%** | **Australia — 3.6%** |
| 18637 | Ansell Ltd. | $431121 |
| 74791 | ANZ Group Holdings Ltd. | 2131374 |
| 30805 | APA Group | 201347 |
| 14230 | Aristocrat Leisure Ltd. | 491140 |
| 4534 | ASX Ltd. | 170898 |
| 50771 | Bendigo & Adelaide Bank Ltd. | 386331 |
| 127038 | BHP Group Ltd. | 5180137 |
| 33193 | Brambles Ltd. | 592147 |
| 8699 | CAR Group Ltd. | 163797 |
| 40206 | Charter Hall Group, REIT | 630663 |
| 11064 | Cochlear Ltd. | 1564596 |
| 34281 | Coles Group Ltd. | 501358 |
| 41964 | Commonwealth Bank of Australia | 5222371 |
| 12807 | Computershare Ltd. | 282199 |
| 33456 | CSL Ltd. | 3493835 |
| 49822 | Evolution Mining Ltd. | 585768 |
| 42573 | Fortescue Ltd. | 639756 |
| 51354 | Goodman Group, REIT | 1055391 |
| 59645 | Insurance Australia Group Ltd. | 282668 |
| 55569 | Lottery Corp., Ltd. (The) | 217694 |
| 23102 | Lynas Rare Earths Ltd.\* | 305873 |
| 9097 | Macquarie Group Ltd. | 1379163 |
| 81136 | Magellan Financial Group Ltd. | 485178 |
| 63348 | Medibank Pvt Ltd. | 197198 |
| 76745 | National Australia Bank Ltd. | 2675078 |
| 34558 | Northern Star Resources Ltd. | 743589 |
| 47706 | Orica Ltd. | 830667 |
| 43497 | Origin Energy Ltd. | 375925 |
| 55522 | Paladin Energy Ltd.\* | 527343 |
| 1559 | Pro Medicus Ltd. | 143914 |
| 18779 | Qantas Airways Ltd. | 132841 |
| 36916 | QBE Insurance Group Ltd. | 576255 |
| 439338 | Ramelius Resources Ltd. | 1430353 |
| 1212 | REA Group Ltd. | 143105 |
| 28934 | Rio Tinto Ltd. | 3436758 |
| 71779 | Sandfire Resources Ltd.\* | 1033821 |
| 82542 | Santos Ltd. | 398228 |
| 129294 | Scentre Group, REIT | 351794 |
| 5249 | SGH Ltd. | 174194 |
| 125283 | Sigma Healthcare Ltd. | 253004 |
| 12023 | Sonic Healthcare Ltd. | 204457 |
| 114500 | South32 Ltd. | 377327 |
| 60967 | Stockland, REIT | 221594 |
| 27269 | Suncorp Group Ltd. | 283745 |
| 98741 | Telstra Group Ltd. | 364071 |
| 78510 | Transurban Group | 800719 |
| 147609 | Ventia Services Group Pty Ltd. | 614801 |
| 92090 | Vicinity Ltd., REIT | 160472 |
| 8595 | Washington H Soul Pattinson & Co., Ltd. | 233641 |
| 28383 | Wesfarmers Ltd. | 1605755 |
| 85697 | Westpac Banking Corp. | 2592378 |
| 5248 | WiseTech Global Ltd. | 177009 |
| 47906 | Woodside Energy Group Ltd. | 976010 |
| 30780 | Woolworths Group Ltd. | 787749 |
|  | Total Australia | 49218600 |

---

#### See Notes to Financial Statements.

#### 72

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| 1965 | BAWAG Group AG\*(a) | $306483 |
| 1498 | DO & CO AG | 381277 |
| 27276 | Erste Group Bank AG | 3247479 |
| 3984 | OMV AG | 258105 |
| 3213 | Raiffeisen Bank International AG | 160339 |
| 1579 | Verbund AG | 112606 |
|  | Total Austria | 4466289 |
| **Belgium — 1.0%** | **Belgium — 1.0%** | **Belgium — 1.0%** |
| 3630 | Ageas SA/NV | 269700 |
| 75884 | Anheuser-Busch InBev SA/NV | 6157847 |
| 8278 | Colruyt Group NV | 335533 |
| 587 | D'ieteren Group | 126940 |
| 1017 | Elia Group SA/NV, Class B Shares | 162037 |
| 518 | Financiere de Tubize SA | 139490 |
| 1875 | Groupe Bruxelles Lambert NV | 188509 |
| 5804 | KBC Group NV | 783403 |
| 9 | Lotus Bakeries NV | 111306 |
| 403 | Sofina SA | 119975 |
| 32139 | Syensqo SA | 1840057 |
| 9858 | UCB SA | 2937369 |
| 31839 | Umicore SA | 670679 |
|  | Total Belgium | 13842845 |
| **Canada — 2.3%** | **Canada — 2.3%** | **Canada — 2.3%** |
| 105724 | Algonquin Power & Utilities Corp. | 739285 |
| 56435 | Alimentation Couche-Tard Inc. | 3424239 |
| 8336 | Aritzia Inc.\* | 737977 |
| 16802 | Bird Construction Inc. | 391878 |
| 10152 | Boardwalk Real Estate Investment Trust, Class Trust Un Shares | 486653 |
| 14796 | Boralex Inc., Class A Shares | 301061 |
| 7447 | BRP Inc. | 545902 |
| 65259 | Canadian Pacific Kansas City Ltd. | 5713212 |
| 1466 | Celestica Inc.\* | 407016 |
| 52828 | CES Energy Solutions Corp. | 651686 |
| 2665 | Colliers International Group Inc.(b) | 316038 |
| 56335 | DPM Metals Inc. | 2438720 |
| 41294 | Enerflex Ltd. | 926489 |
| 17513 | Finning International Inc. | 1180456 |
| 6909 | Gildan Activewear Inc., Class A Shares | 470813 |
| 93595 | Headwater Exploration Inc. | 861653 |
| 46412 | Hudbay Minerals Inc. | 1314831 |
| 20216 | IMAX Corp.\* | 865851 |
| 3654 | Kinaxis Inc.\* | 346866 |
| 15220 | Methanex Corp. | 767749 |
| 18135 | Nutrien Ltd. | 1363681 |
| 56688 | OceanaGold Corp. | 2410372 |
| 11426 | Quebecor Inc., Class B Shares | 472433 |
| 21386 | Toronto-Dominion Bank (The) | 2082952 |
| 52176 | Vermilion Energy Inc. | 560272 |
| 111497 | Whitecap Resources Inc., Class Common S Shares | 1113090 |
|  | Total Canada | 30891175 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| 30799 | Antofagasta PLC | 1781183 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| 17800 | Contemporary Amperex Technology Co., Ltd., Class A Shares | 886563 |
| 57600 | Tencent Holdings Ltd. | 3787399 |

---

#### See Notes to Financial Statements.

#### 73

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 0.4% — (continued)** | **China — 0.4% — (continued)** | **China — 0.4% — (continued)** |
| 58214 | Tencent Music Entertainment Group, ADR | $849925 |
| 68000 | Yangzijiang Shipbuilding Holdings Ltd. | 232480 |
|  | Total China | 5756367 |
| **Czech Republic — 0.0%@** | **Czech Republic — 0.0%@** | **Czech Republic — 0.0%@** |
| 4998 | CSG NV\* | 187976 |
| **Denmark — 1.5%** | **Denmark — 1.5%** | **Denmark — 1.5%** |
| 60 | AP Moller — Maersk AS, Class A Shares | 147016 |
| 108 | AP Moller — Maersk AS, Class B Shares | 267608 |
| 2383 | Carlsberg AS, Class B Shares | 369507 |
| 32071 | Coloplast AS, Class B Shares | 2490798 |
| 16827 | Danske Bank AS | 878656 |
| 2175 | Demant AS\* | 68035 |
| 5119 | DSV AS | 1325339 |
| 6171 | FLSmidth & Co. AS | 546676 |
| 1483 | Genmab AS\* | 435589 |
| 15125 | ISS AS | 539323 |
| 5263 | Jyske Bank AS, Class Registered Shares | 783480 |
| 7944 | Netcompany Group AS\*(a) | 403168 |
| 208748 | Novo Nordisk AS, Class B Shares | 7807842 |
| 8948 | Novonesis (Novozymes) B, Class B Shares | 530488 |
| 13420 | Orsted AS\*(a) | 315800 |
| 9238 | Pandora AS | 731422 |
| 2599 | Rockwool AS, Class B Shares | 85588 |
| 5987 | Royal Unibrew AS | 589826 |
| 8725 | Tryg AS | 215578 |
| 103144 | Vestas Wind Systems AS | 2626227 |
|  | Total Denmark | 21157966 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| 3799 | Elisa OYJ | 194978 |
| 11628 | Fortum OYJ | 269737 |
| 6943 | Kesko OYJ, Class B Shares | 171113 |
| 50858 | Kone OYJ, Class B Shares | 3845786 |
| 9619 | Konecranes OYJ | 1140772 |
| 16742 | Metso OYJ | 350594 |
| 10312 | Neste OYJ | 258323 |
| 132547 | Nokia OYJ | 1016424 |
| 77958 | Nordea Bank Abp | 1512102 |
| 8404 | Orion OYJ, Class B Shares | 674625 |
| 61717 | Sampo OYJ, Class A Shares | 682865 |
| 15420 | Stora Enso OYJ, Class R Shares | 209518 |
| 13060 | UPM-Kymmene OYJ | 417052 |
| 12324 | Wartsila OYJ Abp | 531929 |
|  | Total Finland | 11275818 |
| **France — 11.1%** | **France — 11.1%** | **France — 11.1%** |
| 5012 | Accor SA | 291937 |
| 880 | Aeroports de Paris SA | 123558 |
| 31160 | Air Liquide SA | 6522381 |
| 14848 | Airbus SE | 3221315 |
| 355536 | Alstom SA\* | 11874838 |
| 1496 | Amundi SA(a) | 142368 |
| 42830 | AXA SA | 2097076 |
| 44157 | Ayvens SA(a) | 563898 |
| 1043 | BioMerieux | 123560 |
| 91059 | BNP Paribas SA | 10200014 |
| 18376 | Bollore SE | 107158 |

---

#### See Notes to Financial Statements.

#### 74

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **France — 11.1% — (continued)** | **France — 11.1% — (continued)** | **France — 11.1% — (continued)** |
| 4662 | Bouygues SA | $289404 |
| 8044 | Bureau Veritas SA | 280383 |
| 40109 | Capgemini SE | 5065851 |
| 14302 | Carrefour SA | 270633 |
| 75961 | Cie de Saint-Gobain SA | 7791139 |
| 17036 | Cie Generale des Etablissements Michelin SCA | 691902 |
| 10603 | Covivio SA, REIT | 778349 |
| 27212 | Credit Agricole SA | 603145 |
| 16158 | Danone SA | 1383888 |
| 518 | Dassault Aviation SA | 207120 |
| 80673 | Dassault Systemes SE | 1769651 |
| 7048 | Eiffage SA | 1213205 |
| 23156 | Elis SA | 740143 |
| 45716 | Engie SA | 1563301 |
| 7540 | EssilorLuxottica SA | 2006802 |
| 1165 | Gecina SA, REIT | 107714 |
| 7155 | Getlink SE | 155694 |
| 1880 | Hermes International SCA | 4499899 |
| 4738 | Ipsen SA | 924211 |
| 45663 | Kering SA | 15332183 |
| 25799 | Klepierre SA, REIT | 1085864 |
| 24541 | Legrand SA | 4427212 |
| 13358 | L'Oréal SA | 6248746 |
| 18878 | LVMH Moët Hennessy Louis Vuitton SE | 12010483 |
| 44902 | Orange SA | 962699 |
| 4982 | Pernod Ricard SA | 460478 |
| 5852 | Publicis Groupe SA | 521774 |
| 4445 | Renault SA | 167167 |
| 5213 | Rexel SA | 226165 |
| 17127 | Safran SA | 6875082 |
| 79753 | Sanofi SA | 7745808 |
| 679 | Sartorius Stedim Biotech | 147758 |
| 33429 | Schneider Electric SE | 10827541 |
| 71892 | Societe Generale SA | 6229864 |
| 2362 | Sodexo SA | 129532 |
| 2531 | Sopra Steria Group | 389773 |
| 15434 | SPIE SA | 961768 |
| 15960 | Technip Energies NV | 690228 |
| 2330 | Thales SA | 701339 |
| 89475 | TotalEnergies SE | 7154066 |
| 3092 | Unibail-Rodamco-Westfield, REIT | 387522 |
| 15838 | Veolia Environnement SA | 671372 |
| 12517 | Vinci SA | 2079084 |
| 954 | Virbac SACA | 415207 |
| 200974 | Worldline SA\*(a)(c) | 368334 |
|  | Total France | 152827586 |
| **Germany — 8.5%** | **Germany — 8.5%** | **Germany — 8.5%** |
| 12222 | adidas AG | 2283441 |
| 16914 | Allianz SE, Class Registered Shares | 7636893 |
| 22483 | BASF SE | 1293354 |
| 24629 | Bayer AG, Class Registered Shares | 1222381 |
| 25802 | Bayerische Motoren Werke AG | 2725791 |
| 8011 | Bechtle AG | 323569 |
| 24625 | Beiersdorf AG | 3132090 |
| 4648 | Bilfinger SE | 654237 |
| 2986 | Brenntag SE | 184425 |

---

#### See Notes to Financial Statements.

#### 75

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Germany — 8.5% — (continued)** | **Germany — 8.5% — (continued)** | **Germany — 8.5% — (continued)** |
| 18380 | Commerzbank AG | $752099 |
| 2844 | Continental AG | 245906 |
| 5816 | CTS Eventim AG & Co. KGaA | 472006 |
| 41864 | Daimler Truck Holding AG | 2130636 |
| 4942 | Delivery Hero SE, Class A Shares\*(a) | 114734 |
| 130481 | Deutsche Bank AG, Class Registered Shares | 4668689 |
| 4742 | Deutsche Boerse AG | 1301854 |
| 30821 | Deutsche Lufthansa AG, Class Registered Shares | 330879 |
| 23649 | Deutsche Post AG | 1401450 |
| 275107 | Deutsche Telekom AG, Class Registered Shares | 11070766 |
| 133017 | E.ON SE | 3092194 |
| 5862 | Evonik Industries AG | 102504 |
| 16386 | Freenet AG | 535728 |
| 5634 | Fresenius Medical Care AG | 262686 |
| 10708 | Fresenius SE & Co. KGaA | 644042 |
| 11185 | GEA Group AG | 871060 |
| 1559 | Hannover Rueck SE | 474789 |
| 3367 | Heidelberg Materials AG | 753872 |
| 2844 | Henkel AG & Co. KGaA | 257936 |
| 1629 | Hensoldt AG | 143150 |
| 378 | Hochtief AG | 184198 |
| 298297 | Infineon Technologies AG | 16141755 |
| 5784 | KION Group AG | 395440 |
| 1895 | Knorr-Bremse AG | 249646 |
| 118408 | Lanxess AG | 2674264 |
| 2013 | LEG Immobilien SE | 168389 |
| 17805 | Mercedes-Benz Group AG | 1241132 |
| 20347 | Merck KGaA | 3085183 |
| 1364 | MTU Aero Engines AG | 588686 |
| 3248 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares | 2131532 |
| 1293 | Nemetschek SE | 103585 |
| 17383 | Nordex SE\* | 885603 |
| 138 | Rational AG | 119991 |
| 1152 | Rheinmetall AG | 2263687 |
| 15868 | RWE AG | 1022298 |
| 93401 | SAP SE | 18856028 |
| 7581 | Scout24 SE(a) | 648215 |
| 28353 | Siemens AG, Class Registered Shares | 8286714 |
| 19390 | Siemens Energy AG | 3811159 |
| 27242 | Siemens Healthineers AG(a) | 1351395 |
| 7148 | SUSS MicroTec SE | 466564 |
| 3381 | Symrise AG, Class A Shares | 309877 |
| 39299 | TAG Immobilien AG | 767992 |
| 1652 | Talanx AG | 208786 |
| 67938 | TUI AG | 648665 |
| 19323 | Vonovia SE | 654973 |
| 27131 | Zalando SE\*(a) | 663759 |
|  | Total Germany | 117012677 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| 278680 | Eurobank SA | 1295171 |
| **Hong Kong — 2.1%** | **Hong Kong — 2.1%** | **Hong Kong — 2.1%** |
| 893400 | AIA Group Ltd. | 9881537 |
| 346000 | BOC Hong Kong Holdings Ltd. | 1983091 |
| 932000 | China Ruyi Holdings Ltd.\* | 242025 |
| 49500 | CK Asset Holdings Ltd. | 314582 |
| 69500 | CK Hutchison Holdings Ltd. | 573574 |
| 15500 | CK Infrastructure Holdings Ltd. | 131588 |

---

#### See Notes to Financial Statements.

#### 76

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Hong Kong — 2.1% — (continued)** | **Hong Kong — 2.1% — (continued)** | **Hong Kong — 2.1% — (continued)** |
| 41000 | CLP Holdings Ltd. | $388447 |
| 1305 | Futu Holdings Ltd., ADR\* | 194236 |
| 50000 | Galaxy Entertainment Group Ltd. | 266484 |
| 38894 | Henderson Land Development Co., Ltd. | 175917 |
| 96000 | HKT Trust & HKT Ltd., Class Miscella Shares | 151643 |
| 300380 | Hong Kong & China Gas Co., Ltd. | 291995 |
| 27899 | Hong Kong Exchanges & Clearing Ltd. | 1490927 |
| 28100 | Hongkong Land Holdings Ltd. | 243594 |
| 39100 | Jardine Matheson Holdings Ltd. | 3221202 |
| 65780 | Link REIT | 326972 |
| 42500 | MTR Corp., Ltd. | 202700 |
| 36000 | Power Assets Holdings Ltd. | 291967 |
| 291826 | Prudential PLC | 4441978 |
| 86646 | Sino Land Co., Ltd. | 141969 |
| 35000 | SITC International Holdings Co., Ltd. | 149899 |
| 35500 | Sun Hung Kai Properties Ltd. | 665709 |
| 10000 | Swire Pacific Ltd., Class A Shares | 107477 |
| 116000 | Techtronic Industries Co., Ltd. | 1880323 |
| 214500 | WH Group Ltd.(a) | 270413 |
| 27000 | Wharf Holdings Ltd. (The) | 89172 |
| 47000 | Wharf Real Estate Investment Co., Ltd. | 173455 |
|  | Total Hong Kong | 28292876 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| 43180 | Wizz Air Holdings PLC\*(a) | 710581 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| 30315 | HDFC Bank Ltd., ADR | 965533 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| 1560800 | Bank Central Asia Tbk PT | 667900 |
| 2358900 | Bank Mandiri Persero Tbk PT | 736276 |
|  | Total Indonesia | 1404176 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| 4251 | AerCap Holdings NV | 635270 |
| 51237 | AIB Group PLC | 535386 |
| 23083 | Bank of Ireland Group PLC | 451353 |
| 191088 | Cairn Homes PLC | 538503 |
| 83528 | Experian PLC | 3140403 |
| 3875 | Kerry Group PLC, Class A Shares | 344769 |
| 26408 | Kingspan Group PLC | 2620674 |
| 19902 | Ryanair Holdings PLC | 645092 |
| 87513 | Smurfit Westrock PLC | 4113986 |
|  | Total Ireland | 13025436 |
| **Israel — 0.6%** | **Israel — 0.6%** | **Israel — 0.6%** |
| 1115 | Azrieli Group Ltd. | 160122 |
| 31284 | Bank Hapoalim BM | 788407 |
| 37202 | Bank Leumi Le-Israel BM | 899353 |
| 2120 | Check Point Software Technologies Ltd.\* | 322388 |
| 1279 | CyberArk Software Ltd.\*(b)# | 57555 |
| 692 | Elbit Systems Ltd. | 529740 |
| 20044 | ICL Group Ltd. | 94961 |
| 30324 | Israel Discount Bank Ltd., Class A Shares | 366773 |
| 3935 | Mizrahi Tefahot Bank Ltd. | 294539 |
| 1112 | Monday.com Ltd.\* | 80776 |
| 1440 | Nice Ltd.\* | 167366 |
| 756 | Nova Ltd.\* | 329858 |
| 5874 | Phoenix Financial Ltd. | 299838 |

---

#### See Notes to Financial Statements.

#### 77

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Israel — 0.6% — (continued)** | **Israel — 0.6% — (continued)** | **Israel — 0.6% — (continued)** |
| 99172 | Teva Pharmaceutical Industries Ltd., ADR\* | $3357964 |
| 2889 | Tower Semiconductor Ltd.\* | 364945 |
|  | Total Israel | 8114585 |
| **Italy — 2.8%** | **Italy — 2.8%** | **Italy — 2.8%** |
| 17029 | Azimut Holding SpA | 702357 |
| 7496 | Banca Generali SpA | 482675 |
| 6222 | Banca Mediolanum SpA | 133006 |
| 50632 | Banca Monte dei Paschi di Siena SpA | 490559 |
| 27794 | Banco BPM SpA | 407181 |
| 35790 | BPER Banca SpA | 501421 |
| 17631 | Buzzi SpA | 1012342 |
| 13455 | Davide Campari-Milano NV | 100872 |
| 11714 | De'Longhi SpA | 537196 |
| 426779 | Enel SpA | 5141957 |
| 51822 | Eni SpA | 1211904 |
| 10658 | Ferrari NV | 4035009 |
| 113143 | FinecoBank Banca Fineco SpA | 2649630 |
| 27629 | Generali | 1174617 |
| 648156 | Intesa Sanpaolo SpA | 4420081 |
| 170669 | Iren SpA | 573222 |
| 19860 | Italgas SpA | 256724 |
| 9783 | Leonardo SpA | 655792 |
| 18518 | Lottomatica Group SpA | 446788 |
| 28025 | Maire SpA | 508551 |
| 5777 | Moncler SpA | 397193 |
| 11721 | Poste Italiane SpA(a) | 313166 |
| 7042 | Prysmian SpA | 859240 |
| 35251 | Recordati Industria Chimica e Farmaceutica SpA | 2023828 |
| 3439 | Reply SpA | 367693 |
| 50399 | Snam SpA | 391950 |
| 448851 | Telecom Italia SpA\* | 355110 |
| 35921 | Terna — Rete Elettrica Nazionale | 433001 |
| 90663 | UniCredit SpA | 7646549 |
| 9279 | Unipol Assicurazioni SpA | 229746 |
| 78639 | Webuild SpA | 305257 |
|  | Total Italy | 38764617 |
| **Japan — 19.7%** | **Japan — 19.7%** | **Japan — 19.7%** |
| 19300 | Advantest Corp. | 3315483 |
| 55500 | Aeon Co., Ltd. | 790494 |
| 4500 | AGC Inc. | 199298 |
| 12600 | Aisin Corp. | 223632 |
| 22100 | Ajinomoto Co., Inc. | 697815 |
| 3600 | ANA Holdings Inc. | 78255 |
| 29900 | Anritsu Corp. | 577374 |
| 15200 | Anycolor Inc. | 377113 |
| 37400 | Asahi Group Holdings Ltd. | 406954 |
| 108300 | Asahi Intecc Co., Ltd. | 2333303 |
| 32800 | Asahi Kasei Corp. | 386596 |
| 17100 | Asics Corp. | 523298 |
| 45700 | Astellas Pharma Inc. | 751883 |
| 41000 | Azbil Corp. | 380961 |
| 14400 | Bandai Namco Holdings Inc. | 390706 |
| 9600 | BIPROGY Inc. | 290540 |
| 28800 | Bridgestone Corp. | 696722 |
| 21800 | Canon Inc. | 663729 |
| 90200 | Capcom Co., Ltd. | 2045613 |
| 19700 | Central Japan Railway Co. | 579252 |

---

#### See Notes to Financial Statements.

#### 78

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** |
| 13100 | Chiba Bank Ltd. (The) | $194725 |
| 17500 | Chubu Electric Power Co., Inc. | 296174 |
| 16700 | Chugai Pharmaceutical Co., Ltd. | 1127495 |
| 27200 | Credit Saison Co., Ltd. | 822376 |
| 9200 | Dai Nippon Printing Co., Ltd. | 190517 |
| 47500 | Daicel Corp. | 497361 |
| 8300 | Daifuku Co., Ltd. | 342158 |
| 87900 | Dai-ichi Life Holdings Inc. | 904720 |
| 44900 | Daiichi Sankyo Co., Ltd. | 887990 |
| 34600 | Daikin Industries Ltd. | 4437605 |
| 7500 | Daito Trust Construction Co., Ltd. | 172962 |
| 13800 | Daiwa House Industry Co., Ltd. | 497738 |
| 33800 | Daiwa Securities Group Inc. | 355194 |
| 44200 | Denso Corp. | 635049 |
| 23400 | Dentsu Soken Inc. | 294441 |
| 2300 | Disco Corp. | 1104724 |
| 24300 | East Japan Railway Co. | 598970 |
| 32800 | Ebara Corp. | 1157748 |
| 6200 | Eisai Co., Ltd. | 209263 |
| 66050 | ENEOS Holdings Inc. | 629404 |
| 158600 | FANUC Corp. | 7191920 |
| 10600 | Fast Retailing Co., Ltd. | 4638124 |
| 9100 | Food & Life Cos., Ltd. | 586228 |
| 19800 | Fuji Corp. | 770001 |
| 3700 | Fuji Electric Co., Ltd. | 328072 |
| 89600 | FUJIFILM Holdings Corp. | 1858116 |
| 6400 | Fujikura Ltd. | 1090716 |
| 43700 | Fujitsu Ltd. | 983406 |
| 22200 | GS Yuasa Corp. | 788051 |
| 5900 | Hankyu Hanshin Holdings Inc. | 172122 |
| 400 | Hikari Tsushin Inc. | 113122 |
| 212300 | Hitachi Ltd. | 7031894 |
| 92000 | Honda Motor Co., Ltd. | 922214 |
| 4200 | Horiba Ltd. | 564174 |
| 39800 | Hoya Corp. | 7178863 |
| 12100 | Hulic Co., Ltd. | 160163 |
| 23400 | Ibiden Co., Ltd. | 1420045 |
| 20685 | Idemitsu Kosan Co., Ltd. | 197605 |
| 26300 | IHI Corp. | 721219 |
| 48200 | INFRONEER Holdings Inc. | 807051 |
| 21400 | Inpex Corp. | 523674 |
| 14200 | Isuzu Motors Ltd. | 264741 |
| 321100 | ITOCHU Corp. | 4625638 |
| 3700 | Japan Airlines Co., Ltd. | 76182 |
| 161000 | Japan Exchange Group Inc. | 2185295 |
| 768 | Japan Hotel REIT Investment Corp., Class A Shares | 416806 |
| 45000 | Japan Post Bank Co., Ltd. | 879686 |
| 43600 | Japan Post Holdings Co., Ltd. | 567402 |
| 4900 | Japan Post Insurance Co., Ltd. | 159801 |
| 29800 | Japan Tobacco Inc. | 1140474 |
| 14800 | JFE Holdings Inc. | 208222 |
| 14100 | JX Advanced Metals Corp. | 378063 |
| 10400 | Kajima Corp. | 474485 |
| 23400 | Kandenko Co., Ltd. | 1044144 |
| 8700 | Kaneka Corp. | 293723 |
| 23500 | Kansai Electric Power Co., Inc. (The) | 424664 |
| 11200 | Kao Corp. | 478745 |
| 3900 | Kawasaki Heavy Industries Ltd. | 453775 |

---

#### See Notes to Financial Statements.

#### 79

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** |
| 8300 | Kawasaki Kisen Kaisha Ltd. | $133378 |
| 361700 | KDDI Corp. | 6213088 |
| 16500 | Keyence Corp. | 6961417 |
| 18400 | Kikkoman Corp. | 176770 |
| 13200 | Kinden Corp. | 715792 |
| 4700 | Kioxia Holdings Corp.\* | 633879 |
| 19800 | Kirin Holdings Co., Ltd. | 343737 |
| 23800 | Komatsu Ltd. | 1144536 |
| 2500 | Konami Group Corp. | 332763 |
| 25400 | Kubota Corp. | 515373 |
| 33200 | Kyocera Corp. | 585788 |
| 5300 | Kyowa Kirin Co., Ltd. | 97847 |
| 42000 | Kyushu Electric Power Co., Inc. | 541266 |
| 2100 | Lasertec Corp. | 453226 |
| 33300 | Lion Corp. | 392337 |
| 73800 | LY Corp. | 182633 |
| 12700 | M3 Inc. | 138805 |
| 6000 | Makita Corp. | 229810 |
| 35100 | Marubeni Corp. | 1346110 |
| 8400 | MatsukiyoCocokara & Co. | 139343 |
| 136800 | Mebuki Financial Group Inc. | 1173704 |
| 8700 | Meidensha Corp. | 435195 |
| 8500 | MINEBEA MITSUMI Inc. | 182558 |
| 30700 | Mitsubishi Chemical Group Corp. | 227626 |
| 80300 | Mitsubishi Corp. | 2702677 |
| 110400 | Mitsubishi Electric Corp. | 4216423 |
| 85500 | Mitsubishi Estate Co., Ltd. | 2890431 |
| 22400 | Mitsubishi HC Capital Inc. | 216233 |
| 80200 | Mitsubishi Heavy Industries Ltd. | 2569015 |
| 284900 | Mitsubishi UFJ Financial Group Inc. | 5334378 |
| 61600 | Mitsui & Co., Ltd. | 2310138 |
| 13100 | Mitsui E&S Co., Ltd. | 657804 |
| 66000 | Mitsui Fudosan Co., Ltd. | 887797 |
| 8900 | Mitsui Kinzoku Co., Ltd. | 2089931 |
| 8800 | Mitsui OSK Lines Ltd. | 326445 |
| 62090 | Mizuho Financial Group Inc. | 2835281 |
| 109900 | MonotaRO Co., Ltd. | 1461725 |
| 14900 | Morinaga Milk Industry Co., Ltd. | 472795 |
| 146000 | MS&AD Insurance Group Holdings Inc. | 4082286 |
| 41500 | Murata Manufacturing Co., Ltd. | 1087534 |
| 32300 | NEC Corp. | 894913 |
| 9600 | Nexon Co., Ltd. | 203624 |
| 17500 | Nextage Co., Ltd. | 433474 |
| 33400 | NHK Spring Co., Ltd. | 641252 |
| 21900 | Nidec Corp. | 345444 |
| 46700 | Nintendo Co., Ltd. | 2632714 |
| 202 | Nippon Building Fund Inc., REIT | 187806 |
| 14300 | Nippon Electric Glass Co., Ltd. | 628284 |
| 25700 | Nippon Paint Holdings Co., Ltd. | 190246 |
| 4200 | Nippon Sanso Holdings Corp. | 160698 |
| 11000 | Nippon Shinyaku Co., Ltd. | 361570 |
| 118700 | Nippon Steel Corp. | 483422 |
| 10300 | Nippon Yusen KK | 354273 |
| 13600 | Nissan Chemical Corp. | 617714 |
| 53200 | Nissan Motor Co., Ltd.\* | 146659 |
| 72000 | Nissui Corp. | 712626 |
| 10900 | Nitori Holdings Co., Ltd. | 219053 |
| 11700 | Nitto Boseki Co., Ltd. | 1880082 |

---

#### See Notes to Financial Statements.

#### 80

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** |
| 16700 | Nitto Denko Corp. | $387474 |
| 75600 | Nomura Holdings Inc. | 700515 |
| 63480 | Nomura Research Institute Ltd. | 1771284 |
| 746200 | NTT Inc. | 732498 |
| 15800 | Obayashi Corp. | 445334 |
| 87100 | Obic Co., Ltd. | 2336612 |
| 28500 | Olympus Corp. | 279848 |
| 6900 | Open House Group Co., Ltd. | 510541 |
| 1000 | Oracle Corp. Japan | 60309 |
| 27900 | Oriental Land Co., Ltd. | 504697 |
| 28900 | ORIX Corp. | 1020164 |
| 9100 | Osaka Gas Co., Ltd. | 378745 |
| 5900 | Otsuka Corp. | 118861 |
| 11100 | Otsuka Holdings Co., Ltd. | 760026 |
| 24800 | PAL Group Holdings Co., Ltd. | 262802 |
| 48600 | Pan Pacific International Holdings Corp. | 323727 |
| 58200 | Panasonic Holdings Corp. | 938778 |
| 39200 | Rakuten Group Inc.\* | 207366 |
| 77400 | Recruit Holdings Co., Ltd. | 3378575 |
| 675100 | Renesas Electronics Corp. | 12783260 |
| 53100 | Resona Holdings Inc. | 648376 |
| 34200 | Resorttrust Inc. | 422502 |
| 13300 | Ryohin Keikaku Co., Ltd. | 306565 |
| 40200 | Sankyo Co., Ltd. | 566792 |
| 6300 | Sankyu Inc. | 404924 |
| 4100 | Sanrio Co., Ltd. | 147552 |
| 35000 | Santen Pharmaceutical Co., Ltd. | 392151 |
| 25400 | Sanwa Holdings Corp. | 671383 |
| 28200 | Sawai Group Holdings Co., Ltd. | 420647 |
| 14200 | SBI Holdings Inc. | 303513 |
| 2000 | SCREEN Holdings Co., Ltd. | 292387 |
| 10100 | Secom Co., Ltd. | 390083 |
| 5500 | Seibu Holdings Inc. | 162619 |
| 8700 | Sekisui Chemical Co., Ltd. | 169605 |
| 14900 | Sekisui House Ltd. | 364613 |
| 52000 | Seven & i Holdings Co., Ltd.(c) | 729869 |
| 35700 | Shimadzu Corp. | 994706 |
| 10300 | Shimano Inc. | 1104682 |
| 13900 | Shimizu Corp. | 310926 |
| 127600 | Shin-Etsu Chemical Co., Ltd. | 5045578 |
| 18900 | Shionogi & Co., Ltd. | 445654 |
| 10000 | Shiseido Co., Ltd. | 210181 |
| 22500 | SMC Corp. | 10826944 |
| 711500 | Softbank Corp. | 973223 |
| 150200 | SoftBank Group Corp. | 3895150 |
| 133600 | Sompo Holdings Inc. | 5245977 |
| 158400 | Sony Financial Group Inc.\* | 162052 |
| 284100 | Sony Group Corp. | 6565742 |
| 14600 | Subaru Corp. | 275664 |
| 17100 | Sugi Holdings Co., Ltd. | 393303 |
| 11400 | Sumitomo Bakelite Co., Ltd. | 437956 |
| 27100 | Sumitomo Corp. | 1153527 |
| 17900 | Sumitomo Electric Industries Ltd. | 1183506 |
| 6400 | Sumitomo Metal Mining Co., Ltd. | 509156 |
| 301300 | Sumitomo Mitsui Financial Group Inc. | 11287329 |
| 15500 | Sumitomo Mitsui Trust Group Inc. | 543157 |
| 15000 | Sumitomo Realty & Development Co., Ltd. | 506557 |
| 3400 | Suntory Beverage & Food Ltd. | 107110 |

---

#### See Notes to Financial Statements.

#### 81

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** | **Japan — 19.7% — (continued)** |
| 39900 | Suzuki Motor Corp. | $602509 |
| 7800 | SWCC Corp. | 767827 |
| 13100 | Sysmex Corp. | 124448 |
| 11900 | T&D Holdings Inc. | 318752 |
| 12800 | Taiheiyo Cement Corp. | 367616 |
| 3700 | Taisei Corp. | 480587 |
| 39454 | Takeda Pharmaceutical Co., Ltd. | 1474835 |
| 48800 | TDK Corp. | 753788 |
| 227900 | Terumo Corp. | 3077894 |
| 5400 | TIS Inc. | 111110 |
| 14000 | Toho Co., Ltd. | 140340 |
| 45900 | Tokio Marine Holdings Inc. | 1914411 |
| 11200 | Tokyo Electron Ltd. | 3167405 |
| 7800 | Tokyo Gas Co., Ltd. | 381986 |
| 18900 | Tokyo Ohka Kogyo Co., Ltd. | 1110934 |
| 7900 | Tokyo Seimitsu Co., Ltd. | 870862 |
| 22700 | Tokyo Tatemono Co., Ltd. | 634554 |
| 11200 | Tokyu Corp. | 143280 |
| 65200 | Tokyu Fudosan Holdings Corp. | 654363 |
| 6300 | TOPPAN Holdings Inc. | 216075 |
| 34200 | Toray Industries Inc. | 292197 |
| 7300 | Toyo Suisan Kaisha Ltd. | 573834 |
| 15300 | Toyo Tire Corp. | 471737 |
| 17900 | Toyoda Gosei Co., Ltd. | 581871 |
| 4100 | Toyota Industries Corp. | 530723 |
| 358500 | Toyota Motor Corp. | 8641672 |
| 17600 | Toyota Tsusho Corp. | 784358 |
| 15500 | Tsumura & Co. | 416652 |
| 6800 | Tsuruha Holdings Inc. | 114285 |
| 30400 | Unicharm Corp. | 208475 |
| 10500 | West Japan Railway Co. | 225590 |
| 47100 | Yamaguchi Financial Group Inc. | 828458 |
| 22100 | Yamaha Motor Co., Ltd. | 175120 |
| 5700 | Yokogawa Electric Corp. | 227132 |
| 26100 | Yokohama Financial Group Inc. | 281846 |
| 2700 | Zensho Holdings Co., Ltd. | 171296 |
| 10300 | ZOZO Inc. | 75269 |
|  | Total Japan | 270103157 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| 31897 | ArcelorMittal SA | 2081307 |
| 4657 | CVC Capital Partners PLC(a) | 66440 |
| 3068 | Eurofins Scientific SE | 245790 |
| 13409 | Millicom International Cellular SA | 977382 |
| 9490 | Tenaris SA | 258522 |
|  | Total Luxembourg | 3629441 |
| **Macau — 0.0%@** | **Macau — 0.0%@** | **Macau — 0.0%@** |
| 58400 | Sands China Ltd. | 131961 |
| **Mexico — 0.0%@** | **Mexico — 0.0%@** | **Mexico — 0.0%@** |
| 5517 | Fresnillo PLC | 317370 |
| **Netherlands — 5.2%** | **Netherlands — 5.2%** | **Netherlands — 5.2%** |
| 14070 | ABN AMRO Bank NV, Dutch Certificate, GDR(a) | 471916 |
| 635 | Adyen NV\*(a) | 739800 |
| 33555 | Aegon Ltd. | 254810 |
| 37268 | Akzo Nobel NV | 2629624 |
| 1544 | Argenx SE\* | 1186209 |
| 2822 | ASM International NV | 2374381 |

---

#### See Notes to Financial Statements.

#### 82

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Netherlands — 5.2% — (continued)** | **Netherlands — 5.2% — (continued)** | **Netherlands — 5.2% — (continued)** |
| 18976 | ASML Holding NV | $27529680 |
| 13326 | ASR Nederland NV | 967067 |
| 5308 | BE Semiconductor Industries NV | 1189887 |
| 6942 | Euronext NV(a) | 1147779 |
| 2422 | EXOR NV | 212913 |
| 12989 | Ferrovial SE | 973865 |
| 3257 | Heineken Holding NV | 281670 |
| 90939 | Heineken NV | 8426253 |
| 180110 | ING Groep NV | 5196036 |
| 4346 | JDE Peet's NV | 162782 |
| 22490 | Koninklijke Ahold Delhaize NV | 1109808 |
| 4595 | Koninklijke Heijmans NV | 483671 |
| 99869 | Koninklijke KPN NV | 567252 |
| 215083 | Koninklijke Philips NV\* | 6869759 |
| 12733 | Magnum Ice Cream Co. NV (The)\* | 202209 |
| 5201 | Nebius Group NV, Class A Shares\* | 474279 |
| 6818 | NN Group NV | 555266 |
| 32766 | Prosus NV\* | 1678721 |
| 15256 | QIAGEN NV | 755655 |
| 2403 | Randstad NV | 79425 |
| 50939 | Stellantis NV | 413755 |
| 121457 | Universal Music Group NV | 2742350 |
| 23653 | Wolters Kluwer NV | 1903285 |
|  | Total Netherlands | 71580107 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| 42182 | Auckland International Airport Ltd. | 231722 |
| 20347 | Contact Energy Ltd. | 113192 |
| 14634 | Fisher & Paykel Healthcare Corp., Ltd. | 358848 |
| 25258 | Infratil Ltd. | 169661 |
| 33439 | Meridian Energy Ltd. | 113470 |
| 4157 | Xero Ltd.\* | 243897 |
|  | Total New Zealand | 1230790 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| 8439 | Aker BP ASA | 253957 |
| 118901 | DNB Bank ASA | 3773704 |
| 18200 | Equinor ASA | 541929 |
| 5021 | Gjensidige Forsikring ASA | 141714 |
| 30506 | Kitron ASA | 340655 |
| 11135 | Kongsberg Gruppen ASA | 453090 |
| 11654 | Mowi ASA | 274325 |
| 123955 | Norsk Hydro ASA | 1151106 |
| 17739 | Orkla ASA | 242701 |
| 1787 | Salmar ASA | 106788 |
| 36287 | Scatec ASA\*(a) | 467016 |
| 16084 | Telenor ASA | 297762 |
| 3984 | Yara International ASA | 201497 |
|  | Total Norway | 8246244 |
| **Poland — 0.0%@** | **Poland — 0.0%@** | **Poland — 0.0%@** |
| 5745 | InPost SA\* | 103288 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| 194443 | Banco Comercial Portugues SA, Class R Shares | 204989 |
| 79373 | EDP SA | 423441 |
| 10887 | Galp Energia SGPS SA | 234282 |
| 71055 | Jeronimo Martins SGPS SA | 1868653 |
|  | Total Portugal | 2731365 |

---

#### See Notes to Financial Statements.

#### 83

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| 1087758 | CapitaLand Ascendas REIT | $2311320 |
| 155828 | CapitaLand Integrated Commercial Trust, REIT | 301498 |
| 57700 | CapitaLand Investment Ltd. | 139476 |
| 53240 | DBS Group Holdings Ltd. | 2402604 |
| 60033 | Grab Holdings Ltd., Class A Shares\* | 253339 |
| 38200 | iFAST Corp., Ltd. | 280015 |
| 257200 | Keppel DC REIT | 469292 |
| 36900 | Keppel Ltd. | 379362 |
| 84700 | Oversea-Chinese Banking Corp., Ltd. | 1428681 |
| 135100 | SATS Ltd. | 418370 |
| 18303 | Sea Ltd., ADR\* | 1984960 |
| 22300 | Sembcorp Industries Ltd. | 107763 |
| 173100 | Sheng Siong Group Ltd. | 359691 |
| 40250 | Singapore Airlines Ltd. | 227927 |
| 20400 | Singapore Exchange Ltd. | 293101 |
| 39900 | Singapore Technologies Engineering Ltd. | 314003 |
| 591400 | Singapore Telecommunications Ltd. | 2355365 |
| 129603 | United Overseas Bank Ltd. | 3784438 |
| 80000 | UOL Group Ltd. | 713361 |
| 43400 | Wilmar International Ltd. | 120654 |
|  | Total Singapore | 18645220 |
| **South Africa — 0.0%@** | **South Africa — 0.0%@** | **South Africa — 0.0%@** |
| 57442 | Investec PLC | 494736 |
| **South Korea — 1.4%** | **South Korea — 1.4%** | **South Korea — 1.4%** |
| 14556 | Classys Inc.\* | 589852 |
| 3087 | Daewoong Pharmaceutical Co., Ltd. | 377785 |
| 5280 | Hanwha Corp.\* | 500274 |
| 9047 | HD-Hyundai Marine Engine\* | 548002 |
| 260 | Hyosung Heavy Industries Corp. | 508768 |
| 9609 | Iljin Electric Co., Ltd. | 595978 |
| 10138 | IsuPetasys Co., Ltd. | 900193 |
| 27480 | JB Financial Group Co., Ltd. | 605673 |
| 2276 | KIWOOM Securities Co., Ltd. | 735332 |
| 2350 | KT&G Corp. | 266067 |
| 12127 | LEENO Industrial Inc. | 895520 |
| 2357 | LG Innotek Co., Ltd. | 521589 |
| 10496 | Netmarble Corp.(a) | 383196 |
| 8436 | Poongsan Corp.\* | 677963 |
| 24900 | Samsung E&A Co., Ltd. | 628954 |
| 45350 | Samsung Electronics Co., Ltd. | 6805557 |
| 3736 | Samsung Fire & Marine Insurance Co., Ltd. | 1372888 |
| 5239 | Sanil Electric Co., Ltd. | 605179 |
| 25667 | Shinhan Financial Group Co., Ltd. | 1724368 |
| 16407 | Silicon2 Co., Ltd.\* | 499629 |
|  | Total South Korea | 19742767 |
| **Spain — 3.2%** | **Spain — 3.2%** | **Spain — 3.2%** |
| 624 | Acciona SA | 182151 |
| 4343 | ACS Actividades de Construccion y Servicios SA | 562916 |
| 18498 | Aena SME SA(a) | 583970 |
| 43875 | Amadeus IT Group SA | 2724103 |
| 50504 | Atalaya Mining Copper SA | 703602 |
| 291395 | Banco Bilbao Vizcaya Argentaria SA | 6749609 |
| 122630 | Banco de Sabadell SA | 456958 |
| 370593 | Banco Santander SA | 4639659 |
| 197302 | Bankinter SA | 3307172 |
| 98172 | CaixaBank SA | 1221273 |

---

#### See Notes to Financial Statements.

#### 84

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Spain — 3.2% — (continued)** | **Spain — 3.2% — (continued)** | **Spain — 3.2% — (continued)** |
| 12378 | Cellnex Telecom SA(a) | $469611 |
| 8575 | EDP Renovaveis SA | 135293 |
| 8226 | Endesa SA | 336159 |
| 7354 | Grifols SA | 92817 |
| 297295 | Iberdrola SA | 7043345 |
| 22880 | Indra Sistemas SA | 1697814 |
| 132716 | Industria de Diseno Textil SA | 8916316 |
| 10500 | Logista Integral SA | 400265 |
| 192943 | Mapfre SA | 893722 |
| 49264 | Merlin Properties Socimi SA, REIT | 871247 |
| 5845 | Naturgy Energy Group SA | 181931 |
| 6811 | Redeia Corp. SA | 126632 |
| 27610 | Repsol SA | 621470 |
| 91870 | Telefonica SA | 417877 |
|  | Total Spain | 43335912 |
| **Sweden — 2.6%** | **Sweden — 2.6%** | **Sweden — 2.6%** |
| 6790 | AddTech AB, Class B Shares | 251847 |
| 7389 | Alfa Laval AB | 438137 |
| 25093 | Assa Abloy AB, Class B Shares | 1075139 |
| 67061 | Atlas Copco AB, Class A Shares | 1456605 |
| 191147 | Atlas Copco AB, Class B Shares | 3615142 |
| 19076 | Avanza Bank Holding AB | 699204 |
| 9559 | Beijer Ref AB, Class B Shares | 150102 |
| 7011 | Boliden AB\* | 559258 |
| 311813 | Electrolux AB, Class B Shares\* | 2639195 |
| 16786 | Epiroc AB, Class A Shares | 507266 |
| 9605 | Epiroc AB, Class B Shares | 250696 |
| 12148 | EQT AB | 375204 |
| 14647 | Essity AB, Class B Shares | 466138 |
| 3313 | Evolution AB(a) | 201355 |
| 16569 | Fastighets AB Balder, Class B Shares\* | 124607 |
| 12640 | H & M Hennes & Mauritz AB, Class B Shares | 270302 |
| 403688 | Hexagon AB, Class B Shares | 4605020 |
| 1925 | Holmen AB, Class B Shares | 76059 |
| 2855 | Industrivarden AB, Class A Shares | 162632 |
| 4321 | Industrivarden AB, Class C Shares | 245108 |
| 6911 | Indutrade AB | 180359 |
| 4075 | Investment AB Latour, Class B Shares | 104412 |
| 45568 | Investor AB, Class B Shares | 1905668 |
| 1894 | L E Lundbergforetagen AB, Class B Shares | 124475 |
| 5384 | Lifco AB, Class B Shares | 192062 |
| 19246 | NCC AB, Class B Shares | 470016 |
| 39898 | Nibe Industrier AB, Class B Shares | 164559 |
| 7857 | Saab AB, Class B Shares | 568290 |
| 5522 | Sagax AB, Class B Shares | 116795 |
| 26888 | Sandvik AB | 1194521 |
| 12816 | Securitas AB, Class B Shares | 228496 |
| 38193 | Skandinaviska Enskilda Banken AB, Class A Shares | 815258 |
| 8756 | Skanska AB, Class B Shares | 268948 |
| 7901 | SKF AB, Class B Shares | 227716 |
| 7776 | Spotify Technology SA\* | 4004173 |
| 306385 | Storskogen Group AB, Class B Shares | 313270 |
| 15391 | Svenska Cellulosa AB SCA, Class B Shares | 209393 |
| 135679 | Svenska Handelsbanken AB, Class A Shares | 2172330 |
| 21303 | Swedbank AB, Class A Shares | 822055 |
| 4500 | Swedish Orphan Biovitrum AB\* | 197179 |
| 13907 | Tele2 AB, Class B Shares | 294001 |
| 70155 | Telefonaktiebolaget LM Ericsson, Class B Shares | 814617 |

---

#### See Notes to Financial Statements.

#### 85

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Sweden — 2.6% — (continued)** | **Sweden — 2.6% — (continued)** | **Sweden — 2.6% — (continued)** |
| 60530 | Telia Co. AB | $310810 |
| 5318 | Trelleborg AB, Class B Shares | 233018 |
| 39872 | Volvo AB, Class B Shares(c) | 1552947 |
| 44405 | Wihlborgs Fastigheter AB | 470755 |
|  | Total Sweden | 36125139 |
| **Switzerland — 8.2%**  | **Switzerland — 8.2%**  | **Switzerland — 8.2%**  |
| 57683 | ABB Ltd., Class Registered Shares | 5351448 |
| 8872 | Accelleron Industries AG | 840352 |
| 16837 | Adecco Group AG, Class Registered Shares | 475459 |
| 79553 | Alcon AG | 6987631 |
| 10497 | Avolta AG | 688827 |
| 651 | Banque Cantonale Vaudoise, Class Registered Shares | 99838 |
| 82 | Barry Callebaut AG, Class Registered Shares | 154133 |
| 251 | Belimo Holding AG, Class Registered Shares | 253773 |
| 539 | BKW AG | 106202 |
| 129 | Chocoladefabriken Lindt & Spruengli AG | 2124295 |
| 3 | Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares | 494831 |
| 29015 | Cie Financiere Richemont SA, Class Registered Shares | 5882813 |
| 13203 | Coca-Cola HBC AG\* | 853035 |
| 5857 | DKSH Holding AG | 472397 |
| 4340 | DSM-Firmenich AG | 310005 |
| 16402 | EFG International AG\* | 401176 |
| 177 | EMS-Chemie Holding AG, Class Registered Shares | 146430 |
| 3869 | Galderma Group AG | 733857 |
| 5737 | Galenica AG(a) | 714519 |
| 852 | Geberit AG, Class Registered Shares | 713839 |
| 231 | Givaudan SA, Class Registered Shares | 929715 |
| 251158 | Glencore PLC\* | 1807403 |
| 1986 | Helvetia Baloise Holding AG | 515422 |
| 12789 | Holcim AG\* | 1177137 |
| 24304 | Julius Baer Group Ltd. | 2060770 |
| 827 | Kardex Holding AG, Class Registered Shares | 281961 |
| 1236 | Kuehne + Nagel International AG, Class Registered Shares | 285944 |
| 3741 | Logitech International SA, Class Registered Shares | 343923 |
| 9884 | Lonza Group AG, Class Registered Shares | 6897221 |
| 64487 | Nestlé SA, Class Registered Shares | 7029455 |
| 47595 | Novartis AG, Class Registered Shares | 8046755 |
| 11170 | On Holding AG, Class A Shares\* | 519182 |
| 575 | Partners Group Holding AG | 637188 |
| 4530 | PSP Swiss Property AG, Class Registered Shares | 976445 |
| 57227 | Roche Holding AG | 27336237 |
| 10476 | Sandoz Group AG | 922556 |
| 1030 | Schindler Holding AG | 391713 |
| 582 | Schindler Holding AG, Class Registered Shares | 212269 |
| 29556 | SGS SA, Class Registered Shares | 3728313 |
| 3422 | Siegfried Holding AG, Class Registered Shares\* | 382419 |
| 3832 | Sika AG, Class Registered Shares | 787471 |
| 1285 | Sonova Holding AG, Class Registered Shares | 333266 |
| 17450 | Sportradar Group AG, Class A Shares\* | 318637 |
| 16573 | STMicroelectronics NV | 556295 |
| 11704 | Straumann Holding AG, Class Registered Shares | 1408802 |
| 4133 | Sulzer AG, Class Registered Shares | 917985 |
| 759 | Swatch Group AG (The) | 192999 |
| 716 | Swiss Life Holding AG, Class Registered Shares | 818486 |
| 1983 | Swiss Prime Site AG, Class Registered Shares | 378435 |
| 7479 | Swiss Re AG | 1316045 |
| 664 | Swisscom AG, Class Registered Shares | 622896 |
| 1966 | Swissquote Group Holding SA, Class Registered Shares | 1051855 |

---

#### See Notes to Financial Statements.

#### 86

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Switzerland — 8.2% — (continued)** | **Switzerland — 8.2% — (continued)** | **Switzerland — 8.2% — (continued)** |
| 5631 | Temenos AG, Class Registered Shares | $523490 |
| 79624 | UBS Group AG, Class Registered Shares | 3318864 |
| 6295 | VAT Group AG(a) | 4490590 |
| 698 | Ypsomed Holding AG, Class Registered Shares | 244115 |
| 3673 | Zurich Insurance Group AG | 2765902 |
|  | Total Switzerland | 112333021 |
| **Taiwan — 0.7%** | **Taiwan — 0.7%** | **Taiwan — 0.7%** |
| 125000 | Hon Hai Precision Industry Co., Ltd. | 958132 |
| 34000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 2125865 |
| 17340 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 6495217 |
|  | Total Taiwan | 9579214 |
| **United Kingdom — 17.1%** | **United Kingdom — 17.1%** | **United Kingdom — 17.1%** |
| 24849 | 3i Group PLC | 1103576 |
| 6622 | Admiral Group PLC | 264426 |
| 23454 | Airtel Africa PLC(a) | 110311 |
| 27973 | Anglo American PLC | 1392047 |
| 7138 | ARM Holdings PLC, ADR\* | 909738 |
| 10564 | Ashtead Group PLC | 760436 |
| 8234 | Associated British Foods PLC | 218603 |
| 120149 | AstraZeneca PLC | 25304585 |
| 19851 | Autotrader Group PLC(a) | 131669 |
| 76530 | Aviva PLC | 703809 |
| 50581 | Babcock International Group PLC | 922384 |
| 186292 | BAE Systems PLC | 5350732 |
| 79665 | Balfour Beatty PLC | 812382 |
| 1607862 | Barclays PLC | 9708529 |
| 98375 | Barratt Redrow PLC | 486498 |
| 37147 | Beazley PLC | 632659 |
| 38949 | Berkeley Group Holdings PLC | 2274937 |
| 1159732 | BP PLC | 7498735 |
| 101079 | British American Tobacco PLC | 6314853 |
| 87339 | British Land Co. PLC (The), REIT | 480365 |
| 147109 | BT Group PLC | 428888 |
| 44623 | Bunzl PLC | 1315987 |
| 119036 | Centrica PLC | 319683 |
| 5308 | Coca-Cola Europacific Partners PLC | 586162 |
| 185358 | Compass Group PLC | 5714286 |
| 12212 | Computacenter PLC | 521627 |
| 151340 | ConvaTec Group PLC(a) | 526244 |
| 7440 | Cranswick PLC | 544391 |
| 357102 | Currys PLC | 774897 |
| 367463 | Diageo PLC | 8216022 |
| 54996 | Drax Group PLC | 657660 |
| 41352 | easyJet PLC | 257728 |
| 24079 | Endeavour Mining PLC | 1732562 |
| 58492 | Entain PLC | 453581 |
| 2066 | Games Workshop Group PLC | 496505 |
| 10190 | Genus PLC | 403536 |
| 203784 | GSK PLC | 6044039 |
| 827774 | Haleon PLC | 4531877 |
| 47527 | Halma PLC | 2668372 |
| 174153 | Harbour Energy PLC | 595267 |
| 635196 | HSBC Holdings PLC | 11935040 |
| 16412 | ICG PLC | 370307 |
| 13786 | IMI PLC | 537432 |
| 19218 | Imperial Brands PLC | 860978 |
| 45349 | Inchcape PLC | 543043 |

---

#### See Notes to Financial Statements.

#### 87

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **United Kingdom — 17.1% — (continued)** | **United Kingdom — 17.1% — (continued)** | **United Kingdom — 17.1% — (continued)** |
| 31796 | Informa PLC | $358170 |
| 3503 | InterContinental Hotels Group PLC | 481662 |
| 29935 | International Consolidated Airlines Group SA | 170844 |
| 3969 | Intertek Group PLC | 251920 |
| 41478 | J Sainsbury PLC | 195394 |
| 64950 | JD Sports Fashion PLC | 71384 |
| 17484 | JET2 PLC | 295181 |
| 322184 | Kingfisher PLC | 1608518 |
| 52529 | Lancashire Holdings Ltd | 474086 |
| 17456 | Land Securities Group PLC, REIT | 151478 |
| 142713 | Legal & General Group PLC | 520089 |
| 3545936 | Lloyds Banking Group PLC | 4864974 |
| 33433 | London Stock Exchange Group PLC | 3969417 |
| 204399 | LondonMetric Property PLC, REIT | 590900 |
| 55333 | M&G PLC | 236053 |
| 14150 | Marex Group PLC | 614959 |
| 52387 | Marks & Spencer Group PLC | 278689 |
| 207644 | Melrose Industries PLC | 1592023 |
| 165129 | Mitie Group PLC | 400332 |
| 747937 | National Grid PLC | 14019999 |
| 507638 | NatWest Group PLC | 4231949 |
| 2807 | Next PLC | 511594 |
| 55594 | OSB Group PLC | 457154 |
| 14892 | Pearson PLC | 192473 |
| 18397 | Phoenix Group Holdings PLC | 189373 |
| 133379 | Reckitt Benckiser Group PLC | 11704993 |
| 317654 | RELX PLC | 11031396 |
| 62483 | Rentokil Initial PLC | 384764 |
| 28060 | Rio Tinto PLC | 2789459 |
| 556031 | Rolls-Royce Holdings PLC | 10144199 |
| 294779 | Sage Group PLC (The) | 3265741 |
| 19654 | Schroders PLC | 154623 |
| 348380 | Segro PLC, REIT | 3945484 |
| 6902 | Severn Trent PLC | 305040 |
| 278541 | Shell PLC | 11592051 |
| 195914 | Smith & Nephew PLC | 3612500 |
| 55587 | Smiths Group PLC | 2047521 |
| 16863 | Softcat PLC | 259198 |
| 1697 | Spirax Group PLC | 180660 |
| 30171 | SSE PLC | 1094022 |
| 38814 | St. James's Place PLC | 703910 |
| 168819 | Standard Chartered PLC | 4162358 |
| 352161 | Tesco PLC | 2273395 |
| 110191 | Trainline PLC\*(a) | 289980 |
| 210310 | Tritax Big Box REIT PLC | 486705 |
| 83685 | Unilever PLC | 6154400 |
| 17187 | United Utilities Group PLC | 322850 |
| 9447 | Verisure PLC\* | 105431 |
| 481332 | Vodafone Group PLC | 742912 |
| 61298 | Watches of Switzerland Group PLC\*(a) | 421370 |
| 9926 | Weir Group PLC (The) | 471514 |
| 219590 | WH Smith PLC | 2034329 |
| 32833 | Whitbread PLC | 1145068 |
| 15902 | Wise PLC, Class A Shares\* | 183722 |
|  | Total United Kingdom | 235155598 |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| 183011 | Carnival Corp. | 5773997 |
| 9529 | Kiniksa Pharmaceuticals International PLC, Class A Shares\* | 423945 |

---

#### See Notes to Financial Statements.

#### 88

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund | International Equity Fund |
| **Shares/Units** |  | **Security** | **Value** |
| **United States — 0.5% — (continued)** | **United States — 0.5% — (continued)** | **United States — 0.5% — (continued)** | **United States — 0.5% — (continued)** |
| 6115 |  | Liberty Media Corp.-Liberty Formula One, Class C Shares\* | $560073 |
| 526000 |  | Nexteer Automotive Group Ltd. | 501329 |
| 10 |  | Palo Alto Networks Inc.\* | 1489 |
|  |  | Total United States | 7260833 |
| **Uruguay — 0.0%@** | **Uruguay — 0.0%@** | **Uruguay — 0.0%@** | **Uruguay — 0.0%@** |
| 269 |  | MercadoLibre Inc.\* | 472789 |
|  |  | **TOTAL COMMON STOCKS**<br> (Cost — $815,985,490) | **1342210409** |
| PREFERRED STOCKS — 0.1% | PREFERRED STOCKS — 0.1% | PREFERRED STOCKS — 0.1% | PREFERRED STOCKS — 0.1% |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| 1209 |  | Bayerische Motoren Werke AG, Class Preferred Shares | 127065 |
| 3123 |  | Dr ING hc F Porsche AG, Class Preferred Shares(a) | 152674 |
| 3864 |  | Henkel AG & Co. KGaA, Class Preferred Shares | 379774 |
| 3530 |  | Porsche Automobil Holding SE, Class Preferred Shares | 150232 |
| 699 |  | Sartorius AG, Class Preferred Shares | 198396 |
| 5197 |  | Volkswagen AG, Class Preferred Shares | 621213 |
|  |  | **TOTAL PREFERRED STOCKS**<br> (Cost — $1,540,714) | **1629354** |
| OPEN END MUTUAL FUND SECURITY — 0.1%  | OPEN END MUTUAL FUND SECURITY — 0.1%  | OPEN END MUTUAL FUND SECURITY — 0.1%  | OPEN END MUTUAL FUND SECURITY — 0.1%  |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| 18811 |  | Vanguard FTSE Developed Markets ETF, Common Class Shares<br>(Cost — $819,661) | **1321285** |
|  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $818,345,865) | **1345161048** |
| **Face**<br>**Amount†** |  |  |  |
| SHORT-TERM INVESTMENTS(d) — 1.6%  | SHORT-TERM INVESTMENTS(d) — 1.6%  | SHORT-TERM INVESTMENTS(d) — 1.6%  | SHORT-TERM INVESTMENTS(d) — 1.6%  |
| MONEY MARKET FUND — 0.2%  | MONEY MARKET FUND — 0.2%  | MONEY MARKET FUND — 0.2%  | MONEY MARKET FUND — 0.2%  |
| $2755398 |  | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(e)<br>(Cost — $2,755,398) | **2755398** |
| TIME DEPOSITS — 1.4% | TIME DEPOSITS — 1.4% | TIME DEPOSITS — 1.4% | TIME DEPOSITS — 1.4% |
|  |  | ANZ National Bank — Hong Kong: |  |
| 3268666 | <sup>HKD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% due 3/2/26 | 417809 |
| 140272 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/2/26 | 99817 |
|  |  | BBH — New York: |  |
| 2370 | <sup>CAD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 3/2/26 | 1737 |
| 4625 | <sup>NZD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 3/2/26 | 2774 |
| 287916 | <sup>NOK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 3/2/26 | 30277 |
|  |  | Citibank — London: |  |
| 792230 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.880% due 3/2/26 | 936099 |
| 328741 | <sup>G</sup><sup>BP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.680% due 3/2/26 | 443027 |
| 1535404 |  | Citibank — New York, 2.980% due 3/2/26 | 1535404 |
| 30180 | <sup>SGD</sup> | HSBC Bank — Singapore, 0.280% due 3/2/26 | 23859 |
| 14646855 |  | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 14646855 |
|  |  | Skandinaviska Enskilda Banken AB — Stockholm: |  |
| 143138 | <sup>CHF</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.430)% due 3/2/26 | 186196 |
| 152055 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 3/2/26 | 24046 |
| 494198 | <sup>SEK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% due 3/2/26 | 54741 |
|  |  | Sumitomo Mitsui Banking Corp. — Tokyo: |  |
| 85994180 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.200% due 3/2/26 | 550698 |

---

#### See Notes to Financial Statements.

#### 89

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund |
| **Face**<br> **Amount†** | **Security** | **Value** |
| TIME DEPOSITS — 1.4% — (continued) | TIME DEPOSITS — 1.4% — (continued) | TIME DEPOSITS — 1.4% — (continued) |
| $615314 | 2.980% due 3/2/26 | $615314 |
|  | **TOTAL TIME DEPOSITS**<br> (Cost — $19,568,653) | **19568653** |
|  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $22,324,051) | **22324051** |
|  | **TOTAL INVESTMENTS — 99.5%**<br> (Cost — $840,669,916) | **1367485099** |
|  | Other Assets in Excess of Liabilities — 0.5% | 6275202 |
|  | **TOTAL NET ASSETS — 100.0%** | $**1373760301** |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

(a) Restricted security that may be sold to "qualified institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2026, amounts to $17,540,754 and represents 1.3% of net assets.

(b) Illiquid security.

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

(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 1.4%.

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

# Security that used significant unobservable inputs to determine fair value. At February 28, 2026, the Fund held a Level 3 security with a value of $57,555, representing less than 0.05% of net assets. 

At February 28, 2026, for International Equity Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> **Appreciation** |
|  International Equity Fund | $840669916 | $571557308 | $(44644359) | $526912949 |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange-Traded Fund |
| GDR | — Global Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

#### See Notes to Financial Statements.

#### 90

------

<br> Schedules of Investments

(unaudited) (continued)

<u> International Equity Fund</u>

---

| | |
|:---|:---|
| Summary of Investments by Security Sector^ | Summary of Investments by Security Sector^ |
|  Industrials | 19.7 |
|  Financials | 19.3 |
|  Health Care | 12.5 |
|  Information Technology | 11.8 |
|  Consumer Discretionary | 10.3 |
|  Consumer Staples | 7.0 |
|  Materials | 5.8 |
|  Communication Services | 4.0 |
|  Utilities | 3.3 |
|  Energy | 2.8 |
|  Real Estate | 2.1 |
|  Short-Term Investments | 1.4 |
|  Total Investments | 100.0 |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

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

At February 28, 2026, International Equity Fund had open exchange-traded futures contracts as described below.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of**<br>**Contracts** | **Expiration**<br>**Date**<br>**(Month/Year)** | **Notional**<br>**Amount** | **Value** | **Unrealized**<br> **Appreciation** |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Futures | 16 | 3/26 | $1140988 | $1163261 | $22273 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index Futures | 3 | 3/26 | 415696 | 440924 | 25228 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPI 200 Index Futures | 2 | 3/26 | 314171 | 326268 | 12097 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPIX Index Futures | 2 | 3/26 | 468317 | 506485 | 38168 |
|  |  |  |  |  | $97766 |

---

At February 28, 2026, International Equity Fund had deposited cash of $199,747 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

---

| | |
|:---|:---|
| **Currency abbreviations used in this schedule:** | **Currency abbreviations used in this schedule:** |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |

---

#### See Notes to Financial Statements.

#### 91

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| COMMON STOCKS — 96.5%  | COMMON STOCKS — 96.5%  | COMMON STOCKS — 96.5%  |
| **Australia — 0.0%@** | **Australia — 0.0%@** | **Australia — 0.0%@** |
| 128000 | MMG Ltd.\* | $178457 |
| **Brazil — 4.9%** | **Brazil — 4.9%** | **Brazil — 4.9%** |
| 150710 | Ambev SA | 478248 |
| 38793 | Axia Energia | 463581 |
| 9981 | Axia Energia\* | 114936 |
| 8862 | Axia Energia, Class Preferred Shares | 115564 |
| 160199 | B3 SA — Brasil Bolsa Balcao | 559290 |
| 54657 | Banco Bradesco SA | 195830 |
| 37589 | Banco BTG Pactual SA | 449119 |
| 446005 | Banco do Brasil SA | 2344350 |
| 286382 | BB Seguridade Participacoes SA | 1937085 |
| 15025 | Caixa Seguridade Participacoes SA | 52133 |
| 15702 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 471291 |
| 28327 | Cia Paranaense de Energia — Copel | 80995 |
| 7096 | CPFL Energia SA | 69685 |
| 22421 | Embraer SA | 404152 |
| 9640 | Energisa SA | 101252 |
| 30868 | Eneva SA\* | 128839 |
| 143568 | Engie Brasil Energia SA | 943092 |
| 38815 | Equatorial SA | 318793 |
| 129091 | Inter & Co., Inc., Class A Shares | 1124383 |
| 20671 | Klabin SA | 82890 |
| 438215 | Localiza Rent a Car SA | 4338432 |
| 15727 | Localiza Rent a Car SA\* | 149720 |
| 22948 | MBRF Global Foods Co. SA | 92559 |
| 383616 | Motiva Infraestrutura de Mobilidade SA | 1245762 |
| 108000 | Multiplan Empreendimentos Imobiliarios SA | 741465 |
| 307514 | NU Holdings Ltd., Class A Shares\* | 4606560 |
| 118602 | Petroleo Brasileiro SA — Petrobras | 988437 |
| 88012 | Petroleo Brasileiro SA — Petrobras, ADR | 1463640 |
| 6183 | Porto Seguro SA | 63106 |
| 168364 | PRIO SA\* | 1789328 |
| 481420 | Raia Drogasil SA | 2354917 |
| 305807 | Rede D'Or Sao Luiz SA(a) | 2403679 |
| 40743 | Rumo SA | 126906 |
| 177864 | Smartfit Escola de Ginastica e Danca SA | 700750 |
| 8382 | StoneCo Ltd., Class A Shares\* | 140818 |
| 111025 | Suzano SA | 1255951 |
| 23500 | TIM SA | 127878 |
| 18187 | TOTVS SA | 134226 |
| 21149 | Ultrapar Participações SA | 106422 |
| 115736 | Vale SA | 1997048 |
| 110105 | Vale SA, Class B Shares, ADR | 1891604 |
| 367960 | Vibra Energia SA | 2147269 |
| 379013 | WEG SA | 3673960 |
| 15447 | XP Inc., Class A Shares | 332574 |
|  | Total Brazil | 43308519 |
| **Canada — 0.0%@** | **Canada — 0.0%@** | **Canada — 0.0%@** |
| 8200 | China Gold International Resources Corp., Ltd. | 214323 |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| 86541 | Antofagasta PLC | 5004882 |
| 1448861 | Banco de Chile | 298828 |
| 2814 | Banco de Credito e Inversiones SA | 192792 |
| 2179086 | Banco Santander Chile | 187266 |
| 39500 | Cencosud SA | 123444 |

---

#### See Notes to Financial Statements.

#### 92

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Chile — 0.8% — (continued)** | **Chile — 0.8% — (continued)** | **Chile — 0.8% — (continued)** |
| 32401 | Empresas CMPC SA | $48004 |
| 13356 | Empresas COPEC SA | 110224 |
| 917604 | Enel Chile SA | 76807 |
| 22320 | Falabella SA | 165726 |
| 10066078 | Latam Airlines Group SA | 283277 |
| 24430 | Plaza SA | 115274 |
|  | Total Chile | 6606524 |
| **China — 17.2%** | **China — 17.2%** | **China — 17.2%** |
| 9300 | 360 Security Technology Inc., Class A Shares | 16788 |
| 3900 | 37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares | 13911 |
| 56500 | 3SBio Inc.\*(a) | 158084 |
| 24000 | AAC Technologies Holdings Inc. | 114177 |
| 3200 | Accelink Technologies Co., Ltd., Class A Shares | 35346 |
| 1474 | Advanced Micro-Fabrication Equipment Inc., Class A Shares | 75630 |
| 3000 | AECC Aviation Power Co., Ltd., Class A Shares | 24980 |
| 163100 | Agricultural Bank of China Ltd., Class A Shares | 152250 |
| 882000 | Agricultural Bank of China Ltd., Class H Shares(b) | 599896 |
| 11877 | Aier Eye Hospital Group Co., Ltd., Class A Shares | 18343 |
| 13600 | Air China Ltd., Class A Shares\* | 16668 |
| 21000 | Akeso Inc.\*(a) | 286383 |
| 31400 | Aluminum Corp. of China Ltd., Class A Shares | 62925 |
| 120000 | Aluminum Corp. of China Ltd., Class H Shares(b) | 218553 |
| 351 | Amlogic Shanghai Co., Ltd., Class A Shares\* | 4856 |
| 2500 | Angel Yeast Co., Ltd., Class A Shares | 16028 |
| 6100 | Anhui Conch Cement Co., Ltd., Class A Shares | 22717 |
| 198216 | Anhui Conch Cement Co., Ltd., Class H Shares(b) | 623561 |
| 1000 | Anhui Gujing Distillery Co., Ltd., Class A Shares | 17673 |
| 100 | Anhui Gujing Distillery Co., Ltd., Class B Shares | 887 |
| 3500 | Anhui Jianghuai Automobile Group Corp., Ltd., Class A Shares\* | 27940 |
| 1900 | Anker Innovations Technology Co., Ltd., Class A Shares | 26784 |
| 168400 | ANTA Sports Products Ltd. | 1828364 |
| 3600 | Avary Holding Shenzhen Co., Ltd., Class A Shares | 30889 |
| 44000 | AviChina Industry & Technology Co., Ltd., Class H Shares(b) | 23838 |
| 16800 | BAIC BluePark New Energy Technology Co., Ltd., Class A Shares\* | 19549 |
| 70968 | Baidu Inc., Class A Shares\* | 1106997 |
| 47000 | Bank of Beijing Co., Ltd., Class A Shares | 36933 |
| 16600 | Bank of Changsha Co., Ltd., Class A Shares | 23710 |
| 4000 | Bank of Chengdu Co., Ltd., Class A Shares | 9431 |
| 98730 | Bank of China Ltd., Class A Shares | 76003 |
| 2265000 | Bank of China Ltd., Class H Shares(b) | 1347358 |
| 106500 | Bank of Communications Co., Ltd., Class A Shares | 101693 |
| 279000 | Bank of Communications Co., Ltd., Class H Shares(b) | 245195 |
| 14800 | Bank of Hangzhou Co., Ltd., Class A Shares | 35059 |
| 35590 | Bank of Jiangsu Co., Ltd., Class A Shares | 53701 |
| 16600 | Bank of Nanjing Co., Ltd., Class A Shares | 27224 |
| 14790 | Bank of Ningbo Co., Ltd., Class A Shares | 67478 |
| 29640 | Bank of Shanghai Co., Ltd., Class A Shares | 41839 |
| 30184 | Baoshan Iron & Steel Co., Ltd., Class A Shares | 31664 |
| 1300 | Beijing Compass Technology Development Co., Ltd., Class A Shares\* | 21942 |
| 9900 | Beijing Enlight Media Co., Ltd., Class A Shares | 28115 |
| 1276 | Beijing Kingsoft Office Software Inc., Class A Shares | 55962 |
| 2000 | Beijing New Building Materials PLC, Class A Shares | 8156 |
| 760 | Beijing Roborock Technology Co., Ltd., Class A Shares | 15841 |
| 2600 | Beijing Tong Ren Tang Co., Ltd., Class A Shares | 11672 |
| 718 | Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares\* | 4284 |
| 79200 | Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares | 57129 |
| 1400 | Bestechnic Shanghai Co., Ltd., Class A Shares\* | 42211 |

---

#### See Notes to Financial Statements.

#### 93

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 7627 | Bilibili Inc., Class Z Shares\* | $213824 |
| 13300 | Bluefocus Intelligent Communications Group Co., Ltd., Class A Shares\* | 35864 |
| 68500 | BOE Technology Group Co., Ltd., Class A Shares | 44706 |
| 8700 | BYD Co., Ltd., Class A Shares | 113177 |
| 396948 | BYD Co., Ltd., Class H Shares(b) | 4789931 |
| 903 | Cambricon Technologies Corp., Ltd., Class A Shares\* | 154362 |
| 318000 | CGN Power Co., Ltd., Class H Shares(a)(b) | 127494 |
| 300 | Changchun High-Tech Industry Group Co., Ltd., Class A Shares | 4187 |
| 3900 | Chaozhou Three-Circle Group Co., Ltd., Class A Shares | 35752 |
| 6800 | Chifeng Jilong Gold Mining Co., Ltd., Class A Shares | 40004 |
| 31500 | China CITIC Bank Corp., Ltd., Class A Shares | 33041 |
| 270000 | China CITIC Bank Corp., Ltd., Class H Shares(b) | 248698 |
| 450000 | China CITIC Financial Asset Management Co., Ltd., Class H Shares\*(a)(b) | 48789 |
| 61000 | China Coal Energy Co., Ltd., Class H Shares(b) | 101813 |
| 47500 | China Construction Bank Corp., Class A Shares | 59492 |
| 5528224 | China Construction Bank Corp., Class H Shares(b) | 5639887 |
| 16600 | China CSSC Holdings Ltd., Class A Shares | 91254 |
| 27298 | China Eastern Airlines Corp., Ltd., Class A Shares\* | 22800 |
| 47400 | China Energy Engineering Corp., Ltd., Class A Shares | 17535 |
| 91612 | China Everbright Bank Co., Ltd., Class A Shares | 43259 |
| 127000 | China Feihe Ltd.(a) | 61821 |
| 12000 | China Galaxy Securities Co., Ltd., Class A Shares | 25520 |
| 99000 | China Galaxy Securities Co., Ltd., Class H Shares(b) | 125038 |
| 10800 | China Greatwall Technology Group Co., Ltd., Class A Shares\* | 26079 |
| 91000 | China Hongqiao Group Ltd. | 415885 |
| 20900 | China International Capital Corp., Ltd., Class A Shares | 105487 |
| 58800 | China International Capital Corp., Ltd., Class H Shares(a)(b) | 151742 |
| 7200 | China Jushi Co., Ltd., Class A Shares | 28317 |
| 5300 | China Life Insurance Co., Ltd., Class A Shares | 34342 |
| 237000 | China Life Insurance Co., Ltd., Class H Shares(b) | 953044 |
| 10200 | China Literature Ltd.\*(a) | 40958 |
| 65000 | China Longyuan Power Group Corp., Ltd., Class H Shares(b) | 62846 |
| 102000 | China Mengniu Dairy Co., Ltd. | 211543 |
| 40800 | China Merchants Bank Co., Ltd., Class A Shares | 230122 |
| 1186633 | China Merchants Bank Co., Ltd., Class H Shares(b) | 7400149 |
| 17000 | China Merchants Energy Shipping Co., Ltd., Class A Shares | 40228 |
| 13200 | China Merchants Expressway Network & Technology Holdings Co., Ltd., Class A Shares | 18640 |
| 9230 | China Merchants Securities Co., Ltd., Class A Shares | 22310 |
| 6520 | China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares | 9415 |
| 55920 | China Minsheng Banking Corp., Ltd., Class A Shares | 31626 |
| 236700 | China Minsheng Banking Corp., Ltd., Class H Shares(b) | 122484 |
| 102000 | China National Building Material Co., Ltd., Class H Shares(b) | 88878 |
| 19300 | China National Chemical Engineering Co., Ltd., Class A Shares | 26262 |
| 34000 | China National Nuclear Power Co., Ltd., Class A Shares | 42214 |
| 2470 | China National Software & Service Co., Ltd., Class A Shares\* | 16056 |
| 44000 | China Nonferrous Mining Corp., Ltd. | 85245 |
| 5200 | China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares | 47235 |
| 44000 | China Oilfield Services Ltd., Class H Shares(b) | 56927 |
| 12500 | China Pacific Insurance Group Co., Ltd., Class A Shares | 74311 |
| 84000 | China Pacific Insurance Group Co., Ltd., Class H Shares(b) | 385246 |
| 43800 | China Petroleum & Chemical Corp., Class A Shares | 41338 |
| 726000 | China Petroleum & Chemical Corp., Class H Shares(b) | 507695 |
| 27800 | China Railway Group Ltd., Class A Shares | 25552 |
| 138000 | China Railway Group Ltd., Class H Shares(b) | 91562 |
| 22980 | China Railway Signal & Communication Corp., Ltd., Class A Shares | 19149 |
| 4498 | China Resources Microelectronics Ltd., Class A Shares | 37375 |
| 148300 | China Resources Mixc Lifestyle Services Ltd.(a) | 901410 |
| 4836 | China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares | 20346 |

---

#### See Notes to Financial Statements.

#### 94

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 13299 | China Shenhua Energy Co., Ltd., Class A Shares | $81914 |
| 107500 | China Shenhua Energy Co., Ltd., Class H Shares(b) | 617227 |
| 20400 | China Southern Airlines Co., Ltd., Class A Shares\* | 21830 |
| 90040 | China State Construction Engineering Corp., Ltd., Class A Shares | 66128 |
| 41600 | China Three Gorges Renewables Group Co., Ltd., Class A Shares | 25221 |
| 4435 | China Tourism Group Duty Free Corp., Ltd., Class A Shares | 52283 |
| 141100 | China Tower Corp., Ltd., Class H Shares(a)(b) | 200951 |
| 74800 | China United Network Communications Ltd., Class A Shares | 53623 |
| 15600 | China Vanke Co., Ltd., Class A Shares\* | 11001 |
| 18800 | China XD Electric Co., Ltd., Class A Shares | 43850 |
| 50900 | China Yangtze Power Co., Ltd., Class A Shares | 193190 |
| 52390 | China Zheshang Bank Co., Ltd., Class A Shares | 22756 |
| 16182 | Chongqing Changan Automobile Co., Ltd., Class A Shares | 26079 |
| 28000 | Chongqing Rural Commercial Bank Co., Ltd., Class A Shares | 26497 |
| 70000 | Chongqing Rural Commercial Bank Co., Ltd., Class H Shares(b) | 52769 |
| 3000 | Chongqing Zhifei Biological Products Co., Ltd., Class A Shares\* | 7551 |
| 120000 | CITIC Ltd. | 191754 |
| 22565 | CITIC Securities Co., Ltd., Class A Shares | 89961 |
| 49925 | CITIC Securities Co., Ltd., Class H Shares(b) | 178691 |
| 26600 | CMOC Group Ltd., Class A Shares | 93651 |
| 123000 | CMOC Group Ltd., Class H Shares(b) | 383163 |
| 1820 | CNGR Advanced Material Co., Ltd., Class A Shares | 15227 |
| 16100 | CNPC Capital Co., Ltd., Class A Shares | 21319 |
| 95871 | Contemporary Amperex Technology Co., Ltd., Class A Shares | 4775039 |
| 2000 | Contemporary Amperex Technology Co., Ltd., Class H Shares(b) | 126314 |
| 5300 | COSCO Shipping Energy Transportation Co., Ltd., Class A Shares | 15890 |
| 20320 | COSCO SHIPPING Holdings Co., Ltd., Class A Shares | 44445 |
| 82250 | COSCO SHIPPING Holdings Co., Ltd., Class H Shares(b) | 159884 |
| 51400 | CRRC Corp., Ltd., Class A Shares | 47109 |
| 151000 | CRRC Corp., Ltd., Class H Shares(b) | 111558 |
| 8700 | CSC Financial Co., Ltd., Class A Shares | 30194 |
| 2880 | CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares | 13859 |
| 257120 | CSPC Pharmaceutical Group Ltd. | 324137 |
| 49700 | Daqin Railway Co., Ltd., Class A Shares | 36939 |
| 342200 | DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares | 973740 |
| 9600 | Dongfang Electric Corp., Ltd., Class A Shares | 51685 |
| 86000 | Dongfeng Motor Group Co., Ltd., Class H Shares\*(b) | 107729 |
| 27025 | East Money Information Co., Ltd., Class A Shares | 88643 |
| 58680 | Eastroc Beverage Group Co., Ltd., Class A Shares | 2065952 |
| 10627 | Eastroc Beverage Group Co., Ltd., Class H Shares\*(b) | 336876 |
| 900 | Ecovacs Robotics Co., Ltd., Class A Shares | 9086 |
| 1300 | Empyrean Technology Co., Ltd., Class A Shares | 19121 |
| 25200 | ENN Energy Holdings Ltd. | 222062 |
| 387743 | ENN Natural Gas Co., Ltd., Class A Shares | 1152088 |
| 2300 | Eoptolink Technology Inc. Ltd., Class A Shares | 118158 |
| 5681 | Eve Energy Co., Ltd., Class A Shares | 51562 |
| 7300 | Everbright Securities Co., Ltd., Class A Shares | 17686 |
| 20800 | Focus Media Information Technology Co., Ltd., Class A Shares | 21412 |
| 9186 | Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares | 48133 |
| 17700 | Founder Securities Co., Ltd., Class A Shares | 19789 |
| 26400 | Foxconn Industrial Internet Co., Ltd., Class A Shares | 211106 |
| 120000 | Full Truck Alliance Co., Ltd., ADR | 1125600 |
| 4100 | Fuyao Glass Industry Group Co., Ltd., Class A Shares | 36083 |
| 20800 | Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(b) | 172686 |
| 3220 | Ganfeng Lithium Group Co., Ltd., Class A Shares | 34238 |
| 15000 | Ganfeng Lithium Group Co., Ltd., Class H Shares(a)(b) | 131278 |
| 21800 | GD Power Development Co., Ltd., Class A Shares | 15600 |
| 38700 | GDS Holdings Ltd., Class A Shares\* | 201131 |

---

#### See Notes to Financial Statements.

#### 95

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 15100 | GEM Co., Ltd., Class A Shares | $21901 |
| 48000 | Genscript Biotech Corp.\* | 73405 |
| 26000 | GF Securities Co., Ltd., Class A Shares | 78863 |
| 27200 | GF Securities Co., Ltd., Class H Shares(b) | 59762 |
| 10400 | Giant Biogene Holding Co., Ltd.(a) | 42591 |
| 4700 | Giant Network Group Co., Ltd., Class A Shares | 25222 |
| 1824 | Gigadevice Semiconductor Inc., Class A Shares | 79514 |
| 4300 | GoerTek Inc., Class A Shares | 17000 |
| 9900 | Goldwind Science & Technology Co., Ltd., Class A Shares | 41027 |
| 2233 | Goneo Group Co., Ltd., Class A Shares | 14172 |
| 8900 | Gotion High-tech Co., Ltd., Class A Shares | 49115 |
| 68500 | Great Wall Motor Co., Ltd., Class H Shares(b) | 113055 |
| 8500 | Gree Electric Appliances Inc. of Zhuhai, Class A Shares | 46396 |
| 2200 | Guangdong Haid Group Co., Ltd., Class A Shares | 17575 |
| 9000 | Guangdong HEC Technology Holding Co., Ltd., Class A Shares\*(c)(d) | 49588 |
| 15100 | Guangzhou Automobile Group Co., Ltd., Class A Shares | 17888 |
| 3220 | Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares | 19831 |
| 25000 | Guolian Minsheng Securities Co., Ltd., Class A Shares | 35875 |
| 9400 | Guosen Securities Co., Ltd., Class A Shares | 17190 |
| 32378 | Guotai Haitong Securities Co., Ltd., Class A Shares | 89285 |
| 60864 | Guotai Haitong Securities Co., Ltd., Class H Shares(a)(b) | 123869 |
| 5900 | Guoyuan Securities Co., Ltd., Class A Shares | 7147 |
| 17924 | H World Group Ltd., ADR | 982235 |
| 60000 | Haidilao International Holding Ltd.(a) | 134968 |
| 13300 | Haier Smart Home Co., Ltd., Class A Shares | 49816 |
| 77400 | Haier Smart Home Co., Ltd., Class H Shares(b) | 263377 |
| 70600 | Hainan Airlines Holding Co., Ltd., Class A Shares\* | 17478 |
| 29200 | Hainan Airport Infrastructure Co., Ltd., Class A Shares | 18084 |
| 16000 | Haitian International Holdings Ltd. | 51750 |
| 2000 | Hangzhou Chang Chuan Technology Co., Ltd., Class A Shares | 42046 |
| 4939 | Hangzhou First Applied Material Co., Ltd., Class A Shares | 13024 |
| 2700 | Hangzhou Silan Microelectronics Co., Ltd., Class A Shares | 12642 |
| 48000 | Hansoh Pharmaceutical Group Co., Ltd.(a) | 214201 |
| 389428 | Harbin Electric Co., Ltd., Class H Shares(b) | 1402734 |
| 5900 | Hebei Changshan Biochemical Pharmaceutical Co., Ltd., Class A Shares\* | 40118 |
| 1600 | Henan Shenhuo Coal Industry & Electricity Power Co., Ltd., Class A Shares | 7598 |
| 9400 | Henan Shuanghui Investment & Development Co., Ltd., Class A Shares | 35983 |
| 187500 | Hengan International Group Co., Ltd. | 700233 |
| 10778 | Hengli Petrochemical Co., Ltd., Class A Shares | 40341 |
| 8200 | Hengtong Optic-electric Co., Ltd., Class A Shares | 56689 |
| 1740 | Hesai Group\* | 48841 |
| 3600 | Hgtech Co., Ltd., Class A Shares | 47064 |
| 1599 | Hithink RoyalFlush Information Network Co., Ltd., Class A Shares | 77313 |
| 157800 | Horizon Robotics, Class B Shares\* | 165039 |
| 900 | Hoshine Silicon Industry Co., Ltd., Class A Shares | 6724 |
| 24000 | Hua Hong Semiconductor Ltd., Class H Shares\*(a) | 295459 |
| 18400 | Huadian Power International Corp., Ltd., Class A Shares | 13674 |
| 1694 | Huadong Medicine Co., Ltd., Class A Shares | 8869 |
| 15100 | Huafon Chemical Co., Ltd., Class A Shares | 27337 |
| 22500 | Huaneng Power International Inc., Class A Shares | 23737 |
| 160000 | Huaneng Power International Inc., Class H Shares(b) | 123179 |
| 2600 | Huaqin Technology Co., Ltd., Class A Shares | 34884 |
| 16000 | Huatai Securities Co., Ltd., Class A Shares | 49818 |
| 49600 | Huatai Securities Co., Ltd., Class H Shares(a)(b) | 106110 |
| 30500 | Huaxia Bank Co., Ltd., Class A Shares | 29747 |
| 289199 | Huayu Automotive Systems Co., Ltd., Class A Shares | 814451 |
| 1000 | Huizhou Desay Sv Automotive Co., Ltd., Class A Shares | 18043 |
| 3785 | Hundsun Technologies Inc., Class A Shares | 16455 |

---

#### See Notes to Financial Statements.

#### 96

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 1337 | Hwatsing Technology Co., Ltd., Class A Shares | $37722 |
| 4534 | Hygon Information Technology Co., Ltd., Class A Shares | 172238 |
| 1600 | IEIT Systems Co., Ltd., Class A Shares | 14874 |
| 5400 | Iflytek Co., Ltd., Class A Shares | 43822 |
| 560 | Imeik Technology Development Co., Ltd., Class A Shares | 11651 |
| 142500 | Industrial & Commercial Bank of China Ltd., Class A Shares | 143766 |
| 2075000 | Industrial & Commercial Bank of China Ltd., Class H Shares(b) | 1709377 |
| 39200 | Industrial Bank Co., Ltd., Class A Shares | 104557 |
| 19760 | Industrial Securities Co., Ltd., Class A Shares | 19412 |
| 800 | Ingenic Semiconductor Co., Ltd., Class A Shares | 15493 |
| 62900 | Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares | 29683 |
| 7700 | Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares | 34412 |
| 16300 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares | 14254 |
| 5400 | Inner Mongolia Xingye Silver&Tin Mining Co., Ltd., Class A Shares | 44355 |
| 13600 | Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares | 51734 |
| 41700 | Inner Mongolia Yitai Coal Co., Ltd., Class B Shares | 84912 |
| 46500 | Innovent Biologics Inc.\*(a) | 504550 |
| 2200 | Isoftstone Information Technology Group Co., Ltd., Class A Shares | 15800 |
| 66200 | J&T Global Express Ltd.\* | 87107 |
| 4116 | JA Solar Technology Co., Ltd., Class A Shares\* | 7251 |
| 4000 | JCET Group Co., Ltd., Class A Shares | 28028 |
| 35900 | JD Health International Inc.\*(a) | 259649 |
| 57000 | JD Logistics Inc.\*(a) | 81248 |
| 36437 | JD.com Inc., ADR | 966674 |
| 104506 | JD.com Inc., Class A Shares | 1385448 |
| 7400 | Jiangsu Eastern Shenghong Co., Ltd., Class A Shares\* | 14033 |
| 46000 | Jiangsu Expressway Co., Ltd., Class H Shares(b) | 59890 |
| 1948 | Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares | 32011 |
| 13501 | Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares | 111160 |
| 3000 | Jiangsu King's Luck Brewery JSC Ltd., Class A Shares | 13667 |
| 6200 | Jiangsu Yanghe Distillery Co., Ltd., Class A Shares | 48066 |
| 3200 | Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A Shares | 18039 |
| 6200 | Jiangsu Zhongtian Technology Co., Ltd., Class A Shares | 26296 |
| 3300 | Jiangxi Copper Co., Ltd., Class A Shares | 28245 |
| 35000 | Jiangxi Copper Co., Ltd., Class H Shares(b) | 205602 |
| 13200 | Jinduicheng Molybdenum Co., Ltd., Class A Shares | 47415 |
| 9597 | Jinko Solar Co., Ltd., Class A Shares\* | 10541 |
| 1204 | Kangmei Pharmaceutical Co., Ltd., Class A Shares\*(c)# | 2 |
| 10693 | Kanzhun Ltd., ADR | 171943 |
| 51000 | KE Holdings Inc., ADR | 838950 |
| 63104 | KE Holdings Inc., Class A Shares | 349884 |
| 89000 | Kingdee International Software Group Co., Ltd.\* | 115062 |
| 36000 | Kingsoft Corp., Ltd. | 119421 |
| 130400 | Kuaishou Technology, Class B Shares(a) | 1043704 |
| 3200 | Kuang-Chi Technologies Co., Ltd., Class A Shares\* | 22257 |
| 2800 | Kunlun Tech Co., Ltd., Class A Shares\* | 24903 |
| 2388 | Kweichow Moutai Co., Ltd., Class A Shares | 505675 |
| 900 | Laopu Gold Co., Ltd., Class H Shares(b) | 83159 |
| 6600 | LB Group Co., Ltd., Class A Shares | 22470 |
| 1396000 | Lenovo Group Ltd. | 1741218 |
| 9000 | Lens Technology Co., Ltd., Class A Shares | 45963 |
| 39806 | Li Auto Inc., Class A Shares\* | 350521 |
| 80500 | Li Ning Co., Ltd. | 231372 |
| 14500 | Lingyi iTech Guangdong Co., Class A Shares | 32454 |
| 51500 | Longfor Group Holdings Ltd.(a) | 65610 |
| 9072 | LONGi Green Energy Technology Co., Ltd., Class A Shares\* | 24198 |
| 1012 | Loongson Technology Corp., Ltd., Class A Shares\* | 23380 |
| 16138 | Luxshare Precision Industry Co., Ltd., Class A Shares | 117743 |

---

#### See Notes to Financial Statements.

#### 97

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 3800 | Luzhou Laojiao Co., Ltd., Class A Shares | $61202 |
| 3400 | Mango Excellent Media Co., Ltd., Class A Shares | 12072 |
| 41000 | Mao Geping Cosmetics Co., Ltd., Class H Shares(b) | 411076 |
| 864 | Maxscend Microelectronics Co., Ltd., Class A Shares | 10081 |
| 105500 | Meitu Inc.\*(a) | 75988 |
| 161483 | Meituan, Class B Shares\*(a) | 1664385 |
| 36900 | Metallurgical Corp. of China Ltd., Class A Shares | 17256 |
| 171600 | Midea Group Co., Ltd., Class A Shares | 1966902 |
| 14600 | Midea Group Co., Ltd., Class H Shares(b) | 169223 |
| 19516 | MINISO Group Holding Ltd. | 89120 |
| 45500 | MINISO Group Holding Ltd., ADR(e) | 819910 |
| 1749 | Montage Technology Co., Ltd., Class A Shares | 41563 |
| 10086 | Muyuan Foods Co., Ltd., Class A Shares | 68973 |
| 16595 | NARI Technology Co., Ltd., Class A Shares | 65791 |
| 5493 | National Silicon Industry Group Co., Ltd., Class A Shares\* | 17376 |
| 1680 | NAURA Technology Group Co., Ltd., Class A Shares | 115295 |
| 162775 | NetEase Inc. | 3738042 |
| 2500 | New China Life Insurance Co., Ltd., Class A Shares | 27518 |
| 27700 | New China Life Insurance Co., Ltd., Class H Shares(b) | 195085 |
| 6400 | New Hope Liuhe Co., Ltd., Class A Shares | 8126 |
| 39610 | New Oriental Education & Technology Group Inc. | 218492 |
| 788 | Ningbo Deye Technology Co., Ltd., Class A Shares | 11988 |
| 2100 | Ningbo Orient Wires & Cables Co., Ltd., Class A Shares | 18106 |
| 4500 | Ningbo Sanxing Medical Electric Co., Ltd., Class A Shares | 17250 |
| 4160 | Ningbo Tuopu Group Co., Ltd., Class A Shares | 41069 |
| 10200 | Ningxia Baofeng Energy Group Co., Ltd., Class A Shares | 35608 |
| 60793 | NIO Inc., Class A Shares\* | 301305 |
| 64200 | Nongfu Spring Co., Ltd., Class H Shares(a)(b) | 387268 |
| 9000 | OFILM Group Co., Ltd., Class A Shares\* | 12882 |
| 1720 | OmniVision Integrated Circuits Group Inc. | 30805 |
| 14464 | Orient Securities Co., Ltd., Class A Shares | 21301 |
| 24800 | People's Insurance Co. Group of China Ltd. (The), Class A Shares | 30958 |
| 278000 | People's Insurance Co. Group of China Ltd. (The), Class H Shares(b) | 227490 |
| 21700 | PetroChina Co., Ltd., Class A Shares | 34487 |
| 672000 | PetroChina Co., Ltd., Class H Shares(b) | 823281 |
| 2025 | Pharmaron Beijing Co., Ltd., Class A Shares | 8726 |
| 224000 | PICC Property & Casualty Co., Ltd., Class H Shares(b) | 462857 |
| 47200 | Ping An Bank Co., Ltd., Class A Shares | 74985 |
| 21600 | Ping An Insurance Group Co. of China Ltd., Class A Shares | 198532 |
| 856057 | Ping An Insurance Group Co. of China Ltd., Class H Shares(b) | 7475014 |
| 850 | Piotech Inc., Class A Shares | 45668 |
| 18000 | Poly Developments & Holdings Group Co., Ltd., Class A Shares | 17833 |
| 17200 | Pop Mart International Group Ltd.(a) | 504391 |
| 45300 | Postal Savings Bank of China Co., Ltd., Class A Shares | 32831 |
| 285000 | Postal Savings Bank of China Co., Ltd., Class H Shares(a)(b) | 179433 |
| 22300 | Power Construction Corp. of China Ltd., Class A Shares | 18617 |
| 8300 | Qinghai Salt Lake Industry Co., Ltd., Class A Shares\* | 46157 |
| 4000 | Range Intelligent Computing Technology Group Co., Ltd., Class A Shares(d) | 59874 |
| 6000 | Remegen Co., Ltd., Class H Shares\*(a)(b) | 61644 |
| 1100 | Rockchip Electronics Co., Ltd., Class A Shares | 28814 |
| 11850 | Rongsheng Petrochemical Co., Ltd., Class A Shares | 26922 |
| 11800 | SAIC Motor Corp., Ltd., Class A Shares | 24636 |
| 9500 | Sailun Group Co., Ltd., Class A Shares | 21759 |
| 6100 | Sanan Optoelectronics Co., Ltd., Class A Shares | 14822 |
| 1800 | Sangfor Technologies Inc., Class A Shares\* | 34397 |
| 18900 | Sany Heavy Industry Co., Ltd., Class A Shares | 63729 |
| 7247 | Satellite Chemical Co., Ltd., Class A Shares | 24744 |
| 20600 | SDIC Capital Co., Ltd., Class A Shares | 22388 |

---

#### See Notes to Financial Statements.

#### 98

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 14700 | SDIC Power Holdings Co., Ltd., Class A Shares | $28388 |
| 893000 | SenseTime Group Inc., Class B Shares\*(a) | 292212 |
| 2700 | Seres Group Co., Ltd., Class A Shares | 42203 |
| 7700 | SF Holding Co., Ltd., Class A Shares | 42489 |
| 1267 | SG Micro Corp., Class A Shares | 12688 |
| 16700 | Shaanxi Coal Industry Co., Ltd., Class A Shares | 57658 |
| 5500 | Shandong Gold Mining Co., Ltd., Class A Shares | 38345 |
| 28500 | Shandong Gold Mining Co., Ltd., Class H Shares(a)(b) | 149968 |
| 3000 | Shandong Himile Mechanical Science & Technology Co., Ltd., Class A Shares | 42162 |
| 2250 | Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares | 12650 |
| 14900 | Shandong Nanshan Aluminum Co., Ltd., Class A Shares | 15430 |
| 6800 | Shandong Sun Paper Industry JSC Ltd., Class A Shares | 17118 |
| 62400 | Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(b) | 40714 |
| 1987 | Shanghai Baosight Software Co., Ltd., Class A Shares | 6964 |
| 891 | Shanghai BOCHU Electronic Technology Corp., Ltd., Class A Shares | 19680 |
| 23700 | Shanghai Electric Group Co., Ltd., Class A Shares\* | 31357 |
| 4000 | Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares | 15431 |
| 2000 | Shanghai International Airport Co., Ltd., Class A Shares | 8892 |
| 2700 | Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares | 6768 |
| 56200 | Shanghai Pudong Development Bank Co., Ltd., Class A Shares | 79626 |
| 5102 | Shanghai Putailai New Energy Technology Group Co., Ltd., Class A Shares | 21109 |
| 15800 | Shanghai RAAS Blood Products Co., Ltd., Class A Shares | 14483 |
| 19600 | Shanghai Rural Commercial Bank Co., Ltd., Class A Shares | 24039 |
| 1498 | Shanghai United Imaging Healthcare Co., Ltd., Class A Shares | 28512 |
| 7100 | Shanjin International Gold Co., Ltd., Class A Shares | 32605 |
| 1900 | Shannon Semiconductor Technology Co., Ltd., Class A Shares\* | 41259 |
| 6100 | Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares | 6530 |
| 7400 | Shanxi Lu'an Environmental Energy Development Co., Ltd., Class A Shares | 16071 |
| 2140 | Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares | 50275 |
| 1300 | Sharetronic Data Technology Co., Ltd., Class A Shares | 50419 |
| 18000 | Shenergy Co., Ltd., Class A Shares | 22461 |
| 2115 | Shengyi Electronics Co., Ltd., Class A Shares | 26247 |
| 4400 | Shengyi Technology Co., Ltd., Class A Shares | 43916 |
| 1638 | Shennan Circuits Co., Ltd., Class A Shares | 67551 |
| 48700 | Shenwan Hongyuan Group Co., Ltd., Class A Shares | 35517 |
| 2000 | Shenzhen Envicool Technology Co., Ltd., Class A Shares | 31562 |
| 337524 | Shenzhen Inovance Technology Co., Ltd., Class A Shares | 3582973 |
| 2900 | Shenzhen Kinwong Electronic Co., Ltd., Class A Shares | 27814 |
| 800 | Shenzhen Longsys Electronics Co., Ltd., Class A Shares\* | 33568 |
| 23334 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares | 631814 |
| 1900 | Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares | 14488 |
| 3900 | Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A Shares | 27912 |
| 3500 | Shenzhen Sunway Communication Co., Ltd., Class A Shares\* | 39073 |
| 1359 | Shenzhen Transsion Holdings Co., Ltd., Class A Shares | 11445 |
| 24500 | Shenzhou International Group Holdings Ltd. | 197738 |
| 12000 | Sichuan Chuantou Energy Co., Ltd., Class A Shares | 25254 |
| 4400 | Sichuan Kelun Pharmaceutical Co., Ltd., Class A Shares | 19580 |
| 1500 | Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., Class H Shares\*(b) | 74219 |
| 17860 | Sichuan Road & Bridge Group Co., Ltd., Class A Shares | 25876 |
| 178406 | Sieyuan Electric Co., Ltd., Class A Shares | 5576171 |
| 6600 | Sinoma Science & Technology Co., Ltd., Class A Shares | 48667 |
| 631372 | Sinopharm Group Co., Ltd., Class H Shares(b) | 1709884 |
| 18000 | Sinotruk Hong Kong Ltd. | 95262 |
| 55000 | Smoore International Holdings Ltd.(a) | 83628 |
| 2000 | Spring Airlines Co., Ltd., Class A Shares | 15963 |
| 5340 | Sungrow Power Supply Co., Ltd., Class A Shares | 112229 |
| 24100 | Sunny Optical Technology Group Co., Ltd. | 178821 |
| 2800 | Sunwoda Electronic Co., Ltd., Class A Shares | 10656 |

---

#### See Notes to Financial Statements.

#### 99

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 1653 | SUPCON Technology Co., Ltd., Class A Shares | $19226 |
| 4400 | Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares | 54140 |
| 1160 | Suzhou TFC Optical Communication Co., Ltd., Class A Shares | 62113 |
| 45700 | TAL Education Group, ADR\* | 481221 |
| 8060 | TBEA Co., Ltd., Class A Shares | 35511 |
| 20020 | TCL Technology Group Corp., Class A Shares | 14486 |
| 4875 | TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares\* | 7322 |
| 509358 | Tencent Holdings Ltd. | 33492051 |
| 56767 | Tencent Music Entertainment Group, ADR | 828798 |
| 4300 | Tianqi Lithium Corp., Class A Shares\* | 35405 |
| 13100 | Tianshan Aluminum Group Co., Ltd., Class A Shares | 33999 |
| 782000 | Tingyi Cayman Islands Holding Corp. | 1308374 |
| 41200 | Tongcheng Travel Holdings Ltd. | 108649 |
| 5900 | TongFu Microelectronics Co., Ltd., Class A Shares | 44633 |
| 31900 | Tongling Nonferrous Metals Group Co., Ltd., Class A Shares | 37397 |
| 10300 | Tongwei Co., Ltd., Class A Shares\*(c)(d) | 27314 |
| 6575 | Trina Solar Co., Ltd., Class A Shares\* | 18285 |
| 4000 | Tsingtao Brewery Co., Ltd., Class A Shares | 36416 |
| 18000 | Tsingtao Brewery Co., Ltd., Class H Shares(b) | 121702 |
| 5600 | UBTech Robotics Corp., Ltd., Class H Shares\*(b) | 86560 |
| 979 | Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares | 11354 |
| 8160 | Unisplendour Corp., Ltd., Class A Shares | 30836 |
| 1418 | Verisilicon Microelectronics Shanghai Co., Ltd., Class A Shares\* | 56928 |
| 1500 | Victory Giant Technology Huizhou Co., Ltd., Class A Shares | 65749 |
| 9018 | Vipshop Holdings Ltd., ADR | 157094 |
| 4700 | Wanhua Chemical Group Co., Ltd., Class A Shares | 63606 |
| 12400 | Weichai Power Co., Ltd., Class A Shares | 50306 |
| 306200 | Weichai Power Co., Ltd., Class H Shares(b) | 1272684 |
| 7640 | Wens Foodstuff Group Co., Ltd., Class A Shares | 17796 |
| 8300 | Western Mining Co., Ltd., Class A Shares | 42223 |
| 11400 | Western Securities Co., Ltd., Class A Shares | 13280 |
| 2442 | Western Superconducting Technologies Co., Ltd., Class A Shares | 31995 |
| 1600 | Wingtech Technology Co., Ltd., Class A Shares\* | 7808 |
| 4880 | Wolong Electric Group Co., Ltd., Class A Shares | 31880 |
| 2038 | Wuhan Guide Infrared Co., Ltd., Class A Shares\* | 4617 |
| 7400 | Wuliangye Yibin Co., Ltd., Class A Shares | 112216 |
| 2960 | WUS Printed Circuit Kunshan Co., Ltd., Class A Shares | 35665 |
| 3964 | WuXi AppTec Co., Ltd., Class A Shares | 56523 |
| 11048 | WuXi AppTec Co., Ltd., Class H Shares(a)(b) | 167669 |
| 110500 | Wuxi Biologics Cayman Inc.\*(a) | 565531 |
| 11500 | WuXi XDC Cayman Inc.\* | 92553 |
| 22000 | XCMG Construction Machinery Co., Ltd., Class A Shares | 39264 |
| 4800 | Xiamen Tungsten Co., Ltd., Class A Shares | 49100 |
| 750600 | Xiaomi Corp., Class B Shares\*(a) | 3325453 |
| 2778 | Xinjiang Daqo New Energy Co., Ltd., Class A Shares\* | 9667 |
| 112000 | Xinyi Solar Holdings Ltd. | 49688 |
| 39822 | XPeng Inc., Class A Shares\* | 349890 |
| 46000 | XtalPi Holdings Ltd.\* | 60553 |
| 42000 | Yadea Group Holdings Ltd.(a) | 61339 |
| 9000 | Yangtze Optical Fibre & Cable Joint Stock Co., Ltd., Class H Shares\*(a) | 171180 |
| 10660 | Yankuang Energy Group Co., Ltd., Class A Shares | 27544 |
| 96700 | Yankuang Energy Group Co., Ltd., Class H Shares(b) | 172868 |
| 1000 | Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares | 16986 |
| 1470 | Yealink Network Technology Corp., Ltd., Class A Shares | 8047 |
| 5330 | Yonyou Network Technology Co., Ltd., Class A Shares\* | 10988 |
| 8200 | YTO Express Group Co., Ltd., Class A Shares | 23428 |
| 21434 | Yum China Holdings Inc. | 1185118 |
| 7900 | Yunnan Aluminium Co., Ltd., Class A Shares | 36069 |

---

#### See Notes to Financial Statements.

#### 100

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **China — 17.2% — (continued)** | **China — 17.2% — (continued)** | **China — 17.2% — (continued)** |
| 5000 | Yunnan Baiyao Group Co., Ltd., Class A Shares | $40851 |
| 4000 | Yunnan Energy New Material Group Co., Ltd., Class A Shares\* | 36108 |
| 7400 | Yunnan Yuntianhua Co., Ltd., Class A Shares | 47926 |
| 6100 | Yutong Bus Co., Ltd., Class A Shares | 26388 |
| 4000 | Zangge Mining Co., Ltd., Class A Shares | 50130 |
| 1600 | Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares | 38090 |
| 56000 | Zhaojin Mining Industry Co., Ltd., Class H Shares(b) | 244846 |
| 18300 | Zhejiang Century Huatong Group Co., Ltd., Class A Shares\* | 49107 |
| 10200 | Zhejiang China Commodities City Group Co., Ltd., Class A Shares | 22080 |
| 2100 | Zhejiang Chint Electrics Co., Ltd., Class A Shares | 10105 |
| 6400 | Zhejiang Dahua Technology Co., Ltd., Class A Shares | 17948 |
| 5258 | Zhejiang Huayou Cobalt Co., Ltd., Class A Shares | 60138 |
| 1900 | Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares | 15415 |
| 5900 | Zhejiang Juhua Co., Ltd., Class A Shares | 35763 |
| 14782 | Zhejiang Leapmotor Technology Co., Ltd., Class H Shares\*(a)(b) | 77269 |
| 7200 | Zhejiang NHU Co., Ltd., Class A Shares | 33038 |
| 5500 | Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares | 41005 |
| 7000 | Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A Shares | 16653 |
| 23800 | Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares | 18486 |
| 7900 | Zheshang Securities Co., Ltd., Class A Shares | 12272 |
| 2320 | Zhongji Innolight Co., Ltd., Class A Shares | 180019 |
| 11600 | Zhongjin Gold Corp., Ltd., Class A Shares | 54379 |
| 2300 | Zhongtai Securities Co., Ltd., Class A Shares | 2147 |
| 1665 | Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares | 14406 |
| 11200 | Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(b) | 63809 |
| 39700 | Zijin Mining Group Co., Ltd., Class A Shares | 228015 |
| 190000 | Zijin Mining Group Co., Ltd., Class H Shares(b) | 1105498 |
| 13200 | Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares | 19206 |
| 3100 | ZTE Corp., Class A Shares | 17437 |
| 18000 | ZTE Corp., Class H Shares(b) | 62555 |
| 13355 | ZTO Express Cayman Inc. | 326542 |
|  | Total China | 150732643 |
| **Colombia — 0.0%@** | **Colombia — 0.0%@** | **Colombia — 0.0%@** |
| 8572 | Grupo Cibest SA | 186939 |
| 12422 | Interconexion Electrica SA ESP | 90828 |
|  | Total Colombia | 277767 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| 4940 | CEZ AS | 280037 |
| 2894 | Komercni Banka AS | 165899 |
| 9659 | Moneta Money Bank AS(a) | 92773 |
|  | Total Czech Republic | 538709 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |
| 80748 | Commercial International Bank — Egypt (CIB) | 224815 |
| 901503 | Commercial International Bank — Egypt (CIB), Class Registered Shares, GDR | 2402192 |
| 30598 | Eastern Co. SAE | 26182 |
|  | Total Egypt | 2653189 |
| **France — 0.1%** | **France — 0.1%** | **France — 0.1%** |
| 5643 | Gaztransport Et Technigaz SA | 1291360 |
| **Greece — 0.8%** | **Greece — 0.8%** | **Greece — 0.8%** |
| 70549 | Alpha Bank SA | 311110 |
| 288232 | Eurobank SA | 1339564 |
| 1594 | FF Group\*(c)# |  |
| 5468 | Hellenic Telecommunications Organization SA | 113166 |
| 3520 | JUMBO SA | 103295 |

---

#### See Notes to Financial Statements.

#### 101

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Greece — 0.8% — (continued)** | **Greece — 0.8% — (continued)** | **Greece — 0.8% — (continued)** |
| 128362 | National Bank of Greece SA | $2098157 |
| 60425 | OPAP Holding SA | 1129631 |
| 155867 | Piraeus Bank SA\* | 1501013 |
| 5371 | Public Power Corp. SA | 120011 |
|  | Total Greece | 6715947 |
| **Hong Kong — 3.9%** | **Hong Kong — 3.9%** | **Hong Kong — 3.9%** |
| 328857 | AIA Group Ltd. | 3637355 |
| 814210 | Alibaba Group Holding Ltd. | 14705922 |
| 57064 | Alibaba Group Holding Ltd., ADR | 8223493 |
| 164000 | Alibaba Health Information Technology Ltd.\* | 117526 |
| 20000 | Beijing Enterprises Holdings Ltd. | 89977 |
| 1772000 | Bosideng International Holdings Ltd. | 1103505 |
| 31500 | BYD Electronic International Co., Ltd. | 129576 |
| 28000 | C&D International Investment Group Ltd. | 54200 |
| 102000 | China Gas Holdings Ltd. | 105473 |
| 481000 | China Medical System Holdings Ltd. | 899912 |
| 47538 | China Merchants Port Holdings Co., Ltd. | 106539 |
| 110500 | China Overseas Land & Investment Ltd. | 203561 |
| 131000 | China Power International Development Ltd. | 54887 |
| 53000 | China Resources Beer Holdings Co., Ltd. | 186577 |
| 27600 | China Resources Gas Group Ltd. | 74092 |
| 102000 | China Resources Land Ltd. | 416607 |
| 66000 | China Resources Power Holdings Co., Ltd. | 157457 |
| 364000 | China Ruyi Holdings Ltd.\* | 94525 |
| 32000 | China State Construction International Holdings Ltd. | 38110 |
| 52400 | China Taiping Insurance Holdings Co., Ltd. | 152434 |
| 71800 | Chow Tai Fook Jewellery Group Ltd. | 120244 |
| 87000 | Far East Horizon Ltd. | 86173 |
| 175000 | Galaxy Entertainment Group Ltd. | 932696 |
| 707000 | GCL Technology Holdings Ltd.\* | 107741 |
| 194000 | Geely Automobile Holdings Ltd. | 399756 |
| 96000 | Guangdong Investment Ltd. | 93677 |
| 116000 | Kunlun Energy Co., Ltd. | 124732 |
| 2700 | NetEase Cloud Music Inc.\*(a) | 53245 |
| 5500 | Orient Overseas International Ltd. | 105036 |
| 328750 | Sino Biopharmaceutical Ltd. | 253729 |
| 1532000 | Want Want China Holdings Ltd. | 961269 |
| 6800 | Zijin Gold International Co., Ltd.\* | 201978 |
|  | Total Hong Kong | 33992004 |
| **Hungary — 0.7%** | **Hungary — 0.7%** | **Hungary — 0.7%** |
| 137509 | MOL Hungarian Oil & Gas PLC | 1520964 |
| 34777 | OTP Bank Nyrt | 4286190 |
| 4665 | Richter Gedeon Nyrt | 174665 |
|  | Total Hungary | 5981819 |
| **India — 12.6%** | **India — 12.6%** | **India — 12.6%** |
| 1569 | ABB India Ltd. | 105146 |
| 4372 | Adani Enterprises Ltd. | 104528 |
| 17212 | Adani Ports & Special Economic Zone Ltd. | 288925 |
| 102534 | Adani Power Ltd.\* | 158396 |
| 358016 | Aditya Birla Capital Ltd.\* | 1358285 |
| 1698 | Alkem Laboratories Ltd. | 105076 |
| 18959 | Ambuja Cements Ltd. | 104517 |
| 6386 | APL Apollo Tubes Ltd. | 156937 |
| 57201 | Apollo Hospitals Enterprise Ltd. | 4912074 |
| 96288 | Ashok Leyland Ltd. | 223907 |
| 12229 | Asian Paints Ltd. | 319563 |

---

#### See Notes to Financial Statements.

#### 102

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **India — 12.6% — (continued)** | **India — 12.6% — (continued)** | **India — 12.6% — (continued)** |
| 3407 | Astral Ltd. | $62589 |
| 13713 | AU Small Finance Bank Ltd.(a) | 143851 |
| 7814 | Aurobindo Pharma Ltd. | 105010 |
| 5325 | Avenue Supermarts Ltd.\*(a) | 225454 |
| 156765 | Axis Bank Ltd. | 2392729 |
| 2180 | Bajaj Auto Ltd. | 238737 |
| 89247 | Bajaj Finance Ltd. | 979406 |
| 12229 | Bajaj Finserv Ltd. | 268851 |
| 806 | Bajaj Holdings & Investment Ltd. | 95640 |
| 2232 | Balkrishna Industries Ltd. | 58642 |
| 38177 | Bank of Baroda | 135507 |
| 116491 | Bharat Electronics Ltd. | 570584 |
| 6960 | Bharat Forge Ltd. | 146609 |
| 37800 | Bharat Heavy Electricals Ltd. | 109957 |
| 50202 | Bharat Petroleum Corp., Ltd. | 212078 |
| 81784 | Bharti Airtel Ltd. | 1691435 |
| 281 | Bosch Ltd. | 112655 |
| 3537 | Britannia Industries Ltd. | 233019 |
| 3360 | BSE Ltd. | 100499 |
| 67755 | Canara Bank | 117385 |
| 23637 | CG Power & Industrial Solutions Ltd. | 189069 |
| 66409 | Cholamandalam Investment & Finance Co., Ltd. | 1266629 |
| 18022 | Cipla Ltd. | 267560 |
| 59756 | Coal India Ltd. | 283332 |
| 4494 | Colgate-Palmolive India Ltd. | 111318 |
| 4273 | Coromandel International Ltd. | 104135 |
| 4476 | Cummins India Ltd. | 241423 |
| 16912 | Dabur India Ltd. | 96516 |
| 171000 | Delhivery Ltd.\* | 813385 |
| 3808 | Divi's Laboratories Ltd. | 267933 |
| 1299 | Dixon Technologies India Ltd. | 150665 |
| 25246 | DLF Ltd. | 167819 |
| 17290 | Dr Reddy's Laboratories Ltd. | 244971 |
| 4371 | Eicher Motors Ltd. | 385522 |
| 76918 | Eternal Ltd.\* | 208715 |
| 15641 | Fortis Healthcare Ltd. | 161973 |
| 35213 | FSN E-Commerce Ventures Ltd.\* | 102402 |
| 77993 | GAIL India Ltd. | 145691 |
| 4080 | GE Vernova T&D India Ltd. | 173483 |
| 101074 | GMR Airports Ltd.\* | 111675 |
| 12040 | Godrej Consumer Products Ltd. | 160570 |
| 4526 | Godrej Properties Ltd.\* | 85818 |
| 8676 | Grasim Industries Ltd. | 266516 |
| 7939 | Havells India Ltd. | 121631 |
| 30272 | HCL Technologies Ltd. | 463223 |
| 4988 | HDFC Asset Management Co., Ltd.(a) | 148258 |
| 456125 | HDFC Bank Ltd. | 4458116 |
| 273165 | HDFC Bank Ltd., ADR | 8700305 |
| 30924 | HDFC Life Insurance Co., Ltd.(a) | 243495 |
| 4066 | Hero MotoCorp Ltd. | 255160 |
| 44102 | Hindalco Industries Ltd. | 447315 |
| 6395 | Hindustan Aeronautics Ltd. | 276005 |
| 32273 | Hindustan Petroleum Corp., Ltd. | 155951 |
| 26211 | Hindustan Unilever Ltd. | 675067 |
| 412 | Hitachi Energy India Ltd. | 116039 |
| 5884 | Hyundai Motor India Ltd. | 140361 |
| 164143 | ICICI Bank Ltd. | 2491209 |
| 203217 | ICICI Bank Ltd., ADR | 6200151 |

---

#### See Notes to Financial Statements.

#### 103

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **India — 12.6% — (continued)** | **India — 12.6% — (continued)** | **India — 12.6% — (continued)** |
| 7010 | ICICI Lombard General Insurance Co., Ltd.(a) | $145695 |
| 10058 | ICICI Prudential Life Insurance Co., Ltd.(a) | 72970 |
| 127471 | IDFC First Bank Ltd. | 102569 |
| 27863 | Indian Hotels Co., Ltd. (The), Class A Shares | 204370 |
| 91396 | Indian Oil Corp., Ltd. | 188203 |
| 444759 | Indus Towers Ltd.\* | 2215613 |
| 16128 | IndusInd Bank Ltd.\* | 169527 |
| 12029 | Info Edge India Ltd. | 135986 |
| 105930 | Infosys Ltd. | 1525801 |
| 87526 | Infosys Ltd., ADR(e) | 1263875 |
| 6274 | InterGlobe Aviation Ltd.(a) | 334381 |
| 95967 | ITC Ltd. | 331816 |
| 12688 | Jindal Stainless Ltd. | 108923 |
| 12948 | Jindal Steel Ltd. | 176245 |
| 408540 | Jio Financial Services Ltd. | 1150035 |
| 12171 | JSW Energy Ltd. | 64901 |
| 19785 | JSW Steel Ltd. | 276096 |
| 11798 | Jubilant Foodworks Ltd. | 67285 |
| 11490 | Kalyan Jewellers India Ltd. | 51928 |
| 17400 | KEI Industries Ltd. | 974911 |
| 830896 | Kotak Mahindra Bank Ltd. | 3786935 |
| 36483 | Larsen & Toubro Ltd. | 1720084 |
| 515000 | Lemon Tree Hotels Ltd.\*(a) | 649415 |
| 10651 | Lodha Developers Ltd.(a) | 115893 |
| 2283 | LTIMindtree Ltd.(a) | 111963 |
| 7557 | Lupin Ltd. | 190941 |
| 128807 | Mahindra & Mahindra Ltd. | 4816198 |
| 12809 | MakeMyTrip Ltd.\* | 723324 |
| 3608 | Mankind Pharma Ltd. | 89382 |
| 18994 | Marico Ltd. | 164791 |
| 4008 | Maruti Suzuki India Ltd. | 655336 |
| 24904 | Max Healthcare Institute Ltd. | 299226 |
| 3048 | Mphasis Ltd. | 77127 |
| 71 | MRF Ltd. | 110016 |
| 4164 | Muthoot Finance Ltd. | 153828 |
| 21511 | Nestle India Ltd. | 306835 |
| 113758 | NHPC Ltd. | 94130 |
| 111037 | NMDC Ltd. | 100011 |
| 139077 | NTPC Ltd. | 585290 |
| 71426 | Oberoi Realty Ltd. | 1195206 |
| 100242 | Oil & Natural Gas Corp., Ltd. | 308614 |
| 20395 | Oil India Ltd. | 108284 |
| 12775 | One 97 Communications Ltd.\* | 153059 |
| 553 | Oracle Financial Services Software Ltd. | 41862 |
| 185 | Page Industries Ltd. | 65514 |
| 10980 | PB Fintech Ltd.\* | 178206 |
| 3717 | Persistent Systems Ltd. | 193057 |
| 23014 | Petronet LNG Ltd. | 81520 |
| 75085 | Phoenix Mills Ltd. (The) | 1372071 |
| 2152 | PI Industries Ltd. | 73263 |
| 10872 | Pidilite Industries Ltd. | 177456 |
| 49000 | PN Gadgil Jewellers Ltd.\* | 297034 |
| 1776 | Polycab India Ltd. | 167865 |
| 49366 | Power Finance Corp., Ltd. | 225081 |
| 148218 | Power Grid Corp. of India Ltd. | 487668 |
| 6639 | Prestige Estates Projects Ltd. | 101760 |
| 80292 | Punjab National Bank | 114239 |
| 21176 | Rail Vikas Nigam Ltd. | 73294 |

---

#### See Notes to Financial Statements.

#### 104

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **India — 12.6% — (continued)** | **India — 12.6% — (continued)** | **India — 12.6% — (continued)** |
| 36067 | REC Ltd. | $138191 |
| 673114 | Reliance Industries Ltd. | 10340417 |
| 137242 | Samvardhana Motherson International Ltd. | 201553 |
| 11234 | SBI Cards & Payment Services Ltd.\* | 95754 |
| 14380 | SBI Life Insurance Co., Ltd.(a) | 321550 |
| 275 | Shree Cement Ltd. | 78643 |
| 44965 | Shriram Finance Ltd. | 532650 |
| 3178 | Siemens Energy India Ltd. | 103058 |
| 2571 | Siemens Ltd.\* | 96537 |
| 790 | Solar Industries India Ltd. | 117543 |
| 4915 | SRF Ltd. | 139011 |
| 124782 | State Bank of India | 1652896 |
| 30589 | Sun Pharmaceutical Industries Ltd. | 585091 |
| 2112 | Sundaram Finance Ltd. | 127656 |
| 1866 | Supreme Industries Ltd. | 81770 |
| 352181 | Suzlon Energy Ltd.\* | 165625 |
| 45140 | Swiggy Ltd.\* | 149920 |
| 4373 | Tata Communications Ltd. | 77127 |
| 139672 | Tata Consultancy Services Ltd. | 4055249 |
| 19112 | Tata Consumer Products Ltd. | 241092 |
| 67613 | Tata Motors Ltd.\* | 375129 |
| 63244 | Tata Motors Passenger Vehicles Ltd. | 266385 |
| 49496 | Tata Power Co., Ltd. (The) | 205175 |
| 238729 | Tata Steel Ltd. | 559726 |
| 17172 | Tech Mahindra Ltd. | 255964 |
| 123209 | Titan Co., Ltd. | 5870036 |
| 3612 | Torrent Pharmaceuticals Ltd. | 172013 |
| 5829 | Torrent Power Ltd. | 100090 |
| 5863 | Trent Ltd. | 251630 |
| 3306 | Tube Investments of India Ltd. | 100717 |
| 7604 | TVS Motor Co., Ltd. | 323946 |
| 24715 | UltraTech Cement Ltd. | 3449318 |
| 52190 | Union Bank of India Ltd. | 116258 |
| 9798 | United Spirits Ltd. | 149201 |
| 160951 | UPL Ltd. | 1130911 |
| 43227 | Varun Beverages Ltd. | 213699 |
| 45562 | Vedanta Ltd. | 360934 |
| 64656 | Vishal Mega Mart Ltd.\* | 83807 |
| 963317 | Vodafone Idea Ltd.\* | 111519 |
| 7606 | Voltas Ltd. | 130075 |
| 2657 | WAAREE Energies Ltd. | 79552 |
| 81946 | Wipro Ltd. | 181247 |
| 512972 | Yes Bank Ltd.\* | 116997 |
| 8154 | Zydus Lifesciences Ltd. | 82853 |
|  | Total India | 110452820 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| 579800 | Alamtri Resources Indonesia Tbk PT | 80981 |
| 462300 | Amman Mineral Internasional PT\* | 210527 |
| 4610600 | Astra International Tbk PT | 1833787 |
| 6593191 | Bank Central Asia Tbk PT | 2821371 |
| 6776348 | Bank Mandiri Persero Tbk PT | 2115080 |
| 494700 | Bank Negara Indonesia Persero Tbk PT | 129614 |
| 2173724 | Bank Rakyat Indonesia Persero Tbk PT | 506544 |
| 560447 | Barito Pacific Tbk PT\* | 65955 |
| 255800 | Barito Renewables Energy Tbk PT\* | 124934 |
| 1807600 | Bumi Resources Minerals Tbk PT\* | 104239 |
| 266300 | Chandra Asri Pacific Tbk PT | 105968 |

---

#### See Notes to Financial Statements.

#### 105

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Indonesia — 1.3% — (continued)** | **Indonesia — 1.3% — (continued)** | **Indonesia — 1.3% — (continued)** |
| 243100 | Charoen Pokphand Indonesia Tbk PT | $61609 |
| 31900 | Dian Swastatika Sentosa Tbk PT\* | 148996 |
| 27884300 | GoTo Gojek Tokopedia Tbk PT, Class A Shares\* | 101264 |
| 716600 | Petrindo Jaya Kreasi Tbk PT | 68152 |
| 564000 | Sumber Alfaria Trijaya Tbk PT | 56141 |
| 1578687 | Telkom Indonesia Persero Tbk PT, ADR | 333487 |
| 83743 | Telkom Indonesia Persero Tbk PT, ADR | 1781214 |
| 524005 | United Tractors Tbk PT | 885011 |
|  | Total Indonesia | 11534874 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| 29624 | PDD Holdings Inc., ADR\* | 3072897 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| 15500 | Kaspi.KZ JSC, ADR\* | 1094145 |
| **Kuwait — 0.2%** | **Kuwait — 0.2%** | **Kuwait — 0.2%** |
| 45974 | Boubyan Bank KSCP | 102198 |
| 81310 | Gulf Bank KSCP | 90220 |
| 353350 | Kuwait Finance House KSCP | 931564 |
| 17796 | Mabanee Co., KPSC | 57050 |
| 62567 | Mobile Telecommunications Co., KSCP | 111242 |
| 264723 | National Bank of Kuwait SAKP | 817566 |
| 71685 | Warba Bank KSCP\* | 67583 |
|  | Total Kuwait | 2177423 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| 18294 | Globant SA\* | 910309 |
| 4054 | Reinet Investments SCA | 143361 |
| 21284 | Ternium SA, ADR | 925216 |
| 13978 | Zabka Group SA\* | 87419 |
|  | Total Luxembourg | 2066305 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| 87800 | AMMB Holdings Bhd | 145034 |
| 114300 | Axiata Group Bhd | 67256 |
| 114300 | CELCOMDIGI BHD | 93762 |
| 257507 | CIMB Group Holdings Bhd | 531651 |
| 164600 | Gamuda Bhd | 177080 |
| 22200 | Hong Leong Bank Bhd | 132774 |
| 64800 | IHH Healthcare Bhd | 151447 |
| 60300 | IOI Corp. Bhd | 61348 |
| 17300 | Kuala Lumpur Kepong Bhd | 84408 |
| 192509 | Malayan Banking Bhd | 591544 |
| 57900 | Maxis Bhd | 57717 |
| 48400 | MISC Bhd | 100435 |
| 103300 | MR DIY Group M Bhd(a) | 47538 |
| 1900 | Nestle Malaysia Bhd | 53654 |
| 72100 | Petronas Chemicals Group Bhd | 55557 |
| 8600 | Petronas Dagangan Bhd | 48570 |
| 23900 | Petronas Gas Bhd | 110424 |
| 118200 | Press Metal Aluminium Holdings Bhd | 216576 |
| 464000 | Public Bank Bhd | 587675 |
| 47250 | QL Resources Bhd | 49391 |
| 55600 | RHB Bank Bhd | 119961 |
| 56800 | SD Guthrie Bhd | 83896 |
| 81500 | Sunway Bhd | 122661 |
| 31400 | Telekom Malaysia Bhd | 60134 |
| 83600 | Tenaga Nasional Bhd | 308827 |

---

#### See Notes to Financial Statements.

#### 106

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Malaysia — 0.5% — (continued)** | **Malaysia — 0.5% — (continued)** | **Malaysia — 0.5% — (continued)** |
| 99360 | YTL Corp. Bhd | $46880 |
| 113460 | YTL Power International Bhd | 82457 |
|  | Total Malaysia | 4188657 |
| **Mexico — 2.4%** | **Mexico — 2.4%** | **Mexico — 2.4%** |
| 71936 | America Movil SAB de CV, ADR | 1871775 |
| 630403 | America Movil SAB de CV, Series B | 821676 |
| 15950 | Arca Continental SAB de CV | 192522 |
| 21500 | BBB Foods Inc., Class A Shares\* | 783675 |
| 14849 | Coca-Cola Femsa SAB de CV | 165103 |
| 142000 | Corp. Inmobiliaria Vesta SAB de CV | 521535 |
| 76327 | Fibra Uno Administracion SA de CV, REIT | 132323 |
| 54798 | Fomento Economico Mexicano SAB de CV | 616032 |
| 5872 | Gruma SAB de CV, Class B Shares | 105862 |
| 10352 | Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares | 158165 |
| 6343 | Grupo Aeroportuario del Pacifico SAB de CV, ADR | 1654001 |
| 12320 | Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares | 321848 |
| 6154 | Grupo Aeroportuario del Sureste SAB de CV, Class B Shares | 221639 |
| 44684 | Grupo Bimbo SAB de CV, Series A | 162402 |
| 18121 | Grupo Carso SAB de CV, Series A1 | 141957 |
| 10056 | Grupo Comercial Chedraui SA de CV | 64386 |
| 548531 | Grupo Financiero Banorte SAB de CV, Class O Shares | 6236578 |
| 54226 | Grupo Financiero Inbursa SAB de CV, Class O Shares | 138084 |
| 99252 | Grupo México SAB de CV, Series B | 1257707 |
| 6334 | Industrias Peñoles SAB de CV\* | 403156 |
| 472552 | Kimberly-Clark de México SAB de CV, Class A Shares | 1184947 |
| 37023 | Prologis Property Mexico SA de CV, REIT | 182514 |
| 5386 | Promotora y Operadora de Infraestructura SAB de CV | 88717 |
| 99000 | Regional SAB de CV | 925107 |
| 109459 | Sigma Foods SAB de CV, Class A Shares | 122652 |
| 7151 | Vista Energy SAB de CV, ADR\* | 412899 |
| 773802 | Wal-Mart de Mexico SAB de CV | 2511352 |
|  | Total Mexico | 21398614 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| 4382 | JBS NV\* | 73253 |
| 13259 | JBS NV, Class A Shares\* | 223945 |
| 20772 | NEPI Rockcastle NV\* | 193334 |
| 18500 | Prosus NV\* | 947822 |
| 3377 | X5 Retail Group NV, Class Registered Shares, GDR\*(c)# | 1 |
|  | Total Netherlands | 1438355 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |
| 6677 | Cia de Minas Buenaventura SAA, ADR | 291585 |
| 7445 | Credicorp Ltd. | 2578799 |
|  | Total Peru | 2870384 |
| **Philippines — 0.5%** | **Philippines — 0.5%** | **Philippines — 0.5%** |
| 7250 | Ayala Corp. | 75364 |
| 183660 | Ayala Land Inc. | 66536 |
| 64946 | Bank of the Philippine Islands | 130657 |
| 80230 | BDO Unibank Inc. | 190709 |
| 297250 | International Container Terminal Services Inc. | 3697080 |
| 14290 | Jollibee Foods Corp. | 53021 |
| 9080 | Manila Electric Co. | 100408 |
| 55726 | Metropolitan Bank & Trust Co. | 74335 |
| 2295 | PLDT Inc. | 55675 |

---

#### See Notes to Financial Statements.

#### 107

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Philippines — 0.5% — (continued)** | **Philippines — 0.5% — (continued)** | **Philippines — 0.5% — (continued)** |
| 7820 | SM Investments Corp. | $95565 |
| 340100 | SM Prime Holdings Inc. | 126676 |
|  | Total Philippines | 4666026 |
| **Poland — 1.2%** | **Poland — 1.2%** | **Poland — 1.2%** |
| 22947 | Allegro.eu SA\*(a) | 177899 |
| 18675 | Bank Millennium SA\* | 90675 |
| 5942 | Bank Polska Kasa Opieki SA | 376458 |
| 324 | Budimex SA | 73156 |
| 2179 | CD Projekt SA | 147711 |
| 8900 | Diagnostyka SA | 469131 |
| 155035 | Dino Polska SA\*(a) | 1745229 |
| 52466 | InPost SA\* | 943271 |
| 4462 | KGHM Polska Miedz SA\* | 421523 |
| 37 | LPP SA | 213516 |
| 507 | mBank SA\* | 146679 |
| 18582 | ORLEN SA | 594213 |
| 23212 | PGE Polska Grupa Energetyczna SA\* | 73038 |
| 165931 | Powszechna Kasa Oszczednosci Bank Polski SA | 4297970 |
| 19534 | Powszechny Zaklad Ubezpieczen SA | 368937 |
| 1303 | Santander Bank Polska SA | 214873 |
|  | Total Poland | 10354279 |
| **Qatar — 0.2%** | **Qatar — 0.2%** | **Qatar — 0.2%** |
| 185855 | Al Rayan Bank | 118851 |
| 104607 | Barwa Real Estate Co. | 73482 |
| 113208 | Commercial Bank PSQC (The) | 150664 |
| 50646 | Dukhan Bank | 49887 |
| 44158 | Industries Qatar QSC | 146510 |
| 113710 | Mesaieed Petrochemical Holding Co. | 32612 |
| 14392 | Nebras Energy | 58231 |
| 27407 | Ooredoo QPSC | 101793 |
| 16292 | Qatar Fuel QSC | 66107 |
| 82215 | Qatar Gas Transport Co., Ltd. | 111208 |
| 37060 | Qatar International Islamic Bank QSC | 114949 |
| 56485 | Qatar Islamic Bank QPSC | 367197 |
| 147195 | Qatar National Bank QPSC | 778551 |
|  | Total Qatar | 2170042 |
| **Russia — 0.0%@** | **Russia — 0.0%@** | **Russia — 0.0%@** |
| 64081 | Alrosa PJSC\*(c)# | 641 |
| 24130 | Mobile TeleSystems PJSC\*(c)# | 241 |
| 135663 | Mobile TeleSystems PJSC, ADR\*(c)# | 1357 |
| 39065 | Moscow Exchange MICEX-RTS PJSC\*(c)# | 391 |
| 1593 | Ozon Holdings PLC, ADR\*(c)# |  |
| 19 | PhosAgro PJSC, Class Registered Shares, GDR\*(c)# |  |
| 8690 | Polyus PJSC\*(c)# | 87 |
| 28885 | Rosneft Oil Co. PJSC\*(c)# | 289 |
| 891342 | Sberbank of Russia PJSC, (Cost — $1,699,436, acquired 8/10/15)\*(c)(f)# | 8913 |
| 5523 | Severstal PAO\*(c)# | 55 |
| 2925 | T-Tekhnologii MKPAO, Class Registered Shares, GDR\*(c)# |  |
| 88972 | United Co. RUSAL International PJSC\*(c)# | 12 |
| 2330 | VK IPJSC, GDR\*(c)# |  |
| 12017 | VTB Bank PJSC\*(c)# | 2 |
|  | Total Russia | 11988 |
| **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** | **Saudi Arabia — 2.2%** |
| 4886 | ACWA Power Co.\* | 215972 |
| 8788 | Ades Holding Co. | 42001 |
| 224124 | Al Rajhi Bank | 6032435 |
| 40261 | Alinma Bank | 300149 |
| 15945 | Almarai Co. JSC | 169352 |
| 30028 | Arab National Bank | 164699 |

---

#### See Notes to Financial Statements.

#### 108

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Saudi Arabia — 2.2% — (continued)** | **Saudi Arabia — 2.2% — (continued)** | **Saudi Arabia — 2.2% — (continued)** |
| 773 | Arabian Internet & Communications Services Co. | $38538 |
| 23426 | Bank AlBilad | 159604 |
| 18653 | Bank Al-Jazira | 57572 |
| 39044 | Banque Saudi Fransi | 206278 |
| 2413 | Bupa Arabia for Cooperative Insurance Co. | 114023 |
| 2823 | Co. for Cooperative Insurance (The) | 101854 |
| 15526 | Dar Al Arkan Real Estate Development Co.\* | 82405 |
| 39415 | Dr Sulaiman Al Habib Medical Services Group Co. | 2426903 |
| 765 | Elm Co. | 130688 |
| 117946 | Etihad Etisalat Co. | 2020917 |
| 17803 | Jabal Omar Development Co.\* | 70656 |
| 15972 | Jarir Marketing Co. | 59543 |
| 3017 | Makkah Construction & Development Co. | 62837 |
| 3443 | Mouwasat Medical Services Co. | 58405 |
| 46853 | Riyad Bank | 346176 |
| 7435 | SABIC Agri-Nutrients Co. | 245289 |
| 1528 | SAL Saudi Logistics Services | 66010 |
| 43381 | Saudi Arabian Mining Co.\* | 817781 |
| 192830 | Saudi Arabian Oil Co.(a) | 1283233 |
| 32091 | Saudi Awwal Bank | 292752 |
| 28685 | Saudi Basic Industries Corp. | 414441 |
| 25347 | Saudi Electricity Co. | 91410 |
| 18780 | Saudi Investment Bank (The) | 67563 |
| 156706 | Saudi National Bank (The) | 1740986 |
| 1501 | Saudi Tadawul Group Holding Co. | 54439 |
| 63745 | Saudi Telecom Co. | 710828 |
| 42000 | United International Transportation Co. | 452187 |
| 8700 | Yanbu National Petrochemical Co. | 58417 |
|  | Total Saudi Arabia | 19156343 |
| **Singapore — 0.7%** | **Singapore — 0.7%** | **Singapore — 0.7%** |
| 27400 | ASMPT Ltd. | 390913 |
| 8500 | BOC Aviation Ltd.(a) | 94566 |
| 170000 | Grab Holdings Ltd., Class A Shares\* | 717400 |
| 10000 | Sea Ltd., ADR\* | 1084500 |
| 19814 | Trip.com Group Ltd. | 1039380 |
| 48628 | Trip.com Group Ltd., ADR | 2558805 |
|  | Total Singapore | 5885564 |
| **South Africa — 4.0%** | **South Africa — 4.0%** | **South Africa — 4.0%** |
| 28406 | Absa Group Ltd. | 484492 |
| 10738 | Bid Corp., Ltd. | 283374 |
| 112253 | Bidvest Group Ltd. | 1785605 |
| 22572 | Capitec Bank Holdings Ltd. | 6725892 |
| 97641 | Clicks Group Ltd. | 1954133 |
| 18414 | Discovery Ltd. | 302647 |
| 192911 | FirstRand Ltd. | 1203159 |
| 94129 | Gold Fields Ltd. | 5518097 |
| 18267 | Harmony Gold Mining Co., Ltd. | 415801 |
| 28825 | Impala Platinum Holdings Ltd. | 636575 |
| 29566 | Kumba Iron Ore Ltd. | 685558 |
| 948240 | Life Healthcare Group Holdings Ltd. | 722347 |
| 55522 | MTN Group Ltd. | 725415 |
| 24975 | Naspers Ltd., Class N Shares | 1405758 |
| 118889 | Nedbank Group Ltd. | 2356509 |
| 11477 | Northam Platinum Holdings Ltd. | 316751 |
| 379000 | Optasia Group\* | 499954 |
| 23929 | OUTsurance Group Ltd. | 110548 |
| 381835 | Pepkor Holdings Ltd.(a) | 639554 |
| 17630 | Remgro Ltd. | 214926 |
| 292082 | Sanlam Ltd. | 1948190 |
| 17899 | Sasol Ltd.\* | 164070 |

---

#### See Notes to Financial Statements.

#### 109

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **South Africa — 4.0% — (continued)** | **South Africa — 4.0% — (continued)** | **South Africa — 4.0% — (continued)** |
| 15078 | Shoprite Holdings Ltd. | $250575 |
| 90218 | Sibanye Stillwater Ltd.\* | 398691 |
| 126725 | Standard Bank Group Ltd. | 2557912 |
| 8456 | Valterra Platinum Ltd. | 1004431 |
| 179957 | Vodacom Group Ltd. | 1842138 |
|  | Total South Africa | 35153102 |
| **South Korea — 17.0%** | **South Korea — 17.0%** | **South Korea — 17.0%** |
| 1279 | Alteogen Inc. | 362130 |
| 963 | Amorepacific Corp. | 101190 |
| 793 | APR Corp.\* | 171973 |
| 4784 | Celltrion Inc.\* | 791876 |
| 5848 | Coway Co., Ltd.\* | 332509 |
| 1381 | DB Insurance Co., Ltd. | 176322 |
| 229 | Doosan Co., Ltd. | 202752 |
| 14292 | Doosan Enerbility Co., Ltd.\* | 1056871 |
| 1673 | Ecopro BM Co., Ltd.\* | 257049 |
| 3134 | Ecopro Co., Ltd.\* | 401670 |
| 8871 | Hana Financial Group Inc. | 749061 |
| 699 | Hanjin Kal Corp.\* | 75301 |
| 2739 | Hankook Tire & Technology Co., Ltd. | 138594 |
| 1217 | Hanmi Semiconductor Co., Ltd. | 272714 |
| 1068 | Hanwha Aerospace Co., Ltd. | 885690 |
| 4395 | Hanwha Ocean Co., Ltd.\* | 430651 |
| 2327 | Hanwha Systems Co., Ltd.\* | 183433 |
| 1385 | HD Hyundai Co., Ltd. | 281028 |
| 8191 | HD Hyundai Electric Co., Ltd. | 5964062 |
| 1171 | HD Hyundai Heavy Industries Co., Ltd. | 489765 |
| 500 | HD Hyundai Marine Solution Co., Ltd. | 64060 |
| 1362 | HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | 425210 |
| 3423 | HLB Inc.\* | 123266 |
| 8366 | HMM Co., Ltd. | 124004 |
| 752 | HYBE Co., Ltd.\* | 202510 |
| 173 | Hyosung Heavy Industries Corp. | 338526 |
| 1264 | Hyundai Engineering & Construction Co., Ltd.\* | 144558 |
| 1125 | Hyundai Glovis Co., Ltd. | 225959 |
| 5885 | Hyundai Mobis Co., Ltd. | 2114707 |
| 4242 | Hyundai Motor Co. | 1983672 |
| 2435 | Hyundai Rotem Co., Ltd. | 389370 |
| 9580 | Industrial Bank of Korea | 171082 |
| 9869 | Kakao Corp. | 426488 |
| 5216 | KakaoBank Corp. | 98282 |
| 32356 | KB Financial Group Inc. | 3566475 |
| 23186 | Kia Corp. | 3306733 |
| 2330 | Korea Aerospace Industries Ltd. | 310094 |
| 8184 | Korea Electric Power Corp. | 332082 |
| 1397 | Korea Investment Holdings Co., Ltd. | 250454 |
| 6819 | Korean Air Lines Co., Ltd.\* | 133098 |
| 952 | Krafton Inc.\* | 164166 |
| 31221 | KT Corp. | 1383826 |
| 18065 | KT&G Corp. | 2045320 |
| 1575 | LG Chem Ltd. | 457226 |
| 3153 | LG Corp. | 235651 |
| 7553 | LG Display Co., Ltd.\* | 75107 |
| 3304 | LG Electronics Inc. | 334059 |
| 1492 | LG Energy Solution Ltd.\* | 441742 |
| 5863 | LG Uplus Corp. | 67329 |
| 407 | LIG Nex1 Co., Ltd.\* | 144465 |

---

#### See Notes to Financial Statements.

#### 110

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **South Korea — 17.0% — (continued)** | **South Korea — 17.0% — (continued)** | **South Korea — 17.0% — (continued)** |
| 495 | LS Electric Co., Ltd. | $270049 |
| 2319 | Meritz Financial Group Inc.\* | 204725 |
| 5822 | Mirae Asset Securities Co., Ltd. | 290531 |
| 4499 | NAVER Corp. | 795672 |
| 5554 | NH Investment & Securities Co., Ltd. | 136746 |
| 1199 | POSCO Future M Co., Ltd.\* | 205453 |
| 2322 | POSCO Holdings Inc. | 661114 |
| 2038 | Posco International Corp. | 102291 |
| 1084 | Samsung Biologics Co., Ltd.\*(a) | 1336720 |
| 2709 | Samsung C&T Corp. | 658612 |
| 1786 | Samsung Electro-Mechanics Co., Ltd. | 553892 |
| 346500 | Samsung Electronics Co., Ltd. | 51998354 |
| 953 | Samsung Fire & Marine Insurance Co., Ltd. | 350204 |
| 23380 | Samsung Heavy Industries Co., Ltd.\* | 469358 |
| 2656 | Samsung Life Insurance Co., Ltd. | 423941 |
| 1773 | Samsung SDI Co., Ltd.\* | 574878 |
| 1283 | Samsung SDS Co., Ltd. | 173331 |
| 128 | Samyang Foods Co., Ltd. | 108487 |
| 136658 | Shinhan Financial Group Co., Ltd. | 9180999 |
| 946 | SK Biopharmaceuticals Co., Ltd.\* | 78628 |
| 60506 | SK hynix Inc. | 44319250 |
| 1081 | SK Inc. | 300628 |
| 2022 | SK Innovation Co., Ltd. | 179164 |
| 2957 | SK Square Co., Ltd.\* | 1320903 |
| 3355 | SK Telecom Co., Ltd. | 186006 |
| 1576 | S-Oil Corp.\* | 120602 |
| 21057 | Woori Financial Group Inc. | 526141 |
| 1615 | Yuhan Corp. | 123492 |
|  | Total South Korea | 149054333 |
| **Taiwan — 20.1%** | **Taiwan — 20.1%** | **Taiwan — 20.1%** |
| 16000 | Accton Technology Corp. | 694821 |
| 16753 | Advantech Co., Ltd. | 178508 |
| 4139 | Airtac International Group | 158975 |
| 3000 | Alchip Technologies Ltd. | 333646 |
| 319498 | ASE Technology Holding Co., Ltd. | 3808461 |
| 78000 | Asia Cement Corp. | 89146 |
| 11000 | Asia Vital Components Co., Ltd. | 608525 |
| 1000 | ASPEED Technology Inc. | 305822 |
| 23000 | Asustek Computer Inc. | 385155 |
| 5000 | Bizlink Holding Inc. | 221060 |
| 31000 | Caliway Biopharmaceuticals Co., Ltd.\* | 161065 |
| 15000 | Catcher Technology Co., Ltd. | 91222 |
| 303550 | Cathay Financial Holding Co., Ltd. | 768831 |
| 47988 | Chailease Holding Co., Ltd. | 158729 |
| 237361 | Chang Hwa Commercial Bank Ltd. | 163091 |
| 71000 | China Airlines Ltd. | 47531 |
| 376000 | China Steel Corp. | 248716 |
| 104000 | Chroma ATE Inc. | 4500816 |
| 122000 | Chunghwa Telecom Co., Ltd. | 522145 |
| 117000 | Compal Electronics Inc. | 117219 |
| 531880 | CTBC Financial Holding Co., Ltd. | 947205 |
| 227762 | Delta Electronics Inc. | 10256871 |
| 24000 | E Ink Holdings Inc. | 143034 |
| 464228 | E.Sun Financial Holding Co., Ltd. | 519516 |
| 10000 | Elite Material Co., Ltd. | 757269 |
| 2000 | eMemory Technology Inc. | 159169 |
| 80000 | Eva Airways Corp. | 96911 |

---

#### See Notes to Financial Statements.

#### 111

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Taiwan — 20.1% — (continued)** | **Taiwan — 20.1% — (continued)** | **Taiwan — 20.1% — (continued)** |
| 34791 | Evergreen Marine Corp. Taiwan Ltd. | $218486 |
| 89000 | Far Eastern New Century Corp. | 81506 |
| 53000 | Far EasTone Telecommunications Co., Ltd. | 155237 |
| 366674 | First Financial Holding Co., Ltd. | 349062 |
| 116000 | Formosa Chemicals & Fibre Corp. | 187396 |
| 105000 | Formosa Plastics Corp. | 171820 |
| 5830 | Fortune Electric Co., Ltd. | 198802 |
| 268100 | Fubon Financial Holding Co., Ltd. | 801923 |
| 15000 | Gigabyte Technology Co., Ltd. | 113694 |
| 3000 | Global Unichip Corp. | 264754 |
| 84000 | Globalwafers Co., Ltd. | 1217906 |
| 11000 | Gold Circuit Electronics Ltd. | 289458 |
| 400480 | Hon Hai Precision Industry Co., Ltd. | 3069703 |
| 3000 | Hon Precision Inc. | 462399 |
| 9140 | Hotai Motor Co., Ltd. | 170883 |
| 287872 | Hua Nan Financial Holdings Co., Ltd. | 348947 |
| 196164 | Innolux Corp. | 166425 |
| 8000 | International Games System Co., Ltd. | 176617 |
| 72000 | Inventec Corp. | 106136 |
| 3000 | Jentech Precision Industrial Co., Ltd. | 293807 |
| 509033 | KGI Financial Holding Co., Ltd. | 355018 |
| 2000 | King Slide Works Co., Ltd. | 217804 |
| 33000 | King Yuan Electronics Co., Ltd. | 343824 |
| 3541 | Largan Precision Co., Ltd. | 284433 |
| 58264 | Lite-On Technology Corp., ADR | 317817 |
| 3000 | Lotes Co., Ltd. | 167793 |
| 145814 | MediaTek Inc. | 8877554 |
| 377889 | Mega Financial Holding Co., Ltd. | 487630 |
| 164000 | Nan Ya Plastics Corp. | 488949 |
| 86000 | Novatek Microelectronics Corp. | 1071984 |
| 59000 | Pegatron Corp. | 138229 |
| 10768 | PharmaEssentia Corp. | 247222 |
| 20539 | President Chain Store Corp. | 146017 |
| 611484 | Quanta Computer Inc. | 5641804 |
| 16000 | Realtek Semiconductor Corp. | 244065 |
| 114598 | Shanghai Commercial & Savings Bank Ltd. (The) | 146540 |
| 392538 | SinoPac Financial Holdings Co., Ltd. | 414520 |
| 258560 | Taiwan Business Bank | 135179 |
| 350274 | Taiwan Cooperative Financial Holding Co., Ltd. | 267687 |
| 56000 | Taiwan High Speed Rail Corp. | 48239 |
| 56000 | Taiwan Mobile Co., Ltd. | 191922 |
| 1636752 | Taiwan Semiconductor Manufacturing Co., Ltd. | 102338630 |
| 26740 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 10016269 |
| 194668 | TCC Group Holdings Co., Ltd. | 163252 |
| 38000 | Teco Electric and Machinery Co., Ltd. | 100385 |
| 673455 | TS Financial Holding Co., Ltd. | 548169 |
| 37834 | Unimicron Technology Corp. | 571769 |
| 154000 | Uni-President Enterprises Corp. | 355533 |
| 360000 | United Microelectronics Corp. | 744599 |
| 32013 | Vanguard International Semiconductor Corp. | 134130 |
| 19630 | Wan Hai Lines Ltd. | 47808 |
| 92000 | Wistron Corp. | 398733 |
| 27300 | Wiwynn Corp. | 3391073 |
| 119003 | Yageo Corp. | 1109418 |
| 48000 | Yang Ming Marine Transport Corp. | 87828 |

---

#### See Notes to Financial Statements.

#### 112

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **Taiwan — 20.1% — (continued)** | **Taiwan — 20.1% — (continued)** | **Taiwan — 20.1% — (continued)** |
| 340292 | Yuanta Financial Holding Co., Ltd. | $531946 |
| 23000 | Zhen Ding Technology Holding Ltd. | 151630 |
|  | Total Taiwan | 176213822 |
| **Thailand — 0.7%** | **Thailand — 0.7%** | **Thailand — 0.7%** |
| 35100 | Advanced Info Service PCL, NVDR | 428483 |
| 133500 | Airports of Thailand PCL, NVDR | 233346 |
| 400300 | Bangkok Dusit Medical Services PCL, NVDR | 279241 |
| 20900 | Bumrungrad Hospital PCL, NVDR | 142900 |
| 60900 | Central Pattana PCL, NVDR | 137004 |
| 118200 | Charoen Pokphand Foods PCL, NVDR | 79863 |
| 180200 | CP ALL PCL, NVDR | 299871 |
| 99400 | Delta Electronics Thailand PCL, NVDR | 885413 |
| 129100 | Gulf Development PCL, NVDR\* | 256799 |
| 168200 | Kasikornbank PCL | 1093192 |
| 24800 | Kasikornbank PCL, NVDR | 160353 |
| 134400 | Krung Thai Bank PCL, NVDR | 147857 |
| 91300 | Minor International PCL, NVDR | 76310 |
| 165700 | PTT Exploration & Production PCL | 717074 |
| 59600 | PTT Exploration & Production PCL, NVDR | 262499 |
| 370300 | PTT PCL, NVDR | 440468 |
| 40200 | SCB X PCL, NVDR | 192052 |
| 23000 | Siam Cement PCL (The), NVDR | 166275 |
| 643500 | TMBThanachart Bank PCL, NVDR | 48857 |
| 362821 | True Corp. PCL, NVDR | 169163 |
|  | Total Thailand | 6217020 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| 96369 | Akbank TAS | 197833 |
| 39612 | Aselsan Elektronik Sanayi Ve Ticaret AS | 290383 |
| 89752 | BIM Birlesik Magazalar AS | 1362140 |
| 69832 | Eregli Demir ve Celik Fabrikalari TAS | 51951 |
| 17990 | Ford Otomotiv Sanayi AS | 47481 |
| 25546 | Haci Ömer Sabanci Holding AS | 58537 |
| 19638 | KOC Holding AS | 89265 |
| 145000 | MLP Saglik Hizmetleri AS, Class B Shares\*(a) | 1441216 |
| 13822 | Turk Hava Yollari AO | 96661 |
| 31232 | Turkcell Iletisim Hizmetleri AS | 82232 |
| 204992 | Turkiye Is Bankasi AS, Class C Shares | 78951 |
| 26836 | Turkiye Petrol Rafinerileri AS | 133518 |
| 81036 | Yapi ve Kredi Bankasi AS\* | 79908 |
|  | Total Turkey | 4010076 |
| **United Arab Emirates — 0.8%** | **United Arab Emirates — 0.8%** | **United Arab Emirates — 0.8%** |
| 246177 | Abu Dhabi Commercial Bank PJSC | 1015540 |
| 46577 | Abu Dhabi Islamic Bank PJSC | 323325 |
| 124060 | Abu Dhabi National Oil Co. for Distribution PJSC | 135084 |
| 383553 | ADNOC Drilling Co. PJSC | 534512 |
| 191588 | Adnoc Gas PLC | 177379 |
| 58953 | ADNOC Logistics & Services | 87937 |
| 124455 | Aldar Properties PJSC | 365873 |
| 191236 | Dubai Electricity & Water Authority PJSC | 156190 |
| 99099 | Dubai Islamic Bank PJSC | 223936 |
| 28338 | Emaar Development PJSC | 149269 |
| 441787 | Emaar Properties PJSC | 1947921 |
| 60398 | Emirates NBD Bank PJSC | 542723 |
| 110876 | Emirates Telecommunications Group Co. PJSC | 612121 |
| 140847 | First Abu Dhabi Bank PJSC | 751820 |
| 57729 | Salik Co. PJSC | 100589 |
|  | Total United Arab Emirates | 7124219 |

---

#### See Notes to Financial Statements.

#### 113

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Shares/Units** | **Security** | **Value** |
| **United Kingdom — 0.7%** | **United Kingdom — 0.7%** | **United Kingdom — 0.7%** |
| 16049 | Anglogold Ashanti PLC | $2051868 |
| 500000 | Helios Towers PLC\* | 1350873 |
| 12000 | Lion Finance Group PLC | 1880220 |
| 13977 | Unilever PLC | 1028288 |
|  | Total United Kingdom | 6311249 |
| **United States — 0.5%** | **United States — 0.5%** | **United States — 0.5%** |
| 2400 | BeOne Medicines Ltd., ADR\* | 760776 |
| 27262 | BeOne Medicines Ltd., Class H Shares\* | 665317 |
| 8070 | EPAM Systems Inc.\* | 1137870 |
| 2342 | Legend Biotech Corp., ADR\* | 44498 |
| 24331 | SLB Ltd. | 1249154 |
| 3343 | Southern Copper Corp. | 729777 |
|  | Total United States | 4587392 |
| **Uruguay — 0.4%** | **Uruguay — 0.4%** | **Uruguay — 0.4%** |
| 80299 | Arcos Dorados Holdings Inc., Class A Shares | 706631 |
| 1470 | MercadoLibre Inc.\* | 2583643 |
|  | Total Uruguay | 3290274 |
|  | **TOTAL COMMON STOCKS**<br> (Cost — $506,195,883) | **846991464** |
| PREFERRED STOCKS — 1.8%  | PREFERRED STOCKS — 1.8%  | PREFERRED STOCKS — 1.8%  |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| 168548 | Banco Bradesco SA, Class Preferred Shares | 695277 |
| 48798 | Cia Energetica de Minas Gerais, Class Preferred Shares | 114877 |
| 36434 | Gerdau SA, Class Preferred Shares | 149157 |
| 324342 | Itau Unibanco Holding SA, Class Preferred Shares | 2959289 |
| 188484 | Itausa SA, Class Preferred Shares | 524593 |
| 153315 | Petroleo Brasileiro SA — Petrobras, Class Preferred Shares | 1176068 |
| 26031 | Telefonica Brasil SA, Class Preferred Shares | 219229 |
|  | Total Brazil | 5838490 |
| **Chile — 0.0%@** | **Chile — 0.0%@** | **Chile — 0.0%@** |
| 4284 | Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares\* | 327415 |
| **Colombia — 0.0%@** | **Colombia — 0.0%@** | **Colombia — 0.0%@** |
| 14341 | Grupo Cibest SA | 242588 |
| **India — 0.0%@** | **India — 0.0%@** | **India — 0.0%@** |
| 29960 | TVS Motor Co., Ltd.\*(d) | 3292 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| 483029 | Cemex SAB de CV, Class Preferred Shares | 606310 |
| **South Korea — 1.0%** | **South Korea — 1.0%** | **South Korea — 1.0%** |
| 1142 | Hyundai Motor Co., Class Preferred 2nd Shares | 258866 |
| 797 | Hyundai Motor Co., Class Preferred Shares | 177722 |
| 85007 | Samsung Electronics Co., Ltd., Class Preferred Shares | 8507310 |
|  | Total South Korea | 8943898 |
|  | **TOTAL PREFERRED STOCKS**<br> (Cost — $7,937,799) | **15961993** |
|  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $514,133,682) | **862953457** |

---

#### See Notes to Financial Statements.

#### 114

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Face**<br> **Amount†** |  | **Security** | **Value** |
| SHORT-TERM INVESTMENTS(g) — 2.1%  | SHORT-TERM INVESTMENTS(g) — 2.1%  | SHORT-TERM INVESTMENTS(g) — 2.1%  | SHORT-TERM INVESTMENTS(g) — 2.1%  |
| MONEY MARKET FUND — 0.2%  | MONEY MARKET FUND — 0.2%  | MONEY MARKET FUND — 0.2%  | MONEY MARKET FUND — 0.2%  |
| $2088847 |  | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(h)<br>(Cost — $2,088,847) | $**2088847** |
| TIME DEPOSITS — 1.9%  | TIME DEPOSITS — 1.9%  | TIME DEPOSITS — 1.9%  | TIME DEPOSITS — 1.9%  |
| 188 | <sup>HKD</sup> | ANZ National Bank — Hong Kong, 0.660% due 3/2/26 | 24 |
| 21178 | <sup>ZAR</sup> | BBH — New York, 4.400% due 3/2/26 | 1330 |
| 1602599 | <sup>HKD</sup> | BNP Paribas — Paris, 0.660% due 3/2/26 | 204848 |
|  |  | Citibank — London: |  |
| 1381 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.880% due 3/2/26 | 1631 |
| 4 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.680% due 3/2/26 | 6 |
| 8936009 |  | Citibank — New York, 2.980% due 3/2/26 | 8936009 |
| 29 | <sup>EUR</sup> | Deutsche Bank AG — Frankfurt, 0.880% due 3/2/26 | 35 |
| 6590246 |  | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 6590246 |
| 234 | <sup>GBP</sup> | Skandinaviska Enskilda Banken AB — Stockholm, 2.680% due 3/2/26 | 315 |
| 101549 | <sup>ZAR</sup> | Standard Chartered Bank — Johannesburg, 4.400% due 3/2/26 | 6377 |
| 754549 |  | Sumitomo Mitsui Banking Corp. — Tokyo, 2.980% due 3/2/26 | 754549 |
|  |  | **TOTAL TIME DEPOSITS**<br> (Cost — $16,495,370) | **16495370** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $18,584,217) | **18584217** |
|  |  | **TOTAL INVESTMENTS — 100.4%**<br> (Cost — $532,717,899) | **881537674** |
|  |  | Liabilities in Excess of Other Assets — (0.4)% | (3612484) |
|  |  | **TOTAL NET ASSETS — 100.0%** | $**877925190** |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

(a) Restricted security that may be sold to "qualified institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2026, amounts to $24,749,490 and represents 2.8% of net assets.

(b) Security trades on the Hong Kong exchange.

(c) Illiquid security.

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

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

(f) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2026, amounts to $8,913 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 1.9%.

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

# Security that used significant unobservable inputs to determine fair value. At February 28, 2026, the Fund held Level 3 securities with a value of $11,991, representing less than 0.05% of net assets. 

At February 28, 2026, for Emerging Markets Equity Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> **Appreciation** |
|  Emerging Markets Equity Fund | $532717899 | $387457808 | $(38586786) | $348871022 |

---

#### See Notes to Financial Statements.

#### 115

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Emerging Markets Equity Fund</u>

---

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

---

---

| | |
|:---|:---|
| Summary of Investments by Security Sector^ |  |
|  Information Technology |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 20.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 8.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1.5 |
|  Financials |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1 |
|  Consumer Discretionary | 10.4 |
|  Industrials | 8 |
|  Communication Services | 7.2 |
|  Materials | 5.2 |
|  Consumer Staples | 3.7 |
|  Energy | 3.5 |
|  Health Care | 3.1 |
|  Real Estate | 1.2 |
|  Utilities | 1.1 |
|  Short-Term Investments | 1.9 |
|  Total Investments | 100 |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

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

At February 28, 2026, Emerging Markets Equity Fund had open exchange-traded futures contracts as described below.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of**<br> **Contracts** | **Expiration**<br> **Date**<br> **(Month/Year)** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation** |
|  **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-mini MSCI Emerging Markets Index Futures | 12 | 3/26 | $910986 | $962220 | $51234 |

---

At February 28, 2026, Emerging Markets Equity Fund had deposited cash of $30,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation** |
|  **Contracts to Buy:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 1722808 | USD 251,107 | BNP | $251118 | 3/3/26 | $11 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Currency abbreviations used in this schedule:** | **Currency abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** |
| EUR | —Euro | ZAR | —South African Rand |
| GBP | —British Pound | BNP | — BNP Paribas SA |
| HKD | —Hong Kong Dollar |  |  |

---

#### See Notes to Financial Statements.

#### 116

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| CORPORATE BONDS & NOTES — 30.9% | CORPORATE BONDS & NOTES — 30.9% | CORPORATE BONDS & NOTES — 30.9% | CORPORATE BONDS & NOTES — 30.9% |
| **Advertising — 0.0%@** | **Advertising — 0.0%@** | **Advertising — 0.0%@** | **Advertising — 0.0%@** |
| $215000 | B | Clear Channel Outdoor Holdings Inc., Senior Secured Notes, 7.125% due 2/15/31(a) | $227259 |
|  |  | Lamar Media Corp., Company Guaranteed Notes: |  |
| 175000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 2/15/30 | 169645 |
| 20000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 11/1/33(a) | 20063 |
|  |  | Outfront Media Capital LLC/Outfront Media Capital Corp.: |  |
| 10000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 7.375% due 2/15/31(a) | 10563 |
| 125000 | B | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 4.250% due 1/15/29(a) | 122747 |
| 135000 | BB- | Stagwell Global LLC, Company Guaranteed Notes, 5.625% due 8/15/29(a) | 124636 |
|  |  | Total Advertising | 674913 |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| 150000 | BB | ATI Inc., Senior Unsecured Notes, 5.875% due 12/1/27 | 150596 |
|  |  | Boeing Co. (The), Senior Unsecured Notes: |  |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.298% due 5/1/29 | 53301 |
| 100000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 5/1/30 | 103614 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/1/31 | 48595 |
| 100000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 5/1/34 | 92298 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.528% due 5/1/34 | 56105 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 3/1/39 | 20989 |
| 630000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805% due 5/1/50 | 632743 |
| 100000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 8/1/59 | 71895 |
| 101000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930% due 5/1/60 | 101458 |
| 59000 | BB- | Bombardier Inc., Senior Unsecured Notes, 6.000% due 2/15/28(a) | 59037 |
|  |  | General Dynamics Corp., Company Guaranteed Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 6/1/41 | 19341 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 4/1/50 | 21697 |
| 50000 | A- | General Electric Co., Senior Unsecured Notes, 5.875% due 1/14/38 | 54972 |
|  |  | L3Harris Technologies Inc., Senior Unsecured Notes: |  |
| 261000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 6/15/28 | 263010 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 7/31/53 | 50360 |
|  |  | Lockheed Martin Corp., Senior Unsecured Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 8/15/35 | 51699 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.070% due 12/15/42 | 43858 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 3/1/45 | 41025 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 5/15/46 | 46307 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 6/15/50 | 16373 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.090% due 9/15/52 | 40650 |
| 24000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 6/15/53 | 19648 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 11/15/54 | 25846 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 2/15/55 | 48199 |
|  |  | Northrop Grumman Corp., Senior Unsecured Notes: |  |
| 600000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 1/15/28 | 594157 |
| 334000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 3/15/33 | 341326 |
| 64000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 6/1/43 | 60340 |
| 51000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.030% due 10/15/47 | 41906 |
| 280000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 5/1/50 | 270733 |
|  |  | RTX Corp., Senior Unsecured Notes: |  |
| 150000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 3/15/27 | 149637 |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/16/28 | 100663 |
| 140000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/29 | 147229 |
| 116000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/32 | 104644 |
| 164000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 3/15/34 | 181427 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 7/15/38 | 27885 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 11/16/38 | 23892 |

---

#### See Notes to Financial Statements.

#### 117

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Aerospace/Defense — 0.3% — (continued)** | **Aerospace/Defense — 0.3% — (continued)** | **Aerospace/Defense — 0.3% — (continued)** | **Aerospace/Defense — 0.3% — (continued)** |
| $430000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 6/1/42 | $396693 |
| 76000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/1/46 | 60323 |
| 177000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.820% due 9/1/51 | 113217 |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/27/53 | 97655 |
|  |  | TransDigm Inc., Senior Secured Notes: |  |
| 265000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 12/1/31(a) | 278097 |
| 10000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 3/1/32(a) | 10373 |
|  |  | Total Aerospace/Defense | 5133813 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
|  |  | Altria Group Inc., Company Guaranteed Notes: |  |
| 210000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 11/1/28 | 221846 |
| 300000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 2/14/29 | 306624 |
| 1290000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 2/4/32 | 1158793 |
| 669000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/1/33 | 763162 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 2/14/39 | 52176 |
| 320000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 2/14/49 | 324756 |
| 25000 | A | Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30 | 24357 |
|  |  | BAT Capital Corp., Company Guaranteed Notes: |  |
| 224000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.557% due 8/15/27 | 222988 |
| 148000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.259% due 3/25/28 | 143226 |
| 105000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.834% due 2/20/31 | 112375 |
| 90000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 2/20/34 | 97747 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390% due 8/15/37 | 46805 |
| 791000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.540% due 8/15/47 | 669125 |
| 368000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.758% due 9/6/49 | 317626 |
| 183000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.081% due 8/2/53 | 210002 |
| 770000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 8/15/55 | 804553 |
|  |  | BAT International Finance PLC, Company Guaranteed Notes: |  |
| 110000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.448% due 3/16/28 | 111102 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.931% due 2/2/29 | 52698 |
| 145000 | BB+ | Darling Ingredients Inc., Company Guaranteed Notes, 5.250% due 4/15/27(a) | 145153 |
| 690000 | BBB | Imperial Brands Finance PLC, Company Guaranteed Notes, 5.875% due 7/1/34(a) | 730584 |
|  |  | Philip Morris International Inc., Senior Unsecured Notes: |  |
| 234000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/17/27 | 239026 |
| 180000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/13/29 | 185142 |
| 210000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 5/1/30 | 194394 |
| 40000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 2/13/31 | 41754 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/15/33 | 52808 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 9/7/33 | 26821 |
| 190000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 2/13/34 | 199065 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/16/38 | 28129 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/21/42 | 20993 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/4/43 | 21707 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/10/44 | 21676 |
|  |  | Reynolds American Inc., Company Guaranteed Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 8/15/35 | 26405 |
| 89000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 8/15/45 | 89534 |
|  |  | Total Agriculture | 7663152 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| 609200 | A- | American Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 3.375% due 5/1/27 | 602772 |
| 35833 | Ba1(b) | American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.500% due 4/20/26(a) | 35905 |
| 1184213 | AA | British Airways Class AA Pass Through Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a) | 1133344 |

---

#### See Notes to Financial Statements.

#### 118

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Airlines — 0.3% — (continued)** | **Airlines — 0.3% — (continued)** | **Airlines — 0.3% — (continued)** | **Airlines — 0.3% — (continued)** |
| $335567 | AA | Delta Air Lines Class AA Pass Through Trust, Pass-Thru Certificates, 2.000% due 6/10/28 | $321969 |
| 2287083 | A3(b) | Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due 10/20/28(a) | 2307912 |
| 95000 | B+ | JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes, 9.875% due 9/20/31(a) | 96860 |
| 670000 | BBB | Southwest Airlines Co., Senior Unsecured Notes, 5.250% due 11/15/35 | 665116 |
|  |  | United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates: |  |
| 39737 | Aa2(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 8/25/31 | 39621 |
| 46987 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 2/15/37 | 49311 |
| 195000 | BBB- | United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a) | 194983 |
|  |  | Total Airlines | 5447793 |
| **Apparel — 0.0%@** | **Apparel — 0.0%@** | **Apparel — 0.0%@** | **Apparel — 0.0%@** |
| 495000 | BBB- | Gildan Activewear Inc., Company Guaranteed Notes, 5.400% due 10/7/35(a) | 501481 |
|  |  | NIKE Inc., Senior Unsecured Notes: |  |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 3/27/40 | 20624 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/1/45 | 20614 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 3/27/50 | 36655 |
|  |  | Total Apparel | 579374 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| 185000 | Ba2(b) | Allison Transmission Inc., Company Guaranteed Notes, 5.875% due 6/1/29(a) | 187243 |
| 100000 | A- | American Honda Finance Corp., Senior Unsecured Notes, 4.900% due 3/12/27 | 101131 |
|  |  | Cummins Inc., Senior Unsecured Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 5/9/35 | 52471 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 9/1/50 | 15572 |
|  |  | Ford Motor Co., Senior Unsecured Notes: |  |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/43 | 40257 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.291% due 12/8/46 | 42810 |
|  |  | Ford Motor Credit Co. LLC, Senior Unsecured Notes: |  |
| 890000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/5/26 | 895330 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 3/5/27 | 202764 |
| 460000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 2/16/28 | 446476 |
| 220000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 2/10/29 | 209761 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/7/29 | 206970 |
| 1000000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/13/30 | 959149 |
| 648000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.753% due 4/6/33 | 660764 |
| 230000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.122% due 11/7/33 | 251408 |
| 1290000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.869% due 10/31/35 | 1296067 |
|  |  | General Motors Co., Senior Unsecured Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 10/15/32 | 52708 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.600% due 4/1/36 | 54897 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 4/1/38 | 48793 |
| 260000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/2/43 | 267440 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 4/1/45 | 22811 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 4/1/46 | 27062 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 4/1/48 | 23060 |
|  |  | General Motors Financial Co., Inc., Senior Unsecured Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 1/7/30 | 103832 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 6/21/30 | 97209 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 4/4/34 | 53063 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 1/7/35 | 52626 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 7/15/35 | 53545 |
|  |  | Honda Motor Co., Ltd., Senior Unsecured Notes: |  |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.534% due 3/10/27 | 98751 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.688% due 7/8/30 | 101991 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.337% due 7/8/35 | 51783 |

---

#### See Notes to Financial Statements.

#### 119

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Auto Manufacturers — 0.7% — (continued)** | **Auto Manufacturers — 0.7% — (continued)** | **Auto Manufacturers — 0.7% — (continued)** | **Auto Manufacturers — 0.7% — (continued)** | **Auto Manufacturers — 0.7% — (continued)** |
|  |  |  | Hyundai Capital America, Senior Unsecured Notes: |  |
| $700000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 6/26/26(a)(c) | $703664 |
| 305000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 3/19/27(a) | 309318 |
| 800000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 4/1/30(a) | 845742 |
| 800000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 9/18/30(a) | 808043 |
| 1470000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 6/23/32(a) | 1544482 |
| 900000 | <sup>EUR</sup> | BBB- | RCI Banque SA, Senior Unsecured Notes, (Cost — $1,035,879, acquired 1/13/26), 3.625% due 11/3/32(d) | 1060432 |
|  |  |  | Toyota Motor Credit Corp., Senior Unsecured Notes: |  |
| 100000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 3/22/27 | 99422 |
| 150000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 1/12/28 | 150283 |
| 150000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 2/13/30 | 140518 |
| 100000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 11/20/30 | 106625 |
| 100000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 1/9/35 | 105914 |
|  |  |  | Volkswagen Group of America Finance LLC, Company Guaranteed Notes: |  |
| 260000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/13/28(a) | 263446 |
| 580000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 3/27/30(a) | 601705 |
|  |  |  | Total Auto Manufacturers | 13417338 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  |  |  | Adient Global Holdings Ltd.: |  |
| 430000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 7.500% due 2/15/33(a) | 451615 |
| 195000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 7.000% due 4/15/28(a) | 198969 |
|  |  |  | Aptiv Swiss Holdings Ltd., Company Guaranteed Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 12/1/51 | 16352 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 5/1/52 | 19415 |
| 110000 |  | BB- | Clarios Global LP/Clarios US Finance Co., Senior Secured Notes, 6.750% due 2/15/30(a) | 115275 |
| 140000 |  | CCC+ | Cooper-Standard Automotive Inc., Senior Secured Notes, 9.250% due 3/1/31(a) | 140707 |
| 250000 |  | B+ | Goodyear Tire & Rubber Co. (The), Company Guaranteed Notes, 5.000% due 7/15/29 | 245219 |
| 175000 |  | BB+ | Qnity Electronics Inc., Senior Secured Notes, 5.750% due 8/15/32(a) | 179548 |
|  |  |  | Total Auto Parts & Equipment | 1367100 |
| **Automobile ABS — 0.1%** | **Automobile ABS — 0.1%** | **Automobile ABS — 0.1%** | **Automobile ABS — 0.1%** | **Automobile ABS — 0.1%** |
| 2020000 |  | NR | Camber Credit Auto Trust, AUTO, 5.625% due 12/15/31(a)(e) | 2020000 |
| **Banks — 7.4%** | **Banks — 7.4%** | **Banks — 7.4%** | **Banks — 7.4%** | **Banks — 7.4%** |
|  |  |  | ABN AMRO Bank NV: |  |
| 600000 | <sup>EUR</sup> | Ba1u(b) | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, (Cost — $619,344, acquired 3/7/24), 4.750%<br>(5-Year EUR Swap Rate + 3.898%)(d)(f)(g) | 720186 |
| 800000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Non-Preferred Notes, 2.470% (1-Year CMT Index + 1.100%) due 12/13/29(a)(f) | 765591 |
|  |  |  | AIB Group PLC, Senior Unsecured Notes: |  |
| 1025000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.320% (SOFR + 1.650%) due 5/15/31(a)(f) | 1065271 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.871% (SOFR + 1.910%) due 3/28/35(a)(f) | 213242 |
| 800000 |  | A+ | Banco Bilbao Vizcaya Argentaria SA, Senior Preferred Notes, 5.381% due 3/13/29 | 832779 |
| 1140000 |  | BB | Banco Bradesco SA, Senior Unsecured Notes, 5.375% due 1/20/31(a) | 1147980 |
| 1000000 |  | BB- | Banco Mercantil del Norte SA, Junior Subordinated Notes, 5.875%<br>(5-Year CMT Index + 4.643%)(a)(f)(g) | 999667 |
| 720000 |  | Ba1(b) | Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 2.720%<br>(5-Year CMT Index + 2.000%) due 8/11/31(a)(f) | 714941 |
| 615000 |  | A- | Banco Santander Chile, Senior Unsecured Notes, 4.550% due 11/20/30(a) | 619945 |
| 800000 |  | Baa2(b) | Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, Subordinated Notes, 7.525% (5-Year CMT Index + 2.995%) due 10/1/28(a)(f) | 856682 |
|  |  |  | Banco Santander SA: |  |
| 400000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 9.625% (5-Year CMT Index + 5.306%)(f)(g) | 445868 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Non-Preferred Notes: |  |
| 600000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.551% due 11/6/30 | 605111 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.127% due 11/6/35 | 201302 |

---

#### See Notes to Financial Statements.

#### 120

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Preferred Notes: |  |
| $800000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.588% due 8/8/28 | $829554 |
| 200000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.938% due 11/7/33 | 231227 |
|  |  | Bank of America Corp.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 420000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% (5-Year CMT Index + 2.351%)(f)(g) | 431752 |
| 841000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (5-Year CMT Index + 2.684%)(f)(g) | 881021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 740000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.658% (SOFR + 0.910%) due 3/11/27(f) | 739588 |
| 230000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.376% (SOFR + 1.580%) due 4/27/28(f) | 231112 |
| 150000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(f) | 149302 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.948% (SOFR + 2.040%) due 7/22/28(f) | 101284 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.204% (SOFR + 1.990%) due 11/10/28(f) | 103593 |
| 535000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(f) | 529675 |
| 3850000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(f) | 3848134 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.087% (SOFR + 1.060%) due 6/14/29(f) | 95863 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.271% (3-Month Term SOFR + 1.572%) due 7/23/29(f) | 100593 |
| 141000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.819% (SOFR + 1.570%) due 9/15/29(f) | 147096 |
| 659000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(f) | 658604 |
| 583000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.592% (SOFR + 2.150%) due 4/29/31(f) | 548426 |
| 585000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.922% (SOFR + 1.370%) due 10/24/31(f) | 528101 |
| 790000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.687% (SOFR + 1.320%) due 4/22/32(f) | 732020 |
| 600000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572% (SOFR + 1.210%) due 10/20/32(f) | 547052 |
| 752000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.972% (SOFR + 1.330%) due 2/4/33(f) | 695776 |
| 1490000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.571% (SOFR + 1.830%) due 4/27/33(f) | 1497260 |
| 411000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.872% (SOFR + 1.840%) due 9/15/34(f) | 441302 |
| 655000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.468% (SOFR + 1.650%) due 1/23/35(f) | 686654 |
| 200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.511% (SOFR + 1.310%) due 1/24/36(f) | 210003 |
| 860000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.045% (SOFR + 1.130%) due 2/6/37(f) | 872716 |
| 250000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.244% (3-Month Term SOFR + 2.076%) due 4/24/38(f) | 234617 |
| 350000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.676% (SOFR + 1.930%) due 6/19/41(f) | 260263 |
| 360000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(f) | 306393 |
| 360000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(f) | 292161 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.831% (SOFR + 1.880%) due 10/24/51(f) | 32252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| 20000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/22/26 | 20039 |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.183% due 11/25/27 | 100105 |
| 790000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.425% (SOFR + 1.913%) due 8/15/35(f) | 809749 |
| 1730000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.518% (SOFR + 1.738%) due 10/25/35(f) | 1776601 |
| 770000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.482% (5-Year CMT Index + 1.200%) due 9/21/36(f) | 681938 |
| 680000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.846% (5-Year CMT Index + 2.000%) due 3/8/37(f) | 643994 |
| 100000 | A- | Bank of Montreal, Senior Unsecured Notes, 2.650% due 3/8/27 | 98989 |
|  |  | Bank of New York Mellon Corp. (The): |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 390000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.289% (SOFR + 1.418%) due 6/13/33(f) | 387311 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.967% (SOFR + 1.606%) due 4/26/34(f) | 51386 |
| 100000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.188% (SOFR + 1.418%) due 3/14/35(f) | 104081 |
| 200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 3.000% due 10/30/28 | 195402 |
|  |  | Bank of Nova Scotia (The): |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.951% due 3/11/27 | 49643 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 2/1/34 | 107246 |
| 180000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(f) | 177198 |
| 1500000 | A+ | Banque Federative du Credit Mutuel SA, Senior Preferred Notes, 5.194% due 2/16/28(a) | 1534639 |

---

#### See Notes to Financial Statements.

#### 121

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** |
|  |  |  | Barclays PLC, Senior Unsecured Notes: |  |
| $2050000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(f) | $2086985 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.490% (SOFR + 2.220%) due 9/13/29(f) | 211274 |
| 2305000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.367% (SOFR + 1.230%) due 2/25/31(f) | 2393574 |
| 400000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.521% (SOFR + 1.135%) due 2/24/32(f) | 400692 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.894% (1-Year CMT Index + 1.300%) due 11/24/32(f) | 183613 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.224% (SOFR + 2.980%) due 5/9/34(f) | 216607 |
| 930000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.207% (SOFR + 1.506%) due 2/24/37(f) | 930061 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.860% (SOFR + 1.830%) due 8/11/46(f) | 206797 |
| 600000 | <sup>EUR</sup> | Ba1(b) | BAWAG Group AG, Junior Subordinated Notes, (Cost — $659,155, acquired 12/9/24), 7.250% (5-Year EURIBOR ICE Swap + 5.052%)(d)(f)(g) | 762823 |
|  |  |  | BNP Paribas SA: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 1135000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% (5-Year CMT Index + 2.853%)(a)(f)(g) | 1141426 |
| 550000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% (5-Year CMT Index + 4.899%)(a)(f)(g) | 585694 |
| 200000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000% (5-Year CMT Index + 3.727%)(a)(f)(g) | 219233 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Non-Preferred Notes: |  |
| 950000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 8/14/28(a) | 956651 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(f) | 185250 |
| 600000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Preferred Notes, 5.894% (SOFR + 1.866%) due 12/5/34(a)(f) | 644019 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(f) | 199227 |
|  |  |  | BPCE SA, Senior Non-Preferred Notes: |  |
| 1120000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.714% (SOFR + 2.270%) due 10/19/29(a)(f) | 1189851 |
| 1375000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.936% (SOFR + 1.850%) due 5/30/35(a)(f) | 1453049 |
|  |  |  | CaixaBank SA: |  |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Non-Preferred Notes, 5.581% (SOFR + 1.790%) due 7/3/36(a)(f) | 207660 |
| 900000 | <sup>EUR</sup> | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, (Cost — $1,036,823, acquired 3/7/24), 6.250%<br>(5-Year EUR Swap Rate + 3.550%) due 2/23/33(d)(f) | 1123379 |
| 1665000 |  | A- | Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 4.283%<br>(SOFR + 0.790%) due 1/29/30(f) | 1676673 |
|  |  |  | Citigroup Inc.: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 1135000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (5-Year CMT Index + 3.001%)(f)(g) | 1174134 |
| 210000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950% (5-Year CMT Index + 2.726%)(f)(g) | 216396 |
| 700000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% (5-Year CMT Index + 2.693%)(f)(g) | 725608 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 70000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.658% (SOFR + 1.887%) due 5/24/28(f) | 70497 |
| 2540000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(f) | 2521620 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(f) | 99692 |
| 550000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.412% (SOFR + 3.914%) due 3/31/31(f) | 553077 |
| 70000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572% (SOFR + 2.107%) due 6/3/31(f) | 65458 |
| 70000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.503% (SOFR + 1.171%) due 9/11/31(f) | 70583 |
| 690000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.561% (SOFR + 1.167%) due 5/1/32(f) | 632191 |
| 160000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.520% (SOFR + 1.177%) due 11/3/32(f) | 144837 |
| 250000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.785% (SOFR + 1.939%) due 3/17/33(f) | 240714 |
| 220000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.910% (SOFR + 2.086%) due 5/24/33(f) | 224668 |
| 2230000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.174% (SOFR + 1.488%) due 9/11/36(f) | 2270268 |
| 70000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 7/23/48 | 62528 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| 890000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 11/20/26 | 891733 |
| 30000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 6/15/32 | 33436 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.675% due 9/13/43 | 113099 |
| 286000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 5/6/44 | 278094 |
| 1945000 |  | A- | Commonwealth Bank of Australia, Subordinated Notes, 5.929%<br>(1-Year CMT Index + 1.320%) due 3/14/46(a)(f) | 2034219 |

---

#### See Notes to Financial Statements.

#### 122

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** |
| $270000 |  | A- | Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 3.758%<br>(1-Year CMT Index + 1.420%) due 4/6/33(a)(f) | $259557 |
|  |  |  | Credit Agricole SA: |  |
| 1000000 | <sup>EUR</sup> | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, (Cost — $1,147,706, acquired 3/6/24), 7.250%<br>(5-Year EURIBOR ICE Swap + 4.441%)(d)(f)(g) | 1273357 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Non-Preferred Notes: |  |
| 915000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.222% (SOFR + 1.460%) due 5/27/31(a)(f) | 946800 |
| 890000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.818% (SOFR + 1.360%) due 9/25/33(a)(f) | 897474 |
| 490000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.862% (SOFR + 1.740%) due 1/9/36(a)(f) | 521001 |
|  |  |  | Danske Bank AS, Senior Non-Preferred Notes: |  |
| 2100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(f) | 2108214 |
| 1250000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(f) | 1305211 |
| 310000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(f) | 314226 |
|  |  |  | Deutsche Bank AG: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Non-Preferred Notes: |  |
| 200000 | <sup>EUR</sup> | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost — $226,274, acquired 12/4/24), 5.000% (3-Month EURIBOR + 2.950%) due 9/5/30(d)(f) | 250997 |
| 150000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.297% (SOFR + 1.720%) due 5/9/31(f) | 154974 |
| 150000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.725% (SOFR + 1.135%) due 2/6/32(f) | 151350 |
| 1600000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; Senior Preferred Notes, 4.469% (SOFR + 1.100%) due 12/10/31(f) | 1610133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| 400000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.742% (SOFR + 2.257%) due 1/7/33(f) | 375455 |
| 310000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.079% (SOFR + 3.650%) due 2/10/34(f) | 341678 |
| 300000 |  | AA- | DNB Bank ASA, Senior Preferred Notes, 4.853% (SOFR + 1.050%) due 11/5/30(a)(f) | 308448 |
|  |  |  | Fifth Third Bancorp, Senior Unsecured Notes: |  |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 5/5/27 | 98510 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.339% (SOFR + 2.340%) due 7/27/29(f) | 105187 |
| 175000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.566% (SOFR + 0.950%) due 4/29/32(f) | 176107 |
|  |  |  | Goldman Sachs Group Inc. (The): |  |
| 590000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 7.500% (5-Year CMT Index + 2.809%)(f)(g) | 628378 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 150000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/16/26 | 149731 |
| 70000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.615% (SOFR + 1.846%) due 3/15/28(f) | 69682 |
| 791000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(f) | 786739 |
| 2394000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(f) | 2401881 |
| 174000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.484% (SOFR + 1.770%) due 10/24/29(f) | 184303 |
| 400000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.218% (SOFR + 1.580%) due 4/23/31(f) | 414235 |
| 1950000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.369% (SOFR + 1.060%) due 10/21/31(f) | 1952039 |
| 1075000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.516% (SOFR + 0.960%) due 1/21/32(f) | 1082082 |
| 57000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.992% (SOFR + 1.090%) due 1/27/32(f) | 51026 |
| 984000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.615% (SOFR + 1.281%) due 4/22/32(f) | 904550 |
| 1800000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.383% (SOFR + 1.248%) due 7/21/32(f) | 1624454 |
| 288000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% (SOFR + 1.264%) due 10/21/32(f) | 262471 |
| 284000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.561% (SOFR + 1.950%) due 10/24/34(f) | 316884 |
| 340000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.330% (SOFR + 1.550%) due 7/23/35(f) | 351150 |
| 430000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.939% (SOFR + 1.330%) due 10/21/36(f) | 428631 |
| 2127000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.065% (SOFR + 1.190%) due 1/21/37(f) | 2142670 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.017% (3-Month Term SOFR + 1.635%) due 10/31/38(f) | 45211 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.411% (3-Month Term SOFR + 1.692%) due 4/23/39(f) | 46586 |
| 210000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 2/1/41 | 229596 |
| 330000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.210% (SOFR + 1.513%) due 4/22/42(f) | 255078 |
| 10000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.908% (SOFR + 1.472%) due 7/21/42(f) | 7402 |
| 300000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.436% (SOFR + 1.632%) due 2/24/43(f) | 236034 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.734% (SOFR + 1.696%) due 1/28/56(f) | 101505 |

---

#### See Notes to Financial Statements.

#### 123

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| $150000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 10/1/37 | $168544 |
| 290000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 5/22/45 | 274188 |
|  |  |  | HSBC Holdings PLC: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(f) | 200154 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.583% (3-Month Term SOFR + 1.796%) due 6/19/29(f) | 202125 |
| 900000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.286% (SOFR + 1.290%) due 11/19/30(f) | 933347 |
| 2045000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.240% (SOFR + 1.570%) due 5/13/31(f) | 2119368 |
| 295000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.619% (SOFR + 1.190%) due 11/6/31(f) | 298513 |
| 1030000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.804% (SOFR + 1.187%) due 5/24/32(f) | 951767 |
| 400000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.402% (SOFR + 2.870%) due 8/11/33(f) | 417980 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.254% (SOFR + 2.390%) due 3/9/34(f) | 218777 |
| 305000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.133% (SOFR + 1.430%) due 11/6/36(f) | 308177 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.332% (SOFR + 2.650%) due 3/9/44(f) | 221012 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| 220000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.762% (SOFR + 2.530%) due 3/29/33(f) | 220617 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.547% (SOFR + 2.980%) due 6/20/34(f) | 217387 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 9/15/37 | 109712 |
| 200000 |  | A- | HSBC USA Inc., Senior Unsecured Notes, 5.294% due 3/4/27 | 202980 |
| 350000 |  | BBB- | Intesa Sanpaolo SpA, Subordinated Notes, 4.950%<br>(1-Year CMT Index + 2.750%) due 6/1/42(a)(f) | 312471 |
|  |  |  | JPMorgan Chase & Co.: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 53000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.299% (SOFR + 1.450%) due 7/24/29(f) | 54569 |
| 2082000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.012% (SOFR + 1.310%) due 1/23/30(f) | 2140213 |
| 46000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.565% (SOFR + 1.750%) due 6/14/30(f) | 46743 |
| 1330000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(f) | 1272235 |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.103% (SOFR + 1.435%) due 4/22/31(f) | 207556 |
| 495000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.347% (SOFR + 0.840%) due 1/22/32(f) | 497794 |
| 1955000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.580% (3-Month Term SOFR + 1.250%) due 4/22/32(f) | 1805295 |
| 872000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% (SOFR + 1.845%) due 6/1/34(f) | 912310 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.502% (SOFR + 1.315%) due 1/24/36(f) | 105297 |
| 400000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.572% (SOFR + 1.680%) due 4/22/36(f) | 423099 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.898% (SOFR + 1.070%) due 1/22/37(f) | 100585 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.882% (3-Month Term SOFR + 1.622%) due 7/24/38(f) | 45318 |
| 150000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.109% (SOFR + 2.440%) due 4/22/51(f) | 103071 |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.328% (SOFR + 1.580%) due 4/22/52(f) | 143088 |
| 3085000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 5.576% (SOFR + 1.635%) due 7/23/36(f) | 3207265 |
| 800000 | <sup>EUR</sup> | BBB- | KBC Group NV, Junior Subordinated Notes, (Cost — $940,004, acquired 3/8/24), 8.000%<br>(5-Year EURIBOR ICE Swap + 4.928%)(d)(f)(g) | 1039341 |
|  |  |  | Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes: |  |
| 400000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 3/1/27 | 403420 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 2/15/28 | 201386 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/18/30 | 208731 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 3/14/31 | 202138 |
|  |  |  | Lloyds Banking Group PLC: |  |
| 665000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 6.750% (5-Year CMT Index + 4.815%)(f)(g) | 671932 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 3/22/28 | 201737 |
| 400000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.679% (1-Year CMT Index + 1.750%) due 1/5/35(f) | 424182 |
| 345000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.943% (1-Year CMT Index + 0.970%) due 11/4/36(f) | 343903 |
|  |  |  | M&T Bank Corp., Senior Unsecured Notes: |  |
| 199000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.082% (SOFR + 2.260%) due 3/13/32(f) | 213042 |
| 244000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.385% (SOFR + 1.610%) due 1/16/36(f) | 250985 |

---

#### See Notes to Financial Statements.

#### 124

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** |
|  |  |  | Mizuho Financial Group Inc., Senior Unsecured Notes: |  |
| $200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.201% (3-Month Term SOFR + 1.772%) due 7/10/31(f) | $184103 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.748% (1-Year CMT Index + 1.900%) due 7/6/34(f) | 213819 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.422% (1-Year CMT Index + 0.980%) due 5/13/36(f) | 209334 |
| 1500000 |  | A- | National Australia Bank Ltd., Subordinated Notes, 3.347%<br>(5-Year CMT Index + 1.700%) due 1/12/37(a)(f) | 1392905 |
|  |  |  | NatWest Group PLC, Senior Unsecured Notes: |  |
| 400000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(f) | 410601 |
| 915000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.115% (1-Year CMT Index + 1.050%) due 5/23/31(f) | 944269 |
| 500000 |  | A | NatWest Markets PLC, Senior Unsecured Notes, 1.600% due 9/29/26(a) | 493402 |
| 150000 |  | AA+ | Oesterreichische Kontrollbank AG, Government Guaranteed Notes, 4.000% due 5/28/28 | 151867 |
|  |  |  | PNC Financial Services Group Inc. (The): |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 420000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.582% (SOFR + 1.841%) due 6/12/29(f) | 435473 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 1/22/30 | 47451 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.222% (SOFR + 1.072%) due 1/29/31(f) | 104054 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.037% (SOFR + 2.140%) due 10/28/33(f) | 54337 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.068% (SOFR + 1.933%) due 1/24/34(f) | 51696 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% (SOFR + 2.284%) due 10/20/34(f) | 227836 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.676% (SOFR + 1.902%) due 1/22/35(f) | 53085 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.401% (SOFR + 1.599%) due 7/23/35(f) | 26050 |
| 160000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.373% (SOFR + 1.417%) due 7/21/36(f) | 165971 |
| 320000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 5.423% (5-Year CMT Index + 1.170%) due 1/25/41(f) | 323656 |
| 800000 | <sup>EUR</sup> | Baa2(b) | Raiffeisen Bank International AG, Subordinated Notes, (Cost — $909,316, acquired 5/30/24), 7.375% (5-Year EURIBOR ICE Swap + 5.200%) due 12/20/32(d)(f) | 1003474 |
|  |  |  | Royal Bank of Canada, Senior Unsecured Notes: |  |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 2/1/29 | 103228 |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.153% (SOFR + 1.030%) due 2/4/31(f) | 207507 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 2/1/34 | 105342 |
| 89000 |  | BBB+ | Santander Holdings USA Inc., Senior Unsecured Notes, 6.174%<br>(SOFR + 2.500%) due 1/9/30(f) | 92977 |
| 950000 |  | BBB | Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.858%<br>(SOFR + 1.554%) due 9/11/30(f) | 969070 |
|  |  |  | Societe Generale SA, Senior Non-Preferred Notes: |  |
| 1080000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.512% (SOFR + 1.650%) due 5/22/31(a)(f) | 1124613 |
| 540000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.066% (1-Year CMT Index + 2.100%) due 1/19/35(a)(f) | 576352 |
| 410000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% (SOFR + 1.601%) due 4/10/37(a)(f) | 412742 |
|  |  |  | State Street Corp.: |  |
| 62000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(f)(g) | 64965 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.530% (SOFR + 1.018%) due 2/20/29(f) | 101380 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.684% (SOFR + 1.484%) due 11/21/29(f) | 104658 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.164% (SOFR + 1.726%) due 8/4/33(f) | 49384 |
|  |  |  | Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes: |  |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.130% due 7/8/30 | 184264 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.808% due 9/14/33 | 216221 |
| 200000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.570% (SOFR + 1.360%) due 1/15/47(f) | 204040 |
|  |  |  | Toronto-Dominion Bank (The), Senior Unsecured Notes: |  |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 3/10/27 | 99106 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.298% due 1/30/32 | 105349 |
| 300000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.456% due 6/8/32 | 302966 |
|  |  |  | Truist Financial Corp., Senior Unsecured Notes: |  |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.122% (SOFR + 1.852%) due 1/26/34(f) | 51305 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.867% (SOFR + 2.361%) due 6/8/34(f) | 26771 |
| 800000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.711% (SOFR + 1.922%) due 1/24/35(f) | 849450 |

---

#### See Notes to Financial Statements.

#### 125

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** | **Banks — 7.4% — (continued)** |
|  |  | UBS Group AG: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| $250000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% (5-Year CMT Index + 3.404%)(a)(f)(g) | $249134 |
| 795000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850% (5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(f)(g) | 814534 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250% (5-Year CMT Index + 4.745%)(a)(f)(g) | 218704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 500000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.703% (1-Year CMT Index + 2.050%) due 8/5/27(a)(f) | 501505 |
| 1500000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.494% (1-Year CMT Index + 0.850%) due 8/10/27(a)(f) | 1483389 |
| 500000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(f) | 504140 |
| 1415000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.091% (SOFR + 1.730%) due 5/14/32(a)(f) | 1325015 |
| 200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.010% (SOFR + 1.340%) due 3/23/37(a)(f) | 199502 |
|  |  | US Bancorp, Senior Unsecured Notes: |  |
| 200000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.548% (SOFR + 1.660%) due 7/22/28(f) | 201806 |
| 155000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.083% (SOFR + 1.296%) due 5/15/31(f) | 160403 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% (SOFR + 2.090%) due 10/21/33(f) | 53917 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.839% (SOFR + 1.600%) due 2/1/34(f) | 50757 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.836% (SOFR + 2.260%) due 6/12/34(f) | 53729 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.678% (SOFR + 1.860%) due 1/23/35(f) | 53099 |
|  |  | Wells Fargo & Co.: |  |
| 150000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 6.850% (5-Year CMT Index + 2.767%)(f)(g) | 158094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 500000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/23/26 | 497102 |
| 300000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.707% (SOFR + 1.070%) due 4/22/28(f) | 305596 |
| 510000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.393% (SOFR + 2.100%) due 6/2/28(f) | 500132 |
| 490000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 1/24/29 | 493202 |
| 510000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.574% (SOFR + 1.740%) due 7/25/29(f) | 527786 |
| 111000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.303% (SOFR + 1.790%) due 10/23/29(f) | 117101 |
| 103000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(f) | 96992 |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(f) | 101083 |
| 733000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% (SOFR + 1.500%) due 4/23/31(f) | 759077 |
| 1730000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% (SOFR + 1.500%) due 3/2/33(f) | 1626156 |
| 425000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.389% (SOFR + 2.020%) due 4/24/34(f) | 442992 |
| 863000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.557% (SOFR + 1.990%) due 7/25/34(f) | 908274 |
| 140000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.491% (SOFR + 2.060%) due 10/23/34(f) | 155530 |
| 491000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.892% (SOFR + 1.340%) due 9/15/36(f) | 492569 |
| 240000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.960% (SOFR + 1.100%) due 1/23/37(f) | 241523 |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.068% (SOFR + 2.530%) due 4/30/41(f) | 156304 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 5/1/45 | 40964 |
| 1340000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(f) | 1227257 |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.611% (SOFR + 2.130%) due 4/25/53(f) | 172804 |
|  |  | Westpac Banking Corp.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 3/8/27 | 99726 |
| 50000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 6/3/31 | 45816 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 2.668% (5-Year CMT Index + 1.750%) due 11/15/35(f) | 92014 |
|  |  | Total Banks | 138333822 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  |  | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: |  |
| 125000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 2/1/36 | 125515 |
| 924000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 2/1/46 | 869169 |
| 50000 | A- | Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 4.900% due 2/1/46 | 46925 |
|  |  | Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes: |  |
| 260000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 6/1/30 | 256377 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 4/15/38 | 48158 |

---

#### See Notes to Financial Statements.

#### 126

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Beverages — 0.2% — (continued)** | **Beverages — 0.2% — (continued)** | **Beverages — 0.2% — (continued)** | **Beverages — 0.2% — (continued)** |
| $50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 1/23/39 | $52497 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 1/15/42 | 24292 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.439% due 10/6/48 | 43863 |
| 210000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 1/23/49 | 212613 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 4/15/58 | 44781 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 1/23/59 | 52324 |
| 990000 | BBB- | Becle SAB de CV, Senior Unsecured Notes, 2.500% due 10/14/31(a) | 869150 |
|  |  | Coca-Cola Co. (The), Senior Unsecured Notes: |  |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 3/25/27 | 99863 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 5/13/34 | 52703 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 6/1/40 | 38052 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 6/1/50 | 15928 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 3/5/51 | 17029 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/15/51 | 30866 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 5/13/54 | 49727 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 5/13/64 | 24765 |
|  |  | Constellation Brands Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 2/15/28 | 99468 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 11/15/48 | 23584 |
| 30000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 2.250% due 8/1/31 | 26997 |
|  |  | Keurig Dr Pepper Inc., Company Guaranteed Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 3/15/31 | 103395 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 5/1/50 | 18471 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 3/15/51 | 17069 |
| 50000 | BBB | Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46 | 40687 |
|  |  | PepsiCo Inc., Senior Unsecured Notes: |  |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 3/19/27 | 98928 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/15/27 | 99253 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 1/15/29 | 101108 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 7/17/34 | 51820 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 10/21/41 | 18612 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 4/14/46 | 22749 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 10/15/49 | 16917 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 3/19/50 | 19329 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 10/21/51 | 32239 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 7/18/52 | 21098 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/19/60 | 19403 |
|  |  | Total Beverages | 3805724 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
|  |  | Amgen Inc., Senior Unsecured Notes: |  |
| 171000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 3/2/28 | 175195 |
| 180000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 8/18/29 | 181008 |
| 221000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 2/21/30 | 208600 |
| 426000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 2/19/36 | 428473 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 6/1/37 | 28259 |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 2/21/40 | 80532 |
| 43000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/21/50 | 31369 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.663% due 6/15/51 | 43698 |
| 69000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 2/22/52 | 56010 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/1/53 | 44753 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 3/2/53 | 49962 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.770% due 9/1/53 | 30634 |
| 38000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 2/22/62 | 30540 |
| 67000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/2/63 | 66499 |

---

#### See Notes to Financial Statements.

#### 127

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Biotechnology — 0.1% — (continued)** | **Biotechnology — 0.1% — (continued)** | **Biotechnology — 0.1% — (continued)** | **Biotechnology — 0.1% — (continued)** |
| $50000 | BBB+ | Biogen Inc., Senior Unsecured Notes, 3.150% due 5/1/50 | $32957 |
|  |  | Gilead Sciences Inc., Senior Unsecured Notes: |  |
| 474000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 10/1/30 | 428933 |
| 90000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 9/1/36 | 85076 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/1/40 | 74965 |
| 142000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 4/1/44 | 132994 |
| 99000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 2/1/45 | 88750 |
| 70000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/1/46 | 64241 |
| 100000 | BBB- | Royalty Pharma PLC, Company Guaranteed Notes, 5.400% due 9/2/34 | 103648 |
|  |  | Total Biotechnology | 2467096 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| 335000 | BB- | Builders FirstSource Inc., Company Guaranteed Notes, 4.250% due 2/1/32(a) | 319732 |
| 660000 | B- | Camelot Return Merger Sub Inc., Senior Secured Notes, 8.750% due 8/1/28(a) | 499693 |
|  |  | Carrier Global Corp., Senior Unsecured Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.377% due 4/5/40 | 41072 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.577% due 4/5/50 | 37515 |
| 525000 | BB- | EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30(a) | 544022 |
| 155000 | B+ | Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28 | 155031 |
| 135000 | BB | Knife River Corp., Company Guaranteed Notes, 7.750% due 5/1/31(a) | 140807 |
|  |  | Martin Marietta Materials Inc., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/15/47 | 21108 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 7/15/51 | 17099 |
| 115000 | BB | Masterbrand Inc., Company Guaranteed Notes, 7.000% due 7/15/32(a) | 116042 |
| 190000 | BB- | Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes, 6.750% due 4/1/32(a) | 191726 |
|  |  | Owens Corning, Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 1/30/48 | 21171 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 6/15/54 | 51875 |
| 320000 | BB | Quikrete Holdings Inc., Senior Secured Notes, 6.375% due 3/1/32(a) | 332711 |
| 205000 | B+ | Smyrna Ready Mix Concrete LLC, Senior Secured Notes, 6.000% due 11/1/28(a) | 205099 |
|  |  | Standard Industries Inc., Senior Unsecured Notes: |  |
| 110000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/28(a) | 109725 |
| 335000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/30(a) | 323428 |
|  |  | Total Building Materials | 3127856 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  |  | Air Products & Chemicals Inc., Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 2/8/34 | 25697 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 5/15/40 | 19193 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 5/15/50 | 32760 |
| 25000 | BBB- | Albemarle Corp., Senior Unsecured Notes, 5.650% due 6/1/52 | 22957 |
| 190000 | BB+ | Axalta Coating Systems LLC, Company Guaranteed Notes, 3.375% due 2/15/29(a) | 183405 |
|  |  | Braskem Netherlands Finance BV, Company Guaranteed Notes: |  |
| 200000 | CCC- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 1/31/30(a) | 84570 |
| 625000 | CCC- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 2/13/33(a) | 258209 |
| 25000 | BBB | Cabot Corp., Senior Unsecured Notes, 5.000% due 6/30/32 | 25626 |
|  |  | Celanese US Holdings LLC, Company Guaranteed Notes: |  |
| 130000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 2/15/31 | 133989 |
| 296000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 2/15/34 | 304289 |
| 25000 | BBB | CF Industries Inc., Company Guaranteed Notes, 5.375% due 3/15/44 | 23992 |
|  |  | Chemours Co. (The), Company Guaranteed Notes: |  |
| 85000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/15/28(a) | 85555 |
| 455000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 1/15/33(a)(c) | 463106 |
|  |  | Dow Chemical Co. (The), Senior Unsecured Notes: |  |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 1/15/31 | 49961 |

---

#### See Notes to Financial Statements.

#### 128

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Chemicals — 0.3% — (continued)** | **Chemicals — 0.3% — (continued)** | **Chemicals — 0.3% — (continued)** | **Chemicals — 0.3% — (continued)** |
| $25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 2/15/34 | $24828 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 11/15/41 | 22434 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 10/1/44 | 20263 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 5/15/49 | 19677 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900% due 5/15/53 | 25691 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 2/15/54 | 21678 |
|  |  | DuPont de Nemours Inc., Senior Unsecured Notes: |  |
| 32000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.319% due 11/15/38 | 32499 |
| 11000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.419% due 11/15/48 | 10553 |
|  |  | Eastman Chemical Co., Senior Unsecured Notes: |  |
| 176000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/1/28 | 178136 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 2/20/34 | 26113 |
|  |  | Ecolab Inc., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 12/1/47 | 20976 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 8/15/50 | 14079 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 12/15/51 | 15783 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 8/18/55 | 15482 |
| 25000 | A- | EIDP Inc., Senior Unsecured Notes, 4.800% due 5/15/33 | 25319 |
| 65000 | BB | Element Solutions Inc., Company Guaranteed Notes, 3.875% due 9/1/28(a) | 63929 |
| 200000 | B+ | INEOS Finance PLC, Senior Secured Notes, 7.500% due 4/15/29(a) | 178700 |
| 25000 | BBB- | International Flavors & Fragrances Inc., Senior Unsecured Notes, 4.375% due 6/1/47 | 20791 |
| 25000 | A | Linde Inc., Company Guaranteed Notes, 3.550% due 11/7/42 | 20598 |
| 25000 | BBB | LYB International Finance BV, Company Guaranteed Notes, 4.875% due 3/15/44 | 20971 |
|  |  | LYB International Finance III LLC, Company Guaranteed Notes: |  |
| 370000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/1/34 | 372944 |
| 645000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/15/36 | 654688 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 10/15/49 | 18179 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 5/1/50 | 36118 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 10/1/60 | 15853 |
| 25000 | BBB | Mosaic Co. (The), Senior Unsecured Notes, 5.625% due 11/15/43 | 24506 |
|  |  | NOVA Chemicals Corp.: |  |
| 150000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 8.500% due 11/15/28(a) | 157215 |
| 165000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 9.000% due 2/15/30(a) | 175588 |
|  |  | Nutrien Ltd., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 6/1/43 | 23165 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 4/1/49 | 23035 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 5/13/50 | 19590 |
| 400000 | BBB- | OCP SA, Senior Unsecured Notes, 5.125% due 6/23/51(a) | 334843 |
| 530000 | BBB- | Orbia Advance Corp. SAB de CV, Company Guaranteed Notes, 7.500% due 5/13/35(a) | 534728 |
| 163000 | BBB | RPM International Inc., Senior Unsecured Notes, 3.750% due 3/15/27 | 162546 |
|  |  | Sherwin-Williams Co. (The), Senior Unsecured Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 8/15/30 | 50798 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 8/15/49 | 19082 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 5/15/50 | 17421 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 3/15/52 | 15771 |
| 155000 | BB+ | Solstice Advanced Materials Inc., Senior Unsecured Notes, 5.625% due 9/30/33(a) | 156771 |
|  |  | Westlake Corp., Senior Unsecured Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 8/15/51 | 31183 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/61 | 15233 |
| 80000 | B- | WR Grace Holdings LLC, Senior Secured Notes, 6.625% due 8/15/32(a) | 80993 |
|  |  | Total Chemicals | 5432059 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| 185000 | BB | ADT Security Corp. (The), Senior Secured Notes, 4.875% due 7/15/32(a) | 179873 |
| 213000 | B | Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes, 5.750% due 7/15/27(a) | 212867 |

---

#### See Notes to Financial Statements.

#### 129

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Commercial Services — 0.6% — (continued)** | **Commercial Services — 0.6% — (continued)** | **Commercial Services — 0.6% — (continued)** | **Commercial Services — 0.6% — (continued)** | **Commercial Services — 0.6% — (continued)** |
|  |  |  | Block Inc., Senior Unsecured Notes: |  |
| $300000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 5/15/32 | $308832 |
| 500000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 8/15/33(a) | 508473 |
| 145000 |  | BB- | Clarivate Science Holdings Corp., Senior Secured Notes, 3.875% due 7/1/28(a) | 135450 |
| 25000 |  | BBB | Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28 | 25550 |
|  |  |  | GEO Group Inc. (The): |  |
| 270000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 10.250% due 4/15/31 | 290082 |
| 400000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 8.625% due 4/15/29 | 417131 |
|  |  |  | Global Payments Inc., Senior Unsecured Notes: |  |
| 176000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 6/1/28 | 176518 |
| 44000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 8/15/29 | 42245 |
| 2025000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/15/30 | 2024343 |
| 100000 | <sup>EUR</sup> | BBB- | 4.875% due 3/17/31 | 123971 |
| 97000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 11/15/31 | 87437 |
| 1125000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 11/15/32 | 1132553 |
| 140000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 11/15/35 | 139309 |
| 780000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 8/15/52(c) | 744040 |
| 118000 |  | BB- | Herc Holdings Inc., Company Guaranteed Notes, 7.000% due 6/15/30(a) | 123828 |
|  |  |  | Moody's Corp., Senior Unsecured Notes: |  |
| 245000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/1/29 | 247947 |
| 42000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 8/19/31 | 37744 |
|  |  |  | PayPal Holdings Inc., Senior Unsecured Notes: |  |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 10/1/29 | 48205 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 6/1/30 | 46741 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 6/1/34 | 25365 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 6/1/50 | 17126 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 6/1/52 | 22541 |
| 155000 |  | BB | Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 3.375% due 8/31/27(a) | 152534 |
| 285000 |  | BBB | Quanta Services Inc., Senior Unsecured Notes, 4.500% due 1/15/31 | 288583 |
| 118000 |  | A- | RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29 | 118077 |
|  |  |  | S&P Global Inc., Company Guaranteed Notes: |  |
| 50000 |  | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 3/1/27 | 49336 |
| 230000 |  | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 12/1/49 | 164327 |
| 25000 |  | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 3/1/52 | 19036 |
| 25000 |  | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 8/15/60 | 12929 |
| 25000 |  | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 3/1/62 | 18952 |
| 220000 |  | BB | Service Corp. International, Senior Unsecured Notes, 5.125% due 6/1/29 | 220701 |
| 265000 |  | BB- | Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a) | 259599 |
| 200000 | <sup>EUR</sup> | BBB+ | Transurban Finance Co. Pty Ltd., Senior Secured Notes, (Cost — $226,368, acquired 3/6/24), 4.225% due 4/26/33(d) | 249614 |
|  |  |  | United Rentals North America Inc., Company Guaranteed Notes: |  |
| 55000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/31 | 53031 |
| 130000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 1/15/32 | 122845 |
| 320000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 3/15/34(a) | 335624 |
| 670000 |  | B | Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a) | 664267 |
| 25000 |  | BBB | Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 3/15/29 | 25097 |
| 185000 |  | B | Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32(a) | 193994 |
| 135000 |  | BB- | Williams Scotsman Inc., Senior Secured Notes, 7.375% due 10/1/31(a) | 141430 |
|  |  |  | Total Commercial Services | 10208147 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| 100000 |  | AA- | Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31 | 100435 |
| 405000 | <sup>EUR</sup> | BB- | Almaviva-The Italian Innovation Co. SpA, Senior Secured Notes, 5.000% due 10/30/30(a) | 465487 |

---

#### See Notes to Financial Statements.

#### 130

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Computers — 0.2% — (continued)** | **Computers — 0.2% — (continued)** | **Computers — 0.2% — (continued)** | **Computers — 0.2% — (continued)** |
|  |  | Apple Inc., Senior Unsecured Notes: |  |
| $100000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 5/12/28 | $100929 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 9/11/29 | 47690 |
| 100000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 5/10/33 | 102234 |
| 100000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/12/35 | 103691 |
| 25000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 2/23/36 | 25595 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/8/41 | 36725 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 5/4/43 | 42911 |
| 100000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 2/9/45 | 79290 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/13/45 | 45406 |
| 25000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 9/12/47 | 20215 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 5/11/50 | 31895 |
| 100000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 2/8/51 | 63168 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 8/5/51 | 31914 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 8/8/52 | 40341 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 2/8/61 | 29803 |
| 25000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 8/5/61 | 15175 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 8/8/62 | 39907 |
|  |  | Dell International LLC/EMC Corp.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 4/1/32 | 104014 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/6/32 | 100977 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 2/15/36 | 100425 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 12/15/51 | 35125 |
| 23000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 8.350% due 7/15/46 | 29428 |
| 88000 | BBB- | DXC Technology Co., Senior Unsecured Notes, 2.375% due 9/15/28 | 83062 |
|  |  | Hewlett Packard Enterprise Co., Senior Unsecured Notes: |  |
| 248000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 7/1/28 | 254672 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/34 | 24785 |
| 815000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 10/15/54 | 751926 |
|  |  | HP Inc., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/28 | 25329 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 9/15/41 | 25099 |
| 100000 | A- | IBM International Capital Pte Ltd., Company Guaranteed Notes, 4.900% due 2/5/34 | 101240 |
| 120000 | BB+ | Insight Enterprises Inc., Company Guaranteed Notes, 6.625% due 5/15/32(a) | 120420 |
|  |  | International Business Machines Corp., Senior Unsecured Notes: |  |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 5/15/27 | 97537 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 5/15/39 | 90002 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/20/42 | 84538 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 5/15/49 | 81327 |
| 25000 | BBB- | Kyndryl Holdings Inc., Senior Unsecured Notes, 2.700% due 10/15/28 | 23030 |
| 25000 | BBB | Leidos Inc., Company Guaranteed Notes, 2.300% due 2/15/31 | 22724 |
| 190000 | B+ | NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(a) | 204116 |
| 245000 | B+ | NCR Voyix Corp., Company Guaranteed Notes, 5.000% due 10/1/28(a) | 240953 |
| 50000 | BB- | Science Applications International Corp., Company Guaranteed Notes, 5.875% due 11/1/33(a) | 49727 |
|  |  | Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes: |  |
| 120000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 7/15/29(a) | 107462 |
| 220000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 12/15/29(a) | 232346 |
|  |  | Total Computers | 4413075 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  |  | Coty Inc./HFC Prestige Products Inc./HFC Prestige International US LLC: |  |
| 585000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 5.600% due 1/15/31(a) | 586801 |
| 750000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 4.750% due 1/15/29(a) | 738309 |
| 125000 | BB- | Edgewell Personal Care Co., Company Guaranteed Notes, 5.500% due 6/1/28(a) | 125057 |

---

#### See Notes to Financial Statements.

#### 131

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Cosmetics/Personal Care — 0.1% — (continued)** | **Cosmetics/Personal Care — 0.1% — (continued)** | **Cosmetics/Personal Care — 0.1% — (continued)** | **Cosmetics/Personal Care — 0.1% — (continued)** |
|  |  | Estee Lauder Cos Inc. (The), Senior Unsecured Notes: |  |
| $25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 3/15/47 | $20585 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 12/1/49 | 17123 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 5/15/53 | 23442 |
|  |  | Kenvue Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 540000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 3/22/33 | 558034 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 3/22/63 | 23327 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 5.050% due 3/22/53 | 46679 |
|  |  | Procter & Gamble Co. (The), Senior Unsecured Notes: |  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 1/26/28 | 100883 |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 5/1/30 | 101307 |
| 25000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 3/25/50 | 19711 |
|  |  | Total Cosmetics/Personal Care | 2361258 |
| **Distribution/Wholesale — 0.0%@** | **Distribution/Wholesale — 0.0%@** | **Distribution/Wholesale — 0.0%@** | **Distribution/Wholesale — 0.0%@** |
| 110000 | BBB- | American Builders & Contractors Supply Co., Inc., Senior Secured Notes, 4.000% due 1/15/28(a) | 108502 |
| 175000 | BB- | RB Global Holdings Inc., Company Guaranteed Notes, 7.750% due 3/15/31(a) | 182167 |
| 110000 | BB | Resideo Funding Inc., Company Guaranteed Notes, 6.500% due 7/15/32(a) | 112359 |
|  |  | Total Distribution/Wholesale | 403028 |
| **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** | **Diversified Financial Services — 1.4%** |
|  |  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes: |  |
| 1800000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 10/29/26 | 1782964 |
| 150000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450% due 4/15/27 | 153813 |
| 340000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/29/28 | 330946 |
| 150000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/15/30 | 150505 |
| 150000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/33 | 150356 |
| 150000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 10/29/33 | 136975 |
| 655000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950% (5-Year CMT Index + 2.720%) due 3/10/55(f) | 692618 |
|  |  | Air Lease Corp., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 12/15/27 | 25764 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 2/1/28 | 51074 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 9/1/28 | 47550 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 2/1/30 | 23700 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 12/1/30 | 23528 |
| 745000 | BBB | Aircastle Ltd., Company Guaranteed Notes, 5.950% due 2/15/29(a) | 780748 |
|  |  | Ally Financial Inc.: |  |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 6.184% (SOFR + 2.290%) due 7/26/35(f) | 25816 |
| 95000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 6.700% due 2/14/33 | 99125 |
|  |  | American Express Co., Senior Unsecured Notes: |  |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 3/4/27 | 98899 |
| 220000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 5/3/29 | 221950 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.085% (SOFR + 1.020%) due 1/30/31(f) | 103361 |
| 345000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.016% (SOFR + 1.440%) due 4/25/31(f) | 356633 |
| 380000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.918% (SOFR + 1.220%) due 7/20/33(f) | 389457 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.043% (SOFR + 1.835%) due 5/1/34(f) | 102875 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.442% (SOFR + 1.320%) due 1/30/36(f) | 104333 |
| 110000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.667% (SOFR + 1.790%) due 4/25/36(f) | 116601 |
| 2060000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.804% (SOFR + 1.237%) due 10/24/36(f) | 2040982 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 12/3/42 | 87289 |
| 920000 | BBB+ | Ares Finance Co. II LLC, Company Guaranteed Notes, 3.250% due 6/15/30(a) | 881789 |
|  |  | Avolon Holdings Funding Ltd.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 419000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.528% due 11/18/27(a) | 408218 |

---

#### See Notes to Financial Statements.

#### 132

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Diversified Financial Services — 1.4% — (continued)** | **Diversified Financial Services — 1.4% — (continued)** | **Diversified Financial Services — 1.4% — (continued)** | **Diversified Financial Services — 1.4% — (continued)** |
| $500000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/1/29(a) | $520723 |
| 2960000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 1/15/30(a) | 3035098 |
| 500000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 2.750% due 2/21/28(a) | 486950 |
| 400000 | A- | Brookfield Asset Management Ltd., Senior Unsecured Notes, 6.077% due 9/15/55 | 406854 |
|  |  | Capital One Financial Corp.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 3/9/27 | 99905 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.817% (SOFR + 2.600%) due 2/1/34(f) | 52781 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.377% (SOFR + 2.860%) due 6/8/34(f) | 54248 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.197% (SOFR + 1.630%) due 9/11/36(f) | 99771 |
| 2400000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.399% (SOFR + 1.508%) due 1/30/37(f) | 2426840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| 27000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.359% (SOFR + 1.337%) due 7/29/32(f) | 23835 |
| 110000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.183% (SOFR + 2.036%) due 1/30/36(f) | 114417 |
|  |  | Charles Schwab Corp. (The), Senior Unsecured Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 3/3/27 | 49386 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 4/1/27 | 24873 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/20/28 | 48326 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 2/1/29 | 25204 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.643% (SOFR + 2.210%) due 5/19/29(f) | 51916 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.196% (SOFR + 1.878%) due 11/17/29(f) | 52942 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 3/3/32 | 23152 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.136% (SOFR + 2.010%) due 8/24/34(f) | 54673 |
| 390000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.914% (SOFR + 1.230%) due 11/14/36(f) | 390277 |
|  |  | Citadel Finance LLC, Company Guaranteed Notes: |  |
| 1000000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 2/10/30(a) | 1027034 |
| 605000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 2/14/31(a) | 603073 |
| 1650000 | A+ | Equitable America Global Funding, Secured Notes, 4.950% due 6/9/30(a) | 1687466 |
|  |  | Intercontinental Exchange Inc., Senior Unsecured Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 9/15/27 | 50164 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 6/15/29 | 50646 |
| 13000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 6/15/30 | 12023 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 3/15/33 | 50743 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 9/15/40 | 18859 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 9/21/48 | 21028 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 6/15/50 | 33269 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 6/15/52 | 46101 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 9/15/60 | 30400 |
|  |  | Jefferies Financial Group Inc., Senior Unsecured Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 7/21/28 | 51621 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 1/23/30 | 49224 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 4/14/34 | 52322 |
| 970000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 2/15/36 | 952390 |
| 650000 | NR | Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17\*(h)(i)# |  |
| 100000 | BBB- | LPL Holdings Inc., Company Guaranteed Notes, 5.200% due 3/15/30 | 102187 |
|  |  | Mastercard Inc., Senior Unsecured Notes: |  |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 5/9/34 | 103234 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 6/1/49 | 19325 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 3/26/50 | 39799 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 3/15/51 | 16679 |
| 232000 | BBB+ | Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34 | 244541 |
| 200000 | BBB+ | Nomura Holdings Inc., Senior Unsecured Notes, 6.070% due 7/12/28 | 209061 |
| 275000 | BB | OneMain Finance Corp., Company Guaranteed Notes, 6.625% due 5/15/29 | 281634 |
| 90000 | BB | PRA Group Inc., Company Guaranteed Notes, 5.000% due 10/1/29(a)(c) | 82877 |
| 25000 | BBB- | Radian Group Inc., Senior Unsecured Notes, 4.875% due 3/15/27 | 25069 |

---

#### See Notes to Financial Statements.

#### 133

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Diversified Financial Services — 1.4% — (continued)** | **Diversified Financial Services — 1.4% — (continued)** | **Diversified Financial Services — 1.4% — (continued)** | **Diversified Financial Services — 1.4% — (continued)** |
| $100000 | A- | Raymond James Financial Inc., Senior Unsecured Notes, 5.650% due 9/11/55 | $98013 |
| 20000 | BB | Rocket Cos Inc., Company Guaranteed Notes, 6.125% due 8/1/30(a) | 20532 |
| 305000 | BB | Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes, 3.625% due 3/1/29(a) | 294100 |
| 490000 | BBB+ | TPG Operating Group II LP, Company Guaranteed Notes, 5.875% due 3/5/34 | 508066 |
| 559000 | A+ | UBS Americas Inc., Company Guaranteed Notes, 7.125% due 7/15/32 | 645274 |
| 95000 | Ba3(b) | United Wholesale Mortgage LLC, Senior Unsecured Notes, 5.500% due 4/15/29(a) | 93350 |
|  |  | Visa Inc., Senior Unsecured Notes: |  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 4/15/30 | 93525 |
| 25000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 4/15/40 | 19567 |
| 25000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 9/15/47 | 19884 |
| 50000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 8/15/50 | 27602 |
| 540000 | BBB | Western Union Co. (The), Senior Unsecured Notes, 4.750% due 6/15/29 | 541453 |
|  |  | Total Diversified Financial Services | 25652175 |
| **Electric — 2.7%** | **Electric — 2.7%** | **Electric — 2.7%** | **Electric — 2.7%** |
|  |  | AEP Texas Inc., Senior Unsecured Notes: |  |
| 43000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 6/1/33 | 44847 |
| 82000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 1/15/50 | 57713 |
| 41000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 5/15/51 | 28310 |
|  |  | AEP Transmission Co. LLC, Senior Unsecured Notes: |  |
| 70000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/1/47 | 54821 |
| 59000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 9/15/49 | 40748 |
| 45000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 8/15/51 | 27911 |
| 40000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 6/15/52 | 34222 |
| 80000 | BB | AES Corp. (The), Junior Subordinated Notes, 7.600%<br>(5-Year CMT Index + 3.201%) due 1/15/55(f) | 80489 |
|  |  | Alabama Power Co., Senior Unsecured Notes: |  |
| 64000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 12/1/47 | 49923 |
| 60000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 10/1/49 | 43824 |
| 116000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 7/15/51 | 78123 |
| 111000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 3/15/52 | 72961 |
|  |  | Ameren Illinois Co., 1st Mortgage Notes: |  |
| 43000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 3/15/50 | 30139 |
| 95000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 6/15/51 | 61819 |
| 170000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 7/1/54 | 170355 |
| 150000 | A | American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a) | 137374 |
|  |  | Arizona Public Service Co., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 8/1/33 | 26326 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 5/15/50 | 17500 |
|  |  | Baltimore Gas & Electric Co., Senior Unsecured Notes: |  |
| 174000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 6/1/35 | 182650 |
| 6000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 8/15/46 | 4571 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 8/15/47 | 39194 |
| 80000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 9/15/49 | 55783 |
| 67000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 6/15/50 | 43864 |
| 54000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 6/1/52 | 46533 |
| 65000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 6/1/53 | 63520 |
| 555000 | A | Basin Electric Power Cooperative, 1st Mortgage Notes, 5.850% due 10/15/55(a) | 559367 |
|  |  | Berkshire Hathaway Energy Co., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 4/1/36 | 27436 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 2/1/45 | 43838 |
| 310000 | BBB | Calpine LLC, Senior Unsecured Notes, 5.125% due 3/15/28(a) | 310072 |
|  |  | CenterPoint Energy Houston Electric LLC: |  |
| 118000 | A | &nbsp;&nbsp;&nbsp;&nbsp; 1st Mortgage Notes, 3.600% due 3/1/52 | 88437 |

---

#### See Notes to Financial Statements.

#### 134

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; General Refinance Mortgage: |  |
| $129000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 10/1/32 | $130167 |
| 620000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 4/1/36 | 622268 |
|  |  |  | Comision Federal de Electricidad, Company Guaranteed Notes: |  |
| 1500000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.348% due 2/9/31(a) | 1380066 |
| 1000000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/26/33(a) | 895875 |
| 25000 |  | A | Commonwealth Edison Co., 1st Mortgage Notes, 5.900% due 3/15/36 | 27211 |
|  |  |  | Consolidated Edison Co. of New York Inc., Senior Unsecured Notes: |  |
| 40000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 4/1/50 | 31728 |
| 134000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 11/15/53 | 138905 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 5/15/54 | 101348 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/1/54 | 21524 |
|  |  |  | Constellation Energy Generation LLC, Senior Unsecured Notes: |  |
| 350000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/1/29(a) | 350091 |
| 174000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 6/15/42 | 177190 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/15/66 | 49953 |
|  |  |  | Consumers Energy Co., 1st Mortgage Notes: |  |
| 56000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 8/1/51 | 41350 |
| 53000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 8/15/52 | 33420 |
| 113000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 9/1/52 | 92895 |
|  |  |  | Dominion Energy Inc.: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 1600000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (5-Year CMT Index + 2.207%) due 5/15/55(f) | 1661848 |
| 308000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% (5-Year CMT Index + 2.262%) due 2/15/56(f) | 312859 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 6/1/28 | 100738 |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 6/15/30 | 51643 |
|  |  |  | Dominion Energy South Carolina Inc., 1st Mortgage Notes: |  |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 1/15/35 | 52287 |
| 83000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 10/15/53 | 90307 |
|  |  |  | DTE Electric Co., General Refinance Mortgage: |  |
| 350000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 3/1/34 | 366126 |
| 180000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 4/1/51 | 127303 |
| 100000 |  | BBB | DTE Energy Co., Senior Unsecured Notes, 5.050% due 10/1/35 | 100968 |
|  |  |  | Duke Energy Carolinas LLC, 1st Mortgage Notes: |  |
| 104000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 11/15/28 | 104519 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 1/15/33 | 103696 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 4/15/38 | 27493 |
| 500000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/15/41 | 448324 |
| 105000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 8/15/49 | 73858 |
| 80000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 3/15/52 | 58785 |
| 202000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 1/15/53 | 196645 |
| 700000 | <sup>EUR</sup> | BBB | Duke Energy Corp., Senior Unsecured Notes, 3.100% due 6/15/28 | 835653 |
|  |  |  | Duke Energy Florida LLC, 1st Mortgage Notes: |  |
| 145000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 12/1/29 | 138193 |
| 133000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 6/15/30 | 121290 |
| 495000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 12/1/35 | 499312 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 6/15/38 | 28119 |
| 24000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 7/15/48 | 19874 |
| 26000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 11/15/52 | 27274 |
| 350000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 11/15/53 | 381493 |
|  |  |  | Duke Energy Indiana LLC, 1st Mortgage Notes: |  |
| 380000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 4/1/50 | 240856 |
| 500000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 4/1/53 | 484514 |
|  |  |  | Duke Energy Ohio Inc., 1st Mortgage Notes: |  |
| 529000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 2/1/29 | 527216 |
| 20000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 4/1/53 | 20140 |

---

#### See Notes to Financial Statements.

#### 135

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** |
|  |  |  | Duke Energy Progress LLC, 1st Mortgage Notes: |  |
| $130000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 3/15/29 | $128578 |
| 43000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/15/33 | 45129 |
| 81000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 12/1/44 | 69115 |
| 67000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 8/15/51 | 43131 |
|  |  |  | Edison International: |  |
| 142000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 8.125% (5-Year CMT Index + 3.864%) due 6/15/53(f) | 147650 |
| 180000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 6.950% due 11/15/29 | 193798 |
| 781000 |  | BB+ | Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(f) | 787549 |
| 770000 |  | BBB- | Emera US Finance LP, Company Guaranteed Notes, 2.639% due 6/15/31 | 707838 |
|  |  |  | Enel Finance International NV, Company Guaranteed Notes: |  |
| 450000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 9/30/35(a) | 449787 |
| 310000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 9/30/55(a) | 304204 |
| 87000 |  | A | Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52 | 60634 |
|  |  |  | Entergy Corp., Junior Subordinated Notes: |  |
| 486000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% (5-Year CMT Index + 2.670%) due 12/1/54(f) | 508864 |
| 30000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% (5-Year CMT Index + 2.179%) due 6/15/56(f) | 30154 |
|  |  |  | Entergy Louisiana LLC: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1st Mortgage Notes: |  |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 9/15/34 | 25865 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 3/15/51 | 16016 |
| 615000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 4/15/56 | 610589 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust, 4.200% due 9/1/48 | 20573 |
|  |  |  | Entergy Mississippi LLC, 1st Mortgage Notes: |  |
| 370000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 9/1/33 | 381772 |
| 525000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 4/15/55 | 533058 |
|  |  |  | Entergy Texas Inc., 1st Mortgage Notes: |  |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 4/15/35 | 51933 |
| 565000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 9/15/54 | 553312 |
| 200000 | <sup>EUR</sup> | A | ESB Finance DAC, Company Guaranteed Notes, (Cost — $222,761, acquired 3/6/24), 4.000% due 10/3/28(d) | 244313 |
| 855000 |  | BB+ | EUSHI Finance Inc., Company Guaranteed Notes, 7.625%<br>(5-Year CMT Index + 3.136%) due 12/15/54(f) | 903085 |
| 725000 |  | BBB- | Evergy Inc., Junior Subordinated Notes, 6.650%<br>(5-Year CMT Index + 2.558%) due 6/1/55(f) | 749535 |
|  |  |  | Eversource Energy, Senior Unsecured Notes: |  |
| 128000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/1/28 | 131416 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 12/15/30 | 100649 |
| 198101 |  | BBB | FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple, Senior Secured Notes, 7.250% due 1/31/41 | 206852 |
|  |  |  | FirstEnergy Corp., Senior Unsecured Notes: |  |
| 470000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 7/15/27 | 472428 |
| 240000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 7/15/47 | 214478 |
|  |  |  | Florida Power & Light Co., 1st Mortgage Notes: |  |
| 25000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 2/1/37 | 27060 |
| 251000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 3/1/48 | 203363 |
| 122000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 12/4/51 | 79277 |
|  |  |  | Georgia Power Co., Senior Unsecured Notes: |  |
| 278000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 5/17/33 | 287220 |
| 430000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/15/34 | 449316 |
| 100000 |  | BBB+ | Interstate Power & Light Co., Senior Unsecured Notes, 2.300% due 6/1/30 | 93431 |
| 1365000 |  | BBB+ | ITC Holdings Corp., Senior Unsecured Notes, 5.650% due 5/9/34(a)(c) | 1439424 |
| 75000 |  | BBB+ | Jersey Central Power & Light Co., Senior Unsecured Notes, 5.150% due 1/15/36(a) | 76961 |
| 50000 |  | A | Kentucky Utilities Co., 1st Mortgage Notes, 5.850% due 8/15/55 | 51469 |
| 50000 |  | A | Louisville Gas & Electric Co., 1st Mortgage Notes, 5.450% due 4/15/33 | 52914 |

---

#### See Notes to Financial Statements.

#### 136

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** |
|  |  | MidAmerican Energy Co., 1st Mortgage Notes: |  |
| $47000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 5/1/27 | $46780 |
| 141000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 9/15/54 | 147299 |
| 167000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 2/1/55 | 162123 |
| 100000 | A- | National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850% due 2/7/29 | 102735 |
|  |  | NextEra Energy Capital Holdings Inc., Company Guaranteed Notes: |  |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 11/1/29 | 191892 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 6/1/30 | 46425 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 2/28/33 | 51669 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/15/34 | 51834 |
| 160000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% (5-Year CMT Index + 1.979%) due 8/15/55(f) | 169700 |
| 1835000 | BBB+ | Niagara Mohawk Power Corp., Senior Unsecured Notes, 5.996% due 7/3/55(a) | 1875310 |
|  |  | Northern States Power Co., 1st Mortgage Notes: |  |
| 211000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 3/1/50 | 141401 |
| 136000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 6/1/51 | 85782 |
| 62000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 5/15/53 | 58302 |
|  |  | NRG Energy Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 205000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/28 | 205095 |
| 380000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 6/15/29(a) | 381635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes: |  |
| 80000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.734% due 10/15/30(a) | 80806 |
| 977000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.407% due 10/15/35(a) | 988080 |
|  |  | Ohio Power Co., Senior Unsecured Notes: |  |
| 113000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 4/1/30 | 106796 |
| 89000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 6/1/33 | 91124 |
| 66000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/1/49 | 51814 |
| 438000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 10/1/51 | 276997 |
|  |  | Oncor Electric Delivery Co. LLC: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp; 1st Mortgage Notes, 2.700% due 11/15/51 | 15300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 9/15/32 | 50669 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 11/15/33 | 53663 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 9/15/52 | 45681 |
|  |  | Pacific Gas & Electric Co., 1st Mortgage Notes: |  |
| 500000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 6/15/27 | 508534 |
| 124000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 6/4/28 | 126374 |
| 2090000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 7/1/30 | 2104250 |
| 89000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 2/1/31 | 81422 |
| 1020000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 10/15/32 | 1040123 |
| 136000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 1/15/33 | 146205 |
| 179000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 6/15/33 | 195125 |
| 111000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950% due 3/15/34 | 125176 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 7/1/40 | 88874 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 8/1/40 | 38782 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 7/1/50 | 43317 |
| 90000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 8/1/50 | 62214 |
| 28000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 1/15/53 | 30292 |
| 55000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 4/1/53 | 59470 |
| 55000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 5/1/56 | 54322 |
|  |  | PacifiCorp, 1st Mortgage Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 2/15/34 | 51394 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 4/1/37 | 25564 |
| 890000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 1/15/55 | 848307 |

---

#### See Notes to Financial Statements.

#### 137

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** |
|  |  | PECO Energy Co., 1st Mortgage Notes: |  |
| $46000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 3/15/51 | $30850 |
| 74000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 5/15/52 | 64545 |
| 91000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/15/52 | 76320 |
|  |  | PG&E Corp.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 1480000 | B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% (5-Year CMT Index + 3.883%) due 3/15/55(f) | 1532753 |
| 225000 | B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850% (5-Year CMT Index + 3.225%) due 9/15/56(f) | 226026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes: |  |
| 145000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 7/1/28 | 144715 |
| 180000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 7/1/30 | 180250 |
| 100000 | AAA | PG&E Recovery Funding LLC, Senior Secured Notes, 5.231% due 6/1/42 | 103189 |
|  |  | PPL Electric Utilities Corp., 1st Mortgage Notes: |  |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 5/15/33 | 25859 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 2/15/34 | 25592 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 5/15/53 | 24117 |
| 860000 | BBB | PSEG Power LLC, Senior Unsecured Notes, 5.750% due 5/15/35(a) | 901789 |
| 270000 | A | Public Service Co. of Colorado, 1st Mortgage Notes, 2.700% due 1/15/51 | 166656 |
| 102000 | A | Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53 | 96490 |
|  |  | Public Service Electric & Gas Co., 1st Mortgage Notes: |  |
| 199000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 5/15/29 | 195455 |
| 185000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/15/32 | 191551 |
| 350000 | A- | Puget Sound Energy Inc., Senior Secured Notes, 5.685% due 6/15/54 | 355143 |
| 200000 | Ba2(b) | Saavi Energia Sarl, Senior Unsecured Notes, 8.875% due 2/10/35 | 221050 |
|  |  | San Diego Gas & Electric Co., 1st Mortgage Notes: |  |
| 370000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.320% due 4/15/50 | 259485 |
| 120000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 4/1/53 | 114367 |
|  |  | Sempra: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 905000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (5-Year CMT Index + 2.354%) due 4/1/55(f) | 923268 |
| 61000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% (5-Year CMT Index + 2.632%) due 4/1/56(f) | 62470 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 3.800% due 2/1/38 | 21854 |
|  |  | Southern California Edison Co.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1st Mortgage Notes: |  |
| 310000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 3/1/28 | 317402 |
| 208000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 10/1/28 | 215883 |
| 199000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 11/1/32 | 213482 |
| 619000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 6/1/34 | 629600 |
| 752000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/1/35 | 773938 |
| 60000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 6/1/51 | 42278 |
| 30000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 12/1/53 | 29499 |
| 850000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 4/15/54 | 820353 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 1st Refinanced Mortgage Notes, 5.950% due 2/1/38 | 26151 |
| 50000 | BBB+ | System Energy Resources Inc., 1st Refinanced Mortgage Notes, 5.300% due 12/15/34 | 51083 |
| 45000 | B | Talen Energy Supply LLC, Company Guaranteed Notes, 6.250% due 2/1/34(a) | 45820 |
|  |  | Union Electric Co., 1st Mortgage Notes: |  |
| 350000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 4/1/34 | 365483 |
| 51000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/15/53 | 50250 |
|  |  | Virginia Electric & Power Co., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 5/15/37 | 27033 |
| 52000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 11/15/51 | 33167 |
| 126000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 8/15/53 | 125233 |
| 15000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 1/15/54 | 14268 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 9/15/55 | 49084 |

---

#### See Notes to Financial Statements.

#### 138

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** | **Electric — 2.7% — (continued)** |
|  |  | Vistra Operations Co. LLC: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| $1390000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 7/31/27(a) | $1390712 |
| 115000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 10/15/31(a) | 121589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes: |  |
| 117000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 1/30/27(a) | 116606 |
| 451000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 10/15/28(a) | 451929 |
| 871000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 10/15/30(a) | 876936 |
| 210000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 1/31/31(a) | 211443 |
| 710000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 4/15/34(a) | 752464 |
| 1005000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 1/31/36(a) | 1012474 |
|  |  | Wisconsin Power & Light Co., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/30/34 | 26017 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 4/1/50 | 18636 |
|  |  | Total Electric | 51131998 |
| **Electrical Components & Equipment — 0.0%@** | **Electrical Components & Equipment — 0.0%@** | **Electrical Components & Equipment — 0.0%@** | **Electrical Components & Equipment — 0.0%@** |
|  |  | Emerson Electric Co., Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 10/15/50 | 16284 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 12/21/51 | 16232 |
| 120000 | B | Energizer Holdings Inc., Company Guaranteed Notes, 4.750% due 6/15/28(a) | 119313 |
| 85000 | BB+ | EnerSys, Company Guaranteed Notes, 6.625% due 1/15/32(a) | 87813 |
| 330000 | BB | WESCO Distribution Inc., Company Guaranteed Notes, 6.625% due 3/15/32(a) | 343712 |
|  |  | Total Electrical Components & Equipment | 583354 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| 140000 | B+ | Coherent Corp., Company Guaranteed Notes, 5.000% due 12/15/29(a) | 140192 |
| 1130000 | BBB- | Flex Ltd., Senior Unsecured Notes, 5.375% due 11/13/35 | 1144217 |
|  |  | Honeywell International Inc., Senior Unsecured Notes: |  |
| 100000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 3/1/27 | 97480 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/1/35 | 51619 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.812% due 11/21/47 | 19959 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 6/1/50 | 33918 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/1/54 | 24101 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 3/1/64 | 24263 |
| 210000 | BB | Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a) | 206568 |
|  |  | Sensata Technologies Inc., Company Guaranteed Notes: |  |
| 205000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 2/15/30(a) | 201275 |
| 80000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 2/15/31(a) | 75475 |
|  |  | Total Electronics | 2019067 |
| **Energy — Alternate Sources — 0.0%@** | **Energy — Alternate Sources — 0.0%@** | **Energy — Alternate Sources — 0.0%@** | **Energy — Alternate Sources — 0.0%@** |
| 200000 | Ba3(b) | FS Luxembourg Sarl, Company Guaranteed Notes, 8.625% due 6/25/33(a) | 197706 |
| 85000 | BB- | TerraForm Power Operating LLC, Company Guaranteed Notes, 4.750% due 1/15/30(a) | 83295 |
|  |  | Total Energy — Alternate Sources | 281001 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| 105000 | BB | AECOM, Company Guaranteed Notes, 6.000% due 8/1/33(a) | 107347 |
| 290000 | BBB- | CIMIC Finance USA Pty Ltd., Company Guaranteed Notes, 7.000% due 3/25/34(a) | 319413 |
| 120000 | BB- | Dycom Industries Inc., Company Guaranteed Notes, 4.500% due 4/15/29(a) | 118254 |
| 220000 | BB | Global Infrastructure Solutions Inc., Company Guaranteed Notes, 5.625% due 6/1/29(a) | 220813 |
|  |  | Jacobs Solutions Inc., Company Guaranteed Notes: |  |
| 1160000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/3/31 | 1161759 |
| 695000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/3/36 | 695384 |
| 23000 | BB+ | TopBuild Corp., Company Guaranteed Notes, 5.625% due 1/31/34(a) | 23233 |
|  |  | Total Engineering & Construction | 2646203 |

---

#### See Notes to Financial Statements.

#### 139

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| $120000 |  | B | Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a) | $119206 |
|  |  |  | Caesars Entertainment Inc., Senior Secured Notes: |  |
| 100000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 2/15/30(a) | 102591 |
| 290000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 2/15/32(a) | 294902 |
| 50000 |  | B+ | Churchill Downs Inc., Company Guaranteed Notes, 6.750% due 5/1/31(a) | 51556 |
| 70000 |  | BB | Cinemark USA Inc., Company Guaranteed Notes, 5.250% due 7/15/28(a) | 70035 |
|  |  |  | Discovery Global Holdings Inc., Company Guaranteed Notes: |  |
| 270000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.279% due 3/15/32(c) | 248063 |
| 25000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 3/15/42 | 18000 |
| 330000 |  | BB- | Live Nation Entertainment Inc., Company Guaranteed Notes, 4.750% due 10/15/27(a) | 330205 |
| 400000 | <sup>EUR</sup> | B- | Motion Finco Sarl, Senior Secured Notes, (Cost — $441,229, acquired 3/21/25), 7.375% due 6/15/30(d) | 411575 |
| 50000 |  | B | Six Flags Entertainment Corp., Company Guaranteed Notes, 7.250% due 5/15/31(a) | 49133 |
| 295000 |  | B | Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., Company Guaranteed Notes, 5.250% due 7/15/29 | 283943 |
| 700000 | <sup>EUR</sup> | BBB+ | Universal Music Group NV, Senior Unsecured Notes, (Cost — $780,944, acquired 12/3/24), 4.000% due 6/13/31(d) | 859114 |
| 180000 |  | BB- | Vail Resorts Inc., Company Guaranteed Notes, 6.500% due 5/15/32(a) | 186486 |
|  |  |  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes: |  |
| 340000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 2/15/31(a) | 367357 |
| 125000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 3/15/33(a) | 127726 |
|  |  |  | Total Entertainment | 3519892 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| 305000 |  | BB | GFL Environmental Inc., Company Guaranteed Notes, 6.750% due 1/15/31(a) | 320339 |
|  |  |  | Republic Services Inc., Senior Unsecured Notes: |  |
| 66000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/15/27 | 65633 |
| 260000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 4/1/29 | 267433 |
|  |  |  | Waste Connections Inc., Senior Unsecured Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 4/1/50 | 17284 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 1/15/52 | 16565 |
|  |  |  | Waste Management Inc., Company Guaranteed Notes: |  |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 1/15/29 | 100213 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 3/15/35 | 102896 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 6/1/41 | 38906 |
| 315000 |  | BB | Wrangler Holdco Corp., Company Guaranteed Notes, 6.625% due 4/1/32(a) | 328808 |
|  |  |  | Total Environmental Control | 1258077 |
| **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** | **Food — 0.5%** |
| 90000 |  | BB+ | Albertsons Cos Inc., Company Guaranteed Notes, 5.625% due 3/31/32(a) | 90371 |
|  |  |  | Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes: |  |
| 36000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/31/31(a) | 36286 |
| 35000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/31/34(a) | 34867 |
| 25000 |  | BBB | General Mills Inc., Senior Unsecured Notes, 3.000% due 2/1/51 | 16425 |
| 200000 |  | Baa3(b) | Grupo Nutresa SA, Company Guaranteed Notes, 9.000% due 5/12/35(a) | 230100 |
| 597000 | <sup>GBP</sup> | B | Iceland Bondsco PLC, Senior Secured Notes, (Cost — $794,419, acquired 5/29/24), 10.875% due 12/15/27(d) | 853972 |
|  |  |  | J.M. Smucker Co. (The), Senior Unsecured Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 3/15/35 | 23997 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 11/15/53 | 27497 |
|  |  |  | JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior Unsecured Notes: |  |
| 370000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 1/15/32 | 350675 |
| 750000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 1/15/36 | 771109 |

---

#### See Notes to Financial Statements.

#### 140

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Food — 0.5% — (continued)** | **Food — 0.5% — (continued)** | **Food — 0.5% — (continued)** | **Food — 0.5% — (continued)** | **Food — 0.5% — (continued)** |
| $50000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 2/2/52 | $39566 |
| 225000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 12/1/52 | 237971 |
| 80000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 4/15/66 | 81529 |
|  |  |  | Kraft Heinz Foods Co., Company Guaranteed Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 1/26/39 | 28219 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 2/9/40 | 27215 |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 7/15/45 | 45853 |
| 75000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 6/1/46 | 61654 |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/1/49 | 43177 |
|  |  |  | Kroger Co. (The), Senior Unsecured Notes: |  |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 9/15/34 | 50849 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/46 | 19883 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 2/1/47 | 21436 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 1/15/49 | 24297 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 1/15/50 | 19410 |
| 850000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/15/54 | 822379 |
| 75000 |  | BB+ | Lamb Weston Holdings Inc., Company Guaranteed Notes, 4.125% due 1/31/30(a) | 72767 |
|  |  |  | Mars Inc.: |  |
| 230000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 3.200% due 4/1/30(a) | 223698 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 70000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/1/32(a) | 72558 |
| 2560000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 3/1/35(a) | 2651427 |
| 1845000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 5/1/55(a) | 1872337 |
| 235000 |  | BB | Post Holdings Inc., Senior Secured Notes, 6.250% due 2/15/32(a) | 242052 |
|  |  |  | Sysco Corp., Company Guaranteed Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 4/1/30 | 26622 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 1/17/34 | 109178 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 3/15/48 | 21581 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 12/14/51 | 16932 |
| 25000 |  | BBB | Tyson Foods Inc., Senior Unsecured Notes, 5.100% due 9/28/48 | 23546 |
|  |  |  | Total Food | 9291435 |
|  |  |  | International Paper Co., Senior Unsecured Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/15/41 | 26091 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 6/15/44 | 22382 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 8/15/48 | 20536 |
| 50000 |  | BBB- | Suzano Austria GmbH, Company Guaranteed Notes, 3.750% due 1/15/31 | 47627 |
|  |  |  | Total Forest Products & Paper | 116636 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| 1000000 | <sup>EUR</sup> | BBB | APA Infrastructure Ltd., (Cost — $1,003,784, acquired 5/31/24), Company Guaranteed Notes, 2.000% due 7/15/30(d) | 1132967 |
| 92000 |  | A- | Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44 | 79499 |
| 790000 |  | BBB+ | Brooklyn Union Gas Co. (The), Senior Unsecured Notes, 6.388% due 9/15/33(a) | 858516 |
|  |  |  | CenterPoint Energy Resources Corp., Senior Unsecured Notes: |  |
| 108000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/1/28 | 110983 |
| 52000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 10/1/30 | 46930 |
| 25000 |  | BBB- | National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30 | 26034 |
|  |  |  | NiSource Inc.: |  |
| 115000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 6.950% (5-Year CMT Index + 2.451%) due 11/30/54(f) | 120306 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 75000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.490% due 5/15/27 | 74638 |
| 61000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/30/28 | 62572 |
| 153000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 5/1/30 | 150220 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 7/15/35 | 51686 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 4/1/55 | 25231 |

---

#### See Notes to Financial Statements.

#### 141

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Gas — 0.2% — (continued)** | **Gas — 0.2% — (continued)** | **Gas — 0.2% — (continued)** | **Gas — 0.2% — (continued)** |
|  |  | Piedmont Natural Gas Co., Inc., Senior Unsecured Notes: |  |
| $90000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 6/1/29 | $88839 |
| 96000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/15/31 | 88616 |
| 109000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 6/1/50 | 76027 |
| 50000 | A | Southern California Gas Co., 1st Mortgage Notes, 5.450% due 6/15/35 | 52759 |
| 490000 | A- | Southern Co. Gas Capital Corp., Company Guaranteed Notes, 5.750% due 9/15/33 | 524524 |
| 55000 | BBB+ | Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28 | 56558 |
| 75000 | A | Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33 | 76762 |
|  |  | Total Gas | 3703667 |
| **Healthcare — Products — 0.5%** | **Healthcare — Products — 0.5%** | **Healthcare — Products — 0.5%** | **Healthcare — Products — 0.5%** |
|  |  | Abbott Laboratories, Senior Unsecured Notes: |  |
| 2535000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 3/15/36 | 2537021 |
| 50000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/30/36 | 50445 |
| 75000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/30/46 | 71134 |
| 1485000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/15/56 | 1493929 |
| 60000 | BBB+ | Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31 | 54853 |
| 160000 | BB | Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(a) | 158731 |
| 22000 | B | Bausch + Lomb Corp., Senior Secured Notes, 8.375% due 10/1/28(a) | 22825 |
|  |  | Baxter International Inc., Senior Unsecured Notes: |  |
| 100000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.272% due 12/1/28 | 94593 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.132% due 12/1/51 | 15602 |
| 25000 | A- | Boston Scientific Corp., Senior Unsecured Notes, 4.700% due 3/1/49 | 23049 |
|  |  | Danaher Corp., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 10/1/50 | 15505 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 12/10/51 | 16057 |
| 25000 | A- | DH Europe Finance II Sarl, Company Guaranteed Notes, 3.400% due 11/15/49 | 18268 |
| 200000 | BBB | GE HealthCare Technologies Inc., Senior Unsecured Notes, 4.150% due 12/15/28 | 201185 |
| 140000 | BB+ | Hologic Inc., Company Guaranteed Notes, 3.250% due 2/15/29(a) | 139358 |
| 1505000 | BBB- | Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a) | 1480787 |
| 575000 | BBB- | Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a) | 593486 |
|  |  | Medtronic Inc., Company Guaranteed Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 3/15/35 | 49520 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/45 | 46447 |
|  |  | Solventum Corp., Senior Unsecured Notes: |  |
| 430000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/13/31 | 451632 |
| 590000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 3/23/34 | 616618 |
| 465000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 4/30/54 | 464980 |
|  |  | Stryker Corp., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/46 | 22686 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 6/15/50 | 16652 |
|  |  | Thermo Fisher Scientific Inc., Senior Unsecured Notes: |  |
| 164000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/15/31 | 147635 |
| 200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.086% due 8/10/33 | 208886 |
| 545000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.902% due 2/12/36 | 554986 |
|  |  | Total Healthcare — Products | 9566870 |
| **Healthcare — Services — 0.6%** | **Healthcare — Services — 0.6%** | **Healthcare — Services — 0.6%** | **Healthcare — Services — 0.6%** |
|  |  | Aetna Inc., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 6/15/36 | 27894 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/15/44 | 21946 |
|  |  | Centene Corp., Senior Unsecured Notes: |  |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/15/27 | 49724 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 7/15/28 | 47156 |
| 100000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 12/15/29 | 97679 |

---

#### See Notes to Financial Statements.

#### 142

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Healthcare — Services — 0.6% — (continued)** | **Healthcare — Services — 0.6% — (continued)** | **Healthcare — Services — 0.6% — (continued)** | **Healthcare — Services — 0.6% — (continued)** |
| $50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 2/15/30 | $46413 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/15/30 | 45061 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/1/31 | 43430 |
| 110000 | BB | Charles River Laboratories International Inc., Company Guaranteed Notes, 3.750% due 3/15/29(a) | 105634 |
|  |  | Cigna Group (The): |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 3/1/27 | 99660 |
| 930000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/15/28 | 940005 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 8/15/38 | 48499 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 7/15/46 | 44909 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/47 | 19492 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 12/15/48 | 22519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 1/15/36 | 102797 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 3/15/50 | 35460 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 3/15/51 | 35278 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 2/15/54 | 24520 |
| 100000 | A- | City of Hope, Senior Secured Notes, 5.623% due 11/15/43 | 101837 |
|  |  | CommonSpirit Health, Senior Secured Notes: |  |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.817% due 10/1/49 | 38920 |
| 95000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.910% due 10/1/50 | 73100 |
| 100000 | AA | Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49 | 75645 |
|  |  | DaVita Inc., Company Guaranteed Notes: |  |
| 255000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 6/1/30(a) | 249571 |
| 425000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 7/15/33(a) | 441523 |
| 50000 | AA- | Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47 | 41846 |
|  |  | Elevance Health Inc., Senior Unsecured Notes: |  |
| 97000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 3/1/48 | 84190 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 5/15/50 | 16719 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 3/15/51 | 18048 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 5/15/52 | 21005 |
| 66000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 10/15/52 | 68563 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 9/15/55 | 49454 |
| 200000 | BB- | Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30 | 199068 |
| 140000 | A | Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49 | 110409 |
|  |  | HCA Inc., Company Guaranteed Notes: |  |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 6/1/28 | 205080 |
| 90000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 2/1/29 | 93841 |
| 104000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/29 | 104186 |
| 805000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 9/1/30 | 780296 |
| 286000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 11/15/32 | 286692 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 6/15/39 | 24426 |
| 60000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 6/15/49 | 55103 |
| 178000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 7/15/51 | 122986 |
| 150000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 4/1/54 | 150314 |
| 64000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 9/15/54 | 63749 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 3/1/55 | 51425 |
| 41000 | AA | Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52 | 32435 |
|  |  | Humana Inc., Senior Unsecured Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 3/15/27 | 49969 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/33 | 26190 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 3/15/34 | 26252 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 8/15/49 | 18414 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/15/53 | 22560 |

---

#### See Notes to Financial Statements.

#### 143

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Healthcare — Services — 0.6% — (continued)** | **Healthcare — Services — 0.6% — (continued)** | **Healthcare — Services — 0.6% — (continued)** | **Healthcare — Services — 0.6% — (continued)** |
|  |  | IQVIA Inc., Company Guaranteed Notes: |  |
| $200000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/26(a) | $200177 |
| 325000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 6/1/32(a) | 334733 |
| 100000 | AA- | Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42 | 98384 |
| 88000 | A+ | Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52 | 67804 |
| 90000 | Aa2(b) | Nationwide Children's Hospital Inc., Unsecured Notes, 4.556% due 11/1/52 | 80560 |
| 90000 | AA- | Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52 | 82699 |
| 110000 | AA- | Queen's Health Systems (The), Secured Notes, 4.810% due 7/1/52 | 101494 |
| 240000 | AA | Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(a) | 151030 |
| 65000 | Aa2(b) | Seattle Children's Hospital, Unsecured Notes, 2.719% due 10/1/50 | 41945 |
|  |  | Tenet Healthcare Corp., Senior Secured Notes: |  |
| 610000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 6/15/28 | 609509 |
| 470000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 6/15/30 | 479965 |
|  |  | UnitedHealth Group Inc., Senior Unsecured Notes: |  |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 10/15/27 | 49453 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 6/15/28 | 100136 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/15/29 | 101132 |
| 490000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 1/15/31 | 501054 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 5/15/31 | 91364 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/15/33 | 49957 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 7/15/34 | 103386 |
| 165000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 6/15/35 | 172478 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 3/15/36 | 26896 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 8/15/39 | 42013 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 5/15/40 | 18883 |
| 153000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 10/15/47 | 117703 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 6/15/48 | 20669 |
| 375000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 8/15/49 | 282113 |
| 224000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 5/15/51 | 153590 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/15/52 | 43614 |
| 885000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 4/15/53 | 806366 |
| 950000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 7/15/54 | 938032 |
| 85000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 6/15/55 | 88091 |
| 120000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/59 | 87517 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 5/15/60 | 30948 |
| 65000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 5/15/62 | 56778 |
| 53000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 4/15/63 | 48084 |
|  |  | Total Healthcare — Services | 11740449 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| 1485000 | BB | Century Communities Inc., Company Guaranteed Notes, 6.625% due 9/15/33(a) | 1510119 |
| 10000 | BBB | Lennar Corp., Company Guaranteed Notes, 4.750% due 11/29/27 | 10094 |
| 60000 | BB- | LGI Homes Inc., Company Guaranteed Notes, 8.750% due 12/15/28(a) | 62639 |
| 25000 | BBB | Sekisui House US Inc., Company Guaranteed Notes, 6.000% due 1/15/43 | 23912 |
|  |  | Total Home Builders | 1606764 |
| **Home Furnishings — 0.0%@** | **Home Furnishings — 0.0%@** | **Home Furnishings — 0.0%@** | **Home Furnishings — 0.0%@** |
| 240000 | BB | Somnigroup International Inc., Company Guaranteed Notes, 4.000% due 4/15/29(a) | 233371 |
| **Household Products/Wares — 0.0%@** | **Household Products/Wares — 0.0%@** | **Household Products/Wares — 0.0%@** | **Household Products/Wares — 0.0%@** |
| 165000 | B | ACCO Brands Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a) | 152132 |
| 25000 | A | Kimberly-Clark Corp., Senior Unsecured Notes, 3.200% due 7/30/46 | 18386 |
|  |  | Total Household Products/Wares | 170518 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| 105000 | BB | Central Garden & Pet Co., Company Guaranteed Notes, 4.125% due 10/15/30 | 101404 |

---

#### See Notes to Financial Statements.

#### 144

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Housewares — 0.1% — (continued)** | **Housewares — 0.1% — (continued)** | **Housewares — 0.1% — (continued)** | **Housewares — 0.1% — (continued)** |
|  |  | Newell Brands Inc., Senior Unsecured Notes: |  |
| $375000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 9/15/29 | $381144 |
| 105000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/15/30 | 105410 |
| 250000 | B- | Scotts Miracle-Gro Co. (The), Company Guaranteed Notes, 4.500% due 10/15/29 | 247457 |
|  |  | Total Housewares | 835415 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
|  |  | Aflac Inc., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 4/1/30 | 24650 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/49 | 22351 |
|  |  | Allianz SE, Subordinated Notes: |  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350% (5-Year CMT Index + 3.232%) due 9/6/53(a)(f) | 1075229 |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% (5-Year CMT Index + 2.771%) due 9/3/54(a)(f) | 1026698 |
|  |  | Allstate Corp. (The), Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 12/15/30 | 22075 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/30/33 | 26125 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 12/15/46 | 20693 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 8/10/49 | 19265 |
|  |  | American International Group Inc., Senior Unsecured Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 3/27/33 | 51588 |
| 83000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 4/1/48 | 74641 |
|  |  | Aon Corp., Company Guaranteed Notes: |  |
| 22000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/15/28 | 22333 |
| 49000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 5/2/29 | 48612 |
| 38000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 5/15/30 | 36065 |
| 50000 | A- | Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33 | 52346 |
|  |  | Aon North America Inc., Company Guaranteed Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/1/34 | 52193 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/1/54 | 49442 |
| 25000 | A- | Arch Capital Group Ltd., Senior Unsecured Notes, 3.635% due 6/30/50 | 18689 |
|  |  | Arthur J. Gallagher & Co., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 7/15/34 | 25940 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 5/20/51 | 17391 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/2/53 | 24331 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 7/15/54 | 24579 |
| 805000 | BBB | Aspen Insurance Holdings Ltd., Senior Unsecured Notes, 5.750% due 7/1/30 | 845002 |
| 25000 | A | Assured Guaranty US Holdings Inc., Company Guaranteed Notes, 3.150% due 6/15/31 | 23609 |
|  |  | Athene Global Funding: |  |
| 1065000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp; Secured Notes, 5.033% due 7/17/30(a) | 1072327 |
| 1250000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 5.543% due 8/22/35(a) | 1246465 |
|  |  | Athene Holding Ltd., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 4/3/30 | 26209 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 1/15/31 | 23612 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/15/34 | 25427 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 4/1/54 | 46813 |
|  |  | Berkshire Hathaway Finance Corp., Company Guaranteed Notes: |  |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 10/15/30 | 22598 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 3/15/32 | 47173 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/40 | 27594 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 5/15/42 | 23147 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 8/15/48 | 42192 |
| 460000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/15/49 | 390047 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 10/15/50 | 32414 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 1/15/51 | 15103 |
| 75000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 3/15/52 | 58324 |

---

#### See Notes to Financial Statements.

#### 145

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** |
| $25000 | AA | Berkshire Hathaway Inc., Senior Unsecured Notes, 4.500% due 2/11/43 | $23537 |
| 25000 | BBB | Brighthouse Financial Inc., Senior Unsecured Notes, 5.625% due 5/15/30 | 25244 |
|  |  | Brown & Brown Inc., Senior Unsecured Notes: |  |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/15/29 | 25143 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/31 | 22488 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 6/23/55 | 51119 |
|  |  | Chubb INA Holdings LLC, Company Guaranteed Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 9/15/30 | 22321 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 3/13/43 | 22044 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 12/15/61 | 31417 |
| 930000 | BBB+ | Cincinnati Financial Corp., Senior Unsecured Notes, 6.125% due 11/1/34 | 1007047 |
| 25000 | A- | CNA Financial Corp., Senior Unsecured Notes, 5.500% due 6/15/33 | 26132 |
|  |  | Corebridge Financial Inc.: |  |
| 140000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due 12/15/52(f) | 143097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 4/5/27 | 49755 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 4/5/29 | 49474 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 9/15/33 | 26690 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/34 | 25969 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 4/5/42 | 21349 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 4/5/52 | 19992 |
|  |  | Corebridge Global Funding, Senior Secured Notes: |  |
| 1080000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 1/9/31(a) | 1084323 |
| 106000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 8/21/32(a) | 106896 |
|  |  | Equitable Holdings Inc., Senior Unsecured Notes: |  |
| 17000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 4/20/28 | 17097 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.594% due 1/11/33 | 26058 |
| 17000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 4/20/48 | 15097 |
|  |  | Everest Reinsurance Holdings Inc., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/15/50 | 17572 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 10/15/52 | 16002 |
|  |  | Fairfax Financial Holdings Ltd., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/7/33 | 26729 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 3/22/54 | 25940 |
| 25000 | BBB | Fidelity National Financial Inc., Senior Unsecured Notes, 3.400% due 6/15/30 | 23976 |
| 615000 | AA- | Guardian Life Insurance Co. of America (The), Subordinated Notes, 4.850% due 1/24/77(a) | 520676 |
|  |  | Hartford Insurance Group Inc. (The), Senior Unsecured Notes: |  |
| 98000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 10/15/36 | 106469 |
| 4000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 4/15/43 | 3550 |
| 120000 | B+ | HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30(a) | 123881 |
| 25000 | BBB | Jackson Financial Inc., Senior Unsecured Notes, 3.125% due 11/23/31 | 22813 |
| 25000 | BBB- | Kemper Corp., Senior Unsecured Notes, 3.800% due 2/23/32 | 23087 |
|  |  | Lincoln National Corp., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 3/1/28 | 24783 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 1/15/30 | 23796 |
|  |  | Loews Corp., Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 5/15/30 | 24144 |
| 1030000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.940% due 4/1/36 | 1029153 |
| 25000 | A | Manulife Financial Corp., Senior Unsecured Notes, 5.375% due 3/4/46 | 24963 |
|  |  | Markel Group Inc., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 9/17/29 | 24344 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 4/5/46 | 22997 |
|  |  | Marsh & McLennan Cos., Inc., Senior Unsecured Notes: |  |
| 290000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/30 | 266285 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/15/53 | 24110 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 9/15/53 | 25016 |

---

#### See Notes to Financial Statements.

#### 146

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** |
|  |  | MetLife Inc.: |  |
| $540000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 6.400% due 12/15/36 | $565246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/33 | 52727 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 6/15/34 | 27915 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 6/15/35 | 26734 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/13/42 | 21328 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/13/43 | 23203 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 3/1/45 | 20697 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 7/15/52 | 22595 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 1/15/54 | 23530 |
| 1243000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 5.850% (5-Year CMT Index + 1.817%) due 3/15/56(f) | 1234144 |
| 980000 | AA- | New York Life Insurance Co., Subordinated Notes, 5.875% due 5/15/33(a) | 1049724 |
|  |  | Northwestern Mutual Life Insurance Co. (The), Subordinated Notes: |  |
| 1590000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 3/30/51(a) | 1142814 |
| 510000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.170% due 5/29/55(a) | 550692 |
| 25000 | BBB+ | Old Republic International Corp., Senior Unsecured Notes, 3.850% due 6/11/51 | 18111 |
| 1405000 | A | Omnis Funding Trust, Senior Unsecured Notes, 6.722% due 5/15/55(a) | 1466548 |
| 610000 | BBB | PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500%<br>(5-Year CMT Index + 3.815%) due 10/1/50(f) | 592040 |
|  |  | Principal Financial Group Inc., Company Guaranteed Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 5/15/29 | 24778 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 6/15/30 | 22968 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/15/33 | 26175 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/15/53 | 24192 |
|  |  | Progressive Corp. (The), Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 3/26/30 | 24301 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 3/15/32 | 46431 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 6/15/33 | 25813 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 3/15/48 | 20926 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 3/26/50 | 19747 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 3/15/52 | 18776 |
|  |  | Protective Life Corp., Senior Unsecured Notes: |  |
| 755000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 1/15/31(a) | 763517 |
| 740000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 12/15/35(a) | 754069 |
|  |  | Prudential Financial Inc.: |  |
| 875000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 3.700% (5-Year CMT Index + 3.035%) due 10/1/50(f) | 817019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.878% due 3/27/28 | 25033 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 3/10/30 | 23398 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 7/15/33 | 54485 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 12/14/36 | 26445 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 3/10/40 | 19534 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.905% due 12/7/47 | 38733 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.935% due 12/7/49 | 19312 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 2/25/50 | 41089 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 3/13/51 | 36646 |
| 25000 | A | Reinsurance Group of America Inc., Senior Unsecured Notes, 6.000% due 9/15/33 | 26755 |
| 600000 | BBB+ | RenaissanceRe Holdings Ltd., Senior Unsecured Notes, 5.750% due 6/5/33 | 632445 |
|  |  | RGA Global Funding, Secured Notes: |  |
| 1035000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 11/25/30(a) | 1043504 |
| 990000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 12/6/31(a) | 1017506 |
| 555000 | AA | Transatlantic Holdings Inc., Senior Unsecured Notes, 8.000% due 11/30/39 | 698681 |
|  |  | Unum Group, Senior Unsecured Notes: |  |
| 500000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.046% due 8/15/41(a) | 415899 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/51 | 18581 |

---

#### See Notes to Financial Statements.

#### 147

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** | **Insurance — 1.4% — (continued)** |
|  |  | Willis North America Inc., Company Guaranteed Notes: |  |
| $25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 9/15/28 | $25171 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 9/15/29 | 23909 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 3/5/54 | 24910 |
| 25000 | A- | WR Berkley Corp., Senior Unsecured Notes, 3.550% due 3/30/52 | 17822 |
|  |  | Total Insurance | 25602485 |
| **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** | **Internet — 0.6%** |
| 200000 | A+ | Alibaba Group Holding Ltd., Senior Unsecured Notes, 5.250% due 5/26/35 | 210076 |
|  |  | Alphabet Inc., Senior Unsecured Notes: |  |
| 100000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 11/15/30 | 100941 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 11/15/35 | 50645 |
| 680000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 2/15/36 | 691500 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 11/15/45 | 50271 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 2/15/46 | 50937 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 8/15/50 | 27645 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 11/15/55 | 49734 |
| 1280000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 2/15/56 | 1313214 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 8/15/60 | 26305 |
| 50000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 11/15/75 | 50008 |
|  |  | Amazon.com Inc., Senior Unsecured Notes: |  |
| 200000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 4/13/27 | 199388 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 11/20/30 | 50391 |
| 100000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 5/12/31 | 91166 |
| 100000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 4/13/32 | 97491 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 11/20/35 | 50305 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/22/37 | 46327 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 5/12/41 | 38443 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 12/5/44 | 48539 |
| 75000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 5/12/51 | 50996 |
| 75000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 4/13/52 | 59527 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 11/20/55 | 49291 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 6/3/60 | 28345 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 5/12/61 | 32159 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 4/13/62 | 19371 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 11/20/65 | 48991 |
| 25000 | BBB+ | eBay Inc., Senior Unsecured Notes, 3.650% due 5/10/51 | 18585 |
|  |  | Meta Platforms Inc., Senior Unsecured Notes: |  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 11/15/30 | 100950 |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 11/15/32 | 101783 |
| 450000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 8/15/34 | 457558 |
| 2023000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/15/35 | 2042710 |
| 485000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/15/45 | 479756 |
| 225000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 8/15/52 | 185307 |
| 260000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 8/15/54 | 246977 |
| 2160000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/15/55 | 2115944 |
| 115000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650% due 8/15/62 | 93614 |
| 25000 | A | Netflix Inc., Senior Unsecured Notes, 4.900% due 8/15/34 | 25794 |
|  |  | Uber Technologies Inc., Senior Unsecured Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 1/15/31 | 49831 |
| 650000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 9/15/34 | 651371 |
| 640000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 9/15/35 | 637498 |
|  |  | Wayfair LLC, Senior Secured Notes: |  |
| 110000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 10/31/29(a) | 113751 |
| 150000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 11/15/32(a) | 152997 |
|  |  | Total Internet | 11006432 |

---

#### See Notes to Financial Statements.

#### 148

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
|  |  | Ares Capital Corp., Senior Unsecured Notes: |  |
| $50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 6/15/28 | $47721 |
| 320000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/29 | 326090 |
| 845000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/1/30 | 838361 |
| 785000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 1/15/31 | 766678 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 3/8/32 | 24933 |
|  |  | Ares Strategic Income Fund, Senior Unsecured Notes: |  |
| 865000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 3/15/28 | 872353 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 9/9/30(a) | 49732 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 3/21/32 | 50270 |
|  |  | Blackstone Private Credit Fund, Senior Unsecured Notes: |  |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 3/15/27 | 49176 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 1/25/31(a) | 25183 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/22/34 | 48491 |
| 25000 | Baa2(b) | Blackstone Secured Lending Fund, Senior Unsecured Notes, 2.850% due 9/30/28 | 23436 |
| 1045000 | BBB- | Blue Owl Capital Corp., Senior Unsecured Notes, 5.950% due 3/15/29(c) | 1041721 |
|  |  | Blue Owl Credit Income Corp., Senior Unsecured Notes: |  |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 9/16/27 | 25484 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 1/15/29 | 25967 |
|  |  | FS KKR Capital Corp., Senior Unsecured Notes: |  |
| 25000 | Baa3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 10/12/28 | 22778 |
| 25000 | Baa3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 1/15/30(c) | 24037 |
| 200000 | Aa3(b) | Gaci First Investment Co., Company Guaranteed Notes, (Cost — $204,022, acquired 3/14/23), 5.250% due 10/13/32(d) | 206737 |
| 25000 | BBB- | Golub Capital BDC Inc., Senior Unsecured Notes, 6.000% due 7/15/29 | 25117 |
| 75000 | BB- | Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes, 5.250% due 5/15/27 | 73932 |
|  |  | Total Investment Companies | 4568197 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| 25000 | BBB | ArcelorMittal SA, Senior Unsecured Notes, 6.750% due 3/1/41 | 27899 |
| 60000 | BB+ | Big River Steel LLC/BRS Finance Corp., Senior Secured Notes, 6.625% due 1/31/29(a) | 60405 |
|  |  | Cleveland-Cliffs Inc., Company Guaranteed Notes: |  |
| 145000 | Ba3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/1/29(a) | 149472 |
| 60000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 4/15/30(a) | 60963 |
| 135000 | Ba3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/1/31(a) | 128194 |
| 75000 | BB+ | Commercial Metals Co., Senior Unsecured Notes, 5.750% due 11/15/33(a) | 76565 |
|  |  | Nucor Corp., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 12/1/37 | 28337 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 4/1/52 | 19470 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.979% due 12/15/55 | 15983 |
| 25000 | BBB+ | Reliance Inc., Senior Unsecured Notes, 2.150% due 8/15/30 | 22908 |
| 25000 | BBB | Steel Dynamics Inc., Senior Unsecured Notes, 3.250% due 10/15/50 | 17176 |
| 60000 | BB+ | United States Steel Corp., Senior Unsecured Notes, 6.875% due 3/1/29 | 60140 |
|  |  | Vale Overseas Ltd., Company Guaranteed Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/21/36 | 28663 |
| 13000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 11/10/39 | 14901 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 6/28/54 | 52412 |
| 25000 | BBB | Vale SA, Senior Unsecured Notes, 5.625% due 9/11/42 | 25488 |
|  |  | Total Iron/Steel | 788976 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| 20000 | BB | Acushnet Co., Company Guaranteed Notes, 5.625% due 12/1/33(a) | 20405 |
| 95000 | BBB- | Amer Sports Co., Senior Secured Notes, 6.750% due 2/16/31(a) | 99171 |
| 2715000 | BB+ | Carnival Corp., Company Guaranteed Notes, 6.125% due 2/15/33(a) | 2812216 |

---

#### See Notes to Financial Statements.

#### 149

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Leisure Time — 0.3% — (continued)** | **Leisure Time — 0.3% — (continued)** | **Leisure Time — 0.3% — (continued)** | **Leisure Time — 0.3% — (continued)** |
| $40000 | B+ | NCL Corp., Ltd., Senior Unsecured Notes, 5.875% due 1/15/31(a) | $40431 |
|  |  | Royal Caribbean Cruises Ltd., Senior Unsecured Notes: |  |
| 130000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 9/30/31(a) | 134082 |
| 320000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 3/15/32(a) | 333838 |
| 1950000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 2/1/33(a) | 2017546 |
| 630000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 2/27/38 | 631261 |
| 210000 | BB | Viking Cruises Ltd., Senior Unsecured Notes, 5.875% due 10/15/33(a) | 214324 |
|  |  | Total Leisure Time | 6303274 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| 1200000 | EURB+ | Essendi SA, Senior Secured Notes, (Cost — $1,437,987, acquired 10/20/25), 5.500% due 11/15/31(d) | 1470231 |
|  |  | Hilton Domestic Operating Co., Inc., Company Guaranteed Notes: |  |
| 270000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/32(a) | 251783 |
| 245000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/15/33(a) | 252340 |
|  |  | Las Vegas Sands Corp., Senior Unsecured Notes: |  |
| 525000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 6/15/28 | 538062 |
| 685000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 8/15/34 | 724247 |
| 155000 | BBB | Marriott International Inc., Senior Unsecured Notes, 5.300% due 5/15/34 | 161287 |
| 305000 | BB- | MGM Resorts International, Company Guaranteed Notes, 6.125% due 9/15/29 | 313591 |
| 200000 | BBB- | Sands China Ltd., Senior Unsecured Notes, 2.300% due 3/8/27 | 196436 |
| 160000 | B | Station Casinos LLC, Company Guaranteed Notes, 4.500% due 2/15/28(a) | 159451 |
|  |  | Total Lodging | 4067428 |
| **Machinery — Construction & Mining — 0.0%@** | **Machinery — Construction & Mining — 0.0%@** | **Machinery — Construction & Mining — 0.0%@** | **Machinery — Construction & Mining — 0.0%@** |
| 45000 | BB- | BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(a) | 44567 |
| 250000 | A | Caterpillar Financial Services Corp., Senior Unsecured Notes, 3.700% due 1/10/28 | 250789 |
|  |  | Caterpillar Inc., Senior Unsecured Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.803% due 8/15/42 | 42796 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 9/19/49 | 18243 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 4/9/50 | 36418 |
| 170000 | BB | Terex Corp., Company Guaranteed Notes, 5.000% due 5/15/29(a) | 170243 |
|  |  | Total Machinery — Construction & Mining | 563056 |
| **Machinery — Diversified — 0.1%** | **Machinery — Diversified — 0.1%** | **Machinery — Diversified — 0.1%** | **Machinery — Diversified — 0.1%** |
| 220000 | BB- | Chart Industries Inc., Senior Secured Notes, 7.500% due 1/1/30(a) | 228843 |
| 185000 | BBB+ | CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28 | 186928 |
|  |  | Deere & Co., Senior Unsecured Notes: |  |
| 75000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 1/16/35 | 80097 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 6/9/42 | 44180 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 4/15/50 | 20118 |
| 90000 | BB+ | Esab Corp., Company Guaranteed Notes, 6.250% due 4/15/29(a) | 92363 |
|  |  | John Deere Capital Corp., Senior Unsecured Notes: |  |
| 100000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 3/9/27 | 98093 |
| 100000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 6/5/30 | 102502 |
|  |  | Otis Worldwide Corp., Senior Unsecured Notes: |  |
| 29000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 8/16/28 | 29940 |
| 210000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.565% due 2/15/30 | 198575 |
|  |  | Total Machinery — Diversified | 1081639 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
|  |  | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: |  |
| 645000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 8/15/30(a) | 615639 |
| 165000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 2/1/32(a) | 153501 |
| 815000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/1/32 | 746414 |
| 405000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 6/1/33(a) | 362288 |
| 2370000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/15/34(a)(c) | 2066011 |

---

#### See Notes to Financial Statements.

#### 150

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** |
|  |  | Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes: |  |
| $175000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 3/15/28 | $174967 |
| 1425000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100% due 6/1/29 | 1494113 |
| 1830000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 4/1/31 | 1666833 |
| 280000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 6/1/34 | 297961 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.384% due 10/23/35 | 26130 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 12/1/35 | 50355 |
| 50000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 3/1/42 | 35400 |
| 92000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 4/1/48 | 80250 |
| 315000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 3/1/50 | 240467 |
| 451000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 6/1/52 | 297523 |
| 718000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 4/1/61 | 435244 |
| 101000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 6/30/62 | 61818 |
|  |  | Comcast Corp., Company Guaranteed Notes: |  |
| 45000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 1/15/31 | 40706 |
| 188000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 2/15/31 | 166179 |
| 182000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 5/15/33 | 185801 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 7/15/36 | 21713 |
| 365000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 3/1/38 | 324781 |
| 20000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/1/39 | 15985 |
| 27000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/1/44 | 24285 |
| 153000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.969% due 11/1/47 | 118042 |
| 20000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/48 | 15451 |
| 43000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.999% due 11/1/49 | 32558 |
| 60000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 2/1/50 | 41353 |
| 149000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.887% due 11/1/51 | 90067 |
| 1051000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.049% due 11/1/52 | 789482 |
| 700000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 5/15/55(c) | 717373 |
| 889000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.937% due 11/1/56 | 519018 |
| 79000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 8/15/62 | 41163 |
| 400000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.987% due 11/1/63 | 223338 |
| 765000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 5/15/64 | 705330 |
| 100000 | CCC+ | DISH DBS Corp., Senior Secured Notes, 5.250% due 12/1/26(a) | 97228 |
| 205000 | B | DISH Network Corp., Senior Secured Notes, 11.750% due 11/15/27(a) | 212335 |
| 321000 | Baa3(b) | FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32 | 294323 |
|  |  | Gray Media Inc., Senior Secured Notes: |  |
| 95000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500% due 7/15/29(a) | 101865 |
| 65000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 8/15/33(a) | 67165 |
|  |  | iHeartCommunications Inc., Senior Secured Notes: |  |
| 65000 | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.125% due 5/1/29(a) | 57912 |
| 70000 | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 8/15/30(a) | 55733 |
|  |  | News Corp.: |  |
| 335000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 5.125% due 2/15/32(a) | 333734 |
| 1982000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 3.875% due 5/15/29(a) | 1934268 |
| 220000 | BB+ | Nexstar Media Inc., Company Guaranteed Notes, 5.625% due 7/15/27(a) | 220172 |
|  |  | Paramount Global, Company Guaranteed Notes: |  |
| 42000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 9/1/43 | 31155 |
| 43000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 4/1/44 | 28829 |
| 34000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 8/15/44 | 22102 |
| 50000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 1/15/45 | 31306 |
| 48000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 5/19/50 | 30355 |
|  |  | Sinclair Television Group Inc., Senior Secured Notes: |  |
| 43000 | B- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/31/32(a) | 34630 |
| 65000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 2/15/33(a) | 67730 |

---

#### See Notes to Financial Statements.

#### 151

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** | **Media — 1.2% — (continued)** |
|  |  |  | Sirius XM Radio LLC, Company Guaranteed Notes: |  |
| $380000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/15/28(a) | $371210 |
| 320000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 7/1/30(a) | 302449 |
|  |  |  | TEGNA Inc., Company Guaranteed Notes: |  |
| 150000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/15/28 | 149651 |
| 155000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 9/15/29 | 154957 |
| 50000 |  | BBB- | Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33 | 58489 |
|  |  |  | Time Warner Cable LLC, Senior Secured Notes: |  |
| 25000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 5/1/37 | 25777 |
| 25000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 7/1/38 | 27072 |
| 25000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 6/15/39 | 25636 |
| 2202000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/1/41 | 1973737 |
| 100000 |  | B+ | Univision Communications Inc., Senior Secured Notes, 7.375% due 6/30/30(a) | 100082 |
| 115000 |  | B+ | Virgin Media Secured Finance PLC, Senior Secured Notes, 4.500% due 8/15/30(a) | 104924 |
|  |  |  | Walt Disney Co. (The), Company Guaranteed Notes: |  |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 3/23/27 | 200149 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 1/13/28 | 97713 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 1/13/31 | 94759 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 12/15/34 | 56560 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400% due 12/15/35 | 28479 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 5/13/40 | 42421 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 9/1/49 | 32328 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 1/13/51 | 75198 |
| 1590000 | <sup>EUR</sup> | B+ | Ziggo BV, Senior Secured Notes, (Cost — $1,773,638, acquired 12/3/25), 2.875% due 1/15/30(d) | 1795713 |
|  |  |  | Total Media | 22215685 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| 380000 |  | BBB | Anglo American Capital PLC, Company Guaranteed Notes, 2.625% due 9/10/30(a) | 354985 |
|  |  |  | Barrick North America Finance LLC, Company Guaranteed Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 5/30/41 | 26006 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 5/1/43 | 25997 |
|  |  |  | BHP Billsiton Finance USA Ltd., Company Guaranteed Notes: |  |
| 25000 |  | A1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 9/8/30 | 26261 |
| 50000 |  | A1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 9/8/33 | 52503 |
| 25000 |  | A1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/24/42 | 22052 |
| 25000 |  | A1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 9/30/43 | 24288 |
| 25000 |  | A1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/8/53 | 25240 |
| 50000 |  | A1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 9/5/55 | 52257 |
|  |  |  | Freeport-McMoRan Inc., Company Guaranteed Notes: |  |
| 25000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/1/28 | 25002 |
| 290000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 8/1/30 | 293514 |
| 25000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/15/43 | 24750 |
| 1055000 |  | BBB+ | Glencore Funding LLC, Company Guaranteed Notes, 5.634% due 4/4/34(a) | 1116960 |
| 25000 |  | BBB- | Kinross Gold Corp., Senior Unsecured Notes, 6.250% due 7/15/33 | 27501 |
|  |  |  | Newmont Corp., Company Guaranteed Notes: |  |
| 61000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600% due 7/15/32 | 56130 |
| 108000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 4/1/35 | 117529 |
| 25000 |  | A | Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 2.750% due 11/2/51 | 15878 |
|  |  |  | Rio Tinto Finance USA PLC, Company Guaranteed Notes: |  |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/14/30 | 103338 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/9/33 | 51966 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/22/42 | 23816 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/21/42 | 21959 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 3/9/53 | 23750 |
| 1370000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/14/55 | 1424147 |

---

#### See Notes to Financial Statements.

#### 152

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Mining — 0.2% — (continued)** | **Mining — 0.2% — (continued)** | **Mining — 0.2% — (continued)** | **Mining — 0.2% — (continued)** | **Mining — 0.2% — (continued)** |
|  |  |  | Southern Copper Corp., Senior Unsecured Notes: |  |
| $25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 4/16/40 | $28731 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 11/8/42 | 24606 |
| 25000 |  | BBB- | Yamana Gold Inc., Company Guaranteed Notes, 2.630% due 8/15/31 | 22911 |
|  |  |  | Total Mining | 4012077 |
| **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** | **Miscellaneous Manufacturers — 0.1%** |
|  |  |  | 3M Co., Senior Unsecured Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 9/14/48 | 20259 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 8/26/49 | 35045 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 4/15/50 | 18891 |
| 120000 |  | BB- | Avient Corp., Senior Unsecured Notes, 7.125% due 8/1/30(a) | 123752 |
| 65000 |  | BB+ | Axon Enterprise Inc., Senior Unsecured Notes, 6.125% due 3/15/30(a) | 67171 |
|  |  |  | Eaton Corp., Company Guaranteed Notes: |  |
| 115000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 11/2/42 | 102386 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 8/23/52 | 22933 |
|  |  |  | Entegris Inc.: |  |
| 235000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 5.950% due 6/15/30(a) | 239875 |
| 1100000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 4.750% due 4/15/29(a) | 1101763 |
|  |  |  | Parker-Hannifin Corp., Senior Unsecured Notes: |  |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 9/15/27 | 100681 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/14/49 | 20540 |
| 218000 |  | BBB | Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29 | 216977 |
| 120000 |  | BB+ | Trinity Industries Inc., Company Guaranteed Notes, 7.750% due 7/15/28(a) | 123540 |
|  |  |  | Total Miscellaneous Manufacturers | 2193813 |
| **Multi-National — 0.4%** | **Multi-National — 0.4%** | **Multi-National — 0.4%** | **Multi-National — 0.4%** | **Multi-National — 0.4%** |
| 200000 |  | AAA | African Development Bank, Senior Unsecured Notes, 4.125% due 1/22/36 | 201858 |
| 1245000 |  | Baa2(b) | African Export-Import Bank (The), Senior Unsecured Notes, 3.798% due 5/17/31(a) | 1132091 |
|  |  |  | Asian Development Bank, Senior Unsecured Notes: |  |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/2/27 | 197095 |
| 100000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/14/28 | 101746 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 4/25/28 | 201417 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/28/29 | 201180 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/28/32 | 201935 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/14/36 | 204337 |
| 200000 |  | AAA | Asian Infrastructure Investment Bank (The), Senior Unsecured Notes, 4.500% due 1/16/30 | 207331 |
|  |  |  | Banque Ouest Africaine de Developpement, Senior Unsecured Notes: |  |
| 500000 |  | Baa1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 7/27/27(a) | 499740 |
| 1100000 |  | Baa1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 10/22/31(a) | 1033602 |
| 1000000 | <sup>EUR</sup> | Baa1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost — $899,756, acquired 5/30/24), 2.750% due 1/22/33(d) | 1017275 |
|  |  |  | European Investment Bank, Senior Unsecured Notes: |  |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 3/19/27 | 201865 |
| 400000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/15/29 | 404049 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/14/30 | 207626 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 3/13/31 | 201745 |
| 300000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/13/34 | 306180 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/12/35 | 210586 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/8/36 | 204355 |
|  |  |  | Inter-American Development Bank, Senior Unsecured Notes: |  |
| 400000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/17/34 | 413699 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/23/36 | 201859 |
|  |  |  | Total Multi-National | 7551571 |
| **Office/Business Equipment — 0.0%@** | **Office/Business Equipment — 0.0%@** | **Office/Business Equipment — 0.0%@** | **Office/Business Equipment — 0.0%@** | **Office/Business Equipment — 0.0%@** |
| 25000 |  | BBB- | CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 3.250% due 2/15/29 | 24171 |

---

#### See Notes to Financial Statements.

#### 153

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** |
|  |  |  | Aker BP ASA, Senior Unsecured Notes: |  |
| $600000 | <sup>EUR</sup> | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost — $608,492, acquired 3/7/24), 1.125% due 5/12/29(d) | $670992 |
| 655000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 10/1/54(a) | 616190 |
|  |  |  | APA Corp., Senior Unsecured Notes: |  |
| 159000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/15/30 | 158018 |
| 720000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 7/1/49 | 628672 |
| 110976 |  | B+ | Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes, 10.000% due 11/15/28(a) | 115780 |
|  |  |  | BP Capital Markets America Inc., Company Guaranteed Notes: |  |
| 110000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.633% due 4/6/30 | 108921 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.812% due 2/13/33 | 51274 |
| 93000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.989% due 4/10/34 | 95804 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.772% due 11/10/50 | 31761 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.939% due 6/4/51 | 65468 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.001% due 3/17/52 | 32890 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.379% due 2/8/61 | 33522 |
|  |  |  | BP Capital Markets PLC, Company Guaranteed Notes: |  |
| 2000000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% (5-Year CMT Index + 4.398%)(f)(g) | 1994498 |
| 1000000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450% (5-Year CMT Index + 2.153%)(f)(g) | 1066371 |
| 50000 |  | Baa1(b) | Canadian Natural Resources Ltd., Senior Unsecured Notes, 4.950% due 6/1/47 | 45678 |
|  |  |  | Chevron USA Inc., Company Guaranteed Notes: |  |
| 10000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 1/15/28 | 10050 |
| 100000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.687% due 4/15/30 | 103109 |
| 100000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 10/15/30 | 101810 |
| 25000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.343% due 8/12/50 | 15023 |
|  |  |  | Chord Energy Corp., Company Guaranteed Notes: |  |
| 65000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 10/1/30(a) | 66362 |
| 70000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 3/15/33(a) | 72757 |
| 25000 |  | A+ | CNOOC Petroleum North America ULC, Company Guaranteed Notes, 6.400% due 5/15/37 | 29828 |
| 35000 |  | BB | CNX Resources Corp., Company Guaranteed Notes, 5.875% due 3/1/34(a) | 35104 |
| 150000 |  | B | Comstock Resources Inc., Company Guaranteed Notes, 6.750% due 3/1/29(a) | 149592 |
|  |  |  | ConocoPhillips Co., Company Guaranteed Notes: |  |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 9/15/33 | 26027 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 2/1/39 | 28590 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 3/15/52 | 18924 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 5/15/53 | 47480 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 3/15/54 | 24688 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.025% due 3/15/62 | 37234 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 9/15/63 | 24901 |
| 340000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 1/15/65 | 335325 |
|  |  |  | Continental Resources Inc., Company Guaranteed Notes: |  |
| 180000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.268% due 11/15/26(a) | 177492 |
| 580000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/15/28 | 581392 |
| 80000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/31(a) | 83014 |
|  |  |  | Coterra Energy Inc., Senior Unsecured Notes: |  |
| 950000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 5/15/27 | 949386 |
| 150000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 3/15/29 | 151710 |
| 295000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 2/15/35 | 304748 |
| 621000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 2/15/55 | 618369 |
|  |  |  | Crescent Energy Finance LLC, Company Guaranteed Notes: |  |
| 180000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 2/15/28(a) | 185372 |
| 125000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 4/15/32(a) | 127416 |
|  |  |  | Devon Energy Corp., Senior Unsecured Notes: |  |
| 92000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/15/28 | 92029 |
| 129000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 1/15/30 | 130265 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 9/15/34 | 25641 |

---

#### See Notes to Financial Statements.

#### 154

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** |
| $485000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 7/15/41 | $486233 |
| 10000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/15/42 | 9091 |
| 640000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 6/15/45 | 585012 |
| 95000 | BB+ | Diamond Foreign Asset Co./Diamond Finance LLC, Secured Notes, 8.500% due 10/1/30(a) | 101317 |
|  |  | Diamondback Energy Inc., Company Guaranteed Notes: |  |
| 694000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/1/29 | 679783 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 3/24/31 | 189838 |
| 2000000 | NR | Diversified Gas & Oil Corp., Senior Secured Notes, 9.750% due 4/9/29(a) | 1959881 |
| 100000 | BB | Ecopetrol SA, Senior Unsecured Notes, 8.375% due 1/19/36 | 102891 |
| 220000 | A- | Eni SpA, Senior Unsecured Notes, 5.950% due 5/15/54(a) | 225784 |
| 190000 | A- | EOG Resources Inc., Senior Unsecured Notes, 4.375% due 4/15/30 | 192830 |
|  |  | EQT Corp., Senior Unsecured Notes: |  |
| 236000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 10/1/27 | 235761 |
| 52000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 4/1/28 | 53783 |
| 201000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 1/15/29 | 205027 |
| 462000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/31 | 468822 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/15/31(a) | 191673 |
| 128000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 2/1/34 | 135622 |
|  |  | Equinor ASA, Company Guaranteed Notes: |  |
| 50000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 9/10/28 | 50067 |
| 50000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/18/49 | 35877 |
| 25000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 4/6/50 | 19389 |
|  |  | Expand Energy Corp., Company Guaranteed Notes: |  |
| 10000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/1/29 | 9993 |
| 105000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 4/15/29(a) | 105308 |
| 1340000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/15/30 | 1361455 |
| 1515000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 2/1/32 | 1513497 |
|  |  | Exxon Mobil Corp., Senior Unsecured Notes: |  |
| 180000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.482% due 3/19/30 | 177676 |
| 460000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.227% due 3/19/40 | 429493 |
| 75000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.114% due 3/1/46 | 64114 |
| 185000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.327% due 3/19/50 | 158587 |
| 200000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.452% due 4/15/51 | 146799 |
| 125000 | BB- | Gulfport Energy Operating Corp., Company Guaranteed Notes, 6.750% due 9/1/29(a) | 129596 |
| 1450000 | BBB- | Harbour Energy PLC, Senior Unsecured Notes, 6.327% due 4/1/35(a) | 1510829 |
| 75000 | AA- | Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47 | 78758 |
| 210000 | BB+ | Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 5.750% due 2/1/29(a) | 211020 |
|  |  | Marathon Petroleum Corp., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 3/1/30 | 25931 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 3/1/41 | 27402 |
| 260000 | BB- | Matador Resources Co., Company Guaranteed Notes, 6.500% due 4/15/32(a) | 265715 |
| 65000 | BB- | Noble Finance II LLC, Company Guaranteed Notes, 8.000% due 4/15/30(a) | 67690 |
|  |  | Occidental Petroleum Corp., Senior Unsecured Notes: |  |
| 50000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 10/1/34 | 52147 |
| 50000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450% due 9/15/36 | 54490 |
| 25000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 3/15/40 | 26107 |
| 50000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.600% due 3/15/46 | 53158 |
| 177000 | BBB- | Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33 | 191068 |
|  |  | Permian Resources Operating LLC, Company Guaranteed Notes: |  |
| 190000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 7/1/29(a) | 190735 |
| 155000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 2/1/33(a) | 160288 |
|  |  | Petroleos Mexicanos, Company Guaranteed Notes: |  |
| 300000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.840% due 1/23/30 | 307695 |
| 150000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 2/16/32 | 150570 |

---

#### See Notes to Financial Statements.

#### 155

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** | **Oil & Gas — 1.7% — (continued)** |
| $100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000% due 2/7/33 | $117140 |
| 530000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.690% due 1/23/50 | 483007 |
| 100000 |  | BBB+ | Phillips 66, Company Guaranteed Notes, 4.650% due 11/15/34 | 99340 |
| 50000 |  | BBB+ | Phillips 66 Co., Company Guaranteed Notes, 5.500% due 3/15/55 | 47489 |
|  |  |  | Pioneer Natural Resources Co., Senior Unsecured Notes: |  |
| 50000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 8/15/30 | 45885 |
| 330000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 1/15/31 | 303951 |
| 665000 |  | BBB- | Santos Finance Ltd., Company Guaranteed Notes, 5.750% due 11/13/35(a) | 680353 |
|  |  |  | Saudi Arabian Oil Co., Senior Unsecured Notes: |  |
| 1880000 |  | Aa3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 2/2/36(a) | 1883666 |
| 880000 |  | Aa3(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 6/2/55(a) | 928397 |
|  |  |  | Shell Finance US Inc., Company Guaranteed Notes: |  |
| 220000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/13/28(a) | 221421 |
| 25000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 5/11/35 | 24396 |
| 90000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 8/12/43 | 82405 |
| 140000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/11/45 | 122837 |
| 340000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 5/10/46 | 281454 |
| 480000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 4/6/50 | 339171 |
| 50000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/26/51(a) | 33311 |
|  |  |  | SM Energy Co., Company Guaranteed Notes: |  |
| 235000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 1/15/27 | 235645 |
| 275000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 7/1/28(a) | 284360 |
| 275000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 7/1/31(a) | 288873 |
|  |  |  | Sunoco LP, Company Guaranteed Notes: |  |
| 161000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 3/15/31(a) | 161853 |
| 120000 |  | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 5/1/32(a) | 126832 |
| 185000 |  | BB+ | Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 6.000% due 4/15/27 | 185173 |
| 50000 |  | A+ | TotalEnergies Capital International SA, Company Guaranteed Notes, 3.127% due 5/29/50 | 34289 |
|  |  |  | TotalEnergies Capital SA, Company Guaranteed Notes: |  |
| 50000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 4/5/34 | 52375 |
| 100000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.724% due 9/10/34 | 102097 |
| 25000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.425% due 9/10/64 | 23931 |
| 25000 |  | BBB | Valero Energy Corp., Senior Unsecured Notes, 6.625% due 6/15/37 | 28137 |
| 700000 | <sup>EUR</sup> | Ba1(b) | Wintershall Dea Finance 2 BV, Company Guaranteed Notes, (Cost — $689,948, acquired 12/10/24), 3.000% (3.319% — 5-Year EUR Swap Rate)(d)(g)(j) | 800887 |
|  |  |  | Total Oil & Gas | 31686954 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| 95000 |  | BB- | Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a) | 95123 |
| 100000 |  | BBB+ | Halliburton Co., Senior Unsecured Notes, 5.000% due 11/15/45 | 91994 |
|  |  |  | Kodiak Gas Services LLC, Company Guaranteed Notes: |  |
| 110000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 2/15/29(a) | 114164 |
| 50000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/1/33(a) | 51589 |
| 400000 | <sup>EUR</sup> | B1(b) | OEG Finance PLC, Senior Secured Notes, (Cost — $437,741, acquired 12/11/24), 7.250% due 9/27/29(d) | 497914 |
|  |  |  | Schlumberger Holdings Corp.: |  |
| 910000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 4.850% due 5/15/33(a)(c) | 928530 |
| 171000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 3.900% due 5/17/28(a) | 171243 |
|  |  |  | Total Oil & Gas Services | 1950557 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  |  |  | Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes: |  |
| 570000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 3/17/30 | 590591 |
| 94000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.690% due 5/25/31 | 86948 |

---

#### See Notes to Financial Statements.

#### 156

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Packaging & Containers — 0.1% — (continued)** | **Packaging & Containers — 0.1% — (continued)** | **Packaging & Containers — 0.1% — (continued)** | **Packaging & Containers — 0.1% — (continued)** |
|  |  | Ball Corp., Company Guaranteed Notes: |  |
| $135000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 6/15/29 | $139351 |
| 55000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/15/33 | 56631 |
| 25000 | BBB | Berry Global Inc., Senior Secured Notes, 5.650% due 1/15/34 | 26422 |
| 40000 | B+ | Clydesdale Acquisition Holdings Inc., Senior Secured Notes, 6.750% due 4/15/32(a) | 40326 |
| 185000 | BB | Graphic Packaging International LLC, Company Guaranteed Notes, 6.375% due 7/15/32(a)(c) | 187624 |
| 160000 | B | Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 4/15/30(a) | 163884 |
| 85000 | B+ | Owens-Brockway Glass Container Inc., Company Guaranteed Notes, 6.625% due 5/13/27(a) | 85132 |
|  |  | Packaging Corp. of America, Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 12/1/33 | 26667 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 10/1/51 | 16550 |
| 135000 | BB+ | Sealed Air Corp., Company Guaranteed Notes, 4.000% due 12/1/27(a) | 134688 |
| 239000 | BBB- | Sonoco Products Co., Senior Unsecured Notes, 3.125% due 5/1/30 | 228722 |
| 100000 | BB- | TriMas Corp., Company Guaranteed Notes, 4.125% due 4/15/29(a) | 96606 |
| 331000 | B | Trivium Packaging Finance BV, Senior Secured Notes, 8.250% due 7/15/30(a) | 354768 |
|  |  | WRKCo Inc., Company Guaranteed Notes: |  |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 6/1/28 | 49992 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 3/15/29 | 25613 |
|  |  | Total Packaging & Containers | 2310515 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| 255000 | B | 1261229 BC Ltd., Senior Secured Notes, 10.000% due 4/15/32(a) | 264514 |
|  |  | AbbVie Inc., Senior Unsecured Notes: |  |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 3/15/27 | 100960 |
| 400000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 3/15/29 | 411073 |
| 1430000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 11/21/29 | 1397311 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/15/30 | 103442 |
| 180000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 3/15/31 | 187495 |
| 240000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 3/15/34 | 249207 |
| 200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 3/15/35 | 199240 |
| 200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/14/35 | 198242 |
| 145000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/15/36 | 145801 |
| 10000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 11/14/48 | 9248 |
| 840000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/21/49 | 707441 |
| 75000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 3/15/54 | 73722 |
| 50000 | BB- | AdaptHealth LLC, Company Guaranteed Notes, 4.625% due 8/1/29(a) | 48215 |
|  |  | Astrazeneca Finance LLC, Company Guaranteed Notes: |  |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 3/3/30 | 103725 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 2/26/34 | 52069 |
|  |  | AstraZeneca PLC, Senior Unsecured Notes: |  |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 9/18/42 | 21848 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/16/45 | 22467 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/17/48 | 22245 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 8/6/50 | 14311 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 5/28/51 | 17196 |
|  |  | Becton Dickinson & Co., Senior Unsecured Notes: |  |
| 243000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.693% due 2/13/28 | 246520 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.794% due 5/20/50 | 19355 |
|  |  | Bristol-Myers Squibb Co., Senior Unsecured Notes: |  |
| 273000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 2/22/31 | 285649 |
| 98000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/39 | 90140 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 3/15/42 | 41066 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 11/15/47 | 42868 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 2/20/48 | 43829 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 10/26/49 | 41651 |

---

#### See Notes to Financial Statements.

#### 157

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Pharmaceuticals — 0.7% — (continued)** | **Pharmaceuticals — 0.7% — (continued)** | **Pharmaceuticals — 0.7% — (continued)** | **Pharmaceuticals — 0.7% — (continued)** |
| $50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 11/13/50 | $30297 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 3/15/52 | 37377 |
| 898000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 2/22/54 | 892470 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 3/15/62 | 36954 |
|  |  | Cencora Inc., Senior Unsecured Notes: |  |
| 235000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 2/13/33 | 236824 |
| 122000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 2/13/36 | 122903 |
|  |  | CVS Health Corp., Senior Unsecured Notes: |  |
| 150000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 3/25/28 | 150980 |
| 150000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 1/30/29 | 154061 |
| 394000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 9/15/31 | 349928 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.780% due 3/25/38 | 95665 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 7/20/45 | 91603 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 3/25/48 | 178528 |
|  |  | Eli Lilly & Co., Senior Unsecured Notes: |  |
| 595000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 2/9/34 | 608888 |
| 200000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 8/14/34 | 203145 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 10/15/35 | 102577 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 3/15/49 | 20471 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/27/53 | 23038 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 2/9/54 | 47021 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 10/15/55 | 101782 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 3/15/59 | 20300 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 2/27/63 | 22852 |
| 475000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 2/9/64 | 443159 |
| 800000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650% due 10/15/65 | 813932 |
| 50000 | A | GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/38 | 57102 |
|  |  | Johnson & Johnson, Senior Unsecured Notes: |  |
| 100000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 3/1/28 | 101968 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 6/1/34 | 52965 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/1/35 | 52648 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 3/3/37 | 46144 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 3/1/46 | 41095 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 6/1/54 | 50756 |
| 25000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 9/1/60 | 14007 |
|  |  | Merck & Co., Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 9/15/27 | 100543 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 9/15/30 | 101162 |
| 100000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 9/15/35 | 102597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 3/7/39 | 22810 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 9/15/42 | 20694 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 5/18/43 | 44012 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 2/10/45 | 40558 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/7/49 | 40760 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 6/24/50 | 30166 |
| 390000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 12/10/51 | 245935 |
| 440000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 12/4/55 | 441361 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 12/10/61 | 29707 |
|  |  | Novartis Capital Corp., Company Guaranteed Notes: |  |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 9/18/29 | 100144 |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 11/5/30 | 100705 |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 11/5/32 | 100802 |

---

#### See Notes to Financial Statements.

#### 158

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Pharmaceuticals — 0.7% — (continued)** | **Pharmaceuticals — 0.7% — (continued)** | **Pharmaceuticals — 0.7% — (continued)** | **Pharmaceuticals — 0.7% — (continued)** |
| $255000 | BB | Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125% due 4/30/28(a) | $250463 |
|  |  | Pfizer Inc., Senior Unsecured Notes: |  |
| 160000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 4/1/30 | 152367 |
| 140000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 5/28/30 | 128358 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/36 | 23719 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 3/15/39 | 22532 |
| 100000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.200% due 3/15/39 | 120841 |
|  |  | Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes: |  |
| 200000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/19/33 | 204267 |
| 200000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 5/19/53 | 191605 |
| 158000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.340% due 5/19/63 | 148471 |
| 256000 | BBB+ | Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30 | 236499 |
| 200000 | BBB+ | Takeda US Financing Inc., Company Guaranteed Notes, 5.200% due 7/7/35 | 205774 |
| 25000 | BB+ | Utah Acquisition Sub Inc., Company Guaranteed Notes, 5.250% due 6/15/46 | 21079 |
| 50000 | BB+ | Viatris Inc., Company Guaranteed Notes, 4.000% due 6/22/50 | 34320 |
| 50000 | A | Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37 | 54706 |
|  |  | Zoetis Inc., Senior Unsecured Notes: |  |
| 160000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 8/17/35 | 163310 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 2/1/43 | 23278 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 9/12/47 | 20652 |
|  |  | Total Pharmaceuticals | 13886487 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| 235000 | BB+ | Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a) | 235050 |
| 155000 | B+ | Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32(a) | 163980 |
|  |  | Buckeye Partners LP, Senior Unsecured Notes: |  |
| 130000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 12/1/27 | 129605 |
| 135000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 7/1/29(a) | 140100 |
|  |  | Cheniere Corpus Christi Holdings LLC, Senior Secured Notes: |  |
| 72000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 6/30/27 | 72704 |
| 199000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 11/15/29 | 196367 |
| 260000 | BBB | Cheniere Energy Inc., Senior Unsecured Notes, 4.625% due 10/15/28 | 260159 |
|  |  | Cheniere Energy Partners LP, Company Guaranteed Notes: |  |
| 72000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/1/29 | 72456 |
| 143000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/31 | 140247 |
| 436000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 1/31/32 | 406797 |
| 105000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 6/30/33 | 112679 |
| 600000 | Baa1(b) | Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33(a) | 650304 |
|  |  | DT Midstream Inc., Company Guaranteed Notes: |  |
| 100000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 6/15/29(a) | 99349 |
| 55000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 6/15/31(a) | 54263 |
| 50000 | A- | Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 6.200% due 1/15/55 | 53413 |
|  |  | Enbridge Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 3/8/33 | 106350 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 8/1/33 | 43655 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/5/34 | 26472 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 8/1/51 | 34969 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 11/15/53 | 56179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes: |  |
| 725000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% (5-Year CMT Index + 5.314%) due 7/15/80(f) | 738760 |
| 435000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250% (5-Year CMT Index + 3.785%) due 1/15/84(f) | 468954 |

---

#### See Notes to Financial Statements.

#### 159

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** |
|  |  | Energy Transfer LP: |  |
| $340000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 5.250% due 4/15/29 | $351259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes: |  |
| 405000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000% (5-Year CMT Index + 4.020%) due 5/15/54(f) | 434927 |
| 380000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% (5-Year CMT Index + 2.676%) due 2/15/56(f) | 384187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 49000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 6/1/27 | 49771 |
| 76000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 2/15/28 | 78268 |
| 30000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 6/15/28 | 30614 |
| 800000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 5/15/30 | 787394 |
| 280000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 5/15/34 | 291452 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 6/15/38 | 26025 |
| 340000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 4/1/44 | 317544 |
| 18000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 4/15/47 | 16471 |
| 750000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 4/15/49 | 760313 |
| 147000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 5/15/50 | 125915 |
| 1860000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 5/15/54 | 1799663 |
| 675000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 4/1/55 | 675402 |
|  |  | Enterprise Products Operating LLC, Company Guaranteed Notes: |  |
| 660000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 10/16/28 | 666407 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 1/31/34 | 51157 |
| 150000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650% due 10/15/34 | 170836 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 2/15/35 | 51285 |
| 110000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 1/15/36 | 113496 |
| 250000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 3/15/44 | 234226 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 2/15/45 | 23999 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/15/48 | 20865 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 2/1/49 | 45099 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 1/31/50 | 41113 |
| 130000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 1/31/51 | 97810 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 2/15/52 | 16855 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 2/15/53 | 17062 |
| 180000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 2/16/55 | 178403 |
| 180000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 1/31/60 | 134725 |
| 60000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(f) | 60517 |
| 105000 | B | Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 7.750% due 2/1/28 | 105220 |
| 100000 | BB- | Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 5/15/32(a) | 103864 |
|  |  | Hess Midstream Operations LP, Company Guaranteed Notes: |  |
| 145000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/1/28(a) | 147455 |
| 5000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 6/15/28(a) | 5007 |
|  |  | Howard Midstream Energy Partners LLC, Senior Unsecured Notes: |  |
| 70000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 7/15/32(a) | 73913 |
| 40000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 1/15/34(a) | 41412 |
| 25000 | BBB+ | Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38 | 28840 |
|  |  | Kinder Morgan Inc., Company Guaranteed Notes: |  |
| 110000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 2/1/29 | 113363 |
| 170000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 6/1/30 | 176995 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 6/1/45 | 49486 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 3/1/48 | 23426 |
| 55000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 8/1/50 | 37263 |
| 82000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 2/15/51 | 58952 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 8/1/52 | 23758 |
| 705000 | BB+ | Kinetik Holdings LP, Company Guaranteed Notes, 5.875% due 6/15/30(a) | 714562 |

---

#### See Notes to Financial Statements.

#### 160

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** |
|  |  | MPLX LP, Senior Unsecured Notes: |  |
| $100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/1/27 | $100093 |
| 850000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 2/15/29 | 867140 |
| 180000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 2/15/31 | 183848 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 9/15/35 | 102202 |
| 885000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 4/1/36 | 893322 |
| 130000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/15/38 | 120881 |
| 140000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 4/15/48 | 118269 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 2/15/49 | 46955 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 3/14/52 | 43054 |
| 100000 | B+ | NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29(a) | 103769 |
| 100000 | BB- | Northriver Midstream Finance LP, Senior Secured Notes, 6.750% due 7/15/32(a) | 102893 |
| 74000 | BBB+ | Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27 | 74055 |
| 95000 | Ba1(b) | NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30 | 100077 |
|  |  | ONEOK Inc., Company Guaranteed Notes: |  |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 11/1/30 | 212294 |
| 165000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 9/1/33 | 177326 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 11/1/34 | 25103 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 10/15/43 | 23146 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 7/15/48 | 91313 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 2/1/49 | 21509 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 3/1/50 | 37008 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/15/50 | 20791 |
| 105000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 9/1/53 | 111707 |
| 25000 | BBB | ONEOK Partners LP, Company Guaranteed Notes, 6.650% due 10/1/36 | 27812 |
| 150020 | B2(b) | Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30(a) | 146223 |
| 100000 | BBB | Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 5.600% due 1/15/36 | 102676 |
| 500000 | B- | Prairie Acquiror LP, Senior Secured Notes, 9.000% due 8/1/29(a) | 523961 |
| 200000 | BB | Rockies Express Pipeline LLC, Senior Unsecured Notes, 4.950% due 7/15/29(a) | 200154 |
|  |  | Sabine Pass Liquefaction LLC, Senior Secured Notes: |  |
| 46000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/15/27 | 46238 |
| 40000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 3/15/28 | 40189 |
| 130300 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 9/15/37 | 138824 |
| 1120000 | BBB- | South Bow USA Infrastructure Holdings LLC, Company Guaranteed Notes, 5.026% due 10/1/29 | 1145549 |
| 25000 | BBB+ | Spectra Energy Partners LP, Company Guaranteed Notes, 4.500% due 3/15/45 | 21685 |
|  |  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes: |  |
| 110000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 1/15/28(a) | 110220 |
| 890000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/31/30(a) | 902481 |
|  |  | Targa Resources Corp., Company Guaranteed Notes: |  |
| 72000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 3/1/29 | 76246 |
| 130000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 2/1/33 | 126321 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 2/15/53 | 53094 |
|  |  | Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 1/15/28 | 100059 |
| 113000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/1/30 | 115072 |
| 489000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/1/31 | 495449 |
| 40000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 1/15/32 | 38878 |
|  |  | TransCanada PipeLines Ltd., Senior Unsecured Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 1/15/39 | 60723 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 3/15/49 | 24081 |
| 420000 | BBB- | Transcanada Trust, Company Guaranteed Notes, 5.500% (SOFR + 4.416%) due 9/15/79(f) | 425542 |

---

#### See Notes to Financial Statements.

#### 161

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** | **Pipelines — 1.4% — (continued)** |
|  |  |  | Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes: |  |
| $137000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/15/28 | $137370 |
| 138000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 3/15/48 | 120890 |
|  |  |  | Venture Global Calcasieu Pass LLC, Senior Secured Notes: |  |
| 220000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/29(a) | 210808 |
| 120000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/1/33(a) | 106885 |
|  |  |  | Venture Global LNG Inc.: |  |
| 695000 |  | B- | &nbsp;&nbsp;&nbsp;&nbsp; Junior Subordinated Notes, 9.000% (5-Year CMT Index + 5.440%)(a)(f)(g) | 607808 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes: |  |
| 200000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 6/1/28(a) | 205322 |
| 725000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500% due 2/1/29(a) | 777968 |
| 330000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 1/15/30(a)(c) | 334897 |
| 95000 |  | BB+ | Venture Global Plaquemines LNG LLC, Senior Secured Notes, 6.500% due 1/15/34(a) | 100030 |
|  |  |  | Western Midstream Operating LP, Senior Unsecured Notes: |  |
| 630000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 2/1/30 | 622779 |
| 100000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 3/1/31 | 100917 |
| 115000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 2/1/50 | 99945 |
|  |  |  | Williams Cos., Inc. (The), Senior Unsecured Notes: |  |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 3/15/55 | 51350 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 3/15/56 | 101580 |
|  |  |  | Total Pipelines | 26096169 |
| **Private Equity — 0.1%**  | **Private Equity — 0.1%**  | **Private Equity — 0.1%**  | **Private Equity — 0.1%**  | **Private Equity — 0.1%**  |
|  |  |  | Brookfield Finance Inc., Company Guaranteed Notes: |  |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 1/25/28 | 49924 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 3/29/29 | 25467 |
| 1000000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.330% due 1/15/36 | 999226 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.968% due 3/4/54 | 50121 |
| 25000 |  | A- | Brookfield Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450% due 4/15/50 | 16897 |
|  |  |  | Total Private Equity | 1141635 |
| **Real Estate — 0.1%**  | **Real Estate — 0.1%**  | **Real Estate — 0.1%**  | **Real Estate — 0.1%**  | **Real Estate — 0.1%**  |
| 1000000 | <sup>EUR</sup> | BBB | Aroundtown SA, Senior Unsecured Notes, (Cost — $1,165,400, acquired 10/20/25), 3.500% due 5/13/30(d) | 1182133 |
| 490000 | <sup>EUR</sup> | Ba1(b) | Castellum AB, Junior Subordinated Notes, (Cost — $494,518, acquired 12/4/24), 3.125% (3.454% — 5-Year EUR Swap Rate)(d)(g)(j) | 576089 |
| 675000 |  | BBB+ | CBRE Services Inc., Company Guaranteed Notes, 4.900% due 1/15/33 | 683879 |
|  |  |  | Total Real Estate | 2442101 |
| **Real Estate Investment Trusts (REITs) — 0.9%**  | **Real Estate Investment Trusts (REITs) — 0.9%**  | **Real Estate Investment Trusts (REITs) — 0.9%**  | **Real Estate Investment Trusts (REITs) — 0.9%**  | **Real Estate Investment Trusts (REITs) — 0.9%**  |
|  |  |  | Alexandria Real Estate Equities Inc., Company Guaranteed Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 1/15/28 | 24960 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 7/30/29 | 25225 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/1/33 | 20812 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 4/15/35 | 24374 |
| 765000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/15/36 | 765061 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 3/15/52 | 18007 |
| 370000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 4/15/53 | 336107 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 5/15/54 | 24209 |
|  |  |  | American Homes 4 Rent LP, Senior Unsecured Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/15/28 | 25066 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 4/15/32 | 23750 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 2/1/34 | 25868 |
|  |  |  | American Tower Corp., Senior Unsecured Notes: |  |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 3/15/27 | 49845 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800% due 11/15/28 | 104561 |

---

#### See Notes to Financial Statements.

#### 162

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** |
| $86000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 8/15/29 | $85350 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 6/15/30 | 91887 |
| 112000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 10/15/30 | 101191 |
| 106000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 4/15/31 | 98560 |
| 47000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 9/15/31 | 42328 |
| 1865000 |  | NR | Arbor Realty SR Inc., Company Guaranteed Notes, 5.000% due 12/30/28(a) | 1678683 |
|  |  |  | AvalonBay Communities Inc., Senior Unsecured Notes: |  |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 6/1/29 | 24558 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 3/1/30 | 23435 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 1/15/32 | 44525 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 2/15/33 | 25916 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 12/7/33 | 26343 |
|  |  |  | Boston Properties LP, Senior Unsecured Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/1/28 | 25235 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 6/21/29 | 24372 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 1/30/31 | 23565 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 10/1/33 | 20689 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 1/15/34 | 26834 |
| 25000 |  | BBB | Brixmor Operating Partnership LP, Senior Unsecured Notes, 5.500% due 2/15/34 | 26039 |
| 25000 |  | A- | Camden Property Trust, Senior Unsecured Notes, 4.900% due 1/15/34 | 25619 |
|  |  |  | Crown Castle Inc., Senior Unsecured Notes: |  |
| 109000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 1/11/28 | 110966 |
| 113000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 2/15/28 | 112590 |
| 69000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 11/15/29 | 66308 |
| 83000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 1/15/31 | 75152 |
| 66000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 4/1/31 | 58893 |
| 80000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 7/15/31 | 72382 |
| 25000 |  | BBB | CubeSmart LP, Company Guaranteed Notes, 2.500% due 2/15/32 | 22461 |
| 300000 | <sup>EUR</sup> | BBB+ | Digital Intrepid Holding BV, Company Guaranteed Notes, (Cost — $253,504, acquired 5/30/23), 0.625% due 7/15/31(d) | 308197 |
| 25000 |  | BBB+ | Digital Realty Trust LP, Company Guaranteed Notes, 5.550% due 1/15/28 | 25741 |
|  |  |  | EPR Properties, Senior Unsecured Notes: |  |
| 25000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 8/15/29 | 24401 |
| 305000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 11/15/31 | 286591 |
| 1100000 |  | BBB+ | Equinix Asia Financing Corp. Pte Ltd., Company Guaranteed Notes, 4.400% due 3/15/31 | 1099687 |
|  |  |  | Equinix Inc., Senior Unsecured Notes: |  |
| 130000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.550% due 3/15/28 | 124073 |
| 183000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 5/15/28 | 175502 |
| 183000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 11/18/29 | 176999 |
| 170000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 5/15/31 | 155284 |
|  |  |  | ERP Operating LP, Senior Unsecured Notes: |  |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 3/1/28 | 24844 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 12/1/28 | 25186 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 7/1/29 | 24310 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 2/15/30 | 23714 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850% due 8/1/31 | 22336 |
| 1331000 |  | BBB | Essential Properties LP, Company Guaranteed Notes, 2.950% due 7/15/31 | 1230978 |
|  |  |  | Essex Portfolio LP, Company Guaranteed Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/1/27 | 24940 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/29 | 24961 |
| 170000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 4/1/34 | 177439 |
|  |  |  | Extra Space Storage LP, Company Guaranteed Notes: |  |
| 106000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 4/1/28 | 109520 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 7/1/30 | 52350 |

---

#### See Notes to Financial Statements.

#### 163

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** |
|  |  | GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes: |  |
| $87000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 1/15/29 | $88885 |
| 267000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 1/15/30 | 260926 |
| 65000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 1/15/31 | 62697 |
| 86000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 1/15/32 | 78528 |
|  |  | Healthpeak OP LLC, Company Guaranteed Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 1/15/30 | 47886 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 1/15/31 | 23444 |
| 25000 | BBB- | Host Hotels & Resorts LP, Senior Unsecured Notes, 2.900% due 12/15/31 | 22884 |
| 146000 | BBB | Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28 | 139092 |
| 495000 | BB- | Iron Mountain Inc., Company Guaranteed Notes, 4.875% due 9/15/27(a) | 495088 |
| 1530000 | BB- | Iron Mountain Information Management Services Inc., Company Guaranteed Notes, 5.000% due 7/15/32(a) | 1481780 |
|  |  | Kilroy Realty LP, Company Guaranteed Notes: |  |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 8/15/29 | 24584 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 11/15/33 | 20495 |
|  |  | Kimco Realty OP LLC, Company Guaranteed Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 4/1/27 | 25015 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 12/1/31 | 45119 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 4/1/32 | 23535 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 2/1/33 | 25278 |
| 65000 | BB+ | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 7.000% due 7/15/31(a) | 68538 |
| 25000 | A- | Mid-America Apartments LP, Senior Unsecured Notes, 5.000% due 3/15/34 | 25500 |
|  |  | NNN REIT Inc., Senior Unsecured Notes: |  |
| 124000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 4/15/50 | 83076 |
| 238000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 4/15/51 | 172698 |
|  |  | Omega Healthcare Investors Inc., Company Guaranteed Notes: |  |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/15/28 | 25261 |
| 25000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 10/1/29 | 24390 |
|  |  | Piedmont Operating Partnership LP, Company Guaranteed Notes: |  |
| 153000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 7/20/28 | 168648 |
| 765000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 4/1/32 | 668242 |
|  |  | Prologis LP, Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 6/15/28 | 25600 |
| 147000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 4/15/30 | 137764 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 1/15/33 | 25413 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 1/15/34 | 25932 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/15/34 | 25723 |
| 140000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 10/15/50 | 77351 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 6/15/53 | 24214 |
|  |  | Public Storage Operating Co., Company Guaranteed Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850% due 5/1/28 | 23997 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.385% due 5/1/29 | 24706 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/9/31 | 22663 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 8/1/33 | 26107 |
|  |  | Realty Income Corp., Senior Unsecured Notes: |  |
| 57000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 12/15/29 | 55356 |
| 74000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 1/15/31 | 71143 |
| 134000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 2/15/34 | 138984 |
| 25000 | A- | Regency Centers LP, Company Guaranteed Notes, 5.250% due 1/15/34 | 25965 |
|  |  | RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes: |  |
| 265000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 10/15/27 | 265117 |
| 110000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 4/1/32(a) | 113894 |

---

#### See Notes to Financial Statements.

#### 164

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** | **Real Estate Investment Trusts (REITs) — 0.9% — (continued)** |
| $170000 |  | BB+ | SBA Communications Corp., Senior Unsecured Notes, 3.125% due 2/1/29 | $163550 |
|  |  |  | Simon Property Group LP, Senior Unsecured Notes: |  |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 6/15/27 | 49779 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/1/27 | 49705 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 9/13/29 | 47560 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 7/15/30 | 47274 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 2/1/31 | 22838 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 1/15/32 | 22411 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 2/1/32 | 22832 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/8/33 | 26551 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 1/15/34 | 27682 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 9/13/49 | 35310 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 7/15/50 | 19337 |
| 120000 |  | BB- | Starwood Property Trust Inc., Senior Unsecured Notes, 7.250% due 4/1/29(a) | 125874 |
|  |  |  | UDR Inc., Company Guaranteed Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 8/15/31 | 23452 |
| 255000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.100% due 8/1/32 | 222380 |
| 170000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 9/1/34 | 173704 |
|  |  |  | Ventas Realty LP, Company Guaranteed Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/28 | 25002 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 1/15/29 | 25257 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 1/15/30 | 23980 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 4/15/49 | 22481 |
| 312000 |  | BBB- | VICI Properties LP, Senior Unsecured Notes, 4.750% due 2/15/28 | 315251 |
| 160000 |  | BBB- | VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes, 4.500% due 1/15/28(a) | 160702 |
| 605000 |  | BBB- | Vornado Realty LP, Senior Unsecured Notes, 5.750% due 2/1/33 | 614203 |
|  |  |  | Welltower OP LLC, Company Guaranteed Notes: |  |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050% due 1/15/29 | 23771 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/15/29 | 25150 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 1/15/30 | 24186 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 1/15/31 | 23515 |
| 25000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 1/15/32 | 23098 |
|  |  |  | Weyerhaeuser Co., Senior Unsecured Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/29 | 24899 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/9/52 | 19371 |
|  |  |  | Total Real Estate Investment Trusts (REITs) | 16161402 |
| **Retail — 0.3%**  | **Retail — 0.3%**  | **Retail — 0.3%**  | **Retail — 0.3%**  | **Retail — 0.3%**  |
| 110000 |  | BB | Asbury Automotive Group Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a) | 108351 |
| 50000 |  | BBB | AutoZone Inc., Senior Unsecured Notes, 5.400% due 7/15/34 | 52268 |
| 325000 |  | BB+ | Bath & Body Works Inc., Company Guaranteed Notes, 7.500% due 6/15/29 | 331874 |
| 100000 |  | AA | Costco Wholesale Corp., Senior Unsecured Notes, 1.600% due 4/20/30 | 91590 |
| 25000 |  | BBB | Dick's Sporting Goods Inc., Senior Unsecured Notes, 4.100% due 1/15/52 | 18245 |
| 25000 |  | BBB | Dollar General Corp., Senior Unsecured Notes, 4.125% due 4/3/50 | 19910 |
| 340000 | <sup>EUR</sup> | BB+ | Dufry One BV, Senior Unsecured Notes, (Cost — $402,402, acquired 7/9/25), 4.500% due 5/23/32(d) | 415403 |
| 130000 |  | BB+ | Gap Inc. (The), Company Guaranteed Notes, 3.625% due 10/1/29(a) | 123802 |
| 55000 |  | BB+ | Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a) | 54009 |
|  |  |  | Home Depot Inc. (The), Senior Unsecured Notes: |  |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 9/15/28 | 50254 |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 6/15/29 | 97546 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 6/25/34 | 51691 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 12/16/36 | 54743 |
| 70000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 4/15/40 | 58237 |
| 25000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 4/1/43 | 22084 |

---

#### See Notes to Financial Statements.

#### 165

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Retail — 0.3% — (continued)** | **Retail — 0.3% — (continued)** | **Retail — 0.3% — (continued)** | **Retail — 0.3% — (continued)** |
| $25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/15/44 | $23808 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 3/15/45 | 22177 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 4/1/46 | 43096 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/6/48 | 43865 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 12/15/49 | 34652 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/15/51 | 29211 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 9/15/51 | 31517 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 4/15/52 | 37254 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 9/15/52 | 23161 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 9/15/56 | 17759 |
| 105000 | BB+ | Lithia Motors Inc., Senior Unsecured Notes, 3.875% due 6/1/29(a) | 101550 |
|  |  | Lowe's Cos., Inc., Senior Unsecured Notes: |  |
| 405000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 4/5/29 | 401882 |
| 284000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 10/15/30 | 255510 |
| 91000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 4/1/31 | 84470 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 5/3/47 | 40331 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/15/50 | 32496 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 4/1/52 | 19994 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/15/53 | 49289 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 4/1/62 | 19854 |
|  |  | Macy's Retail Holdings LLC, Company Guaranteed Notes: |  |
| 360000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/15/30(a)(c) | 361957 |
| 95000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 3/15/32(a) | 95768 |
|  |  | McDonald's Corp., Senior Unsecured Notes: |  |
| 100000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 3/1/27 | 99745 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 12/9/35 | 25293 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.300% due 3/1/38 | 28088 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 9/1/48 | 21720 |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 9/1/49 | 37750 |
| 425000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 4/1/50 | 351935 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 9/9/52 | 23611 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 8/14/53 | 24682 |
| 120000 | BB+ | Nordstrom Inc., Senior Secured Notes, 4.375% due 4/1/30 | 115632 |
| 115000 | BB- | Penske Automotive Group Inc., Company Guaranteed Notes, 3.750% due 6/15/29 | 111289 |
| 925000 | BB- | PetSmart LLC/PetSmart Finance Corp., Senior Secured Notes, 7.500% due 9/15/32(a) | 936664 |
| 165000 | BB- | Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a) | 162897 |
|  |  | Starbucks Corp., Senior Unsecured Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 2/15/31 | 51803 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/1/47 | 19459 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/48 | 21556 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 8/15/49 | 21373 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 3/12/50 | 17686 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/15/50 | 18122 |
| 80000 | BB- | Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a) | 77780 |
|  |  | Target Corp., Senior Unsecured Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 9/15/32(c) | 51174 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/1/42 | 21617 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 4/15/46 | 19721 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 1/15/52 | 32962 |
|  |  | Walmart Inc., Senior Unsecured Notes: |  |
| 100000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 9/22/31 | 90225 |
| 100000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 4/15/33 | 100715 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 4/15/38 | 28575 |

---

#### See Notes to Financial Statements.

#### 166

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Retail — 0.3% — (continued)** | **Retail — 0.3% — (continued)** | **Retail — 0.3% — (continued)** | **Retail — 0.3% — (continued)** |
| $25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 6/28/38 | $23702 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 4/15/41 | 27021 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 9/22/41 | 18597 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/15/47 | 20045 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050% due 6/29/48 | 42505 |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 9/24/49 | 17477 |
| 50000 | AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 9/22/51 | 32256 |
|  |  | Total Retail | 6013285 |
| **Semiconductors — 0.4%**  | **Semiconductors — 0.4%**  | **Semiconductors — 0.4%**  | **Semiconductors — 0.4%**  |
| 70000 | BB | Amkor Technology Inc., Company Guaranteed Notes, 5.875% due 10/1/33(a) | 71514 |
|  |  | Analog Devices Inc., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 10/1/41 | 18851 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 10/1/51 | 16559 |
|  |  | Applied Materials Inc., Senior Unsecured Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 4/1/27 | 49839 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 6/15/41 | 27146 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 4/1/47 | 22188 |
|  |  | Broadcom Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 296000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 11/15/30 | 297105 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 2/15/41 | 41488 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 2/15/51 | 77225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 170000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 4/15/32(a) | 168451 |
| 230000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 7/15/32 | 237031 |
| 100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.469% due 4/15/34 | 92585 |
| 1054000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137% due 11/15/35(a) | 921945 |
| 234000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 2/15/36 | 234743 |
|  |  | Foundry JV Holdco LLC, Senior Secured Notes: |  |
| 320000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/25/34(a) | 334382 |
| 2300000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 1/25/37(a) | 2465951 |
|  |  | Intel Corp., Senior Unsecured Notes: |  |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/10/28 | 101648 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.450% due 11/15/29 | 94343 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 8/5/32 | 97921 |
| 735000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 11/15/49 | 482623 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/25/50 | 83595 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 8/5/52 | 84556 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 2/10/53 | 47617 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 2/21/54 | 23637 |
| 64000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 2/10/63 | 61648 |
|  |  | KLA Corp., Senior Unsecured Notes: |  |
| 258000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 3/15/29 | 259864 |
| 50000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 7/15/62 | 47300 |
|  |  | Lam Research Corp., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/15/49 | 23418 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 6/15/60 | 16015 |
|  |  | Marvell Technology Inc.: |  |
| 55000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 4.750% due 7/15/30 | 56094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 2/15/29 | 26145 |
| 175000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 7/15/35 | 182300 |

---

#### See Notes to Financial Statements.

#### 167

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Semiconductors — 0.4% — (continued)** | **Semiconductors — 0.4% — (continued)** | **Semiconductors — 0.4% — (continued)** | **Semiconductors — 0.4% — (continued)** |
|  |  | Micron Technology Inc., Senior Unsecured Notes: |  |
| $25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 9/15/33 | $26910 |
| 335000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 11/1/35 | 364071 |
|  |  | NVIDIA Corp., Senior Unsecured Notes: |  |
| 25000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 4/1/40 | 21568 |
| 50000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 4/1/50 | 38207 |
| 296000 | BBB+ | NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 2.500% due 5/11/31 | 271214 |
| 70000 | BB | ON Semiconductor Corp., Company Guaranteed Notes, 3.875% due 9/1/28(a) | 68593 |
|  |  | QUALCOMM Inc., Senior Unsecured Notes: |  |
| 100000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 5/20/27 | 99533 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 5/20/30 | 23268 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800% due 5/20/45 | 23154 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 5/20/50 | 17524 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/20/52 | 21227 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 5/20/53 | 26463 |
| 105000 | BB- | Synaptics Inc., Company Guaranteed Notes, 4.000% due 6/15/29(a) | 101399 |
|  |  | Texas Instruments Inc., Senior Unsecured Notes: |  |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/15/39 | 22612 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 5/15/48 | 42112 |
| 62000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 5/18/63 | 56651 |
|  |  | Total Semiconductors | 7990233 |
| **Shipbuilding — 0.0%@** | **Shipbuilding — 0.0%@** | **Shipbuilding — 0.0%@** | **Shipbuilding — 0.0%@** |
| 137000 | BBB- | Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28 | 130793 |
| **Software — 0.8%**  | **Software — 0.8%**  | **Software — 0.8%**  | **Software — 0.8%**  |
| 50000 | A+ | Adobe Inc., Senior Unsecured Notes, 2.300% due 2/1/30 | 46910 |
| 500000 | CCC | AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a) | 472510 |
| 90000 | BBB+ | Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30 | 85783 |
| 750000 | B | Cloud Software Group Inc., Senior Secured Notes, 8.250% due 6/30/32(a) | 750697 |
| 25000 | BBB- | Concentrix Corp., Senior Unsecured Notes, 6.600% due 8/2/28(c) | 25230 |
| 55000 | B | CoreWeave Inc., Company Guaranteed Notes, 9.250% due 6/1/30(a) | 53943 |
| 115000 | BB | Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a) | 108321 |
| 25000 | BB+ | Fair Isaac Corp., Senior Unsecured Notes, 6.000% due 5/15/33(a) | 25294 |
|  |  | Fidelity National Information Services Inc., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 3/1/28 | 23876 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 3/1/41 | 18594 |
|  |  | Fiserv Inc., Senior Unsecured Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/2/28 | 25588 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 8/21/28 | 25633 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 10/1/28 | 25024 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 7/1/29 | 97176 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 6/1/30 | 23211 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 7/1/49 | 39619 |
|  |  | Intuit Inc., Senior Unsecured Notes: |  |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.350% due 7/15/27 | 24199 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 9/15/28 | 25743 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 7/15/30 | 22582 |
| 900000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/15/53 | 851900 |
|  |  | Microsoft Corp., Senior Unsecured Notes: |  |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 8/8/36 | 46195 |
| 150000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.525% due 6/1/50 | 93485 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 9/15/50 | 30939 |
| 150000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.921% due 3/17/52 | 100000 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 2/6/57 | 45035 |
| 50000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.041% due 3/17/62 | 31462 |

---

#### See Notes to Financial Statements.

#### 168

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Software — 0.8% — (continued)** | **Software — 0.8% — (continued)** | **Software — 0.8% — (continued)** | **Software — 0.8% — (continued)** |
|  |  | Oracle Corp., Senior Unsecured Notes: |  |
| $525000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550% due 2/4/29 | $526417 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 4/1/30 | 93089 |
| 1570000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 9/26/30 | 1543828 |
| 600000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 3/25/31 | 545700 |
| 46000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 11/9/32 | 48600 |
| 238000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 7/8/34 | 218396 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200% due 9/26/35 | 96900 |
| 3017000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 2/4/36 | 3020285 |
| 37000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 7/15/36 | 31587 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 11/15/37 | 164977 |
| 88000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/40 | 80563 |
| 500000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 3/25/41 | 371665 |
| 330000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550% due 2/4/46 | 322681 |
| 111000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/15/46 | 77533 |
| 91000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/47 | 62699 |
| 280000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600% due 4/1/50 | 175153 |
| 60000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 3/25/51 | 39736 |
| 317000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 9/27/54 | 257439 |
| 232000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/15/55 | 160438 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 8/3/55 | 22052 |
| 1040000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950% due 9/26/55 | 918441 |
| 1475000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 2/4/56 | 1434425 |
| 600000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 4/1/60 | 365515 |
| 475000 | Baa2(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850% due 2/4/66 | 455391 |
| 135000 | BB | RingCentral Inc., Senior Unsecured Notes, 8.500% due 8/15/30(a) | 141882 |
|  |  | Roper Technologies Inc., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 9/15/29 | 23980 |
| 80000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 9/15/30 | 80575 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 2/15/31 | 21976 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 10/15/34 | 24818 |
|  |  | Salesforce Inc., Senior Unsecured Notes: |  |
| 140000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 7/15/41 | 99508 |
| 50000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900% due 7/15/51 | 30724 |
| 25000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 7/15/61 | 14567 |
| 205000 | B+ | SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a) | 204853 |
|  |  | Synopsys Inc., Senior Unsecured Notes: |  |
| 210000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 4/1/30 | 215176 |
| 130000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 4/1/32 | 134140 |
| 182000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 4/1/55 | 182086 |
|  |  | Workday Inc., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 4/1/27 | 24875 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 4/1/29 | 24589 |
|  |  | Total Software | 15376208 |
| **Telecommunications — 1.3%**  | **Telecommunications — 1.3%**  | **Telecommunications — 1.3%**  | **Telecommunications — 1.3%**  |
|  |  | AT&T Inc., Senior Unsecured Notes: |  |
| 175000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 3/1/27 | 175498 |
| 100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 6/1/27 | 98144 |
| 50000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 2/1/28 | 47986 |
| 55000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 3/1/29 | 55628 |
| 117000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 6/1/31 | 109092 |
| 83000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 2/15/34 | 87079 |
| 325000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 11/1/35 | 325838 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 4/30/36 | 203061 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/1/37 | 25584 |

---

#### See Notes to Financial Statements.

#### 169

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** |
| $25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900% due 8/15/37 | $24706 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 3/1/39 | 24097 |
| 80000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550% due 8/15/41 | 80162 |
| 73000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 6/15/45 | 61603 |
| 132000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/15/46 | 116286 |
| 238000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/9/48 | 200026 |
| 270000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 9/15/53 | 184375 |
| 1470000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 11/1/54 | 1427592 |
| 2677000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 9/15/55 | 1815683 |
| 190000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 8/15/56 | 193563 |
| 52000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 12/1/57 | 36513 |
| 432000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 9/15/59 | 291174 |
| 18000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 6/1/60 | 12584 |
| 500000 | <sup>GBP</sup> | BB+ | British Telecommunications PLC, Company Guaranteed Notes, (Cost — $681,046, acquired 3/7/24), 8.375% (5-Year UK Government Note Generic Bid Yield + 3.820%) due 12/20/83(d)(f) | 727200 |
| 900000 | <sup>EUR</sup> | BBB | Chorus Ltd., Company Guaranteed Notes, (Cost — $1,043,806, acquired 1/13/26), 3.529% due 11/26/32(d) | 1071459 |
| 105000 |  | Ba3(b) | Cipher Compute LLC, Senior Secured Notes, 7.125% due 11/15/30(a) | 109545 |
|  |  |  | Cisco Systems Inc., Senior Unsecured Notes: |  |
| 100000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 2/26/31 | 104192 |
| 50000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900% due 2/15/39 | 54702 |
| 50000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 1/15/40 | 52521 |
| 25000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 2/26/64 | 23974 |
| 505000 |  | B+ | Colombia Telecomunicaciones SA ESP, Senior Unsecured Notes, 4.950% due 7/17/30(a) | 473541 |
|  |  |  | Corning Inc., Senior Unsecured Notes: |  |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 11/15/48 | 24869 |
| 25000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/15/57 | 20919 |
| 200000 |  | B | Digicel International Finance Ltd./Difl US LLC, Senior Secured Notes, 8.625% due 8/1/32(a) | 207967 |
| 80000 |  | B | EchoStar Corp., Senior Secured Notes, 10.750% due 11/30/29 | 87424 |
| 370000 | <sup>EUR</sup> | BB+ | Fibercop SpA, Senior Secured Notes, 1.625% due 1/18/29 | 420855 |
| 63000 |  | BBB | Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30 | 56620 |
| 1065000 |  | B+ | Level 3 Financing Inc., Senior Secured Notes, 7.000% due 3/31/34(a) | 1108417 |
| 89362 | <sup>EUR</sup> | BB+ | Lorca Telecom Bondsco SA, Senior Secured Notes, (Cost — $94,217, acquired 12/3/24), 4.000% due 9/18/27(d) | 105751 |
|  |  |  | Motorola Solutions Inc., Senior Unsecured Notes: |  |
| 83000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 5/23/29 | 84324 |
| 37000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 5/24/31 | 34330 |
| 26000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600% due 6/1/32 | 27637 |
| 350000 |  | BBB- | Nokia OYJ, Senior Unsecured Notes, 6.625% due 5/15/39 | 380093 |
|  |  |  | Rogers Communications Inc.: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 100000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 3/15/27 | 99302 |
| 240000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 2/15/34 | 245366 |
| 950000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(f) | 1006922 |
| 715000 | <sup>EUR</sup> | Ba3(b) | SES SA, Company Guaranteed Notes, (Cost — $810,665, acquired 6/11/25), 5.500% (5-Year EURIBOR ICE Swap + 3.232%) due 9/12/54(d)(f) | 832294 |
| 675000 |  | Aa2(b) | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes, 5.152% due 3/20/28(a) | 679848 |
| 150000 |  | BBB- | Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47 | 135361 |
| 400000 | <sup>EUR</sup> | BB | Telefonica Europe BV, Company Guaranteed Notes, (Cost — $450,953, acquired 3/7/24), 6.135% (7-Year EUR Swap Rate + 3.347%)(d)(f)(g) | 508082 |
|  |  |  | TELUS Corp., Junior Subordinated Notes: |  |
| 650000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% (5-Year CMT Index + 2.709%) due 10/15/55(f) | 686185 |
| 710000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% (5-Year CMT Index + 2.515%) due 6/9/56(f) | 717303 |

---

#### See Notes to Financial Statements.

#### 170

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** | **Telecommunications — 1.3% — (continued)** |
|  |  |  | T-Mobile USA Inc., Company Guaranteed Notes: |  |
| $152000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 4/15/27 | $151819 |
| 110000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 2/15/29 | 105919 |
| 300000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 4/15/29 | 294706 |
| 80000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 2/15/31 | 75157 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 4/15/31 | 96652 |
| 290000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 11/15/31 | 260570 |
| 330000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 3/15/32 | 300831 |
| 199000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 7/15/33 | 205336 |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 5/15/35 | 51816 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 4/15/40 | 91384 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.300% due 2/15/51 | 68273 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 10/15/52 | 68326 |
| 250000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 1/15/55 | 239118 |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/15/55 | 50547 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700% due 1/15/56 | 98708 |
|  |  |  | Verizon Communications Inc., Senior Unsecured Notes: |  |
| 37000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.016% due 12/3/29 | 37068 |
| 10000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 3/22/30 | 9682 |
| 138000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.680% due 10/30/30 | 123817 |
| 145000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 1/20/31 | 129765 |
| 115000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 3/21/31 | 106447 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.355% due 3/15/32 | 89353 |
| 64000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 5/9/33 | 66447 |
| 101000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850% due 9/15/35 | 109631 |
| 21000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.272% due 1/15/36 | 19984 |
| 1990000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 1/15/36 | 2002160 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.401% due 7/2/37 | 102965 |
| 143000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 11/20/40 | 104376 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/22/50 | 78817 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/20/50 | 31641 |
| 150000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.550% due 3/22/51 | 108774 |
| 705000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 11/30/55 | 709582 |
| 69000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.987% due 10/30/56 | 42096 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/20/60 | 59832 |
| 500000 | <sup>EUR</sup> | B+ | Vmed O2 UK Financing I PLC, Senior Secured Notes, (Cost — $533,182, acquired 12/3/24), 5.625% due 4/15/32(d) | 575121 |
|  |  |  | Vodafone Group PLC, Senior Unsecured Notes: |  |
| 9000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150% due 2/27/37 | 9932 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 6/19/49 | 22320 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 9/17/50 | 20108 |
| 50000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 6/28/54 | 49370 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/28/64 | 24685 |
| 665000 |  | BB | WULF Compute LLC, Senior Secured Notes, 7.750% due 10/15/30(a) | 704764 |
| 540000 | <sup>EUR</sup> | Ba2(b) | Zegona Finance PLC, Senior Secured Notes, 6.750% due 7/15/29(a) | 670224 |
|  |  |  | Total Telecommunications | 23851400 |
| **Toys/Games/Hobbies — 0.1%**  | **Toys/Games/Hobbies — 0.1%**  | **Toys/Games/Hobbies — 0.1%**  | **Toys/Games/Hobbies — 0.1%**  | **Toys/Games/Hobbies — 0.1%**  |
| 460000 |  | BBB | Hasbro Inc., Senior Unsecured Notes, 6.050% due 5/14/34 | 494171 |
|  |  |  | Mattel Inc.: |  |
| 765000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 5.875% due 12/15/27(a) | 765180 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 515000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/17/30 | 523190 |
| 595000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 11/1/41 | 563468 |
|  |  |  | Total Toys/Games/Hobbies | 2346009 |

---

#### See Notes to Financial Statements.

#### 171

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Transportation — 0.2%**  | **Transportation — 0.2%**  | **Transportation — 0.2%**  | **Transportation — 0.2%**  |
|  |  | Burlington Northern Santa Fe LLC, Senior Unsecured Notes: |  |
| $201000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150% due 12/15/48 | $168547 |
| 52000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 2/15/51 | 35095 |
| 134000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 6/15/52 | 86212 |
| 500000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/15/55 | 500347 |
|  |  | Canadian National Railway Co., Senior Unsecured Notes: |  |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 8/2/46 | 18617 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650% due 2/3/48 | 19460 |
| 25000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 1/20/49 | 21817 |
|  |  | Canadian Pacific Railway Co., Company Guaranteed Notes: |  |
| 50000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 12/2/41 | 38318 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 5/15/43 | 22229 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 5/1/48 | 22746 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 5/1/50 | 18510 |
| 270000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 12/2/51 | 184529 |
|  |  | CSX Corp., Senior Unsecured Notes: |  |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 11/15/32 | 24944 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/30/42 | 23632 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 11/1/46 | 20079 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/15/48 | 22688 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350% due 9/15/49 | 18073 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 4/15/50 | 19445 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950% due 5/1/50 | 19878 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/52 | 21695 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 8/1/54 | 21552 |
| 25000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/1/66 | 19724 |
|  |  | FedEx Corp., Company Guaranteed Notes: |  |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 5/15/41 | 19732 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 4/15/43 | 21107 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 1/15/44 | 23860 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/15/45 | 22445 |
| 25000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 1/15/47 | 20330 |
| 24000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 5/15/50 | 23077 |
| 145000 | BB | Genesee & Wyoming Inc., Senior Secured Notes, 6.250% due 4/15/32(a) | 149653 |
|  |  | Norfolk Southern Corp., Senior Unsecured Notes: |  |
| 46000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 11/1/29 | 43861 |
| 166000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300% due 5/15/31 | 151605 |
| 138000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.942% due 11/1/47 | 111156 |
| 52000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.155% due 5/15/55 | 34196 |
| 100000 | BBB+ | Ryder System Inc., Senior Unsecured Notes, 5.300% due 3/15/27 | 101351 |
|  |  | Union Pacific Corp., Senior Unsecured Notes: |  |
| 153000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800% due 2/14/32 | 142493 |
| 44000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.891% due 4/6/36 | 37883 |
| 35000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300% due 3/1/49 | 29805 |
| 138000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 2/5/50 | 97227 |
| 45000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 3/10/52 | 29289 |
| 144000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 2/14/53 | 104096 |
|  |  | United Parcel Service Inc., Senior Unsecured Notes: |  |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 3/3/33 | 52160 |
| 50000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150% due 5/22/34 | 52672 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200% due 1/15/38 | 28114 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 3/15/49 | 21063 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400% due 9/1/49 | 18211 |
| 25000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 4/1/50 | 24320 |

---

#### See Notes to Financial Statements.

#### 172

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Transportation — 0.2% — (continued)** | **Transportation — 0.2% — (continued)** | **Transportation — 0.2% — (continued)** | **Transportation — 0.2% — (continued)** | **Transportation — 0.2% — (continued)** |
| $100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050% due 5/14/65 | $104740 |
| 160000 |  | B+ | XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31(a) | 166644 |
| 223981 |  | Ba1(b) | Yinson Bergenia Production BV, Senior Secured Notes, 8.498% due 1/31/45(a) | 238110 |
|  |  |  | Total Transportation | 3217337 |
| **Trucking & Leasing — 0.2%**  | **Trucking & Leasing — 0.2%**  | **Trucking & Leasing — 0.2%**  | **Trucking & Leasing — 0.2%**  | **Trucking & Leasing — 0.2%**  |
| 335000 |  | BBB- | Avolon Holdings Funding Ltd., Company Guaranteed Notes, 4.900% due 10/10/30(a) | 339958 |
| 1890000 |  | BB | FTAI Aviation Investors LLC, Company Guaranteed Notes, 7.000% due 6/15/32(a) | 1985657 |
|  |  |  | GATX Corp., Senior Unsecured Notes: |  |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 3/15/27 | 25359 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850% due 3/30/27 | 24984 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700% due 4/1/29 | 25473 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/30/30 | 24875 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 6/1/32 | 23675 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 9/15/33 | 26242 |
| 25000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900% due 5/1/34 | 28373 |
| 840000 |  | A- | SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 5.250% due 11/26/35(a) | 854573 |
|  |  |  | Total Trucking & Leasing | 3359169 |
| **Water — 0.0%@** | **Water — 0.0%@** | **Water — 0.0%@** | **Water — 0.0%@** | **Water — 0.0%@** |
|  |  |  | American Water Capital Corp., Senior Unsecured Notes: |  |
| 100000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 3/1/35 | 104035 |
| 50000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450% due 3/1/54 | 49489 |
| 351000 | <sup>EUR</sup> | BB+ | Holding d'Infrastructures des Metiers de l'Environnement SAS, Senior Unsecured Notes, (Cost — $377,179, acquired 12/5/24), 4.875% due 10/24/29(d) | 433221 |
|  |  |  | Total Water | 586745 |
|  |  |  | **TOTAL CORPORATE BONDS & NOTES** |  |
|  |  |  | (Cost — $561,599,397) | **579738243** |
| MORTGAGE-BACKED SECURITIES — 25.8%  | MORTGAGE-BACKED SECURITIES — 25.8%  | MORTGAGE-BACKED SECURITIES — 25.8%  | MORTGAGE-BACKED SECURITIES — 25.8%  | MORTGAGE-BACKED SECURITIES — 25.8%  |
| **FHLMC — 6.4%** | **FHLMC — 6.4%** | **FHLMC — 6.4%** | **FHLMC — 6.4%** | **FHLMC — 6.4%** |
|  |  |  | Federal Home Loan Mortgage Corp. (FHLMC): |  |
| 1771451 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/1/29 — 1/1/55 | 1766275 |
| 27894461 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 1/1/30 — 11/1/55 | 28520867 |
| 22361993 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 3/1/31 — 6/1/52 | 20451022 |
| 3202654 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 5/1/31 — 12/1/50 | 2674212 |
| 19965838 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/1/31 — 5/1/52 | 17491813 |
| 8128318 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/1/33 — 4/1/52 | 7841937 |
| 3494029 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/1/34 — 4/1/54 | 3552389 |
| 18018299 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/1/36 — 8/1/52 | 15175088 |
| 11834719 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 4/1/38 — 5/1/54 | 11649649 |
| 6581445 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 5/1/38 — 8/1/55 | 6803438 |
| 4607672 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 7/1/53 — 7/1/55 | 4804965 |
|  |  |  | Total FHLMC | 120731655 |
| **FNMA — 12.0%** | **FNMA — 12.0%** | **FNMA — 12.0%** | **FNMA — 12.0%** | **FNMA — 12.0%** |
|  |  |  | Federal National Mortgage Association (FNMA): |  |
| 32645680 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/1/27 — 7/1/61 | 28693901 |
| 32135241 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 12/1/27 — 9/1/61 | 29407220 |
| 13409756 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 12/1/27 — 1/1/56 | 13685470 |
| 8887376 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/1/29 — 5/1/53 | 8866769 |
| 9460463 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/1/29 — 2/1/56 | 9616830 |
| 12666503 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 7/1/29 — 6/1/52 | 12074782 |
| 1757000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.690% due 5/1/30 | 1812052 |
| 4155000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.330% due 6/1/30 | 4251430 |
| 6363848 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.590% due 9/1/30 | 6065069 |
| 3171747 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 6/1/31 — 8/1/51 | 2817587 |

---

#### See Notes to Financial Statements.

#### 173

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Security** | **Value** |
| **FNMA — 12.0% — (continued)** | **FNMA — 12.0% — (continued)** | **FNMA — 12.0% — (continued)** |
| $8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.670% due 7/1/33 | $7846119 |
| 1995494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.635% due 10/1/33 | 2044323 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.060% due 1/1/34 | 2606987 |
| 38313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.402% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%) due 3/1/34(f) | 39115 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.440% due 4/1/35 | 3482611 |
| 2199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.890% due 5/1/35 | 1825512 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.290% due 5/1/35 | 4020442 |
| 1097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.180% due 5/1/35 | 1171862 |
| 33502893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 6/1/36 — 12/1/53 | 28292634 |
| 6291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 4/1/37 | 6471 |
| 33093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.265% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(f) | 33647 |
| 6737635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/1/39 — 2/1/55 | 6608839 |
| 5094031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 5/1/40 — 6/1/55 | 5305216 |
| 12492587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/1/52 — 11/1/55 | 12833131 |
| 7100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 3/1/56(k) | 6422962 |
| 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/1/56(k) | 15070493 |
| 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/1/56(k) | 6350198 |
| 3050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 3/1/56(k) | 3128923 |
|  | Total FNMA | 224380595 |
| **GNMA — 7.4%** | **GNMA — 7.4%** | **GNMA — 7.4%** |
|  | Government National Mortgage Association (GNMA): |  |
| 9548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/15/33 — 6/15/37 | 9849 |
| 222618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/34 — 9/15/40 | 229376 |
| 14271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 5/15/37 — 6/15/38 | 14860 |
| 22807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 1/15/38 — 10/15/38 | 24152 |
| 32142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/15/41 | 32548 |
| 284243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/15/41 — 11/15/45 | 283505 |
|  | Government National Mortgage Association II (GNMA): |  |
| 14615853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 11/20/38 — 11/20/55 | 15040564 |
| 3613191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/20/40 — 3/20/55 | 3522132 |
| 22999209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 11/20/40 — 12/20/55 | 23148356 |
| 5452324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 6/20/41 — 5/20/53 | 5433382 |
| 11469885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 1/20/43 — 1/20/54 | 10559122 |
| 8790063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 6/20/43 — 10/20/52 | 8381145 |
| 44220716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 9/20/50 — 5/20/55 | 39113696 |
| 8413019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 10/20/50 — 4/20/52 | 7135450 |
| 22498271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 4/20/53 — 2/20/56 | 22866001 |
| 991953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 4/20/55 | 1060369 |
| 158124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 7/20/55 — 11/20/55 | 164545 |
| 2240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/20/56(k) | 2248123 |
|  | Total GNMA | 139267175 |
|  | **TOTAL MORTGAGE-BACKED SECURITIES** |  |
|  | (Cost — $487,253,312) | **484379425** |
| U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 20.1%  | U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 20.1%  | U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 20.1%  |
| **U.S. GOVERNMENT AGENCIES — 0.0%@** | **U.S. GOVERNMENT AGENCIES — 0.0%@** | **U.S. GOVERNMENT AGENCIES — 0.0%@** |
| 150000 | Federal Farm Credit Banks Funding Corp., 1.650% due 7/23/35 | 120872 |
| 300000 | Federal Home Loan Mortgage Corp., 1.500% due 10/29/32 | 259189 |
|  | Total U.S. GOVERNMENT AGENCIES | 380061 |
| **U.S. GOVERNMENT OBLIGATIONS — 20.1%** | **U.S. GOVERNMENT OBLIGATIONS — 20.1%** | **U.S. GOVERNMENT OBLIGATIONS — 20.1%** |
|  | U.S. Treasury Bonds: |  |
| 1520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 5/15/37 | 1659294 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 2/15/38 | 108296 |
| 1180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 8/15/40 | 767668 |

---

#### See Notes to Financial Statements.

#### 174

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Security** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** |
| $2480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/40 | $1666686 |
| 2343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/41 | 1692314 |
| 580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 5/15/41 | 440845 |
| 1940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 8/15/41 | 1355310 |
| 920000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 11/15/41 | 784659 |
| 1435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/15/42 | 1091805 |
| 1252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 5/15/42 | 1076916 |
| 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 8/15/42 | 972206 |
| 3671000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/42 | 3464506 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 2/15/43 | 83574 |
| 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/43 | 1506299 |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 5/15/43 | 198858 |
| 502500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/15/43 | 447853 |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/15/43 | 531478 |
| 10310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 11/15/43 | 9322898 |
| 2493700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/15/43 | 2568024 |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/44 | 997866 |
| 385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 2/15/44 | 383977 |
| 20500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/44 | 20743438 |
| 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 8/15/44 | 340138 |
| 1248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/44 | 1182334 |
| 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/15/44 | 1101611 |
| 838000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/44 | 846315 |
| 1248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 2/15/45 | 1279834 |
| 485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 5/15/45 | 512888 |
| 245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 8/15/45 | 190574 |
| 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 8/15/45 | 915750 |
| 1412500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/15/45 | 1118799 |
| 23747000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/45 | 23912116 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 2/15/46 | 267556 |
| 7071000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/46 | 7122375 |
| 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 11/15/46 | 851101 |
| 3342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 2/15/47 | 2610807 |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 5/15/47 | 260934 |
| 680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 8/15/47 | 504581 |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 2/15/48 | 200840 |
| 2126300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 8/15/48 | 1634261 |
| 2878000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/15/48 | 2360859 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 2/15/50 | 1223867 |
| 1026000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 5/15/50 | 514483 |
| 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 8/15/50 | 455879 |
| 1245000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 11/15/50 | 683777 |
| 2003000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/51 | 1169642 |
| 5815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 5/15/51 | 3819387 |
| 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 11/15/51 | 55459 |
| 2989000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 2/15/52 | 1892411 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 5/15/52 | 203547 |
| 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 8/15/52 | 924042 |
| 904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/52 | 812700 |
| 4096000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/53 | 3439680 |
| 1097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 5/15/53 | 920623 |
| 904000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/53 | 829773 |
| 1049900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 11/15/53 | 1067248 |
| 1022000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/15/54 | 957746 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/15/54 | 1804627 |
| 2961000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 8/15/54 | 2775070 |

---

#### See Notes to Financial Statements.

#### 175

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Security** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** |
| $4314000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/54 | $4215081 |
| 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/55 | 1052280 |
| 940000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 5/15/55 | 956891 |
| 4024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 8/15/55 | 4098507 |
| 2795000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/55 | 2790633 |
| 390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 2/15/56 | 397465 |
|  | U.S. Treasury Notes: |  |
| 1880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/31/27 | 1860539 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/15/27 | 2022344 |
| 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 4/30/27 | 2975566 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/15/27 | 2023906 |
| 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625% due 5/31/27 | 702789 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 6/15/27 | 2029336 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/15/27 | 1012520 |
| 765000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 7/31/27 | 757783 |
| 4725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 8/15/27 | 4746779 |
| 2160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 8/31/27 | 2150550 |
| 862000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/27 | 864458 |
| 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 9/15/27 | 859412 |
| 1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 9/30/27 | 1947507 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 10/15/27 | 2014453 |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/31/27 | 270369 |
| 1343000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/27 | 1358371 |
| 1090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/27 | 1102901 |
| 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/30/27 | 1019602 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/27 | 2520020 |
| 1086000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 12/15/27 | 1097390 |
| 1950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 12/31/27 | 1949467 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/27 | 2016953 |
| 2287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/15/28 | 2322288 |
| 1836000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 1/31/28 | 1747356 |
| 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 1/31/28 | 19040820 |
| 2286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/15/28 | 2323192 |
| 1867000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 2/29/28 | 1786559 |
| 1746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/15/28 | 1763153 |
| 1723000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 4/15/28 | 1736023 |
| 1521000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 5/15/28 | 1532972 |
| 3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/15/28 | 3154673 |
| 3700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/15/28 | 3741697 |
| 1930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/15/28 | 1941384 |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 9/15/28 | 2249912 |
| 1410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/15/28 | 1414406 |
| 1746000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/15/28 | 1751661 |
| 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/31/28 | 1297875 |
| 2774000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 1/31/29 | 2821407 |
| 955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/28/29 | 978278 |
| 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 3/31/29 | 402745 |
| 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/29 | 6128320 |
| 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 4/30/29 | 1171249 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/31/29 | 2066992 |
| 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 6/30/29 | 4105234 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/31/29 | 1018867 |
| 930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 8/31/29 | 920882 |
| 4800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/29 | 4831594 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 9/30/29 | 2004727 |
| 285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/30/29 | 289225 |

---

#### See Notes to Financial Statements.

#### 176

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Security** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** |
| $930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/31/29 | $947946 |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/29 | 2046992 |
| 2597000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 11/30/29 | 2636158 |
| 706000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/30/29 | 722809 |
| 1617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/31/29 | 1670595 |
| 614000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/31/30 | 631832 |
| 1553000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 2/28/30 | 1584212 |
| 2951000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 3/31/30 | 2969271 |
| 2533000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/31/30 | 2584353 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/30/30 | 1015664 |
| 1556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 5/31/30 | 1572776 |
| 1847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 5/31/30 | 1885167 |
| 1919000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 6/30/30 | 1949359 |
| 1613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 7/31/30 | 1638802 |
| 9886000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 8/31/30 | 9940064 |
| 1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 9/30/30 | 1488094 |
| 1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 10/31/30 | 1357119 |
| 555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/31/30 | 587585 |
| 4101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/30/30 | 4100359 |
| 1512000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 11/30/30 | 1568730 |
| 2370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 12/31/30 | 2381665 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 12/31/30 | 1010312 |
| 11688000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 1/31/31 | 11811272 |
| 1668000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 1/31/31 | 1703706 |
| 1560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 2/15/31 | 1393214 |
| 1660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 2/28/31 | 1659157 |
| 1345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/28/31 | 1389212 |
| 640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 3/31/31 | 657412 |
| 2912000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 5/15/31 | 2647531 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/31/31 | 1050996 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 6/30/31 | 826703 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 7/31/31 | 1027441 |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 9/30/31 | 801625 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 10/31/31 | 1026914 |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/30/31 | 1026914 |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 1/31/32 | 265195 |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 4/30/32 | 346634 |
| 1178000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875% due 5/15/32 | 1127176 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/30/32 | 66248 |
| 121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/31/32 | 123283 |
| 3650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 8/15/32 | 3456521 |
| 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/31/32 | 104171 |
| 253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/30/32 | 255792 |
| 467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 10/31/32 | 468487 |
| 4066000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 11/15/32 | 4169079 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/31/32 | 161613 |
| 853000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 1/31/33 | 867928 |
| 1470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 5/15/33 | 1436293 |
| 1447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/33 | 1458050 |
| 2694000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/33 | 2823333 |
| 4275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 2/15/34 | 4332278 |
| 2193000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/15/34 | 2277336 |
| 2233000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/15/34 | 2237100 |
| 18313500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 11/15/34 | 18819267 |

---

#### See Notes to Financial Statements.

#### 177

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** | **U.S. GOVERNMENT OBLIGATIONS — 20.1% — (continued)** |
| $1550000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/35 | $1635522 |
| 1960000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 5/15/35 | 2010646 |
| 1779000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 8/15/35 | 1823475 |
| 4716000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 11/15/35 | 4733685 |
| 1262000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 2/15/36 | 1278860 |
|  |  | Total U.S. GOVERNMENT OBLIGATIONS | 377575700 |
|  |  | **TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS**<br> (Cost — $384,281,150) | **377955761** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 13.3%  | COLLATERALIZED MORTGAGE OBLIGATIONS — 13.3%  | COLLATERALIZED MORTGAGE OBLIGATIONS — 13.3%  | COLLATERALIZED MORTGAGE OBLIGATIONS — 13.3%  |
| **Asset-Backed Securities — 6.2%** | **Asset-Backed Securities — 6.2%** | **Asset-Backed Securities — 6.2%** | **Asset-Backed Securities — 6.2%** |
| 1400000 | NR | AMSR Trust, Series 2025-SFR1, Class E2, 3.655% due 6/17/42(a) | 1300870 |
| 2084128 | NR | Angel Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.267%<br>(30-Day Average SOFR + 1.600%) due 12/25/55(a)(f) | 2100262 |
| 918158 | NR | Aqua Finance Issuer Trust, Series 2025-A, Class C, 5.810% due 12/19/50(a) | 942862 |
| 1243097 | A3(b) | Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a) | 1212433 |
|  |  | Business Jet Securities LLC: |  |
| 454839 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 9.132% due 5/15/39(a) | 473642 |
| 1960937 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 7.974% due 9/15/39(a) | 1982341 |
| 3755000 | NR | Cajun Global LLC, Series 2025-2A, Class A2, 5.912% due 11/20/55(a) | 3828458 |
| 1000000 | NR | Cascade MH Asset Trust, Series 2019-MH1, Class M, 5.985% due 11/25/44(a)(f) | 978262 |
| 3545000 | NR | CCAS LLC, Series 2024-1A, Class A, 7.124% due 6/16/31(a) | 3594313 |
| 750000 | NR | Cherry Securitization Trust, Series 2025-1A, Class A, 6.130% due 11/15/32(a) | 763501 |
| 1139394 | NR | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a) | 1165403 |
|  |  | DataBank Issuer: |  |
| 3810000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.300% due 1/26/54(a) | 3824488 |
| 520000 | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class A2, 5.811% due 2/25/56(a) | 527257 |
|  |  | FirstKey Homes Trust: |  |
| 805000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E1, 2.389% due 8/17/38(a) | 794453 |
| 2000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class E2, 2.489% due 8/17/38(a) | 1974197 |
| 2500000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class F1, 3.238% due 8/17/38(a) | 2474307 |
| 2009563 | BBB- | Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a) | 2069660 |
| 198857 | NR | Flexential Issuer, Series 2021-1A, Class A2, 3.250% due 11/27/51(a) | 196633 |
|  |  | GS Mortgage-Backed Securities Trust: |  |
| 1700000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE2, Class M1, 5.567% (30-Day Average SOFR + 1.900%) due 12/25/65(a)(f) | 1723311 |
| 2291299 | AAA(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL1, Class A1, 5.847% due 11/25/67(a)(f) | 2323259 |
| 529744 | BB-(l) | Hilton Grand Vacations Trust, Series 2025-3EXT, Class D, 7.380% due 10/25/44(a) | 543246 |
| 869179 | Ba2(b) | HINNT LLC, Series 2024-A, Class D, 7.000% due 3/15/43(a) | 877744 |
| 2384626 | Aa3(b) | Home Partners of America Trust, Series 2022-1, Class D, 4.730% due 4/17/39(a) | 2367588 |
| 4227500 | BBB | Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.970% due 8/25/49(a) | 4087516 |
| 860000 | NR | Lafayette Federal Credit Union Asset Trust 2026-HI1A, Series 2026-HI1A, Class A2, 5.375% due 1/25/46(a)(e) | 868593 |
|  |  | Lendmark Funding Trust: |  |
| 1250000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class E, 8.470% due 2/21/34(a) | 1284927 |
| 1395000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class E, 8.910% due 9/20/34(a) | 1455700 |
| 1210000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class D, 5.640% due 5/21/35(a) | 1230763 |
| 1750000 | BB- | Mariner Finance Issuance Trust, Series 2025-AA, Class E, 8.640% due 5/20/38(a) | 1821372 |
| 1135000 | A-(l) | Marlette Funding Trust, Series 2025-1A, Class C, 5.260% due 7/16/35(a) | 1146481 |
| 765998 | BBB(l) | MVW LLC, Series 2025-1A, Class C, 5.750% due 9/22/42(a) | 778280 |
| 2311650 | NR | NBC Funding LLC, Series 2024-1A, Class A2, 6.750% due 7/30/54(a) | 2384513 |
| 1090000 | BBB+ | New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a) | 718461 |
| 1888819 | AA | NMABS Issuer I LLC, Series 2025-1A, Class B, 5.330% due 11/22/55(a) | 1895972 |
| 1675000 | BBB- | Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class B1, 5.110% due 11/20/50(a) | 948462 |
|  |  | Oportun Issuance Trust: |  |
| 562176 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 2.180% due 10/8/31(a) | 553611 |

---

#### See Notes to Financial Statements.

#### 178

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Asset-Backed Securities — 6.2% — (continued)** | **Asset-Backed Securities — 6.2% — (continued)** | **Asset-Backed Securities — 6.2% — (continued)** | **Asset-Backed Securities — 6.2% — (continued)** |
| $1400000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 10.470% due 2/9/32(a) | $1442114 |
| 1000000 | AA-(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 5.280% due 5/9/33(a) | 1006394 |
| 3000000 | AA-(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class B, 4.930% due 7/8/33(a) | 3009430 |
| 1021090 | NR | PowerPay Issuance Trust, Series 2025-1A, Class A, 5.230% due 11/18/41(a) | 1032224 |
|  |  | Progress Residential Trust: |  |
| 1750000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR9, Class F, 4.053% due 11/17/40(a) | 1717064 |
| 2500000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class F, 4.880% due 2/17/41(a) | 2489061 |
| 2081000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class E2, 4.800% due 4/17/27(a) | 2051823 |
| 1781000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class E1, 4.750% due 10/17/40(a) | 1764757 |
| 2992500 | NR | Qdoba Funding LLC, Series 2023-1A, Class A2, 8.500% due 9/14/53(a) | 3135129 |
| 961456 | AAA(l) | RCKT Mortgage Trust, Series 2024-CES9, Class A1A, step bond to yield, 5.582% due 12/25/44(a) | 972982 |
| 1900000 | A | Sabey Data Center Issuer LLC, Series 2026-1, Class A2, 5.482% due 1/20/51(a) | 1933095 |
|  |  | Saluda Grade Alternative Mortgage Trust: |  |
| 1067734 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG3, Class A, 7.067% due 8/25/53(a)(f) | 1116513 |
| 2597620 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG4, Class A, 6.718% due 11/25/53(a)(f) | 2729190 |
| 2592736 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, 6.306% due 3/25/54(a)(f) | 2651299 |
| 830000 | Aaa(b) | SCF Equipment Leasing LLC, Series 2025-1A, Class A3, 5.110% due 11/21/33(a) | 853770 |
| 4174538 | BBB- | SEB Funding LLC, Series 2021-1A, Class A2, 4.969% due 1/30/52(a) | 4176872 |
| 3097420 | NR | Service Experts Issuer LLC, Series 2024-1A, Class A, 6.390% due 11/20/35(a) | 3185371 |
| 1298500 | BBB- | SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174% due 1/25/54(a) | 1352176 |
|  |  | Sierra Timeshare Receivables Funding LLC: |  |
| 970416 | Ba2(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 9.800% due 1/20/40(a) | 1026578 |
| 865940 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 6.790% due 4/20/44(a) | 884503 |
| 345000 | NR | Sotheby's Artfi Master Trust, Series 2026-1A, Class B, 4.900% due 6/20/33(a) | 346901 |
| 3500000 | A- | Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.900% due 3/25/49(a) | 3543627 |
|  |  | Stream Innovations Issuer Trust: |  |
| 1455065 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 9.050% due 2/15/45(a) | 1542302 |
| 963578 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 8.400% due 9/15/45(a) | 989578 |
| 889084 | AAA(l) | Towd Point Mortgage Trust, Series 2026-CES1, Class A1, step bond to yield, 4.961% due 1/25/66(a) | 894594 |
| 943624 | A2(b) | Upstart Securitization Trust, Series 2025-1, Class A, 5.450% due 4/20/35(a) | 951955 |
| 2950000 | NR | Vital Care Issuer LLC, Series 2025-1A, Class A2, 6.737% due 1/30/56(a) | 3009861 |
| 2946175 | NR | Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.238% due 7/30/51(a) | 2829447 |
|  |  | Zayo Issuer LLC: |  |
| 2285000 | A-(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 5.648% due 3/20/55(a) | 2340347 |
| 3400000 | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 5.953% due 6/20/55(a) | 3513563 |
|  |  | Total Asset-Backed Securities | 115705661 |
| **Mortgage Securities — 7.1%** | **Mortgage Securities — 7.1%** | **Mortgage Securities — 7.1%** | **Mortgage Securities — 7.1%** |
| 1638033 | AAA | A&D Mortgage Trust, Series 2024-NQM4, Class A1, 5.464% due 8/25/69(a) | 1648237 |
|  |  | ABL: |  |
| 1750000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL1, Class A1, step bond to yield, 6.075% due 9/25/29(a) | 1759429 |
| 800000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL1, Class A1, step bond to yield, 6.040% due 6/25/30(a) | 812445 |
|  |  | BAMLL Re-REMIC Trust: |  |
| 2000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR2, Class C, 1.215% due 7/27/50(a)(f) | 1893279 |
| 2400000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR3, Class C, 0.676% due 1/27/50(a)(f) | 2294640 |
| 11122 | AA+ | Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 5.808% due 7/25/34(f) | 10763 |
|  |  | BBCMS Mortgage Trust: |  |
| 280000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C16, Class A5, 4.600% due 6/15/55(f) | 282092 |
| 590000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C19, Class A2B, 5.753% due 4/15/56 | 602166 |
| 250000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class A5, 5.403% due 9/15/57 | 264907 |
|  |  | BMD2 Re-Remic Trust: |  |
| 1650000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 4A, zero coupon due 5/25/52(a)(m) | 1437237 |
| 2000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 5A1, 3.413% due 5/25/52(a)(f) | 1907728 |
| 1750000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FRR1, Class 6B10, 2.347% due 5/25/52(a)(f) | 1561135 |

---

#### See Notes to Financial Statements.

#### 179

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** |
|  |  | BMO Mortgage Trust: |  |
| $280000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C1, Class A5, 3.374% due 2/15/55(f) | $265064 |
| 100000 | A-(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C6, Class C, 5.885% due 9/15/57(f) | 101073 |
| 648465 | NR | Brean Asset Backed Securities Trust, Series 2025-RM11, Class A1, 4.750% due 5/25/65(a)(f) | 647242 |
| 1215000 | BBB(l) | BX Mortgage Trust, Series 2021-PAC, Class D, 5.073%<br>(1-Month Term SOFR + 1.413%) due 10/15/36(a)(f) | 1211966 |
|  |  | BX Trust: |  |
| 685684 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class A, 4.510% (1-Month Term SOFR + 0.850%) due 1/15/39(a)(f) | 685603 |
| 969000 | A3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO, Class C, 6.300% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(f) | 963191 |
| 1200000 | NR | CAFL Issuer LP, Series 2025-RRTL1, Class A1, step bond to yield, 5.684% due 5/28/40(a) | 1213931 |
|  |  | CIM Trust: |  |
| 594546 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(f) | 567258 |
| 332157 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(f) | 310139 |
| 1164747 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(f) | 1084105 |
| 565725 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(f) | 533094 |
| 746423 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(f) | 702128 |
| 1567617 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(f) | 1396030 |
| 1755250 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R1, Class A1A, 5.400% due 4/25/62(a)(f) | 1750848 |
| 1543505 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R3, Class A1A, 4.500% due 1/25/63(a)(f) | 1530924 |
|  |  | Citigroup Commercial Mortgage Trust: |  |
| 285000 | Aa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class B, 3.176% due 8/10/49 | 282010 |
| 534650 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C3, Class A3, 2.896% due 11/15/49 | 530489 |
| 44960 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class AAB, 3.509% due 4/14/50 | 44843 |
| 644956 | AAA(l) | COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(f) | 555770 |
|  |  | Commercial Mortgage Trust: |  |
| 46 | PIF(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class C, 4.697% due 12/10/47(e)(f) | 45 |
| 165000 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR3, Class A3, 4.228% due 5/10/51 | 163297 |
| 621305 | Aa2(b) | Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.117%<br>(30-Day Average SOFR + 1.450%) due 3/25/45(a)(f) | 624915 |
| 310000 | Aaa(b) | CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class A4, 4.224% due 8/15/51(f) | 310569 |
| 100000 | B+ | CSMC OA LLC, Series 2014-USA, Class D, 4.373% due 9/15/37(a) | 86594 |
| 1695000 | BB-(l) | CSTL Commercial Mortgage Trust, Series 2025-GATE2, Class E, 6.355% due 11/10/42(a)(f) | 1722854 |
| 2025000 | NR | DBSG Mortgage Trust, Series 2024-ALTA, Class A, 5.946% due 6/10/37(a)(f) | 2055173 |
| 1750000 | AAA(l) | DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a) | 1596680 |
| 1308227 | AAA(l) | EFMT, Series 2025-NQM3, Class A1, step bond to yield, zero coupon due 8/25/70(a) | 1323792 |
| 6482110 | NR | Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4995, Class QE, 1.250% due 7/25/50 | 5186686 |
| 1148755 | A- | Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk, Series 2021-DNA6, Class M2, 5.167% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(f) | 1152141 |
|  |  | Federal National Mortgage Association (FNMA), ACES: |  |
| 245000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M2S, Class A2, 1.807% due 10/25/31(f) | 221290 |
| 253612 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M10, Class A2, 1.925% due 1/25/32(f) | 228660 |
| 2035000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-M2, Class 3A2, 2.006% due 4/25/32(f) | 1818150 |
|  |  | Federal National Mortgage Association (FNMA), REMICS: |  |
| 3878682 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class NI, 2.500% due 8/25/50(n) | 652948 |
| 544166 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-73, Class KI, 3.000% due 10/25/50(n) | 94337 |
| 463875 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-61, Class KI, 2.500% due 4/25/49(n) | 68348 |
|  |  | FHLMC Multifamily Structured Pass-Through Certificates: |  |
| 2700000 | AA+(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series K104, Class XAM, 1.379% due 1/25/30(f)(n) | 130890 |
| 440000 | AAA(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series K144, Class A2, 2.450% due 4/25/32 | 405324 |
| 500000 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series K146, Class A2, 2.920% due 6/25/32 | 472230 |
| 736000 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series K148, Class A2, 3.500% due 7/25/32(f) | 718386 |
| 250000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series K154, Class A2, 3.424% due 4/25/32 | 247760 |
| 1000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series K541, Class A2, 4.348% due 2/25/30(a)(f) | 1021023 |
|  |  | Freddie Mac Multifamily Structured Credit Risk: |  |
| 2500000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN1, Class M2, 7.417% (30-Day Average SOFR + 3.750%) due 1/25/51(a)(f) | 2600196 |

---

#### See Notes to Financial Statements.

#### 180

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** |
| $2000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MN3, Class M2, 7.667% (30-Day Average SOFR + 4.000%) due 11/25/51(a)(f) | $2075039 |
| 1250000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN11, Class M2, 6.317% (30-Day Average SOFR + 2.650%) due 7/25/45(a)(f) | 1252674 |
| 1200000 | BB-(l) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN12, Class M2, 6.417% (30-Day Average SOFR + 2.750%)<br>due 11/25/45(a)(f) | 1203712 |
| 725000 | NR | FS Trust, Series 2026-HULA, Class B, 5.320%<br>(1-Month Term SOFR + 1.650%) due 3/15/41(a)(f) | 726316 |
|  |  | GAM RE-REMIC Trust: |  |
| 2352000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR1, Class 2C, zero coupon due 11/29/50(a)(m) | 2115024 |
| 799000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FRR2, Class CK78, zero coupon due 9/27/51(a)(m) | 642075 |
| 2000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR3, Class BK61, zero coupon due 11/27/49(a)(m) | 1914737 |
| 2000000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FRR3, Class CK89, zero coupon due 1/27/52(a)(m) | 1650058 |
|  |  | Government National Mortgage Association (GNMA): |  |
| 61834 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-124, Class NW, 3.500% due 9/20/48 | 58984 |
| 3230620 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-119, Class JG, 1.500% due 6/20/51 | 2833301 |
| 1129123 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class SL, 5.177% (12.500% – 30-Day Average SOFR) due 4/20/53(j) | 1110530 |
| 6126219 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-51, Class GC, 3.500% due 7/20/48 | 6061556 |
| 36677 | WR(b) | Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 4.723% due 6/19/34(f) | 35321 |
| 1000000 | NR | ICAP Trust, Series 2025-RTL1, Class A1, step bond to yield, 6.472% due 7/25/30(a) | 1019158 |
|  |  | JPMDB Commercial Mortgage Securities Trust: |  |
| 190000 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A5, 3.409% due 10/15/50 | 187302 |
| 130000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8, Class B, 4.522% due 6/15/51 | 124697 |
| 1370436 | Aaa(b) | JPMorgan Mortgage Trust, Series 2021-13, Class A3, 2.500% due 4/25/52(a)(f) | 1177332 |
| 1200000 | NR | KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861%<br>due 11/5/44(a) | 933395 |
| 510000 | NR | Lhome Mortgage Trust, Series 2025-RTL2, Class A1, 5.612% due 4/25/40(a)(f) | 515232 |
| 1700000 | NR | LHOME Mortgage Trust, Series 2025-RTL1, Class A1, step bond to yield, 5.652%<br>due 1/25/40(a) | 1715178 |
| 500000 | NR | LOANDEPOT GMSR Master Trust, Series 2025-GT2, Class A, 6.814%<br>(1-Month Term SOFR + 3.150%) due 7/16/30(a)(f) | 505082 |
| 672290 | Aaa(b) | MCR Mortgage Trust, Series 2024-HF1, Class A, 5.453%<br>(1-Month Term SOFR + 1.793%) due 12/15/41(a)(f) | 673530 |
| 2000000 | NR | MFA Trust, Series 2024-RTL3, Class A1, step bond to yield, 5.913% due 11/25/39(a) | 2013415 |
| 2000000 | NR | MRCD Mortgage Trust, Series 2019-PARK, Class E, 2.718% due 12/15/36(a) | 1532125 |
|  |  | Multifamily Connecticut Avenue Securities Trust: |  |
| 2556168 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M10, 7.032% (30-Day Average SOFR + 3.364%) due 10/25/49(a)(f) | 2599639 |
| 1646792 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M10, 7.532% (30-Day Average SOFR + 3.864%) due 3/25/50(a)(f) | 1674903 |
| 1500000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M10, 10.167% (30-Day Average SOFR + 6.500%) due 11/25/53(a)(f) | 1728610 |
| 2182500 | NR | Neighborly Issuer, Series 2023-1A, Class A2, 7.308% due 1/30/53(a) | 2210318 |
| 2096383 | NR | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, step bond to yield, 6.545%<br>due 3/25/32(a) | 2139301 |
| 2055952 | AAA(l) | OBX Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(f) | 1821408 |
| 2000000 | Aaa(b) | One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(a) | 1880473 |
| 3052600 | A+ | One New York Plaza Trust, Series 2020-1NYP, Class A, 4.724%<br>(1-Month Term SOFR + 1.064%) due 1/15/36(a)(f) | 2987699 |
| 2336031 | NR | PRET LLC, Series 2025-NPL3, Class A1, step bond to yield, 6.708% due 4/25/55(a) | 2345216 |
| 403252 | AAA | PRKCM Trust, Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a) | 402599 |
| 340000 | NR | PRM7 Trust, Series 2025-PRM7, Class E, 6.618% due 11/10/42(a)(f) | 344748 |
| 656658 | AAA(l) | PRPM LLC, Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(a) | 655192 |
| 1710146 | NR | RCO IX Mortgage LLC, Series 2025-2, Class A1, step bond to yield, 6.513% due 4/25/30(a) | 1716094 |
| 2547468 | NR | RFM Reremic Trust, Series 2022-FRR1, Class BK64, 1.650% due 3/1/50(a)(f) | 2431599 |
|  |  | ROCK Trust: |  |
| 210000 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 5.388% due 11/13/41(a) | 217549 |
| 1900000 | Aa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class B, 5.930% due 11/13/41(a) | 1979612 |
| 3445000 | AA- | SDAL Trust, Series 2025-DAL, Class B, 6.600% (1-Month Term SOFR + 2.941%)<br>due 4/15/42(a)(f) | 3461062 |

---

#### See Notes to Financial Statements.

#### 181

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** | **Mortgage Securities — 7.1% — (continued)** |
|  |  |  | Seasoned Loans Structured Transaction Trust: |  |
| $4927687 |  | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 3.000% due 5/25/35 | $4682206 |
| 1729976 |  | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A1, 3.000% due 10/25/35 | 1649811 |
| 3715000 |  | Aaa(b) | SHR Trust, Series 2024-LXRY, Class A, 5.610%<br>(1-Month Term SOFR + 1.950%) due 10/15/41(a)(f) | 3725483 |
| 910000 |  | AAA(l) | SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a) | 830964 |
| 20270 |  | WR(b) | Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 4.281%<br>(1-Month Term SOFR + 0.614%) due 7/19/35(f) | 19667 |
| 2000000 |  | NR | Toorak Mortgage Trust, Series 2025-RRTL1, Class A1, step bond to yield, 5.524%<br>due 2/25/40(a) | 2014579 |
| 469980 |  | Aaa(b) | UBS Commercial Mortgage Trust, Series 2019-C17, Class A3, 2.669% due 10/15/52 | 452586 |
| 1791863 |  | NR | VCAT LLC, Series 2025-NPL2, Class A1, step bond to yield, 5.977% due 1/25/55(a) | 1796786 |
| 578727 |  | NR | Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(f) | 562362 |
|  |  |  | Verus Securitization Trust: |  |
| 548351 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5, Class A1, 1.013% due 9/25/66(a)(f) | 486082 |
| 2030714 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A1, step bond to yield, 2.829% due 10/25/66(a) | 1909256 |
| 385221 |  | A+ | WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 4.488%<br>(1-Month Term SOFR + 0.814%) due 12/25/45(f) | 390075 |
| 238178 |  | Aaa(b) | Wells Fargo Commercial Mortgage Trust, Series 2018-C44, Class A4, 3.948% due 5/15/51 | 238088 |
|  |  |  | Total Mortgage Securities | 133181794 |
|  |  |  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost — $245,213,391) | **248887455** |
| SOVEREIGN BONDS — 3.6% | SOVEREIGN BONDS — 3.6% | SOVEREIGN BONDS — 3.6% | SOVEREIGN BONDS — 3.6% | SOVEREIGN BONDS — 3.6% |
| **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |
|  |  |  | Argentine Republic Government International Bonds: |  |
| 720000 |  | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; step bond to yield, 4.125% due 7/9/35 | 544536 |
| 200000 |  | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; step bond to yield, 3.500% due 7/9/41 | 140500 |
| 825000 |  | B- | Ciudad Autonoma de Buenos Aires/Government Bonds, 7.800% due 11/26/33(a) | 846607 |
| 980000 |  | B3(b) | Province of Santa Fe, 8.100% due 12/11/34(a) | 960400 |
|  |  |  | Total Argentina | 2492043 |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
|  |  |  | Australia Government Bonds: |  |
| 2910000 | <sup>AUD</sup> | Aaau(b) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $1,888,787, acquired 12/10/25), 2.750% due 11/21/27(d) | 2021990 |
| 2860000 | <sup>AUD</sup> | Aaau(b) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $1,911,097, acquired 1/27/26), 2.250% due 5/21/28(d) | 1952527 |
| 1485000 | <sup>AUD</sup> | AA+ | New South Wales Treasury Corp., (Cost — $954,476, acquired 7/10/25), 3.000%<br>due 4/20/29(d) | 1013284 |
|  |  |  | Total Australia | 4987801 |
| **Bahamas — 0.0%@** | **Bahamas — 0.0%@** | **Bahamas — 0.0%@** | **Bahamas — 0.0%@** | **Bahamas — 0.0%@** |
| 200000 |  | BB- | Bahamas Government International Bonds, 8.250% due 6/24/36(a) | 224756 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| 1600000 | <sup>EUR</sup> | NR | Kingdom of Belgium Government Bonds, (Cost — $1,925,858, acquired 2/27/26), 3.400%<br>due 6/22/36(a)(d) | 1931229 |
| **Benin — 0.0%@** | **Benin — 0.0%@** | **Benin — 0.0%@** | **Benin — 0.0%@** | **Benin — 0.0%@** |
| 200000 |  | BB- | Benin Government International Bonds, 7.960% due 2/13/38(a) | 211054 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| 22000000 | <sup>BRL</sup> | BB(l) | Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/31 | 3911842 |
| 200000 |  | BB | Brazilian Government International Bonds, 7.125% due 5/13/54 | 203924 |
|  |  |  | Total Brazil | 4115766 |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| 200000 |  | AAA | Export Development Canada, 3.000% due 5/25/27 | 198877 |
|  |  |  | Province of British Columbia Canada: |  |
| 50000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.200% due 7/6/33 | 50626 |

---

#### See Notes to Financial Statements.

#### 182

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Canada — 0.1% — (continued)** | **Canada — 0.1% — (continued)** | **Canada — 0.1% — (continued)** | **Canada — 0.1% — (continued)** | **Canada — 0.1% — (continued)** |
| $300000 |  | A+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 6/12/34 | $313778 |
|  |  |  | Province of Ontario Canada: |  |
| 200000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp; 3.100% due 5/19/27 | 199034 |
| 50000 |  | AA- | &nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 4/24/34 | 53464 |
| 200000 |  | Aa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; 4.450% due 11/20/35 | 203818 |
| 200000 |  | A+ | Province of Quebec Canada, 4.625% due 8/28/35 | 206241 |
|  |  |  | Total Canada | 1225838 |
| **Chile — 0.1%**  | **Chile — 0.1%**  | **Chile — 0.1%**  | **Chile — 0.1%**  | **Chile — 0.1%**  |
| 840000000 | <sup>CLP</sup> | NR | Bonos de la Tesoreria de la Republica en pesos, (Cost — $996,449, acquired 2/11/26), 4.700%<br>due 9/1/30(a)(d) | 978528 |
|  |  |  | Chile Government International Bonds: |  |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 3.240% due 2/6/28 | 197245 |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 4.350% due 4/13/31 | 200540 |
| 45000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 1/27/32 | 40770 |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 1/25/50 | 151940 |
|  |  |  | Total Chile | 1569023 |
| **Colombia — 0.2%**  | **Colombia — 0.2%**  | **Colombia — 0.2%**  | **Colombia — 0.2%**  | **Colombia — 0.2%**  |
|  |  |  | Colombia Government International Bonds: |  |
| 200000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 4/20/33 | 214800 |
| 200000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 11/7/36 | 208150 |
| 200000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; 8.750% due 11/14/53 | 219946 |
| 14500000000 | <sup>COP</sup> | BB+ | Colombian TES, 5.750% due 11/3/27 | 3405246 |
|  |  |  | Total Colombia | 4048142 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| 37630000 | <sup>CZK</sup> | AA-(l) | Czech Republic Government Bonds, 5.000% due 9/30/30 | 1942082 |
| **Dominican Republic — 0.0%@** | **Dominican Republic — 0.0%@** | **Dominican Republic — 0.0%@** | **Dominican Republic — 0.0%@** | **Dominican Republic — 0.0%@** |
| 300000 |  | BB | Dominican Republic International Bonds, 6.950% due 3/15/37(a) | 322050 |
| **Ecuador — 0.1%**  | **Ecuador — 0.1%**  | **Ecuador — 0.1%**  | **Ecuador — 0.1%**  | **Ecuador — 0.1%**  |
|  |  |  | Ecuador Government International Bonds: |  |
| 412624 |  | B- | &nbsp;&nbsp;&nbsp;&nbsp; step bond to yield 6.900% due 7/31/35(a) | 375488 |
| 400000 |  | B- | &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 1/29/39(a) | 407000 |
| 85734 |  | B- | &nbsp;&nbsp;&nbsp;&nbsp; step bond to yield 5.000% due 7/31/40(a) | 70259 |
|  |  |  | Total Ecuador | 852747 |
| **Egypt — 0.0%@** | **Egypt — 0.0%@** | **Egypt — 0.0%@** | **Egypt — 0.0%@** | **Egypt — 0.0%@** |
|  |  |  | Egypt Government International Bonds: |  |
| 200000 |  | B | &nbsp;&nbsp;&nbsp;&nbsp; 7.600% due 3/1/29 | 210955 |
| 200000 |  | B | &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 5/29/32 | 206445 |
| 200000 |  | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 5/29/50 | 196532 |
|  |  |  | Total Egypt | 613932 |
| **El Salvador — 0.0%@** | **El Salvador — 0.0%@** | **El Salvador — 0.0%@** | **El Salvador — 0.0%@** | **El Salvador — 0.0%@** |
| 150000 |  | B- | El Salvador Government International Bonds, 9.650% due 11/21/54(a) | 171000 |
| **France — 0.2%**  | **France — 0.2%**  | **France — 0.2%**  | **France — 0.2%**  | **France — 0.2%**  |
| 3175000 | <sup>EUR</sup> | A+u(l) | French Republic Government Bonds OAT, (Cost — $3,686,896, acquired 6/12/25), 2.700%<br>due 2/25/31(a)(d) | 3779359 |
| **Guatemala — 0.0%@** | **Guatemala — 0.0%@** | **Guatemala — 0.0%@** | **Guatemala — 0.0%@** | **Guatemala — 0.0%@** |
| 200000 |  | BB+ | Guatemala Government Bonds, 6.050% due 8/6/31 | 210022 |
| **Honduras — 0.0%@** | **Honduras — 0.0%@** | **Honduras — 0.0%@** | **Honduras — 0.0%@** | **Honduras — 0.0%@** |
| 150000 |  | BB- | Honduras Government International Bonds, 8.625% due 11/27/34(a) | 174435 |

---

#### See Notes to Financial Statements.

#### 183

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Hungary — 0.0%@** | **Hungary — 0.0%@** | **Hungary — 0.0%@** | **Hungary — 0.0%@** | **Hungary — 0.0%@** |
| $200000 |  | BBB- | Hungary Government International Bonds, (Cost — $198,380, acquired 12/6/21), 2.125%<br>due 9/22/31(d) | $175393 |
| **Indonesia — 0.1%**  | **Indonesia — 0.1%**  | **Indonesia — 0.1%**  | **Indonesia — 0.1%**  | **Indonesia — 0.1%**  |
|  |  |  | Indonesia Government International Bonds: |  |
| 80000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 4.100% due 4/24/28 | 80499 |
| 445000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 2.850% due 2/14/30 | 423992 |
| 120000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 2.150% due 7/28/31 | 107410 |
| 200000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 3.050% due 3/12/51 | 132763 |
|  |  |  | Total Indonesia | 744664 |
| **Israel — 0.2%**  | **Israel — 0.2%**  | **Israel — 0.2%**  | **Israel — 0.2%**  | **Israel — 0.2%**  |
|  |  |  | Israel Government International Bonds: |  |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/19/30 | 207271 |
| 200000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 2.750% due 7/3/30 | 187466 |
| 1225000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 1/13/31 | 1229828 |
| 1735000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/12/54 | 1701307 |
| 725000 |  | A | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/13/56 | 722656 |
|  |  |  | Total Israel | 4048528 |
| **Italy — 0.0%@** | **Italy — 0.0%@** | **Italy — 0.0%@** | **Italy — 0.0%@** | **Italy — 0.0%@** |
| 200000 |  | Baa2u(b) | Republic of Italy Government International Bonds, 3.875% due 5/6/51 | 152994 |
| **Ivory Coast — 0.1%**  | **Ivory Coast — 0.1%**  | **Ivory Coast — 0.1%**  | **Ivory Coast — 0.1%**  | **Ivory Coast — 0.1%**  |
|  |  |  | Ivory Coast Government International Bonds: |  |
| 400000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; 8.075% due 4/1/36(a) | 433826 |
| 715000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 1/30/37(a) | 782937 |
| 200000 |  | BB | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 2/25/41(a) | 191183 |
|  |  |  | Total Ivory Coast | 1407946 |
| **Japan — 0.0%@** | **Japan — 0.0%@** | **Japan — 0.0%@** | **Japan — 0.0%@** | **Japan — 0.0%@** |
| 200000 |  | A+ | Japan Bank for International Cooperation, 3.875% due 7/3/28 | 201479 |
| **Jordan — 0.0%@** | **Jordan — 0.0%@** | **Jordan — 0.0%@** | **Jordan — 0.0%@** | **Jordan — 0.0%@** |
|  |  |  | Jordan Government International Bonds: |  |
| 283000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/12/32(a) | 278815 |
| 200000 |  | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 10/10/47 | 198224 |
|  |  |  | Total Jordan | 477039 |
| **Kenya — 0.0%@** | **Kenya — 0.0%@** | **Kenya — 0.0%@** | **Kenya — 0.0%@** | **Kenya — 0.0%@** |
|  |  |  | Kenya Government International Bonds: |  |
| 200000 |  | B | &nbsp;&nbsp;&nbsp;&nbsp; 9.750% due 2/16/31(a) | 219345 |
| 200000 |  | B | &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 10/9/33(a) | 199461 |
| 200000 |  | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.800% due 10/9/38(a) | 198557 |
|  |  |  | Total Kenya | 617363 |
| **Mexico — 0.4%**  | **Mexico — 0.4%**  | **Mexico — 0.4%**  | **Mexico — 0.4%**  | **Mexico — 0.4%**  |
| 34675000 | <sup>MXN</sup> | Baa2(b) | Mexican Bonos, 8.500% due 2/28/30 | 2059609 |
|  |  |  | Mexico Government International Bonds: |  |
| 272000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/22/29 | 273006 |
| 200000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 4/16/30 | 189915 |
| 245000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 2.659% due 5/24/31 | 220255 |
| 1700000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 6.350% due 2/9/35 | 1795115 |
| 825000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 9/22/35 | 823763 |
| 1200000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 2/9/38 | 1215900 |
| 100000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 3/8/44 | 83520 |
| 200000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 1/23/46 | 159890 |
| 225000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 2/10/48 | 177592 |

---

#### See Notes to Financial Statements.

#### 184

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Mexico — 0.4% — (continued)** | **Mexico — 0.4% — (continued)** | **Mexico — 0.4% — (continued)** | **Mexico — 0.4% — (continued)** | **Mexico — 0.4% — (continued)** |
| $200000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 6.338% due 5/4/53 | $194580 |
| 1275000 |  | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 3.771% due 5/24/61 | 803314 |
|  |  |  | Total Mexico | 7996459 |
| **Nigeria — 0.0%@** | **Nigeria — 0.0%@** | **Nigeria — 0.0%@** | **Nigeria — 0.0%@** | **Nigeria — 0.0%@** |
| 260000 |  | B- | Nigeria Government International Bonds, 7.143% due 2/23/30(a) | 268372 |
| **Oman — 0.0%@** | **Oman — 0.0%@** | **Oman — 0.0%@** | **Oman — 0.0%@** | **Oman — 0.0%@** |
| 200000 |  | Baa3(b) | Oman Government International Bonds, (Cost — $210,132, acquired 12/6/21), 5.625%<br>due 1/17/28(d) | 204887 |
| **Pakistan — 0.0%@** | **Pakistan — 0.0%@** | **Pakistan — 0.0%@** | **Pakistan — 0.0%@** | **Pakistan — 0.0%@** |
|  |  |  | Pakistan Government International Bonds: |  |
| 200000 |  | Caa1(b) | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 4/8/31(a) | 198291 |
| 200000 |  | Caa1(b) | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 4/8/51(a) | 198146 |
|  |  |  | Total Pakistan | 396437 |
| **Panama — 0.1%**  | **Panama — 0.1%**  | **Panama — 0.1%**  | **Panama — 0.1%**  | **Panama — 0.1%**  |
|  |  |  | Panama Government International Bonds: |  |
| 210000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/17/28 | 208194 |
| 300000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 3.160% due 1/23/30 | 285180 |
| 890000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 2.252% due 9/29/32 | 750581 |
| 350000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 3.298% due 1/19/33 | 313215 |
| 10000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/1/56 | 7846 |
|  |  |  | Total Panama | 1565016 |
| **Paraguay — 0.0%@** | **Paraguay — 0.0%@** | **Paraguay — 0.0%@** | **Paraguay — 0.0%@** | **Paraguay — 0.0%@** |
| 400000 |  | BBB- | Paraguay Government International Bonds, 5.400% due 3/30/50 | 378396 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
|  |  |  | Peruvian Government International Bonds: |  |
| 550000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 2.783% due 1/23/31 | 512820 |
| 100000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 1/15/34 | 88175 |
| 50000 |  | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 11/18/50 | 49720 |
|  |  |  | Total Peru | 650715 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
|  |  |  | Philippine Government International Bonds: |  |
| 360000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 1.648% due 6/10/31 | 318030 |
| 550000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 1.950% due 1/6/32 | 484126 |
| 200000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 1/27/36 | 203461 |
|  |  |  | Total Philippines | 1005617 |
| **Poland — 0.0%@** | **Poland — 0.0%@** | **Poland — 0.0%@** | **Poland — 0.0%@** | **Poland — 0.0%@** |
|  |  |  | Republic of Poland Government International Bonds: |  |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 11/16/27 | 51519 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/4/33 | 103021 |
| 50000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 4/4/53 | 49265 |
| 100000 |  | A- | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/18/54 | 98456 |
|  |  |  | Total Poland | 302261 |
| **Romania — 0.0%@** | **Romania — 0.0%@** | **Romania — 0.0%@** | **Romania — 0.0%@** | **Romania — 0.0%@** |
| 198,000EUR |  | BBB- | Romanian Government International Bonds, 6.000% due 9/24/44(a) | 234300 |
| **Singapore — 0.1%**  | **Singapore — 0.1%**  | **Singapore — 0.1%**  | **Singapore — 0.1%**  | **Singapore — 0.1%**  |
| 2265000 | <sup>SGD</sup> | AAAu(l) | Singapore Government Bonds, 2.875% due 9/1/30 | 1896077 |
| **South Africa — 0.1%**  | **South Africa — 0.1%**  | **South Africa — 0.1%**  | **South Africa — 0.1%**  | **South Africa — 0.1%**  |
| 200000 |  | BB | Republic of South Africa Government International Bonds, 7.100% due 11/19/36(a) | 215562 |

---

#### See Notes to Financial Statements.

#### 185

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **South Africa — 0.1% — (continued)** | **South Africa — 0.1% — (continued)** | **South Africa — 0.1% — (continued)** | **South Africa — 0.1% — (continued)** | **South Africa — 0.1% — (continued)** |
| 29800000 | <sup>ZAR</sup> | BB+ | South Africa Government Bonds, 8.000% due 1/31/30 | $1926977 |
|  |  |  | Total South Africa | 2142539 |
| **South Korea — 0.0%@** | **South Korea — 0.0%@** | **South Korea — 0.0%@** | **South Korea — 0.0%@** | **South Korea — 0.0%@** |
| $200000 |  | AA | Export-Import Bank of Korea, 5.250% due 1/14/35 | 214712 |
| 200000 |  | AA | Korea Development Bank (The), 3.750% due 9/16/30 | 200026 |
|  |  |  | Total South Korea | 414738 |
| **Supranational — 0.3%**  | **Supranational — 0.3%**  | **Supranational — 0.3%**  | **Supranational — 0.3%**  | **Supranational — 0.3%**  |
| 3165000 | <sup>EUR</sup> | AA+ | European Union, (Cost — $3,764,956, acquired 9/5/25), 2.625% due 7/4/28(d) | 3779396 |
|  |  |  | International Bank for Reconstruction & Development: |  |
| 100000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 3.125% due 6/15/27 | 99590 |
| 100000 |  | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 11/22/27 | 98472 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 4/20/28 | 191676 |
| 150000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 7/12/28 | 150402 |
| 100000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 9/21/29 | 100559 |
| 100000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/25/30 | 102038 |
| 100000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 4/10/31 | 104355 |
| 300000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 1/15/32 | 315587 |
| 500000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 8/28/34 | 499459 |
| 200000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 8/27/35 | 206553 |
|  |  |  | Total Supranational | 5648087 |
| **Suriname — 0.0%@** | **Suriname — 0.0%@** | **Suriname — 0.0%@** | **Suriname — 0.0%@** | **Suriname — 0.0%@** |
|  |  |  | Suriname Government International Bonds: |  |
| 200000 |  | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.700% due 11/6/30(a) | 206050 |
| 208000 |  | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 11/6/35(a) | 221390 |
|  |  |  | Total Suriname | 427440 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| 19800000 | <sup>SEK</sup> | NR | Sweden Government Bonds, (Cost — $1,911,765, acquired 1/15/26), 0.125% due 5/12/31(d) | 1975546 |
| **Trinidad — 0.1%** | **Trinidad — 0.1%** | **Trinidad — 0.1%** | **Trinidad — 0.1%** | **Trinidad — 0.1%** |
| 685000 |  | BBB- | Trinidad & Tobago Government International Bonds, 6.500% due 1/28/36(a) | 693905 |
| **Turkey — 0.0%@** | **Turkey — 0.0%@** | **Turkey — 0.0%@** | **Turkey — 0.0%@** | **Turkey — 0.0%@** |
| 200000 |  | Ba3(b) | Istanbul Metropolitan Municipality, 10.500% due 12/6/28(a) | 221059 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
|  |  |  | United Kingdom Gilt: |  |
| 1385000 | <sup>GBP</sup> | Aa3u(b) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $1,876,674, acquired 9/19/25), 3.750% due 3/7/27(d) | 1870981 |
| 2045000 | <sup>GBP</sup> | AA-u(l) | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $2,823,415, acquired 1/23/26), 4.375% due 3/7/30(d) | 2827101 |
|  |  |  | Total United Kingdom | 4698082 |
| **Uruguay — 0.0%@** | **Uruguay — 0.0%@** | **Uruguay — 0.0%@** | **Uruguay — 0.0%@** | **Uruguay — 0.0%@** |
|  |  |  | Uruguay Government International Bonds: |  |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 10/28/34 | 107710 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.442% due 2/14/37 | 52560 |
| 100000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.100% due 6/18/50 | 96275 |
| 50000 |  | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.975% due 4/20/55 | 46472 |
|  |  |  | Total Uruguay | 303017 |
|  |  |  | **TOTAL SOVEREIGN BONDS**<br> (Cost — $66,748,120) | **68119635** |
| ASSET-BACKED SECURITIES — 2.1% | ASSET-BACKED SECURITIES — 2.1% | ASSET-BACKED SECURITIES — 2.1% | ASSET-BACKED SECURITIES — 2.1% | ASSET-BACKED SECURITIES — 2.1% |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| 1235000 |  | BBB | American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.500%<br>due 7/14/31(a) | 1262391 |
| 759000 |  | BBB(l) | AutoNation Finance Trust, Series 2025-1A, Class D, 5.630% due 9/10/32(a) | 780748 |

---

#### See Notes to Financial Statements.

#### 186

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Automobiles — 1.8% — (continued)** | **Automobiles — 1.8% — (continued)** | **Automobiles — 1.8% — (continued)** | **Automobiles — 1.8% — (continued)** |
|  |  | Avis Budget Rental Car Funding AESOP LLC: |  |
| $4000000 | Aaa(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A, 5.230% due 12/20/30(a) | $4153487 |
| 440000 | Baa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class C, 6.110% due 12/20/30(a) | 457342 |
| 1600000 | Baa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.870% due 8/20/29(a) | 1641991 |
|  |  | Bridgecrest Lending Auto Securitization Trust: |  |
| 1500000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class E, 7.700% due 4/15/31(a) | 1555906 |
| 950000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class E, 7.470% due 8/15/31(a) | 983728 |
| 1000000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class E, 7.460% due 2/17/32(a) | 1034008 |
| 1080000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class D, 5.620% due 3/17/31 | 1107326 |
| 662000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class E, 6.630% due 2/15/33(a) | 669433 |
|  |  | Carmax Auto Owner Trust: |  |
| 870000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A4, 4.650% due 11/15/30 | 891093 |
| 570000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class C, 5.160% due 1/15/31 | 587786 |
| 1850000 | BBB | Consumer Portfolio Services Auto Trust, Series 2025-B, Class D, 5.560% due 7/15/31(a) | 1891041 |
| 1500000 | A | Credit Acceptance Auto Loan Trust, Series 2025-2A, Class C, 5.380% due 3/17/36(a) | 1530832 |
| 1000000 | Baa1(b) | Drive Auto Receivables Trust, Series 2025-1, Class D, 5.410% due 9/15/32 | 1019340 |
| 1440000 | AAA | Enterprise Fleet Financing LLC, Series 2025-2, Class A4, 4.580% due 12/22/31(a) | 1473695 |
|  |  | Exeter Select Automobile Receivables Trust: |  |
| 1500000 | AA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 4.870% due 8/15/31 | 1522468 |
| 1200000 | A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class C, 5.400% due 8/15/31 | 1230679 |
| 583000 | AAA | Ford Credit Floorplan Master Owner Trust A, Series 2018-4, Class A, 4.060% due 11/15/30 | 588489 |
|  |  | GLS Auto Receivables Issuer Trust: |  |
| 1800000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class D, 5.590% due 1/15/31(a) | 1854437 |
| 1500000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class D, 5.130% due 8/15/31(a) | 1522293 |
| 270000 | Aaa(b) | Hertz Vehicle Financing III LLC, Series 2023-4A, Class A, 6.150% due 3/25/30(a) | 284958 |
| 236168 | AAA | Hyundai Auto Receivables Trust, Series 2023-C, Class A3, 5.540% due 10/16/28 | 238559 |
| 933000 | AAA | Octane Receivables Trust, Series 2024-1A, Class B, 5.660% due 5/20/30(a) | 946275 |
|  |  | Santander Drive Auto Receivables Trust: |  |
| 2000000 | A2(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 6.280% due 8/15/31 | 2078192 |
| 1200000 | Baa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3, Class D, 5.110% due 9/15/31 | 1223243 |
| 365000 | Baa3(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class D, 4.950% due 1/15/32 | 369895 |
| 1000000 | Baa2(b) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1, Class D, 4.750% due 4/15/32 | 1005718 |
| 505000 | A+ | Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.010% due 11/15/28(a) | 514195 |
|  |  | Total Automobiles | 34419548 |
| **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** |
|  |  | American Express Credit Account Master Trust: |  |
| 275000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 4.800% due 5/15/30 | 282213 |
| 300000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A, 4.650% due 7/15/29 | 304120 |
|  |  | Perimeter Master Notes Business Trust: |  |
| 1100000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 5.580% due 12/16/30(a) | 1107908 |
| 999000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B, 6.120% due 12/16/30(a) | 1007218 |
|  |  | Total Credit Cards | 2701459 |
| **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |
| 781466 | Aa1(b) | ECMC Group Student Loan Trust, Series 2017-2A, Class A, 4.832%<br>(30-Day Average SOFR + 1.164%) due 5/25/67(a)(f) | 787695 |
| 845700 | AA+ | Navient Student Loan Trust, Series 2017-3A, Class A3, 4.832%<br>(30-Day Average SOFR + 1.164%) due 7/26/66(a)(f) | 858542 |
| 457190 | AAA | Nelnet Student Loan Trust, Series 2006-1, Class A6, 4.376%<br>(3-Month Term SOFR + 0.712%) due 8/23/36(a)(f) | 455195 |
|  |  | Total Student Loans | 2101432 |
|  |  | **TOTAL ASSET-BACKED SECURITIES**<br> (Cost — $38,499,408) | **39222439** |

---

#### See Notes to Financial Statements.

#### 187

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Shares/Units** | **Rating††** | **Security** | **Value** |
| OPEN END MUTUAL FUND SECURITIES - 0.2% | OPEN END MUTUAL FUND SECURITIES - 0.2% | OPEN END MUTUAL FUND SECURITIES - 0.2% | OPEN END MUTUAL FUND SECURITIES - 0.2% |
| FINANCIALS — 0.2% | FINANCIALS — 0.2% | FINANCIALS — 0.2% | FINANCIALS — 0.2% |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
| $7300 |  | State Street SPDR Portfolio High Yield Bond ETF | $173010 |
| 36241 |  | Vanguard Intermediate-Term Corporate Bond ETF | 3070338 |
|  |  | **TOTAL OPEN END MUTUAL FUND SECURITIES**<br> (Cost — $3,205,566) | **3243348** |
| **Face<br>Amount/Units†** |  |  |  |
| MUNICIPAL BONDS - 0.1% | MUNICIPAL BONDS - 0.1% | MUNICIPAL BONDS - 0.1% | MUNICIPAL BONDS - 0.1% |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| 310000 | AA- | California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51 | 233608 |
| 100000 | AA- | California State University, Revenue Bonds, Series B, 5.183% due 11/1/53 | 98465 |
| 205000 | A | Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45 | 225811 |
|  |  | State of California, GO: |  |
| 150000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 10/1/41 | 160131 |
| 100000 | AA- | &nbsp;&nbsp;&nbsp;&nbsp; 4.600% due 4/1/38 | 102216 |
|  |  | University of California, Revenue Bonds: |  |
| 25000 | AA | &nbsp;&nbsp;&nbsp;&nbsp; Series AD, 4.858% due 5/15/12 | 21771 |
| 266000 | AA | &nbsp;&nbsp;&nbsp;&nbsp; Series AQ, 4.767% due 5/15/15 | 227293 |
|  |  | Total California | 1069295 |
| **Connecticut — 0.0%@** | **Connecticut — 0.0%@** | **Connecticut — 0.0%@** | **Connecticut — 0.0%@** |
| 200000 | AA- | State of Connecticut, GO, 5.850% due 3/15/32 | 217499 |
| **Florida — 0.0%@** | **Florida — 0.0%@** | **Florida — 0.0%@** | **Florida — 0.0%@** |
| 50000 | AA | State Board of Administration Finance Corp., Series A, Revenue Bonds, 5.526% due 7/1/34 | 53903 |
| **Illinois — 0.0%@** | **Illinois — 0.0%@** | **Illinois — 0.0%@** | **Illinois — 0.0%@** |
| 150000 | A+ | Chicago O'Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49 | 137327 |
| 218137 | A- | State of Illinois, GO, 5.100% due 6/1/33 | 226028 |
|  |  | Total Illinois | 363355 |
| **Minnesota — 0.0%@** | **Minnesota — 0.0%@** | **Minnesota — 0.0%@** | **Minnesota — 0.0%@** |
| 260000 | AA | University of Minnesota, Revenue Bonds, 4.048% due 4/1/52 | 221946 |
| **New Jersey — 0.0%@** | **New Jersey — 0.0%@** | **New Jersey — 0.0%@** | **New Jersey — 0.0%@** |
| 215000 | Aa3(b) | Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27 | 217794 |
| 85000 | A | New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561%<br>due 12/15/40 | 97670 |
|  |  | Total New Jersey | 315464 |
| **New York — 0.0%@** | **New York — 0.0%@** | **New York — 0.0%@** | **New York — 0.0%@** |
| 100000 | AA | City of New York, GO, 5.263% due 10/1/52 | 99841 |
| 150000 | AA- | Port Authority of New York & New Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53 | 148666 |
|  |  | Total New York | 248507 |
| **Texas — 0.0%@** | **Texas — 0.0%@** | **Texas — 0.0%@** | **Texas — 0.0%@** |
| 40000 | AA- | Dallas Fort Worth International Airport, Series A, Revenue Bonds, 3.144% due 11/1/45 | 31892 |
|  |  | **TOTAL MUNICIPAL BONDS**<br> (Cost — $2,693,462) | **2521861** |

---

#### See Notes to Financial Statements.

#### 188

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| COLLATERALIZED LOAN OBLIGATION — 0.1%  | COLLATERALIZED LOAN OBLIGATION — 0.1%  | COLLATERALIZED LOAN OBLIGATION — 0.1%  | COLLATERALIZED LOAN OBLIGATION — 0.1%  | COLLATERALIZED LOAN OBLIGATION — 0.1%  |
| **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** |
| $1060000 |  | Aaa(b) | TRTX Issuer Ltd., Series 2025-FL7, Class A, 5.114%<br>(1-Month Term SOFR + 1.450%) due 6/18/43(a)(f)<br> (Cost — $1,060,000) | **1061655** |
| SENIOR LOANS — 0.0%@ | SENIOR LOANS — 0.0%@ | SENIOR LOANS — 0.0%@ | SENIOR LOANS — 0.0%@ | SENIOR LOANS — 0.0%@ |
| **Airlines — 0.0%@** | **Airlines — 0.0%@** | **Airlines — 0.0%@** | **Airlines — 0.0%@** | **Airlines — 0.0%@** |
| 49500 |  | NR | VistaJet Malta Finance PLC, 7.411% (3-Month CME Term SOFR + 3.750%) due 4/1/31(f) | 49639 |
| **Healthcare-Services — 0.0%@** | **Healthcare-Services — 0.0%@** | **Healthcare-Services — 0.0%@** | **Healthcare-Services — 0.0%@** | **Healthcare-Services — 0.0%@** |
| 334730 |  | NR | ModivCare Buyer LLC, 8.690% (3-Month CME Term SOFR + 5.000%) due 12/29/30(f) | 312972 |
| **Software — 0.0%@** | **Software — 0.0%@** | **Software — 0.0%@** | **Software — 0.0%@** | **Software — 0.0%@** |
| 368466 |  | NR | Rocket Software Inc., 7.423% (1-Month CME Term SOFR + 3.750%) due 11/28/28(f) | 343749 |
|  |  |  | **TOTAL SENIOR LOANS**<br> (Cost — $754,222) | **706360** |
| **Shares/Units** |  |  |  |  |
| COMMON STOCK — 0.0%@ | COMMON STOCK — 0.0%@ | COMMON STOCK — 0.0%@ | COMMON STOCK — 0.0%@ | COMMON STOCK — 0.0%@ |
| **Healthcare — Services — 0.0%@** | **Healthcare — Services — 0.0%@** | **Healthcare — Services — 0.0%@** | **Healthcare — Services — 0.0%@** | **Healthcare — Services — 0.0%@** |
| 45243 |  |  | ModivCare Topco LLC\*(e)(i) |  |
|  |  |  | (Cost — $150,537) | **254492** |
|  |  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $1,791,458,565) | **1806090674** |
| **Face<br>Amount/Units†** |  |  |  |  |
| SHORT-TERM INVESTMENTS(o) — 5.1%  | SHORT-TERM INVESTMENTS(o) — 5.1%  | SHORT-TERM INVESTMENTS(o) — 5.1%  | SHORT-TERM INVESTMENTS(o) — 5.1%  | SHORT-TERM INVESTMENTS(o) — 5.1%  |
| MONEY MARKET FUND — 0.5%  | MONEY MARKET FUND — 0.5%  | MONEY MARKET FUND — 0.5%  | MONEY MARKET FUND — 0.5%  | MONEY MARKET FUND — 0.5%  |
| 9178517 |  |  | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(p)<br>(Cost — $9,178,517) | **9178517** |
| TIME DEPOSITS — 3.3%  | TIME DEPOSITS — 3.3%  | TIME DEPOSITS — 3.3%  | TIME DEPOSITS — 3.3%  | TIME DEPOSITS — 3.3%  |
| 350798 | <sup>EUR</sup> |  | Citibank — London, 0.880% due 3/2/26 | 414503 |
| 42663512 |  |  | Citibank — New York, 2.980% due 3/2/26 | 42663512 |
| 14155527 |  |  | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 14155527 |
| 5380911 |  |  | Skandinaviska Enskilda Banken AB — Stockholm, 2.980% due 3/2/26 | 5380911 |
|  |  |  | **TOTAL TIME DEPOSITS**<br> (Cost — $62,614,453) | **62614453** |
| U.S. GOVERNMENT OBLIGATIONS — 1.3%  | U.S. GOVERNMENT OBLIGATIONS — 1.3%  | U.S. GOVERNMENT OBLIGATIONS — 1.3%  | U.S. GOVERNMENT OBLIGATIONS — 1.3%  | U.S. GOVERNMENT OBLIGATIONS — 1.3%  |
|  |  |  | U.S. Treasury Bills: |  |
| 2000000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.638% due 3/24/26(q) | 1993765 |
| 22000000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.622% due 4/16/26(q) | 21898730 |
|  |  |  | **TOTAL U.S. GOVERNMENT OBLIGATIONS**<br> (Cost — $23,892,495) | **23892495** |
|  |  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $95,685,465) | **95685465** |
|  |  |  | **TOTAL INVESTMENTS — 101.4%**<br> (Cost — $1,887,144,030) | **1901776139** |
|  |  |  | Liabilities in Excess of Other Assets — (1.4)% | (26018119) |
|  |  |  | **TOTAL NET ASSETS — 100.0%** | $**1875758020** |

---

† 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.

#### See Notes to Financial Statements.

#### 189

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Core Fixed Income Fund</u>

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

(a) Restricted security that may be sold to "qualified institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2026, amounts to $439,700,352 and represents 23.4% of net assets.

(b) Rating by Moody's Investors Service.

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

(d) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2026, amounts to $46,690,464 and represents 2.5% of net assets.

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

(f) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2026.

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

(h) Security is currently in default.

(i) Illiquid security.

(j) Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2026.

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

(l) Rating by Fitch Ratings Service.

(m) Principal only security.

(n) Interest only security.

(o) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 4.6%.

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

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

# Security that used significant unobservable inputs to determine fair value. At February 28, 2026, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets. 

At February 28, 2026, for Core Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> **Appreciation** |
| Core Fixed Income Fund | $1887144030 | $47847705 | $(33050270) | $14797435 |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| ABS | — Asset-Backed Security |
| ACES | — Alternative Credit Enhancement Securities |
| CME | — Chicago Mercantile Exchange |
| CMT | — Constant Maturity Treasury Rate |
| DAC | — Designated Activity Company |
| EURIBOR | — Euro Interbank Offered Rate |
| ETF | — Exchange-Traded Fund |
| GO | — General Obligation |
| IBOR | — Interbank Offered Rate |
| ICE | — Intercontinental Exchange |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| MBS | — Mortgage-Backed Security |
| OAT | — Obligations assimilables du Trésor |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |

---

#### See Notes to Financial Statements.

#### 190

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Core Fixed Income Fund</u>    

---

| | | |
|:---|:---|:---|
| Summary of Investments by Security Type^ | Summary of Investments by Security Type^ |  |
|  Corporate Bonds & Notes | 30.6 | % |
|  Mortgage-Backed Securities | 25.6 |  |
|  U.S. Government Agencies & Obligations | 20.0 |  |
|  Collateralized Mortgage Obligations | 13.1 |  |
|  Sovereign Bonds | 3.6 |  |
|  Asset-Backed Securities | 2.1 |  |
|  Open End Mutual Fund Securities | 0.2 |  |
|  Municipal Bonds | 0.1 |  |
|  Collateralized Loan Obligation | 0.1 |  |
|  Senior Loans | 0.0 | \* |
|  Common Stock | 0.0 | \* |
|  Short-Term Investments | 4.6 |  |
|  Total Investments | 100.0 | %+ |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

\* Position represents less than 0.05%. 

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

At February 28, 2026, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of**<br> **Contracts** | **Expiration**<br> **Date**<br> **(Month/Year)** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Note Futures | 706 | 6/26 | $147584297 | $147747047 | $162750 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Note Futures | 450 | 6/26 | 49427888 | 49563281 | 135393 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Note Futures | 578 | 6/26 | 65527512 | 65783625 | 256113 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Long Bond Futures | 157 | 6/26 | 18464672 | 18599594 | 134922 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Long Bond Futures | 236 | 6/26 | 28424756 | 28696124 | 271368 |
|  |  |  |  |  | 960546 |
| **Contracts to Sell:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bobl Futures | 47 | 3/26 | 6468846 | 6523164 | (54318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund Futures | 40 | 3/26 | 6068698 | 6155191 | (86493) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Long Bond Futures | 86 | 6/26 | 9981375 | 10039156 | (57781) |
|  |  |  |  |  | (198592) |
|  Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts |  |  |  |  | $761954 |

---

At February 28, 2026, Core Fixed Income Fund had deposited cash of $1,974,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

#### See Notes to Financial Statements.

#### 191

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Core Fixed Income Fund</u>    

At February 28, 2026, Core Fixed Income Fund had open forward foreign currency contracts as described below.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 31075000 | USD | 5902408 | SSB | $6039181 | 3/16/26 | $136773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 3465000 | USD | 4077209 | BNY | 4095430 | 3/9/26 | 18221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 80000 | USD | 63197 | BNY | 63344 | 3/23/26 | 147 |
|  |  |  |  |  |  |  | 155141 |
| **Contracts to Sell:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 7072000 | USD | 5034719 | BNY | 5032166 | 3/18/26 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 41790000 | USD | 7587766 | GSC | 8121557 | 3/16/26 | (533791) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 4660000 | USD | 6361678 | BNY | 6281703 | 5/18/26 | 79975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chilean Peso | 865000000 | USD | 1011637 | BNY | 991075 | 3/23/26 | 20562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 14148000000 | USD | 3818005 | GSC | 3721110 | 4/13/26 | 96895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Koruna | 36100000 | USD | 1732829 | BNY | 1760742 | 3/31/26 | (27913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 203737 | USD | 240806 | BNP | 241112 | 3/31/26 | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 29210000 | USD | 34159115 | BNY | 34524535 | 3/9/26 | (365420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 1800000 | USD | 2102094 | BNY | 2127496 | 3/9/26 | (25402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 1860000 | USD | 2230400 | BNY | 2198412 | 3/9/26 | 31988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 36525000 | USD | 2118595 | SSB | 2114789 | 3/31/26 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 2500000 | USD | 1948526 | GSC | 1979489 | 3/23/26 | (30963) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 30710000 | USD | 1915890 | BNY | 1926249 | 3/18/26 | (10359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 17620000 | USD | 1925646 | SSB | 1953437 | 3/18/26 | (27791) |
|  |  |  |  |  |  |  | (786166) |
|  Net Unrealized Depreciation on Open Forward Foreign Currency Contracts |  |  |  |  |  |  | $(631025) |

---

At February 28, 2026, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation & Rating** | **Fixed Deal**<br> **Receive Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Implied Credit**<br> **Spread at**<br> **2/28/26 (2)** | **Notional**<br> **Amount (3)** | **Notional**<br> **Amount (3)** | **Value** | **Upfront**<br> **Payment**<br> **Paid** | **Unrealized**<br> **Appreciation** |
|  Markit CDX North America High Yield Series 44 5-Year Index, NR | 5.000% | 6/20/30 | 3-Month | 3.070% | USD | 3494700 | $283750 | $249353 | $34397 |

---

(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.

#### See Notes to Financial Statements.

#### 192

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Core Fixed Income Fund</u>    

At February 28, 2026, Core Fixed Income Fund had cash collateral from brokers in the amount of $730,000 for open centrally cleared swap contracts.

---

| | | | |
|:---|:---|:---|:---|
| **Currency abbreviations used in this schedule:** | **Currency abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** |
| AUD | — Australian Dollar | BNP | — BNP Paribas SA |
| BRL | — Brazilian Real | BNY | — Bank of New York Mellon |
| CLP | — Chilean Peso | GSC | — Goldman Sachs & Co. |
| COP | — Colombian Peso | SSB | — State Street Bank & Trust Co. |
| CZK | — Czech Koruna |  |  |
| EUR | — Euro |  |  |
| GBP | — British Pound |  |  |
| MXN | — Mexican Peso |  |  |
| SEK | — Swedish Krona |  |  |
| SGD | — Singapore Dollar |  |  |
| USD | — United States Dollar |  |  |
| ZAR | — South African Rand |  |  |
| **See pages 268-269 for definitions of ratings.** | **See pages 268-269 for definitions of ratings.** | **See pages 268-269 for definitions of ratings.** | **See pages 268-269 for definitions of ratings.** |

---

#### See Notes to Financial Statements.

#### 193

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | Value |
| CORPORATE BONDS & NOTES — 94.2% | CORPORATE BONDS & NOTES — 94.2% | CORPORATE BONDS & NOTES — 94.2% | CORPORATE BONDS & NOTES — 94.2% |
| **Advertising — 0.9%**  | **Advertising — 0.9%**  | **Advertising — 0.9%**  | **Advertising — 0.9%**  |
| $1378000 | B- | Neptune Bidco U.S. Inc., Senior Secured Notes, 9.290% due 4/15/29(a) | $1381612 |
| **Aerospace/Defense — 0.4%**  | **Aerospace/Defense — 0.4%**  | **Aerospace/Defense — 0.4%**  | **Aerospace/Defense — 0.4%**  |
|  |  | ATI Inc., Senior Unsecured Notes: |  |
| 484000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 10/1/29 | 483708 |
| 210000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 10/1/31 | 211158 |
|  |  | Total Aerospace/Defense | 694866 |
| **Airlines — 1.1%**  | **Airlines — 1.1%**  | **Airlines — 1.1%**  | **Airlines — 1.1%**  |
| 405000 | BBB- | Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a) | 405342 |
| 615000 | BB- | American Airlines Inc., Senior Secured Notes, 7.250% due 2/15/28(a) | 627000 |
| 141000 | BB+ | United Airlines Holdings Inc., Company Guaranteed Notes, 5.375% due 3/1/31 | 143727 |
| 451000 | BBB- | United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a) | 450959 |
|  |  | Total Airlines | 1627028 |
| **Auto Parts & Equipment — 0.8%**  | **Auto Parts & Equipment — 0.8%**  | **Auto Parts & Equipment — 0.8%**  | **Auto Parts & Equipment — 0.8%**  |
|  |  | American Axle & Manufacturing Inc.: |  |
| 360000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 7.750% due 10/15/33(a) | 366496 |
| 420000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 6.375% due 10/15/32(a) | 427720 |
| 450000 | BB- | ZF North America Capital Inc., Company Guaranteed Notes, 6.875% due 4/23/32(a) | 451767 |
|  |  | Total Auto Parts & Equipment | 1245983 |
| **Banks — 0.4%**  | **Banks — 0.4%**  | **Banks — 0.4%**  | **Banks — 0.4%**  |
| 664000 | BB | Walker & Dunlop Inc., Company Guaranteed Notes, 6.625% due 4/1/33(a) | 658180 |
| **Biotechnology — 0.5%**  | **Biotechnology — 0.5%**  | **Biotechnology — 0.5%**  | **Biotechnology — 0.5%**  |
| 745000 | BB | BioMarin Pharmaceutical Inc., Company Guaranteed Notes, 5.500% due 2/15/34(a) | 752027 |
| **Building Materials — 0.4%**  | **Building Materials — 0.4%**  | **Building Materials — 0.4%**  | **Building Materials — 0.4%**  |
| 88000 | BB+ | Standard Building Solutions Inc., Company Guaranteed Notes, 5.875% due 3/15/34(a) | 87928 |
| 615000 | BB+ | Standard Industries Inc., Senior Unsecured Notes, 3.375% due 1/15/31(a) | 568109 |
|  |  | Total Building Materials | 656037 |
| **Chemicals — 1.5%**  | **Chemicals — 1.5%**  | **Chemicals — 1.5%**  | **Chemicals — 1.5%**  |
| 901000 | CCC+ | Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a) | 757966 |
|  |  | Methanex Corp., Senior Unsecured Notes: |  |
| 215000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 10/15/27 | 215992 |
| 4000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 12/15/29 | 4037 |
| 800000 | BB | Methanex U.S. Operations Inc., Company Guaranteed Notes, 6.250% due 3/15/32(a) | 828559 |
| 557000 | BB- | Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a) | 556858 |
|  |  | Total Chemicals | 2363412 |
| **Coal — 0.1%**  | **Coal — 0.1%**  | **Coal — 0.1%**  | **Coal — 0.1%**  |
| 152000 | BB+ | Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a) | 155177 |
| **Commercial Services — 5.3%** | **Commercial Services — 5.3%** | **Commercial Services — 5.3%** | **Commercial Services — 5.3%** |
|  |  | Block Inc., Senior Unsecured Notes: |  |
| 390000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 5/15/32(a) | 401482 |
| 160000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 8/15/33(a) | 162711 |
| 709000 | B- | Champions Financing Inc., Senior Secured Notes, 8.750% due 2/15/29(a)(b) | 674913 |
|  |  | EquipmentShare.com Inc., Secured Notes: |  |
| 395000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 5/15/32(a) | 422835 |
| 701000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 3/15/33(a) | 746601 |
| 745000 | B | Garda World Security Corp., Senior Secured Notes, 6.500% due 1/15/31(a) | 765801 |
|  |  | Herc Holdings Inc., Company Guaranteed Notes: |  |
| 219000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 6/15/30(a) | 229815 |
| 455000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 6/15/33(a) | 481287 |

---

#### See Notes to Financial Statements.

#### 194

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Commercial Services — 5.3% —(continued)** | **Commercial Services — 5.3% —(continued)** | **Commercial Services — 5.3% —(continued)** | **Commercial Services — 5.3% —(continued)** | **Commercial Services — 5.3% —(continued)** |
|  |  |  | Hertz Corp. (The): |  |
| $| $147000 | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 4.625% due 12/1/26(a)(b) | $134062 |
|  | 161000 | B | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 12.625% due 7/15/29(a) | 148521 |
|  | 430000 | B+ | ION Platform Finance U.S. Inc., Senior Secured Notes, 7.875% due 9/30/32(a) | 344627 |
|  | 890000 | B | Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a) | 606916 |
|  | 702000 | BB- | Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750%<br>due 8/15/32(a) | 687691 |
|  | 660000 | B+ | Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30(a) | 706965 |
|  | 909000 | B | VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a) | 892167 |
|  | 874000 | B | WEX Inc., Company Guaranteed Notes, 6.500% due 3/15/33(a) | 878808 |
|  |  |  | Total Commercial Services | 8285202 |
|  | **Computers — 0.5%**  | **Computers — 0.5%**  | **Computers — 0.5%**  | **Computers — 0.5%**  |
|  | 337000 | NR | CACI International Inc., Company Guaranteed Notes, 6.375% due 6/15/33(a) | 347716 |
|  | 34000 | B+ | NCR Voyix Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a) | 33363 |
|  |  |  | Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes: |  |
|  | 210000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.091% due 6/1/29(a) | 206132 |
|  | 188000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 1/15/31(a)(b) | 179199 |
|  |  |  | Total Computers | 766410 |
|  | **Cosmetics/Personal Care — 1.0%**  | **Cosmetics/Personal Care — 1.0%**  | **Cosmetics/Personal Care — 1.0%**  | **Cosmetics/Personal Care — 1.0%**  |
|  | 913000 | BB- | Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a) | 881752 |
|  | 740000 | B+ | Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32 | 725151 |
|  |  |  | Total Cosmetics/Personal Care | 1606903 |
| **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** | **Diversified Financial Services — 7.4%** |
|  |  |  | Air Lease Corp., Junior Subordinated Notes: |  |
|  | 325000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% (5-Year CMT Index + 3.149%)(c)(d) | 322490 |
|  | 414000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.650% (5-Year CMT Index + 4.076%)(c)(d) | 413909 |
|  | 735000 | BB+ | Aircastle Ltd., Junior Subordinated Notes, 5.250% (5-Year CMT Index + 4.410%)(a)(c)(d) | 735091 |
|  |  |  | Ally Financial Inc., Subordinated Notes: |  |
|  | 747000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.700% due 2/14/33 | 779437 |
|  | 300000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.646% (5-Year CMT Index + 2.450%) due 1/17/40(c) | 299449 |
|  | 700000 | BB- | Bread Financial Holdings Inc., Company Guaranteed Notes, 6.750% due 5/15/31(a) | 714020 |
|  | 513000 | BB | Burford Capital Global Finance LLC, Company Guaranteed Notes, 6.250% due 4/15/28(a) | 510525 |
|  | 941000 | CCC | Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a) | 813986 |
|  |  |  | Credit Acceptance Corp., Company Guaranteed Notes: |  |
|  | 627000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 12/15/28(a) | 655903 |
|  | 285000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 3/15/30(a) | 284048 |
|  | 715000 | B | Focus Financial Partners LLC, Senior Secured Notes, 6.750% due 9/15/31(a) | 713767 |
|  |  |  | goeasy Ltd.: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
|  | 470000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 5/15/30(a) | 415152 |
|  | 320000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 2/15/31(a) | 276060 |
|  | 297000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 7.625% due 7/1/29(a) | 279842 |
|  |  |  | Jane Street Group/JSG Finance Inc., Senior Secured Notes: |  |
|  | 200000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/29(a) | 195462 |
|  | 405000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 4/30/31(a) | 421303 |
|  | 440000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 11/1/32(a) | 442958 |
|  | 123000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 5/1/33(a) | 126427 |
|  | 700000 | B2(e) | Phoenix Aviation Capital Ltd., Senior Unsecured Notes, 9.250% due 7/15/30(a) | 733956 |
|  | 875000 | B- | Planet Financial Group LLC, Company Guaranteed Notes, 10.500% due 12/15/29(a) | 846052 |
|  | 735000 | B1(e) | Rfna LP, Senior Unsecured Notes, 7.875% due 2/15/30(a) | 731262 |
|  | 710000 | B+ | VFH Parent LLC/Valor Co.-Issuer Inc., Senior Secured Notes, 7.500% due 6/15/31(a) | 740523 |
|  |  |  | Total Diversified Financial Services | 11451622 |

---

#### See Notes to Financial Statements.

#### 195

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** | **Electric — 4.8%** |
| $488000 | BB | Atlantica Sustainable Infrastructure Ltd., Company Guaranteed Notes, 4.125% due 6/15/28(a) | $477789 |
| 232000 | B+ | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Senior Unsecured Notes, 6.375%<br>due 2/15/32(a) | 231341 |
| 795000 | BB | Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a) | 739846 |
|  |  | NRG Energy Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 174000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/28 | 174081 |
| 290000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 6/15/29(a) | 291248 |
| 597000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 2/15/31(a) | 564213 |
| 345000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 11/1/34(a) | 357463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 125000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 1/15/34(a) | 126851 |
| 100000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 1/15/36(a) | 101819 |
| 910000 | Ba3(e) | Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes,<br>4.500% due 8/15/28(a) | 899889 |
|  |  | Talen Energy Supply LLC, Company Guaranteed Notes: |  |
| 375000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 2/1/34(a) | 381832 |
| 375000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 2/1/36(a) | 386003 |
|  |  | Vistra Operations Co. LLC, Company Guaranteed Notes: |  |
| 170000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 10/15/31(a) | 179740 |
| 770000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 4/15/32(a) | 810457 |
|  |  | XPLR Infrastructure Operating Partners LP: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 445000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 9/15/27(a) | 443280 |
| 127000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 1/15/31(a) | 134548 |
| 331000 | BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 4/15/34(a) | 343411 |
| 838000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 7.250% due 1/15/29(a) | 869464 |
|  |  | Total Electric | 7513275 |
| **Electrical Components & Equipment — 0.7%**  | **Electrical Components & Equipment — 0.7%**  | **Electrical Components & Equipment — 0.7%**  | **Electrical Components & Equipment — 0.7%**  |
|  |  | EnerSys, Company Guaranteed Notes: |  |
| 485000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 12/15/27(a) | 484799 |
| 29000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 1/15/32(a) | 29960 |
| 504000 | BB | WESCO Distribution Inc., Company Guaranteed Notes, 6.375% due 3/15/33(a) | 527246 |
|  |  | Total Electrical Components & Equipment | 1042005 |
| **Electronics — 0.9%**  | **Electronics — 0.9%**  | **Electronics — 0.9%**  | **Electronics — 0.9%**  |
| 700000 | BB | Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a) | 688559 |
| 730000 | BB- | TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a) | 708891 |
|  |  | Total Electronics | 1397450 |
| **Entertainment — 3.5%**  | **Entertainment — 3.5%**  | **Entertainment — 3.5%**  | **Entertainment — 3.5%**  |
| 755000 | B+ | Banijay Entertainment SAS, Senior Secured Notes, 8.125% due 5/1/29(a) | 782110 |
| 715000 | BB | Discovery Global Holdings Inc., Company Guaranteed Notes, 5.050% due 3/15/42 | 514800 |
| 875000 | BBB- | Flutter Treasury DAC, Senior Secured Notes, 5.875% due 6/4/31(a) | 875564 |
| 720000 | B+ | Light & Wonder International Inc., Company Guaranteed Notes, 6.250% due 10/1/33(a) | 723560 |
| 795000 | B- | Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30(a) | 768860 |
| 753000 | B+ | SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a) | 731292 |
| 990000 | B | Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32(a) | 1057750 |
|  |  | Total Entertainment | 5453936 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| 715000 | BB+ | Clean Harbors Inc., Company Guaranteed Notes, 5.750% due 10/15/33(a) | 733660 |
| 445000 | BB | GFL Environmental Holdings U.S. Inc., Company Guaranteed Notes, 5.500% due 2/1/34(a) | 447167 |
|  |  | Total Environmental Control | 1180827 |

---

#### See Notes to Financial Statements.

#### 196

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** | **Food — 2.6%** |
|  |  | Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed<br>Notes: |  |
| $76000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/31/31(a) | $76604 |
| 355000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 3/15/33(a) | 365557 |
| 1051000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/31/34(a) | 1046997 |
| 745000 | B | Industrial F&B Investments III Inc., Senior Secured Notes, 7.750% due 2/11/33(a) | 764694 |
| 536000 | BB | Land O'Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a) | 553667 |
|  |  | Performance Food Group Inc., Company Guaranteed Notes: |  |
| 70000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 8/1/29(a) | 68732 |
| 539000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 3/1/34(a) | 540942 |
| 603000 | B+ | Post Holdings Inc., Company Guaranteed Notes, 6.250% due 10/15/34(a) | 616081 |
|  |  | Total Food | 4033274 |
| **Healthcare — Products — 1.5%**  | **Healthcare — Products — 1.5%**  | **Healthcare — Products — 1.5%**  | **Healthcare — Products — 1.5%**  |
| 760000 | BB | Avantor Funding Inc., Company Guaranteed Notes, 3.875% due 11/1/29(a) | 726811 |
| 698000 | B+ | Insulet Corp., Senior Unsecured Notes, 6.500% due 4/1/33(a) | 726418 |
| 297000 | BBB- | Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a) | 292222 |
| 625000 | BBB- | Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a) | 645094 |
|  |  | Total Healthcare — Products | 2390545 |
| **Healthcare — Services — 2.3%**  | **Healthcare — Services — 2.3%**  | **Healthcare — Services — 2.3%**  | **Healthcare — Services — 2.3%**  |
| 778000 | B | Concentra Health Services Inc., Company Guaranteed Notes, 6.875% due 7/15/32(a) | 813345 |
| 629000 | BB- | Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31(a) | 662632 |
| 685000 | B | Star Parent Inc., Senior Secured Notes, 9.000% due 10/1/30(a) | 696097 |
|  |  | Tenet Healthcare Corp.: |  |
| 1016000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 5.500% due 11/15/32(a) | 1029318 |
| 405000 | B | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 6.000% due 11/15/33(a) | 418784 |
|  |  | Total Healthcare — Services | 3620176 |
| **Home Builders — 1.2%**  | **Home Builders — 1.2%**  | **Home Builders — 1.2%**  | **Home Builders — 1.2%**  |
| 695000 | BB- | Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes, 6.875%<br>due 8/1/33(a) | 702055 |
|  |  | Mattamy Group Corp., Senior Unsecured Notes: |  |
| 521000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 3/1/30(a) | 509112 |
| 600000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/15/33(a) | 591172 |
|  |  | Total Home Builders | 1802339 |
| **Insurance — 2.8%**  | **Insurance — 2.8%**  | **Insurance — 2.8%**  | **Insurance — 2.8%**  |
| 666000 | B | Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 6.750% due 7/1/32(a) | 653845 |
| 590000 | B | Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500%<br>due 10/1/31(a) | 594266 |
|  |  | Asurion LLC & Asurion Co.- Issuer Inc., Senior Secured Notes: |  |
| 1300000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 12/31/32(a) | 1366389 |
| 495000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 2/1/34(a) | 492951 |
| 488000 | B | Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, Senior<br>Secured Notes, 7.125% due 5/15/31(a) | 489997 |
| 785000 | B | Panther Escrow Issuer LLC, Senior Secured Notes, 7.125% due 6/1/31(a) | 799270 |
|  |  | Total Insurance | 4396718 |
| **Internet — 2.3%** | **Internet — 2.3%** | **Internet — 2.3%** | **Internet — 2.3%** |
|  |  | Gen Digital Inc., Company Guaranteed Notes: |  |
| 101000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 9/30/27(a) | 101863 |
| 198000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% due 9/30/30(a) | 201269 |
| 354000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 4/1/33(a) | 352497 |
| 795760 | CCC+ | GrubHub Holdings Inc., Senior Secured Notes, 13.000% (7.000% cash and 6.000% PIK until<br>3/31/26 then 5.500% until 9/30/26) due 7/31/30(a)(b)(f) | 536088 |

---

#### See Notes to Financial Statements.

#### 197

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Internet — 2.3% — (continued)** | **Internet — 2.3% — (continued)** | **Internet — 2.3% — (continued)** | **Internet — 2.3% — (continued)** |
|  |  | ION Platform Finance U.S. Inc./ION Platform Finance Sarl, Senior Secured Notes: |  |
| $450000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 5/1/28(a) | $416872 |
| 490000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 5/15/28(a) | 460103 |
|  |  | Match Group Holdings II LLC, Senior Unsecured Notes: |  |
| 434000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/1/30(a) | 412745 |
| 149000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 10/1/31(a) | 135313 |
| 265000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 9/15/33(a) | 264372 |
| 715000 | BB- | Wayfair LLC, Senior Secured Notes, 6.750% due 11/15/32(a) | 729286 |
|  |  | Total Internet | 3610408 |
| **Investment Companies — 0.9%**  | **Investment Companies — 0.9%**  | **Investment Companies — 0.9%**  | **Investment Companies — 0.9%**  |
|  |  | HA Sustainable Infrastructure Capital Inc., Company Guaranteed Notes: |  |
| 233000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 7/15/35 | 245664 |
| 435000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% (5-Year CMT Index + 4.301%) due 6/1/56(c) | 458399 |
| 369000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% (5-Year CMT Index + 3.478%) due 11/15/56(c) | 372399 |
| 390000 | BBB- | HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes, 3.750%<br>due 9/15/30(a) | 366440 |
|  |  | Total Investment Companies | 1442902 |
| **Iron/Steel — 2.2%**  | **Iron/Steel — 2.2%**  | **Iron/Steel — 2.2%**  | **Iron/Steel — 2.2%**  |
|  |  | Cleveland-Cliffs Inc.: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 330000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 3/15/32(a) | 335582 |
| 660000 | Ba3(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 5/1/33(a) | 677760 |
| 320000 | Ba3(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 1/15/34(a) | 328672 |
| 48000 | B- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 6.250% due 10/1/40 | 40995 |
|  |  | Commercial Metals Co., Senior Unsecured Notes: |  |
| 665000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/31 | 635027 |
| 69000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 11/15/33(a) | 70440 |
| 138000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/15/35(a) | 141440 |
|  |  | Mineral Resources Ltd., Senior Unsecured Notes: |  |
| 398000 | Ba3(e) | &nbsp;&nbsp;&nbsp;&nbsp; 9.250% due 10/1/28(a) | 417259 |
| 639000 | Ba3(e) | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 5/1/30(a) | 662057 |
| 142000 | Ba3(e) | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 4/1/31(a) | 149513 |
|  |  | Total Iron/Steel | 3458745 |
| **Leisure Time — 2.4%**  | **Leisure Time — 2.4%**  | **Leisure Time — 2.4%**  | **Leisure Time — 2.4%**  |
|  |  | Carnival Corp., Company Guaranteed Notes: |  |
| 595000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 8/1/32(a) | 618212 |
| 595000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 2/15/33(a) | 616305 |
|  |  | NCL Corp., Ltd., Senior Unsecured Notes: |  |
| 374000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 2/15/29(a) | 399809 |
| 350000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 3/1/30(a) | 358501 |
| 585000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 9/15/33(a) | 590852 |
|  |  | Royal Caribbean Cruises Ltd., Senior Unsecured Notes: |  |
| 290000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 3/15/32(a) | 302541 |
| 735000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 2/1/33(a) | 760460 |
|  |  | Total Leisure Time | 3646680 |
| **Lodging — 2.3%** | **Lodging — 2.3%** | **Lodging — 2.3%** | **Lodging — 2.3%** |
| 1136000 | B | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company<br>Guaranteed Notes, 4.875% due 7/1/31(a) | 1069976 |
| 565000 | BB- | Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a) | 552731 |
| 802000 | B | Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32(a) | 822821 |
|  |  | Travel + Leisure Co., Senior Secured Notes: |  |
| 500000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 12/1/29(a) | 490093 |
| 590000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 9/1/33(a) | 600129 |
|  |  | Total Lodging | 3535750 |

---

#### See Notes to Financial Statements.

#### 198

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Media — 5.7%** | **Media — 5.7%** | **Media — 5.7%** | **Media — 5.7%** |
| $345000 | BB+ | Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27 | $360078 |
| 834000 | B | Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)(b) | 577978 |
|  |  | CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes: |  |
| 509000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 9/1/29(a) | 516326 |
| 680000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/1/32 | 622775 |
| 660000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 2/1/33(a) | 674783 |
| 290000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 1/15/34(a)(b) | 252803 |
|  |  | CSC Holdings LLC, Company Guaranteed Notes: |  |
| 890000 | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $697,767, acquired 11/2/22), 6.500% due 2/1/29(a)(g) | 562891 |
| 415000 | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $307,801, acquired 5/13/25), 4.125% due 12/1/30(a)(g) | 253575 |
| 200000 | CCC+ | &nbsp;&nbsp;&nbsp;&nbsp; (Cost — $173,189, acquired 7/14/22), 4.500% due 11/15/31(a)(g) | 120204 |
|  |  | Paramount Global, Company Guaranteed Notes: |  |
| 619000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% (3-Month USD-LIBOR + 3.899%) due 2/28/57(c) | 484553 |
| 222000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.375% (5-Year CMT Index + 3.999%) due 3/30/62(c) | 175380 |
|  |  | Sirius XM Radio LLC, Company Guaranteed Notes: |  |
| 560000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 7/15/28(a) | 547047 |
| 726000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 9/1/31(a) | 665467 |
| 195000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 4/15/32(a) | 194876 |
| 952000 | BB- | Sunrise FinCo I BV, Senior Secured Notes, 4.875% due 7/15/31(a) | 916548 |
| 130000 | BB+ | TEGNA Inc., Company Guaranteed Notes, 4.625% due 3/15/28(a) | 129697 |
|  |  | Univision Communications Inc., Senior Secured Notes: |  |
| 112000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 6/30/30(a) | 112092 |
| 715000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 7/31/31(a) | 732277 |
| 705000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 9.375% due 8/1/32(a) | 746134 |
| 168000 | B- | Virgin Media Finance PLC, Company Guaranteed Notes, 5.000% due 7/15/30(a) | 139916 |
|  |  | Total Media | 8785400 |
| **Metal Fabricate/Hardware — 0.3%**  | **Metal Fabricate/Hardware — 0.3%**  | **Metal Fabricate/Hardware — 0.3%**  | **Metal Fabricate/Hardware — 0.3%**  |
| 455000 | BB- | Advanced Drainage Systems Inc., Senior Unsecured Notes, 5.375% due 3/1/34(a) | 458700 |
| **Mining — 1.6%**  | **Mining — 1.6%**  | **Mining — 1.6%**  | **Mining — 1.6%**  |
| 692000 | BB- | Capstone Copper Corp., Company Guaranteed Notes, 6.750% due 3/31/33(a) | 715542 |
| 650000 | BB+ | Fortescue Treasury Pty Ltd., Company Guaranteed Notes, 4.375% due 4/1/31(a) | 630341 |
| 482000 | BB- | Hudbay Minerals Inc., Company Guaranteed Notes, 6.125% due 4/1/29(a) | 486169 |
| 714000 | BB | Novelis Corp., Company Guaranteed Notes, 6.375% due 8/15/33(a) | 722344 |
|  |  | Total Mining | 2554396 |
| **Miscellaneous Manufacturers — 0.2%**  | **Miscellaneous Manufacturers — 0.2%**  | **Miscellaneous Manufacturers — 0.2%**  | **Miscellaneous Manufacturers — 0.2%**  |
| 12101 | WD(h) | Anagram Holdings LLC/Anagram International Inc., Secured Notes, 10.000%<br>due 8/15/26\*(a)(i)# |  |
| 320000 | BB- | Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a) | 326639 |
|  |  | Total Miscellaneous Manufacturers | 326639 |
| **Oil & Gas — 6.4%** | **Oil & Gas — 6.4%** | **Oil & Gas — 6.4%** | **Oil & Gas — 6.4%** |
|  |  | Comstock Resources Inc., Company Guaranteed Notes: |  |
| 505000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 3/1/29(a) | 503627 |
| 170000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 1/15/30(a) | 163999 |
|  |  | Crescent Energy Finance LLC, Company Guaranteed Notes: |  |
| 387000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.625% due 4/1/32(a) | 391681 |
| 735000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 4/15/32(a) | 749208 |
| 710000 | BB- | DBR Land Holdings LLC, Company Guaranteed Notes, 6.250% due 12/1/30(a) | 732716 |
|  |  | Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes: |  |
| 342000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 2/1/29(a) | 343661 |
| 50000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 2/1/31(a) | 48755 |
| 590000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 4/15/32(a) | 574560 |
| 150000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 11/1/33(a) | 158367 |
| 600000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 2/15/35(a) | 594624 |
| 745000 | BB | Murphy Oil Corp., Senior Unsecured Notes, 6.500% due 2/15/34 | 744922 |
| 836000 | B+ | Northern Oil & Gas Inc., Senior Unsecured Notes, 7.875% due 10/15/33(a) | 855349 |

---

#### See Notes to Financial Statements.

#### 199

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Oil & Gas — 6.4% — (continued)** | **Oil & Gas — 6.4% — (continued)** | **Oil & Gas — 6.4% — (continued)** | **Oil & Gas — 6.4% — (continued)** |
|  |  | SM Energy Co., Company Guaranteed Notes: |  |
| $397000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 11/1/30(a) | $420413 |
| 285000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 9.625% due 6/15/33(a) | 315360 |
|  |  | Sunoco LP, Company Guaranteed Notes: |  |
| 95000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 3/15/31(a) | 95503 |
| 255000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 5/1/32(a) | 269518 |
| 845000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 3/15/34(a) | 847482 |
| 629000 | B+ | Talos Production Inc., Secured Notes, 9.375% due 2/1/31(a) | 669714 |
| 741000 | BB | Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a) | 777472 |
| 582000 | B+ | Wildfire Intermediate Holdings LLC, Senior Unsecured Notes, 7.500% due 10/15/29(a) | 597659 |
|  |  | Total Oil & Gas | 9854590 |
| **Oil & Gas Services — 1.7%**  | **Oil & Gas Services — 1.7%**  | **Oil & Gas Services — 1.7%**  | **Oil & Gas Services — 1.7%**  |
|  |  | Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes: |  |
| 278000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 4/1/28(a) | 278359 |
| 375000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 9/1/32(a) | 390496 |
| 260000 | BB- | Archrock Services LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.000%<br>due 2/1/34(a) | 263276 |
|  |  | Kodiak Gas Services LLC, Company Guaranteed Notes: |  |
| 635000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 2/15/29(a) | 659039 |
| 142000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/1/33(a) | 146512 |
| 148000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 10/1/35(a) | 154484 |
|  |  | WBI Operating LLC: |  |
| 405000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 6.250% due 10/15/30(a) | 412993 |
| 285000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes, 6.500% due 10/15/33(a) | 289795 |
|  |  | Total Oil & Gas Services | 2594954 |
| **Packaging & Containers — 2.3%**  | **Packaging & Containers — 2.3%**  | **Packaging & Containers — 2.3%**  | **Packaging & Containers — 2.3%**  |
| 805000 | B+ | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes, 6.250% due 1/30/31(a)  | 824325 |
|  |  | Clydesdale Acquisition Holdings Inc.: |  |
| 708000 | B- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 8.750% due 4/15/30(a)(b) | 705442 |
| 105000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 6.750% due 4/15/32(a) | 105856 |
|  |  | Crown Americas LLC, Company Guaranteed Notes: |  |
| 474000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 4/1/30 | 485421 |
| 195000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.875% due 6/1/33(a) | 200475 |
| 818000 | CCC | Iris Holding Inc., Senior Unsecured Notes, 10.000% due 12/15/28(a) | 749821 |
| 479000 | BB- | Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28 | 476428 |
|  |  | Total Packaging & Containers | 3547768 |
| **Pharmaceuticals — 1.6%**  | **Pharmaceuticals — 1.6%**  | **Pharmaceuticals — 1.6%**  | **Pharmaceuticals — 1.6%**  |
|  |  | HLF Financing Sarl LLC/Herbalife International Inc.: |  |
| 975000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 4.875% due 6/1/29(a) | 934745 |
| 685000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 12.250% due 4/15/29(a) | 732233 |
|  |  | Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes: |  |
| 270000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 9/15/31 | 310232 |
| 325000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/1/32 | 345118 |
| 200000 | BB+ | Teva Pharmaceutical Finance Netherlands IV BV, Company Guaranteed Notes, 5.750%<br>due 12/1/30 | 207642 |
|  |  | Total Pharmaceuticals | 2529970 |
| **Pipelines — 6.8%** | **Pipelines — 6.8%** | **Pipelines — 6.8%** | **Pipelines — 6.8%** |
| 405000 | BB+ | Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes,<br>5.750% due 1/15/28(a) | 405086 |
|  |  | Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes: |  |
| 293000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 8.625% due 3/15/29(a) | 306080 |
| 689000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 6/30/33(a) | 712535 |

---

#### See Notes to Financial Statements.

#### 200

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Pipelines — 6.8% — (continued)** | **Pipelines — 6.8% — (continued)** | **Pipelines — 6.8% — (continued)** | **Pipelines — 6.8% — (continued)** |
| $655000 | BB+ | Excelerate Energy LP, Company Guaranteed Notes, 8.000% due 5/15/30(a) | $694444 |
|  |  | Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes: |  |
| 349000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 1/15/29 | 364497 |
| 510000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 4/15/30 | 535351 |
| 85000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 7.875% due 5/15/32 | 89060 |
| 110000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 5/15/33 | 116391 |
| 240000 | B | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 3/15/34 | 242833 |
|  |  | Harvest Midstream I LP, Senior Unsecured Notes: |  |
| 770000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 9/1/28(a) | 779218 |
| 510000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 5/15/32(a) | 529708 |
|  |  | Howard Midstream Energy Partners LLC, Senior Unsecured Notes: |  |
| 775000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.375% due 7/15/32(a) | 818318 |
| 35000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 1/15/34(a) | 36236 |
| 1200000 | B- | ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a) | 1166683 |
|  |  | NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes: |  |
| 392000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.125% due 2/15/29(a) | 406775 |
| 459000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 2/15/32(a) | 481655 |
| 238000 | Ba1(e) | NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30 | 250718 |
| 1517000 | BB | Venture Global LNG Inc., Senior Secured Notes, 8.375% due 6/1/31(a)(b) | 1555007 |
|  |  | Venture Global Plaquemines LNG LLC, Senior Secured Notes: |  |
| 45000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.125% due 12/15/30(a) | 46779 |
| 97000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 5/1/33(a) | 107641 |
| 225000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 6/15/34(a) | 236339 |
| 558000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.750% due 5/1/35(a) | 633183 |
|  |  | Total Pipelines | 10514537 |
| **Real Estate — 1.3%**  | **Real Estate — 1.3%**  | **Real Estate — 1.3%**  | **Real Estate — 1.3%**  |
|  |  | Cushman & Wakefield U.S. Borrower LLC, Senior Secured Notes: |  |
| 338000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.750% due 5/15/28(a) | 339142 |
| 380000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 9/1/31(a) | 402468 |
| 495000 | BB | Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a) | 518879 |
| 788000 | B | Kennedy-Wilson Inc., Company Guaranteed Notes, 4.750% due 3/1/29 | 776707 |
|  |  | Total Real Estate | 2037196 |
| **Real Estate Investment Trusts (REITs) — 2.8%** | **Real Estate Investment Trusts (REITs) — 2.8%** | **Real Estate Investment Trusts (REITs) — 2.8%** | **Real Estate Investment Trusts (REITs) — 2.8%** |
| 890000 | Ba3(e) | Arbor Realty SR Inc., Company Guaranteed Notes, 7.875% due 7/15/30(a) | 820925 |
| 646000 | B+ | Blackstone Mortgage Trust Inc., Senior Secured Notes, 7.750% due 12/1/29(a) | 688930 |
|  |  | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed<br>Notes: |  |
| 158000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 2/1/27(a) | 156990 |
| 110000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 6/15/29(a) | 109153 |
| 447000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 7/15/31(a) | 471329 |
| 610000 | BB | RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes, 5.750%<br>due 3/15/34(a) | 615247 |
|  |  | Service Properties Trust: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes: |  |
| 180000 | B- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375% due 6/15/29 | 189059 |
| 478000 | B- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 6/15/32 | 480169 |
| 29000 | B | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, zero coupon due 9/30/27(a) | 26487 |
|  |  | Starwood Property Trust Inc., Senior Unsecured Notes: |  |
| 130000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 7.250% due 4/1/29(a) | 136363 |
| 680000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 7/1/30(a) | 707610 |
|  |  | Total Real Estate Investment Trusts (REITs) | 4402262 |
| **Retail — 3.8%** | **Retail — 3.8%** | **Retail — 3.8%** | **Retail — 3.8%** |
| 455000 | BB+ | Brinker International Inc., Company Guaranteed Notes, 8.250% due 7/15/30(a) | 481068 |

---

#### See Notes to Financial Statements.

#### 201

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Retail — 3.8% — (continued)** | **Retail — 3.8% — (continued)** | **Retail — 3.8% — (continued)** | **Retail — 3.8% — (continued)** |
|  |  | FirstCash Inc., Company Guaranteed Notes: |  |
| $432000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 9/1/28(a) | $426886 |
| 187000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 1/1/30(a) | 186188 |
| 77000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% due 3/1/32(a) | 79560 |
| 380000 | BB- | Kohl's Corp., Senior Unsecured Notes, 5.125% due 5/1/31 | 321822 |
|  |  | LBM Acquisition LLC: |  |
| 686000 | CCC | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 6.250% due 1/15/29(a) | 523866 |
| 375000 | B- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 9.500% due 6/15/31(a) | 349182 |
|  |  | Murphy Oil USA Inc., Company Guaranteed Notes: |  |
| 725000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 9/15/29 | 718662 |
| 110000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 3.750% due 2/15/31(a) | 103570 |
|  |  | Park River Holdings Inc.: |  |
| 283329 | CCC | &nbsp;&nbsp;&nbsp;&nbsp; Secured Notes, 8.750% due 12/31/30(a)(b) | 272559 |
| 644000 | B- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 8.000% due 3/15/31(a) | 649795 |
| 490000 | B | Petco Health & Wellness Co., Inc., Senior Secured Notes, 8.250% due 2/1/31(a) | 481593 |
|  |  | PetSmart LLC/PetSmart Finance Corp.: |  |
| 450000 | B- | &nbsp;&nbsp;&nbsp;&nbsp; Company Guaranteed Notes, 10.000% due 9/15/33(a) | 451790 |
| 250000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 7.500% due 9/15/32(a) | 253153 |
| 552000 | BB- | QXO Building Products Inc., Senior Secured Notes, 6.750% due 4/30/32(a) | 572140 |
|  |  | Total Retail | 5871834 |
| **Semiconductors — 0.3%**  | **Semiconductors — 0.3%**  | **Semiconductors — 0.3%**  | **Semiconductors — 0.3%**  |
| 420000 | BB | Amkor Technology Inc., Company Guaranteed Notes, 5.875% due 10/1/33(a) | 429084 |
| **Software — 1.8%**  | **Software — 1.8%**  | **Software — 1.8%**  | **Software — 1.8%**  |
| 375000 | B- | Capstone Borrower Inc., Senior Secured Notes, 8.000% due 6/15/30(a) | 327026 |
|  |  | Cloud Software Group Inc.: |  |
| 140000 | B- | &nbsp;&nbsp;&nbsp;&nbsp; Secured Notes, 9.000% due 9/30/29(a) | 136587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes: |  |
| 355000 | B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 3/31/29(a) | 348623 |
| 370000 | B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250% due 6/30/32(a) | 370344 |
| 365000 | B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 8/15/33(a) | 344685 |
|  |  | Open Text Corp., Company Guaranteed Notes: |  |
| 20000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 2/15/28(a) | 19036 |
| 560000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 12/1/29(a) | 504751 |
| 240000 | BB | Open Text Holdings Inc., Company Guaranteed Notes, 4.125% due 12/1/31(a) | 209856 |
| 1116480 | B- | Rackspace Finance LLC, Senior Secured Notes, 3.500% due 5/15/28(a) | 459850 |
|  |  | Total Software | 2720758 |
| **Telecommunications — 5.2%** | **Telecommunications — 5.2%** | **Telecommunications — 5.2%** | **Telecommunications — 5.2%** |
| 1235000 | CCC | Altice Financing SA, Senior Secured Notes, (Cost — $1,010,152, acquired 2/12/25), 5.000%<br>due 1/15/28(a)(g) | 870492 |
|  |  | Bell Telephone Co. of Canada or Bell Canada, Company Guaranteed Notes: |  |
| 438000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 6.875% (5-Year CMT Index + 2.390%) due 9/15/55(c) | 457635 |
| 330000 | BB+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% (5-Year CMT Index + 2.363%) due 9/15/55(c) | 349368 |
| 734000 | Ba2(e) | Black Pearl Compute LLC, Senior Secured Notes, 6.125% due 2/15/31(a) | 752693 |
| 610000 | B+ | C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33(a) | 634082 |
| 460000 | B | Connect Finco Sarl/Connect U.S. Finco LLC, Senior Secured Notes, 9.000% due 9/15/29(a) | 488663 |
| 176000 | Ba3(e) | Flash Compute LLC, Senior Secured Notes, 7.250% due 12/31/30(a) | 180316 |
|  |  | Iliad Holding SAS, Senior Secured Notes: |  |
| 133000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 10/15/28(a) | 134844 |
| 200000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 8.500% due 4/15/31(a) | 214398 |
| 985000 | B+ | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% due 4/15/32(a) | 1012319 |
|  |  | Rogers Communications Inc., Subordinated Notes: |  |
| 286000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 7.000% (5-Year CMT Index + 2.653%) due 4/15/55(c) | 299261 |
| 404000 | BB | &nbsp;&nbsp;&nbsp;&nbsp; 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(c) | 428207 |
| 535000 | BB- | Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32(a) | 542051 |

---

#### See Notes to Financial Statements.

#### 202

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Telecommunications — 5.2% — (continued)** | **Telecommunications — 5.2% — (continued)** | **Telecommunications — 5.2% — (continued)** | **Telecommunications — 5.2% — (continued)** |
| $564000 | CCC+ | Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)(b) | $557497 |
| 270000 | B+ | Vmed O2 UK Financing I PLC, Senior Secured Notes, 7.750% due 4/15/32(a) | 270262 |
|  |  | Zayo Group Holdings Inc., Senior Secured Notes: |  |
| 129502 | B- | &nbsp;&nbsp;&nbsp;&nbsp; 9.250% (5.750% cash and 0.500% PIK until 3/30/27 then 7.750% until 3/30/28)<br> due 3/9/30(a)(f) | 126231 |
| 755436 | CCC | &nbsp;&nbsp;&nbsp;&nbsp; 13.750% (7.125% cash and 1.875% PIK until 3/30/27 then 5.375% until 3/30/28)<br> due 9/9/30(a)(f) | 684614 |
|  |  | Total Telecommunications | 8002933 |
| **Transportation — 0.9%**  | **Transportation — 0.9%**  | **Transportation — 0.9%**  | **Transportation — 0.9%**  |
| 670000 | B2(e) | Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30(a) | 638359 |
| 663000 | BB | Stonepeak Nile Parent LLC, Senior Secured Notes, 7.250% due 3/15/32(a) | 705219 |
|  |  | Total Transportation | 1343578 |
|  |  | **TOTAL CORPORATE BONDS & NOTES**<br> (Cost — $145,781,718) | **146144088** |
| SENIOR LOAN — 0.0%@ | SENIOR LOAN — 0.0%@ | SENIOR LOAN — 0.0%@ | SENIOR LOAN — 0.0%@ |
| **Mining — 0.0%@** | **Mining — 0.0%@** | **Mining — 0.0%@** | **Mining — 0.0%@** |
| 378583 | NR | Arctic Canadian Diamond Company Ltd., 4.258%<br>(3-Month USD-LIBOR + 2.000%) due 12/17/33(c)(j) |  |
|  |  | (Cost — $366,576) |  |
|  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $146,148,294) | **146144088** |
| SHORT-TERM INVESTMENTS(k) — 8.7%  | SHORT-TERM INVESTMENTS(k) — 8.7%  | SHORT-TERM INVESTMENTS(k) — 8.7%  | SHORT-TERM INVESTMENTS(k) — 8.7%  |
| MONEY MARKET FUND — 3.0%  | MONEY MARKET FUND — 3.0%  | MONEY MARKET FUND — 3.0%  | MONEY MARKET FUND — 3.0%  |
| 4562496 |  | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(l) |  |
|  |  | (Cost — $4,562,496) | **4562496** |
| TIME DEPOSITS — 5.7%  | TIME DEPOSITS — 5.7%  | TIME DEPOSITS — 5.7%  | TIME DEPOSITS — 5.7%  |
| 3498028 |  | Citibank — New York, 2.980% due 3/2/26 | 3498028 |
| 5406290 |  | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 5406290 |
|  |  | **TOTAL TIME DEPOSITS**<br> (Cost — $8,904,318) | **8904318** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $13,466,814) | **13466814** |
|  |  | **TOTAL INVESTMENTS — 102.9%**<br> (Cost — $159,615,108) | **159610902** |
|  |  | Liabilities in Excess of Other Assets — (2.9)% | (4540568) |
|  |  | **TOTAL NET ASSETS — 100.0%** | $**155070334** |

---

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

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

(a) Restricted security that may be sold to "qualified institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2026, amounts to $130,271,376 and represents 84.0% of net assets.

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

(c) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2026.

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

(e) Rating by Moody's Investors Service.

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

(g) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2026, amounts to $1,807,162 and represents 1.2% of net assets.

(h) Rating by Fitch Ratings Service.

#### See Notes to Financial Statements.

#### 203

------

<br> Schedules of Investments

(unaudited) (continued)

<u> High Yield Fund</u>

(i) Security is currently in default.

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

(k) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 5.7%.

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

# Security that used significant unobservable inputs to determine fair value. At February 28, 2026, the Fund held a Level 3 security with a total value of $0, representing 0.0% of net assets. 

At February 28, 2026, for High Yield Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> (Depreciation) |
| High Yield Fund | $159615108 | $3135684 | $(3139890) | $(4206) |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| CMT | — Constant Maturity Treasury Rate |
| DAC | — Designated Activity Company |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| PLC | — Public Limited Company |

---

---

| | |
|:---|:---|
| **Currency abbreviation used in this schedule:** | **Currency abbreviation used in this schedule:** |
| USD | — United States Dollar |

---

---

| | | |
|:---|:---|:---|
| Summary of Investments by Security Type^ | Summary of Investments by Security Type^ |  |
|  Corporate Bonds & Notes | 94.3 | % |
|  Senior Loan | 0.0 | \* |
|  Short-Term Investments | 5.7 |  |
|  Total Investments | 100.0 | %+ |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

\* Position represents less than 0.05%. 

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

**See pages 268-269 for definitions of ratings.**

#### See Notes to Financial Statements.

#### 204

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| SOVEREIGN BONDS — 43.6% | SOVEREIGN BONDS — 43.6% | SOVEREIGN BONDS — 43.6% | SOVEREIGN BONDS — 43.6% |
| **Australia — 2.1%** | **Australia — 2.1%** | **Australia — 2.1%** | **Australia — 2.1%** |
|  |  | Australia Government Bonds: |  |
| 100000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 5/21/30 | $66411 |
| 50000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 6/21/51 | 18513 |
|  |  | New South Wales Treasury Corp.: |  |
| 1000000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/8/33 | 591389 |
| 1200000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 3/20/34 | 670831 |
| 500000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 11/20/37 | 297951 |
| 300000 | <sup>AUD</sup> | Northern Territory Treasury Corp., 6.000% due 4/21/39 | 218730 |
|  |  | Queensland Treasury Corp.: |  |
| 600000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 8/22/33 | 348472 |
| 200000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 7/20/34(a) | 110097 |
| 1000000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.250% due 7/21/36(a) | 710568 |
|  |  | Treasury Corp. of Victoria: |  |
| 400000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/20/32 | 274572 |
| 1000000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 9/15/33 | 589618 |
| 400000 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 9/17/35 | 215529 |
|  |  | Total Australia | 4112681 |
| **Brazil — 2.0%** | **Brazil — 2.0%** | **Brazil — 2.0%** | **Brazil — 2.0%** |
| 20000000 | <sup>BRL</sup> | Brazil Letras do Tesouro Nacional, zero coupon due 4/1/26 | 3854168 |
| **Bulgaria — 0.3%** | **Bulgaria — 0.3%** | **Bulgaria — 0.3%** | **Bulgaria — 0.3%** |
|  |  | Bulgaria Government International Bonds: |  |
| 300000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 7/18/35 | 354611 |
| 200000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 7/18/45 | 233483 |
|  |  | Total Bulgaria | 588094 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| 2100000 | <sup>CAD</sup> | Canadian Government Bonds, 3.000% due 6/1/34 | 1538118 |
| 27900000 | <sup>INR</sup> | Export Development Canada, 7.130% due 3/11/29(a) | 308864 |
|  |  | Total Canada | 1846982 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| $200000 |  | Chile Government International Bonds, 4.850% due 1/22/29 | 204750 |
| **China — 4.2%**  | **China — 4.2%**  | **China — 4.2%**  | **China — 4.2%**  |
|  |  | China Development Bank: |  |
| 7600000 | <sup>CNY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.820% due 5/22/33 | 1175337 |
| 22220000 | <sup>CNY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.630% due 1/8/34 | 3404968 |
|  |  | China Government Bonds: |  |
| 5600000 | <sup>CNY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 5/15/35 | 807420 |
| 4090000 | <sup>CNY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.190% due 4/15/53 | 698133 |
| 12700000 | <sup>CNY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.190% due 9/25/54 | 1793257 |
| 2300000 | <sup>CNY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.920% due 1/15/55 | 307634 |
|  |  | Total China | 8186749 |
| **Colombia — 1.1%** | **Colombia — 1.1%** | **Colombia — 1.1%** | **Colombia — 1.1%** |
|  |  | Colombian TES: |  |
| 2158400000 | <sup>COP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.000% due 8/22/29 | 526027 |
| 1884100000 | <sup>COP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.250% due 2/9/33 | 486497 |
| 2053500000 | <sup>COP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.750% due 1/24/35 | 499852 |
| 2176300000 | <sup>COP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.750% due 11/28/40 | 541978 |
|  |  | Total Colombia | 2054354 |
| **France — 3.7%** | **France — 3.7%** | **France — 3.7%** | **France — 3.7%** |
| 6000000 | <sup>EUR</sup> | French Republic Government Bonds OAT, 2.750% due 2/25/30(a) | 7185841 |

---

#### See Notes to Financial Statements.

#### 205

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) |
| **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** | **Israel — 0.9%** |
|  |  | Israel Government International Bonds: |  |
| $300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 3/12/29 | $309359 |
| 900000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/19/30 | 932718 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 3/12/34 | 312256 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.750% due 3/12/54 | 294174 |
|  |  | Total Israel | 1848507 |
| **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** | **Italy — 0.3%** |
| 400000 | <sup>GBP</sup> | Republic of Italy Government International Bonds, 6.000% due 8/4/28 | 562136 |
| **Japan — 7.0%** | **Japan — 7.0%** | **Japan — 7.0%** | **Japan — 7.0%** |
| 50000000 | <sup>JPY</sup> | Japan Government Five Year Bonds, 0.400% due 6/20/29 | 310049 |
| 120000000 | <sup>JPY</sup> | Japan Government Forty Year Bonds, 2.200% due 3/20/64 | 564889 |
|  |  | Japan Government Thirty Year Bonds: |  |
| 210000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.700% due 9/20/44 | 1116569 |
| 240000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 9/20/45 | 1185691 |
| 152000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 9/20/46 | 601488 |
| 98000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 12/20/48 | 379552 |
| 38700000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 3/20/49 | 140604 |
| 60000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 12/20/50 | 217436 |
| 60000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 3/20/51 | 215365 |
| 125000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 6/20/51 | 444518 |
| 180000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% due 12/20/51 | 628821 |
| 69400000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 3/20/54 | 319757 |
| 202000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.200% due 6/20/54 | 1023188 |
| 60000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.200% due 9/20/55 | 373982 |
|  |  | Japan Government Twenty Year Bonds: |  |
| 131000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.200% due 9/20/35 | 774947 |
| 200000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 12/20/35 | 1154974 |
| 20000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% due 3/20/36 | 107973 |
| 100000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% due 6/20/40 | 474500 |
| 130000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.800% due 9/20/44 | 702777 |
| 180000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 12/20/44 | 1002314 |
| 74000000 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 3/20/45 | 438103 |
|  |  | Japanese Government CPI Linked Bonds: |  |
| 167409480 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 3/10/28 | 1072626 |
| 53155590 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 3/10/29 | 341663 |
|  |  | Total Japan | 13591786 |
| **Kuwait — 0.5%** | **Kuwait — 0.5%** | **Kuwait — 0.5%** | **Kuwait — 0.5%** |
|  |  | Kuwait International Government Bonds: |  |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.016% due 10/9/28(a) | 402362 |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.136% due 10/9/30(a) | 201045 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.652% due 10/9/35(a) | 302655 |
|  |  | Total Kuwait | 906062 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| 1000000 |  | Eagle Funding Luxco Sarl, 5.500% due 8/17/30(a) | 1021250 |
| **Malaysia — 1.9%** | **Malaysia — 1.9%** | **Malaysia — 1.9%** | **Malaysia — 1.9%** |
|  |  | Malaysia Government Bonds: |  |
| 12523000 | <sup>MYR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.519% due 4/20/28 | 3250990 |
| 900000 | <sup>MYR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.632% due 4/15/31 | 223790 |
| 160000 | <sup>MYR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.582% due 7/15/32 | 41487 |
| 860000 | <sup>MYR</sup> | Malaysia Government Investment Issues, 4.193% due 10/7/32 | 231189 |
|  |  | Total Malaysia | 3747456 |

---

#### See Notes to Financial Statements.

#### 206

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) |
| **Peru — 1.5%** | **Peru — 1.5%** | **Peru — 1.5%** | **Peru — 1.5%** |
|  |  | Peru Government Bonds: |  |
| 1300000 | <sup>PEN</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.300% due 8/12/33(a) | $443445 |
| 3400000 | <sup>PEN</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.850% due 8/12/35(a) | 1085708 |
| 900000 | <sup>PEN</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.600% due 8/12/39(a) | 292405 |
|  |  | Peruvian Government International Bonds: |  |
| 2321000 | <sup>PEN</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.950% due 8/12/31 | 775615 |
| 1400000 | <sup>PEN</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.400% due 8/12/34 | 416294 |
|  |  | Total Peru | 3013467 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |
|  |  | Poland Government International Bonds: |  |
| $100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/12/30 | 103898 |
| 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 9/18/34 | 104113 |
| 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 2/12/35 | 105165 |
|  |  | Total Poland | 313176 |
| **Romania — 0.5%** | **Romania — 0.5%** | **Romania — 0.5%** | **Romania — 0.5%** |
|  |  | Romanian Government International Bonds: |  |
| 600000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.625% due 9/27/29 | 785651 |
| 200000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 7/13/30(a) | 217930 |
|  |  | Total Romania | 1003581 |
| **Saudi Arabia — 0.8%** | **Saudi Arabia — 0.8%** | **Saudi Arabia — 0.8%** | **Saudi Arabia — 0.8%** |
|  |  | Saudi Government International Bonds: |  |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 1/13/28(a) | 408727 |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.750% due 1/18/28(a) | 405766 |
| 500000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 3/5/32(a) | 596731 |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 7/18/33(a) | 204083 |
|  |  | Total Saudi Arabia | 1615307 |
| **Serbia — 0.1%** | **Serbia — 0.1%** | **Serbia — 0.1%** | **Serbia — 0.1%** |
|  |  | Serbia International Bonds: |  |
| 100000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 9/23/28(a) | 111807 |
| 100000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.650% due 3/3/33(a) | 102127 |
|  |  | Total Serbia | 213934 |
| **South Africa — 1.7%** | **South Africa — 1.7%** | **South Africa — 1.7%** | **South Africa — 1.7%** |
|  |  | South Africa Government Bonds: |  |
| 8800000 | <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.000% due 1/31/30 | 569040 |
| 38400000 | <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 2/28/35 | 2553908 |
| 1600000 | <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.250% due 3/31/36 | 87991 |
| 2300000 | <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.000% due 1/31/40 | 150621 |
|  |  | Total South Africa | 3361560 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| 400000 |  | Korea National Oil Corp., 4.250% due 9/30/29(a) | 405198 |
| **Spain — 7.0%** | **Spain — 7.0%** | **Spain — 7.0%** | **Spain — 7.0%** |
| 100000 | <sup>EUR</sup> | Autonomous Community of Catalonia, 4.220% due 4/26/35 | 124817 |
|  |  | Spain Government Bonds: |  |
| 400000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 10/31/27(a) | 468102 |
| 2200000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.400% due 5/31/28 | 2615333 |
| 36000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.450% due 4/30/29(a) | 41583 |
| 240000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 5/31/29 | 294796 |
| 5180000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.450% due 10/31/34(a) | 6369910 |
| 2560000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.150% due 4/30/35(a) | 3069267 |
| 500000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.900% due 10/31/52(a) | 402407 |

---

#### See Notes to Financial Statements.

#### 207

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) | SOVEREIGN BONDS — 43.6% — (continued) |
| **Spain — 7.0% — (continued)** | **Spain — 7.0% — (continued)** | **Spain — 7.0% — (continued)** | **Spain — 7.0% — (continued)** |
| 200000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 10/31/54(a) | $241446 |
|  |  | Total Spain | 13627661 |
| **Supranational — 0.6%** | **Supranational — 0.6%** | **Supranational — 0.6%** | **Supranational — 0.6%** |
| 1000000 | <sup>EUR</sup> | European Union, 3.750% due 10/12/45 | 1197297 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
|  |  | Thailand Government Bonds: |  |
| 3217000 | <sup>THB</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.840% due 5/17/36 | 104568 |
| 7300000 | <sup>THB</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 6/17/40 | 251599 |
| 3200000 | <sup>THB</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.980% due 6/17/45 | 110080 |
|  |  | Total Thailand | 466247 |
| **United Kingdom — 5.3%** | **United Kingdom — 5.3%** | **United Kingdom — 5.3%** | **United Kingdom — 5.3%** |
|  |  | United Kingdom Gilts: |  |
| 4200000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 3/7/30 | 5806271 |
| 1350000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 1/22/44 | 1465332 |
| 700000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 1/22/45 | 780433 |
| 500000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 1/22/49 | 377374 |
| 1400000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 10/22/50 | 724133 |
| 1300000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 7/31/51 | 804738 |
| 100000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 7/31/54 | 121275 |
| 500000 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 10/22/73 | 222763 |
|  |  | Total United Kingdom | 10302319 |
|  |  | **TOTAL SOVEREIGN BONDS**<br> (Cost — $91,728,294) | **85230563** |
| MORTGAGE-BACKED SECURITIES — 40.7% | MORTGAGE-BACKED SECURITIES — 40.7% | MORTGAGE-BACKED SECURITIES — 40.7% | MORTGAGE-BACKED SECURITIES — 40.7% |
| **FHLMC — 4.4%** | **FHLMC — 4.4%** | **FHLMC — 4.4%** | **FHLMC — 4.4%** |
|  |  | Federal Home Loan Mortgage Corp. (FHLMC): |  |
| $22629 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/1/39 | 22054 |
| 341050 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 12/1/51 | 296012 |
| 78443 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/1/52 | 65102 |
| 1075301 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 9/1/52 — 10/1/52 | 1069047 |
| 3282695 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 1/1/53 — 11/1/53 | 3414644 |
| 2360131 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 3/1/53 — 6/1/54 | 2385144 |
| 1323361 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 12/1/53 — 9/1/54 | 1359893 |
|  |  | Total FHLMC | 8611896 |
| **FNMA — 29.3%** | **FNMA — 29.3%** | **FNMA — 29.3%** | **FNMA — 29.3%** |
|  |  | Federal National Mortgage Association (FNMA): |  |
| 737316 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 9/1/34 — 6/1/52 | 732952 |
| 272238 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 10/1/34 — 6/1/50 | 261668 |
| 7490 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.236% (1-Year CMT Index + 2.360%) due 11/1/34(b) | 7840 |
| 375193 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 10/1/49 — 5/1/51 | 340364 |
| 69909 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 6/1/50 | 68751 |
| 383796 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/1/52 | 319446 |
| 6613859 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 4/1/53 — 7/1/54 | 6822619 |
| 1249951 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 5/1/53 — 6/1/54 | 1258444 |
| 4665509 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 7/1/53 — 8/1/54 | 4850975 |
| 482357 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 9/1/53 | 491608 |
| 344000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/56(c) | 334480 |
| 3637000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/1/56(c) | 3597952 |
| 30960000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 4/1/56(c) | 31070426 |
| 240000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 4/1/56(c) | 243651 |
| 6500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 4/1/56(c) | 6754929 |
|  |  | Total FNMA | 57156105 |

---

#### See Notes to Financial Statements.

#### 208

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| MORTGAGE-BACKED SECURITIES — 40.7% — (continued) | MORTGAGE-BACKED SECURITIES — 40.7% — (continued) | MORTGAGE-BACKED SECURITIES — 40.7% — (continued) | MORTGAGE-BACKED SECURITIES — 40.7% — (continued) |
| **GNMA — 7.0%** | **GNMA — 7.0%** | **GNMA — 7.0%** | **GNMA — 7.0%** |
|  |  | Government National Mortgage Association II (GNMA): |  |
| $538 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 9/20/38 | $547 |
| 5053328 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 11/20/51 — 6/20/52 | 4640524 |
| 6629295 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 12/20/52 — 2/20/55 | 6238610 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/20/56(c) | 264782 |
| 700000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 3/20/56(c) | 657891 |
| 1800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 4/20/56(c) | 1868795 |
|  |  | Total GNMA | 13671149 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost — $78,507,486) | **79439150** |
| CORPORATE BONDS & NOTES — 12.8% | CORPORATE BONDS & NOTES — 12.8% | CORPORATE BONDS & NOTES — 12.8% | CORPORATE BONDS & NOTES — 12.8% |
| **Australia — 1.0%** | **Australia — 1.0%** | **Australia — 1.0%** | **Australia — 1.0%** |
| 2800000 | <sup>AUD</sup> | Project Cashmere, 4.543% due 12/30/57(a)(d)(e) | 1992480 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| 200000 |  | KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(b) | 206674 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| 800000 |  | Canadian Imperial Bank of Commerce, Covered Notes, 4.876% due 1/14/30(a) | 834238 |
| 100000 | <sup>EUR</sup> | Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28 | 118233 |
|  |  | Royal Bank of Canada, Senior Unsecured Notes: |  |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.969% (SOFR + 1.100%) due 8/2/30(b) | 411973 |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.696% (SOFR + 1.060%) due 8/6/31(b) | 408972 |
| 700000 |  | Toronto-Dominion Bank (The), Covered Notes, 4.814% due 7/16/27(a) | 711601 |
|  |  | Total Canada | 2485017 |
| **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** |
| 400000 |  | Foxconn Far East Ltd., Company Guaranteed Notes, 1.875% due 8/25/28 | 375057 |
| 200000 |  | Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28 | 204326 |
|  |  | Total Cayman Islands | 579383 |
| **Denmark — 0.0%@** | **Denmark — 0.0%@** | **Denmark — 0.0%@** | **Denmark — 0.0%@** |
|  |  | Jyske Realkredit AS, Covered Notes: |  |
| 31614 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/1/50 | 3802 |
| 443531 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/1/53 | 57303 |
|  |  | Nordea Kredit Realkreditaktieselskab, Covered Notes: |  |
| 15 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 10/1/50 | 2 |
| 176799 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 10/1/53 | 22876 |
|  |  | Total Denmark | 83983 |
| **France — 0.6%** | **France — 0.6%** | **France — 0.6%** | **France — 0.6%** |
| 400000 |  | BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(b) | 406463 |
| 800000 |  | Credit Agricole SA, Senior Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(b) | 850613 |
|  |  | Total France | 1257076 |
| **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** | **Germany — 0.2%** |
| 400000 |  | Deutsche Bank AG, Senior Non-Preferred Notes, 2.552% (SOFR + 1.318%) due 1/7/28(b) | 395067 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| 100000 | <sup>EUR</sup> | Banca Monte dei Paschi di Siena SpA, Covered Notes, 0.875% due 10/8/26 | 117279 |
| **Japan — 0.5%** | **Japan — 0.5%** | **Japan — 0.5%** | **Japan — 0.5%** |
| 200000 |  | Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27 | 197243 |
| 500000 |  | Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 5.246%<br>(SOFR + 1.500%) due 7/8/36(b) | 517578 |
| 200000 |  | Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(a) | 207148 |
|  |  | Total Japan | 921969 |

---

#### See Notes to Financial Statements.

#### 209

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| CORPORATE BONDS & NOTES — 12.8% — (continued) | CORPORATE BONDS & NOTES — 12.8% — (continued) | CORPORATE BONDS & NOTES — 12.8% — (continued) | CORPORATE BONDS & NOTES — 12.8% — (continued) |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| $200000 |  | QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(a) | $182190 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** | **Switzerland — 0.4%** |
|  |  | UBS Group AG, Senior Unsecured Notes: |  |
| 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.282% due 1/9/28(a) | 250719 |
| 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(b) | 249317 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.194% (SOFR + 3.730%) due 4/1/31(a)(b) | 299340 |
|  |  | Total Switzerland | 799376 |
| **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |
|  |  | Abu Dhabi Developmental Holding Co. PJSC, Senior Unsecured Notes: |  |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 5/6/30(a) | 202908 |
| 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 10/2/31(a) | 502220 |
|  |  | Total United Arab Emirates | 705128 |
| **United Kingdom — 2.1%** | **United Kingdom — 2.1%** | **United Kingdom — 2.1%** | **United Kingdom — 2.1%** |
|  |  | Barclays PLC, Senior Unsecured Notes: |  |
| 800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.496% (SOFR + 1.880%) due 9/13/27(b) | 810308 |
| 400000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.918% (EUR Swap Rate + 1.750%) due 8/8/30(b) | 501800 |
| 200000 |  | HSBC Holdings PLC, Senior Unsecured Notes, 4.041%<br>(3-Month Term SOFR + 1.808%) due 3/13/28(b) | 200154 |
| 300000 |  | Lloyds Banking Group PLC, Senior Unsecured Notes, 5.721%<br>(1-Year CMT Index + 1.070%) due 6/5/30(b) | 315202 |
| 300000 |  | Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(b) | 297086 |
| 500000 |  | Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534%<br>(SOFR + 2.600%) due 1/10/29(b) | 521949 |
| 900000 |  | Standard Chartered PLC, Senior Unsecured Notes, 6.750%<br>(1-Year CMT Index + 1.850%) due 2/8/28(a)(b) | 922506 |
| 500000 | <sup>EUR</sup> | Vmed O2 UK Financing I PLC, Senior Secured Notes, 5.625% due 4/15/32(a) | 575121 |
|  |  | Total United Kingdom | 4144126 |
| **United States — 5.7%** | **United States — 5.7%** | **United States — 5.7%** | **United States — 5.7%** |
|  |  | Athene Global Funding: |  |
| 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; Secured Notes, 4.431% (SOFR + 0.750%) due 7/16/26(a)(b) | 500669 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Secured Notes, 5.516% due 3/25/27(a) | 304596 |
|  |  | Bank of America Corp., Senior Unsecured Notes: |  |
| 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.202% (SOFR + 1.630%) due 4/25/29(b) | 512400 |
| 700000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.898% (SOFR + 1.530%) due 7/23/31(b) | 636045 |
| 600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.511% (SOFR + 1.310%) due 1/24/36(b) | 630008 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.045% (SOFR + 1.130%) due 2/6/37(b) | 304436 |
| 1800000 |  | Beignet Investor LLC, Senior Secured Notes, 6.581% due 5/30/49(a) | 1912628 |
| 150000 |  | GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(a) | 147789 |
| 100000 |  | Goldman Sachs Bank USA, Senior Unsecured Notes, 5.283% (SOFR + 0.777%) due 3/18/27(b) | 100057 |
|  |  | Goldman Sachs Group Inc. (The), Senior Unsecured Notes: |  |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.484% (SOFR + 1.770%) due 10/24/29(b) | 423686 |
| 600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.727% (SOFR + 1.265%) due 4/25/30(b) | 627015 |
| 500000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.851% (SOFR + 1.552%) due 4/25/35(b) | 533468 |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.330% (SOFR + 1.550%) due 7/23/35(b) | 413117 |
|  |  | JPMorgan Chase & Co., Senior Unsecured Notes: |  |
| 600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.603% (SOFR + 1.040%) due 10/22/30(b) | 611371 |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.502% (SOFR + 1.315%) due 1/24/36(b) | 421188 |
| 1300000 |  | Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49\*(e)(f) | 780 |
| 600000 |  | Lincoln Financial Global Funding, Secured Notes, 5.300% due 1/13/30(a) | 617042 |
| 200000 |  | PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31 | 207867 |
|  |  | Philip Morris International Inc., Senior Unsecured Notes: |  |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.875% due 2/13/29 | 205713 |
| 300000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.250% due 6/6/32 | 354873 |

---

#### See Notes to Financial Statements.

#### 210

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| CORPORATE BONDS & NOTES — 12.8% — (continued) | CORPORATE BONDS & NOTES — 12.8% — (continued) | CORPORATE BONDS & NOTES — 12.8% — (continued) | CORPORATE BONDS & NOTES — 12.8% — (continued) |
| **United States — 5.7% — (continued)** | **United States — 5.7% — (continued)** | **United States — 5.7% — (continued)** | **United States — 5.7% — (continued)** |
| 100000 | <sup>EUR</sup> | Southern Co. (The), Junior Subordinated Notes, 1.875%<br>(2.108% — 5-Year EUR Swap Rate) due 9/15/81(g) | $115732 |
|  |  | Wells Fargo & Co., Senior Unsecured Notes: |  |
| $600000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.808% (SOFR + 1.980%) due 7/25/28(b) | 606771 |
| 500000 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.900% (3-Month EURIBOR + 1.220%) due 7/22/32(b) | 611244 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.892% (SOFR + 1.340%) due 9/15/36(b) | 300959 |
|  |  | Total United States | 11099454 |
|  |  | **TOTAL CORPORATE BONDS & NOTES**<br> (Cost — $24,276,312) | **24969202** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% |
| **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** | **Asset-Backed Securities — 1.3%** |
| 236734 |  | ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 4.688%<br>(1-Month Term SOFR + 1.014%) due 8/25/35(b) | 238557 |
| 287248 |  | Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 4.268%<br>(1-Month Term SOFR + 0.594%) due 5/25/35(b) | 267416 |
| 115243 |  | Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 4.238%<br>(1-Month Term SOFR + 0.564%) due 3/25/37(a)(b) | 116432 |
|  |  | Countrywide Asset-Backed Certificates: |  |
| 183307 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-9, Class 2A4, 4.038% (1-Month Term SOFR + 0.364%) due 2/25/36(b) | 180268 |
| 29736 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-12, Class 1A1, 4.528% (1-Month Term SOFR + 0.854%) due 8/25/47(b) | 29582 |
| 211074 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-13, Class 1A, 4.628% (1-Month Term SOFR + 0.954%) due 10/25/47(b) | 207575 |
| 120493 |  | CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36 | 16784 |
| 240402 |  | Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 4.838%<br>(1-Month Term SOFR + 2.214%) due 5/25/37(a)(b) | 239938 |
| 398280 |  | NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 4.328%<br>(1-Month Term SOFR + 0.654%) due 5/25/36(b) | 392916 |
| 44954 |  | Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 3.928%<br>(1-Month Term SOFR + 0.254%) due 3/25/37(b) | 41946 |
| 773779 |  | Soundview Home Loan Trust, Series 2006-3, Class A4, 4.288%<br>(1-Month Term SOFR + 0.614%) due 11/25/36(b) | 747601 |
|  |  | Total Asset-Backed Securities | 2479015 |
| **Mortgage Securities — 6.9%** | **Mortgage Securities — 6.9%** | **Mortgage Securities — 6.9%** | **Mortgage Securities — 6.9%** |
| 152208 | <sup>GBP</sup> | ALBA PLC, Series 2007-1, Class A3, 4.066%<br>(Sterling Overnight Index Average + 0.289%) due 3/17/39(b) | 202310 |
| 4097 |  | Banc of America Funding Trust, Series 2006-A, Class 1A1, 5.712% due 2/20/36(b) | 3933 |
|  |  | Bear Stearns Adjustable Rate Mortgage Trust: |  |
| 1254 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-5, Class 1A2, 5.013% due 8/25/33(b) | 1236 |
| 1183 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-7, Class 6A, 5.710% due 10/25/33(b) | 1155 |
| 4233 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class 22A, 6.811% due 5/25/34(b) | 4158 |
| 1422 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class 23A, 4.000% due 5/25/34(b) | 1308 |
| 24654 |  | Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 4.896% due 1/26/36(b) | 17799 |
| 567047 |  | Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.375% due 4/25/65(a)(b) | 521566 |
|  |  | Countrywide Alternative Loan Trust: |  |
| 2672 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-21CB, Class A3, 5.250% due 6/25/35 | 1999 |
| 16428 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 5A1, 6.250% due 8/25/37 | 7338 |
| 32787 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-11T1, Class A12, 4.138% (1-Month Term SOFR + 0.464%) due 5/25/37(b) | 10260 |
| 24901 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-7T2, Class A9, 6.000% due 4/25/37 | 10174 |
|  |  | Countrywide Home Loan Mortgage Pass-Through Trust: |  |
| 33956 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class 1A1, 4.428% (1-Month Term SOFR + 0.754%) due 3/25/35(b) | 31861 |
| 395 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class 2A1, 4.368% (1-Month Term SOFR + 0.694%) due 4/25/35(b) | 389 |
| 31911 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9, Class 1A3, 4.248% (1-Month Term SOFR + 0.574%) due 5/25/35(b) | 28581 |
| 10729 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11, Class 3A1, 3.636% due 4/25/35(b) | 7305 |
| 3918 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB9, Class 3A2A, 6.224% (1-Year Term SOFR + 2.465%) due 2/20/36(b) | 3519 |
| 490325 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 1A47, 6.000% due 5/25/37 | 197744 |

---

#### See Notes to Financial Statements.

#### 211

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) |
| **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** |
| $91937 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-19, Class 2A1, 6.500% due 11/25/47 | $44629 |
|  |  | Credit Suisse Commercial Mortgage Capital Trust: |  |
| 34401 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-5R, Class A5, 6.500% due 7/26/36 | 7169 |
| 66423 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(b) | 57063 |
| 328218 |  | Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.288%<br>(1-Month Term SOFR + 1.614%) due 10/25/47(b) | 260010 |
| 13228 | <sup>GBP</sup> | Eurohome UK Mortgages PLC, Series 2007-1, Class A, 4.051%<br>(Sterling Overnight Index Average + 0.269%) due 6/15/44(b) | 17824 |
| 75925 | <sup>GBP</sup> | Eurosail-UK PLC, Series 2007-4X, Class A3, 4.852%<br>(Sterling Overnight Index Average + 1.069%) due 6/13/45(b) | 102253 |
|  |  | Federal Home Loan Mortgage Corp. (FHLMC), REMICS: |  |
| 1702 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2391, Class FJ, 4.273% (30-Day Average SOFR + 0.614%) due 4/15/28(b) | 1703 |
| 12058 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2614, Class SJ, 9.288% (19.348% — 30-Day Average SOFR) due 5/15/33(g) | 13997 |
| 42122 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 4579, Class FD, 4.265% (30-Day Average SOFR + 0.464%) due 1/15/38(b) | 41599 |
| 42122 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 4579, Class SD, 2.079% due 1/15/38(b)(h) | 2058 |
| 680706 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 5513, Class MF, 4.607% (30-Day Average SOFR + 0.940%) due 11/25/54(b) | 685106 |
|  |  | Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates: |  |
| 4488 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series T-35, Class A, 4.062% (30-Day Average SOFR + 0.394%) due 9/25/31(b) | 4498 |
| 12470 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series T-62, Class 1A1, 5.115% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(b) | 11568 |
| 2964 |  | Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000%<br>due 2/25/44 | 2995 |
| 17303 |  | Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000%<br>due 7/25/44 | 18145 |
|  |  | Federal National Mortgage Association (FNMA), REMICS: |  |
| 2927 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-34, Class A1, 6.000% due 4/25/43 | 2977 |
| 3091 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-48, Class TF, 4.182% (30-Day Average SOFR + 0.514%) due 6/25/36(b) | 3076 |
| 35890 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-104, Class FA, 4.582% (30-Day Average SOFR + 0.914%) due 12/25/39(b) | 36219 |
| 629144 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90, Class FA, 5.167% (30-Day Average SOFR + 1.500%) due 12/25/54(b) | 636658 |
| 330044 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class GF, 5.067% (30-Day Average SOFR + 1.400%) due 2/25/55(b) | 333314 |
| 733887 |  | GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(b) | 715880 |
| 6126 |  | GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.723% due 11/19/35(b) | 5467 |
|  |  | Government National Mortgage Association (GNMA): |  |
| 43088 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H15, Class FA, 4.597% (1-Month Term SOFR + 0.914%) due 7/20/66(b) | 43265 |
| 2035 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.000% due 7/20/46 | 2015 |
| 466814 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H07, Class JF, 4.452% (30-Day Average SOFR + 0.790%) due 4/20/74(b) | 471030 |
| 701214 |  | GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(b) | 602408 |
|  |  | GS Mortgage-Backed Securities Trust: |  |
| 71231 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(b) | 61194 |
| 72366 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(b) | 62169 |
|  |  | GSR Mortgage Loan Trust: |  |
| 1231 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-1, Class A2, 5.880% (1-Year CMT Index + 1.750%) due 3/25/33(b) | 1244 |
| 25630 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR7, Class 2A1, 4.743% due 11/25/35(b) | 24898 |
|  |  | Harborview Mortgage Loan Trust: |  |
| 7904 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-2, Class 2A1A, 4.221% (1-Month Term SOFR + 0.554%) due 5/19/35(b) | 7748 |
| 9186 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3, Class 2A1A, 4.261% (1-Month Term SOFR + 0.594%) due 6/19/35(b) | 9109 |
| 36060 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-SB1, Class A1A, 4.765% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(b) | 33992 |
| 50368 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 2A1A, 4.041% (1-Month Term SOFR + 0.374%) due 3/19/37(b) | 47502 |
|  |  | JP Morgan Mortgage Trust: |  |
| 539 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A2, Class 3A1, 5.797% due 11/25/33(b) | 526 |
| 310 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A1, Class 6T1, 5.138% due 2/25/35(b) | 303 |
| 294827 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10, Class A3, 2.500% due 12/25/51(a)(b) | 253100 |
| 845482 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(b) | 756969 |
| 701819 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(b) | 629222 |
| 539989 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(b) | 482810 |
| 685993 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(b) | 641150 |

---

#### See Notes to Financial Statements.

#### 212

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) |
| **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** |
| 219075 | <sup>GBP</sup> | Ludgate Funding PLC, Series 2007-1, Class A2A, 4.023%<br>(Sterling Overnight Index Average + 0.279%) due 1/1/61(b) | $290028 |
| $300000 |  | Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(a) | 289915 |
| 1222 |  | Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 5.900% due 2/25/33(b) | 1156 |
|  |  | MFA Trust: |  |
| 42909 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b) | 42213 |
| 277807 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(a) | 280634 |
|  |  | New Residential Mortgage Loan Trust: |  |
| 103330 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b) | 100807 |
| 112995 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b) | 109577 |
| 226831 | <sup>GBP</sup> | Newgate Funding PLC, Series 2007-1X, Class A3, 4.025%<br>(Sterling Overnight Index Average + 0.279%) due 12/1/50(b) | 301645 |
| 400000 |  | NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 4.869%<br>(1-Month Term SOFR + 1.209%) due 11/15/38(a)(b) | 399520 |
| 765734 |  | OBX Trust, Series 2024-HYB1, Class A1, 3.632% due 3/25/53(a)(b) | 768026 |
| 283173 |  | One New York Plaza Trust, Series 2020-1NYP, Class A, 4.724%<br>(1-Month Term SOFR + 1.064%) due 1/15/36(a)(b) | 277152 |
| 267313 |  | PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(a) | 270455 |
| 304278 |  | PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(a) | 307236 |
|  |  | RALI Trust: |  |
| 60469 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS6, Class 1A1, 6.000% due 6/25/36 | 50555 |
| 40184 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QO2, Class A1, 3.938% (1-Month Term SOFR + 0.264%) due 2/25/47(b) | 11892 |
|  |  | Residential Asset Securitization Trust: |  |
| 13319 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A15, Class 5A1, 5.750% due 2/25/36 | 4836 |
| 36614 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-R1, Class A2, 4.188% (1-Month Term SOFR + 0.514%) due 1/25/46(b) | 9973 |
| 107524 | <sup>GBP</sup> | ResLoC UK PLC, Series 2007-1X, Class A3B, 4.061%<br>(Sterling Overnight Index Average + 0.279%) due 12/15/43(b) | 143333 |
|  |  | RMAC Securities No 1 PLC: |  |
| 107135 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NS1X, Class A2A, 4.060% (Sterling Overnight Index Average + 0.269%) due 6/12/44(b) | 143141 |
| 206451 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-NS3X, Class A2A, 4.060% (Sterling Overnight Index Average + 0.269%) due 6/12/44(b) | 274860 |
|  |  | Structured Adjustable Rate Mortgage Loan Trust: |  |
| 1205 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1, Class 4A1, 5.940% due 2/25/34(b) | 1172 |
| 416 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-4, Class 3A2, 5.970% due 4/25/34(b) | 414 |
| 17266 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class 2A1, 5.315% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(b) | 16204 |
|  |  | Structured Asset Mortgage Investments II Trust: |  |
| 16066 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A1, 4.248% (1-Month Term SOFR + 0.574%) due 5/25/45(b) | 15536 |
| 17825 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR8, Class A1A, 4.348% (1-Month Term SOFR + 0.674%) due 2/25/36(b) | 15381 |
| 15369 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR5, Class 1A1, 4.208% (1-Month Term SOFR + 0.534%) due 5/25/36(b) | 10943 |
| 80006 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4, Class A3, 4.228% (1-Month Term SOFR + 0.554%) due 9/25/47(b) | 73168 |
| 44845 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR6, Class A1, 5.415% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(b) | 39236 |
| 38883 |  | Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 4.068%<br>(1-Month Term SOFR + 0.394%) due 1/25/36(a)(b) | 32855 |
| 312176 | <sup>GBP</sup> | Towd Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1, 4.670%<br>(Sterling Overnight Index Average + 0.925%) due 7/20/53(a)(b) | 421628 |
|  |  | Towd Point Mortgage Trust: |  |
| 356101 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, 2.900% due 10/25/59(a)(b) | 346308 |
| 81897 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b) | 79698 |
| 76519 |  | UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(b) | 68562 |
|  |  | WaMu Mortgage Pass-Through Certificates Trust: |  |
| 2154 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR9, Class 1A, 5.315% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(b) | 2120 |
| 815 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR5, Class A7, 5.723% due 6/25/33(b) | 819 |
| 27313 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR9, Class 2A, 5.690% due 9/25/33(b) | 26832 |
| 71336 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR1, Class A, 5.712% due 3/25/34(b) | 72859 |
| 9088 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13, Class A1A1, 4.368% (1-Month Term SOFR + 0.694%) due 10/25/45(b) | 8899 |
| 18012 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 2A1, 4.143% due 9/25/36(b) | 15552 |
| 27632 |  | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR13, Class 2A, 5.415% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(b) | 26727 |

---

#### See Notes to Financial Statements.

#### 213

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.2% — (continued) |
| **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** | **Mortgage Securities — 6.9% — (continued)** |
| $13702 |  | Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 4.855% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(b) | $8622 |
| 33424 |  | Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 5.985%<br>due 12/25/32(b) | 33315 |
|  |  | Total Mortgage Securities | 13581301 |
|  |  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost — $17,008,253) | **16060316** |
| U.S. GOVERNMENT OBLIGATIONS — 7.5% | U.S. GOVERNMENT OBLIGATIONS — 7.5% | U.S. GOVERNMENT OBLIGATIONS — 7.5% | U.S. GOVERNMENT OBLIGATIONS — 7.5% |
|  |  | U.S. Treasury Bonds: |  |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 11/15/40 | 134410 |
| 1100000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 2/15/41 | 794514 |
| 975000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.125% due 8/15/44 | 923698 |
| 300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 2/15/48 | 231738 |
| 175000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 8/15/48 | 134504 |
| 800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 11/15/48 | 656250 |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 8/15/49 | 261172 |
| 350000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 11/15/49 | 234076 |
| 3900000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 11/15/54(i) | 3810574 |
| 1900000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 2/15/55(i) | 1895102 |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.625% due 11/15/55 | 199688 |
|  |  | U.S. Treasury Inflation Indexed Notes: |  |
| 1313740 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 1/15/28(j) | 1305343 |
| 1088154 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 7/15/31 | 1031903 |
| 818307 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 1/15/32 | 766167 |
| 111532 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 7/15/32 | 107244 |
| 1523032 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 1/15/33 | 1498176 |
|  |  | U.S. Treasury Notes: |  |
| 200000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 2/29/28 | 202363 |
| 400000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/15/34 | 415383 |
|  |  | **TOTAL U.S. GOVERNMENT OBLIGATIONS**<br> (Cost — $15,088,754) | **14602305** |
| COLLATERALIZED LOAN OBLIGATIONS — 5.7% | COLLATERALIZED LOAN OBLIGATIONS — 5.7% | COLLATERALIZED LOAN OBLIGATIONS — 5.7% | COLLATERALIZED LOAN OBLIGATIONS — 5.7% |
| **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** | **Commercial MBS — 0.1%** |
| 128913 |  | Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 5.108%<br>(30-Day Average SOFR + 1.450%) due 1/15/37(a)(b) | 128930 |
| 83447 |  | BDS Ltd., Series 2021-FL10, Class A, 5.131% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(b) | 83457 |
|  |  | Total Commercial MBS | 212387 |
| **Other ABS — 5.6%** | **Other ABS — 5.6%** | **Other ABS — 5.6%** | **Other ABS — 5.6%** |
| 65732 |  | BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 4.853%<br>(3-Month Term SOFR + 1.200%) due 11/15/30(a)(b) | 65787 |
| 293960 | <sup>EUR</sup> | BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 2.847%<br>(3-Month EURIBOR + 0.820%) due 7/22/32(a)(b) | 346319 |
| 112317 | <sup>EUR</sup> | Cairn CLO VII DAC, Series 2016-7A, Class A1R, 2.696%<br>(3-Month EURIBOR + 0.670%) due 1/31/30(a)(b) | 132733 |
| 500000 | <sup>EUR</sup> | Capital Four CLO IV DAC, 3.175% (3-Month EURIBOR + 1.190%) due 4/15/38(a)(b) | 591095 |
| 600000 |  | Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR, 4.758%<br>(3-Month Term SOFR + 1.090%) due 7/20/34(a)(b) | 600411 |
| 268763 |  | CarVal CLO I Ltd., Series 2018-1A, Class AR, 4.901%<br>(3-Month Term SOFR + 1.230%) due 7/16/31(a)(b) | 269200 |
| 4511 |  | CIFC Funding Ltd., Series 2017-4A, Class A1R, 4.880%<br>(3-Month Term SOFR + 1.212%) due 10/24/30(a)(b) | 4513 |
| 395844 | <sup>EUR</sup> | CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class AR, 2.824%<br>(3-Month EURIBOR + 0.840%) due 8/15/33(a)(b) | 467158 |

---

#### See Notes to Financial Statements.

#### 214

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| COLLATERALIZED LOAN OBLIGATIONS — 5.7% — (continued) | COLLATERALIZED LOAN OBLIGATIONS — 5.7% — (continued) | COLLATERALIZED LOAN OBLIGATIONS — 5.7% — (continued) | COLLATERALIZED LOAN OBLIGATIONS — 5.7% — (continued) |
| **Other ABS — 5.6% — (continued)** | **Other ABS — 5.6% — (continued)** | **Other ABS — 5.6% — (continued)** | **Other ABS — 5.6% — (continued)** |
| 106594 | <sup>EUR</sup> | Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 2.676%<br>(3-Month EURIBOR + 0.660%) due 4/15/33(a)(b) | $126078 |
| $600000 |  | Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, 4.738%<br>(3-Month Term SOFR + 1.070%) due 4/20/34(a)(b) | 600308 |
| 61413 |  | Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 4.954%<br>(3-Month Term SOFR + 1.282%) due 4/15/31(a)(b) | 61477 |
| 500000 |  | Elevation CLO Ltd., Series 2018-3A, Class A1R2, 4.968%<br>(3-Month Term SOFR + 1.300%) due 1/25/35(a)(b) | 500011 |
| 500000 | <sup>EUR</sup> | Fair Oaks Loan Funding V DAC, 3.251% (3-Month EURIBOR + 1.235%) due 10/15/36(a)(b) | 592119 |
| 232251 |  | Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.024%<br>(3-Month Term SOFR + 1.352%) due 7/15/31(a)(b) | 232553 |
| 500000 | <sup>EUR</sup> | Grosvenor Place CLO DAC, Series 2024-2A, Class A, 3.256%<br>(3-Month EURIBOR + 1.240%) due 1/15/39(a)(b) | 593251 |
| 900000 | <sup>EUR</sup> | Hayfin Emerald CLO XIV DAC, Series 14-A, Class A, 3.237%<br>(3-Month EURIBOR + 1.210%) due 1/22/39(a)(b) | 1064753 |
| 500000 | <sup>EUR</sup> | ICG Euro CLO DAC, Series 2023-2A, Class A1R, 3.320%<br>(3-Month EURIBOR + 1.290%) due 1/26/38(a)(b)(d) | 591301 |
| 500000 |  | ICG U.S. CLO Ltd., Series 2021-3A, Class AR, 4.818%<br>(3-Month Term SOFR + 1.150%) due 10/20/34(a)(b) | 500234 |
| 700000 |  | Jamestown CLO XVI Ltd., Series 2021-16A, Class AR, 4.788%<br>(3-Month Term SOFR + 1.120%) due 7/25/34(a)(b) | 700748 |
| 226119 |  | Northwoods Capital XII-B Ltd., Series 2018-12BA, Class AR, 4.913%<br>(3-Month Term SOFR + 1.190%) due 6/15/31(a)(b) | 226165 |
| 500000 | <sup>EUR</sup> | Palmer Square European Loan Funding DAC, Series 2025-3A, Class A, 3.047%<br>(3-Month EURIBOR + 0.930%) due 7/15/35(a)(b) | 589964 |
| 500000 | <sup>EUR</sup> | Providus CLO II DAC, Series 2A, Class ARR, 3.176%<br>(3-Month EURIBOR + 1.160%) due 10/15/38(a)(b) | 592833 |
| 500000 | <sup>EUR</sup> | Providus CLO VII DAC, Series 7A, Class ARR, 3.181%<br>(3-Month EURIBOR + 1.170%) due 7/15/38(a)(b)(d) | 591154 |
| 300000 | <sup>EUR</sup> | Rockford Tower Europe CLO DAC, Series 2018-1A, Class A1RR, 3.271%<br>(3-Month EURIBOR + 1.260%) due 8/29/36(a)(b) | 355261 |
| 379600 | <sup>EUR</sup> | St Pauls CLO, Series 11A, Class AR, 2.876% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(b) | 448787 |
|  |  | Total Other ABS | 10844213 |
|  |  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br> (Cost — $10,726,891) | **11056600** |
| MUNICIPAL BOND — 0.1% | MUNICIPAL BOND — 0.1% | MUNICIPAL BOND — 0.1% | MUNICIPAL BOND — 0.1% |
| **Arizona — 0.1%** | **Arizona — 0.1%** | **Arizona — 0.1%** | **Arizona — 0.1%** |
| 200000 |  | Maricopa County Industrial Development Authorities, Revenue Bonds, 7.375% due 10/1/29(a)<br>(Cost — $200,000) | **215938** |
| ASSET-BACKED SECURITIES — 0.1% | ASSET-BACKED SECURITIES — 0.1% | ASSET-BACKED SECURITIES — 0.1% | ASSET-BACKED SECURITIES — 0.1% |
| **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |
| 13535 |  | Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 5.099%<br>(90-Day Average SOFR + 1.212%) due 4/25/38(b) | 13547 |
| 186532 |  | SMB Private Education Loan Trust, Series 2022-B, Class A1B, 5.108%<br>(30-Day Average SOFR + 1.450%) due 2/16/55(a)(b) | 188410 |
|  |  | **TOTAL ASSET-BACKED SECURITIES**<br> (Cost — $200,067) | **201957** |
|  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $237,736,057) | **231776031** |

---

#### See Notes to Financial Statements.

#### 215

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Security** | **Value** |
| SHORT-TERM INVESTMENTS — 4.5% | SHORT-TERM INVESTMENTS — 4.5% | SHORT-TERM INVESTMENTS — 4.5% | SHORT-TERM INVESTMENTS — 4.5% |
| COMMERCIAL PAPERS — 1.4% | COMMERCIAL PAPERS — 1.4% | COMMERCIAL PAPERS — 1.4% | COMMERCIAL PAPERS — 1.4% |
|  |  | Alimentation Couche-Tard Inc.: |  |
| $300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.857% due 3/10/26(a)(k) | $299711 |
| 250000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.862% due 3/9/26(a)(k) | 249786 |
| 500000 |  | AMETEK Inc., 3.882% due 3/9/26(a)(k) | 499570 |
| 250000 |  | Becton Dickinson & Co., 3.858% due 3/12/26(a)(k) | 249706 |
| 350000 |  | Imperial Brands Finance PLC, 3.875% due 3/4/26(a)(k) | 349887 |
| 450000 |  | JTI Financial Services North America LLC, 3.862% due 3/20/26(a)(k) | 449086 |
| 550000 |  | Keurig Dr Pepper Inc., 3.872% due 3/11/26(a)(k) | 549410 |
|  |  | **TOTAL COMMERCIAL PAPERS**<br> (Cost — $2,647,156) | **2647156** |
| TIME DEPOSITS — 3.0% | TIME DEPOSITS — 3.0% | TIME DEPOSITS — 3.0% | TIME DEPOSITS — 3.0% |
|  |  | ANZ National Bank — Hong Kong: |  |
| 452 | <sup>HKD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% due 3/2/26 | 58 |
| 90953 | <sup>AUD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/2/26 | 64722 |
|  |  | BBH — New York: |  |
| 72742 | <sup>CAD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.100% due 3/2/26 | 53318 |
| 8788 | <sup>NZD</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.400% due 3/2/26 | 5271 |
| 3810 | <sup>NOK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 3/2/26 | 401 |
| 3359796 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.980% due 3/2/26 | 3359796 |
| 2507 | <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 3/2/26 | 157 |
|  |  | Citibank — London: |  |
| 1286497 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.880% due 3/2/26 | 1520125 |
| 232599 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.680% due 3/2/26 | 313463 |
| 274960 |  | Citibank — New York, 2.980% due 3/2/26 | 274960 |
| 63750 | <sup>SGD</sup> | HSBC Bank — Singapore, 0.280% due 3/2/26 | 50397 |
|  |  | Skandinaviska Enskilda Banken AB — Stockholm: |  |
| 55361 | <sup>CHF</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.430)% due 3/2/26 | 72014 |
| 31917 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 3/2/26 | 5047 |
| 472699 | <sup>SEK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% due 3/2/26 | 52359 |
| 11051823 | <sup>JPY</sup> | Sumitomo Mitsui Banking Corp. — Tokyo, 0.200% due 3/2/26 | 70775 |
|  |  | **TOTAL TIME DEPOSITS**<br> (Cost — $5,842,863) | **5842863** |
| U.S. GOVERNMENT OBLIGATION — 0.1% | U.S. GOVERNMENT OBLIGATION — 0.1% | U.S. GOVERNMENT OBLIGATION — 0.1% | U.S. GOVERNMENT OBLIGATION — 0.1% |
| 264000 |  | U.S. Treasury Bills, 3.565% due 4/7/26(k)(l)<br>(Cost — $263,044) | **263044** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $8,753,063) | **8753063** |
|  |  | **TOTAL INVESTMENTS IN SECURITIES**<br> (Cost — $246,489,120) | **240529094** |
|  |  | **TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.0%@**<br> (Cost — $23,821) | **24758** |
|  |  | **TOTAL INVESTMENTS — 123.2%**<br> (Cost — $246,512,941) | **240553852** |
|  |  | Liabilities in Excess of Other Assets — (23.2)% | (45254681) |
|  |  | **TOTAL NET ASSETS — 100.0%** | $**195299171** |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

#### See Notes to Financial Statements.

#### 216

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

(a) Restricted security that may be sold to "qualified institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2026, amounts to $60,325,263 and represents 30.9% of net assets.

(b) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2026.

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

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

(e) Illiquid security.

(f) Security is currently in default.

(g) Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2026.

(h) Interest only security.

(i) Position, or portion thereof, has been segregated to collateralize reverse repurchase agreement.

(j) All or a portion of this security is held at the broker as collateral for open centrally cleared swap contracts.

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

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

At February 28, 2026, for International Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> (Depreciation) |
|  International Fixed Income Fund | $246512941 | $12829037 | $(19284874) | $(6455837) |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| ABS | — Asset-Backed Security |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Rate |
| CPI | — Consumer Price Index |
| DAC | — Designated Activity Company |
| EURIBOR | — Euro Interbank Offered Rate |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| MBS | — Mortgage-Backed Security |
| OAT | — Obligations assimilables du Trésor |
| PAM | — Paid at Maturity |
| PJSC | — Private Joint Stock Company |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Summary of Investments by Security Type^ |  |
|  Sovereign Bonds | 35.4% |
|  Mortgage-Backed Securities | 33.0 |
|  Corporate Bonds & Notes | 10.4 |
|  Collateralized Mortgage Obligations | 6.7 |
|  U.S. Government Obligations | 6.1 |
|  Collateralized Loan Obligations | 4.6 |
|  Municipal Bond | 0.1 |
|  Asset-Backed Securities | 0.1 |
|  Purchased Options | 0.0 \* |
|  Short-Term Investments | 3.6 |
|  Total Investments | 100.0% |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

\* Position represents less than 0.05%. 

#### See Notes to Financial Statements.

#### 217

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

At February 28, 2026, International Fixed Income Fund held the following Options Contracts Purchased:

Currency Options

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>Contracts** | **Notional** <br> **Amount†** |  | **Security Name** | **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Strike Price** | **Value** |
| 372000 | 7629534 | <sup>CZK</sup> | OTC Euro vs Czech Koruna, Put | BNP | 8/13/26 | CZK | 24.04 | $906 |
| 103000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000 |  | OTC U.S. Dollar vs Hong Kong Dollar, Call | GSC | 8/14/26 | HKD | 7.80 | 85 |
| 198000 | 198000 |  | OTC U.S. Dollar vs Hong Kong Dollar, Call | HSBC | 8/24/26 | HKD | 7.80 | 161 |
| 422000 | 422000 |  | OTC U.S. Dollar vs Hong Kong Dollar, Call | BOA | 8/14/26 | HKD | 7.80 | 349 |
| 379000 | 379000 |  | OTC U.S. Dollar vs Hong Kong Dollar, Call | HSBC | 8/14/26 | HKD | 7.80 | 313 |
| 661000 | 661000 |  | OTC U.S. Dollar vs Hong Kong Dollar, Call | BOA | 8/24/26 | HKD | 7.80 | 539 |
| 83583 | 120369550 | <sup>KRW</sup> | OTC U.S. Dollar vs Korean Won, Put | BOA | 7/13/26 | KRW | 1400.00 | 978 |
| 717000 | 1032566040 | <sup>KRW</sup> | OTC U.S. Dollar vs Korean Won, Put | HSBC | 7/9/26 | KRW | 1400.00 | 8169 |
| 717000 | 1032566040 | <sup>KRW</sup> | OTC U.S. Dollar vs Korean Won, Put | HSBC | 7/10/26 | KRW | 1400.00 | 8227 |
| 375417 | 540645530 | <sup>KRW</sup> | OTC U.S. Dollar vs Korean Won, Put | BOA | 7/9/26 | KRW | 1400.00 | 4278 |
| 462000 | 462000 |  | OTC U.S. Dollar vs Singapore Dollar, Call | BOA | 11/5/26 | SGD | 1.32 | 753 |
|  |  |  | **TOTAL OPTIONS CONTRACTS PURCHASED**<br> (Cost — $23,821) |  |  |  |  | $24758 |

---

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

At February 28, 2026, International Fixed Income Fund held the following Options Contracts Written:

Currency Options

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Number of**<br> **Contracts** | **Notional** <br> **Amount†** | **Security Name** | **Counterparty** | **Expiration**<br> **Date** | **Strike Price** | **Strike Price** | **Value** |
| 103000 | 805805 <sup>HKD</sup> | OTC U.S. Dollar vs Hong Kong Dollar, Call | GSC | 8/14/26 | HKD | 7.85 | $36 |
| 198000 | 1549023 <sup>HKD</sup> | OTC U.S. Dollar vs Hong Kong Dollar, Call | HSBC | 8/24/26 | HKD | 7.85 | 72 |
| 422000 | 3301454 <sup>HKD</sup> | OTC U.S. Dollar vs Hong Kong Dollar, Call | BOA | 8/14/26 | HKD | 7.85 | 149 |
| 379000 | 2965050 <sup>HKD</sup> | OTC U.S. Dollar vs Hong Kong Dollar, Call | HSBC | 8/14/26 | HKD | 7.85 | 134 |
| 661000 | 5171234 <sup>HKD</sup> | OTC U.S. Dollar vs Hong Kong Dollar, Call | BOA | 8/24/26 | HKD | 7.85 | 242 |
| 83583 | $&nbsp;&nbsp;&nbsp;&nbsp;83583 | OTC U.S. Dollar vs Korean Won, Put | BOA | 7/13/26 | KRW | 1350.00 | 336 |
| 717000 | 717000 | OTC U.S. Dollar vs Korean Won, Put | HSBC | 7/9/26 | KRW | 1350.00 | 2758 |
| 717000 | 717000 | OTC U.S. Dollar vs Korean Won, Put | HSBC | 7/10/26 | KRW | 1350.00 | 2789 |
| 375417 | 375417 | OTC U.S. Dollar vs Korean Won, Put | BOA | 7/9/26 | KRW | 1350.00 | 1444 |
| 462000 | 462000 | OTC U.S. Dollar vs Singapore Dollar, Put | BOA | 11/5/26 | SGD | 1.24 | 5461 |
|  |  | **TOTAL OPTIONS CONTRACTS WRITTEN**<br> (Premiums received — $9,752) |  |  |  |  | $13421 |

---

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

At February 28, 2026, International Fixed Income Fund held the following Reverse Repurchase Agreements:

---

| | | |
|:---|:---|:---|
| **Face**<br> **Amount†** | **Security** | **Value** |
|  | Deutsche Bank Securities Inc.: |  |
| $786000 | &nbsp;&nbsp;&nbsp;&nbsp; 3.780% due 3/2/26 | $786000 |
| 2662625 | &nbsp;&nbsp;&nbsp;&nbsp; 3.760% due 3/5/26 | 2662625 |
|  | **TOTAL REVERSE REPURCHASE AGREEMENTS**<br> (Proceeds — $3,448,625) | $**3448625** |

---

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

#### See Notes to Financial Statements.

#### 218

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

For the period ended February 28, 2026, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $2,068,780 and 4.098%, respectively.

At February 28, 2026, International Fixed Income Fund held the following Forward Sale Commitments:

---

| | | |
|:---|:---|:---|
| **Face**<br> **Amount†** | **Security** | **Value** |
|  | Federal National Mortgage Association (FNMA): |  |
| $2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/1/41(a) | $1956117 |
| 18050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/1/56(a) | 14962343 |
| 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 3/1/56(a) | 606669 |
| 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 4/1/56(a) | 1718004 |
| 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 4/1/56(a) | 1413532 |
| 9765000 | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 4/1/56(a) | 10018280 |
|  | **TOTAL FORWARD SALE COMMITMENTS**<br> (Proceeds — $30,290,250) | $**30674945** |

---

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

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

At February 28, 2026, International Fixed Income Fund had open exchange-traded futures contracts as described below.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of**<br> **Contracts** | **Expiration**<br> **Date<br>(Month/Year)** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Government 3-Year Bond Futures | 54 | 3/26 | $4034108 | $4033496 | $(612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada Government 10-Year Bond Futures | 82 | 6/26 | 7357641 | 7383185 | 25544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-BTP Futures | 76 | 3/26 | 10812337 | 11032126 | 219789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-BTP Futures | 102 | 6/26 | 14673699 | 14695393 | 21694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Buxl 30-Year Bond Futures | 11 | 3/26 | 1454148 | 1479907 | 25759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-OAT Futures | 24 | 3/26 | 3430492 | 3514173 | 83681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Schatz Note Futures | 53 | 3/26 | 6696942 | 6702732 | 5790 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Note Futures | 46 | 6/26 | 5039156 | 5066469 | 27313 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Note Futures | 17 | 6/26 | 1926312 | 1934812 | 8500 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Long Bond Futures | 127 | 6/26 | 14740912 | 14825266 | 84354 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom Treasury 10-Year Gilt Futures | 97 | 6/26 | 12127880 | 12246042 | 118162 |
|  |  |  |  |  | 619974 |
| **Contracts to Sell:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Government 10-Year Bond Futures | 83 | 3/26 | 6453909 | 6530710 | (76801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bobl Futures | 30 | 3/26 | 4149342 | 4163722 | (14380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund Futures | 27 | 3/26 | 4126194 | 4154753 | (28559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government 10-Year Bond Futures | 13 | 3/26 | 11097105 | 11055681 | 41424 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Note Futures | 35 | 6/26 | 7312813 | 7324571 | (11758) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Long Bond Futures | 4 | 6/26 | 470250 | 473875 | (3625) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Long Bond Futures | 13 | 6/26 | 1562742 | 1580719 | (17977) |
|  |  |  |  |  | (111676) |
|  Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts |  |  |  |  | $508298 |

---

At February 28, 2026, International Fixed Income Fund had deposited cash of $1,744,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

#### See Notes to Financial Statements.

#### 219

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

At February 28, 2026, International Fixed Income Fund had open forward foreign currency contracts as described below.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy:** | | | |  | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 288000 | USD | 201850 | BCLY | $204941 | 3/3/26 | $3091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 1369000 | USD | 974796 | WFB | 974181 | 3/3/26 | (615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 3065058 | USD | 2172486 | WFB | 2181096 | 3/3/26 | 8610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 1289564 | USD | 250425 | BNP | 251517 | 3/3/26 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 419550 | USD | 80000 | BNP | 81829 | 3/3/26 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 1925333 | USD | 367500 | BOA | 375517 | 3/3/26 | 8017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 16588390 | USD | 3221359 | BOA | 3235401 | 3/3/26 | 14042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 18661875 | USD | 3578568 | BOA | 3609961 | 4/2/26 | 31393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 412319 | USD | 80000 | GSC | 80419 | 3/3/26 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 507686 | USD | 92283 | GSC | 99019 | 3/3/26 | 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 18214441 | USD | 3287271 | GSC | 3552547 | 3/3/26 | 265276 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 149000 | USD | 203364 | JPM | 200800 | 3/3/26 | (2564) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 542000 | USD | 730681 | SOG | 730427 | 3/3/26 | (254) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 8743189 | USD | 11814698 | WFB | 11782766 | 3/3/26 | (31932) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 142000 | USD | 195716 | WFB | 191366 | 3/3/26 | (4350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 4581605 | USD | 3346925 | BOA | 3358210 | 3/3/26 | 11285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 265000 | USD | 194740 | JPM | 194239 | 3/3/26 | (501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 6569000 | USD | 961010 | BNP | 957503 | 3/3/26 | (3507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 82184392 | USD | 11972378 | DUB | 11979271 | 3/3/26 | 6893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 6532324 | USD | 957292 | SOG | 954316 | 4/2/26 | (2976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 94660 | USD | 13656 | BNP | 13866 | 5/21/26 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 143995 | USD | 20715 | BNP | 21077 | 5/7/26 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 338029 | USD | 48672 | BNP | 49510 | 5/19/26 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 450979 | USD | 65184 | BNP | 66079 | 5/26/26 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 1020816 | USD | 145314 | BNP | 148960 | 3/16/26 | 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 1831826 | USD | 260942 | BNP | 267305 | 3/16/26 | 6363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 112618 | USD | 15966 | BOA | 16422 | 3/4/26 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 887975 | USD | 128916 | BOA | 130177 | 6/5/26 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 2440907 | USD | 351457 | BOA | 357400 | 5/13/26 | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 4803947 | USD | 696729 | BOA | 704184 | 6/3/26 | 7455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 112241 | USD | 16396 | DUB | 16460 | 6/11/26 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 470310 | USD | 67027 | DUB | 68613 | 3/12/26 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 3119839 | USD | 452256 | DUB | 457271 | 6/1/26 | 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 2588950 | USD | 368812 | DUB | 377831 | 3/18/26 | 9019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 584120 | USD | 84069 | SCB | 85500 | 5/7/26 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 370848747 | USD | 101035 | SCB | 98459 | 3/9/26 | (2576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 901007012 | USD | 244374 | UBS | 238602 | 3/18/26 | (5772) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 686644210 | USD | 187250 | UBS | 181941 | 3/16/26 | (5309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 6578922 | USD | 1039773 | HSBC | 1042699 | 4/7/26 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 6589042 | USD | 1059693 | SCB | 1041968 | 3/3/26 | (17725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 1618650 | USD | 33000 | DUB | 33019 | 4/20/26 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 1219365 | USD | 23700 | DUB | 24921 | 4/16/26 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 1158465 | USD | 23100 | GSC | 22625 | 8/10/26 | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 453722 | USD | 8900 | HSBC | 9123 | 5/20/26 | 223 |

---

#### See Notes to Financial Statements.

#### 220

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy: (continued)** | | | |  | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 2812850 | USD | 55700 | SCB | $55062 | 8/3/26 | $(638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 2082660 | USD | 41200 | SOG | 40768 | 8/3/26 | (432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Egyptian Pound | 2024800 | USD | 40000 | SOG | 39819 | 7/20/26 | (181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 172000 | USD | 204316 | BNP | 203236 | 3/3/26 | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 290000 | USD | 345867 | HSBC | 342664 | 3/3/26 | (3203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 95000 | USD | 112121 | HSBC | 112252 | 3/3/26 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 27179994 | USD | 32126753 | SOG | 32115884 | 3/3/26 | (10869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 327000 | USD | 386187 | SOG | 386383 | 3/3/26 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungarian Forint | 2780000 | USD | 8718 | BNP | 8709 | 3/18/26 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungarian Forint | 2765434 | USD | 8628 | UBS | 8663 | 3/18/26 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 187674301 | USD | 2034516 | BCLY | 2056791 | 4/7/26 | 22275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 6348650 | USD | 70000 | GSC | 69715 | 3/12/26 | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 1812067 | USD | 19925 | GSC | 19907 | 3/5/26 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 26358249 | USD | 290901 | SCB | 288870 | 4/7/26 | (2031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 14462510 | USD | 156790 | SCB | 158500 | 4/7/26 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 907069734 | USD | 53981 | BNP | 53976 | 6/10/26 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1004790000 | USD | 59731 | BNP | 59791 | 6/10/26 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 652999183 | USD | 38727 | BNP | 38857 | 6/10/26 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1489130884 | USD | 88371 | BNP | 88611 | 6/10/26 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1508130000 | USD | 90000 | GSC | 89951 | 3/5/26 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1414107103 | USD | 83831 | GSC | 84147 | 6/10/26 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1013934000 | USD | 60000 | GSC | 60440 | 3/25/26 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1004790000 | USD | 60000 | JPM | 59917 | 3/12/26 | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 338057455 | USD | 20022 | SCB | 20116 | 6/10/26 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 3635975327 | USD | 215694 | SCB | 216360 | 6/10/26 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 340000 | USD | 110096 | JPM | 108528 | 4/6/26 | (1568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 82600000 | USD | 534988 | BOA | 528961 | 3/3/26 | (6027) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 267031775 | USD | 1712950 | HSBC | 1710043 | 3/3/26 | (2907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 4688666 | USD | 30044 | HSBC | 30026 | 3/3/26 | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 128024624 | USD | 837715 | JPM | 819856 | 3/3/26 | (17859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 65000000 | USD | 427429 | JPM | 416253 | 3/3/26 | (11176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 104700000 | USD | 681201 | JPM | 670488 | 3/3/26 | (10713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 193973648 | USD | 1240209 | SCB | 1242187 | 3/3/26 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 1069887312 | USD | 6858252 | SOG | 6851444 | 3/3/26 | (6808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 246641508 | USD | 1574475 | WFB | 1579466 | 3/3/26 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 5337000 | USD | 10000 | DUB | 10148 | 7/29/26 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 6950450 | USD | 13000 | DUB | 13217 | 7/29/26 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 7038850 | USD | 13000 | DUB | 13427 | 7/20/26 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 3363000 | USD | 5900 | DUB | 6726 | 3/11/26 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 6358550 | USD | 11000 | DUB | 12645 | 3/26/26 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 55465500 | USD | 103000 | DUB | 105947 | 7/16/26 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 44572517 | USD | 83041 | DUB | 88975 | 3/16/26 | 5934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 147291459 | USD | 101919 | DUB | 102327 | 3/18/26 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 159267738 | USD | 110159 | DUB | 110600 | 3/5/26 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 932662876 | USD | 642932 | GSC | 647945 | 3/18/26 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 5136000 | USD | 277354 | BCLY | 297762 | 3/18/26 | 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2434000 | USD | 141454 | BOA | 141113 | 3/18/26 | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3208000 | USD | 174971 | BOA | 186152 | 3/9/26 | 11181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 331181 | USD | 19070 | DUB | 19047 | 6/17/26 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 220782 | USD | 12713 | DUB | 12698 | 6/17/26 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2749000 | USD | 159782 | GSC | 159374 | 3/18/26 | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 7243045 | USD | 415169 | GSC | 416572 | 6/17/26 | 1403 |

---

#### See Notes to Financial Statements.

#### 221

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy: (continued)** | | | |  | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2006000 | USD | 108556 | GSC | $116020 | 4/13/26 | $7464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2539000 | USD | 137751 | GSC | 146883 | 4/10/26 | 9132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2434000 | USD | 131190 | GSC | 141314 | 3/2/26 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3457000 | USD | 187569 | GSC | 199908 | 4/15/26 | 12339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 1342946 | USD | 72960 | HSBC | 77928 | 3/9/26 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 560390 | USD | 31942 | JPM | 31958 | 9/17/26 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 924707 | USD | 50234 | JPM | 53499 | 4/9/26 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 33545535 | USD | 1873382 | JPM | 1939052 | 4/20/26 | 65670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2143000 | USD | 117947 | SCB | 124242 | 3/18/26 | 6295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 5373000 | USD | 311567 | SOG | 311503 | 3/18/26 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 314 | USD | 17 | SOG | 18 | 3/18/26 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 6126431 | USD | 351010 | UBS | 352351 | 6/17/26 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 671685 | USD | 38322 | WFB | 38305 | 9/17/26 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 111769 | USD | 6376 | WFB | 6374 | 9/17/26 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 111839 | USD | 6376 | WFB | 6378 | 9/17/26 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 223639 | USD | 12752 | WFB | 12754 | 9/17/26 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 672128 | USD | 38323 | WFB | 38330 | 9/17/26 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 5424089 | USD | 311337 | WFB | 311957 | 6/17/26 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 112268800 | USD | 3580000 | BCLY | 3645745 | 2/3/27 | 65745 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 2237944 | USD | 71334 | BNP | 71423 | 3/18/26 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 525272 | USD | 16573 | BNP | 16764 | 3/18/26 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 10738090 | USD | 341000 | BNP | 342700 | 3/18/26 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 27511656 | USD | 876000 | BNP | 892805 | 1/20/27 | 16805 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 41047642 | USD | 1307000 | BNP | 1332388 | 1/25/27 | 25388 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 73115136 | USD | 2322000 | BNP | 2372948 | 1/22/27 | 50948 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 943320 | USD | 30000 | GSC | 30119 | 3/24/26 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 1336799 | USD | 798296 | SCB | 801812 | 3/3/26 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigerian Naira | 89411000 | USD | 53000 | DUB | 59904 | 10/21/26 | 6904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigerian Naira | 53011200 | USD | 35200 | SCB | 34873 | 2/8/27 | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 334642 | USD | 34891 | HSBC | 35183 | 4/7/26 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 1130000 | USD | 117047 | HSBC | 118831 | 3/3/26 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 6705918 | USD | 1995215 | SOG | 1998234 | 3/18/26 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 749792 | USD | 208367 | BCLY | 209828 | 4/15/26 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 36000 | USD | 9980 | BNP | 10075 | 4/15/26 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 574816 | USD | 159472 | BNP | 160861 | 4/15/26 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 764340 | USD | 212168 | BNP | 213900 | 4/15/26 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 1389378 | USD | 382474 | DUB | 388818 | 4/22/26 | 6344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 54000 | USD | 14989 | HSBC | 15111 | 4/15/26 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 208000 | USD | 57590 | HSBC | 58209 | 4/15/26 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 361000 | USD | 99821 | JPM | 101026 | 4/15/26 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 800363 | USD | 221617 | UBS | 223982 | 4/22/26 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 1028494 | USD | 283945 | UBS | 287823 | 4/15/26 | 3878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 835109 | USD | 231409 | WFB | 233704 | 4/15/26 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 3492511 | USD | 2765469 | JPM | 2760987 | 3/3/26 | (4482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 329895 | USD | 261332 | WFB | 260797 | 3/3/26 | (535) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 1687000 | USD | 105756 | BCLY | 105797 | 3/20/26 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 1605503 | USD | 176947 | BCLY | 178165 | 4/2/26 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 1605000 | USD | 179622 | JPM | 177781 | 3/3/26 | (1841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 161000 | USD | 208324 | BNP | 209431 | 3/3/26 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 110000 | USD | 142193 | BOA | 143089 | 3/3/26 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 403157 | USD | 520685 | WFB | 524432 | 3/3/26 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 5989 | USD | 192 | BCLY | 193 | 4/20/26 | 1 |

---

#### See Notes to Financial Statements.

#### 222

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy: (continued)** | | | |  | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 274495 | USD | 8865 | JPM | $8856 | 4/20/26 | $(9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 350226 | USD | 11301 | JPM | 11299 | 4/20/26 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 22850659 | USD | 496257 | BCLY | 495191 | 4/30/26 | (1066) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 23770340 | USD | 516690 | BCLY | 515990 | 4/28/26 | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 11188678 | USD | 242899 | BCLY | 242671 | 4/29/26 | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 6844137 | USD | 149510 | BCLY | 149449 | 4/21/26 | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 295539 | USD | 6502 | BCLY | 6520 | 4/9/26 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 850934 | USD | 18569 | BCLY | 18597 | 4/20/26 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 6121514 | USD | 133033 | BCLY | 133331 | 4/24/26 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 592225 | USD | 12973 | BCLY | 13393 | 3/11/26 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 6228270 | USD | 136265 | BCLY | 137281 | 4/10/26 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 3349605 | USD | 72914 | BCLY | 74084 | 4/6/26 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 4229697 | USD | 92057 | BCLY | 94674 | 3/23/26 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 6896712 | USD | 151583 | BCLY | 156851 | 3/4/26 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 6330485 | USD | 138151 | BNP | 142305 | 3/18/26 | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 7282974 | USD | 159278 | HSBC | 159032 | 4/21/26 | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 3066427 | USD | 67275 | SCB | 69795 | 3/3/26 | 2520 |
|  |  |  |  |  |  |  | 670764 |
| **Contracts to Sell:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 246000 | USD | 174220 | BNP | 175054 | 3/3/26 | (834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 9664956 | USD | 6696539 | WFB | 6877582 | 3/3/26 | (181043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 3065058 | USD | 2172225 | WFB | 2180828 | 4/2/26 | (8603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 5188898 | USD | 3689436 | WFB | 3691967 | 4/2/26 | (2531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 1100000 | USD | 192778 | BNP | 212785 | 4/2/26 | (20007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 1000000 | USD | 177588 | BNP | 193440 | 4/2/26 | (15852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 600000 | USD | 103704 | BNP | 116064 | 4/2/26 | (12360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 600000 | USD | 104776 | BNP | 116064 | 4/2/26 | (11288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 785111 | USD | 150000 | BNP | 153128 | 3/3/26 | (3128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 611052 | USD | 117000 | BNP | 119180 | 3/3/26 | (2180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 312952 | USD | 60000 | BNP | 61038 | 3/3/26 | (1038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 18513722 | USD | 3578568 | BOA | 3610919 | 3/3/26 | (32351) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 5600000 | USD | 1007792 | GSC | 1083266 | 4/2/26 | (75474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 2600000 | USD | 449415 | GSC | 502945 | 4/2/26 | (53530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 2600000 | USD | 450890 | GSC | 502945 | 4/2/26 | (52055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 3300000 | USD | 593035 | GSC | 638354 | 4/2/26 | (45319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 1900000 | USD | 332325 | GSC | 367537 | 4/2/26 | (35212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 18239815 | USD | 3542056 | GSC | 3557496 | 3/3/26 | (15440) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 700000 | USD | 125565 | GSC | 135408 | 4/2/26 | (9843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 894630 | USD | 170000 | GSC | 174489 | 3/3/26 | (4489) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 9576189 | USD | 12913509 | WFB | 12905358 | 3/3/26 | 8151 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 8743189 | USD | 11815414 | WFB | 11783877 | 4/2/26 | 31537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 262000 | USD | 192109 | BNP | 192040 | 3/3/26 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 4850287 | USD | 3577747 | BNP | 3555147 | 3/3/26 | 22600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 4575798 | USD | 3346925 | BOA | 3358340 | 4/2/26 | (11415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 614000 | USD | 88518 | BNP | 89497 | 3/3/26 | (979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 82027386 | USD | 11972378 | DUB | 11983497 | 4/2/26 | (11119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 36086838 | USD | 5207073 | HSBC | 5260050 | 3/3/26 | (52977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 2496000 | USD | 359701 | HSBC | 363819 | 3/3/26 | (4118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 6599000 | USD | 961772 | SCB | 961877 | 3/3/26 | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 6545008 | USD | 957292 | SOG | 954006 | 3/3/26 | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 36411301 | USD | 5254155 | WFB | 5307344 | 3/3/26 | (53189) |

---

#### See Notes to Financial Statements.

#### 223

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Sell: (continued)** | | | |  | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Onshore Renminbi | 113429 | USD | 16396 | DUB | $16540 | 3/4/26 | $(144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 159395067 | USD | 41319 | BNP | 42319 | 3/9/26 | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 174845059 | USD | 46023 | BNP | 46421 | 3/9/26 | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 34943551 | USD | 9209 | BNP | 9277 | 3/9/26 | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 706172758 | USD | 187461 | BNP | 182708 | 6/17/26 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 687873942 | USD | 178994 | BOA | 181740 | 3/26/26 | (2746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 26901 | USD | 7 | BOA | 7 | 3/26/26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 119393748 | USD | 31932 | BOA | 31617 | 3/18/26 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 427528468 | USD | 114713 | DUB | 110614 | 6/17/26 | 4099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 371823210 | USD | 99000 | GSC | 98465 | 3/18/26 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 404988120 | USD | 108000 | GSC | 107248 | 3/18/26 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 175134940 | USD | 46679 | SCB | 46298 | 3/24/26 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 156130394 | USD | 42044 | SCB | 41370 | 3/16/26 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 372428519 | USD | 96678 | SCB | 95485 | 7/23/26 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 575225325 | USD | 154125 | SCB | 152242 | 3/20/26 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 379487235 | USD | 101035 | SCB | 98185 | 6/17/26 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 526154660 | USD | 142599 | SCB | 139416 | 3/16/26 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 1503184540 | USD | 392523 | UBS | 395808 | 4/8/26 | (3285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 701568001 | USD | 187250 | UBS | 181517 | 6/17/26 | 5733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 919139564 | USD | 244374 | UBS | 237809 | 6/17/26 | 6565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Koruna | 2183953 | EUR | 89000 | BNP | 106495 | 3/13/26 | (1279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Koruna | 1198038 | EUR | 49000 | BOA | 58420 | 3/13/26 | (491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Koruna | 3532000 | USD | 173723 | GSC | 172225 | 3/11/26 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Koruna | 6807600 | EUR | 279000 | JPM | 332521 | 8/12/26 | (340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 7230000 | USD | 1034163 | HSBC | 1145516 | 4/1/26 | (111353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 6592306 | USD | 1039773 | HSBC | 1042484 | 3/3/26 | (2711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 1141000 | USD | 1344547 | BCLY | 1348206 | 3/3/26 | (3659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 20122 | RON | 102950 | BCLY | 23788 | 3/13/26 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 31441 | RON | 161025 | BCLY | 37191 | 3/23/26 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 294160 | RON | 1505437 | BCLY | 348255 | 4/8/26 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 111272 | RON | 570447 | BCLY | 131655 | 3/27/26 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 406330 | RON | 2081069 | BCLY | 480929 | 4/2/26 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 26813994 | USD | 32036851 | BCLY | 31683419 | 3/3/26 | 353432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 59697 | RON | 305744 | BOA | 70632 | 3/27/26 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 298457 | RON | 1529532 | BOA | 353553 | 4/22/26 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 138000 | CZK | 3384450 | BOA | 163145 | 3/13/26 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 883000 | USD | 1049122 | BOA | 1043353 | 3/3/26 | 5769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 127964 | RON | 654574 | DUB | 151496 | 4/8/26 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 425000 | CZK | 10314750 | JPM | 502325 | 3/9/26 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 814000 | USD | 963117 | SOG | 963444 | 4/2/26 | (327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 327000 | USD | 386741 | SOG | 387035 | 4/2/26 | (294) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 85559 | RON | 438366 | SOG | 101207 | 3/23/26 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 78000 | RON | 399352 | SOG | 92212 | 3/13/26 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 40000 | USD | 47863 | SOG | 47264 | 3/3/26 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 27179994 | USD | 32172633 | SOG | 32170014 | 4/2/26 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 85714 | RON | 438504 | WFB | 101285 | 3/4/26 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 212743 | RON | 1088585 | WFB | 251389 | 3/4/26 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Dollar | 6915420 | USD | 884625 | DUB | 884692 | 3/20/26 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Dollar | 774930 | USD | 100000 | HSBC | 99053 | 3/2/26 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Dollar | 6144957 | USD | 793000 | JPM | 785464 | 3/2/26 | 7536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 4602896 | USD | 50582 | DUB | 50444 | 4/7/26 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 1817427 | USD | 19925 | GSC | 19918 | 4/7/26 | 7 |

---

#### See Notes to Financial Statements.

#### 224

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Sell: (continued)** | | | |  | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 1811440 | USD | 20000 | GSC | $19900 | 3/5/26 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1429011031 | USD | 84111 | BNP | 85034 | 6/10/26 | (923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1485021632 | USD | 88371 | BNP | 88573 | 3/5/26 | (202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1004790000 | USD | 59870 | BNP | 59917 | 3/12/26 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 1343457226 | USD | 79685 | GSC | 79943 | 6/10/26 | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 249000 | USD | 79440 | BNP | 79567 | 6/10/26 | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 155000 | USD | 50078 | BNP | 49530 | 6/10/26 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 761370 | USD | 246580 | BNP | 243028 | 4/6/26 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 298332 | USD | 95574 | BOA | 95345 | 6/17/26 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 284070 | USD | 92211 | BOA | 90773 | 6/10/26 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 271484 | USD | 88608 | BOA | 86764 | 6/17/26 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 769540 | USD | 248133 | DUB | 245636 | 4/6/26 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 766622 | USD | 248132 | DUB | 244732 | 4/13/26 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 824060 | USD | 265082 | GSC | 263068 | 4/13/26 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 12977 | USD | 4211 | HSBC | 4147 | 6/10/26 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 132483 | USD | 43322 | SOG | 42341 | 6/17/26 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 321486 | USD | 103866 | SOG | 102745 | 6/17/26 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 303751 | USD | 97328 | UBS | 97062 | 6/10/26 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 127640 | USD | 41642 | UBS | 40787 | 6/10/26 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 289562 | USD | 94340 | UBS | 92542 | 6/17/26 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 313314 | USD | 101341 | WFB | 100118 | 6/10/26 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 294474 | USD | 95820 | WFB | 94098 | 6/10/26 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 4676552 | USD | 30044 | HSBC | 30028 | 4/2/26 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 266341285 | USD | 1712950 | HSBC | 1710186 | 4/2/26 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 39438722 | USD | 257680 | HSBC | 252561 | 3/3/26 | 5119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 41033712 | USD | 268417 | HSBC | 262775 | 3/3/26 | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 193472479 | USD | 1240209 | SCB | 1242293 | 4/2/26 | (2084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 85136444 | USD | 559046 | SCB | 545205 | 3/3/26 | 13841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 1067122064 | USD | 6858252 | SOG | 6852025 | 4/2/26 | 6227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 246004161 | USD | 1574475 | WFB | 1579601 | 4/2/26 | (5126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 1998324831 | USD | 13104242 | WFB | 12797059 | 3/3/26 | 307183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 1570500 | USD | 3000 | BOA | 3150 | 3/3/26 | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 13294784 | USD | 24800 | DUB | 25772 | 6/4/26 | (972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 7560000 | USD | 14000 | DUB | 14660 | 6/3/26 | (660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 2845305 | USD | 5300 | DUB | 5516 | 6/4/26 | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Tenge | 1240080 | USD | 2400 | DUB | 2486 | 3/5/26 | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 159201642 | USD | 110159 | DUB | 110602 | 3/18/26 | (443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 159311802 | USD | 110000 | GSC | 110630 | 3/5/26 | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 58280400 | USD | 40000 | JPM | 40480 | 3/12/26 | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysian Ringgit | 8695769 | USD | 2225747 | BCLY | 2235725 | 3/18/26 | (9978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysian Ringgit | 6177687 | USD | 1585974 | BCLY | 1588313 | 3/18/26 | (2339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 219045 | USD | 12713 | DUB | 12699 | 3/18/26 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 328576 | USD | 19070 | DUB | 19049 | 3/18/26 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 7179524 | USD | 415169 | GSC | 416236 | 3/18/26 | (1067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 1669000 | USD | 91609 | HSBC | 96474 | 4/20/26 | (4865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 1462000 | USD | 80186 | JPM | 84529 | 4/17/26 | (4343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 551479 | USD | 31942 | JPM | 31972 | 3/18/26 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 115359 | USD | 6156 | SOG | 6688 | 3/18/26 | (532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 5379598 | USD | 311337 | WFB | 311884 | 3/18/26 | (547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 661455 | USD | 38323 | WFB | 38348 | 3/18/26 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 220100 | USD | 12752 | WFB | 12760 | 3/18/26 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 110069 | USD | 6376 | WFB | 6381 | 3/18/26 | (5) |

---

#### See Notes to Financial Statements.

#### 225

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement**<br> **Date** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Sell: (continued)** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 661055 | USD | 38322 | WFB | $38325 | 3/18/26 | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 109999 | USD | 6376 | WFB | 6377 | 3/18/26 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 113324900 | USD | 3580000 | BCLY | 3627178 | 5/4/26 | (47178) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 73728144 | USD | 2322000 | BNP | 2358219 | 4/22/26 | (36219) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 41433207 | USD | 1307000 | BNP | 1325328 | 4/23/26 | (18328) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 27735912 | USD | 876000 | BNP | 887044 | 4/20/26 | (11044) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 5302565 | USD | 170457 | BNP | 169229 | 3/18/26 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 4881413 | USD | 157181 | BNP | 155788 | 3/18/26 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 940818 | USD | 30000 | BOA | 30055 | 3/31/26 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 947364 | USD | 29935 | SOG | 30234 | 3/18/26 | (299) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 1262000 | USD | 766448 | BCLY | 756947 | 3/3/26 | 9501 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 1336799 | USD | 799227 | SCB | 802850 | 4/2/26 | (3623) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 74799 | USD | 45078 | SOG | 44865 | 3/3/26 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 258316 | USD | 26849 | BCLY | 27164 | 3/3/26 | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 334595 | USD | 34891 | HSBC | 35186 | 3/3/26 | (295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 475000 | USD | 49879 | HSBC | 49951 | 3/3/26 | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 4281963 | USD | 1270235 | BOA | 1275942 | 3/18/26 | (5707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 112615 | USD | 33482 | JPM | 33557 | 3/18/26 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 2049295 | USD | 610000 | SCB | 610722 | 3/12/26 | (722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 865229 | USD | 258370 | SCB | 257817 | 3/19/26 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 1547312 | USD | 461801 | SCB | 461069 | 3/18/26 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 675771 | USD | 193653 | SOG | 201291 | 4/6/26 | (7638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 757214 | USD | 219457 | SOG | 225635 | 3/18/26 | (6178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 6722279 | USD | 1995215 | SOG | 1999976 | 6/17/26 | (4761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Sol | 3822 | USD | 1130 | SOG | 1139 | 3/18/26 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 321000 | USD | 89723 | BNP | 89832 | 4/15/26 | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 105000 | USD | 29668 | BNP | 29384 | 4/15/26 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian New Leu | 1522429 | EUR | 298457 | BOA | 352986 | 3/4/26 | (312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 3485158 | USD | 2765469 | JPM | 2761842 | 4/2/26 | 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 3826278 | USD | 3021131 | SOG | 3024845 | 3/3/26 | (3714) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 9127926 | USD | 564138 | BCLY | 572441 | 3/20/26 | (8303) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 11359512 | USD | 706108 | BCLY | 712390 | 3/20/26 | (6282) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 481000 | USD | 29729 | BOA | 30165 | 3/20/26 | (436) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 8886029 | USD | 555297 | SCB | 557270 | 3/20/26 | (1973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 1608012 | USD | 176947 | BCLY | 178115 | 3/3/26 | (1168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 674010 | USD | 878548 | SOG | 876762 | 3/3/26 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 401861 | USD | 520685 | WFB | 524736 | 4/2/26 | (4051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 12466034 | USD | 399264 | BOA | 402189 | 4/20/26 | (2925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 3480268 | USD | 110000 | GSC | 111991 | 3/5/26 | (1991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 4360818 | USD | 140000 | GSC | 140389 | 3/12/26 | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 1558915 | USD | 50000 | GSC | 50211 | 3/19/26 | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 1552970 | USD | 50000 | GSC | 50043 | 3/26/26 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 633740 | USD | 20487 | HSBC | 20476 | 5/20/26 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 658343 | USD | 21323 | HSBC | 21270 | 5/20/26 | 53 |
|  |  |  |  |  |  |  | (193712) |
|  Net Unrealized Appreciation on Open Forward Foreign Currency Contracts |  |  |  |  |  |  | $477052 |

---

#### See Notes to Financial Statements.

#### 226

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

At February 28, 2026, International Fixed Income Fund held the following OTC Total Return Swap Contract:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Pay**<br> **Floating Rate Index** | **Fund Receive**<br> **Floating Rate Index** | **Financing**<br> **Rate** | **Payment**<br> **Frequency** | **Maturity**<br> **Date** | **Counterparty** | **Notional**<br> **Amount** | **Value** | **Upfront**<br> **Payment**<br> **Paid** | **Unrealized**<br> (Depreciation) |
|  iBoxx Investment Grade Index | SOFR | 3.416% | PAM | 3/20/26 | BNP | USD 7,800,000 | $(111011) | $72997 | $(184008) |

---

At February 28, 2026, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Maturity**<br> **Date** | **Payment**<br> **Frequency** | **Counterparty** | **Notional**<br> **Amount** | **Notional**<br> **Amount** | **Value** | **Upfront**<br> **Payment**<br> (Received) | **Unrealized**<br> **Appreciation** |
|  Pay | China 7-Day Reverse Repo Index | 1.500% | 3/17/32 | 3-Month | BOA | CNY | 67000000 | $(56613) | $(84889) | $28276 |
|  Pay | China 7-Day Reverse Repo Index | 1.500% | 3/17/32 | 3-Month | BNP | CNY | 63700000 | (53824) | (80508) | 26684 |
|  Pay | China 7-Day Reverse Repo Index | 1.500% | 3/17/32 | 3-Month | SCB | CNY | 9000000 | (7604) | (11376) | 3772 |
|  |  |  |  |  |  |  |  | $(118041) | $(176773) | $58732 |

---

At February 28, 2026, International Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront<br>Payment<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Receive | 3-Month EURIBOR | 2.350% | 12/15/28 | PAM | EUR | 4000000 | $(6313) | $(2565) | $(3748) |
| Receive | 3-Month FRA New Zealand Bank Bill | 2.500% | 3/12/28 | 6-Month | NZD | 3300000 | 17637 | 1133 | 16504 |
| Receive | 3-Month FRA New Zealand Bank Bill | 3.500% | 3/18/31 | 6-Month | NZD | 100000 | 10 | (645) | 655 |
| Pay | 3-Month Stockholm Interbank Offered Rate | 2.474% | 2/3/30 | 12-Month | SEK | 4400000 | 5656 |  | 5656 |
| Pay | 6-Month Australian Bank Bill | 3.500% | 3/18/31 | 6-Month | AUD | 23800000 | (779091) | (353882) | (425209) |
| Pay | 6-Month Australian Bank Bill | 4.250% | 3/19/35 | 6-Month | AUD | 1200000 | (26956) | (545) | (26411) |
| Pay | 6-Month Australian Bank Bill | 4.250% | 9/17/35 | 6-Month | AUD | 1000000 | (24755) | 750 | (25505) |
| Pay | 6-Month Australian Bank Bill | 4.500% | 3/19/35 | 6-Month | AUD | 1000000 | (8410) | (29588) | 21178 |
| Pay | 6-Month Australian Bank Bill | 4.500% | 6/18/35 | 6-Month | AUD | 500000 | (5564) | 2896 | (8460) |
| Pay | 6-Month Australian Bank Bill | 4.500% | 9/17/35 | 6-Month | AUD | 1600000 | (16174) | 26446 | (42620) |
| Receive | 6-Month Australian Bank Bill | 3.750% | 3/18/31 | 6-Month | AUD | 6000000 | 148738 | 165814 | (17076) |
| Pay | 6-Month EURIBOR | 0.451% | 5/27/50 | 12-Month | EUR | 150000 | (79667) |  | (79667) |
| Pay | 6-Month EURIBOR | 0.650% | 4/12/27 | 12-Month | EUR | 500000 | (11082) |  | (11082) |
| Pay | 6-Month EURIBOR | 0.650% | 5/11/27 | 12-Month | EUR | 300000 | (6652) |  | (6652) |
| Pay | 6-Month EURIBOR | 0.700% | 4/11/27 | 12-Month | EUR | 200000 | (4185) |  | (4185) |
| Pay | 6-Month EURIBOR | 1.000% | 5/13/27 | 12-Month | EUR | 500000 | (6978) |  | (6978) |
| Pay | 6-Month EURIBOR | 2.250% | 9/21/42 | 12-Month | EUR | 2310000 | (247767) | 176898 | (424665) |
| Pay | 6-Month EURIBOR | 2.500% | 9/16/31 | 12-Month | EUR | 14000000 | 62137 | 13423 | 48714 |
| Pay | 6-Month EURIBOR | 2.750% | 9/16/36 | 12-Month | EUR | 3060000 | 5785 | (2457) | 8242 |
| Pay | 6-Month EURIBOR | 3.000% | 3/19/27 | 12-Month | EUR | 7050000 | 234240 | 47415 | 186825 |
| Pay | 6-Month EURIBOR | 3.000% | 9/16/56 | 12-Month | EUR | 3380000 | 1130 | (26569) | 27699 |
| Receive | 6-Month EURIBOR | 2.250% | 9/16/28 | 12-Month | EUR | 3700000 | (4860) | 1095 | (5955) |
| Receive | 6-Month EURIBOR | 2.825% | 9/19/55 | 12-Month | EUR | 5500000 | 50248 | 77761 | (27513) |
| Pay | Bank of Japan Uncollateralised Overnight Call Rate | 1.250% | 9/17/35 | 12-Month | JPY | 719400000 | (245394) | (37856) | (207538) |
| Pay | Bank of Japan Uncollateralised Overnight Call Rate | 1.500% | 12/17/35 | 12-Month | JPY | 60000000 | (13558) | (368) | (13190) |
| Pay | Bank of Japan Uncollateralised Overnight Call Rate | 1.500% | 3/18/36 | 12-Month | JPY | 240000000 | (61484) | (58365) | (3119) |
| Receive | Bank of Japan Uncollateralised Overnight Call Rate | 2.250% | 9/17/55 | 12-Month | JPY | 18800000 | 12332 | 4000 | 8332 |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 0.000% | 3/17/31 | 6-Month | JPY | 70100000 | (36096) | (2508) | (33588) |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 0.050% | 12/15/31 | 12-Month | JPY | 490000000 | (272553) | (164853) | (107700) |

---

#### See Notes to Financial Statements.

#### 227

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront<br>Payment<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 0.750% | 3/19/27 | 12-Month | JPY | 570000000 | $(2885) | $628 | $(3513) |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 0.850% | 9/20/33 | 12-Month | JPY | 68100000 | (26846) | (4741) | (22105) |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 1.000% | 3/19/32 | 12-Month | JPY | 860000000 | (171444) | (15354) | (156090) |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 1.000% | 9/18/34 | 12-Month | JPY | 90000000 | (36113) | (2958) | (33155) |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 1.000% | 3/19/35 | 12-Month | JPY | 800000000 | (341634) | (65211) | (276423) |
| Pay | Bank of Japan Uncollateralized Overnight Call Rate | 1.000% | 6/19/44 | 12-Month | JPY | 230000000 | (319111) | (92913) | (226198) |
| Receive | Bank of Japan Uncollateralized Overnight Call Rate | 0.400% | 6/19/39 | 6-Month | JPY | 80000000 | 109395 | (20457) | 129852 |
| Pay | Canadian Overnight Repo Rate Average | 1.713% | 10/2/29 | 6-Month | CAD | 400000 | (7809) | (29897) | 22088 |
| Pay | Canadian Overnight Repo Rate Average | 2.850% | 9/1/29 | 6-Month | CAD | 1000000 | 12499 | (2988) | 15487 |
| Pay | Canadian Overnight Repo Rate Average | 3.250% | 6/21/53 | 6-Month | CAD | 200000 | (1272) | (10586) | 9314 |
| Pay | Canadian Overnight Repo Rate Average | 3.898% | 6/19/26 | PAM | CAD | 2500000 | 26554 | (3864) | 30418 |
| Pay | Canadian Overnight Repo Rate Average | 3.925% | 6/19/26 | PAM | CAD | 4300000 | 46538 | (371) | 46909 |
| Receive | Canadian Overnight Repo Rate Average | 2.850% | 6/1/33 | 6-Month | CAD | 300000 | (2429) | 2521 | (4950) |
| Receive | Canadian Overnight Repo Rate Average | 2.880% | 9/1/33 | 6-Month | CAD | 400000 | (3918) |  | (3918) |
| Receive | Canadian Overnight Repo Rate Average | 3.000% | 6/1/33 | 6-Month | CAD | 200000 | (3161) | 723 | (3884) |
| Receive | Canadian Overnight Repo Rate Average | 3.000% | 6/1/34 | 6-Month | CAD | 700000 | (9433) | 98 | (9531) |
| Receive | Canadian Overnight Repo Rate Average | 3.180% | 6/1/33 | 6-Month | CAD | 1500000 | (37267) | (1311) | (35956) |
| Receive | Canadian Overnight Repo Rate Average | 3.250% | 12/20/33 | 6-Month | CAD | 2500000 | (68987) | 144403 | (213390) |
| Receive | Canadian Overnight Repo Rate Average | 3.250% | 12/18/34 | 6-Month | CAD | 200000 | (5282) | (4815) | (467) |
| Receive | Canadian Overnight Repo Rate Average | 3.750% | 12/20/33 | 6-Month | CAD | 500000 | (27056) | (2465) | (24591) |
| Pay | China 7-Day Reverse Repo Index | 1.500% | 6/17/31 | 3-Month | CNY | 8400000 | (4428) | (3470) | (958) |
| Pay | Euro Short-Term Rate Market Index | 1.795% | 10/11/29 | 12-Month | EUR | 2700000 | (24815) |  | (24815) |
| Pay | Euro Short-Term Rate Market Index | 1.923% | 10/11/29 | 12-Month | EUR | 1800000 | (6010) |  | (6010) |
| Pay | Euro Short-Term Rate Market Index | 2.170% | 12/15/28 | PAM | EUR | 3900000 | 6080 | 2298 | 3782 |
| Receive | Financial Benchmarks India Overnight Mumbai Interbank Outright Rate | 5.750% | 3/18/31 | 6-Month | INR | 27730000 | 3343 | (36) | 3379 |
| Receive | Singapore Overnight Rate Average | 1.750% | 9/16/31 | 6-Month | SGD | 8235000 | (24127) | 1724 | (25851) |
| Pay | SOFR | 3.460% | 6/30/27 | 12-Month | USD | 7100000 | (6864) |  | (6864) |
| Pay | SOFR | 3.750% | 9/17/27 | 12-Month | USD | 9500000 | 57489 | 53202 | 4287 |
| Pay | SOFR | 3.981% | 11/30/27 | 12-Month | USD | 3700000 | 47947 |  | 47947 |
| Receive | SOFR | 1.000% | 12/15/26 | 12-Month | USD | 1000000 | 25387 | 3719 | 21668 |
| Receive | SOFR | 2.965% | 11/30/26 | 12-Month | USD | 6600000 | 40778 | (3697) | 44475 |
| Receive | SOFR | 3.000% | 3/19/27 | 12-Month | USD | 12760000 | 203327 | 261813 | (58486) |
| Receive | SOFR | 3.250% | 6/18/27 | 12-Month | USD | 2200000 | 16309 | 16095 | 214 |
| Receive | SOFR | 3.250% | 12/20/53 | 12-Month | USD | 100000 | 11393 | 11616 | (223) |
| Receive | SOFR | 3.250% | 3/19/55 | 12-Month | USD | 400000 | 49579 | 47355 | 2224 |
| Receive | SOFR | 3.290% | 5/31/30 | 12-Month | USD | 5161700 | (20165) | 1377 | (21542) |
| Receive | SOFR | 3.325% | 8/31/30 | 12-Month | USD | 797800 | (5018) | (4101) | (917) |
| Receive | SOFR | 3.375% | 5/31/30 | 12-Month | USD | 6257600 | (45107) | 5187 | (50294) |
| Receive | SOFR | 3.500% | 3/18/28 | 12-Month | USD | 7120000 | (41490) | (34830) | (6660) |
| Receive | SOFR | 3.500% | 3/18/31 | 12-Month | USD | 4660000 | (57063) | (12490) | (44573) |
| Receive | SOFR | 3.500% | 12/20/38 | 12-Month | USD | 3200000 | 61883 | 50178 | 11705 |
| Receive | SOFR | 3.595% | 8/19/34 | 12-Month | USD | 400000 | (3366) |  | (3366) |
| Receive | SOFR | 3.613% | 8/22/34 | 12-Month | USD | 300000 | (2970) |  | (2970) |
| Receive | SOFR | 3.640% | 8/15/35 | 12-Month | USD | 200000 | (2210) | 400 | (2610) |
| Receive | SOFR | 3.645% | 8/7/34 | 12-Month | USD | 700000 | (8553) |  | (8553) |
| Receive | SOFR | 3.700% | 8/15/35 | 12-Month | USD | 200000 | (3171) | (176) | (2995) |
| Receive | SOFR | 3.715% | 8/15/35 | 12-Month | USD | 282000 | (4810) | 747 | (5557) |
| Receive | SOFR | 3.750% | 12/17/30 | 12-Month | USD | 100000 | (2326) | (2019) | (307) |
| Receive | SOFR | 3.750% | 5/15/32 | 12-Month | USD | 1503000 | (35512) | (1427) | (34085) |
| Receive | SOFR | 3.750% | 12/17/35 | 12-Month | USD | 8160000 | (152540) | (55002) | (97538) |
| Receive | SOFR | 3.750% | 12/17/55 | 12-Month | USD | 1300000 | 34832 | 76507 | (41675) |
| Receive | SOFR | 3.771% | 2/15/55 | 12-Month | USD | 100000 | 2346 |  | 2346 |

---

#### See Notes to Financial Statements.

#### 228

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront<br>Payment<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Receive | SOFR | 3.773% | 3/4/55 | 12-Month | USD | 400000 | $11104 | $— | $11104 |
| Receive | SOFR | 3.775% | 3/3/36 | 12-Month | USD | 500000 | (10059) |  | (10059) |
| Receive | SOFR | 3.806% | 2/15/55 | 12-Month | USD | 200000 | 3479 |  | 3479 |
| Receive | SOFR | 3.836% | 5/15/34 | 12-Month | USD | 500000 | (13179) |  | (13179) |
| Receive | SOFR | 3.847% | 5/15/34 | 12-Month | USD | 300000 | (8165) |  | (8165) |
| Receive | SOFR | 3.851% | 2/28/29 | 12-Month | USD | 1100000 | (17173) |  | (17173) |
| Receive | SOFR | 3.862% | 2/28/29 | 12-Month | USD | 1600000 | (25642) |  | (25642) |
| Receive | SOFR | 3.884% | 3/25/35 | 12-Month | USD | 500000 | (14106) |  | (14106) |
| Receive | SOFR | 3.905% | 8/15/26 | PAM | USD | 1800000 | (733) |  | (733) |
| Receive | SOFR | 3.905% | 3/12/35 | 12-Month | USD | 200000 | (5986) |  | (5986) |
| Receive | SOFR | 3.908% | 3/4/35 | 12-Month | USD | 400000 | (12021) |  | (12021) |
| Receive | SOFR | 3.930% | 3/24/35 | 12-Month | USD | 300000 | (9667) |  | (9667) |
| Receive | SOFR | 3.930% | 6/25/55 | 12-Month | USD | 345000 | (1104) | 1280 | (2384) |
| Receive | SOFR | 3.954% | 11/15/54 | 12-Month | USD | 200000 | (1732) |  | (1732) |
| Receive | SOFR | 3.959% | 11/15/54 | 12-Month | USD | 400000 | (3792) |  | (3792) |
| Receive | SOFR | 3.960% | 6/27/55 | 12-Month | USD | 405000 | (3530) | (236) | (3294) |
| Receive | SOFR | 3.964% | 11/15/54 | 12-Month | USD | 300000 | (3110) |  | (3110) |
| Receive | SOFR | 3.998% | 11/15/54 | 12-Month | USD | 400000 | (6540) |  | (6540) |
| Receive | SOFR | 4.000% | 6/20/26 | 12-Month | USD | 3600000 | 160 | (10341) | 10501 |
| Receive | SOFR | 4.000% | 3/18/36 | 12-Month | USD | 8970000 | (349750) | (140729) | (209021) |
| Receive | SOFR | 4.000% | 3/18/56 | 12-Month | USD | 830000 | (14729) | 25116 | (39845) |
| Receive | SOFR | 4.005% | 9/29/55 | 12-Month | USD | 124000 | (2278) | (1392) | (886) |
| Receive | SOFR | 4.020% | 5/15/26 | PAM | USD | 2500000 | 1366 |  | 1366 |
| Receive | SOFR | 4.065% | 6/26/55 | 12-Month | USD | 213000 | (5940) | (3715) | (2225) |
| Receive | SOFR | 4.111% | 11/15/54 | 12-Month | USD | 640000 | (23280) |  | (23280) |
| Receive | SOFR | 4.130% | 11/15/54 | 12-Month | USD | 560000 | (22201) |  | (22201) |
| Receive | SOFR | 4.222% | 11/15/52 | 12-Month | USD | 200000 | (10253) |  | (10253) |
| Receive | SOFR | 4.224% | 11/15/52 | 12-Month | USD | 100000 | (5167) |  | (5167) |
| Receive | SOFR | 4.225% | 11/15/52 | 12-Month | USD | 200000 | (10358) |  | (10358) |
| Receive | SOFR | 4.227% | 11/15/52 | 12-Month | USD | 100000 | (5212) |  | (5212) |
| Receive | SOFR | 4.228% | 11/15/52 | 12-Month | USD | 100000 | (5220) |  | (5220) |
| Receive | SOFR | 4.232% | 11/15/52 | 12-Month | USD | 100000 | (5297) |  | (5297) |
| Receive | SOFR | 4.233% | 11/15/52 | 12-Month | USD | 100000 | (5316) |  | (5316) |
| Receive | SOFR | 4.245% | 11/15/52 | 12-Month | USD | 300000 | (16533) |  | (16533) |
| Receive | SOFR | 4.248% | 11/15/52 | 12-Month | USD | 500000 | (27803) |  | (27803) |
| Pay | South Korean Won Certificate of Deposit | 2.750% | 3/18/36 | 3-Month | KRW | 29660000 | (1057) | 210 | (1267) |
| Pay | Sterling Overnight Index Average | 3.000% | 6/17/27 | 12-Month | GBP | 5100000 | (80825) | (11885) | (68940) |
| Pay | Sterling Overnight Index Average | 3.500% | 3/18/28 | 12-Month | GBP | 11000000 | 45267 | (2577) | 47844 |
| Pay | Sterling Overnight Index Average | 3.750% | 9/17/30 | 12-Month | GBP | 200000 | 2678 | (1013) | 3691 |
| Pay | Sterling Overnight Index Average | 3.750% | 3/18/31 | 12-Month | GBP | 8600000 | 119011 | (104729) | 223740 |
| Pay | Sterling Overnight Index Average | 4.000% | 3/17/28 | 12-Month | GBP | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189517 | 34710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154807 |
| Receive | Sterling Overnight Index Average | 3.500% | 9/17/27 | 12-Month | GBP | 3400000 | (1213) | 22573 | (23786) |
| Receive | Sterling Overnight Index Average | 4.000% | 9/17/35 | 12-Month | GBP | 1400000 | (22194) | 29328 | (51522) |
| Receive | Sterling Overnight Index Average | 4.000% | 3/18/36 | 12-Month | GBP | 6100000 | (74016) | (12901) | (61115) |
| Receive | Sterling Overnight Index Average | 4.500% | 9/17/55 | 12-Month | GBP | 550000 | (15638) | 25353 | (40991) |
| Receive | Sterling Overnight Index Average | 4.500% | 3/18/56 | 12-Month | GBP | 700000 | (17461) | 11306 | (28767) |
| Pay | Swiss Average Rate Overnight Index | 0.300% | 2/15/27 | 12-Month | CHF | 200000 | 1060 |  | 1060 |
| Receive | Thai Overnight Repurchase Rate | 0.000% | 9/16/31 | 3-Month | THB | 23900000 | 2330 | 2808 | (478) |
|  |  |  |  |  |  |  | $(2561447) | $6008 | $(2567455) |

---

#### See Notes to Financial Statements.

#### 229

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

At February 28, 2026, 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<br>(Pay) Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Counterparty** | **Implied Credit<br>Spread at<br>2/28/26 (2)** | **Notional<br>Amount (3)** | **Notional<br>Amount (3)** | **Value** | **Upfront<br>Payment<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Indonesia Government International Bonds, BBB | (1.000)% | 6/20/26 | 3-Month | JPM | 0.260% | USD | 3600000 | $(15359) | $(15332) | $(27) |
|  South Korea Government Bonds, AA | (1.000)% | 12/20/30 | 3-Month | GSC | 0.248% | USD | 600000 | (21338) | (21671) | 333 |
|  |  |  |  |  |  |  |  | $(36697) | $(37003) | $&nbsp;&nbsp;&nbsp;&nbsp;306 |

---

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

OTC Credit Default Swaps on Indexes and Corporate Issue — Sell Protection (4)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation & Ratings** | **Fixed Deal**<br> **Receive Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Counterparty** | **Implied Credit**<br> **Spread at**<br> **2/28/26 (2)** | **Notional<br>Amount (3)** | **Notional<br>Amount (3)** | **Value** | **Upfront<br>Payment<br>Paid** | **Unrealized**<br> **Appreciation** |
|  Markit iTraxx Europe Crossover Series 44 5-Year Index, NR | 5.000% | 12/20/30 | 3-Month | BNP | 0.625% | EUR | 100000 | $23830 | $23028 | $802 |
|  Markit iTraxx Europe Crossover Series 44 5-Year Index, NR | 5.000% | 12/20/30 | 3-Month | JPM | 0.625% | EUR | 500000 | 119152 | 114033 | 5119 |
|  Petroleos Mexicanos, NR | 4.750% | 7/6/26 | 1-Month | DUB | N/A(a) | USD | 205870 | 1367 |  | 1367 |
|  |  |  |  |  |  |  |  | $144349 | $137061 | $&nbsp;&nbsp;&nbsp;&nbsp;7288 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation & Rating** | **Fixed Deal**<br> (Pay) Rate | **Maturity<br>Date** | **Payment<br>Frequency** | **Implied Credit**<br> **Spread at**<br> **2/28/26 (2)** | **Notional**<br> **Amount (3)** | **Value** | **Upfront<br>Payment<br>(Received)** | **Unrealized**<br> **Appreciation** |
|  Markit CDX North America Investment Grade Series 45 10-Year Index, NR | (1.000)% | 12/20/35 | 3-Month | 0.951% | USD 5,590,000 | $(31293) | $(43756) | $12463 |

---

Centrally Cleared — Credit Default Swaps on Index and Financial Institution — Sell Protection (4)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation & Ratings†** | **Fixed Deal**<br> **Receive Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Implied Credit**<br> **Spread at**<br> **2/28/26 (2)** | **Notional** <br> **Amount (3)** | **Value** | **Upfront**<br> **PaymentPaid/**<br> (Received) | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  Deutsche Bank AG, BBB | 1.000% | 12/20/32 | 3-Month | 1.024% | EUR 400,000 | $219 | $(3105) | $3324 |
|  Markit CDX North America Investment Grade Series 45 5-Year Index, NR | 1.000% | 12/20/30 | 3-Month | 0.555% | USD 13,653,000 | 292504 | 306780 | (14276) |
|  |  |  |  |  |  | $292723 | $303675 | $(10952) |

---

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

#### See Notes to Financial Statements.

#### 230

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

At February 28, 2026, International Fixed Income Fund held the following OTC Cross-Currency Swap Contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty Pay** | **Counterparty Receive** | **Maturity<br>Date (5)** | **Counterparty** | **Notional <br>Amount of<br>Currency<br>Received (6)** | **Notional <br>Amount of<br>Currency<br>Delivered (6)** | **Value** | **Upfront<br>Payment<br>Paid/<br>(Received)** | **Unrealized** <br>**Appreciation/**<br>(Depreciation) |
|  Floating rate equal to Sterling Overnight Index Average minus 0.301% based on the notional amount of currency delivered | Floating rate equal to SOFR based on the notional amount of currency received | 10/15/45 | GSC | GBP 1,344,000 | USD 1,788,000 | $(20921) | $(5837) | $(15084) |
|  Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.425% based on the notional amount of currency delivered | Floating rate equal to SOFR based on the notional amount of currency received | 9/16/31 | GSC | JPY 550,000,000 | USD 3,741,497 | 226918 | 3687 | 223231 |
|  Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.420% based on the notional amount of currency delivered | Floating rate equal to SOFR based on the notional amount of currency received | 6/27/27 | GSC | JPY 2,500,000,000 | USD 17,483,740 | 1495327 | 113582 | 1381745 |
|  |  |  |  |  |  | $1701324 | $111432 | $1589892 |

---

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

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

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

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

(5) At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.

(6) The notional amounts to be received or delivered may be determined and exchanged at a future date, based on the effective date of the cross-currency swap.

#### See Notes to Financial Statements.

#### 231

------

<br> Schedules of Investments

(unaudited) (continued)

<u>International Fixed Income Fund</u>

At February 28, 2026, International Fixed Income Fund deposited cash collateral with brokers in the amount of $1,932,000 for open centrally cleared swap contracts.

At February 28, 2026, International Fixed Income Fund had cash collateral from brokers in the amount of $590,000 for open OTC swap contracts.

---

| | | | |
|:---|:---|:---|:---|
| **Currency abbreviations used in this schedule:** | **Currency abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** |
| AUD | — Australian Dollar | BCLY | — Barclays Bank PLC |
| BRL | — Brazilian Real | BNP | — BNP Paribas SA |
| CAD | — Canadian Dollar | BOA | — Bank of America |
| CHF | — Swiss Franc | DUB | — Deutsche Bank AG |
| CNY | — China Yuan Renminbi | GSC | — Goldman Sachs & Co. |
| COP | — Colombian Peso | HSBC | — HSBC Bank USA |
| CZK | — Czech Koruna | JPM | — JPMorgan Chase & Co. |
| DKK | — Danish Krone | SCB | — Standard Chartered Bank |
| EUR | — Euro | SOG | — Societe Generale SA |
| GBP | — British Pound | UBS | — UBS Securities LLC |
| HKD | — Hong Kong Dollar | WFB | — Wells Fargo Bank |
| INR | — Indian Rupee |  |  |
| JPY | — Japanese Yen |  |  |
| KRW | — Korean Won |  |  |
| MYR | — Malaysian Ringgit |  |  |
| NOK | — Norwegian Krone |  |  |
| NZD | — New Zealand Dollar |  |  |
| PEN | — Peruvian Sol |  |  |
| RON | — Romanian Leu |  |  |
| SEK | — Swedish Krona |  |  |
| SGD | — Singapore Dollar |  |  |
| THB | — Thai Baht |  |  |
| USD | — United States Dollar |  |  |
| ZAR | — South African Rand |  |  |

---

#### See Notes to Financial Statements.

#### 232

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
| **Face**<br> **Amount†** | **Rating††** | **Security** | **Value** |
| MUNICIPAL BONDS — 88.3% | MUNICIPAL BONDS — 88.3% | MUNICIPAL BONDS — 88.3% | MUNICIPAL BONDS — 88.3% |
| **Alabama — 5.9%** | **Alabama — 5.9%** | **Alabama — 5.9%** | **Alabama — 5.9%** |
| $400000 | AAA | Alabama Federal Aid Highway Finance Authority, Revenue Bonds, Series A, 5.000% due 9/1/36 | $474302 |
|  |  | Black Belt Energy Gas District, Revenue Bonds: |  |
| 220000 | A1(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.250% due 5/1/55(b) | 238868 |
| 120000 | A2(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.000% due 7/1/29 | 126538 |
| 215000 | A2(a) | Energy Southeast A Cooperative District, Revenue Bonds, Series A, 5.000% due 11/1/35 | 235215 |
| 1000000 | Aa3(a) | Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000% due 8/1/54(b) | 1085457 |
|  |  | Southeast Energy Authority A Cooperative District, Revenue Bonds: |  |
| 965000 | A1(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.250% due 1/1/54(b) | 1030164 |
| 500000 | A2(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 5.000% due 5/1/53(b) | 525583 |
| 1400000 | Aa1(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.000% due 2/1/30 | 1504544 |
|  |  | Total Alabama | 5220671 |
| **Alaska — 0.1%**  | **Alaska — 0.1%**  | **Alaska — 0.1%**  | **Alaska — 0.1%**  |
|  |  | Northern Tobacco Securitization Corp., Revenue Bonds: |  |
| 105000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.000% due 6/1/50 | 88637 |
| 30000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Series B1, 4.000% due 6/1/50 | 29459 |
|  |  | Total Alaska | 118096 |
| **Arizona — 1.8%**  | **Arizona — 1.8%**  | **Arizona — 1.8%**  | **Arizona — 1.8%**  |
| 1000000 | A+ | City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40 | 1117260 |
| 445000 | Aa1(a) | Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, Series A, 6.500% due 3/1/55 | 503917 |
|  |  | Total Arizona | 1621177 |
| **California — 7.9%**  | **California — 7.9%**  | **California — 7.9%**  | **California — 7.9%**  |
| 650000 | NR | California Infrastructure & Economic Development Bank, Revenue Bonds, AMT, Series B, 12.000% due 1/1/65(b)(c)(d) | 351000 |
|  |  | California School Finance Authority, Revenue Bonds: |  |
| 640000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; Aspire Public School Obligation Group, 5.000% due 8/1/32(c) | 663577 |
| 250000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c) | 247989 |
| 1000000 | A+ | California State Public Works Board, Revenue Bonds, Series D, 5.000% due 11/1/46 | 1064163 |
|  |  | East Bay Municipal Utility District Water System Revenue, Revenue Bonds: |  |
| 750000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/43 | 865748 |
| 755000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/44 | 861094 |
| 500000 | AA | Las Virgenes Unified School District, GO, Series B, 5.250% due 8/1/51 | 542068 |
| 1000000 | AA- | Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47 | 1063806 |
| 1000000 | AA- | San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, AMT, Series A, 5.500% due 5/1/55(d) | 1076827 |
| 250000 | BBB+ | Tobacco Securitization Authority of Southern California, Revenue Bonds, San Diego County Tobacco Asset Securitization, 5.000% due 6/1/48 | 252981 |
|  |  | Total California | 6989253 |
| **Colorado — 2.8%**  | **Colorado — 2.8%**  | **Colorado — 2.8%**  | **Colorado — 2.8%**  |
| 100000 | AA | Colorado Bridge & Tunnel Enterprise, Revenue Bonds, Series A, 5.000% due 12/1/36 | 117866 |
| 500000 | AA | Colorado Health Facilities Authority, Revenue Bonds, Adventhealth Obligated, Series A, 3.000% due 11/15/51 | 368407 |
| 1000000 | AA+ | Denver City & County School District No 1, GO, Series C, 5.500% due 12/1/47 | 1119174 |
| 500000 | AA | Mesa County Valley School District No 51 Grand Junction, GO, 5.250% due 12/1/43 | 564962 |
| 240000 | Aa1(a) | University of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36 | 286126 |
|  |  | Total Colorado | 2456535 |

---

#### See Notes to Financial Statements.

#### 233

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
| **Face**<br> **Amount†** | **Rating††** | **Security** | **Value** |
| Connecticut — 0.6% | Connecticut — 0.6% | Connecticut — 0.6% | Connecticut — 0.6% |
| $500000 | AA | State of Connecticut Special Tax Revenue, Revenue Bonds, Series A-2, 5.000% due 7/1/44 | $552549 |
| **District of Columbia — 3.1%**  | **District of Columbia — 3.1%**  | **District of Columbia — 3.1%**  | **District of Columbia — 3.1%**  |
| 1000000 | AA+ | District of Columbia, GO, Series B, 5.000% due 8/1/36 | 1171728 |
|  |  | District of Columbia Income Tax Revenue, Revenue Bonds: |  |
| 500000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/33 | 588111 |
| 500000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/43 | 560058 |
| 2075000 | WD(e) | District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, Capital Appreciation Asset-Backed, Series B, zero coupon due 6/15/46 | 480770 |
|  |  | Total District of Columbia | 2800667 |
| **Florida — 5.1%**  | **Florida — 5.1%**  | **Florida — 5.1%**  | **Florida — 5.1%**  |
| 460000 | NR | Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43 | 460148 |
| 1000000 | A | Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47 | 1027778 |
| 15000 | AA+ | Broward County, Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/45 | 15021 |
| 2500000 | NR | Capital Trust Agency, Inc., Revenue Bonds, Wonderful Foundations Charter, Series B, zero coupon due 1/1/60 | 230603 |
| 500000 | AA+ | City of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds, Series A, 5.000% due 9/1/41 | 568744 |
| 800000 | A+ | County of Miami-Dade Aviation Revenue, Revenue Bonds, AMT, Series A, 5.250% due 10/1/50(d) | 835013 |
| 100000 | AA+ | JEA Water & Sewer System Revenue, Revenue Bonds, Series A, 5.250% due 10/1/49 | 108056 |
| 270000 | NR | Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29 | 273564 |
| 1000000 | A+ | Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53 | 1031861 |
|  |  | Total Florida | 4550788 |
| **Georgia — 4.4%**  | **Georgia — 4.4%**  | **Georgia — 4.4%**  | **Georgia — 4.4%**  |
| 500000 | AA | City of Atlanta, Department of Aviation, Revenue Bonds, AMT, Series B1, 5.250% due 7/1/41(d) | 562590 |
|  |  | Main Street Natural Gas Inc., Revenue Bonds: |  |
| 2500000 | Aa1(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.000% due 7/1/52(b) | 2550259 |
| 435000 | A3(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.000% due 6/1/53(b) | 465732 |
| 315000 | A3(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.000% due 12/1/26 | 317876 |
|  |  | Total Georgia | 3896457 |
| **Idaho — 1.1%**  | **Idaho — 1.1%**  | **Idaho — 1.1%**  | **Idaho — 1.1%**  |
| 900000 | A | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System, Series A, 5.000% due 3/1/42 | 998880 |
| **Illinois — 3.1%** |  |  |  |
| 1000000 | A | Chicago Midway International Airport, Revenue Bonds, AMT, Series C, 5.000% due 1/1/38(d) | 1107799 |
| 300000 | Aa1(a) | Cook County Community Consolidated School District No. 64 Park Ridge-Niles, GO, 5.000% due 12/1/41 | 335012 |
| 250000 | AA | Cook County Township High School District No. 201 J Sterling Morton, GO, 5.000% due 6/1/27 | 258242 |
| 500000 | AAA | Illinois Finance Authority, Revenue Bonds, Series A, 5.000% due 7/1/43 | 563068 |
|  |  | State of Illinois, GO: |  |
| 275000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.250% due 5/1/44 | 295133 |
| 150000 | A- | &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.000% due 12/1/46 | 154785 |
|  |  | Total Illinois | 2714039 |

---

#### See Notes to Financial Statements.

#### 234

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
| **Face**<br> **Amount†** | **Rating††** | **Security** | **Value** |
| Indiana — 3.3% | Indiana — 3.3% | Indiana — 3.3% | Indiana — 3.3% |
| $650000 | AA | Indiana Municipal Power Agency, Revenue Bonds, Series A, 5.000% due 1/1/43 | $716231 |
|  |  | Indianapolis Local Public Improvement Bond Bank, Revenue Bonds: |  |
| 1000000 | A1(a) | &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Airport Authority, AMT, 5.000% due 1/1/31(d) | 1105096 |
| 500000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.000% due 2/1/48 | 558384 |
| 500000 | Aa2(a) | IPS Multi-School Building Corp., Revenue Bonds, 5.000% due 7/15/44 | 540435 |
|  |  | Total Indiana | 2920146 |
| **Kansas — 0.9%**  | **Kansas — 0.9%**  | **Kansas — 0.9%**  | **Kansas — 0.9%**  |
|  |  | Kansas Development Finance Authority, Revenue Bonds: |  |
| 500000 | Aa2(a) | &nbsp;&nbsp;&nbsp;&nbsp; Kansas Athletics Inc., Series C-1, 5.000% due 9/1/44 | 531450 |
| 250000 | Aaa(a) | &nbsp;&nbsp;&nbsp;&nbsp; Series R, 5.000% due 5/1/41 | 279892 |
|  |  | Total Kansas | 811342 |
| **Kentucky — 1.6%**  | **Kentucky — 1.6%**  | **Kentucky — 1.6%**  | **Kentucky — 1.6%**  |
| 230000 | NR | City of Henderson, Revenue Bonds, Pratt Paper LLC Project, AMT, Series A, 4.450% due 1/1/42(c)(d) | 232629 |
| 1020000 | Aa3(a) | Kentucky State Property & Building Commission, Revenue Bonds, Series A, 5.000% due 4/1/41 | 1162489 |
|  |  | Total Kentucky | 1395118 |
| **Maryland — 1.1%**  | **Maryland — 1.1%**  | **Maryland — 1.1%**  | **Maryland — 1.1%**  |
| 135000 | NR | City of Baltimore, Tax Allocation, Harbor Point Project, Series A, 2.850% due 6/1/26(c) | 134748 |
| 500000 | AAA | County of Prince George's, GO, Series A, 5.000% due 8/1/40 | 564296 |
| 250000 | AAA | Washington Suburban Sanitary Commission, Revenue Bonds, 5.000% due 6/1/43 | 282139 |
|  |  | Total Maryland | 981183 |
| **Massachusetts — 3.8%**  | **Massachusetts — 3.8%**  | **Massachusetts — 3.8%**  | **Massachusetts — 3.8%**  |
| 1000000 | AAA | City of Boston, GO, Series A, 5.000% due 11/1/37 | 1152539 |
|  |  | Commonwealth of Massachusetts, GO: |  |
| 550000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.000% due 10/1/48 | 582461 |
| 500000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.000% due 11/1/47 | 529694 |
| 270000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; Series I, 5.000% due 12/1/47 | 290245 |
| 690000 | AA+ | Massachusetts Water Resources Authority, Revenue Bonds, Series C, 5.000% due 8/1/39 | 797019 |
|  |  | Total Massachusetts | 3351958 |
| **Michigan — 3.5%**  | **Michigan — 3.5%**  | **Michigan — 3.5%**  | **Michigan — 3.5%**  |
| 845000 | A+ | Central Michigan University, Revenue Bonds, Series A, 5.000% due 10/1/37 | 977744 |
| 500000 | AA- | Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, Series C, 5.250% due 7/1/53 | 527772 |
| 1000000 | AA- | Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54 | 1059441 |
| 500000 | AA+ | Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37 | 540566 |
|  |  | Total Michigan | 3105523 |
| **Nebraska — 1.2%**  | **Nebraska — 1.2%**  | **Nebraska — 1.2%**  | **Nebraska — 1.2%**  |
| 1000000 | AA | Omaha Public Power District, Revenue Bonds, Series A, 5.250% due 2/1/48 | 1069805 |
| **New Jersey — 2.6%**  | **New Jersey — 2.6%**  | **New Jersey — 2.6%**  | **New Jersey — 2.6%**  |
| 100000 | BBB | Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62 | 103468 |
|  |  | New Jersey Transportation Trust Fund Authority, Revenue Bonds: |  |
| 240000 | A | &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.000% due 6/15/42 | 267517 |
| 810000 | A | &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 5.000% due 6/15/43 | 901401 |
| 500000 | AA- | New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.000% due 1/1/43 | 560725 |
| 500000 | A- | Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/35 | 520540 |
|  |  | Total New Jersey | 2353651 |

---

#### See Notes to Financial Statements.

#### 235

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
| **Face**<br> **Amount†** | **Rating††** | **Security** | **Value** |
| **New York — 3.9%** | **New York — 3.9%** | **New York — 3.9%** | **New York — 3.9%** |
| $500000 | AAA | New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series F1, 5.250% due 2/1/53 | $529127 |
| 500000 | Aa1(a) | New York State Dormitory Authority, Revenue Bonds, Series C, 5.000% due 3/15/44 | 551424 |
| 500000 | AA- | Port Authority of New York & New Jersey, Revenue Bonds, Series 241, 5.000% due 7/15/41 | 562358 |
| 660000 | AA+ | Triborough Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due 5/15/52 | 692236 |
| 1000000 | 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 | 1119234 |
|  |  | Total New York | 3454379 |
| **North Carolina — 0.6%**  | **North Carolina — 0.6%**  | **North Carolina — 0.6%**  | **North Carolina — 0.6%**  |
| 500000 | AA+ | County of Johnston, Revenue Bonds, 5.000% due 4/1/41 | 571117 |
| **North Dakota — 0.5%**  | **North Dakota — 0.5%**  | **North Dakota — 0.5%**  | **North Dakota — 0.5%**  |
| 495000 | Aa1(a) | North Dakota Housing Finance Agency, Revenue Bonds, Water and Sewer System, Series A, 3.700% due 1/1/46 | 461018 |
| **Ohio — 3.9%**  | **Ohio — 3.9%**  | **Ohio — 3.9%**  | **Ohio — 3.9%**  |
|  |  | Buckeye Tobacco Settlement Financing Authority, Revenue Bonds: |  |
| 85000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 3.000% due 6/1/48 | 61776 |
| 100000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series B2, 5.000% due 6/1/55 | 82703 |
| 1000000 | Aa2(a) | North Ridgeville City School District, GO, 5.000% due 12/1/44 | 1034366 |
| 1000000 | AAA | Ohio Water Development Authority, Revenue Bonds, Series A, 5.000% due 12/1/41 | 1137483 |
| 1000000 | AAA | Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series D, 5.000% due 12/1/43 | 1121640 |
|  |  | Total Ohio | 3437968 |
| **Oklahoma — 1.2%**  | **Oklahoma — 1.2%**  | **Oklahoma — 1.2%**  | **Oklahoma — 1.2%**  |
| 1000000 | AAA | Oklahoma Water Resources Board, Revenue Bonds, Clean Water Program, 5.000% due 4/1/44 | 1084280 |
| **Oregon — 1.5%** |  |  |  |
| 1000000 | AA- | Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d) | 1109296 |
| 250000 | AA+ | State of Oregon, GO, Series F, 5.000% due 8/1/48 | 264505 |
|  |  | Total Oregon | 1373801 |
| **Pennsylvania — 1.5%**  | **Pennsylvania — 1.5%**  | **Pennsylvania — 1.5%**  | **Pennsylvania — 1.5%**  |
| 250000 | AA- | Geisinger Authority, Revenue Bonds, Geisinger Health System, 4.000% due 4/1/50 | 224356 |
| 1000000 | A | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series B1, 5.250% due 11/1/37 | 1140440 |
|  |  | Total Pennsylvania | 1364796 |
| **Puerto Rico — 1.0%**  | **Puerto Rico — 1.0%**  | **Puerto Rico — 1.0%**  | **Puerto Rico — 1.0%**  |
|  |  | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds: |  |
| 664000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series A1, 4.750% due 7/1/53 | 647481 |
| 125000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series A1, zero coupon due 7/1/46 | 44964 |
| 216000 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series A2, 4.784% due 7/1/58 | 209285 |
|  |  | Total Puerto Rico | 901730 |
| **Tennessee — 2.3%**  | **Tennessee — 2.3%**  | **Tennessee — 2.3%**  | **Tennessee — 2.3%**  |
| 1000000 | AA- | Metropolitan Nashville Airport Authority (The), Revenue Bonds, AMT, Series B, 5.000% due 7/1/46(d) | 1051344 |
| 245000 | Baa1(a) | Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b) | 267044 |
| 600000 | Aa3(a) | Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.000% due 12/1/35 | 659877 |
| 95000 | AA+ | Tennessee Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due 1/1/55 | 106919 |
|  |  | Total Tennessee | 2085184 |

---

#### See Notes to Financial Statements.

#### 236

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
| **Face**<br> **Amount†** | **Rating††** | **Security** | **Value** |
| Texas — 13.5% | Texas — 13.5% | Texas — 13.5% | Texas — 13.5% |
| $415000 | Aa1(a) | Bexar Management And Development Corp., Revenue Bonds, 4.610% due 7/1/44 | $431089 |
| 500000 | A+ | City of Austin, Airport System Revenue, Revenue Bonds, AMT, 5.000% due 11/15/41(d) | 554553 |
| 315000 | AA | City of Austin, Water & Wastewater System Revenue, Revenue Bonds, 5.000% due 11/15/41 | 354229 |
| 500000 | Aa3(a) | City of Houston, GO, Series A, 5.250% due 3/1/40 | 561607 |
| 250000 | Aa1(a) | City of Midland, GO, Series B, 5.000% due 3/1/47 | 262662 |
| 500000 | Aaa(a) | County of Harris, GO, Series A, 5.000% due 9/15/38 | 580993 |
| 1000000 | AA- | Dallas Fort Worth International Airport, Revenue Bonds, AMT, Series A1, 5.250% due 11/1/45(d) | 1079533 |
|  |  | Fort Bend Independent School District, GO: |  |
| 500000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/36 | 581719 |
| 1000000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/44 | 1078677 |
| 475000 | AA | Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, Series A, 5.000% due 12/1/29 | 521270 |
| 500000 | AA | Leander Independent School District, GO, Series B, 5.000% due 8/15/34 | 591709 |
| 315000 | Aaa(a) | New Caney Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41 | 352403 |
| 500000 | AA- | North Texas Municipal Water District, Revenue Bonds, Panther Creek Regional Wastewater System, 5.250% due 6/1/43 | 550734 |
| 1000000 | AAA | Plano Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41 | 1121712 |
|  |  | Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds: |  |
| 1000000 | AA | &nbsp;&nbsp;&nbsp;&nbsp; Cook Children's Medical Center, 5.250% due 12/1/49 | 1069516 |
| 1050000 | AA | &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.000% due 11/15/51(b) | 1218452 |
|  |  | Texas Water Development Board, Revenue Bonds: |  |
| 500000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 10/15/47 | 528491 |
| 500000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund, 5.000% due 8/1/44 | 555482 |
|  |  | Total Texas | 11994831 |
| **Virginia — 2.3%**  | **Virginia — 2.3%**  | **Virginia — 2.3%**  | **Virginia — 2.3%**  |
| 500000 | AA+ | Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38 | 569821 |
| 225000 | AAA | Prince William County Service Authority, Revenue Bonds, 5.000% due 7/15/31 | 257326 |
| 80000 | AA+ | Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52 | 82418 |
| 1000000 | AA+ | Virginia Public Building Authority, Revenue Bonds, Series A, 5.000% due 8/1/42 | 1131749 |
|  |  | Total Virginia | 2041314 |
| **Washington — 2.0%**  | **Washington — 2.0%**  | **Washington — 2.0%**  | **Washington — 2.0%**  |
|  |  | Pierce County School District No 10 Tacoma, GO, School Bond Guaranty Program: |  |
| 1000000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/1/48 | 1062612 |
| 370000 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 12/1/44 | 406463 |
| 285000 | Ba2(a) | Washington State Housing Finance Commission, Revenue Bonds, Spokane Int Acad Project, Series A, 4.000% due 7/1/26(c) | 284495 |
|  |  | Total Washington | **1753570** |
| **Wisconsin — 0.2%**  | **Wisconsin — 0.2%**  | **Wisconsin — 0.2%**  | **Wisconsin — 0.2%**  |
| 180000 | Aa1(a) | Public Finance Authority, Revenue Bonds, 3.625% due 6/15/63(b) | 180380 |
|  |  | **TOTAL MUNICIPAL BONDS**<br> (Cost — $76,285,683) | **78612206** |
| COLLATERALIZED MORTGAGE OBLIGATION — 0.2%  | COLLATERALIZED MORTGAGE OBLIGATION — 0.2%  | COLLATERALIZED MORTGAGE OBLIGATION — 0.2%  | COLLATERALIZED MORTGAGE OBLIGATION — 0.2%  |
| **Kansas — 0.2%**  | **Kansas — 0.2%**  | **Kansas — 0.2%**  | **Kansas — 0.2%**  |
| 198035 | Aa1(a) | Kansas City Industrial Development Authority, 4.390% due 9/1/42<br>(Cost — $198,035) | **207869** |
| **Shares/Units** |  |  |  |
| WARRANT — 0.0%@ | WARRANT — 0.0%@ | WARRANT — 0.0%@ | WARRANT — 0.0%@ |
| **Nevada — 0.0%@** | **Nevada — 0.0%@** | **Nevada — 0.0%@** | **Nevada — 0.0%@** |
| 5400 |  | Brightline West, (Cost — $0, acquired 11/28/25) expires 11/26/35 \*(f)(g)(h)<br>(Cost — $0) | **10800** |
|  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br>(Cost — $76,483,718) | **78830875** |

---

#### See Notes to Financial Statements.

#### 237

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
| **Face**<br> **Amount†** | **Security** | **Value** |
| SHORT-TERM INVESTMENT— 10.6%  | SHORT-TERM INVESTMENT— 10.6%  | SHORT-TERM INVESTMENT— 10.6%  |
| TIME DEPOSIT — 10.6%  | TIME DEPOSIT — 10.6%  | TIME DEPOSIT — 10.6%  |
| $9398393 | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26<br>(Cost — $9,398,393) | $**9398393** |
|  | **TOTAL INVESTMENTS — 99.1%**<br> (Cost — $85,882,111) | **88229268** |
|  | Other Assets in Excess of Liabilities — 0.9% | 793762 |
|  | **TOTAL NET ASSETS — 100.0%** | $**89023030** |

---

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

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

\* Non-income producing security.

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

(a) Rating by Moody's Investors Service.

(b) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2026.

(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, 2026, amounts to $1,914,438 and represents 2.2% of net assets.

(d) Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (AMT).

(e) Rating by Fitch Ratings Service.

(f) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2026, amounts to $10,800 and represents less than 0.05% of net assets.

(g) Illiquid security.

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

At February 28, 2026, for Municipal Bond Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> **Appreciation** |
|  Municipal Bond Fund | $85882111 | $2831641 | $(484484) | $2347157 |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| AMT | — Alternative Minimum Tax |
| GO | — General Obligation |

---

#### See Notes to Financial Statements.

#### 238

------

<br> Schedules of Investments

(unaudited) (continued)

<u> Municipal Bond Fund</u>

---

| | |
|:---|:---|
| Summary of Investments by Industry^ |  |
|  General Obligation | 30.2% |
|  Water and Sewer | 11.8 |
|  School District | 10.3 |
|  Health Care Providers & Services | 9.8 |
|  Airport | 9 |
|  Utilities | 3.3 |
|  Single Family Housing | 2.5 |
|  Higher Education | 2 |
|  Bond Bank | 1.9 |
|  Tobacco Settlement | 1.7 |
|  Education | 1.7 |
|  Development | 1.5 |
|  Transportation | 1.4 |
|  Power | 1.2 |
|  Multifamily Housing | 1 |
|  Short-Term Investment | 10.7 |
|  Total Investments | 100.0% |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

#### See pages 268- 269 for definitions of ratings.

#### See Notes to Financial Statements.

#### 239

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Security** | **Value** |
| U.S. GOVERNMENT OBLIGATIONS — 106.6%  | U.S. GOVERNMENT OBLIGATIONS — 106.6%  | U.S. GOVERNMENT OBLIGATIONS — 106.6%  |
|  | U.S. Treasury Inflation Indexed Bonds: |  |
| $2160908 | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 1/15/28 | $2197227 |
| 2987293 | &nbsp;&nbsp;&nbsp;&nbsp; 3.625% due 4/15/28 | 3158182 |
| 1648199 | &nbsp;&nbsp;&nbsp;&nbsp; 2.500% due 1/15/29 | 1720938 |
| 2458099 | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 4/15/29 | 2674586 |
| 43816 | &nbsp;&nbsp;&nbsp;&nbsp; 3.375% due 4/15/32 | 49257 |
| 869582 | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 2/15/40 | 885377 |
| 961844 | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 2/15/41 | 969954 |
| 2007768 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 2/15/42 | 1620076 |
| 1818229 | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 2/15/43 | 1405577 |
| 2322035 | &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 2/15/44 | 2014001 |
| 2642170 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 2/15/45 | 2002208 |
| 1627492 | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 2/15/46 | 1274192 |
| 1865992 | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 2/15/47 | 1399105 |
| 1208981 | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 2/15/48 | 918764 |
| 1545348 | &nbsp;&nbsp;&nbsp;&nbsp; 1.000% due 2/15/49 | 1158430 |
| 1210022 | &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 2/15/50 | 729621 |
| 1493616 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 2/15/51 | 847538 |
| 1047681 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 2/15/52 | 581445 |
| 2180320 | &nbsp;&nbsp;&nbsp;&nbsp; 1.500% due 2/15/53 | 1769719 |
| 1794996 | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 2/15/54 | 1675797 |
| 2053900 | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/15/55(a) | 2024789 |
| 399960 | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 2/15/56 | 394953 |
|  | U.S. Treasury Inflation Indexed Notes: |  |
| 1067301 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/26 | 1069478 |
| 5272134 | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 1/15/27 | 5258656 |
| 2869300 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 4/15/27 | 2846710 |
| 3987437 | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 7/15/27 | 3982528 |
| 6563580 | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 10/15/27(a) | 6672768 |
| 5357432 | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 1/15/28 | 5323190 |
| 1080360 | &nbsp;&nbsp;&nbsp;&nbsp; 1.250% due 4/15/28 | 1087520 |
| 4660402 | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% due 7/15/28 | 4663349 |
| 5924688 | &nbsp;&nbsp;&nbsp;&nbsp; 2.375% due 10/15/28(a) | 6169014 |
| 3195591 | &nbsp;&nbsp;&nbsp;&nbsp; 0.875% due 1/15/29 | 3190758 |
| 1152437 | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 4/15/29 | 1191945 |
| 2998658 | &nbsp;&nbsp;&nbsp;&nbsp; 0.250% due 7/15/29 | 2937561 |
| 4840389 | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 10/15/29 | 4961183 |
| 2443469 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 1/15/30 | 2360437 |
| 2443152 | &nbsp;&nbsp;&nbsp;&nbsp; 1.625% due 4/15/30 | 2495979 |
| 2742663 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 7/15/30 | 2641628 |
| 5009050 | &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 10/15/30 | 5027815 |
| 2502149 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 1/15/31 | 2384210 |
| 5936485 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 7/15/31(a) | 5629602 |
| 4442238 | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 1/15/32 | 4159194 |
| 9480220 | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% due 7/15/32(a) | 9115775 |
| 10987588 | &nbsp;&nbsp;&nbsp;&nbsp; 1.125% due 1/15/33(a) | 10808269 |

---

#### See Notes to Financial Statements.

#### 240

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| U.S. GOVERNMENT OBLIGATIONS — 106.6% — (continued) | U.S. GOVERNMENT OBLIGATIONS — 106.6% — (continued) | U.S. GOVERNMENT OBLIGATIONS — 106.6% — (continued) | U.S. GOVERNMENT OBLIGATIONS — 106.6% — (continued) |
| $7148833 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.375% due 7/15/33(a) | $7144664 |
| 2319262 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.750% due 1/15/34 | 2362791 |
| 5989834 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 7/15/34(a) | 6162435 |
| 4620735 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 1/15/35 | 4816361 |
| 5651576 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 7/15/35(a) | 5773198 |
| 1495935 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 1/15/36 | 1519741 |
|  |  | **TOTAL U.S. GOVERNMENT OBLIGATIONS**<br> (Cost — $154,818,750) | **153228495** |
| MORTGAGE-BACKED SECURITIES — 15.1%  | MORTGAGE-BACKED SECURITIES — 15.1%  | MORTGAGE-BACKED SECURITIES — 15.1%  | MORTGAGE-BACKED SECURITIES — 15.1%  |
| **FHLMC — 2.7%**  | **FHLMC — 2.7%**  | **FHLMC — 2.7%**  | **FHLMC — 2.7%**  |
|  |  | Federal Home Loan Mortgage Corp. (FHLMC): |  |
| 81610 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 7/1/52 | 74018 |
| 296809 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 10/1/53 | 309449 |
| 3169135 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.000% due 3/1/54 | 3259577 |
| 292568 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 7/1/54 | 294524 |
|  |  | Total FHLMC | 3937568 |
| **FNMA — 9.7%**  | **FNMA — 9.7%**  | **FNMA — 9.7%**  | **FNMA — 9.7%**  |
|  |  | Federal National Mortgage Association (FNMA): |  |
| 31689 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/50 | 31233 |
| 159801 |  | &nbsp;&nbsp;&nbsp;&nbsp; 3.000% due 5/1/52 | 144967 |
| 76153 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 10/1/52 | 75737 |
| 1556464 |  | &nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 5/1/54 | 1583820 |
| 2300000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.000% due 3/1/56(b) | 2236350 |
| 7800000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 4.500% due 3/1/56(b) | 7716256 |
| 2000000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6.500% due 4/1/56(b) | 2078440 |
|  |  | Total FNMA | 13866803 |
| **GNMA — 2.7%**  | **GNMA — 2.7%**  | **GNMA — 2.7%**  | **GNMA — 2.7%**  |
| 4166978 |  | Government National Mortgage Association II (GNMA),<br>3.500% due 11/20/52 — 10/20/54 | 3922486 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost — $21,390,525) | **21726857** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% |
| **Asset-Backed Securities — 1.8%** | **Asset-Backed Securities — 1.8%** | **Asset-Backed Securities — 1.8%** | **Asset-Backed Securities — 1.8%** |
| 64933 | CCC | Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 4.763%<br>(1-Month Term SOFR + 1.089%) due 6/25/34(c) | 77495 |
|  |  | Credit-Based Asset Servicing & Securitization LLC: |  |
| 113763 | D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-CB3, Class M4, 3.598%<br>(1-Month Term SOFR + 1.164%) due 6/25/35(c) | 112027 |
| 593820 | Caa2(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-CB6, Class A3, 4.008%<br>(1-Month Term SOFR + 0.334%) due 7/25/37(c)(e) | 402279 |
|  |  | CWABS Asset-Backed Certificates Trust: |  |
| 149011 | Caa1(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-7, Class MV5, 5.513% (1-Month Term SOFR + 1.839%) due 11/25/34(c) | 138857 |
| 199822 | CC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A, 4.068% (1-Month Term SOFR + 0.394%) due 7/25/37(c) | 187131 |
| 42724 | D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-6, Class 1A, 4.188% (1-Month Term SOFR + 0.514%) due 9/25/37(c) | 40493 |
| 216177 | CCC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-8, Class 1A1, 3.978% (1-Month Term SOFR + 0.304%) due 11/25/37(c) | 210104 |
| 344964 | BB | Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 4.888%<br>(1-Month Term SOFR + 1.214%) due 5/25/37(c)(e) | 340908 |
| 16558 | Caa1(d) | GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46 | 8587 |
| 141872 | Caa2(d) | Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 4.028%<br>(1-Month Term SOFR + 0.354%) due 8/25/36(c) | 56923 |

---

#### See Notes to Financial Statements.

#### 241

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
| **Face**<br> **Amount/Units†** | **Rating††** | **Security** | **Value** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) |
| **Asset-Backed Securities — 1.8% — (continued)** | **Asset-Backed Securities — 1.8% — (continued)** | **Asset-Backed Securities — 1.8% — (continued)** | **Asset-Backed Securities — 1.8% — (continued)** |
|  |  | Option One Mortgage Loan Trust: |  |
| $76039 | Caa1(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class 1A1, 4.068% (1-Month Term SOFR + 0.394%) due 1/25/37(c) | $50204 |
| 68521 | Caa1(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, 4.068% (1-Month Term SOFR + 0.394%) due 3/25/37(c) | 46379 |
| 28435 | AA- | RASC Trust, Series 2006-KS3, Class M1, 4.283%<br>(1-Month Term SOFR + 0.444%) due 4/25/36(c) | 28375 |
| 700000 | Aaa(d) | Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.423% due 7/29/43(e) | 703828 |
| 85592 | Caa3(d) | Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C, 3.938%<br>(1-Month Term SOFR + 0.414%) due 7/25/36(c) | 32818 |
|  |  | Soundview Home Loan Trust: |  |
| 175528 | Caa1(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT1, Class 1A1, 3.988% (1-Month Term SOFR + 0.314%) due 6/25/37(c) | 122962 |
| 39190 | CCC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OPT2, Class 2A3, 3.968% (1-Month Term SOFR + 0.294%) due 7/25/37(c) | 36378 |
|  |  | Total Asset-Backed Securities | 2595748 |
| **Mortgage Securities — 6.3%** | **Mortgage Securities — 6.3%** | **Mortgage Securities — 6.3%** | **Mortgage Securities — 6.3%** |
|  |  | Alternative Loan Trust: |  |
| 134253 | Caa1(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HY11, Class A1, 4.028% (1-Month Term SOFR + 0.354%) due 6/25/36(c) | 130783 |
| 22882 | WR(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4CB, Class 1A35, 6.000% due 4/25/37 | 19646 |
| 327205 | Caa1(d) | Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(c) | 271386 |
| 7860 | WR(d) | Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.344% due 5/25/33(c) | 7491 |
| 13835 | WR(d) | Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 4.148%<br>(1-Month Term SOFR + 0.474%) due 3/25/35(c)(e) | 13950 |
|  |  | CHL Mortgage Pass-Through Trust: |  |
| 370830 | WR(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB6, Class 2A1, 4.656% due 10/20/35(c) | 352418 |
| 34109 | WR(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB9, Class 2A1, 6.449% (1-Year Term SOFR + 2.465%) due 2/20/36(c) | 32546 |
| 78146 | WR(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6, Class A4, 6.000% due 4/25/36 | 37861 |
| 116414 | WD(f) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class A1, 6.000% due 3/25/37 | 50515 |
|  |  | Citigroup Mortgage Loan Trust: |  |
| 2510 | WR(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB2, Class 2A, 6.035% due 3/25/34(c) | 2346 |
| 95417 | Caa1(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR4, Class 1A1A, 4.533% due 3/25/37(c) | 83200 |
| 11690 | B(f) | Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34 | 11717 |
| 633856 | NR | Federal National Mortgage Association (FNMA), REMICS, Series 2025-47, Class FJ, 4.697%<br>(30-Day Average SOFR + 1.030%) due 6/25/55(c) | 639496 |
|  |  | Government National Mortgage Association (GNMA): |  |
| 199627 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H15, Class FG, 4.927% (1-Year Term SOFR + 0.865%) due 8/20/68(c) | 201617 |
| 470977 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H11, Class FC, 4.762% (30-Day Average SOFR + 1.100%) due 5/20/73(c) | 482390 |
| 2492082 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H19, Class FA, 4.562% (30-Day Average SOFR + 0.900%) due 8/20/73(c) | 2528646 |
| 1392843 | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H22, Class F, 4.442% (30-Day Average SOFR + 0.780%) due 10/20/75(c) | 1405986 |
| 1372926 | NR | Government National Mortgage Association II (GNMA), Series 2025-159, Class FJ, 4.832%<br>(30-Day Average SOFR + 1.170%) due 9/20/55(c) | 1385693 |
| 2498 | AA- | HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 4.462%<br>(1-Month Term SOFR + 0.794%) due 6/20/35(c) | 2379 |
| 30362 | CCC | IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 4.428%<br>(1-Month Term SOFR + 0.754%) due 7/25/45(c) | 23005 |
| 81519 | CCC | JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 4.248%<br>(1-Month Term SOFR + 0.574%) due 3/25/36(c) | 78439 |
| 55130 | BBB- | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.157%<br>(1-Month Term SOFR + 1.497%) due 12/15/31(c)(e) | 55043 |
| 151688 | WD(f) | Lehman XS Trust, Series 2007-20N, Class A1, 6.088%<br>(1-Month Term SOFR + 2.414%) due 12/25/37(c) | 155780 |
| 600000 | Aaa(d) | LUX Trust LION, Class A, 6.350% (1-Month Term SOFR + 2.690%) due 8/15/40(c)(e) | 606267 |
| 2129 | WR(d) | MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.254% (1-Month Term SOFR + 0.594%) due 6/15/30(c) | 2103 |

---

#### See Notes to Financial Statements.

#### 242

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) | COLLATERALIZED MORTGAGE OBLIGATIONS — 8.1% — (continued) |
| **Mortgage Securities — 6.3% — (continued)** | **Mortgage Securities — 6.3% — (continued)** | **Mortgage Securities — 6.3% — (continued)** | **Mortgage Securities — 6.3% — (continued)** | **Mortgage Securities — 6.3% — (continued)** |
|  |  |  | New Residential Mortgage Loan Trust: |  |
| $23622 |  | NR | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.500% due 5/25/58(c)(e) | $23472 |
| 103330 |  | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1, 2.750% due 7/25/59(c)(e) | 100807 |
| 506641 |  | WD(f) | Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36 | 147099 |
| 397918 |  | Caa3(d) | Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.288% (1-Month Term SOFR + 0.614%) due 5/25/36(c) | 215669 |
| 21604 |  | WR(d) | Sequoia Mortgage Trust, Series 6, Class A, 4.421%<br>(1-Month Term SOFR + 0.754%) due 4/19/27(c) | 21456 |
|  |  |  | WaMu Mortgage Pass-Through Certificates Trust: |  |
| 2978 |  | BB(f) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR2, Class A, 4.079% (11th District Cost of Funds Index + 1.250%) due 2/27/34(c) | 2922 |
| 1633 |  | WR(d) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR17, Class 1A, 5.115% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(c) | 1592 |
|  |  |  | Total Mortgage Securities | 9093720 |
|  |  |  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost — $12,473,106) | **11689468** |
| SOVEREIGN BONDS — 5.2%  | SOVEREIGN BONDS — 5.2%  | SOVEREIGN BONDS — 5.2%  | SOVEREIGN BONDS — 5.2%  | SOVEREIGN BONDS — 5.2%  |
| **Canada — 0.3%**  | **Canada — 0.3%**  | **Canada — 0.3%**  | **Canada — 0.3%**  | **Canada — 0.3%**  |
|  |  |  | Canadian Government Real Return Bonds: |  |
| 563616 | <sup>CAD</sup> | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 12/1/26 | 425496 |
| 63478 | <sup>CAD</sup> | AAA | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% due 12/1/50 | 36097 |
|  |  |  | Total Canada | 461593 |
| **France — 0.9%**  | **France — 0.9%**  | **France — 0.9%**  | **France — 0.9%**  | **France — 0.9%**  |
|  |  |  | French Republic Government Bonds OAT: |  |
| 735606 | <sup>EUR</sup> | A+u(f) | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 3/1/26(e) | 869192 |
| 245582 | <sup>EUR</sup> | A+u(f) | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 7/25/31(e) | 281256 |
| 120563 | <sup>EUR</sup> | A+u(f) | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 7/25/38(e) | 120361 |
|  |  |  | Total France | 1270809 |
| **Italy — 0.3%**  | **Italy — 0.3%**  | **Italy — 0.3%**  | **Italy — 0.3%**  | **Italy — 0.3%**  |
| 373503 | <sup>EUR</sup> | Baa2u(d) | Italy Buoni Poliennali Del Tesoro, 0.400% due 5/15/30(e) | 436037 |
| **Japan — 1.7%**  | **Japan — 1.7%**  | **Japan — 1.7%**  | **Japan — 1.7%**  | **Japan — 1.7%**  |
|  |  |  | Japanese Government CPI Linked Bonds: |  |
| 67191560 | <sup>JPY</sup> | A1(d) | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 3/10/28 | 430510 |
| 156073860 | <sup>JPY</sup> | A1(d) | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% due 3/10/29 | 1003182 |
| 63270600 | <sup>JPY</sup> | A1(d) | &nbsp;&nbsp;&nbsp;&nbsp; 0.005% due 3/10/34 | 396149 |
| 102372000 | <sup>JPY</sup> | A1(d) | &nbsp;&nbsp;&nbsp;&nbsp; 0.005% due 3/10/35 | 634459 |
|  |  |  | Total Japan | 2464300 |
| **United Kingdom — 2.0%**  | **United Kingdom — 2.0%**  | **United Kingdom — 2.0%**  | **United Kingdom — 2.0%**  | **United Kingdom — 2.0%**  |
| 2100000 | <sup>GBP</sup> | Aa3u(d) | United Kingdom Gilt, 4.000% due 10/22/31 | 2851913 |
|  |  |  | **TOTAL SOVEREIGN BONDS**<br> (Cost — $8,232,605) | **7484652** |

---

#### See Notes to Financial Statements.

#### 243

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| COLLATERALIZED LOAN OBLIGATIONS — 4.7% | COLLATERALIZED LOAN OBLIGATIONS — 4.7% | COLLATERALIZED LOAN OBLIGATIONS — 4.7% | COLLATERALIZED LOAN OBLIGATIONS — 4.7% |  |
| **Other ABS — 4.4%**  | **Other ABS — 4.4%**  | **Other ABS — 4.4%**  | **Other ABS — 4.4%**  | **Other ABS — 4.4%**  |
| 300000 | <sup>EUR</sup> | AAA | Arbour CLO VI DAC, Series 6A, Class AR, 3.134%<br>(3-Month EURIBOR + 1.150%) due 11/15/37(c)(e) | $355980 |
|  |  |  | BlueMountain CLO Ltd.: |  |
| $32866 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3A, Class A1R2, 4.853%<br>(3-Month Term SOFR + 1.200%) due 11/15/30(c)(e) | 32893 |
| 700000 |  | AAA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-34A, Class AR, 4.818%<br>(3-Month Term SOFR + 1.150%) due 4/20/35(c)(e) | 700721 |
| 500000 |  | AAA | Canyon CLO Ltd., Series 2020-1A, Class AR2, 4.752%<br>(3-Month Term SOFR + 1.080%) due 7/15/34(c)(e) | 500335 |
| 451956 | <sup>EUR</sup> | AAA | Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 2.896%<br>(3-Month EURIBOR + 0.880%) due 4/15/34(c)(e) | 534367 |
| 700000 | <sup>EUR</sup> | AAA | Dunedin Park CLO DAC, Series 1A, Class AR, 2.986%<br>(3-Month EURIBOR + 0.980%) due 11/20/34(c)(e) | 827678 |
| 700000 |  | Aaa(d) | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.778%<br>(3-Month Term SOFR + 1.110%) due 4/20/35(c)(e) | 701609 |
| 700000 | <sup>EUR</sup> | AAA | Hayfin Emerald CLO VI DAC, Series 6A, Class AR, 3.266%<br>(3-Month EURIBOR + 1.250%) due 10/15/38(c)(e) | 828557 |
| 123508 | <sup>EUR</sup> | Aaa(d) | Man GLG Euro CLO V DAC, Series 5A, Class A1R, 2.790%<br>(3-Month EURIBOR + 0.690%) due 12/15/31(c)(e) | 146046 |
| 700000 |  | Aaa(d) | Northwoods Capital 25 Ltd., Series 2021-25A, Class AR, 4.788%<br>(3-Month Term SOFR + 1.120%) due 7/20/34(c)(e) | 699791 |
| 185002 | <sup>EUR</sup> | Aaa(d) | Palmer Square European Loan Funding DAC, Series 2023-3A, Class AR, 2.954%<br>(3-Month EURIBOR + 0.970%) due 5/15/33(c)(e) | 218817 |
| 405462 | <sup>EUR</sup> | Aaa(d) | St Paul's CLO IV DAC, Series 4A, Class ARR1, 2.860%<br>(3-Month EURIBOR + 0.830%) due 4/25/30(c)(e) | 478921 |
| 700000 |  | Aaa(d) | Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 4.822%<br>(3-Month Term SOFR + 1.150%) due 10/15/35(c)(e) | 700760 |
|  |  |  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br> (Cost — $6,436,712) | **6726475** |
| CORPORATE BONDS & NOTES — 0.1%  | CORPORATE BONDS & NOTES — 0.1%  | CORPORATE BONDS & NOTES — 0.1%  | CORPORATE BONDS & NOTES — 0.1%  |  |
| **Banks — 0.1%**  | **Banks — 0.1%**  | **Banks — 0.1%**  | **Banks — 0.1%**  | **Banks — 0.1%**  |
| 100000 | <sup>GBP</sup> | BBB+ | HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40 | 135997 |
| **Diversified Financial Services — 0.0%@** | **Diversified Financial Services — 0.0%@** | **Diversified Financial Services — 0.0%@** | **Diversified Financial Services — 0.0%@** | **Diversified Financial Services — 0.0%@** |
| 98531 | <sup>DKK</sup> | AAA | Jyske Realkredit AS, Covered Notes, 1.500% due 10/1/53 | 12193 |
| 100000 | <sup>DKK</sup> | AAA | Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53 | 10873 |
| 167499 | <sup>DKK</sup> | AAA | Realkredit Danmark AS, Covered Notes, 1.500% due 10/1/53 | 21654 |
|  |  |  | Total Diversified Financial Services | 44720 |
|  |  |  | **TOTAL CORPORATE BONDS & NOTES**<br> (Cost — $226,567) | **180717** |
|  |  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $203,578,265) | **201036664** |
| SHORT-TERM INVESTMENTS — 1.9%  | SHORT-TERM INVESTMENTS — 1.9%  | SHORT-TERM INVESTMENTS — 1.9%  | SHORT-TERM INVESTMENTS — 1.9%  |  |
| REPURCHASE AGREEMENT — 1.4%  | REPURCHASE AGREEMENT — 1.4%  | REPURCHASE AGREEMENT — 1.4%  | REPURCHASE AGREEMENT — 1.4%  |  |
| 2000000 |  |  | BNP Paribas Finance Inc. repurchase agreement dated 2/27/26, 3.730% due 3/2/26, Proceeds at maturity — $2,000,204; (Fully collateralized by U.S. Treasury Notes, 1.875% due 7/15/35; Valued — $2,043,832)  |  |
|  |  |  | (Cost — $2,000,000) | 2000000 |

---

#### See Notes to Financial Statements.

#### 244

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
| **Face**<br> **Amount/Units†** |  | **Security** | **Value** |
| SHORT-TERM INVESTMENTS — 1.9% — (continued) | SHORT-TERM INVESTMENTS — 1.9% — (continued) | SHORT-TERM INVESTMENTS — 1.9% — (continued) |  |
| TIME DEPOSITS — 0.5%  | TIME DEPOSITS — 0.5%  | TIME DEPOSITS — 0.5%  | TIME DEPOSITS — 0.5%  |
| 56914 | <sup>AUD</sup> | ANZ National Bank — London, 2.500% due 3/2/26 | $40500 |
| 15767 | <sup>CAD</sup> | BNP Paribas — Paris, 1.100% due 3/2/26 | 11557 |
| $299580 |  | Citibank — New York, 2.980% due 3/2/26 | 299580 |
|  |  | Skandinaviska Enskilda Banken AB — Stockholm: |  |
| 31750 | <sup>CHF</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.430)% due 3/2/26 | 41301 |
| 42643 | <sup>DKK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% due 3/2/26 | 6743 |
| 270322 | <sup>SEK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% due 3/2/26 | 29943 |
| 125086 | <sup>GBP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.680% due 3/2/26 | 168572 |
| 2996 | <sup>NOK</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.700% due 3/2/26 | 315 |
| 707 | <sup>NZD</sup> | Societe Generale SA — Paris, 1.400% due 3/2/26 | 424 |
|  |  | Sumitomo Mitsui Banking Corp. — Tokyo: |  |
| 4940535 | <sup>JPY</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.200% due 3/2/26 | 31639 |
| 46096 | <sup>EUR</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.880% due 3/2/26 | 54467 |
|  |  | **TOTAL TIME DEPOSITS**<br> (Cost — $685,041) | **685041** |
|  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $2,685,041) | **2685041** |
|  |  | **TOTAL INVESTMENTS — 141.7%**<br> (Cost — $206,263,306) | **203721705** |
|  |  | Liabilities in Excess of Other Assets — (41.7)% | (59995642) |
|  |  | **TOTAL NET ASSETS — 100.0%** | $**143726063** |

---

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

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

---

| | |
|:---|:---|
| @ | The amount is less than 0.05%.  |

---

(a) Position, or portion thereof, has been segregated to collateralize reverse repurchase agreement.

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

(c) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2026.

(d) Rating by Moody's Investors Service.

(e) 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, 2026, amounts to $10,679,875 and represents 7.4% of net assets.

(f) Rating by Fitch Ratings Service.

#### See Notes to Financial Statements.

#### 245

------

<br> Schedules of Investments

(unaudited) (continued)

 <br> <u>Inflation-Linked Fixed Income Fund</u>

At February 28, 2026, for Inflation-Linked Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For**<br> **Federal Income**<br> **Tax Purposes** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> (Depreciation) | **Net**<br> **Unrealized**<br> (Depreciation) |
|  Inflation-Linked Fixed Income Fund | $206263306 | $8262387 | $(9888497) | $(1626110) |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| ABS | — Asset-Backed Security |
| CLO | — Collateralized Loan Obligation |
| CPI | — Consumer Price Index |
| DAC | — Designated Activity Company |
| EURIBOR | — Euro Interbank Offered Rate |
| LLC | — Limited Liability Company |
| OAT | — Obligations assimilables du Trésor |
| PLC | — Public Limited Company |
| REMICS | — Real Estate Mortgage Investment Conduits |
| SOFR | — Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| Summary of Investments by Security Type^ |  |
|  U.S. Government Obligations | 75.2% |
|  Mortgage-Backed Securities | 10.7 |
|  Collateralized Mortgage Obligations | 5.7 |
|  Sovereign Bonds | 3.7 |
|  Collateralized Loan Obligations | 3.3 |
|  Corporate Bonds & Notes | 0.1 |
|  Short-Term Investments | 1.3 |
|  Total Investments | 100.0% |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

At February 28, 2026, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Number of<br>Contracts** | **Notional<br>Amount†** |  | **Security Name** | **Counterparty** | **Expiration<br>Date** | **Exercise<br>Rate** | **Value** |
| 6900000 | 138897 | <sup>EUR</sup> | OTC 2-Year Swaption, 3-Month EURIBOR, Call | BCLY | 1/25/27 | 2.440% | $47360 |
| 6900000 | 138897 | <sup>EUR</sup> | OTC 2-Year Swaption, 3-Month EURIBOR, Put | BCLY | 1/25/27 | 2.440% | 14422 |
|  |  |  | **TOTAL OPTIONS CONTRACTS WRITTEN**<br> (Premiums received — $122,966) |  |  |  | $**61782** |

---

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

#### See Notes to Financial Statements.

#### 246

------

<br> Schedules of Investments

(unaudited) (continued)

 <br> <u> Inflation-Linked Fixed Income Fund</u>

At February 28, 2026, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreement:

---

| | | |
|:---|:---|:---|
| **Face<br>Amount†** | **Security** | **Value** |
| $54425125 | Nomura Securities International, Inc., 3.760% due 4/2/26. |  |
|  | (Proceeds — $54,425,125) | **$54425125** |

---

For the period ended February 28, 2026, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $19,844,011 and 3.973%, respectively.

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

At February 28, 2026, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of**<br> **Contracts** | **Expiration**<br> **Date**<br> **(Month/Year)** | **Notional**<br> **Amount** | **Value** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Government 10-Year Bond Futures | 24 | 3/26 | $1864884 | $1888398 | $23514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-BTP Futures | 8 | 3/26 | 1138684 | 1161276 | 22592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-BTP Futures | 9 | 6/26 | 1294738 | 1296652 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund Futures | 46 | 3/26 | 7000803 | 7078470 | 77667 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Note Futures | 114 | 6/26 | 12520406 | 12556031 | 35625 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Long Bond Futures | 22 | 6/26 | 2585000 | 2606313 | 21313 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Long Bond Futures | 2 | 6/26 | 240859 | 243187 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Long Bond Futures | 77 | 6/26 | 8934537 | 8988547 | 54010 |
|  |  |  |  |  | 238963 |
| **Contracts to Sell:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Bobl Futures | 7 | 3/26 | 970543 | 971536 | (993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Buxl 30-Year Bond Futures | 12 | 3/26 | 1586203 | 1614443 | (28240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-OAT Futures | 32 | 3/26 | 4577424 | 4685564 | (108140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-OAT Futures | 13 | 6/26 | 1892545 | 1896137 | (3592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government 10-Year Bond Futures | 2 | 3/26 | 1707438 | 1700874 | 6564 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Note Futures | 84 | 6/26 | 17550750 | 17578969 | (28219) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Note Futures | 167 | 6/26 | 18864178 | 19006688 | (142510) |
|  |  |  |  |  | (305130) |
|  Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts |  |  |  |  | $(66167) |

---

At February 28, 2026, Inflation-Linked Fixed Income Fund had deposited cash of $329,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

#### See Notes to Financial Statements.

#### 247

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Inflation-Linked Fixed Income Fund</u>

At February 28, 2026, Inflation-Linked Fixed Income Fund had open forward foreign currency contracts as described below.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Contracts to Buy:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 262239 | USD | 50000 | BNP | $&nbsp;&nbsp;&nbsp;&nbsp;51147 | 3/3/26 | $1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 725117 | USD | 138000 | BNP | 141427 | 3/3/26 | 3427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 9214366 | USD | 1731034 | BNP | 1770405 | 5/5/26 | 39371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 2454 | USD | 476 | JPM | 478 | 3/3/26 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 206174 | USD | 40000 | JPM | 40212 | 3/3/26 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 255275 | USD | 49573 | MLP | 49789 | 3/3/26 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 989125 | USD | 189673 | MLP | 191337 | 4/2/26 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 725997 | USD | 139000 | MLP | 141599 | 3/3/26 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 1904498 | USD | 2575651 | BCLY | 2566598 | 3/3/26 | (9053) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 337502 | USD | 454856 | HSBC | 454835 | 3/3/26 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 2173469 | USD | 1587749 | MLP | 1593102 | 3/3/26 | 5353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 243763 | USD | 35511 | DUB | 35531 | 3/3/26 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 512076000 | USD | 139000 | MLP | 135607 | 3/18/26 | (3393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 512946000 | USD | 138000 | MLP | 135837 | 3/18/26 | (2163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 1073117621 | USD | 276698 | SCB | 271296 | 9/16/26 | (5402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 318952 | USD | 50307 | HSBC | 50438 | 3/3/26 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 177000 | USD | 208763 | BCLY | 209144 | 3/3/26 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 129000 | USD | 153239 | BNP | 152426 | 3/3/26 | (813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 90000 | USD | 106228 | JPM | 106344 | 3/3/26 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 722000 | USD | 853232 | JPM | 854554 | 4/2/26 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 65000 | USD | 77228 | SCB | 76804 | 3/3/26 | (424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 121823360 | USD | 1320647 | BCLY | 1335106 | 4/7/26 | 14459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 6929535 | USD | 75000 | JPM | 75943 | 4/7/26 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 3628116 | USD | 40000 | MLP | 39841 | 3/12/26 | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 17049352 | USD | 188164 | SCB | 186850 | 4/7/26 | (1314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 8587637 | USD | 93100 | SCB | 94115 | 4/7/26 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 670084000 | USD | 40000 | BCLY | 39958 | 3/12/26 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 837905000 | USD | 50000 | BCLY | 49976 | 3/5/26 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 670084000 | USD | 39834 | BNP | 39874 | 6/10/26 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 827345488 | USD | 49098 | BNP | 49232 | 6/10/26 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 843768027 | USD | 50058 | JPM | 50209 | 6/10/26 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 169045612 | USD | 10012 | SCB | 10059 | 6/10/26 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 507111000 | USD | 30000 | SCB | 30229 | 3/25/26 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 2181578454 | USD | 129416 | SCB | 129816 | 6/10/26 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 186000 | USD | 60217 | BCLY | 59371 | 4/6/26 | (846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 149145107 | USD | 956733 | HSBC | 955109 | 3/3/26 | (1624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 108675658 | USD | 696371 | HSBC | 695947 | 3/3/26 | (424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 108073756 | USD | 690991 | SCB | 692093 | 3/3/26 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 101327765 | USD | 70084 | DUB | 70364 | 3/5/26 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2392000 | USD | 138384 | BCLY | 138677 | 3/18/26 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3118000 | USD | 168378 | BCLY | 180767 | 3/18/26 | 12389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3624000 | USD | 210764 | BNP | 210103 | 3/18/26 | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2958000 | USD | 171908 | BNP | 171491 | 3/18/26 | (417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3157000 | USD | 183090 | BNP | 183028 | 3/18/26 | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 9974607 | USD | 572963 | BNP | 573673 | 6/17/26 | 710 |

---

#### See Notes to Financial Statements.

#### 248

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Inflation-Linked Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Contracts to Buy: (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 1925000 | USD | 104998 | BNP | $111702 | 3/9/26 | $&nbsp;&nbsp;&nbsp;&nbsp;6704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 1887000 | USD | 101699 | BNP | 109557 | 3/2/26 | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3158169 | USD | 180702 | DUB | 181637 | 6/17/26 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 805749 | USD | 43775 | HSBC | 46755 | 3/9/26 | 2980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2001000 | USD | 108571 | HSBC | 115712 | 4/15/26 | 7141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 107 | USD | 6 | JPM | 6 | 3/18/26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 554817 | USD | 30140 | JPM | 32099 | 4/9/26 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 9791321 | USD | 546806 | JPM | 565974 | 4/20/26 | 19168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2382000 | USD | 137985 | MLP | 138098 | 3/18/26 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 2800000 | USD | 151535 | MLP | 161942 | 4/13/26 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 628880 | USD | 20000 | BCLY | 20079 | 3/24/26 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 1602008 | USD | 51064 | BNP | 51128 | 3/18/26 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 1731950 | USD | 55000 | BNP | 55274 | 3/18/26 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 297000 | USD | 178815 | HSBC | 178141 | 3/3/26 | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 281000 | USD | 167884 | JPM | 168544 | 3/3/26 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 1279480 | USD | 764067 | SCB | 767432 | 3/3/26 | 3365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 93270 | USD | 9726 | HSBC | 9808 | 3/3/26 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 665000 | USD | 68881 | HSBC | 69931 | 3/3/26 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 134383 | USD | 37345 | BCLY | 37607 | 4/15/26 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 36000 | USD | 9993 | BNP | 10074 | 4/15/26 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 36000 | USD | 9980 | BNP | 10075 | 4/15/26 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 136990 | USD | 38026 | BNP | 38336 | 4/15/26 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 359239 | USD | 99664 | BNP | 100532 | 4/15/26 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 2638613 | USD | 726368 | DUB | 738416 | 4/22/26 | 12048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 216000 | USD | 59729 | HSBC | 60448 | 4/15/26 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 95000 | USD | 26303 | JPM | 26586 | 4/15/26 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 334000 | USD | 92336 | JPM | 93469 | 4/15/26 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 2056722 | USD | 1628571 | JPM | 1625932 | 3/3/26 | (2639) |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 3389347 | USD | 210682 | BCLY | 212556 | 3/20/26 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 2231000 | USD | 137903 | BCLY | 139913 | 3/20/26 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 2723518 | USD | 168323 | BCLY | 170800 | 3/20/26 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 2651341 | USD | 165685 | SCB | 166274 | 3/20/26 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 1320134 | USD | 145496 | BCLY | 146497 | 4/2/26 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 699720 | USD | 79112 | HSBC | 77506 | 3/3/26 | (1606) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 620000 | USD | 69387 | JPM | 68676 | 3/3/26 | (711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 54000 | USD | 69864 | BCLY | 70244 | 3/3/26 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 84000 | USD | 109884 | JPM | 109268 | 3/3/26 | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 685893 | USD | 21908 | BCLY | 22071 | 3/5/26 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkish Lira | 32345665 | USD | 703083 | BCLY | 721533 | 3/27/26 | 18450 |
|  |  |  |  |  |  |  | 160647 |
| **Contracts to Sell:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 1426000 | USD | 999436 | BCLY | 1014742 | 3/3/26 | (15306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar | 1426000 | USD | 1013054 | HSBC | 1014618 | 4/2/26 | (1564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 526126 | USD | 100000 | BNP | 102616 | 3/3/26 | (2616) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 461229 | USD | 89568 | BNP | 89958 | 3/3/26 | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 403842 | USD | 78000 | DUB | 78119 | 4/2/26 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 208628 | USD | 40000 | JPM | 40691 | 3/3/26 | (691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real | 981272 | USD | 189673 | MLP | 191388 | 3/3/26 | (1715) |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 1904498 | USD | 2575801 | BCLY | 2566840 | 4/2/26 | 8961 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound | 2242000 | USD | 3091882 | SCB | 3021433 | 3/3/26 | 70449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 2175216 | USD | 1604518 | BNP | 1594383 | 3/3/26 | 10135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar | 2170714 | USD | 1587749 | MLP | 1593164 | 4/2/26 | (5415) |

---

#### See Notes to Financial Statements.

#### 249

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Inflation-Linked Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Contracts to Sell: (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 243298 | USD | 35511 | DUB | $35544 | 4/2/26 | $(33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 122000 | USD | 17582 | HSBC | 17783 | 3/3/26 | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 120831 | USD | 17435 | HSBC | 17612 | 3/3/26 | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Offshore Renminbi | 1000 | USD | 144 | JPM | 146 | 3/3/26 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso | 1028762941 | USD | 276698 | SCB | 272435 | 3/18/26 | 4263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 318304 | USD | 50307 | HSBC | 50449 | 4/7/26 | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone | 318794 | USD | 51270 | SCB | 50412 | 3/3/26 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 4558121 | USD | 5445956 | BCLY | 5385876 | 3/3/26 | 60080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro | 4097121 | USD | 4843993 | BNP | 4849318 | 4/2/26 | (5325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 2761662 | USD | 30349 | DUB | 30266 | 4/7/26 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee | 905664 | USD | 10000 | MLP | 9949 | 3/5/26 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 825062431 | USD | 49098 | BNP | 49210 | 3/5/26 | (112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 278132092 | USD | 16495 | BNP | 16550 | 6/10/26 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 670084000 | USD | 39927 | BNP | 39958 | 3/12/26 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 386329269 | USD | 22991 | BNP | 22989 | 6/10/26 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesian Rupiah | 849250000 | USD | 50377 | JPM | 50535 | 6/10/26 | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 1040876 | USD | 338258 | BCLY | 332606 | 6/10/26 | 5652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 155000 | USD | 49462 | BNP | 49530 | 6/10/26 | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 438610 | USD | 142050 | BNP | 140004 | 4/6/26 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 443315 | USD | 142944 | DUB | 141505 | 4/6/26 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 441633 | USD | 142943 | DUB | 140984 | 4/13/26 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 93000 | USD | 30050 | JPM | 29718 | 6/10/26 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 220735 | USD | 70715 | MLP | 70545 | 6/17/26 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 329152 | USD | 106845 | MLP | 105179 | 6/10/26 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israeli New Shekel | 398558 | USD | 130083 | MLP | 127376 | 6/17/26 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 108394881 | USD | 696371 | HSBC | 696007 | 4/2/26 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 148759448 | USD | 956733 | HSBC | 955189 | 4/2/26 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 94786397 | USD | 619304 | HSBC | 607002 | 3/3/26 | 12302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 98619595 | USD | 645108 | HSBC | 631549 | 3/3/26 | 13559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 31984448 | USD | 205693 | MLP | 205373 | 4/2/26 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 107794526 | USD | 690991 | SCB | 692152 | 4/2/26 | (1161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen | 204615688 | USD | 1343603 | SCB | 1310337 | 3/3/26 | 33266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 29136200 | USD | 20000 | BCLY | 20237 | 3/12/26 | (237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 101285715 | USD | 70084 | DUB | 70366 | 3/18/26 | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 46976631 | USD | 32506 | DUB | 32636 | 3/18/26 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Won | 101355800 | USD | 70000 | MLP | 70384 | 3/5/26 | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 1683000 | USD | 96745 | BNP | 97573 | 3/18/26 | (828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 9892730 | USD | 572963 | BNP | 573535 | 3/18/26 | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso | 3130666 | USD | 180702 | DUB | 181502 | 3/18/26 | (800) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 627180 | USD | 20000 | BCLY | 20035 | 3/31/26 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 630492 | USD | 19956 | BNP | 20122 | 3/18/26 | (166) |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 639865 | USD | 20569 | BNP | 20421 | 3/18/26 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Taiwan Dollar | 589008 | USD | 18966 | BNP | 18798 | 3/18/26 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 1857480 | USD | 1127227 | BCLY | 1114116 | 3/3/26 | 13111 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar | 1279480 | USD | 764957 | SCB | 768425 | 4/2/26 | (3468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 490577 | USD | 50990 | BCLY | 51589 | 3/3/26 | (599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 285000 | USD | 29886 | HSBC | 29971 | 3/3/26 | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Krone | 93283 | USD | 9726 | HSBC | 9807 | 4/7/26 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 71000 | USD | 20061 | BNP | 19869 | 4/15/26 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polish Zloty | 178000 | USD | 49750 | MLP | 49813 | 4/15/26 | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 2059002 | USD | 1626236 | HSBC | 1627734 | 3/3/26 | (1498) |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Dollar | 2052392 | USD | 1628571 | JPM | 1626435 | 4/2/26 | 2136 |

---

#### See Notes to Financial Statements.

#### 250

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Inflation-Linked Fixed Income Fund</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Local Currency** | **In Exchange For** | **In Exchange For** | **Counterparty** | **Value** | **Settlement<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Contracts to Sell: (continued)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South African Rand | 321000 | USD | 19840 | MLP | $20131 | 3/20/26 | $(291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Krona | 1322197 | USD | 145496 | BCLY | 146456 | 3/3/26 | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 235038 | USD | 305423 | BCLY | 306905 | 4/2/26 | (1482) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc | 374000 | USD | 483696 | JPM | 486504 | 3/3/26 | (2808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 2214170 | USD | 70000 | BCLY | 71250 | 3/5/26 | (1250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 2492016 | USD | 80000 | BCLY | 80226 | 3/12/26 | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 935358 | USD | 30000 | BCLY | 30127 | 3/19/26 | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 2180 | USD | 70 | BCLY | 70 | 4/20/26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Baht | 931676 | USD | 30000 | JPM | 30022 | 3/26/26 | (22) |
|  |  |  |  |  |  |  | 196288 |
|  Net Unrealized Appreciation on Open Forward Foreign Currency Contracts |  |  |  |  |  |  | $356935 |

---

At February 28, 2026, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Maturity<br>Date** | **Payment<br>Frequency** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront<br>Payment <br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Pay | 6-Month EURIBOR | 2.750% | 9/16/36 | 12-Month | EUR | 2620000 | $3141 | $(11983) | $15124 |
| Receive | 6-Month EURIBOR | 0.197% | 11/8/52 | 12-Month | EUR | 1100000 | 687857 |  | 687857 |
| Receive | 6-Month EURIBOR | 3.000% | 9/16/56 | 12-Month | EUR | 50000 | (17) | 960 | (977) |
| Receive | 6-Month EURIBOR | 3.050% | 1/13/56 | 12-Month | EUR | 600000 | (10941) | 28019 | (38960) |
| Receive | Bank of Japan Uncollateralized Overnight Call Rate | 0.300% | 9/20/27 | 6-Month | JPY | 5590000 | 551 | (1139) | 1690 |
| Receive | Bank of Japan Uncollateralized Overnight<br> Call Rate | 0.500% | 12/15/31 | 12-Month | JPY | 75000000 | 29353 | 1442 | 27911 |
| Receive | Bank of Japan Uncollateralized Overnight Call Rate | 0.550% | 9/14/28 | 12-Month | JPY | 90000000 | 10899 | (1033) | 11932 |
| Pay | SOFR | 2.340% | 11/21/28 | 6-Month | USD | 4130000 | (96363) |  | (96363) |
| Receive | SOFR | 2.237% | 11/21/53 | 6-Month | USD | 810000 | 265207 |  | 265207 |
| Receive | SOFR | 2.865% | 2/13/54 | 12-Month | USD | 1400000 | 251465 | 27102 | 224363 |
| Receive | SOFR | 3.250% | 6/18/34 | 12-Month | USD | 2600000 | 51811 | 115634 | (63823) |
| Receive | SOFR | 3.250% | 3/19/55 | 12-Month | USD | 3100000 | 384235 | 405813 | (21578) |
| Receive | SOFR | 3.290% | 5/31/30 | 12-Month | USD | 1185300 | (4630) | (3) | (4627) |
| Receive | SOFR | 3.325% | 8/31/30 | 12-Month | USD | 204800 | (1288) | (1053) | (235) |
| Receive | SOFR | 3.375% | 5/31/30 | 12-Month | USD | 1606400 | (11580) | 1358 | (12938) |
| Receive | SOFR | 3.500% | 6/20/54 | 12-Month | USD | 700000 | 53161 | 18675 | 34486 |
| Receive | SOFR | 3.640% | 8/15/35 | 12-Month | USD | 200000 | (2210) | 400 | (2610) |
| Receive | SOFR | 3.700% | 8/15/35 | 12-Month | USD | 300000 | (4757) | (264) | (4493) |
| Receive | SOFR | 3.715% | 8/15/35 | 12-Month | USD | 427000 | (7283) | 1051 | (8334) |
| Receive | SOFR | 3.768% | 8/15/35 | 12-Month | USD | 1600000 | (34125) |  | (34125) |
| Receive | SOFR | 3.777% | 8/15/35 | 12-Month | USD | 1700000 | (37460) |  | (37460) |
| Receive | SOFR | 3.801% | 8/15/35 | 12-Month | USD | 1900000 | (45487) | (2077) | (43410) |
| Receive | SOFR | 4.010% | 11/15/53 | 12-Month | USD | 500000 | (8394) | 6985 | (15379) |
| Receive | SOFR | 4.075% | 11/15/53 | 12-Month | USD | 507800 | (14132) | 3774 | (17906) |
| Pay | Sterling Overnight Index Average | 3.750% | 9/17/30 | 12-Month | GBP | 4600000 | 61595 | (28182) | 89777 |
|  |  |  |  |  |  |  | $1520608 | $565479 | $955129 |

---

#### See Notes to Financial Statements.

#### 251

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Inflation-Linked Fixed Income Fund</u>

At February 28, 2026, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Pay | 2-Year EUR Inflation Linked | 1.636% | 6/15/27 | EUR | 2100000 | $9205 | $– | $9205 |
| Pay | 2-Year EUR Inflation Linked | 2.000% | 2/15/27 | EUR | 300000 | (321) | (30) | (291) |
| Pay | 5-Year EUR Inflation Linked | 3.000% | 5/15/27 | EUR | 200000 | 4067 | 100 | 3967 |
| Receive | 10-Year EUR Inflation Linked | 1.380% | 3/15/31 | EUR | 740000 | (159380) | (8957) | (150423) |
| Pay | 10-Year EUR Inflation Linked | 2.034% | 9/15/34 | EUR | 500000 | (6407) | (2239) | (4168) |
| Receive | 30-Year EUR Inflation Linked | 2.421% | 5/15/52 | EUR | 30000 | 4 |  | 4 |
| Receive | 30-Year EUR Inflation Linked | 2.590% | 12/15/52 | EUR | 100000 | 10424 |  | 10424 |
| Receive | 30-Year EUR Inflation Linked | 2.590% | 3/15/52 | EUR | 200000 | 8327 | (2478) | 10805 |
| Receive | 30-Year EUR Inflation Linked | 2.700% | 4/15/53 | EUR | 200000 | 30112 | 1337 | 28775 |
| Receive | 30-Year EUR Inflation Linked | 2.736% | 10/15/53 | EUR | 100000 | 16356 | 1308 | 15048 |
| Receive | 30-Year EUR Inflation Linked | 2.763% | 9/15/53 | EUR | 100000 | 17356 | (974) | 18330 |
| Pay | 2-Year GBP Inflation Linked | 3.365% | 9/15/27 | GBP | 500000 | (3612) |  | (3612) |
| Receive | 10-Year GBP Inflation Linked | 3.466% | 9/15/34 | GBP | 300000 | 8814 |  | 8814 |
| Receive | 10-Year GBP Inflation Linked | 3.500% | 8/15/34 | GBP | 600000 | 21385 | 3390 | 17995 |
| Receive | 1-Year USD Inflation Linked | 3.323% | 4/23/26 | USD | 400000 | 3715 |  | 3715 |
| Receive | 1-Year USD Inflation Linked | 3.434% | 8/27/26 | USD | 1400000 | 8820 |  | 8820 |
| Receive | 1-Year USD Inflation Linked | 3.435% | 8/1/26 | USD | 100000 | 586 |  | 586 |
| Pay | 5-Year USD Inflation Linked | 2.703% | 5/25/26 | USD | 510000 | 49315 | 81 | 49234 |
| Pay | 5-Year USD Inflation Linked | 2.768% | 5/13/26 | USD | 500000 | 47094 |  | 47094 |
| Pay | 5-Year USD Inflation Linked | 2.813% | 5/14/26 | USD | 300000 | 27474 |  | 27474 |
| Pay | 7-Year USD Inflation Linked | 1.798% | 8/25/27 | USD | 600000 | 104231 | 5868 | 98363 |
| Pay | 7-Year USD Inflation Linked | 1.890% | 8/27/27 | USD | 700000 | 116563 | 1693 | 114870 |
| Pay | 7-Year USD Inflation Linked | 2.573% | 8/26/28 | USD | 100000 | 7663 |  | 7663 |
| Pay | 7-Year USD Inflation Linked | 2.645% | 9/10/28 | USD | 100000 | 6820 |  | 6820 |
| Receive | 10-Year USD Inflation Linked | 1.280% | 5/19/30 | USD | 800000 | (178990) | (50027) | (128963) |
| Receive | 10-Year USD Inflation Linked | 1.760% | 11/4/29 | USD | 1200000 | (209306) | (8764) | (200542) |
| Receive | 10-Year USD Inflation Linked | 1.883% | 11/20/29 | USD | 1500000 | (242570) | 9233 | (251803) |
| Pay | 10-Year USD Inflation Linked | 2.311% | 2/24/31 | USD | 2300000 | 279127 | 1035 | 278092 |
| Receive | 10-Year USD Inflation Linked | 2.335% | 2/5/28 | USD | 960000 | (107031) | 59292 | (166323) |
| Receive | 10-Year USD Inflation Linked | 2.353% | 5/9/28 | USD | 360000 | (38322) | 24122 | (62444) |
| Receive | 10-Year USD Inflation Linked | 2.360% | 5/9/28 | USD | 540000 | (57017) | 36670 | (93687) |
| Receive | 10-Year USD Inflation Linked | 2.364% | 5/10/28 | USD | 550000 | (57863) | 37569 | (95432) |
|  |  |  |  |  |  | $(283361) | $108229 | $(391590) |

---

At February 28, 2026, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $908,000 for open centrally cleared swap contracts.

At February 28, 2026, Inflation-Linked Fixed Income Fund had cash collateral from brokers in the amount of $20,000 for open OTC swap contracts.

---

| | | | |
|:---|:---|:---|:---|
| **Currency abbreviations used in this schedule:** | **Currency abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** | **Counterparty abbreviations used in this schedule:** |
| AUD | — Australian Dollar | BCLY | — Barclays Bank PLC |
| CAD | — Canadian Dollar | BNP | — BNP Paribas SA |
| CHF | — Swiss Franc | DUB | — Deutsche Bank AG |
| DKK | — Danish Krone | HSBC | — HSBC Bank USA |
| EUR | — Euro | JPM | — JPMorgan Chase & Co. |
| GBP | — British Pound | MLP | — Merrill Lynch, Pierce, Fenner & Smith Inc. |
| JPY | — Japanese Yen | SCB | — Standard Chartered Bank |
| NOK | — Norwegian Krone | | |
| NZD | — New Zealand Dollar |  |  |
| SEK | — Swedish Krona |  |  |
| USD | — United States Dollar |  |  |

---

#### See pages 268-269 for definitions of ratings.

#### See Notes to Financial Statements.

#### 252

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| CORPORATE BONDS & NOTES — 53.8% | CORPORATE BONDS & NOTES — 53.8% | CORPORATE BONDS & NOTES — 53.8% | CORPORATE BONDS & NOTES — 53.8% |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| $300000 | BBB- | Spirit AeroSystems Inc., Company Guaranteed Notes, 4.600% due 6/15/28 | $302713 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| 1600000 | BBB+ | BAT International Finance PLC, Company Guaranteed Notes, 1.668% due 3/25/26 | 1597565 |
|  |  | Imperial Brands Finance PLC, Company Guaranteed Notes: |  |
| 361000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 7/26/26 | 359894 |
| 300000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500% due 7/26/26(a) | 299080 |
|  |  | Total Agriculture | 2256539 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| 307392 | BBB+ | American Airlines Class A Pass Through Trust, Pass-Thru Certificates, 3.700% due 10/1/26 | 306464 |
| **Auto Manufacturers — 6.2%** | **Auto Manufacturers — 6.2%** | **Auto Manufacturers — 6.2%** | **Auto Manufacturers — 6.2%** |
| 2900000 | A- | American Honda Finance Corp., Senior Unsecured Notes, 4.416%<br>(SOFR + 0.730%) due 8/13/27(b) | 2913379 |
|  |  | BMW U.S. Capital LLC, Company Guaranteed Notes: |  |
| 850000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.470% (SOFR + 0.780%) due 3/19/27(a)(b) | 854221 |
| 92000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.606% (SOFR + 0.920%) due 8/13/27(b) | 92621 |
| 2200000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.610% (SOFR + 0.920%) due 3/21/28(a)(b) | 2217268 |
|  |  | Ford Motor Credit Co. LLC, Senior Unsecured Notes: |  |
| 400000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.542% due 8/1/26 | 400035 |
| 800000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125% due 11/5/26 | 804791 |
| 2000000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.271% due 1/9/27 | 2000231 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 5/28/27 | 201468 |
| 1300000 | BBB | General Motors Financial Co., Inc., Senior Unsecured Notes, 5.034%<br>(SOFR + 1.350%) due 5/8/27(b) | 1309320 |
|  |  | Hyundai Capital America, Senior Unsecured Notes: |  |
| 500000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.681% (SOFR + 0.990%) due 3/25/27(a)(b) | 502228 |
| 1500000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.730% (SOFR + 1.040%) due 6/24/27(b) | 1508570 |
| 1100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.599% (SOFR + 0.920%) due 1/7/28(b) | 1104450 |
|  |  | Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes: |  |
| 400000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000% due 3/9/26(a) | 399485 |
| 300000 | BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850% due 9/16/26(a) | 295231 |
|  |  | Stellantis Finance U.S. Inc., Company Guaranteed Notes: |  |
| 400000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.711% due 1/29/27 | 390928 |
| 700000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.711% due 1/29/27(a) | 684124 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625% due 1/12/28(a) | 203980 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350% due 3/17/28(a) | 203700 |
| 200000 | A+ | Toyota Motor Credit Corp., Senior Unsecured Notes, 4.129%<br>(SOFR + 0.450%) due 1/12/28(b) | 200526 |
| 2500000 | BBB+ | Volkswagen Group of America Finance LLC, Company Guaranteed Notes,<br>5.700% due 9/12/26(a) | 2522036 |
|  |  | Total Auto Manufacturers | 18808592 |
| **Banks — 18.3%** | **Banks — 18.3%** | **Banks — 18.3%** | **Banks — 18.3%** |
|  |  | ABN AMRO Bank NV, Senior Non-Preferred Notes: |  |
| 800000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.471% (SOFR + 1.780%) due 9/18/27(a)(b) | 806223 |
| 700000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.471% (SOFR + 1.780%) due 9/18/27(b) | 705445 |
| 800000 | A- | Banco Santander SA, Senior Non-Preferred Notes, 1.849% due 3/25/26 | 798911 |
| 300000 | BBB+ | Bank Leumi Le-Israel BM, Senior Unsecured Notes, 5.125% due 7/27/27(a) | 302022 |
|  |  | Bank of Montreal, Senior Unsecured Notes: |  |
| 319000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.479% (SOFR + 0.760%) due 6/4/27(b) | 320619 |
| 500000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.580% (SOFR + 0.880%) due 9/10/27(b) | 501417 |
| 680000 | A+ | Banque Federative du Credit Mutuel SA, Senior Preferred Notes, 4.813%<br>(SOFR + 1.130%) due 1/23/27(a)(b) | 684424 |

---

#### See Notes to Financial Statements.

#### 253

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Banks — 18.3% — (continued)** | **Banks — 18.3% — (continued)** | **Banks — 18.3% — (continued)** | **Banks — 18.3% — (continued)** |
|  |  | Barclays PLC, Senior Unsecured Notes: |  |
| $700000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.829% (SOFR + 2.210%) due 5/9/27(b) | $702276 |
| 940000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.571% (SOFR + 1.880%) due 9/13/27(b) | 946985 |
| 1300000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.279% (1-Year CMT Index + 1.050%) due 11/24/27(b) | 1282717 |
| 1400000 | A- | BNP Paribas SA, Senior Non-Preferred Notes, 1.675% (SOFR + 0.912%) due 6/30/27(a)(b) | 1389364 |
| 1400000 | BBB+ | BPCE SA, Senior Non-Preferred Notes, 2.045% (SOFR + 1.087%) due 10/19/27(a)(b) | 1383215 |
|  |  | Canadian Imperial Bank of Commerce, Senior Unsecured Notes: |  |
| 1300000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.631% (SOFR + 0.940%) due 6/28/27(b) | 1309575 |
| 1200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.512% (SOFR + 0.800%) due 9/8/28(b) | 1203236 |
| 1065000 | BBB+ | Citigroup Inc., Senior Unsecured Notes, 4.479% (SOFR + 0.770%) due 6/9/27(b) | 1066009 |
| 500000 | A- | Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 1.980%<br>(1-Year CMT Index + 0.730%) due 12/15/27(a)(b) | 492505 |
|  |  | Credit Agricole SA, Senior Preferred Notes: |  |
| 625000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.977% (SOFR + 1.290%) due 7/5/26(a)(b) | 627547 |
| 600000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.977% (SOFR + 1.290%) due 7/5/26(b) | 602445 |
|  |  | Deutsche Bank AG, Senior Non-Preferred Notes: |  |
| 2000000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.146% (SOFR + 2.520%) due 7/13/27(b) | 2022773 |
| 935000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.906% (SOFR + 1.219%) due 11/16/27(b) | 938135 |
| 300000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.552% (SOFR + 1.318%) due 1/7/28(b) | 296301 |
| 600000 | A | DNB Bank ASA, Senior Non-Preferred Notes, 1.535%<br>(1-Year CMT Index + 0.720%) due 5/25/27(a)(b) | 596548 |
|  |  | Goldman Sachs Group Inc. (The), Senior Unsecured Notes: |  |
| 500000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.431% (SOFR + 0.798%) due 3/9/27(b) | 499694 |
| 1000000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.948% (SOFR + 0.913%) due 10/21/27(b) | 986692 |
| 1900000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.392% (SOFR + 0.710%) due 1/21/29(b) | 1901121 |
|  |  | HSBC USA Inc., Senior Unsecured Notes: |  |
| 1000000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.679% (SOFR + 0.960%) due 3/4/27(b) | 1006165 |
| 130000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.694% (SOFR + 0.970%) due 6/3/28(b) | 130915 |
|  |  | ING Groep NV, Senior Unsecured Notes: |  |
| 2700000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.701% (SOFR + 1.010%) due 4/1/27(b) | 2701261 |
| 629000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.257% (SOFR + 1.560%) due 9/11/27(b) | 632912 |
|  |  | JPMorgan Chase & Co., Senior Unsecured Notes: |  |
| 339000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.866% (SOFR + 1.180%) due 2/24/28(b) | 341317 |
| 1000000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.602% (SOFR + 0.920%) due 4/22/28(b) | 1005465 |
| 800000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.542% (SOFR + 0.860%) due 10/22/28(b) | 803495 |
|  |  | Lloyds Banking Group PLC: |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Senior Unsecured Notes: |  |
| 300000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.244% (SOFR + 1.560%) due 8/7/27(b) | 301614 |
| 1275000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.271% (SOFR + 1.580%) due 1/5/28(b) | 1286642 |
| 1200000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.746% (SOFR + 1.060%) due 11/26/28(b) | 1208693 |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp; Subordinated Notes, 4.650% due 3/24/26 | 200075 |
| 2700000 | A- | Mizuho Financial Group Inc., Senior Unsecured Notes, 4.764%<br>(SOFR + 1.080%) due 5/13/31(b) | 2720330 |
|  |  | National Bank of Canada, Company Guaranteed Notes: |  |
| 1100000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.591% (SOFR + 0.900%) due 3/25/27(b) | 1100361 |
| 2400000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.717% (SOFR + 1.030%) due 7/2/27(b) | 2405295 |
| 1510000 | A- | NatWest Group PLC, Senior Unsecured Notes, 4.936%<br>(SOFR + 1.250%) due 3/1/28(b) | 1519621 |
|  |  | NatWest Markets PLC, Senior Unsecured Notes: |  |
| 300000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.451% (SOFR + 0.760%) due 9/29/26(a)(b) | 300855 |
| 200000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.451% (SOFR + 0.760%) due 9/29/26(b) | 200570 |
| 750000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.587% (SOFR + 0.900%) due 5/17/27(a)(b) | 753614 |
| 500000 | A | PNC Bank NA, Senior Unsecured Notes, 4.412%<br>(SOFR + 0.730%) due 7/21/28(b) | 500981 |

---

#### See Notes to Financial Statements.

#### 254

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Banks — 18.3% — (continued)** | **Banks — 18.3% — (continued)** | **Banks — 18.3% — (continued)** | **Banks — 18.3% — (continued)** |
|  |  | Royal Bank of Canada, Senior Unsecured Notes: |  |
| $2565000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.511% (SOFR + 0.820%) due 3/27/28(b) | $2573731 |
| 1700000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.542% (SOFR + 0.860%) due 10/18/28(b) | 1706096 |
| 300000 | BBB+ | Santander Holdings USA Inc., Senior Unsecured Notes, 3.244% due 10/5/26 | 298524 |
| 2400000 | BBB | Santander UK Group Holdings PLC, Senior Unsecured Notes, 1.673%<br>(SOFR + 0.989%) due 6/14/27(b) | 2383519 |
| 200000 | BBB | Societe Generale SA, Senior Non-Preferred Notes, 1.792%<br>(1-Year CMT Index + 1.000%) due 6/9/27(a)(b) | 198778 |
|  |  | Standard Chartered PLC, Senior Unsecured Notes: |  |
| 1000000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.612% (SOFR + 1.930%) due 7/6/27(b) | 1005005 |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.714% (SOFR + 2.030%) due 2/8/28(a)(b) | 202617 |
| 300000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.856% (SOFR + 1.170%) due 5/14/28(a)(b) | 302417 |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.688% (1-Year CMT Index + 1.050%) due 5/14/28(b) | 203905 |
| 181000 | A- | Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 4.729%<br>(SOFR + 1.050%) due 4/15/30(b) | 182236 |
| 350000 | A | Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 4.850%<br>(SOFR + 1.150%) due 9/14/26(b) | 351835 |
| 1000000 | A | Swedbank AB, Senior Non-Preferred Notes, 5.337% due 9/20/27 | 1022381 |
|  |  | Wells Fargo & Co., Senior Unsecured Notes: |  |
| 1500000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.463% (SOFR + 0.780%) due 1/24/28(b) | 1504266 |
| 1500000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.752% (SOFR + 1.070%) due 4/22/28(b) | 1509524 |
|  |  | Total Banks | 54931214 |
| **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
| 200000 | BBB- | JDE Peet's NV, Company Guaranteed Notes, 1.375% due 1/15/27(a) | 195428 |
|  |  | Keurig Dr Pepper Inc., Company Guaranteed Notes: |  |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550% due 9/15/26 | 198482 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.267% (SOFR + 0.580%) due 11/15/26(b) | 200250 |
| 1296000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.572% (SOFR + 0.880%) due 3/15/27(b) | 1298130 |
| 2500000 | BBB | Molson Coors Beverage Co., Company Guaranteed Notes, 3.000% due 7/15/26 | 2490551 |
|  |  | Total Beverages | 4382841 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| 300000 | BBB | Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26 | 301073 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| 1000000 | NR | Hanwha Solutions Corp., Company Guaranteed Notes, 4.779%<br>(SOFR + 1.100%) due 10/13/28(b)(c) | 1010500 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| 600000 | BBB- | Global Payments Inc., Senior Unsecured Notes, 2.150% due 1/15/27 | 590590 |
| **Computers — 1.0%** | **Computers — 1.0%** | **Computers — 1.0%** | **Computers — 1.0%** |
| 1592000 | BBB | Dell International LLC/EMC Corp., Senior Unsecured Notes, 4.900% due 10/1/26 | 1597823 |
| 1600000 | BBB- | Kyndryl Holdings Inc., Senior Unsecured Notes, 2.050% due 10/15/26 | 1575688 |
|  |  | Total Computers | 3173511 |
| **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** | **Diversified Financial Services — 5.4%** |
| 2800000 | BBB+ | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 2.450% due 10/29/26 | 2773499 |
|  |  | Air Lease Corp., Senior Unsecured Notes: |  |
| 1100000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 6/25/26(o) | 1104071 |
| 2039000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 8/15/26(o) | 2018552 |
| 2900000 | BBB | Aircastle Ltd., Company Guaranteed Notes, 4.250% due 6/15/26 | 2899753 |
|  |  | American Express Co., Senior Unsecured Notes: |  |
| 2080000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.654% (SOFR + 0.970%) due 7/28/27(b) | 2085483 |
| 511000 | A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.613% (SOFR + 0.930%) due 7/26/28(b) | 513426 |
| 2420000 | BBB- | Aviation Capital Group LLC, Senior Unsecured Notes, 1.950% due 9/20/26(a) | 2391177 |

---

#### See Notes to Financial Statements.

#### 255

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Diversified Financial Services — 5.4% — (continued)** | **Diversified Financial Services — 5.4% — (continued)** | **Diversified Financial Services — 5.4% — (continued)** | **Diversified Financial Services — 5.4% — (continued)** |
|  |  | Avolon Holdings Funding Ltd., Company Guaranteed Notes: |  |
| $200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375% due 5/1/26(a) | $200027 |
| 600000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375% due 5/4/28(a) | 625587 |
| 1300000 | A+ | Equitable America Global Funding, Secured Notes, 4.402%<br>(SOFR + 0.710%) due 9/15/27(a)(b) | 1300812 |
| 300000 | BBB+ | Nomura Holdings Inc., Senior Unsecured Notes, 4.941% (SOFR + 1.250%) due 7/2/27(b) | 302475 |
|  |  | Total Diversified Financial Services | 16214862 |
| **Electric — 4.4%** | **Electric — 4.4%** | **Electric — 4.4%** | **Electric — 4.4%** |
| 1336000 | BBB- | Algonquin Power & Utilities Corp., Senior Unsecured Notes, step bond to yield, 5.365%<br>due 6/15/26 | 1340627 |
| 2000000 | BBB | CenterPoint Energy Inc., Senior Unsecured Notes, 1.450% due 6/1/26 | 1987219 |
|  |  | Duke Energy Corp., Senior Unsecured Notes: |  |
| 304000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 9/1/26 | 302066 |
| 400000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850% due 1/5/27 | 403300 |
| 600000 | BBB | Enel Finance International NV, Company Guaranteed Notes, 3.625% due 5/25/27(a) | 598649 |
| 1500000 | BBB | Eversource Energy, Senior Unsecured Notes, 1.400% due 8/15/26 | 1481980 |
| 816000 | BBB+ | Exelon Corp., Senior Unsecured Notes, 3.400% due 4/15/26 | 815370 |
| 500000 | BBB | FirstEnergy Corp., Senior Unsecured Notes, 3.900% due 7/15/27 | 502583 |
| 600000 | BBB+ | Fortis Inc., Senior Unsecured Notes, 3.055% due 10/4/26 | 596382 |
| 600000 | BBB+ | Israel Electric Corp., Ltd., Senior Secured Notes, 4.250% due 8/14/28(a) | 597315 |
|  |  | Pacific Gas & Electric Co., 1st Mortgage Notes: |  |
| 1200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950% due 3/1/26 | 1200000 |
| 300000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000% due 6/4/28 | 305743 |
|  |  | Southern California Edison Co., 1st Mortgage Notes: |  |
| 800000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 9/6/26 | 801416 |
| 600000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.300% due 3/1/28 | 614326 |
| 300000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., Senior Unsecured Notes, 2.750% due 10/1/26 | 297684 |
|  |  | Vistra Operations Co. LLC, Senior Secured Notes: |  |
| 600000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050% due 12/30/26(a) | 606795 |
| 800000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700% due 1/30/27(a) | 797304 |
|  |  | Total Electric | 13248759 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| 600000 | BBB- | Vontier Corp., Company Guaranteed Notes, 1.800% due 4/1/26 | 598656 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
| 2000000 | BBB- | Campbell's Co. (The), Senior Unsecured Notes, 5.300% due 3/20/26 | 2001052 |
| 1000000 | BBB- | Conagra Brands Inc., Senior Unsecured Notes, 7.125% due 10/1/26 | 1016365 |
|  |  | Total Food | 3017417 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| 600000 | BBB- | National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 10/1/26 | 604857 |
| 200000 | A3(d) | SGSP Australia Assets Pty Ltd., Company Guaranteed Notes, 3.500% due 7/7/27 | 198872 |
|  |  | Total Gas | 803729 |
| **Healthcare — Services — 1.1%** | **Healthcare — Services — 1.1%** | **Healthcare — Services — 1.1%** | **Healthcare — Services — 1.1%** |
|  |  | Fresenius Medical Care U.S. Finance III Inc., Company Guaranteed Notes: |  |
| 550000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 12/1/26 | 541397 |
| 400000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875% due 12/1/26(a) | 393744 |
| 1675000 | BBB- | HCA Inc., Company Guaranteed Notes, 4.500% due 2/15/27 | 1678092 |
| 600000 | BBB- | Universal Health Services Inc., Senior Secured Notes, 1.650% due 9/1/26 | 592206 |
|  |  | Total Healthcare — Services | 3205439 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
|  |  | Athene Global Funding, Secured Notes: |  |
| 2000000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.509% (SOFR + 0.830%) due 1/7/27(a)(b) | 2003027 |
| 300000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950% due 1/7/27(a) | 302259 |

---

#### See Notes to Financial Statements.

#### 256

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Insurance — 4.6% — (continued)** | **Insurance — 4.6% — (continued)** | **Insurance — 4.6% — (continued)** | **Insurance — 4.6% — (continued)** |
| $1200000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.901% (SOFR + 1.210%) due 3/25/27(a)(b) | $1205709 |
| 1000000 | A | Brighthouse Financial Global Funding, Secured Notes, 5.550% due 4/9/27(a) | 1011350 |
|  |  | Corebridge Global Funding, Secured Notes: |  |
| 1000000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.429% (SOFR + 0.750%) due 1/7/28(a)(b) | 1001159 |
| 200000 | A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.551% (SOFR + 0.860%) due 12/15/28(a)(b) | 199980 |
| 3000000 | A- | F&G Global Funding, Secured Notes, 1.750% due 6/30/26(a) | 2974978 |
|  |  | GA Global Funding Trust, Secured Notes: |  |
| 300000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250% due 1/6/27(a) | 295579 |
| 1300000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400% due 9/23/27(a) | 1304993 |
|  |  | Jackson National Life Global Funding, Secured Notes: |  |
| 200000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.599% (SOFR + 0.890%) due 6/9/27(a)(b) | 200455 |
| 300000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650% (SOFR + 0.970%) due 1/14/28(a)(b) | 300837 |
| 2000000 | A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.644% (SOFR + 0.950%) due 9/12/28(a)(b) | 2006491 |
| 200000 | A+ | Reliance Standard Life Global Funding II, Secured Notes, 2.750% due 1/21/27(a) | 197407 |
| 900000 | A+ | Sammons Financial Group Global Funding, Senior Secured Notes, 4.537%<br>(SOFR + 0.850%) due 9/2/27(a)(b) | 905392 |
|  |  | Total Insurance | 13909616 |
| **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** |
| 2300000 | BBB | Uber Technologies Inc., Company Guaranteed Notes, 4.500% due 8/15/29(a) | 2303751 |
| **Leisure Time — 1.1%** | **Leisure Time — 1.1%** | **Leisure Time — 1.1%** | **Leisure Time — 1.1%** |
|  |  | Royal Caribbean Cruises Ltd., Senior Unsecured Notes: |  |
| 1000000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250% due 7/1/26(a) | 999791 |
| 1400000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375% due 7/15/27(a) | 1410964 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500% due 10/15/27 | 210745 |
| 600000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 4/1/28(a) | 613408 |
|  |  | Total Leisure Time | 3234908 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| 200000 | BBB- | Hyatt Hotels Corp., Senior Unsecured Notes, 5.750% due 1/30/27 | 202773 |
| 600000 | BB+ | Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26 | 597921 |
|  |  | Total Lodging | 800694 |
| **Machinery — Diversified — 0.2%** | **Machinery — Diversified — 0.2%** | **Machinery — Diversified — 0.2%** | **Machinery — Diversified — 0.2%** |
| 500000 | BBB | Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 3.450%<br>due 11/15/26 | 498386 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| 220000 | BBB | Cox Communications Inc., Senior Unsecured Notes, 3.350% due 9/15/26(a) | 218950 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| 1500000 | BBB+ | Glencore Funding LLC, Company Guaranteed Notes, 5.338% due 4/4/27(a) | 1522134 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| 400000 | BBB- | CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 2.670% due 12/1/26 | 395924 |
| **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
| 1100000 | BBB | Diamondback Energy Inc., Company Guaranteed Notes, 3.250% due 12/1/26 | 1095430 |
| 200000 | BBB- | Expand Energy Corp., Company Guaranteed Notes, 6.750% due 4/15/29(a) | 200586 |
| 300000 | BBB- | Harbour Energy PLC, Company Guaranteed Notes, 5.500% due 10/15/26(a)(e) | 298419 |
| 400000 | BBB | Variable Energi ASA, Senior Unsecured Notes, 5.000% due 5/18/27(a) | 403913 |
| 2000000 | BBB+ | Woodside Finance Ltd., Company Guaranteed Notes, 3.700% due 9/15/26(a) | 1994917 |
|  |  | Total Oil & Gas | 3993265 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| 700000 | BBB | Bayer U.S. Finance LLC, Company Guaranteed Notes, 6.125% due 11/21/26(a) | 709182 |
| 641000 | BBB+ | Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 3.200% due 9/23/26 | 638667 |
|  |  | Total Pharmaceuticals | 1347849 |

---

#### See Notes to Financial Statements.

#### 257

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
|  |  | Energy Transfer LP, Senior Unsecured Notes: |  |
| $200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900% due 7/15/26 | $199778 |
| 200000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500% due 6/1/27 | 203146 |
| 3400000 | BBB | MPLX LP, Senior Unsecured Notes, 1.750% due 3/1/26 | 3400000 |
| 1000000 | BBB | Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.500%<br>due 12/15/26 | 1003345 |
| 800000 | BBB+ | Spectra Energy Partners LP, Company Guaranteed Notes, 3.375% due 10/15/26 | 797134 |
|  |  | Total Pipelines | 5603403 |
| **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** | **Retail — 0.7%** |
| 2300000 | BBB+ | Starbucks Corp., Senior Unsecured Notes, 2.000% due 3/12/27 | 2259508 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
|  |  | Nationwide Building Society, Senior Non-Preferred Notes: |  |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.977% (SOFR + 1.290%) due 2/16/28(a)(b) | 201414 |
| 200000 | BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.977% (SOFR + 1.290%) due 2/16/28(b) | 201415 |
|  |  | Total Savings & Loans | 402829 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| 300000 | BBB+ | SK hynix Inc., Senior Unsecured Notes, 5.500% due 1/16/27(a) | 304447 |
| 200000 | BBB- | Skyworks Solutions Inc., Senior Unsecured Notes, 1.800% due 6/1/26 | 198811 |
|  |  | Total Semiconductors | 503258 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| 300000 | BBB | Fiserv Inc., Senior Unsecured Notes, 5.150% due 3/15/27 | 302974 |
|  |  | Oracle Corp., Senior Unsecured Notes: |  |
| 785000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost — $783,706, acquired 1/6/26), 1.650% due 3/25/26(f) | 783643 |
| 300000 | BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.650% due 7/15/26 | 298313 |
|  |  | Total Software | 1384930 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| 300000 | BBB | GATX Corp., Senior Unsecured Notes, 5.400% due 3/15/27 | 304303 |
|  |  | **TOTAL CORPORATE BONDS & NOTES**<br> (Cost — $161,257,465) | **161836607** |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 23.1% | COLLATERALIZED MORTGAGE OBLIGATIONS — 23.1% | COLLATERALIZED MORTGAGE OBLIGATIONS — 23.1% | COLLATERALIZED MORTGAGE OBLIGATIONS — 23.1% |
| **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** |
| 91423 | BBB- | Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 2.263%<br>(1-Month Term SOFR + 0.614%) due 9/25/34(b) | 92809 |
| 337161 | AAA | CCG Receivables Trust, Series 2025-1, Class A2, 4.480% due 10/14/32(a) | 339010 |
| 695052 | Aaa(d) | Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.690% due 8/22/30(a) | 696168 |
| 661954 | Aaa(d) | DLLAA LLC, Series 2025-1A, Class A2, 4.700% due 10/20/27(a) | 664348 |
| 269869 | Aaa(d) | DLLAD LLC, Series 2024-1A, Class A2, 5.500% due 8/20/27(a) | 270871 |
| 115971 | CCC | Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 4.613%<br>(1-Month Term SOFR + 0.939%) due 8/25/34(b) | 113538 |
| 13467 | A | Fremont Home Loan Trust, Series 2005-A, Class M3, 4.523%<br>(1-Month Term SOFR + 0.849%) due 1/25/35(b) | 13431 |
| 1925564 | AAA | M&T Equipment 2025-LEAF1 Notes, Series 2025-1A, Class A2, 4.700% due 12/16/27(a) | 1935192 |
| 120444 | BBB+ | MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 4.488%<br>(1-Month Term SOFR + 0.814%) due 9/25/34(b) | 111061 |
| 209534 | Aaa(d) | MMAF Equipment Finance LLC, Series 2024-A, Class A2, 5.200% due 9/13/27(a) | 210021 |
| 313860 | B- | Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 4.688%<br>(1-Month Term SOFR + 1.014%) due 5/25/34(b)(g) | 341318 |
| 399963 | NR | Pagaya AI Debt Grantor Trust, Series 2025-6, Class A2, 4.497% due 4/15/33(a) | 400711 |
| 82752 | NR | Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a) | 80947 |
|  |  | Towd Point Mortgage Trust: |  |
| 160167 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b) | 161198 |

---

#### See Notes to Financial Statements.

#### 258

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Asset-Backed Securities — 2.3% — (continued)** | **Asset-Backed Securities — 2.3% — (continued)** | **Asset-Backed Securities — 2.3% — (continued)** | **Asset-Backed Securities — 2.3% — (continued)** |
| $169607 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1, step bond to yield, 5.348% due 7/25/65(a) | $171276 |
| 893409 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES3, Class A1A, step bond to yield, 5.278% due 8/25/65(a) | 902626 |
| 241700 | A-(h) | UPXL Issuer Trust, Series 2025-1, Class A, 5.160% due 1/25/47(a) | 243896 |
|  |  | Total Asset-Backed Securities | 6748421 |
| **Mortgage Securities — 20.8%** | **Mortgage Securities — 20.8%** | **Mortgage Securities — 20.8%** | **Mortgage Securities — 20.8%** |
| 428474 | AAA(h) | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a) | 431561 |
| 1600000 | NR | BWAY Mortgage Trust, Series 2021-1450, Class A, 5.024%<br>(1-Month Term SOFR + 1.364%) due 9/15/36(a)(b) | 1571167 |
| 343345 | AAA(h) | Chase Home Lending Mortgage Trust, Series 2024-9, Class A11, 4.917%<br>(30-Day Average SOFR + 1.250%) due 9/25/55(a)(b) | 344958 |
| 1304534 | Aaa(d) | Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 4.517%<br>(30-Day Average SOFR + 0.850%) due 5/25/51(a)(b) | 1223192 |
|  |  | Credit Suisse Commercial Mortgage Capital Trust: |  |
| 199268 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A11, 4.467% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b) | 187224 |
| 557622 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL4, Class A1, 4.153% due 12/27/60(a)(b) | 556276 |
| 139664 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b) | 136781 |
|  |  | Federal Home Loan Mortgage Corp. (FHLMC), REMICS: |  |
| 306866 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4344, Class FA, 4.365% (30-Day Average SOFR + 0.564%) due 12/15/37(b) | 300735 |
| 358707 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4351, Class FA, 4.365% (30-Day Average SOFR + 0.564%) due 5/15/38(b) | 352507 |
| 775537 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4906, Class WF, 4.315% (30-Day Average SOFR + 0.514%) due 12/15/38(b) | 766375 |
| 668208 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5481, Class FJ, 4.817% (30-Day Average SOFR + 1.150%) due 12/25/54(b) | 674329 |
| 62906 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5484, Class FA, 4.867% (30-Day Average SOFR + 1.200%) due 12/25/54(b) | 63532 |
| 230428 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5491, Class FL, 4.867% (30-Day Average SOFR + 1.200%) due 1/25/55(b) | 232799 |
| 774474 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5495, Class AF, 4.817% (30-Day Average SOFR + 1.150%) due 1/25/55(b) | 781543 |
| 859407 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5496, Class AF, 4.767% (30-Day Average SOFR + 1.100%) due 1/25/55(b) | 865207 |
| 222638 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5500, Class GF, 4.617% (30-Day Average SOFR + 0.950%) due 10/25/54(b) | 224085 |
| 823007 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class QF, 4.617% (30-Day Average SOFR + 0.950%) due 2/25/55(b) | 828834 |
| 249070 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5511, Class FG, 4.817% (30-Day Average SOFR + 1.150%) due 3/25/55(b) | 251280 |
| 2874091 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5513, Class MF, 4.607% (30-Day Average SOFR + 0.940%) due 11/25/54(b) | 2892670 |
| 1897660 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5532, Class FA, 4.617% (30-Day Average SOFR + 0.950%) due 4/25/55(b) | 1910142 |
| 1487193 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5548, Class AF, 4.667% (30-Day Average SOFR + 1.000%) due 6/25/55(b) | 1495200 |
| 977697 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class FB, 4.617% (30-Day Average SOFR + 0.950%) due 8/25/55(b) | 983213 |
| 758500 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5567, Class FB, 4.667% (30-Day Average SOFR + 1.000%) due 8/25/55(b) | 764799 |
| 1942469 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5584, Class DF, 4.567% (30-Day Average SOFR + 0.900%) due 10/25/55(b) | 1954424 |
| 383670 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5593, Class FB, 4.567% (30-Day Average SOFR + 0.900%) due 11/25/55(b) | 386064 |
| 449864 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5607, Class FA, 4.567% (30-Day Average SOFR + 0.900%) due 12/25/55(b) | 451914 |
|  |  | Federal National Mortgage Association (FNMA), REMICS: |  |
| 619040 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-108, Class AF, 4.082% (30-Day Average SOFR + 0.414%) due 1/25/48(b) | 612717 |
| 190946 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-9, Class FA, 4.315% (30-Day Average SOFR + 0.514%) due 3/25/49(b) | 189750 |
| 674623 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-90, Class FB, 4.917% (30-Day Average SOFR + 1.250%) due 11/25/53(b) | 682991 |
| 842733 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class FB, 4.767% (30-Day Average SOFR + 1.100%) due 1/25/55(b) | 848613 |
| 383744 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FC, 4.817% (30-Day Average SOFR + 1.150%) due 1/25/55(b) | 387247 |
| 547040 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FJ, 4.867% (30-Day Average SOFR + 1.200%) due 1/25/55(b) | 552655 |
| 243801 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class FB, 4.867% (30-Day Average SOFR + 1.200%) due 12/25/53(b) | 246234 |
| 198027 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class FA, 4.917% (30-Day Average SOFR + 1.250%) due 2/25/55(b) | 200229 |
| 371593 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-16, Class FA, 4.817% (30-Day Average SOFR + 1.150%) due 3/25/55(b) | 374373 |
| 413441 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19, Class FC, 4.827% (30-Day Average SOFR + 1.160%) due 3/25/55(b) | 417064 |
| 1119666 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-40, Class FP, 4.667% (30-Day Average SOFR + 1.000%) due 10/25/54(b) | 1128682 |
| 684972 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-88, Class FM, 4.567% (30-Day Average SOFR + 0.900%) due 8/25/55(b) | 689210 |
| 7487409 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-88, Class KF, 4.717% (30-Day Average SOFR + 1.050%) due 9/25/55(b) | 7542784 |
| 2422731 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-95, Class F, 4.567% (30-Day Average SOFR + 0.900%) due 12/25/53(b) | 2433906 |
| 1186552 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-99, Class KF, 4.667% (30-Day Average SOFR + 1.000%) due 11/25/55(b) | 1193741 |

---

#### See Notes to Financial Statements.

#### 259

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Mortgage Securities — 20.8% — (continued)** | **Mortgage Securities — 20.8% — (continued)** | **Mortgage Securities — 20.8% — (continued)** | **Mortgage Securities — 20.8% — (continued)** |
|  |  | GCAT Trust: |  |
| $524534 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b) | $470203 |
| 629296 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b) | 592921 |
|  |  | Government National Mortgage Association (GNMA): |  |
| 269650 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H06, Class FD, 4.717% (1-Month Term SOFR + 1.034%) due 7/20/65(b) | 271305 |
| 465855 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H15, Class FE, 5.581% (1-Year Term SOFR + 1.515%) due 7/20/67(b) | 473448 |
| 60361 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-17, Class EU, 2.500% due 10/20/49 | 54972 |
| 41986 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21, Class AC, 2.500% due 1/20/49 | 38352 |
| 2665185 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b) | 2368774 |
| 188391 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H11, Class FC, 4.762% (30-Day Average SOFR + 1.100%) due 5/20/73(b) | 192956 |
| 356522 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H24, Class FA, 4.612% (30-Day Average SOFR + 0.950%) due 10/20/73(b) | 362812 |
| 171424 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, 4.762% (30-Day Average SOFR + 1.100%) due 11/20/73(b) | 175839 |
| 745214 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, 4.562% (30-Day Average SOFR + 0.900%) due 1/20/74(b) | 756739 |
| 7744947 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-135, Class FE, 4.812% (30-Day Average SOFR + 1.150%) due 8/20/55(b)(i) | 7826626 |
| 349495 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H20, Class FA, 4.432% (30-Day Average SOFR + 0.770%) due 9/20/75(b) | 352892 |
| 348211 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H22, Class F, 4.442% (30-Day Average SOFR + 0.780%) due 10/20/75(b) | 351497 |
| 856103 | AAA(h) | GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b) | 812748 |
|  |  | GS Mortgage-Backed Securities Trust: |  |
| 634663 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR2, Class A9, 4.547% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b) | 595168 |
| 217098 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A9, 4.547% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b) | 203596 |
| 386046 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PJ7, Class A25, 5.018% (30-Day Average SOFR + 1.350%) due 11/25/54(a)(b) | 387870 |
| 137825 | BBB- | JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.157% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b) | 137606 |
|  |  | JPMorgan Mortgage Trust: |  |
| 131147 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b) | 121800 |
| 272520 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12, Class A11, 4.547% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b) | 255477 |
| 154861 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1, Class A1, step bond to yield, 5.591% due 6/25/65(a) | 156552 |
| 223351 | NR | Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to yield, 6.250% due 7/25/67(a) | 223754 |
|  |  | MFA Trust: |  |
| 75210 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b) | 73617 |
| 67428 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b) | 66334 |
|  |  | Mill City Mortgage Loan Trust: |  |
| 267050 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b) | 261699 |
| 189332 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b) | 183307 |
| 1485076 | Aa1(d) | Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 4.874%<br>(1-Month Term SOFR + 1.214%) due 8/15/38(a)(b) | 1453575 |
|  |  | New Residential Mortgage Loan Trust: |  |
| 118111 | NR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b) | 117358 |
| 34936 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b) | 34301 |
| 1800000 | AAA(h) | NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 4.869%<br>(1-Month Term SOFR + 1.209%) due 11/15/38(a)(b) | 1797842 |
|  |  | OBX Trust: |  |
| 208349 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a) | 210455 |
| 389117 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a) | 394924 |
| 377044 | Aaa(d) | Oceanview Mortgage Trust, Series 2025-3, Class AF1, 4.618%<br>(30-Day Average SOFR + 0.950%) due 5/25/55(a)(b) | 378044 |
| 189025 | AAA(h) | PRPM LLC, Series 2025-RCF6, Class A1, step bond to yield, 4.942% due 12/25/55(a) | 190571 |
| 150435 | AAA(h) | PRPM Trust, Series 2024-NQM4, Class A1, step bond to yield, 5.674% due 12/26/69(a) | 151890 |
| 502916 | AAA(h) | Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.433% due 11/25/63(a)(b) | 507694 |

---

#### See Notes to Financial Statements.

#### 260

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Mortgage Securities — 20.8% — (continued)** | **Mortgage Securities — 20.8% — (continued)** | **Mortgage Securities — 20.8% — (continued)** | **Mortgage Securities — 20.8% — (continued)** |
|  |  | Towd Point Mortgage Trust: |  |
| $186668 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b) | $184700 |
| 90750 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY2, Class A1, 4.788% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b) | 92750 |
| 98321 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY3, Class A1A, 4.788% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b) | 98547 |
| 327588 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b) | 318792 |
| 445607 | AAA(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b) | 436853 |
| 124668 | AAA(h) | Verus Securitization Trust, Series 2023-5, Class A1, step bond to yield, 6.476% due 6/25/68(a) | 125004 |
| 212650 | AA | WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 4.368% (1-Month Term SOFR + 0.694%) due 10/25/45(b) | 208240 |
|  |  | Total Mortgage Securities | 62601411 |
|  |  | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost — $69,718,825) | **69349832** |
| COLLATERALIZED LOAN OBLIGATIONS — 9.6% | COLLATERALIZED LOAN OBLIGATIONS — 9.6% | COLLATERALIZED LOAN OBLIGATIONS — 9.6% | COLLATERALIZED LOAN OBLIGATIONS — 9.6% |
| **Other ABS — 9.6%** | **Other ABS — 9.6%** | **Other ABS — 9.6%** | **Other ABS — 9.6%** |
| 2000000 | Aaa(d) | Anchorage Credit Funding 19 Ltd., Series 2025-19A, Class A, 5.036% due 10/25/40(a) | 2005442 |
| 1600000 | AAA | Atlas Senior Loan Fund XVI Ltd., Series 2021-16A, Class AR, 4.768%<br>(3-Month Term SOFR + 1.100%) due 1/20/34(a)(b) | 1600490 |
| 1000000 | AAA | Atlas Senior Loan Fund XVIII Ltd., Series 2021-18A, Class A1R, 4.778%<br>(3-Month Term SOFR + 1.110%) due 1/18/35(a)(b) | 1001368 |
| 2500000 | Aaa(d) | Bain Capital Credit CLO Ltd., Series 2022-2A, Class A1R, 4.819%<br>(3-Month Term SOFR + 1.150%) due 4/22/35(a)(b) | 2504503 |
| 131073 | AAA | BlueMountain CLO Ltd., Series 2018-3A, Class A1R, 4.858%<br>(3-Month Term SOFR + 1.190%) due 10/25/30(a)(b) | 131392 |
| 8957 | Aaa(d) | Dryden 54 Senior Loan Fund, Series 2017-54A, Class AR, 4.818%<br>(3-Month Term SOFR + 1.150%) due 10/19/29(a)(b) | 8961 |
| 400000 | Aaa(d) | Dryden 95 CLO Ltd., Series 2021-95A, Class AR, 4.696%<br>(3-Month Term SOFR + 1.040%) due 8/20/34(a)(b) | 400148 |
| 278701 | Aaa(d) | Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.024%<br>(3-Month Term SOFR + 1.352%) due 7/15/31(a)(b) | 279063 |
| 1300000 | Aaa(d) | Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, 4.778%<br>(3-Month Term SOFR + 1.110%) due 4/20/35(a)(b) | 1302987 |
| 852347 | AAA | Greywolf CLO III Ltd., Series 2020-3RA, Class A1R2, 4.899%<br>(3-Month Term SOFR + 1.230%) due 4/22/33(a)(b) | 853487 |
| 43155 | Aaa(d) | KKR CLO 11 Ltd., Series 11, Class AR, 5.114%<br>(3-Month Term SOFR + 1.442%) due 1/15/31(a)(b) | 43176 |
| 400000 | AAA | KKR CLO 16 Ltd., Series 16, Class A1R3, 4.808%<br>(3-Month Term SOFR + 1.140%) due 10/20/34(a)(b) | 400475 |
| 2000000 | AAA | KKR CLO 36 Ltd., Series 36A, Class AR, 4.822%<br>(3-Month Term SOFR + 1.150%) due 10/15/34(a)(b) | 2002650 |
| 1000000 | AAA | LCM 31 Ltd., Series 31A, Class AR, 4.948%<br>(3-Month Term SOFR + 1.280%) due 7/20/34(a)(b) | 1000862 |
| 1200000 | Aaa(d) | Marble Point CLO XXIV Ltd., Series 2022-1A, Class A1R, 4.753%<br>(3-Month Term SOFR + 1.090%) due 4/20/35(a)(b) | 1200692 |
| 400000 | AAA | Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class AR, 4.718%<br>(3-Month Term SOFR + 1.050%) due 7/17/36(a)(b) | 400456 |
| 400000 | AAA | Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class AR, 4.727%<br>(3-Month Term SOFR + 1.060%) due 10/14/36(a)(b) | 400473 |
| 1600000 | Aaa(d) | PPM CLO 5 Ltd., Series 2021-5A, Class AR, 4.848%<br>(3-Month Term SOFR + 1.180%) due 10/18/34(a)(b) | 1602424 |
| 2000000 | Aaa(d) | Rockford Tower CLO Ltd., Series 2021-2A, Class A1R, 4.798%<br>(3-Month Term SOFR + 1.130%) due 7/20/34(a)(b) | 2002836 |
| 358387 | AAA | Sound Point CLO XXVIII Ltd., Series 2020-3A, Class A1R, 4.948%<br>(3-Month Term SOFR + 1.280%) due 1/25/32(a)(b) | 358995 |
| 2000000 | AAA(h) | Symphony CLO XXIV Ltd., Series 2020-24A, Class A1R, 4.801%<br>(3-Month Term SOFR + 1.130%) due 10/23/35(a)(b) | 2001546 |

---

#### See Notes to Financial Statements.

#### 261

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Other ABS — 9.6% — (continued)** | **Other ABS — 9.6% — (continued)** | **Other ABS — 9.6% — (continued)** | **Other ABS — 9.6% — (continued)** |
| $800000 | Aaa(d) | Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 4.822%<br>(3-Month Term SOFR + 1.150%) due 10/15/35(a)(b) | $800869 |
| 1600000 | Aaa(d) | Symphony CLO XXV Ltd., Series 2021-25A, Class AR, 4.718%<br>(3-Month Term SOFR + 1.050%) due 4/19/34(a)(b) | 1603714 |
| 900000 | Aaa(d) | Symphony CLO XXXII Ltd., Series 2022-32A, Class AR, 4.821%<br>(3-Month Term SOFR + 1.150%) due 10/23/35(a)(b) | 901004 |
| 1000000 | AAA | Tralee CLO V Ltd., Series 2018-5A, Class A1RR, 4.748%<br>(3-Month Term SOFR + 1.080%) due 10/20/34(a)(b) | 1000372 |
| 335351 | Aaa(d) | Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 5.059%<br>(3-Month Term SOFR + 1.392%) due 4/20/32(a)(b) | 335660 |
| 721530 | AAA(h) | Verdelite Static CLO Ltd., Series 2024-1A, Class A, 4.798%<br>(3-Month Term SOFR + 1.130%) due 7/20/32(a)(b) | 721865 |
| 2000000 | AAA | Wellfleet CLO Ltd., Series 2021-1A, Class A1R, 4.848%<br>(3-Month Term SOFR + 1.180%) due 4/20/34(a)(b) | 2000664 |
|  |  | **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br> (Cost — $28,829,177) | **28866574** |
| ASSET-BACKED SECURITIES — 9.3% | ASSET-BACKED SECURITIES — 9.3% | ASSET-BACKED SECURITIES — 9.3% | ASSET-BACKED SECURITIES — 9.3% |
| **Automobiles — 5.4%** | **Automobiles — 5.4%** | **Automobiles — 5.4%** | **Automobiles — 5.4%** |
| 953603 | AAA | American Heritage Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.480% due 8/15/28(a) | 955873 |
| 821684 | AAA | ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due 4/15/33(a) | 827113 |
| 750846 | Aaa(d) | Bank of America Auto Trust, Series 2023-1A, Class A3, 5.530% due 2/15/28(a) | 756623 |
| 211645 | AAA | CarMax Auto Owner Trust, Series 2024-3, Class A2B, 4.128%<br>(30-Day Average SOFR + 0.470%) due 9/15/27(b) | 211682 |
|  |  | Carvana Auto Receivables Trust: |  |
| 2769000 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1, Class A4, 5.940% due 1/10/29(a) | 2806651 |
| 577255 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P2, Class A3, 5.420% due 4/10/28(a) | 578680 |
| 873451 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P4, Class A3, 6.160% due 10/10/28(a) | 881076 |
| 1441633 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class A3, 5.050% due 4/10/29(a) | 1450309 |
| 1827562 | Aaa(d) | Chase Auto Owner Trust, Series 2024-3A, Class A3, 5.220% due 7/25/29(a) | 1847536 |
| 281525 | Aaa(d) | Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due 5/15/36(a) | 285160 |
| 666667 | Aaa(d) | Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.490% due 6/25/27(a) | 667398 |
| 1975000 | AAA | LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.520% due 3/15/29(a) | 1982955 |
| 97346 | Aaa(d) | Oscar US Funding XV LLC, Series 2023-1A, Class A3, 5.810% due 12/10/27(a) | 97911 |
| 200000 | AAA | PenFed Auto Receivables Owner Trust, Series 2025-A, Class A3, 4.030% due 7/15/30(a) | 201266 |
| 876959 | Aaa(d) | SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.560% due 11/22/27(a) | 880886 |
| 324613 | AAA | SCCU Auto Receivables Trust, Series 2023-1A, Class A3, 5.700% due 10/16/28(a) | 326713 |
| 200000 | AAA | SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A2A, 3.910% due 8/20/29(a) | 200179 |
|  |  | Toyota Auto Receivables Owner Trust: |  |
| 109779 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.760% due 4/15/27 | 109771 |
| 1286630 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.460% due 3/15/28 | 1289904 |
|  |  | Total Automobiles | 16357686 |
| **Credit Cards — 1.0%** | **Credit Cards — 1.0%** | **Credit Cards — 1.0%** | **Credit Cards — 1.0%** |
| 1100000 | Aaa(d) | Golden Credit Card Trust, Series 2022-1A, Class A, 1.970% due 1/15/29(a) | 1081600 |
| 1800000 | Aaa(d) | Trillium Credit Card Trust II, Series 2025-1A, Class A, 4.263%<br>(SOFR + 0.590%) due 9/26/30(a)(b) | 1808446 |
|  |  | Total Credit Cards | 2890046 |
| **Student Loans — 2.9%** | **Student Loans — 2.9%** | **Student Loans — 2.9%** | **Student Loans — 2.9%** |
|  |  | ECMC Group Student Loan Trust: |  |
| 400752 | Aa1(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 4.832% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b) | 403946 |
| 287383 | Aa1(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 4.532% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b) | 286472 |
| 431222 | Aa1(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1B, 4.782% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b) | 432796 |

---

#### See Notes to Financial Statements.

#### 262

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** | **Rating††** | **Security** | **Value** |
| **Student Loans — 2.9% — (continued)** | **Student Loans — 2.9% — (continued)** | **Student Loans — 2.9% — (continued)** | **Student Loans — 2.9% — (continued)** |
| $1182090 | AAA | ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a) | $1071863 |
|  |  | Navient Private Education Loan Trust: |  |
| 232159 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-BA, Class A3, 5.224% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b) | 232549 |
| 152661 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, 4.674% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b) | 152396 |
|  |  | Navient Private Education Refinance Loan Trust: |  |
| 96427 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 1.170% due 9/16/69(a) | 91385 |
| 147600 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1A, 1.330% due 4/15/69(a) | 138401 |
| 821943 | Aaa(d) | Navient Refinance Loan Trust, Series 2025-C, Class A, 4.800% due 10/15/55(a) | 833857 |
|  |  | Nelnet Student Loan Trust: |  |
| 421824 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A, 4.632% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b) | 422484 |
| 412573 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 4.682% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b) | 413323 |
| 326498 | AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class A, 4.588% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b) | 326902 |
| 219214 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class AFL, 4.472% (1-Month Term SOFR + 0.804%) due 4/20/62(a)(b) | 218439 |
| 669626 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DA, Class A1A, 4.650% due 8/20/54(a) | 673897 |
| 600000 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-A, Class A1A, 4.610% due 2/21/61(a) | 602375 |
| 200000 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-A, Class A1B, 0.000% (30-Day Average SOFR + 1.300%) due 2/21/61(a)(b) | 200456 |
|  |  | SMB Private Education Loan Trust: |  |
| 139215 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a) | 132593 |
| 112957 | AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class A1A, 1.340% due 3/17/53(a) | 107706 |
| 932662 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1B, 5.108% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(b) | 942049 |
| 123947 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A1B, 5.458% (30-Day Average SOFR + 1.800%) due 10/16/56(a)(b) | 126578 |
| 342976 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A1B, 5.208% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b) | 346759 |
| 302073 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 5.240% due 3/15/56(a) | 313002 |
| 151036 | Aaa(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1B, 5.108% (30-Day Average SOFR + 1.450%) due 3/15/56(a)(b) | 153321 |
| 168451 | Aaa(d) | Towd Point Asset Trust, Series 2021-SL1, Class A2, 4.482%<br>(1-Month Term SOFR + 0.814%) due 11/20/61(a)(b) | 168171 |
|  |  | Total Student Loans | 8791720 |
|  |  | **TOTAL ASSET-BACKED SECURITIES**<br> (Cost — $28,102,837) | **28039452** |
| U.S. GOVERNMENT OBLIGATIONS — 5.6% | U.S. GOVERNMENT OBLIGATIONS — 5.6% | U.S. GOVERNMENT OBLIGATIONS — 5.6% | U.S. GOVERNMENT OBLIGATIONS — 5.6% |
|  |  | U.S. Treasury Inflation Indexed Notes: |  |
| 4596494 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 7/15/26(i)(n) | 4621248 |
| 6166628 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.125% due 10/15/26(i) | 6179208 |
| 4963587 |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% due 1/15/27(i)(n) | 4950898 |
| 953380 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2.125% due 4/15/29 | 986063 |
|  |  | **TOTAL U.S. GOVERNMENT OBLIGATIONS**<br> (Cost — $16,631,789) | **16737417** |
| MORTGAGE-BACKED SECURITIES — 2.6% | MORTGAGE-BACKED SECURITIES — 2.6% | MORTGAGE-BACKED SECURITIES — 2.6% | MORTGAGE-BACKED SECURITIES — 2.6% |
| **FHLMC — 0.2%** | **FHLMC — 0.2%** | **FHLMC — 0.2%** | **FHLMC — 0.2%** |
| 642468 |  | Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 — 9/1/49 | 632420 |
| **FNMA — 2.4%** | **FNMA — 2.4%** | **FNMA — 2.4%** | **FNMA — 2.4%** |
| 7200000 |  | Federal National Mortgage Association (FNMA), 5.500% due 4/1/56(j) | 7309522 |
|  |  | **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost — $7,978,614) | **7941942** |
| SOVEREIGN BONDS — 1.4% | SOVEREIGN BONDS — 1.4% | SOVEREIGN BONDS — 1.4% | SOVEREIGN BONDS — 1.4% |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| 800000 | A | Chile Government International Bonds, 2.750% due 1/31/27 | 790840 |
| **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** | **Panama — 0.2%** |
|  |  | Panama Government International Bonds: |  |
| 300000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 8.875% due 9/30/27 | 322725 |
| 200000 | BBB- | &nbsp;&nbsp;&nbsp;&nbsp; 3.875% due 3/17/28 | 198280 |
|  |  | Total Panama | 521005 |

---

#### See Notes to Financial Statements.

#### 263

------

<br> Schedules of Investments

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
| **Face<br>Amount/Units†** |  | **Rating††** | **Security** | **Value** |
| **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** | **Saudi Arabia — 0.9%** |
| $2700000 |  | Aa3(d) | Saudi Government International Bonds, 5.125% due 1/13/28 | $2758910 |
|  |  |  | **TOTAL SOVEREIGN BONDS**<br> (Cost — $4,062,033) | **4070755** |
|  |  |  | **TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS**<br> (Cost — $316,580,740) | **316842579** |
| SHORT-TERM INVESTMENTS(k) — 3.5% | SHORT-TERM INVESTMENTS(k) — 3.5% | SHORT-TERM INVESTMENTS(k) — 3.5% | SHORT-TERM INVESTMENTS(k) — 3.5% | SHORT-TERM INVESTMENTS(k) — 3.5% |
| COMMERCIAL PAPERS — 1.3% | COMMERCIAL PAPERS — 1.3% | COMMERCIAL PAPERS — 1.3% | COMMERCIAL PAPERS — 1.3% | COMMERCIAL PAPERS — 1.3% |
| 1600000 |  |  | Global Payments Inc., 4.072% due 3/6/26(l) | 1599276 |
| 1100000 |  |  | HCA Inc., 4.122% due 3/20/26(a)(l) | 1097614 |
| 1300000 |  |  | Southern California Edison Co., 4.221% due 3/3/26(a)(l) | 1299697 |
|  |  |  | **TOTAL COMMERCIAL PAPERS**<br> (Cost — $3,996,587) | **3996587** |
| MONEY MARKET FUND — 0.1% | MONEY MARKET FUND — 0.1% | MONEY MARKET FUND — 0.1% | MONEY MARKET FUND — 0.1% | MONEY MARKET FUND — 0.1% |
| 306063 |  |  | Invesco STIT — Government & Agency Portfolio, Institutional Class, 3.674%(m) |  |
|  |  |  | (Cost — $306,063) | **306063** |
| TIME DEPOSITS — 1.2% | TIME DEPOSITS — 1.2% | TIME DEPOSITS — 1.2% | TIME DEPOSITS — 1.2% | TIME DEPOSITS — 1.2% |
| 21 | <sup>NZD</sup> |  | BBH — New York, 1.400% due 3/2/26 | 13 |
| 3551959 |  |  | Citibank — New York, 2.980% due 3/2/26 | 3551959 |
| 11466 |  |  | JPMorgan Chase & Co. — New York, 2.980% due 3/2/26 | 11466 |
|  |  |  | **TOTAL TIME DEPOSITS**<br> (Cost — $3,563,438) | **3563438** |
| U.S. GOVERNMENT OBLIGATION — 0.9% | U.S. GOVERNMENT OBLIGATION — 0.9% | U.S. GOVERNMENT OBLIGATION — 0.9% | U.S. GOVERNMENT OBLIGATION — 0.9% | U.S. GOVERNMENT OBLIGATION — 0.9% |
| 2700000 |  |  | U.S. Treasury Bills, 3.646% due 4/9/26(l) |  |
|  |  |  | (Cost — $2,689,381) | **2689381** |
|  |  |  | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost — $10,555,469) | **10555469** |
|  |  |  | **TOTAL INVESTMENTS — 108.9%**<br> (Cost — $327,136,209) | **327398048** |
|  |  |  | Liabilities in Excess of Other Assets — (8.9)% | (26718608) |
|  |  |  | **TOTAL NET ASSETS — 100.0%** | $**300679440** |

---

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

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

(a) Restricted security that may be sold to "qualified institutional buyers" pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at February 28, 2026, amounts to $128,275,167 and represents 42.7% of net assets.

(b) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2026.

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

(d) Rating by Moody's Investors Service.

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

#### See Notes to Financial Statements.

#### 264

------

<br> Schedules of Investments

(unaudited) (continued)

<u>Ultra-Short Term Fixed Income Fund</u>

(f) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2026, amounts to $783,643 and represents 0.3% of net assets.

(g) Affiliated security (see Note 2). As of February 28, 2026, total cost and total value of affiliated security amounted to $313,616 and $341,318, respectively.

(h) Rating by Fitch Ratings Service.

(i) Position, or portion thereof, has been segregated to collateralize reverse repurchase agreement.

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

(k) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 3.4%.

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

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

(n) All or a portion of this security was purchased in a sale-buyback transaction. The value of these securities totals $9,572,146 which represents 3.2% of net assets.

(o) Illiquid security.

At February 28, 2026, for Ultra-Short Term Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For<br>Federal Income<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation** |
|  Ultra-Short Term Fixed Income Fund | $327136209 | $1503903 | $(1458908) | $44995 |

---

---

| | |
|:---|:---|
| **Abbreviations used in this schedule:** | **Abbreviations used in this schedule:** |
| ABS | — Asset-Backed Security |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Rate |
| DAC | — Designated Activity Company |
| 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^ | Summary of Investments by Security Type^ |
|  Corporate Bonds & Notes | 49.5 |
|  Collateralized Mortgage Obligations | 21.2 |
|  Collateralized Loan Obligations | 8.8 |
|  Asset-Backed Securities | 8.6 |
|  U.S. Government Obligations | 5.1 |
|  Mortgage-Backed Securities | 2.4 |
|  Sovereign Bonds | 1.3 |
|  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.

#### See Notes to Financial Statements.

#### 265

------

---

| |
|:---|
| Schedules of Investments |
| (unaudited) (continued) |

---

<u>Ultra-Short Term Fixed Income Fund</u>

At February 28, 2026, Ultra-Short Term Fixed Income Fund held the following Reverse Repurchase Agreements:

---

| | | |
|:---|:---|:---|
| **Face<br>Amount†** | **Security** | **Value** |
|  | Bank of America: |  |
| $950250 | &nbsp;&nbsp;&nbsp;&nbsp; 3.800% due 3/4/26 | $950250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9251250 | &nbsp;&nbsp;&nbsp;&nbsp; 3.780% due 3/5/26 | 9251250 |
| 135750 | Barclays Capital Inc., 3.780% due 3/9/26 | 135750 |
| 3718406 | Citigroup Global Markets Inc., 3.860% due 3/2/26 | 3718406 |
|  | **TOTAL REVERSE REPURCHASE AGREEMENTS**<br> (Proceeds — $14,055,656) | $**14055656** |

---

For the period ended February 28, 2026, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $9,782,399 and 3.944%, respectively.<br>

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

At February 28, 2026, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Number of<br>Contracts** | **Expiration<br>Date<br>(Month/Year)** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| **Contracts to Buy:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR Futures | 19 | 3/28 | $4599900 | $4609400 | $9500 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 5-Year Note Futures | 325 | 6/26 | 35694141 | 35795703 | 101562 |
|  |  |  |  |  | 111062 |
| **Contracts to Sell:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 2-Year Note Futures | 396 | 6/26 | 82739250 | 82872281 | (133031) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10-Year Note Futures | 56 | 6/26 | 6321438 | 6373501 | (52063) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Long Bond Futures | 41 | 6/26 | 4928648 | 4985343 | (56695) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Long Bond Futures | 73 | 6/26 | 8435492 | 8521609 | (86117) |
|  |  |  |  |  | (327906) |
|  Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts |  |  |  |  | $(216844) |

---

At February 28, 2026, Ultra-Short Term Fixed Income Fund had deposited cash of $925,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

---

| | |
|:---|:---|
| **Currency abbreviation used in this schedule:** | **Currency abbreviation used in this schedule:** |
| NZD | — New Zealand Dollar |

---

#### See pages 268-269 for definitions of ratings.
At February 28, 2026, Ultra-Short Term Fixed Income Fund was involved in following sale-buyback transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Date** | **Maturity<br>Date** | **Borrowing<br>Rate** | **Amount<br>Borrowed** |
|  BNP Paribas SA | 2/18/26 | 3/4/26 | 3.827% | $3530760 |
|  BNP Paribas SA | 2/18/26 | 3/4/26 | 3.827% | 1337808 |
|  |  |  |  | $4868568 |

---

#### See Notes to Financial Statements.

#### 266

------

---

| |
|:---|
| Schedules of Investments |
| (unaudited) (continued) |

---

<u>Alternative Strategies Fund</u>

---

| | | |
|:---|:---|:---|
| **Units** | **Security** | **Value** |
| OPEN END MUTUAL FUND SECURITIES—99.3% | OPEN END MUTUAL FUND SECURITIES—99.3% | OPEN END MUTUAL FUND SECURITIES—99.3% |
| **United States — 99.3%** | **United States — 99.3%** | **United States — 99.3%** |
| 667616 | AB Select U.S. Long/Short Portfolio, Class I | $9707131 |
| 1613899 | Abbey Capital Futures Strategy Fund, Class I | 18882622 |
| 1526812 | BlackRock Event Driven Equity Fund, Institutional Class | 16046796 |
| 688844 | BlackRock Global Equity Market Neutral Fund, Institutional Class | 10311988 |
| 1926948 | BlackRock Systematic Multi-Strategy Fund, Institutional Class | 20830311 |
| 504812 | BlackRock Tactical Opportunities Fund, Institutional Class\* | 8092137 |
| 824602 | BNY Mellon Global Real Return Fund, Class Y | 14513002 |
| 760466 | Calamos Market Neutral Income Fund, Class I | 12045776 |
| 72019 | Cohen & Steers Global Realty Shares Inc., Class I | 4342012 |
| 1897795 | John Hancock Diversified Macro Fund, Class I | 16985266 |
| 221364 | JPMorgan Hedged Equity Fund, Class I | 7873908 |
| 694416 | Neuberger Berman Long Short Fund, Institutional Class | 13839705 |
| 281930 | PIMCO CommodityRealReturn Strategy Fund, Institutional Class | 4533436 |
| 1417185 | PIMCO Credit Opportunities Bond Fund, Institutional Class | 13973442 |
| 2134704 | PIMCO Mortgage Opportunities and Bond Fund, Class I2 | 20279687 |
| 1158528 | Touchstone Flexible Income Fund, Institutional Class | 12187713 |
|  | **TOTAL INVESTMENTS — 99.3%**<br> (Cost — $191,079,829) | **204444932** |
|  | Other Assets in Excess of Liabilities—0.7% | 1426301 |
|  | **TOTAL NET ASSETS — 100.0%** | $**205871233** |

---

\* Non-income producing security.

At February 28, 2026, for Alternative Strategies Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Aggregate Cost For<br>Federal Income<br>Tax Purposes** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>(Depreciation)** | **Net<br>Unrealized<br>Appreciation** |
|  Alternative Strategies Fund | $191079829 | $14576525 | $(1211422) | $13365103 |

---

---

| | |
|:---|:---|
| Summary of Investments by Security Type^ |  |
|  Open End Mutual Fund Securities | 100.0% |

---

---

| | |
|:---|:---|
| ^ | As a percentage of total investments.  |

---

#### See Notes to Financial Statements.

#### 267

------

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. |

---

#### 268

------

Ratings

(unaudited) (continued)

*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. |
| 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. |

---

#### 269

------

<br> Statements of Assets and Liabilities

February 28, 2026 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan Stanley<br>Pathway <br>Large Cap Equity<br>ETF** | **Morgan Stanley<br>Pathway <br>Small-Mid Cap<br>Equity ETF** | **International <br>Equity Fund** |
| ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at value<sup>1,3</sup> | $3562270916 | $729603445 | $1367485099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments, at value<sup>2</sup> | 7247847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value<sup>4</sup> | 24 | 19 | 486478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 109974 | 42143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1660877 | 1447429 | 3535332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for TBA securities sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable from unaffiliated investments | 3189126 | 401865 | 9776924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable from affiliated investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 2728805 |  | 821201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open forward foreign currency contracts (Note 1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open futures contracts (Note 1) |  |  | 21440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open centrally cleared swap contracts (Note 1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on open OTC swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront payment paid on open OTC swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits for collateral with counterparty | 1197984 | 496996 | 199747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax receivable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid trustees expenses | 131864 | 24852 | 82176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 59029 | 9105 | 38682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 3578596446 | 732025854 | 1382447079 |
| LIABILITIES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements, at value<sup>7</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received from securities on loan | 973888 | 1999348 | 2755398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased |  |  | 675824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2589739 | 872195 | 4419181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for TBA securities purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fee payable | 799490 | 266646 | 468773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 11737 | 8493 | 36003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense payable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fee payable | 82906 |  | 153016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open futures contracts (Note 1) | 79825 | 90045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on open centrally cleared swap contracts (Note 1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward sale commitments, at value<sup>5</sup> (Note 1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options contracts written, at value<sup>6</sup> (Note 1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open OTC swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront payment received on open OTC swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on open forward foreign currency contracts (Note 1) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits for collateral from counterparty |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax payable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees payable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 213237 | 107979 | 178583 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 4750822 | 3344706 | 8686778 |
| **Total Net Assets** | $3573845624 | $728681148 | $1373760301 |
| NET ASSETS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital (Note 5) | $1931998771 | $506124260 | $858367520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (losses) | 1641846853 | 222556888 | 515392781 |
| **Total Net Assets** | $3573845624 | $728681148 | $1373760301 |
| **Shares Outstanding** | 65482167 | 13348475 | 80178928 |
| **Net Asset Value** | $54.58 | $54.59 | $17.13 |
| <sup>1</sup> Unaffiliated investments, at cost | $1920904289 | $514357955 | $840669916 |
| <sup>2</sup> Affiliated investments, at cost | $2375030 | $— | $— |
| <sup>3</sup> Includes securities on loan | $913165 | $1883635 | $2623363 |
| <sup>4</sup> Foreign currency, at cost | $679 | $473 | $460895 |
| <sup>5</sup> Proceeds received | $— | $— | $— |
| <sup>6</sup> Premiums received | $— | $— | $— |
| <sup>7</sup> Proceeds of reverse repurchase agreements | $— | $— | $— |

---

#### See Notes to Financial Statements.

#### 270

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging <br>Markets <br>Equity <br>Fund** | **Core Fixed <br>Income <br>Fund** | **High Yield <br>Fund** | **International<br>Fixed <br>Income <br>Fund** | **Municipal <br>Bond <br>Fund** | **Inflation-Linked<br>Fixed Income <br>Fund** | **Ultra-Short Term<br>Fixed Income <br>Fund** | **Alternative <br>Strategies <br>Fund** |
| $881537674 | $1901776139 | $159610902 | $240553852 | $88229268 | $203721705 | $327056730 | $204444932 |
|  |  |  |  |  |  | 341318 |  |
| 676845 | 37 |  | 667336 |  | 125011 |  |  |
|  | 111264 |  |  |  | 4307406 | 21736 | 1836902 |
| 7115435 | 32475162 | 26688 | 21377498 | 254247 | 957153 | 4126953 |  |
|  |  |  | 106352243 |  | 2075078 | 7310250 |  |
| 1300418 | 14285567 | 2689352 | 1553673 | 911913 | 796603 | 1828887 |  |
|  |  |  |  |  |  | 163 |  |
| 490958 | 645604 | 67781 | 92508 | 101625 | 36532 | 249737 | 94053 |
| 11 | 390920 |  | 1697155 |  | 441698 |  |  |
|  | 3784932 |  | 286995 |  | 99089 | 19748 |  |
|  | 217230 |  | 82098 |  |  |  |  |
|  |  |  | 1671329 |  |  |  |  |
|  |  |  | 327327 |  |  |  |  |
| 30000 | 2704000 |  | 3676000 |  | 1237000 | 925000 |  |
| 51285 |  |  |  |  |  |  |  |
| 26862 | 84024 | 5667 | 7929 | 304 | 5083 | 12165 | 6776 |
| 44621 | 77108 | 11451 | 14219 | 23409 | 4496 | 35952 | 24576 |
| 891274109 | 1956551987 | 162411841 | 378360162 | 89520766 | 213806854 | 341928639 | 206407239 |
|  |  |  | 3448625 |  | 54425125 | 14055656 |  |
| 2088847 | 9178517 | 4562496 |  |  |  | 306063 |  |
| 473712 | 6273854 | 141601 | 99786 | 201532 | 100345 | 802437 | 203567 |
| 6664907 | 30443432 | 2373327 | 25693589 | 126339 | 1004024 | 6307850 | 169413 |
|  | 32907799 |  | 120636112 |  | 13972410 | 14594906 |  |
|  |  |  |  |  |  | 4868568 |  |
| 334588 | 443071 | 56462 | 63891 | 26018 | 46757 | 76575 | 30132 |
| 10413 | 55084 | 7598 | 5515 | 2184 | 5151 | 19242 | 5038 |
|  |  |  | 3529 |  | 56844 | 30475 |  |
| 94084 | 209905 | 29266 | 87007 | 20507 | 47075 | 32550 | 27653 |
| 2520 |  |  |  |  |  |  |  |
|  |  |  |  |  | 29200 |  |  |
|  |  |  | 30674945 |  |  |  |  |
|  |  |  | 13421 |  | 61782 |  |  |
|  |  |  | 199119 |  |  |  |  |
|  |  |  | 219613 |  |  |  |  |
|  | 1021945 |  | 1220103 |  | 84763 |  |  |
|  |  |  | 590000 |  | 20000 |  |  |
| 3549929 |  |  |  |  |  |  |  |
|  |  |  |  | 93479 |  |  | 55522 |
| 129919 | 260360 | 170757 | 105736 | 27677 | 227315 | 154877 | 44681 |
| 13348919 | 80793967 | 7341507 | 183060991 | 497736 | 70080791 | 41249199 | 536006 |
| $877925190 | $1875758020 | $155070334 | $195299171 | $89023030 | $143726063 | $300679440 | $205871233 |
| $595739550 | $2105180465 | $178971643 | $215921440 | $94074269 | $156632282 | $313239219 | $196246432 |
| 282185640 | (229422445) | (23901309) | (20622269) | (5051239) | (12906219) | (12559779) | 9624801 |
| $877925190 | $1875758020 | $155070334 | $195299171 | $89023030 | $143726063 | $300679440 | $205871233 |
| 43857152 | 270415171 | 47942273 | 28367520 | 10263207 | 16995303 | 30757875 | 18714778 |
| $20.02 | $6.94 | $3.23 | $6.88 | $8.67 | $8.46 | $9.78 | $11.00 |
| $532717899 | $1887144030 | $159615108 | $246512941 | $85882111 | $206263306 | $326822593 | $191079829 |
| $— | $— | $— | $— | $— | $— | $313616 | $— |
| $2009515 | $8886205 | $4264620 | $— | $— | $— | $293445 | $— |
| $675748 | $— | $— | $668922 | $— | $124921 | $— | $— |
| $— | $— | $— | $30290250 | $— | $— | $— | $— |
| $— | $— | $— | $9752 | $— | $122966 | $— | $— |
| $— | $— | $— | $3448625 | $— | $54425125 | $14055656 | $— |

---

#### See Notes to Financial Statements.

#### 271

------

<br> Statements of Operations

For the Six Months Ended February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan Stanley<br>Pathway <br>Large Cap Equity<br>ETF** | **Morgan Stanley<br>Pathway <br>Small-Mid Cap<br>Equity ETF** | **International<br>Equity <br>Fund** |
| INVESTMENT INCOME: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments | $20740394 | $3698978 | $10079909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments | 84939 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from unaffiliated investments | 757380 | 295047 | 398540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest from affiliated investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net | 3379 | 14916 | 22628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign taxes withheld (Note 1r) | (26951) | (4412) | (779414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous income | 23855 | 11288 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | **21582996** | **4015817** | **9723821** |
| EXPENSES: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fee (Note 2) | 9455999 | 2581761 | 4365264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 11590 | 10248 | 113379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 381801 | 113828 | 313633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 171191 | 35053 | 37082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reports | 84356 | 61871 | 57331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 55269 | 9071 | 23835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 50068 | 44805 | 54762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 114059 | 23692 | 28098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 9765 | 6309 | 13786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expense | 94054 | 22819 | 46616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | **10428152** | **2909457** | **5053786** |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waivers and/or expense reimbursement (Note 2) | (4188703) | (892081) | (1435876) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | **6239449** | **2017376** | **3617910** |
|  **Net Investment Income** | $**15343547** | $**1998441** | $**6105911** |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, IN-KIND TRANSACTIONS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SHORT SALES, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY TRANSACTIONS AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | $14286635 | $18019214 | $52203824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated in-kind transactions | 2169669 | 5306004 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1905614 | 1149270 | 261587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options contracts written |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward sale commitments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short sales |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (233294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions received |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Realized Gain (Loss):** | **18361918** | **24474488** | **52232117** |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in Net Unrealized Appreciation (Depreciation) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments | 136789378 | 57754744 | 148384475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 644113 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (725612) | (314701) | 59152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options contracts written |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward sale commitments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 164 | 143 | 93535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Net Unrealized Appreciation (Depreciation):** | **136708043** | **57440186** | **148537162** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Gain (Loss) on Investments, In-Kind Transactions, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Short Sales, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency Transactions and Capital Gain Distributions Received** | **155069961** | **81914674** | **200769279** |
|  **Total Increase in Net Assets from Operations** | $**170413508** | $**83913115** | $**206875190** |

---

(a) Includes net decrease in accrued foreign capital gains taxes of $(182,424) for Emerging Markets Equity Fund.

#### See Notes to Financial Statements.

#### 272

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging <br>Markets <br>Equity <br>Fund** | **Core Fixed <br>Income <br>Fund** | **High Yield <br>Fund** | **International<br>Fixed <br>Income <br>Fund** | **Municipal<br>Bond <br>Fund** | **Inflation-Linked<br>Fixed Income <br>Fund** | **Ultra-Short Term<br>Fixed Income <br>Fund** | **Alternative<br>Strategies <br>Fund** |
| $6162177 | $42018 | $— | $— | $— | $— | $— | $4165317 |
| 225821 | 41779473 | 5513059 | 4383752 | 1622324 | 2335665 | 8110508 |  |
|  |  |  |  |  |  | 7877 |  |
| 36703 | 15145 | 47893 |  |  |  | 732 |  |
| (699740) | (4489) |  |  |  |  |  |  |
| 2109 | 81629 |  | 16133 |  | 18882 | 590 |  |
| **5727070** | **41913776** | **5560952** | **4399885** | **1622324** | **2354547** | **8119707** | **4165317** |
| 3248926 | 3557129 | 515534 | 465410 | 167792 | 347485 | 857517 | 1164935 |
| 58423 | 173225 | 17972 | 18233 | 7817 | 14371 | 46284 | 19068 |
| 336508 | 653457 | 80020 | 303254 | 61925 | 145107 | 109584 | 62106 |
| 36599 | 92514 | 7775 | 8289 | 13192 | 7971 | 22973 | 11256 |
| 53789 | 133683 | 40650 | 40827 | 2990 | 16275 | 21908 | 14472 |
| 7779 | 25977 | 2958 | 3541 | 1620 | 2942 | 6257 | 3571 |
| 46166 | 47287 | 36353 | 71446 | 48641 | 52012 | 43595 | 27878 |
| 34085 | 76587 | 6258 | 6621 | 2149 | 3404 | 7382 | 4299 |
| 13144 | 18535 | 9935 | 10962 | 9369 | 12099 | 17646 | 12263 |
| 14090 | 37015 | 4653 | 6206 | 196 | 6653 | 15358 | 4257 |
|  |  |  | 86291 |  | 1017435 | 182585 |  |
| **3849509** | **4815409** | **722108** | **1021080** | **315691** | **1625754** | **1331089** | **1324105** |
| (1315492) | (763895) | (151580) | (50420) |  | (37633) | (260192) | (970779) |
| **2534017** | **4051514** | **570528** | **970660** | **315691** | **1588121** | **1070897** | **353326** |
| $**3193053** | $**37862262** | $**4990424** | $**3429225** | $**1306633** | $**766426** | $**7048810** | $**3811991** |
| $15979392 | $2791898 | $(228538) | $(1491593) | $26068 | $(731589) | $570612 | $(224031) |
|  |  |  |  |  |  | 16 |  |
| 189852 | 2655228 |  | 1622708 |  | 384285 | (188721) |  |
|  |  |  | 142286 |  | 69424 |  |  |
|  |  |  | (702137) |  |  |  |  |
|  |  |  |  |  | (44245) | (20562) |  |
|  | 47998 |  | (1514829) |  | (43181) |  |  |
| 8586 | (1310538) |  | (768136) |  | 76600 |  |  |
| (109362) | (64442) |  | 189701 |  | (48918) |  |  |
|  |  |  |  |  |  |  | 290322 |
| **16068468** | **4120144** | **(228538)** | **(2522000)** | **26068** | **(337624)** | **361345** | **66291** |
| 170989012 <sup>(a)</sup> | 28328489 | (2122397) | 4363833 | 3678329 | 2920649 | 299960 | 6944747 |
|  |  |  |  |  |  | 8589 |  |
| 45269 | 241889 |  | 405380 |  | (243913) | (276619) |  |
|  |  |  | (28251) |  | (27393) |  |  |
|  |  |  | (199608) |  |  |  |  |
|  | (885) |  | 319473 |  | (225534) |  |  |
| 11 | (9952) |  | 1262593 |  | 374880 |  |  |
| 8566 | (7310) |  | (1542628) |  | (17259) |  |  |
| **171042858** | **28552231** | **(2122397)** | **4580792** | **3678329** | **2781430** | **31930** | **6944747** |
| **<br>187111326** | **32672375** | **(2350935)** | **2058792** | **3704397** | **2443806** | **393275** | **7011038** |
| $**190304379** | $**70534637** | $**2639489** | $**5488017** | $**5011030** | $**3210232** | $**7442085** | $**10823029** |

---

#### See Notes to Financial Statements.

#### 273

------

<br> Statements of Changes in Net Assets

For the Six Months Ended February 28, 2026 (unaudited) and Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morgan Stanley Pathway<br>Large Cap Equity ETF\*** | **Morgan Stanley Pathway<br>Large Cap Equity ETF\*** | **Morgan Stanley Pathway<br>Small-Mid Cap Equity ETF\*** | **Morgan Stanley Pathway<br>Small-Mid Cap Equity ETF\*** |
|  | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15343547 | $27489908 | $1998441 | $4509545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 18361918 | 40943292 | 24474488 | 13611396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 136708043 | 355532878 | 57440186 | 37122742 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | **170413508** | **423966078** | **83913115** | **55243683** |
| DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (73862759) | (106305264) | (21045509) | (56973556) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Decrease in Net Assets from Distributions to Shareholders** | **(73862759)** | **(106305264)** | **(21045509)** | **(56973556)** |
| FUND SHARE TRANSACTIONS (NOTE 5): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares |  | 251201108 |  | 132179898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares in-kind | 198208130 | 282582620 | 17786600 | 99238145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions |  | 106305161 |  | 56973373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased |  | (270722391) |  | (65944111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased in-kind | (13698965) | (41479235) | (25903560) | (25330845) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Fund Share Transactions** | **184509165** | **327887263** | **(8116960)** | **197116460** |
|  **Increase (Decrease) in Net Assets** | **281059914** | **645548077** | **54750646** | **195386587** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3292785710 | 2647237633 | 673930502 | 478543915 |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**3573845624** | $**3292785710** | $**728681148** | $**673930502** |

---

\* The Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and liabilities of the Large Cap Equity Fund ("Predecessor Fund") and the Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets and liabilities of Small-Mid Cap Equity Fund ("Predecessor Fund") in reorganizations that occurred on December 9, 2024 (the "Reorganizations"). Each of the Predecessor Funds ceased operations immediately following the Reorganizations. As a result, all financial information prior to the Reorganizations reflects that of each of the Predecessor Funds. See Note 1 of the Notes to Financial Statements for additional information on the Funds' Reorganizations. 

#### See Notes to Financial Statements.

#### 274

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Equity Fund** | **International Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **<br>Core Fixed Income Fund** | **<br>Core Fixed Income Fund** | **High Yield Fund** | **High Yield Fund** |
| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| $6105911 | $24280984 | $3193053 | $9961202 | $37862262 | $81713158 | $4990424 | $9091841 |
| 52232117 | 46408704 | 16068468 | (8691212) | 4120144 | (55577684) | (228538) | (2899402) |
| 148537162 | 46365227 | 171042858 | 84466901 | 28552231 | 20810885 | (2122397) | 4300561 |
| **206875190** | **117054915** | **190304379** | **85736891** | **70534637** | **46946359** | **2639489** | **10493000** |
| (95600834) | (68490693) | (16650131) | (10763392) | (38734650) | (78791626) | (4745382) | (9121687) |
| **(95600834)** | **(68490693)** | **(16650131)** | **(10763392)** | **(38734650)** | **(78791626)** | **(4745382)** | **(9121687)** |
| 164505737 | 275883914 | 135570025 | 190340954 | 324837150 | 412256698 | 24588054 | 32179260 |
| 95600834 | 68490205 | 16650131 | 10763328 | 38734649 | 78791125 | 4745382 | 9121666 |
| (192022264) | (508569027) | (103770084) | (119108366) | (175898057) | (668139804) | (13879035) | (34165443) |
| **68084307** | **(164194908)** | **48450072** | **81995916** | **187673742** | **(177091981)** | **15454401** | **7135483** |
| **179358663** | **(115630686)** | **222104320** | **156969415** | **219473729** | **(208937248)** | **13348508** | **8506796** |
| 1194401638 | 1310032324 | 655820870 | 498851455 | 1656284291 | 1865221539 | 141721826 | 133215030 |
| $**1373760301** | $**1194401638** | $**877925190** | $**655820870** | $**1875758020** | $**1656284291** | $**155070334** | $**141721826** |

---

#### See Notes to Financial Statements.

#### 275

------

<br> Statements of Changes in Net Assets

For the Six Months Ended February 28, 2026 (unaudited) and Year Ended August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fixed Income Fund** | **International Fixed Income Fund** | **Municipal Bond Fund** | **Municipal Bond Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| OPERATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3429225 | $6215103 | $1306633 | $2713604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2522000) | (2787311) | 26068 | (1249932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4580792 | 3017430 | 3678329 | (2635680) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Operations** | **5488017** | **6445222** | **5011030** | **(1172008)** |
| DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | (4894424) | (4195976) | (1297369) | (2704016) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Decrease in Net Assets from Distributions to Shareholders** | **(4894424)** | **(4195976)** | **(1297369)** | **(2704016)** |
| FUND SHARE TRANSACTIONS (NOTE 5): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares | 35769357 | 45882165 | 15827303 | 24958565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares in-kind |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | 4894424 | 4195905 | 1297369 | 2704016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased | (26307168) | (51293519) | (8720858) | (37212491) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased in-kind |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets from Fund Share Transactions** | **14356613** | **(1215449)** | **8403814** | **(9549910)** |
|  **Increase (Decrease) in Net Assets** | **14950206** | **1033797** | **12117475** | **(13425934)** |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 180348965 | 179315168 | 76905555 | 90331489 |
| &nbsp;&nbsp;&nbsp;&nbsp; **End of period** | $**195299171** | $**180348965** | $**89023030** | $**76905555** |

---

#### See Notes to Financial Statements.

#### 276

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Alternative Strategies Fund** | **Alternative Strategies Fund** |
| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| $766426 | $5595113 | $7048810 | $15093042 | $3811991 | $6100419 |
| (337624) | (2591899) | 361345 | 1722435 | 66291 | (2139126) |
| 2781430 | 4261243 | 31930 | 755052 | 6944747 | 1808770 |
| **3210232** | **7264457** | **7442085** | **17570529** | **10823029** | **5770063** |
| (2533635) | (4939562) | (7293050) | (15193979) | (8367007) | (4281510) |
| **(2533635)** | **(4939562)** | **(7293050)** | **(15193979)** | **(8367007)** | **(4281510)** |
| 14218033 | 22603685 | 47045244 | 280580343 | 36996520 | 61957457 |
| 2533635 | 4939529 | 7293049 | 15193557 | 8367007 | 4281510 |
| (12189346) | (38685060) | (163664324) | (203675270) | (27979561) | (44795660) |
| **4562322** | **(11141846)** | **(109326031)** | **92098630** | **17383966** | **21443307** |
| **5238919** | **(8816951)** | **(109176996)** | **94475180** | **19839988** | **22931860** |
| 138487144 | 147304095 | 409856436 | 315381256 | 186031245 | 163099385 |
| $**143726063** | $**138487144** | $**300679440** | $**409856436** | $**205871233** | $**186031245** |

---

#### See Notes to Financial Statements.

#### 277

------

<br> Statements of Cash Flows

For the Six Months Ended February 28, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **International Fixed<br>Income Fund** | **Inflation-Linked Fixed<br>Income Fund** |
|  Cash Flows Provided by/(Used in) Operating Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $5488017 | $3210232 |
|  Adjustments to reconcile net increase/decrease in net assets from operations to net cash provided by/(used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investments | (300715500) | (82796656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale, paydown and maturity of long-term investments | 280952054 | 81373159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from/(payments on) short-term investments, net | 4753539 | (1475744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease to the principal amount of inflation-indexed bonds | (32517) | (612750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from forward sale commitments | 193111290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments on forward sale commitments | (191316437) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized depreciation from forward sale commitments | 199608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation from unaffiliated investments | (4363833) | (2920649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized depreciation from options contracts written | 28251 | 27393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation on open OTC swap contracts | (1825439) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation on open forward foreign currency contracts | (1262593) | (374880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in variation margin on open centrally cleared swap contracts | 276102 | 172918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net amortization (accretion) of premiums (discounts) of investments | (681195) | (628215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from unaffiliated investments | 1491593 | 731589 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in premium received on options contracts written | (55428) | (69424) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in variation margin on open futures contracts | (263116) | (47798) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in receivable for securities sold | 760694 | (117604) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Increase)/Decrease in receivable for TBA securities sold | (35138664) | 7460047 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in dividends and interest receivable from unaffiliated investments | (164419) | (336416) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in deposits for collateral with counterparty | (440000) | (218000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in net upfront payments received/paid on OTC open swap contracts | 108234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in prepaid trustee expenses | (5083) | (1997) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) in prepaid expenses | (1224) | (4496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in payable for securities purchased | 3833140 | (186383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in payable for TBA securities purchased | 46086258 | (4998106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in deposits for collateral from counterparty | 320000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in investment management fee payable | (4454) | (5793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(Decrease) in interest expense payable | (29169) | 31488 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in custody fee payable | (53459) | (30997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in transfer agent fees payable | 2267 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) in accrued expenses | (56476) | (77040) |
|  **Net cash provided by/(used in) operating activities** | **1002041** | **(1873885)** |
|  Cash Flows Provided by/(Used in) Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale-buyback transactions |  | 335575829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments on sale-buyback transactions |  | (354217590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from/payments on reverse repurchase agreements | (10124679) | 21831874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of shares | 35790085 | 14204641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased | (26276873) | (12645332) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders, net of reinvestments |  |  |
|  **Net cash and foreign currency provided by/(used in) financing activities** | **(611467)** | **4749422** |
|  **Net increase in cash and foreign currency<sup>(a)</sup>** | **390574** | **2875537** |
|  Cash and foreign currency: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and foreign currency at the beginning of the period | **276762** | **1556880** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and foreign currency at end of the period | **667336** | **4432417** |
|  Non-Cash Financing Activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | **(4894424)** | **(2533635)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest and fees on borrowings | 115460 | 985947 |

---

(a) Includes net change in unrealized depreciation on foreign currency of $(4,422) and $(1,475) for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

#### See Notes to Financial Statements.

#### 278

------

<br> 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 | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF | Morgan Stanley Pathway Large Cap Equity ETF |
|  | **2026<sup>(1)</sup>** | **2025<sup>(2)</sup>** | **2024<sup>(2)</sup>** | **2023<sup>(2)</sup>** | **2022<sup>(2)</sup>** | **2021<sup>(2)</sup>** |
|  **Net Asset Value, Beginning of Year** | $53.04 | $48.03 | $40.96 | $39.05 | $51.52 | $40.39 |
|  **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(3)</sup> | 0.24 | 0.47 | 0.46 | 0.42 | 0.36 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.47 | 6.46 | 9.06 | 4.83 | (7.39) | 12.12 |
|  Total Income (Loss) from Operations | 2.71 | 6.93 | 9.52 | 5.25 | (7.03) | 12.53 |
|  **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.48) | (0.41) | (0.40) | (0.34) | (0.38) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.69) | (1.51) | (2.05) | (3.00) | (5.06) | (1.07) |
|  Total Distributions | (1.17) | (1.92) | (2.45) | (3.34) | (5.44) | (1.40) |
|  **Net Asset Value, End of Year** | $54.58 | $53.04 | $48.03 | $40.96 | $39.05 | $51.52 |
|  **Total Return<sup>†(4)(6)</sup>** | 5.10%<sup>(5)</sup> | 14.69% | 24.57% | 14.71% | (15.44)% | 31.79% |
|  **Net Assets, End of Year (millions)** | $3574 | $3293 | $2647 | $1815 | $1685 | $2175 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.60%<sup>(7)</sup> | 0.64% | 0.69% | 0.70% | 0.69% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(8)</sup> | 0.36<sup>(7)</sup> | 0.39 | 0.41 | 0.47 | 0.48 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.89<sup>(7)</sup> | 0.96 | 1.07 | 1.12 | 0.82 | 0.91 |
|  **Portfolio Turnover Rate** | 6%<sup>(5)(9)</sup> | 13%<sup>(9)</sup> | 25% | 34% | 20% | 15% |

---

(1) For the six months ended February 28, 2026 (unaudited).

(2) The Morgan Stanley Pathway Large Cap Equity ETF (the "Fund") acquired all the assets and liabilities of the Large Cap Equity Fund (the "Predecessor Fund") in a reorganization that occurred on December 9, 2024 (the "Reorganization"). The Predecessor Fund ceased operations immediately following the Reorganization. As a result, all financial information prior to the Reorganization reflects that of the Predecessor Fund and has been retroactively adjusted to reflect the Reorganization. See Note 1 of the Notes to Financial Statements for additional information on the Fund's Reorganization.

(3) Per share amounts have been calculated using the average shares method.

(4) 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.

(5) Not annualized.

(6) The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the Fund assumed the Predecessor Fund's historical performance and the performance information reflects that of the Predecessor Fund.

(7) Annualized.

(8) Reflects fee waivers and/or expense reimbursements.

(9) In-kind transactions are not included in portfolio turnover rate calculations.

† Calculated based on the net asset value as of the last business day of the period.

#### See Notes to Financial Statements.

#### 279

------

<br> 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 | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF | Morgan Stanley Pathway Small-Mid Cap Equity ETF |
|  | **2026<sup>(1)</sup>** | **2025<sup>(2)</sup>** | **2024<sup>(2)</sup>** | **2023<sup>(2)</sup>** | **2022<sup>(2)</sup>** | **2021<sup>(2)</sup>** |
|  **Net Asset Value, Beginning of Year** | $49.93 | $51.10 | $44.79 | $46.75 | $68.74 | $50.84 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(3)</sup> | 0.15 | 0.37 | 0.40 | 0.44 | 0.34 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.10 | 3.61 | 6.35 | 2.25 | (9.18) | 20.03 |
|  Total Income (Loss) from Operations | 6.25 | 3.98 | 6.75 | 2.69 | (8.84) | 20.41 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.35) | (0.44) | (0.30) | (0.22) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (1.27) | (4.80) |  | (4.35) | (12.93) | (2.12) |
|  Total Distributions | (1.59) | (5.15) | (0.44) | (4.65) | (13.15) | (2.51) |
|  **Net Asset Value, End of Year** | $54.59 | $49.93 | $51.10 | $44.79 | $46.75 | $68.74 |
|  **Total Return<sup>†(4)(6)</sup>** | 12.72%<sup>(5)</sup> | 7.67% | 15.19% | 6.47% | (15.89)% | 41.14% |
|  **Net Assets, End of Year (millions)** | $729 | $674 | $479 | $490 | $542 | $677 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.85%<sup>(7)</sup> | 0.90% | 0.95% | 0.94% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(8)</sup> | 0.59<sup>(7)</sup> | 0.62 | 0.60 | 0.60 | 0.59 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.58<sup>(7)</sup> | 0.79 | 0.86 | 0.99 | 0.63 | 0.61 |
|  **Portfolio Turnover Rate** | 20%<sup>(5)(9)</sup> | 45%<sup>(9)</sup> | 56% | 23% | 41% | 29% |

---

(1) For the six months ended February 28, 2026 (unaudited).

(2) The Morgan Stanley Pathway Small-Mid Cap Equity ETF (the "Fund") acquired all the assets and liabilities of the Small-Mid Cap Equity Fund (the "Predecessor Fund") in a reorganization that occurred on December 9, 2024 (the "Reorganization"). The Predecessor Fund ceased operations immediately following the Reorganization. As a result, all financial information prior to the Reorganization reflects that of the Predecessor Fund and has been retroactively adjusted to reflect the Reorganization. See Note 1 of the Notes to Financial Statements for additional information on the Fund's Reorganization.

(3) Per share amounts have been calculated using the average shares method.

(4) 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.

(5) Not annualized.

(6) The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the Fund assumed the Predecessor Fund's historical performance and the performance information reflects that of the Predecessor Fund.

(7) Annualized.

(8) Reflects fee waivers and/or expense reimbursements.

(9) In-kind transactions are not included in portfolio turnover rate calculations.

† Calculated based on the net asset value as of the last business day of the period.

#### See Notes to Financial Statements.

#### 280

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| International Equity Fund | International Equity Fund | International Equity Fund | International Equity Fund | International Equity Fund | International Equity Fund | International Equity Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $15.77 | $15.04 | $12.98 | $11.19 | $15.54 | $12.27 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.08 | 0.29 | 0.29 | 0.25 | 0.27 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.54 | 1.30 | 2.05 | 2.11 | (3.34) | 3.30 |
|  Total Income (Loss) from Operations | 2.62 | 1.59 | 2.34 | 2.36 | (3.07) | 3.51 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.36) | (0.28) | (0.21) | (0.33) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.80) | (0.50) |  | (0.36) | (0.95) |  |
|  Total Distributions | (1.26) | (0.86) | (0.28) | (0.57) | (1.28) | (0.24) |
|  **Net Asset Value, End of Year** | $17.13 | $15.77 | $15.04 | $12.98 | $11.19 | $15.54 |
|  **Total Return<sup>†(3)</sup>** | 17.52%<sup>(4)</sup> | 11.53% | 18.36% | 21.72% | (21.37)% | 28.93% |
|  **Net Assets, End of Year (millions)** | $1374 | $1194 | $1310 | $1176 | $1148 | $1458 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.81%<sup>(5)</sup> | 0.83% | 0.83% | 0.86% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(6)</sup> | 0.58<sup>(5)</sup> | 0.60 | 0.61 | 0.68 | 0.67 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.98<sup>(5)</sup> | 2.04 | 2.12 | 2.01 | 2.01 | 1.50 |
|  **Portfolio Turnover Rate** | 17%<sup>(4)</sup> | 29% | 26% | 33% | 38% | 52% |

---

(1) For the six months ended February 28, 2026 (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.

#### 281

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $15.89 | $14.03 | $12.70 | $12.39 | $17.44 | $14.67 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.08 | 0.25 | 0.26 | 0.23 | 0.30 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.47 | 1.89 | 1.38 | 0.31 | (4.65) | 2.90 |
|  Total Income (Loss) from Operations | 4.55 | 2.14 | 1.64 | 0.54 | (4.35) | 3.10 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.42) | (0.28) | (0.31) | (0.23) | (0.29) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  |  | (0.41) |  |
|  Total Distributions | (0.42) | (0.28) | (0.31) | (0.23) | (0.70) | (0.33) |
|  **Net Asset Value, End of Year** | $20.02 | $15.89 | $14.03 | $12.70 | $12.39 | $17.44 |
|  **Total Return<sup>†(3)</sup>** | 29.08%<sup>(4)</sup> | 15.58% | 13.27% | 4.64% | (25.82)% | 21.28% |
|  **Net Assets, End of Year (millions)** | $878 | $656 | $499 | $491 | $481 | $563 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1.06%<sup>(5)</sup> | 1.11% | 1.10% | 1.15% | 1.15% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(6)</sup> | 0.70<sup>(5)</sup> | 0.75 | 0.76 | 0.82 | 0.81 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.88<sup>(5)</sup> | 1.75 | 2.03 | 1.87 | 2.10 | 1.18 |
|  **Portfolio Turnover Rate** | 15%<sup>(4)</sup> | 20% | 26% | 12% | 14% | 53% |

---

(1) For the six months ended February 28, 2026 (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.

#### 282

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund | Core Fixed Income Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $6.81 | $6.92 | $6.75 | $7.12 | $8.39 | $8.79 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.15 | 0.31 | 0.27 | 0.25 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.13 | (0.12) | 0.20 | (0.36) | (1.20) | (0.08) |
|  Total Income (Loss) from Operations | 0.28 | 0.19 | 0.47 | (0.11) | (1.06) | 0.05 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.30) | (0.30) | (0.25) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  | (0.00)<sup>(3)</sup> | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  |  | (0.05) | (0.28) |
|  Total Distributions | (0.15) | (0.30) | (0.30) | (0.26) | (0.21) | (0.45) |
|  **Net Asset Value, End of Year** | $6.94 | $6.81 | $6.92 | $6.75 | $7.12 | $8.39 |
|  **Total Return<sup>†(4)</sup>** | 4.11%<sup>(5)</sup> | 3.03% | 6.97% | (1.60)% | (12.86)% | 0.58% |
|  **Net Assets, End of Year (millions)** | $1876 | $1656 | $1865 | $1796 | $1352 | $1311 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.54%<sup>(6)</sup> | 0.56% | 0.53% | 0.55% | 0.56% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(7)</sup> | 0.45<sup>(6)</sup> | 0.47 | 0.48 | 0.52 | 0.53 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.26<sup>(6)</sup> | 4.58 | 4.00 | 3.65 | 1.85 | 1.57 |
|  **Portfolio Turnover Rate** | 53%<sup>(5)</sup> | 136% | 229% | 254% | 238% | 227% |

---

(1) For the six months ended February 28, 2026 (unaudited).

(2) Per share amounts have been calculated using the average shares method.

(3) Amount is less than $0.005 per share.

(4) 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.

(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.

#### 283

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund | High Yield Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $3.28 | $3.25 | $3.14 | $3.14 | $3.72 | $3.61 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.11 | 0.21 | 0.22 | 0.20 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | 0.04 | 0.11 |  | (0.56) | 0.11 |
|  Total Income (Loss) from Operations | 0.05 | 0.25 | 0.33 | 0.20 | (0.39) | 0.29 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.10) | (0.22) | (0.22) | (0.20) | (0.19) | (0.18) |
|  Total Distributions | (0.10) | (0.22) | (0.22) | (0.20) | (0.19) | (0.18) |
|  **Net Asset Value, End of Year** | $3.23 | $3.28 | $3.25 | $3.14 | $3.14 | $3.72 |
|  **Total Return<sup>†(3)</sup>** | 1.67%<sup>(4)</sup> | 7.86% | 10.96% | 6.71% | (10.88)% | 8.61% |
|  **Net Assets, End of Year (millions)** | $155 | $142 | $133 | $128 | $113 | $213 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.98%<sup>(5)</sup> | 1.02% | 1.05% | 1.17% | 1.07% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(6)</sup> | 0.77<sup>(5)</sup> | 0.82 | 0.85 | 0.97 | 0.87 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.78<sup>(5)</sup> | 6.63 | 6.80 | 6.30 | 4.88 | 4.79 |
|  **Portfolio Turnover Rate** | 25%<sup>(4)</sup> | 76% | 44% | 25% | 46% | 117% |

---

(1) For the six months ended February 28, 2026 (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.

#### 284

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund | International Fixed Income Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $6.87 | $6.78 | $6.40 | $7.00 | $8.12 | $8.03 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.13 | 0.24 | 0.19 | 0.12 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | 0.01 | 0.25 | (0.13) | (0.98) | 0.08 |
|  Total Income (Loss) from Operations | 0.19 | 0.25 | 0.44 | (0.01) | (0.91) | 0.15 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.16) | (0.03) | (0.59) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  | (0.03) |  | (0.09) | (0.06) |
|  Total Distributions | (0.18) | (0.16) | (0.06) | (0.59) | (0.21) | (0.06) |
|  **Net Asset Value, End of Year** | $6.88 | $6.87 | $6.78 | $6.40 | $7.00 | $8.12 |
|  **Total Return<sup>†(3)</sup>** | 2.86%<sup>(4)</sup> | 3.75% | 6.85% | (0.15)% | (11.54)% | 1.86% |
|  **Net Assets, End of Year (millions)** | $195 | $180 | $179 | $182 | $171 | $156 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 1.09%<sup>(6)</sup> | 1.23% | 0.97% | 0.95% | 0.93% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)</sup> | 1.04<sup>(6)</sup> | 1.18 | 0.92 | 0.90 | 0.88 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.68<sup>(6)</sup> | 3.46 | 2.90 | 1.86 | 0.95 | 0.92 |
|  **Portfolio Turnover Rate** | 131%<sup>(4)</sup> | 280% | 328% | 381% | 312% | 402% |

---

(1) For the six months ended February 28, 2026 (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) Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.09%, 0.23%, 0.01%, 0.00%, 0.00% and less than 0.005%, 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.

#### 285

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund | Municipal Bond Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $8.29 | $8.64 | $8.44 | $8.55 | $9.60 | $9.53 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.13 | 0.27 | 0.26 | 0.23 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.38 | (0.35) | 0.24 | (0.12) | (1.03) | 0.12 |
|  Total Income (Loss) from Operations | 0.51 | (0.08) | 0.50 | 0.11 | (0.85) | 0.29 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.13) | (0.27) | (0.26) | (0.22) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  | (0.00)<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  | (0.04) |  | (0.02) | (0.05) |
|  Total Distributions | (0.13) | (0.27) | (0.30) | (0.22) | (0.20) | (0.22) |
|  **Net Asset Value, End of Year** | $8.67 | $8.29 | $8.64 | $8.44 | $8.55 | $9.60 |
|  **Total Return<sup>†(4)</sup>** | 6.17%<sup>(5)</sup> | (0.94)% | 6.02% | 1.35% | (8.91)% | 3.07% |
|  **Net Assets, End of Year (millions)** | $89 | $77 | $90 | $99 | $87 | $92 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.75%<sup>(6)</sup> | 0.70% | 0.69% | 0.76% | 0.71% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 0.75<sup>(6)</sup> | 0.70 | 0.69 | 0.76 | 0.71 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.10<sup>(6)</sup> | 3.16 | 3.01 | 2.66 | 1.99 | 1.79 |
|  **Portfolio Turnover Rate** | 9%<sup>(5)</sup> | 68% | 40% | 28% | 48% | 7% |

---

(1) For the six months ended February 28, 2026 (unaudited).

(2) Per share amounts have been calculated using the average shares method.

(3) Amount is less than $0.005 per share.

(4) 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.

(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.

#### 286

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund | Inflation-Linked Fixed Income Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $8.42 | $8.27 | $8.12 | $9.17 | $11.16 | $11.13 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.05 | 0.32 | 0.31 | 0.25 | 0.87 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.14 | 0.12 | 0.20 | (0.65) | (1.54) | 0.07 |
|  Total Income (Loss) from Operations | 0.19 | 0.44 | 0.51 | (0.40) | (0.67) | 0.63 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.29) | (0.30) | (0.37) | (0.93) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  | (0.06) | (0.28) | (0.39) |  |
|  Total Distributions | (0.15) | (0.29) | (0.36) | (0.65) | (1.32) | (0.60) |
|  **Net Asset Value, End of Year** | $8.46 | $8.42 | $8.27 | $8.12 | $9.17 | $11.16 |
|  **Total Return<sup>†(3)</sup>** | 2.43%<sup>(4)</sup> | 5.29% | 6.44% | (4.51)% | (6.55)% | 5.87% |
|  **Net Assets, End of Year (millions)** | $144 | $138 | $147 | $127 | $102 | $148 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 2.34%<sup>(6)</sup> | 2.32% | 2.54% | 2.35% | 1.08% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)</sup> | 2.29<sup>(6)</sup> | 2.27 | 2.49 | 2.30 | 1.03 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.10<sup>(6)</sup> | 3.92 | 3.82 | 2.96 | 8.43 | 5.08 |
|  **Portfolio Turnover Rate** | 38%<sup>(4)</sup> | 112% | 121% | 56% | 57% | 104% |

---

(1) For the six months ended February 28, 2026 (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) Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 1.46%, 1.51%, 1.67%, 1.32%, 0.17% and 0.03%, 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.

#### 287

------

<br> 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 | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund | Ultra-Short Term Fixed Income Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $9.78 | $9.73 | $9.61 | $9.69 | $9.89 | $9.99 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.20 | 0.45 | 0.48 | 0.32 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.06 | 0.11 | 0.14 | (0.17) | 0.01 |
|  Total Income (Loss) from Operations | 0.21 | 0.51 | 0.59 | 0.46 | (0.09) | 0.06 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.46) | (0.33) | (0.54) | (0.11) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  |  | (0.14) |  |  |  |
|  Total Distributions | (0.21) | (0.46) | (0.47) | (0.54) | (0.11) | (0.16) |
|  **Net Asset Value, End of Year** | $9.78 | $9.78 | $9.73 | $9.61 | $9.69 | $9.89 |
|  **Total Return<sup>†(3)</sup>** | 2.18%<sup>(4)</sup> | 5.23% | 6.28% | 4.95% | (0.92)% | 0.61% |
|  **Net Assets, End of Year (millions)** | $301 | $410 | $315 | $309 | $506 | $442 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<sup>(5)</sup> | 0.78% <sup>(6)</sup> | 0.68% | 0.69% | 0.81% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(5)(7)</sup> | 0.63<sup>(6)</sup> | 0.53 | 0.54 | 0.76 | 0.62 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.11<sup>(6)</sup> | 4.65 | 4.98 | 3.34 | 0.79 | 0.50 |
|  **Portfolio Turnover Rate** | 50% <sup>(4)</sup> | 123% | 87% | 42% | 86% | 55% |

---

(1) For the six months ended February 28, 2026 (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) Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.11%, 0.04%, 0.01%, 0.14%, 0.02% and less than 0.005%, 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.

#### 288

------

<br> Financial Highlights

(continued)

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Alternative Strategies Fund | Alternative Strategies Fund | Alternative Strategies Fund | Alternative Strategies Fund | Alternative Strategies Fund | Alternative Strategies Fund | Alternative Strategies Fund |
|  | **2026<sup>(1)</sup>** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | $10.86 | $10.77 | $10.24 | $10.69 | $10.99 | $10.04 |
| **Income (Loss) from Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.21 | 0.37 | 0.34 | 0.38 | 0.20 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.39 | (0.02) | 0.52 | (0.17) | (0.42) | 0.91 |
|  Total Income (Loss) from Operations | 0.60 | 0.35 | 0.86 | 0.21 | (0.22) | 1.04 |
| **Less Distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.26) | (0.33) | (0.64) | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.02) | (0.01) |  |
|  Total Distributions | (0.46) | (0.26) | (0.33) | (0.66) | (0.08) | (0.09) |
|  **Net Asset Value, End of Year** | $11.00 | $10.86 | $10.77 | $10.24 | $10.69 | $10.99 |
|  **Total Return<sup>†(3)</sup>** | 5.68%<sup>(4)</sup> | 3.31% | 8.65% | 2.14% | (2.06)% | 10.39% |
|  **Net Assets, End of Year (millions)** | $206 | $186 | $163 | $157 | $147 | $119 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1.36% <sup>(5)</sup> | 1.38% | 1.39% | 1.50% | 1.59% | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(6)(7)</sup> | 0.36<sup>(5)</sup> | 0.38 | 0.39 | 0.50 | 0.59 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.93<sup>(5)</sup> | 3.43 | 3.22 | 3.70 | 1.83 | 1.24 |
|  **Portfolio Turnover Rate** | 4% <sup>(4)</sup> | 29% | 13% | 27% | 18% | 18% |

---

(1) For the six months ended February 28, 2026 (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) 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.

#### 289

------

<br> 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.

The investment objectives of each Fund are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Morgan Stanley Pathway Large Cap Equity ETF | Capital appreciation. |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Pathway Small-Mid Cap Equity ETF | Capital appreciation. |
| &nbsp;&nbsp;&nbsp;International Equity Fund | Capital appreciation. |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity Fund | Long-term capital appreciation. |
| &nbsp;&nbsp;&nbsp;Core Fixed Income Fund | Maximum total return, consistent with preservation of capital and prudent investment management. |
| &nbsp;&nbsp;&nbsp;High Yield Fund | A high level of current income primarily through investment in below-investment grade debt securities. |
| &nbsp;&nbsp;&nbsp;International Fixed Income Fund | Maximize current income, consistent with the protection of principal. |
| &nbsp;&nbsp;&nbsp;Municipal Bond Fund | A high level of interest income that is excluded from federal income taxation, to the extent consistent with prudent investment management and the preservation of capital. |
| &nbsp;&nbsp;&nbsp;Inflation-Linked Fixed Income Fund | Total return that exceeds the rate of inflation over an economic cycle. |
| &nbsp;&nbsp;&nbsp;Ultra-Short Term Fixed Income Fund | Total return, consistent with preservation of capital. |
| &nbsp;&nbsp;&nbsp;Alternative Strategies Fund | Long term growth of capital. |

---

The Board of Trustees (the "Board") of the Trust approved an Agreement and Plan of Reorganization providing for the reorganizations (each, a "Reorganization") of the Large Cap Equity Fund and the Small-Mid Cap Equity Fund (each, a "Predecessor Fund") into Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (each, an "Acquiring Fund"), respectively. On December 9, 2024, pursuant to the Agreement and Plan of Reorganization, each Predecessor Fund was converted into the corresponding Acquiring Fund, each of which is managed using the same investment objectives, principal investment strategies and policies, and sub-advisers as its Predecessor Fund. The Acquiring Funds were newly-formed "shell" funds that had not commenced operations prior to the Reorganizations and therefore did not have performance history prior to the Reorganizations. Each Predecessor Fund was designated as the accounting survivor in the Reorganizations. As a result, each Acquiring Fund assumed its Predecessor Fund's accounting and financial history. Predecessor Fund shareholders became shareholders in the corresponding Acquiring Fund and received Acquiring Fund shares with an aggregate value equal to the aggregate net asset value of the Predecessor Fund shares held immediately prior to the Reorganizations. Predecessor Fund shareholders received cash in lieu of any fractional shares of the Acquiring Funds because the Acquiring Funds do not issue fractional shares.

#### 290

------

<br> Notes to Financial Statements

(unaudited) (continued)

The assets and liabilities of each Predecessor Fund's shares were transferred in exchange for the corresponding Acquiring Fund shares, less any amount of cash distributed in lieu of fractional shares, in a tax-free exchange as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Shares outstanding<br>before the<br>Reorganization** | **Shares outstanding<br>immediately after the<br>Reorganization** | **Conversion<br>Ratio** | **Aggregate net assets<br>before the<br>Reorganization** | **Aggregate net<br>assets<br>immediately**<br> **after the**<br> **Reorganization** |
| Large Cap Equity Fund\* | 106157339 |  | 0.5354 | $2,841,616,713+ | $— |
|  Morgan Stanley Pathway Large Cap Equity ETF |  | 56832167 | 0.5354 | $— | $2822983660 |
|  Small-Mid Cap Equity Fund\* | 33162494 |  | 0.3543 | $587,425,218+ | $— |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF |  | 11748475 | 0.3543 | $— | $584509961 |

---

\* Represents the accounting survivor.

---

| | |
|:---|:---|
| + | Includes unrealized appreciation (depreciation) on investments of $1,356,036,739 with a fair value of $2,743,103,710 and identified cost of $1,387,066,971 for Large Cap Equity Fund and unrealized appreciation (depreciation) on investments of $158,567,870 with a fair value of $549,159,717 and identified cost of $390,591,847 for Small-Mid Cap Equity Fund.  |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value and the cost basis of the investments received from the Predecessor Funds was carried forward to each corresponding Acquiring Fund to align ongoing reporting of the Acquiring Funds' realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of significant accounting policies consistently followed by the Funds which are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Estimates and assumptions are required to be made by management regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. The Funds are investment companies and follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 — Investment Companies.

**(a) Investment Valuation.** Equity securities for each Fund for which market quotations are readily available and are traded on an exchange are valued at the closing sale price or official closing price on the exchange on which such security is principally traded. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. For securities that are primarily traded on foreign exchanges, these values are converted to U.S. dollars using the current exchange rates as of the close of the New York Stock Exchange ("NYSE").

Exchange-traded purchased and written options and futures contracts are valued at the last sale price (closing price) in the market where such contracts are principally traded or, if no sales are reported, the bid price. Swaps for which quotations are available on an automated basis from approved third-party pricing services are valued using those automated third-party pricing service quotations. Forward foreign currency contracts are valued using the official closing price for such contracts on the NYSE.

Portfolio securities traded in the over-the-counter market for which market quotations are readily available are valued at the last sales price that day. In the event there are no sales that day, such securities are valued at the mean between the bid and ask prices. Investments in registered open-end management investment companies are valued at reported net asset value per share.

Debt obligations that will mature in 60 days or less are valued at amortized cost, which approximates market value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by an approved third-party pricing service; such valuations are determined by the third-party pricing service based upon its analysis of a variety of factors, including transactions in debt obligations, quotations from bond dealers, market transactions in comparable securities and its analysis of various relationships between securities, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, and as well as industry and economic events.

#### 291

------

<br> Notes to Financial Statements

(unaudited) (continued)

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.

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.

#### 292

------

<br> Notes to Financial Statements

(unaudited) (continued)

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.

#### 293

------

<br> 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<br>February 28, 2026** | **Unadjusted Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $3523624577 | $3523624577 <sup>(a)</sup> | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 973888 | 973888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 44920298 |  | 44920298 |  |
|  **Total Investments, at Value** | $**3569518763** | $**3524598465** | $**44920298** | $**—** |
| **Securities Lending Transactions — Liabilities** | $**(973888)** | $**—** | $**(973888)** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contract | $16160 | $16160 | $— | $— |
| **Total Other Financial Instruments — Assets** | $**16160** | $**16160** | $**—** | $**—** |
| **Other Financial Instruments — Liabilities<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contract | $(71783) | $(71783) | $— | $— |
| **Total Other Financial Instruments — Liabilities** | $**(71783)** | $**(71783)** | $**—** | $**—** |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $14254527 | $14254527 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 64064229 | 64064229 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 21911842 | 21854652 |  | 57190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 32101305 <sup>(d)</sup> | 32101305 |  | — <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 89156067 <sup>(d)</sup> | 89156067 |  | — <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 93844043 | 93838789 | 5254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 175791510 | 175791510 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 132256629 | 132256629 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 33333604 | 33332339 | 1265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 27528733 | 27528733 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 26986234 | 26986234 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 1999348 | 1999348 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 16375374 |  | 16375374 |  |
| **Total Investments, at Value** | $**729603445** **<sup>(d)</sup>** | $**713164362** | $**16381893** | $**57190** **<sup>(c)(d)</sup>** |
| **Securities Lending Transactions — Liabilities** | $**(1999348)** | $**—** | $**(1999348)** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contract | $138152 | $138152 | $— | $— |
| **Total Other Financial Instruments — Assets** | $**138152** | $**138152** | $**—** | $**—** |

---

#### 294

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at<br>February 28, 2026** | **Unadjusted Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contract | $(6578) | $(6578) | $— | $— |
| **Total Other Financial Instruments — Liabilities** | $**(6578)** | $**(6578)** | $**—** | $**—** |
| **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France  | $152827586 <sup>(e)</sup> | $— | $152827586 <sup>(e)</sup> | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 117012677 <sup>(e)</sup> |  | 117012677 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 270103157 <sup>(e)</sup> | 310926 | 269792231 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 71580107 <sup>(e)</sup> | 474279 | 71105828 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 112333021 <sup>(e)</sup> | 837819 | 111495202 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 235155598 <sup>(e)</sup> | 4215730 | 230939868 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Countries<sup>(f)</sup> | 383198263 <sup>(e)</sup> | 63411273 | 319729435 <sup>(e)</sup> | 57555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 1629354 <sup>(e)</sup> |  | 1629354 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Open End Mutual Fund Security: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1321285 | 1321285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 2755398 | 2755398 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 19568653 |  | 19568653 |  |
| **Total Investments, at Value** | $**1367485099** | $**73326710** | $**1294100834** | $**57555** **<sup>(c)</sup>** |
| **Security Lending Transactions — Liabilities** | $**(2755398)** | $**—** | $**(2755398)** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $97766 | $97766 | $— | $— |
| **Total Other Financial Instruments — Assets** | $**97766** | $**97766** | $**—** | $**—** |
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | $150732643 <sup>(e)</sup> | $14557720 | $136174921 <sup>(e)</sup> | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 110452820 <sup>(e)</sup> | 16887655 | 93565165 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 149054333 <sup>(e)</sup> | 144558 | 148909775 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 176213822 <sup>(e)</sup> | 10016269 | 166197553 <sup>(e)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Countries<sup>(f)</sup> | 260537846 <sup>(d)(e)</sup> | 97816910 | 162708947 <sup>(e)</sup> | 11989 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 5838490 | 5838490 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 327415 | 327415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colombia | 242588 | 242588 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 3292 |  | 3292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 606310 | 606310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 8943898 <sup>(e)</sup> |  | 8943898 <sup>(e)</sup> |  |

---

#### 295

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at<br>February 28, 2026** | **Unadjusted Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | $2088847 | $2088847 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 16495370 |  | 16495370 |  |
| **Total Investments, at Value** | $**881537674** **<sup>(d)</sup>** | $**148526762** | $**732998921** | $**11991** **<sup>(c)(d)</sup>** |
| **Security Lending Transactions — Liabilities** | $**(2088847)** | $**—** | $**(2088847)** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contract | $51234 | $51234 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contract | 11 |  | 11 |  |
| **Total Other Financial Instruments — Assets** | $**51245** | $**51234** | $**11** | $**—** |
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes  | $579738243 <sup>(d)</sup> | $— | $579738243 | $— <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 484379425 |  | 484379425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies & Obligations | 377955761 |  | 377955761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 248887455 |  | 248887455 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Countries<sup>(f)</sup> | 68119635 |  | 68119635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 39222439 |  | 39222439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Open End Mutual Fund Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 3243348 | 3243348 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | 2521861 |  | 2521861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligation | 1061655 |  | 1061655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Loans | 706360 |  | 706360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare | 254492 |  | 254492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 9178517 | 9178517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 62614453 |  | 62614453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 23892495 |  | 23892495 |  |
| **Total Investments, at Value** | $**1901776139** **<sup>(d)</sup>** | $**12421865** | $**1889354274** | $**—** **<sup>(c)(d)</sup>** |
| **Securities Lending Transactions — Liabilities** | $**(9178517)** | $**—** | $**(9178517)** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $960546 | $960546 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 390920 |  | 390920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swap | 34397 |  | 34397 |  |
| **Total Other Financial Instruments — Assets** | $**1385863** | $**960546** | $**425317** | $**—** |
| **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(198592) | $(198592) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (1021945) |  | (1021945) |  |
| **Total Other Financial Instruments — Liabilities** | $**(1220537)** | $**(198592)** | $**(1021945)** | $**—** |

---

#### 296

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at<br>February 28, 2026** | **Unadjusted Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $146144088 <sup>(d)</sup> | $— | $146144088 | $— <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Senior Loan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 4562496 | 4562496 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 8904318 |  | 8904318 |  |
| **Total Investments, at Value** | $**159610902** **<sup>(d)</sup>** | $**4562496** | $**155048406** | $**—** **<sup>(c)(d)</sup>** |
| **Securities Lending Transactions — Liabilities** | $**(4562496)** | $**—** | $**(4562496)** | $**—** |
| **International Fixed Income Fund** | **International Fixed Income Fund** | **International Fixed Income Fund** | **International Fixed Income Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | $13591786 | $— | $13591786 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 13627661 |  | 13627661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 10302319 |  | 10302319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Countries<sup>(f)</sup> | 47708797 |  | 47708797 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 79439150 |  | 79439150 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 24969202 |  | 24969202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 16060316 |  | 16060316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 14602305 |  | 14602305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | 11056600 |  | 11056600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | 215938 |  | 215938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 201957 |  | 201957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 24758 |  | 24758 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers | 2647156 |  | 2647156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 5842863 |  | 5842863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligation | 263044 |  | 263044 |  |
| **Total Investments, at Value** | $**240553852** | $**—** | $**240553852** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $662010 | $662010 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 1697155 |  | 1697155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Interest Rate Swaps | 58732 |  | 58732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 1177492 |  | 1177492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swaps | 7621 |  | 7621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps | 15787 |  | 15787 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Cross Currency Swaps | 1604976 |  | 1604976 |  |
| **Total Other Financial Instruments — Assets** | $**5223773** | $**662010** | $**4561763** | $**—** |
| **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Contracts Written | $(13421) | $— | $(13421) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse Repurchase Agreements | (3448625) |  | (3448625) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Sale Commitments | (30674945) |  | (30674945) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (153712) | (153712) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (1220103) |  | (1220103) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Total Return Swap | (184008) |  | (184008) |  |

---

#### 297

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at<br>February 28, 2026** | **Unadjusted Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | $(3744947) | $— | $(3744947) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Credit Default Swap | (27) |  | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swap | (14276) |  | (14276) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Cross Currency Swap | (15084) |  | (15084) |  |
| **Total Other Financial Instruments — Liabilities** | $**(39469148)** | $**(153712)** | $**(39315436)** | $**—** |
| **Municipal Bond Fund** | **Municipal Bond Fund** | **Municipal Bond Fund** | **Municipal Bond Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $78612206 | $— | $78612206 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligation | 207869 |  | 207869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrant: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 10800 |  | 10800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposit | 9398393 |  | 9398393 |  |
| **Total Investments, at Value** | $**88229268** | $**—** | $**88229268** | $**—** |
| **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $153228495 | $— | $153228495 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 21726857 |  | 21726857 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 11689468 |  | 11689468 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Countries<sup>(f)</sup> | 7484652 |  | 7484652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | 6726475 |  | 6726475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 180717 |  | 180717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: | &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement | 2000000 |  | 2000000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 685041 |  | 685041 |  |
| **Total Investments, at Value** | $**203721705** | $**—** | $**203721705** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** | **Other Financial Instruments — Assets<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $245527 | $245527 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | 441698 |  | 441698 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | 1358347 |  | 1358347 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation Rate Swaps | 766098 |  | 766098 |  |
| **Total Other Financial Instruments — Assets** | $**2811670** | $**245527** | $**2566143** | $**—** |
| **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** | **Other Financial Instruments — Liabilities<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Options Contracts Written | $(61782) | $— | $(61782) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse Repurchase Agreement | (54425125) |  | (54425125) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (311694) | (311694) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | (84763) |  | (84763) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Interest Rate Swaps | (403218) |  | (403218) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Inflation Rate Swaps | (1157688) |  | (1157688) |  |
| **Total Other Financial Instruments — Liabilities** | $**(56444270)** | $**(311694)** | $**(56132576)** | $**—** |

---

#### 298

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Fair Value at<br>February 28, 2026** | **Unadjusted Quoted Prices<br>in Active Markets<br>for Identical Investments<br>(Level 1)** | **Significant Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $161836607 | $— | $161836607 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 69349832 |  | 69349832 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations | 28866574 |  | 28866574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 28039452 |  | 28039452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | 16737417 |  | 16737417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 7941942 |  | 7941942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Countries<sup>(f)</sup> | 4070755 |  | 4070755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers | 3996587 |  | 3996587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund | 306063 | 306063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 3563438 |  | 3563438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligation | 2689381 |  | 2689381 |  |
| **Total Investments, at Value** | $**327398048** | $**306063** | $**327091985** | $**—** |
| **Securities Lending Transactions — Liabilities** | $**(306063)** | $**—** | $**(306063)** | $**—** |
| **Other Financial Instruments — Assets<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $111062 | $111062 | $— | $— |
| **Total Other Financial Instruments — Assets** | $**111062** | $**111062** | $**—** | $**—** |
| **Other Financial Instruments — Liabilities<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse Repurchase Agreements | $(14055656) | $— | $(14055656) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (327906) | (327906) |  |  |
| **Total Other Financial Instruments — Liabilities** | $**(14383562)** | $**(327906)** | $**(14055656)** | $**—** |
| **Alternative Strategies Fund** | **Alternative Strategies Fund** | **Alternative Strategies Fund** | **Alternative Strategies Fund** |  |
| **Investments, at Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Open End Mutual Fund Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | $204444932 | $204444932 | $— | $— |
| **Total Investments, at Value** | $**204444932** | $**204444932** | $**—** | $**—** |

---

(a) The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.

(b) 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.

(c) None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

(d) Includes securities that are fair valued using significant unobservable inputs at $0.

(e) Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

(f) Other countries represents countries that are individually less than 5% of Net Assets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant for any of the Funds and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended February 28, 2026 is not presented.

There were no significant transfers in or out of Level 3 for the period ended February 28, 2026 for any of the Funds.

**(b) Accounting for Derivative Instruments.** Derivative instruments require enhanced disclosures regarding a Fund's credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

#### 299

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<br> Notes to Financial Statements

(unaudited) (continued)

All open derivative positions at the period-end for each Fund are disclosed in the Fund's Schedule of Investments.

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Purchased Options.** Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio ("protective puts") or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund's securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

#### 300

------

<br> Notes to Financial Statements

(unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii) Swap Contracts.** Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Certain Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

#### 301

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<br> Notes to Financial Statements

(unaudited) (continued)

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund's books. An upfront payment made by the Fund is recorded as an asset on the Fund's books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Such amounts are reported on the Statements of Assets and Liabilities as deposits with counterparties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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

#### 302

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<br> Notes to Financial Statements

(unaudited) (continued)

clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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.

#### 303

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<br> 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, 2026:

#### Morgan Stanley Pathway Large Cap Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange**<br> **risk** | **Credit**<br> **risk** | **Equity**<br> **risk** | **Total** |
| **Asset derivatives** |  |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $16160 | $16160 |
| **Liability derivatives** |  |  |  |  |  |
|  Unrealized depreciation on open futures contracts (b) | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;71783 | $&nbsp;&nbsp;&nbsp;&nbsp;71783 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange**<br> **risk** | **Credit**<br> **risk** | **Equity**<br> **risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |  |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1905614 | $1905614 |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $(725612) | $(725612) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley Pathway Small-Mid Cap Equity ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $138152 | $138152 |
| **Liability derivatives** |  |  |  |  |  |
|  Unrealized depreciation on open futures contracts (b) | $— | $— | $— | $6578 | $6578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $1149270 | $1149270 |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $(314701) | $(314701) |

---

#### 304

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<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $97766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>echange<br>risk** | **Credit<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |
|  Futures contracts | $— | $— | $— | $261587 |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |
|  Futures contracts | $— | $— | $— | $59152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $51234 |
|  Unrealized appreciation on forward foreign currency contracts (c) |  | 11 |  | 11 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $51245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>echange<br>risk** | **Credit<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |
|  Futures contracts | $— | $— | $— | $189852 |
|  Forward foreign currency contracts |  | 8586 |  | 8586 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $198438 |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |
|  Futures contracts | $— | $— | $— | $45269 |
|  Forward foreign currency contracts |  | 11 |  | 11 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $45280 |

---

#### 305

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $960546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $960546 |
|  Unrealized appreciation on forward foreign currency contracts (c) |  | 390920 |  |  | 390920 |
|  Unrealized appreciation on centrally cleared swaps (f) |  |  | 34397 |  | 34397 |
|  | $960546 | $390920 | $34397 | $— | $1385863 |
| **Liability derivatives** |  |  |  |  |  |
|  Unrealized depreciation on open futures contracts (b) | $198592 | $— | $— | $— | $198592 |
|  Unrealized depreciation on forward foreign currency contracts (a) |  | 1021945 |  |  | 1021945 |
|  | $198592 | $1021945 | $— | $— | $1220537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>echange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |  |
|  Futures contracts | $2655228 | $— | $— | $— | $2655228 |
|  Swaps contracts |  |  | 47998 |  | 47998 |
|  Forward foreign currency contracts |  | (1310538) |  |  | (1310538) |
|  | $2655228 | $(1310538) | $47998 | $— | $1392688 |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |  |
|  Futures contracts | $241889 | $— | $— | $— | $241889 |
|  Swaps contracts |  |  | (885) |  | (885) |
|  Forward foreign currency contracts |  | (9952) |  |  | (9952) |
|  | $241889 | $(9952) | $(885) | $— | $231052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |  |
|  Purchased options (c) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $24758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $24758 |
|  Unrealized appreciation on open futures contracts (b) | 662010 |  |  |  | 662010 |
|  Unrealized appreciation on forward foreign currency contracts (c) |  | 1697155 |  |  | 1697155 |
|  Unrealized appreciation on centrally cleared swaps (f) | 1177492 |  | 15787 |  | 1193279 |
|  Unrealized appreciation on OTC swaps contracts (c) | 58732 | 1604976 | 7621 |  | 1671329 |
|  | $1898234 | $3326889 | $23408 | $— | $5248531 |
| **Liability derivatives** |  |  |  |  |  |
|  Options contracts written outstanding (a) | $— | $13421 | $— | $— | $13421 |
|  Unrealized depreciation on open futures contracts (b) | 153712 |  |  |  | 153712 |
|  Unrealized depreciation on forward foreign currency contracts (a) |  | 1220103 |  |  | 1220103 |
|  Unrealized depreciation on centrally cleared swaps (f) | 3744947 |  | 14276 |  | 3759223 |
|  Unrealized depreciation on OTC swaps contracts (a) | 184008 | 15084 | 27 |  | 199119 |
|  | $4082667 | $1248608 | $14303 | $— | $5345578 |

---

#### 306

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>echange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |  |
|  Purchased options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(27478) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(27478) |
|  Futures contracts | 1622708 |  |  |  | 1622708 |
|  Options contracts written | 88405 | 53881 |  |  | 142286 |
|  Swaps contracts | (1571948) | (125093) | 182212 |  | (1514829) |
|  Forward foreign currency contracts |  | (768136) |  |  | (768136) |
|  | $139165 | $(866826) | $182212 | $— | $(545449) |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |  |
|  Purchased options | $— | $18924 | $— | $— | $18924 |
|  Futures contracts | 405380 |  |  |  | 405380 |
|  Options contracts written | (17544) | (10707) |  |  | (28251) |
|  Swaps contracts | (845700) | 1348612 | (183439) |  | 319473 |
|  Forward foreign currency contracts |  | 1262593 |  |  | 1262593 |
|  | $(457864) | $2619422 | $(183439) | $— | $1978119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inflation-Linked Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inflation-Linked Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inflation-Linked Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inflation-Linked Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inflation-Linked Fixed Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Inflation-Linked Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $245527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $245527 |
|  Unrealized appreciation on forward foreign currency contracts (c) |  | 441698 |  |  | 441698 |
|  Unrealized appreciation on centrally cleared swaps (f) | 2124445 |  |  |  | 2124445 |
|  | $2369972 | $441698 | $— | $— | $2811670 |
| **Liability derivatives** |  |  |  |  |  |
|  Options contracts written outstanding (a) | $61782 | $— | $— | $— | $61782 |
|  Unrealized depreciation on open futures contracts (b) | 311694 |  |  |  | 311694 |
|  Unrealized depreciation on forward foreign currency contracts (a) |  | 84763 |  |  | 84763 |
|  Unrealized depreciation on centrally cleared swaps (f) | 1560906 |  |  |  | 1560906 |
|  | $1934382 | $84763 | $— | $— | $2019145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>echange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |  |
|  Futures contracts | $384285 | $— | $— | $— | $384285 |
|  Options contracts written | 69424 |  |  |  | 69424 |
|  Swaps contracts | (43181) |  |  |  | (43181) |
|  Forward foreign currency contracts |  | 76600 |  |  | 76600 |
|  | $410528 | $76600 | $— | $— | $487128 |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |  |
|  Futures contracts | $(243913) | $— | $— | $— | $(243913) |
|  Options contracts written | (27393) |  |  |  | (27393) |
|  Swaps contracts | (225534) |  |  |  | (225534) |
|  Forward foreign currency contracts |  | 374880 |  |  | 374880 |
|  | $(496840) | $374880 | $— | $— | $(121960) |

---

#### 307

------

<br> Notes to Financial Statements

(unaudited) (continued)

#### Ultra-Short Term Fixed Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Asset derivatives** |  |  |  |  |  |
|  Unrealized appreciation on open futures contracts (b) | $111062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $111062 |
| **Liability derivatives** |  |  |  |  |  |
|  Unrealized depreciation on open futures contracts (b) | $327906 | $— | $— | $— | $327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2026: |
| **Location** | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** | **Total** |
| **Realized gain/(loss) on derivatives (d)** |  |  |  |  |  |
|  Futures contracts | $(188721) | $— | $— | $— | $(188721) |
| **Change in unrealized appreciation (depreciation) on derivatives (e)** |  |  |  |  |  |
|  Futures contracts | $(276619) | $— | $— | $— | $(276619) |

---

(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, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $20606274 |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $— | $— | $— | $7459224 |
| **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $— | $— | $— | $2625239 |

---

#### 308

------

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(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $— | $— | $— | $885715 |
|  Forward foreign currency contracts |  | 52997 |  |  |
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $299720118 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Swap contracts |  |  | 3369914 |  |
|  Forward foreign currency contracts |  | 72489917 |  |  |
| **International Fixed Income Fund** | **International Fixed Income Fund** | **International Fixed Income Fund** | **International Fixed Income Fund** | **International Fixed Income Fund** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Purchased options | $— | $39053 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Futures contracts | 116467209 |  |  |  |
|  Option contracts written | 5500 | 15783 |  |  |
|  Swap contracts | 330535266 | 22482655 | 19130077 |  |
|  Forward foreign currency contracts |  | 270609298 |  |  |
| **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $66086734 | $— | $— | $— |
|  Option contracts written | 71282 |  |  |  |
|  Swap contracts | 62187572 |  |  |  |
|  Forward foreign currency contracts |  | 46700403 |  |  |
| **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** |
|  | **Interest rate<br>risk** | **Foreign<br>exchange<br>risk** | **Credit<br>risk** | **Equity<br>risk** |
|  Futures contracts | $312404549 | $— | $— | $— |

---

**(c) Repurchase Agreements.** When entering into repurchase agreements, it is the Funds' policy that their custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market daily to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

**(d) Stripped Securities.** Certain Funds may invest in "Stripped Securities", a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities ("PO"), which are debt obligations that have been stripped of interest coupons, or interest-only securities ("IO"), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market's perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a 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

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(unaudited) (continued)

debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

**(e) Time Deposits.** Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

**(f) Lending of Portfolio Securities.** Mitsubishi UFJ Financial Group (MUFG) acts as securities lending agent for the Funds. As agent, MUFG may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Income from securities lending, net, on the Statement of Operations represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

The following table presents securities on loan that are subject to enforceable netting arrangements as of February 28, 2026:

#### Gross Amounts Not Offset in the Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Asset Amount<br>Presented in the Statements<br>of Assets and Liabilities (a)** | **Financial<br>Instrument** | **Collateral<br>Received (b)(c)** | **Net Amount<br>(Not Less than $0)** |
|  Morgan Stanley Pathway Large Cap Equity ETF | $913165 | $— | $(913165) | $0 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | 1883635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1883635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  International Equity Fund | 2623363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (2623363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Emerging Markets Equity Fund | 2009515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (2009515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Core Fixed Income Fund | 8886205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (8886205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (4264620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Ultra-Short Term Fixed Income Fund | 293445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (293445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

(a) Represents market value of securities on loan at period end.

(b) The Funds received cash collateral of $973,888, $1,999,348, $2,755,398, $2,088,847, $9,178,517, $4,562,496 and $306,063, respectively, which was subsequently invested in Invesco STIT – Government & Agency Portfolio as reported in the Schedules of Investments. In addition, the Funds received non-cash collateral of $0, $0, $0, $0, $0, $0 and $0, respectively, in the form of U.S. Government Obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedules of Investments.

(c) The actual collateral received could be greater than the amount shown here due to overcollateralization.

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.

#### 310

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<br> 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, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** |
|  | **Overnight and<br>Continuous** | **< 30 days** | **Between 30 & 90<br>days** | **> 90 days** | **Total** |
| **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** | **Morgan Stanley Pathway Large Cap Equity ETF** |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $973888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $973888 |
|  **Total Borrowings** | $**973888** | $**—** | $**—** | $**—** | $**973888** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $973888 |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF** |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $1999348 | $— | $— | $— | $1999348 |
|  **Total Borrowings** | $**1999348** | $**—** | $**—** | $**—** | $**1999348** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $1999348 |
| **International Equity Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $2755398 | $— | $— | $— | $2755398 |
|  **Total Borrowings** | $**2755398** | $**—** | $**—** | $**—** | $**2755398** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $2755398 |
| **Emerging Markets Equity Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $2088847 | $— | $— | $— | $2088847 |
|  **Total Borrowings** | $**2088847** | $**—** | $**—** | $**—** | $**2088847** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $2088847 |
| **Core Fixed Income Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $9178517 | $— | $— | $— | $9178517 |
|  **Total Borrowings** | $**9178517** | $**—** | $**—** | $**—** | $**9178517** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  | $9178517 |
| **High Yield Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $4562496 | $— | $— | $— | $4562496 |
|  **Total Borrowings** | $**4562496** | $**—** | $**—** | $**—** | $**4562496** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  | $4562496 |
| **International Fixed Income Fund** |  |  |  |  |  |
| **Reverse Repurchase Agreements Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $3448625 | $— | $— | $3448625 |
|  **Total Borrowings** | $**—** | $**3448625** | $**—** | $**—** | $**3448625** |
|  Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions |  | $3448625 |

---

#### 311

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(unaudited) (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements**<br>**As of February 28, 2026** |
|  | **Overnight and<br>Continuous** | **< 30 days** | **Between 30 & 90<br>days** | **> 90 days** | **Total** |
| **Inflation-Linked Fixed Income Fund** |  |  |  |  |  |
| **Reverse Repurchase Agreements Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54425125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54425125 |
|  **Total Borrowings** | $**—** | $**—** | $**54425125** | $**—** | $**54425125** |
|  Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions |  | $54425125 |
| **Ultra-Short Term Fixed Income Fund** |  |  |  |  |  |
| **Securities Lending Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $306063 | $— | $— | $— | $306063 |
| **Reverse Repurchase Agreements Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $14055656 | $— | $— | $14055656 |
| **Sale Buy-Back Transactions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations | $— | $4868568 | $— | $— | $4868568 |
|  **Total Borrowings** | $**306063** | $**18924224** | $**—** | $**—** | $**19230287** |
|  Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  | $306063 |
|  Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions | Gross amount of recognized liabilities for reverse repurchase agreements transactions |  | $14055656 |
|  Gross amount of recognized liabilities for sale-buyback transactions | Gross amount of recognized liabilities for sale-buyback transactions | Gross amount of recognized liabilities for sale-buyback transactions | Gross amount of recognized liabilities for sale-buyback transactions |  | $4868568 |

---

**(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

#### 312

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(unaudited) (continued)

premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

**(i) Mortgage Dollar Rolls.** Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund's use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities.

**(j) Credit and Market Risk.** Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund's investment in securities rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

**(k) Foreign Investment and Currency Risks.** Certain Funds' investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(l) Emerging Markets Risk.** In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

**(m) Volatility Risk.** Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument's price over a defined time period. Large increases or decreases in a financial instrument's price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

**(n) Market Risk.** The value of an investment in the Fund is based on the values of the Fund's investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund's portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the treat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and

#### 313

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<br> Notes to Financial Statements

(unaudited) (continued)

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.

**(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.

#### 314

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<br> Notes to Financial Statements

(unaudited) (continued)

**(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 2025 tax returns. Each Fund's federal tax returns for the prior four fiscal years remain subject to examination by the Internal Revenue Service.

**(s) Reclassification.** GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share.

**(t) Restricted Securities.** All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

**(u) Reverse Repurchase Agreements.** Certain Funds may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund's liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund's indebtedness and will have the effect of leveraging the Fund's assets.

**(v) Indemnification.** 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

#### 315

------

<br> Notes to Financial Statements

(unaudited) (continued)

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, 2026.

**(x) Sale-Buyback and Buy-Saleback Transactions.** A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the period ended February 28, 2026 the International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at February 28, 2026, and the average amount of borrowings, incurred interest expense and a weighted average interest rate related to sale-buyback transactions outstanding during the period ended February 28, 2026, were as following:

---

| | | | |
|:---|:---|:---|:---|
|  | **International<br>Fixed Income Fund** | **Inflation-Linked<br>Fixed Income Fund** | **Ultra-Short Term<br>Fixed Income Fund** |
|  Payable for sale-buyback transactions | $— | $— | $4868568 |
|  Average amount borrowed | 10298 | 13975803 | 731498 |
|  Interest expense | 194 | 300283 | 13954 |
|  Weighted average interest rate | 3.80% | 4.33% | 3.84% |

---

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, 2026, 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.

#### 316

------

<br> Notes to Financial Statements

(unaudited) (continued)

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, 2026 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 1(a)).

Repurchase agreements and reverse repurchase agreements may be entered into by the Funds under Master Repurchase Agreements ("MRA") which permit a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. The Fund's repurchase agreements as of February 28, 2026 are shown on a gross basis and the required offsetting disclosures are shown in the Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements as of February 28, 2026.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

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, 2026:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
| **Derivative Instruments (a)** | **Gross Amounts of <br>Recognized Assets<br>Presented in the <br>Statements of <br>Assets and Liabilities** | **Gross Amounts of <br>Recognized Liabilities<br>Presented in the <br>Statements of <br>Assets and Liabilities** |
| **Emerging Markets Equity Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $11 | $— |
|  **Total derivative instruments, subject to master netting arrangement or similar arrangement** | $**11** | $**—** |
| **Core Fixed Income Fund:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $390920 | $(1021945) |
|  **Total derivative instruments, subject to master netting arrangement or similar arrangement** | $**390920** | $**(1021945)** |
| **International Fixed Income Fund:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $1697155 | $(1220103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts | 24758 (b) | (13421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 1671329 | (199119) |
|  **Total derivative instruments, subject to master netting arrangement or similar arrangement** | $**3393242** | $**(1432643)** |
| **Inflation-Linked Fixed Income Fund:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $441698 | $(84763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts |  | (61782) |
|  **Total derivative instruments, subject to master netting arrangement or similar arrangement** | $**441698** | $**(146545)** |

---

(a) Excludes exchange-traded derivatives.

(b) Amounts are included in Unaffiliated Investments in the Statements of Assets and Liabilities.

#### 317

------

<br> Notes to Financial Statements

(unaudited) (continued)

The following table presents the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts <br>of Recognized <br>Assets <br>Presented in the<br>Statements of <br>Assets and <br>Liabilities** | **Financial <br>Instruments<br>Available for<br>Offset (a)** | **Collateral<br>Received** | **Net Amount (b)<br>(Not Less than $0)** |
| **Emerging Markets Equity Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $11 | $— | $— | $11 |
|  **Total over-the-counter derivative instruments** | $**11** | $**—** | $**—** | $**11** |
| **Counterparty** | **Gross Amounts <br>of Recognized <br>Assets <br>Presented in the<br>Statements of <br>Assets and <br>Liabilities** | **Financial <br>Instruments<br>Available for<br>Offset (a)** | **Collateral<br>Received** | **Net Amount (b)<br>(Not Less than $0)** |
| **Core Fixed Income Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | $153446 | $(153446) | $— | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 96895 | (96895) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 140579 | (27791) |  | 112788 |
| **Total over-the-counter derivative instruments** | $**390920** | $**(278132)** | $**—** | $**112788** |
| **Counterparty** | **Gross Amounts<br>of Recognized<br>Liabilities<br>Presented in the<br>Statements of<br>Assets and<br>Liabilities** | **Financial<br>Instruments<br>Available for<br>Offset (c)** | **Collateral<br>Pledged** | **Net Amount (d)<br>(Not Less than $0)** |
| **Core Fixed Income Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon | $429094 | $(153446) | $— | $275648 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 306 |  |  | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 564754 | (96895) |  | 467859 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 27791 | (27791) |  |  |
| **Total over-the-counter derivative instruments** | $**1021945** | $**(278132)** | $**—** | $**743813** |

---

#### 318

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts<br>of Recognized<br>Assets<br>Presented in the<br>Statements of<br>Assets and<br>Liabilities** | **Financial<br>Instruments<br>Available for<br>Offset (a)** | **Collateral<br>Received (e)** | **Net Amount (b)<br>(Not Less than $0)** |
| **International Fixed Income Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $138980 | $(70588) | $— | $68392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 489586 | (81277) | (408309) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 182082 | (182082) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 61594 | (13753) |  | 47841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 1929081 | (312306) |  | 1616775 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank USA | 42551 | (42551) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 87063 | (56093) | (30970) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 20714 | (20714) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 47272 | (31804) |  | 15468 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 22836 | (14366) |  | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank | 371483 | (292583) |  | 78900 |
| **Total over-the-counter derivative instruments** | $**3393242** | $**(1118117)** | $**(439279)** | $**1835846** |
| **Counterparty** | **Gross Amounts<br>of Recognized<br>Liabilities<br>Presented in the<br>Statements of<br>Assets and<br>Liabilities** | **Financial<br>Instruments<br>Available for<br>Offset (c)** | **Collateral<br>Pledged** | **Net Amount (d)<br>(Not Less than $0)** |
| **International Fixed Income Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America | $70588 | $(70588) | $— | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | 81277 | (81277) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 326019 | (182082) |  | 143937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 13753 | (13753) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | 312306 | (312306) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank USA | 188518 | (42551) |  | 145967 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 56093 | (56093) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 45336 | (20714) |  | 24622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 31804 | (31804) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Securities LLC | 14366 | (14366) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Bank | 292583 | (292583) |  | 0 |
|  **Total over-the-counter derivative instruments** | $**1432643** | $**(1118117)** | $**—** | $**314526** |

---

#### 319

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts<br>of Recognized<br>Assets<br>Presented in the<br>Statements of<br>Assets and<br>Liabilities** | **Financial<br>Instruments<br>Available for<br>Offset (a)** | **Collateral<br>Received (e)** | **Net Amount (b)<br>(Not Less than $0)** |
| **Inflation-Linked Fixed Income Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $142022 | $(91969) | $– | $50053 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 73774 | (12116) |  | 61658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 16764 | (1364) |  | 15400 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank USA | 39872 | (8097) |  | 31775 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 28417 | (7647) | (20000) | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch, Pierce, Fenner & Smith Inc. | 25266 | (13583) |  | 11683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 115583 | (11769) |  | 103814 |
|  **Total over-the-counter derivative instruments** | $**441698** | $**(146545)** | $**(20000)** | $**275153** |
| **Counterparty** | **Gross Amounts<br>of Recognized<br>Liabilities<br>Presented in the<br>Statements of<br>Assets and<br>Liabilities** | **Financial<br>Instruments<br>Available for<br>Offset (c)** | **Collateral<br>Pledged** | **Net Amount (d)<br>(Not Less than $0)** |
| **Inflation-Linked Fixed Income Fund** |  |  |  |  |
| **Over-the-counter** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $91969 | $(91969) | $– | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 12116 | (12116) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 1364 | (1364) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank USA | 8097 | (8097) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 7647 | (7647) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch, Pierce, Fenner & Smith Inc. | 13583 | (13583) |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank | 11769 | (11769) |  | 0 |
|  **Total over-the-counter derivative instruments** | $**146545** | $**(146545)** | $**–** | $**0** |

---

(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.

#### 320

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<br> Notes to Financial Statements

(unaudited) (continued)

**(aa) Segment Reporting.** Each Fund operates as a single reportable segment, an investment company whose investment objectives are included in Note 1. The Trust's Chief Operating Officer acts as the Trust's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in each Fund's financial statements.

2. Investment Management Agreement and Other Transactions with Affiliates

CGAS, a business of Morgan Stanley Wealth Management, serves as the investment manager to the Funds. The Manager selects and oversees professional money managers who are responsible for investing the assets of the Funds (each a "Sub-adviser," and collectively the "Sub-advisers"). Each Fund pays the Manager an investment management fee calculated daily at an annual rate based on each Fund's average daily net assets and paid monthly in arrears. The Manager pays each Sub-adviser on a monthly basis, a sub-advisory fee from its investment management fees.

CGAS has contractually agreed to waive fees and reimburse expenses in order to keep the Funds' management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Funds' total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%, and will not affect the Funds' total management fees if they are less than such amount. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. These fee waivers and/or reimbursements will continue for at least one year from the date of the Funds' prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when it deems such action is appropriate.

In addition, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Alternative Strategies Fund's total annual operating expenses, (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses and other extraordinary expenses not incurred in the ordinary course of the Alternative Strategies Fund's business), from exceeding 0.70%. This contractual arrangement shall remain in effect for at least one year from the date of the Fund's prospectus or until such time as the Board acts to discontinue all or a portion of such waiver and/or reimbursement when it deems such action is appropriate.

The maximum allowable investment management fees represents the total amount that could be charged to each Fund. The aggregate fees paid by the Manager to each Fund's Sub-advisers and the fees retained by the Manager for the period ended February 28, 2026 are indicated below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Sub-advisory<br>Fee** | **Consulting Group<br>Advisory Services LLC<br>Fee** | **Maximum<br>Allowable Annual<br>Management Fee** |
|  Morgan Stanley Pathway Large Cap Equity ETF | 0.11% | 0.20% | 0.55% |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.29% | 0.20% | 0.75% |
|  International Equity Fund | 0.27% | 0.20% | 0.70% |
|  Emerging Markets Equity Fund | 0.34% | 0.20% | 0.90% |
|  Core Fixed Income Fund | 0.11% | 0.20% | 0.40% |
|  High Yield Fund | 0.29% | 0.20% | 0.70% |
|  International Fixed Income Fund | 0.25% | 0.20% | 0.50% |
|  Municipal Bond Fund | 0.20% | 0.20% | 0.40% |
|  Inflation-Linked Fixed Income Fund | 0.25% | 0.20% | 0.50% |
|  Ultra-Short Term Fixed Income Fund | 0.15% | 0.20% | 0.50% |
|  Alternative Strategies Fund | N/A | 0.20% | 1.20% |

---

#### 321

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<br> 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, 2026, the amounts waived and/or reimbursed by the Manager were as follows:

---

| | |
|:---|:---|
| **Fund** | **Amounts Waived<br>and/or Reimbursed** |
|  Morgan Stanley Pathway Large Cap Equity ETF | $4188703 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | 892081 |
|  International Equity Fund | 1435876 |
|  Emerging Markets Equity Fund | 1315492 |
|  Core Fixed Income Fund | 763895 |
|  High Yield Fund | 151580 |
|  International Fixed Income Fund | 50420 |
|  Municipal Bond Fund |  |
|  Inflation-Linked Fixed Income Fund | 37633 |
|  Ultra-Short Term Fixed Income Fund | 260192 |
|  Alternative Strategies Fund | 970779 |

---

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, 2026, Morgan Stanley & Co. Incorporated ("MS&Co."), and its affiliates, including Morgan Stanley Smith Barney LLC, the Trust's distributor, received brokerage commissions of:

---

| | |
|:---|:---|
| **Fund** | **Commission<br>Dollars to MS&Co.** |
|  Morgan Stanley Pathway Large Cap Equity ETF | $339 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | 4359 |
|  International Equity Fund |  |
|  Emerging Markets Equity Fund | 1212 |
|  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, 2026, the Funds assume the following to be affiliated issuers:

Morgan Stanley Pathway Large Cap Equity ETF

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Beginning<br>Value as of<br>August 31, 2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net Realized<br>Gain/(Loss)<br>on Sales** | **Change in<br>Unrealized<br>Appreciation** | **Accretion<br>of discount** | **Dividend/<br>Interest<br>Income** | **Ending<br>Value as of<br>February 28, 2026** |
|  Morgan Stanley | $6187286 | $416448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $644113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $84939 | $7247847 |

---

#### 322

------

<br> Notes to Financial Statements

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Beginning<br>Value as of<br>August 31, 2025** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net Realized<br>Gain<br>on Sales** | **Change in<br>Unrealized<br>Appreciation** | **Accretion<br>of discount** | **Dividend/<br>Interest<br>Income** | **Ending<br>Value as of<br>February 28, 2026** |
|  Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 4.688% (1-Month Term SOFR + 1.014%) due 5/25/34 | $350552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(17906) | $16 | $8589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | $7810 | $341318 |

---

3. Investments

During the period ended February 28, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments and in-kind transactions) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other Investments** | **Other Investments** | **U.S. Government Securities** | **U.S. Government Securities** |
| **Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  Morgan Stanley Pathway Large Cap Equity ETF . . . | $269988284 | $199388578 | $— | $— |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF . . . | 128410551 | 142830085 |  |  |
|  International Equity Fund . . . | 204821421 | 227322631 |  |  |
|  Emerging Markets Fund . . . | 135721463 | 105812916 |  |  |
|  Core Fixed Income Fund . . . | 312697484 | 183433556 | 731392898 | 665879733 |
|  High Yield Fund . . . | 43399544 | 31858234 |  |  |
|  International Fixed Income Fund . . . | 30023527 | 18822484 | 268555827 | 259929785 |
|  Municipal Bond Fund . . . | 11014198 | 7188779 |  |  |
|  Inflation-Linked Fixed Income Fund . . . | 8966553 | 4167955 | 69925546 | 71494880 |
|  Ultra-Short Term Fixed Income Fund . . . | 99873584 | 154971748 | 47035719 | 43750584 |
|  Alternative Strategies Fund . . . | 21981279 | 8319936 |  |  |

---

During the period ended February 28, 2026, purchases and sales related to in-kind transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other Investments** | **Other Investments** | **U.S. Government Securities** | **U.S. Government Securities** |
| **Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  Morgan Stanley Pathway Large Cap Equity ETF . . . | $64397540 | $4527939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF . . . | 9708297 | 14381933 |  |  |

---

The cost of investments for federal income tax purposes and gross unrealized appreciation and unrealized depreciation at February 28, 2026 have been disclosed under the respective Schedule of Investments.

4. Issuance and Redemption of ETF Shares

The Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (together, the "Morgan Stanley Pathway ETFs") each issues or redeems its shares at NAV per share only in Creation Units. The number of shares of the Morgan Stanley Pathway ETFs that constitute a Creation Unit is 50,000. Shares of each Fund are listed for trading on a national securities exchange and trade on the secondary market during the trading day. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction. Fund shares are traded on NYSE Arca under the trading symbol MSLC for the Morgan Stanley Pathway Large Cap Equity ETF and MSSM for the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Share prices are reported in dollars and cents per share. Authorized Participants ("APs") may acquire Fund shares directly from each Fund, and APs may tender their Fund shares for redemption directly to a Fund, at NAV per share, only in Creation Units and in accordance with the procedures described in the Funds' Statement of Additional Information.

#### 323

------

<br> Notes to Financial Statements

(unaudited) (continued)

Foreside Fund Services, LLC ("Foreside") serves as the distributor and principal underwriter for the Morgan Stanley Pathway ETFs pursuant to a written agreement, which was approved by the Trustees of the Trust, including a majority of the Independent Trustees. Foreside or its agent distributes Creation Units for the Morgan Stanley Pathway ETFs on an agency basis. Foreside, as agent, reviews and approves orders by APs to create and redeem Morgan Stanley Pathway ETF shares in Creation Units.

5. Shares of Beneficial Interest

At February 28, 2026, 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, 2026, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

Transactions in shares of each Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | **Period Ended<br>February 28,<br>2026** | **Year Ended<br>August 31,<br>2025** |
| **Morgan Stanley Pathway Large Cap Equity ETF\*** | **Morgan Stanley Pathway Large Cap Equity ETF\*** | **Morgan Stanley Pathway Large Cap Equity ETF\*** |
|  Shares sold |  | 5045737 |
|  Shares sold in-kind | 3650000 | 6100000 |
|  Shares issued on reinvestment |  | 2137098 |
|  Shares repurchased |  | (5464916) |
|  Shares repurchased in-kind | (250000) | (850000) |
|  Net Increase | 3400000 | 6967919 |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF\*** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF\*** | **Morgan Stanley Pathway Small-Mid Cap Equity ETF\*** |
|  Shares sold |  | 2547698 |
|  Shares sold in-kind | 350000 | 2300000 |
|  Shares issued on reinvestment |  | 1126334 |
|  Shares repurchased |  | (1290707) |
|  Shares repurchased in-kind | (500000) | (550000) |
|  Net Increase (Decrease) | (150000) | 4133325 |
| **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |
|  Shares sold | 10340933 | 19616361 |
|  Shares issued on reinvestment | 6191764 | 5103592 |
|  Shares repurchased | (12103531) | (36048971) |
|  Net Increase (Decrease) | 4429166 | (11329018) |
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  Shares sold | 7517832 | 13359969 |
|  Shares issued on reinvestment | 959662 | 792004 |
|  Shares repurchased | (5901339) | (8429815) |
|  Net Increase | 2576155 | 5722158 |
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
|  Shares sold | 47107358 | 60733231 |
|  Shares issued on reinvestment | 5630385 | 11622542 |
|  Shares repurchased | (25566181) | (98831635) |
|  Net Increase (Decrease) | 27171562 | (26475862) |

---

#### 324

------

<br> Notes to Financial Statements

(unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | **Period Ended<br>February 28,<br>2026** | **Year Ended<br>August 31,<br>2025** |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
|  Shares sold | 7547653 | 9939364 |
|  Shares issued on reinvestment | 1463037 | 2828348 |
|  Shares repurchased | (4264666) | (10578784) |
|  Net Increase | 4746024 | 2188928 |
| **International Fixed Income Fund** | **International Fixed Income Fund** | **International Fixed Income Fund** |
|  Shares sold | 5220545 | 6750599 |
|  Shares issued on reinvestment | 728337 | 619779 |
|  Shares repurchased | (3840365) | (7546767) |
|  Net Increase (Decrease) | 2108517 | (176389) |
| **Municipal Bond Fund** | **Municipal Bond Fund** | **Municipal Bond Fund** |
|  Shares sold | 1847129 | 2921882 |
|  Shares issued on reinvestment | 151348 | 319664 |
|  Shares repurchased | (1017350) | (4409699) |
|  Net Increase (Decrease) | 981127 | (1168153) |
| **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** | **Inflation-Linked Fixed Income Fund** |
|  Shares sold | 1693354 | 2743362 |
|  Shares issued on reinvestment | 302551 | 596777 |
|  Shares repurchased | (1450210) | (4692508) |
|  Net Increase (Decrease) | 545695 | (1352369) |
| **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** | **Ultra-Short Term Fixed Income Fund** |
|  Shares sold | 4809753 | 28782446 |
|  Shares issued on reinvestment | 747071 | 1558082 |
|  Shares repurchased | (16725638) | (20838642) |
|  Net Increase (Decrease) | (11168814) | 9501886 |
| **Alternative Strategies Fund** | **Alternative Strategies Fund** | **Alternative Strategies Fund** |
|  Shares sold | 3379928 | 5772487 |
|  Shares issued on reinvestment | 782695 | 405063 |
|  Shares repurchased | (2572178) | (4192627) |
|  Net Increase | 1590445 | 1984923 |

---

\* The Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and liabilities of the Large Cap Equity Fund ("Predecessor Fund") and the Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets and liabilities of Small-Mid Cap Equity Fund ("Predecessor Fund") in reorganizations that occurred on December 9, 2024 (the "Reorganizations"). Each of the Predecessor Funds ceased operations immediately following the Reorganizations. As a result, all financial information prior to the Reorganizations has been retroactively adjusted to reflect the Reorganizations. See Note 1 of the Notes to Financial Statements for additional information on the Funds' Reorganizations. 

6. 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.

#### 325

------

<br> Notes to Financial Statements

(unaudited) (continued)

As of August 31, 2025, the Funds had the following net capital loss carryforwards remaining:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging<br>Markets Equity<br>Fund** | **Core Fixed<br>Income<br>Fund** | **High Yield<br>Fund** | **International<br>Fixed Income<br>Fund** |
|  Short Term . . . . | $7114205 | $57140176 | $3281925 | $3566393 |
|  Long Term . . . . | 52556795 | 174526867 | 21525559 | 4050362 |
|  Total . . . . . . . | $59671000 | $231667043 | $24807484 | $7616755 |
|  | **Municipal<br>Bond<br>Fund** | **Inflation-Linked<br>Fixed Income<br>Fund** | **Ultra-Short Term<br>Fixed Income<br>Fund** | **Alternative<br>Strategies<br>Fund** |
|  Short Term . . . . | $3148850 | $— | $14173360 | $531340 |
|  Long Term . . . . | 4294466 | 5280385 |  | 2382613 |
|  Total . . . . . . . | $7443316 | $5280385 | $14173360 | $2913953 |

---

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Fund's next taxable year. For the year ended August 31, 2025, the Fund intends to defer to September 1, 2025 for U.S. federal income tax purposes the following losses:

---

| | |
|:---|:---|
|  | **Core Fixed<br>Income<br>Fund** |
|  Ordinary Late Year Losses  | $— |
|  Short-Term Post-October Loss |  |
|  Long-Term Post-October Loss |  |
|  Specified Late Year Loss | 1522366 |
|  Total | $1522366 |

---

7. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements other than the information below.

Subsequent to February 28, 2026, the Funds made the following distributions per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date - Payable Date** | **Core Fixed Income<br>Fund** | **High Yield<br>Fund** | **Municipal Bond<br>Fund** | **Ultra-Short Term<br>Fixed Income<br>Fund** |
|  3/1/26-3/31/26 | $0.027019 | $0.017789 | $0.022915 | $0.038890 |

---

The Board of Trustees (the "Board") of the Trust approved the termination of the investment sub-advisory agreement with BlackRock Financial Management, Inc. with respect to the Large Cap Equity ETF, Small-Mid Cap Equity ETF, International Equity Fund and Emerging Markets Equity Fund (collectively the "Funds"), as well as the approval of a new investment sub-advisory agreement with O'Shaughnessy Asset Management, LLC to serve as a sub-adviser to the Funds. Consulting Group Advisory Services LLC will continue to serve as the Funds' investment adviser. These changes became effective on March 23, 2026 for the Large Cap Equity ETF and Small-Mid Cap Equity ETF, and will become effective on or around May 7, 2026 for the International Equity Fund and Emerging Markets Equity Fund. Please see the Funds' prospectus for further information.

#### 326

------

#### MORGAN STANLEY SMITH BARNEY LLC

#### Distributor of Morgan Stanley Pathway Mutual Funds

#### FORESIDE FUND SERVICES, LLC

#### Distributor and Principal Underwriter of Morgan Stanley Pathway ETFs

#### CONSULTING GROUP ADVISORY SERVICES LLC

#### Investment Adviser
This report is submitted for the general information of the shareholders of Morgan Stanley Pathway Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus for the Trust which contains information concerning the Trust's Investment policies, charges and expenses as well as other pertinent information.

<sup>©</sup> 2026 Morgan Stanley Smith Barney LLC ("Morgan Stanley"). Consulting Group Advisory Services LLC ("CGAS") is a business of Morgan Stanley. Securities are offered through Morgan Stanley.

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 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.](d58191dex99cert.htm)

[(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.](d58191dex99906cert.htm)

------

#### 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** | **Morgan Stanley Pathway Funds** |
|  By: | /s/ Paul Ricciardelli |
|  | Paul Ricciardelli |
|  | Chief Executive Officer |
|  | Morgan Stanley Pathway Funds |
|  Date: | April 29, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| **Morgan Stanley Pathway Funds** | **Morgan Stanley Pathway Funds** |
| By: | /s/ Paul Ricciardelli |
|  | Paul Ricciardelli |
|  | Chief Executive Officer |
|  | Morgan Stanley Pathway Funds |
| Date: | April 29, 2026 |
| **Morgan Stanley Pathway Funds** | **Morgan Stanley Pathway Funds** |
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Chief Financial Officer |
|  | Morgan Stanley Pathway Funds |
| Date: | April 29, 2026 |

---

## Ex-99.Cert

Exhibit 19(a)(2)

**CERTIFICATION** 

I, Paul Ricciardelli, certify that:

1. I have reviewed this report on Form N-CSR of Morgan Stanley Pathway
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 29, 2026 | /s/ Paul Ricciardelli |
|  | Paul Ricciardelli, Chief Executive Officer |
|  | (Principal Executive Officer) |

---

------

Exhibit 19(a)(2)

**CERTIFICATION** 

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Morgan Stanley Pathway
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: April 29, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner, Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit 19(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

I, Paul Ricciardelli, Chief Executive Officer of the Morgan Stanley Pathway Funds (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant for the semi-annual period ended February 28, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: April 29, 2026 | /s/ Paul Ricciardelli |
|  | Paul Ricciardelli, Chief Executive Officer |
|  | (Principal Executive Officer) |

---

------

Exhibit 19(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES OXLEY ACT OF 2002

I, James F. Kirchner, Chief Financial Officer of the Morgan Stanley Pathway Funds (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant for the semi-annual period ended February 28, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: April 29, 2026 | /s/ James F. Kirchner |
|  | James F. Kirchner, Chief Financial Officer |
|  | (Principal Financial Officer) |

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