Morgan Stanley Pathway Funds NCSR Certified annual shareholder report (management investment company)

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: (888) 454-3965

Date of fiscal year end: August 31

Date of reporting period: August 31, 2023

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under clearance requirements of 44 U.S.C. § 3507.

ITEM 1. REPORT TO STOCKHOLDERS

The following is a copy of the Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).

LOGO

Morgan Stanley

Pathway Funds

Annual Report

August 31, 2023

•

Large Cap Equity Fund

•

Small-Mid Cap Equity Fund

•

International Equity Fund

•

Emerging Markets Equity Fund

•

Core Fixed Income Fund

•

High Yield Fund

•

International Fixed Income Fund

•

Municipal Bond Fund

•

Inflation-Linked Fixed Income Fund

•

Ultra-Short Term Fixed Income Fund

•

Alternative Strategies Fund

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

Table of Contents



SHAREHOLDER LETTER			I

MORGAN STANLEY PATHWAY FUNDS PERFORMANCE SUMMARY

LARGE CAP EQUITY FUND			1

SMALL-MID CAP EQUITY FUND			4

INTERNATIONAL EQUITY FUND			7

EMERGING MARKETS EQUITY FUND			10

CORE FIXED INCOME FUND			13

HIGH YIELD FUND			15

INTERNATIONAL FIXED INCOME FUND			17

MUNICIPAL BOND FUND			19

INFLATION-LINKED FIXED INCOME FUND			21

ULTRA-SHORT TERM FIXED INCOME FUND			23

ALTERNATIVE STRATEGIES FUND			25

FUND EXPENSES			31

SCHEDULESOF INVESTMENTS			33

STATEMENTSOF ASSETSAND LIABILITIES			302

STATEMENTSOF OPERATIONS			304

STATEMENTSOF CHANGESIN NET ASSETS			306

STATEMENTSOF CASH FLOWS			310

FINANCIAL HIGHLIGHTS			311

NOTESTO FINANCIAL STATEMENTS			322

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			361

BOARD APPROVALOF MANAGEMENT AGREEMENTAND INVESTMENT ADVISORY AGREEMENTS			362

ADDITIONAL INFORMATION			367

IMPORTANT TAX INFORMATION			373

Morgan Stanley Pathway Funds

DEAR SHAREHOLDER,

Global equity market returns were positive during the twelve-month period ending August 31, 2023. U.S. markets as measured by the S&P 500^® Index ⁱ gained 15.94%, while developed international markets represented by the MSCI EAFE^® Index (Net) ^viiigained 17.92% and emerging markets as measured by the MSCI Emerging Markets Index (Net) ^xi gained 1.25%.

During the trailing 12 months ending August 31, 2023, U.S. growth stocks outperformed U.S. value. The U.S. large-cap Russell 1000^® Growth Index ⁱⁱⁱ gained 21.94% compared to the Russell 1000^® Value Index^ivwhich gained 8.59%. The U.S. small-cap Russell 2000^® Growth Index ^vigained 6.78% compared to a gain of 2.17% for the Russell 2000^® Value Index ^vii. In developed international markets the MSCI EAFE^® Growth Index ^ix gained 15.22% compared to a gain of 20.74% for the MSCI EAFE^® Value Index ^x. Within emerging markets, the MSCI Emerging Markets Growth Index (Net) ^xii declined -2.35% compared to a gain of 5.22% for the MSCI Emerging Markets Value Index (Net) ^xiii.

Within the United States, nine out of the eleven S&P 500^® Index ⁱ sectors posted positive results. The returns were as follows: Information Technology (+33.33%), Communication Services (+25.76%), Industrials (+18.61%), Energy (+15.10%), Materials (+12.39%), Consumer Discretionary (+11.26%), Health Care (+8.59%), Financials (+6.40%), Consumer Staples (+3.46%), Real Estate (-8.09%) and Utilities (-12.65%).

Fixed income markets produced mixed returns during the same twelve-month period. Broad investment grade indices such as the Bloomberg U.S. Aggregate Bond^TM Index ^xv declined -1.19% and the Bloomberg Global Aggregate Bond Index ^xvi declined -0.09%. U.S. high yield as measured by the Bloomberg U.S. Corporate High Yield Bond Index ^xvii gained 7.16%.

Morgan Stanley & Co. economists expect U.S. real GDP to grow 2.0% in 2023 and 1.1% in 2024. The forecast for global real GDP growth is 2.9% in 2023 and 2.7% in 2024.

Morgan Stanley Pathway Funds

(Returns are for the fiscal one-year period ending August 31, 2023)

The Large Cap Equity Fund gained 14.71% compared to a gain of 15.40% for Russell 1000^® Index ⁱⁱ. The return of the Lipper Large-Cap Core Funds Average ^xxii gained 15.15%.

The Small-Mid Cap Equity Fund gained 6.47% compared to a gain of 6.64% for Russell 2500^® Index ^v. The return of the Lipper Small-Cap Core Funds Average ^xxiii gained 7.65%.

The International Equity Fund gained 21.72% compared to a gain of 17.92% for the MSCI EAFE^® Index (Net) ^viii. The return of the Lipper International Large-Cap Core Funds Average ^xxivgained 16.39%.

The Emerging Markets Equity Fund gained 4.64% compared to a gain 1.25% for the MSCI Emerging Markets Index (Net)^xi. The return of the Lipper Emerging Markets Funds Average ^xxv gained 4.99%.

The Core Fixed Income Fund declined -1.60% compared to a decline of -1.19% for the Bloomberg U.S. Aggregate Bond^TM Index ^xv. The return of the Lipper Core Bond Funds Average ^xxvi declined -1.09%.

The High Yield Fund gained 6.71% compared to a gain of 7.16% for the Bloomberg U.S. Corporate High Yield Bond Index ^xvii. The return of the Lipper High Yield Funds Average ^xxvii gained 6.25%.

The International Fixed Income Fund declined -0.15% compared to a decline of -0.34% for the FTSE Non-USD World Government Bond Index (USD) Hedged ^xx. The return of the Lipper International Income Funds Average ^xxviii gained 2.04%.

The Municipal Bond Fund gained 1.35% compared to a gain of 1.70% for the Bloomberg U.S. Municipal Bond^TMIndex ^xix. The return of the Lipper General & Insured Municipal Debt Funds Average ^xxixgained 1.16%.

The Inflation-Linked Fixed Income Fund declined -4.51% compared to a decline of -3.68% for the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index^xviii. The return of the Lipper Inflation Protected Bond Funds Average ^xxxdeclined -2.99%.

The Ultra-Short Term Fixed Income Fund gained 4.95% compared to a gain of 4.44% for the FTSE 3-Month U.S. Treasury Bill Index ^xiv. The return of the Lipper Ultra-Short Obligations Funds Average ^xxxi gained 4.37%.

The Alternative Strategies Fund gained 2.14% compared to a gain 0.67% for the HFRX Global Hedge Fund Index ^xxi. The return of the Lipper Alternative Multi-Strategy Funds Average^xxxii gained 3.00%.

Additional information regarding the investment managers of the Morgan Stanley Pathway Funds and commentary specific to each individual Sub-adviser is available in the Annual Report following this Shareholder Letter.

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

Sincerely,

LOGO

Paul Ricciardelli

Chief Executive Officer

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

Risk Considerations

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

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

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

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

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

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

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

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

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

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

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

III


Performance of the Morgan Stanley Pathway Funds For the Year Ended August 31, 2023†*

Large Cap Equity Fund	14.71	%
Russell 1000^® Index ⁽ⁱⁱ⁾	15.40	%

Small-Mid Cap Equity Fund	6.47	%
Russell 2500^® Index ^(v)	6.64	%

International Equity Fund	21.72	%
MSCI EAFE^® Index (Net) ^(viii)	17.92	%

Emerging Markets Equity Fund	4.64	%
MSCI Emerging Markets Index (Net) ^(xi)	1.25	%

Core Fixed Income Fund	-1.60	%
Bloomberg U.S. Aggregate Bond^TM Index ^(xv)	-1.19	%

High Yield Fund	6.71	%
Bloomberg U.S. Corporate High Yield Bond Index ^(xvii)	7.16	%

International Fixed Income Fund	-0.15	%
FTSE Non-USD World Government Bond Index (USD) Hedged ^(xx)	-0.34	%

Municipal Bond Fund	1.35	%
Bloomberg U.S. Municipal Bond^TM Index ^(xix)	1.70	%

Inflation-Linked Fixed Income Fund	-4.51	%
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index ^(xviii)	-3.68	%

Ultra-Short Term Fixed Income Fund	4.95	%
FTSE 3-Month U.S. Treasury Bill Index ^(xiv)	4.44	%

Alternative Strategies Fund	2.14	%
HFRX Global Hedge Fund Index ^(xxi)	0.67	%

See pages 26 through 30 for all footnotes.

LOGO

Large Cap Equity Fund

ABOUTTHE SUB-ADVISERS

• ClearBridge Investments, LLC (“ClearBridge”)

ClearBridge is a wholly-owned subsidiary of Legg Mason, Inc., a financial services holding company. The Portfolio Managers for the ClearBridge Large Cap Growth strategy utilize a fundamental, bottom-up research approach that emphasizes company analysis, management and stock selection. ClearBridge invests in large capitalization companies that it believes are dominant in their industries due to product, distribution or service strength. ClearBridge emphasizes individual security selection while diversifying the Fund’s investments across industries, which may help to reduce risk. ClearBridge attempts to identify established large capitalization companies with the highest growth potential, then analyze each company in detail, ranking its management, strategy and competitive market position. The Portfolio Managers pursue a collaborative approach in which both they and the research analysts propose companies with attractive business models and good long-term growth prospects for further review. The team is particularly valuation conscious, gravitating toward “controversy”, or companies that are temporarily inefficiently priced.

• Columbia Management Investment Advisers, LLC (“Columbia”)

Columbia uses a combination of fundamental and quantitative analysis with risk management, including cross-correlation analysis, in identifying investment opportunities and constructing it’s portion of the Fund’s portfolio. In selecting investments, Columbia considers, among other factors:

· overall economic and market conditions; and

· the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.

Columbia may sell a security when the security’s price reaches a target set by Columbia; if Columbia believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects; if other investments are more attractive; or for other reasons.

As of August 31, 2023 the Sub-advisers for Morgan Stanley Pathway Large Cap Equity Fund (“Fund”) were BlackRock Financial Management, Inc. (“BlackRock”), Columbia Management Investment Advisers, LLC (“Columbia”), Lazard Asset Management, LLC (“Lazard”), Great Lakes Advisors, LLC (“Great Lakes”) and ClearBridge Investments, LLC (“ClearBridge”).

For the fiscal year ending August 31, 2023, the Fund returned 14.71% compared to 15.40% for Russell 1000^® Index ⁱⁱ. The Fund’s positioning within industrials and utilities had the largest positive impact on relative performance, while the positioning within consumer staples and real estate had the largest negative impact. The top contributors included NVIDIA, Microsoft and Broadcom, while the top detractors included Crown Castle, PayPal Holdings and Estee Lauder Companies.

The Fund’s dividend yield was 1.43%, less than the benchmark’s 1.49% dividend yield. The Fund’s one year forward price to earnings ratio (P/E) was 20.7, slightly greater than the benchmark which was 20.1. The estimated earnings per share growth over the next 3-5 years was 14.0%, slightly higher than the benchmark’s 13.9% growth rate. The top 10 positions accounted for 19% of the Fund’s holdings.

During the fiscal one-year period, BlackRock performed in-line with the Russell 1000^® Index ⁱⁱ, which matched its passive mandate to track the index.

The portion of the Fund managed by Lazard underperformed their benchmark during the fiscal one-year period. Their positioning was strongest within financials and weakest within information technology. The top contributors were Alphabet, Analog Devices and Verisk Analytics, while the top detractors were Crown Castle, Omnicell and Adobe. As of August 31, 2023, Lazard’s top ten positions represented 62% of their portfolio.

The portion of the Fund managed by ClearBridge outperformed their benchmark during the fiscal one-year period. Their positioning was strongest within information technology and weakest within financials. The top contributors were NVIDIA, Microsoft and Netflix, while the top detractors were PayPal Holdings, Atlassian and Advance Auto Parts. As of August 31, 2023, ClearBridge’s top ten positions represented 48% of their portfolio.

• BlackRock Financial Management, Inc. (“BlackRock”)

BlackRock employs a “passive” management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Russell 1000^® Index. The Fund will be substantially invested in securities in the Russell 1000^® Index, and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Russell 1000^® Index.

• Lazard Asset Management, LLC (“Lazard”)

Lazard, an indirect, wholly-owned subsidiary of Lazard Ltd., is known for its global perspective on investing and years of experience with global, regional and domestic portfolios. With more than 300 investment personnel worldwide, Lazard offers investors of all types an array of equity, fixed income, and alternative investment solutions from its network of local offices in ten different countries. Its team-based approach to portfolio management helps Lazard to deliver robust and consistent performance over time, and strong client relationships allow them to understand how to employ their capabilities to its clients’ advantage. Lazard manages an all cap, concentrated strategy designed to leverage the best collection of ideas from the U.S. Equity team. It is benchmark-agnostic, seeking to outperform any broad-based market index (i.e., S&P 500^® Index, Russell 1000^® Index, Russell 3000^® Index) by investing in companies that compound earnings and capital and by taking advantage of valuation anomalies.

• Great Lakes Advisors, LLC (“Great Lakes”)

Great Lakes is a value strategy in which the team believes that a bottom-up focused portfolio targeting stocks with attractive valuations and improving fundamentals, coupled with a disciplined use of risk controls, has the potential to deliver consistent outperformance as well as protection in down markets with lower volatility than the benchmark.

The portion of the Fund managed by Columbia outperformed their benchmark during the fiscal one-year period. Their positioning was strongest within consumer discretionary and weakest within consumer staples. The top contributors were NVIDIA, Eli Lilly and Exact Sciences, while the top detractors were Estee Lauder, Bloom Energy and CrowdStrike Holdings. As of August 31, 2023, Columbia’s top ten positions represented 42% of their portfolio.

Great Lakes began managing their portion of the portfolio on July 17, 2023 and since inception through August 31, 2023 outperformed their benchmark. Their positioning was strongest within industrials and weakest within financials. The top contributors were Eli Lilly, Exxon Mobil and Quanta Services, while the top detractors were JP Morgan Chase, PayPal Holdings and Bank of America. As of August 31, 2023, Great Lakes’ top ten positions represented 23% of their portfolio.

The following graph depicts the performance of the Russell 1000^® Indexⁱⁱ vs. the Lipper Large-Cap Core Funds Average^xxii

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

LARGE CAP EQUITY FUND

Comparison of $10,000 Investment in the Fund with the Russell 1000^® Index
and the Lipper Large-Cap Core Funds Average

LOGO

The performance shown above and below represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown above and below. Performance figures may reflect voluntary fee waivers and/or expense reimbursements. In the absence of voluntary fee waivers and/or expense reimbursements, the total return would have been lower. Principal value and investment returns will fluctuate and investors’ shares, when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, please visit our website at www.morganstanley.com/wealth-investmentsolutions/cgcm.

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


LARGE CAP EQUITY FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			Russell 1000^® Index**			Lipper Large-Cap Core Funds Average**
Since Inception 11/18/1991		8.71	%		6.70	%		10.21	%		9.77	%
10 years		11.22			8.51			12.55			11.66
5 years		9.01			6.53			10.77			10.15
3 years		8.53			6.20			9.93			9.31
1 year		14.71			12.44			15.40			15.15

See pages 26 through 30 for all footnotes.

LOGO

Small-Mid Cap Equity Fund

ABOUTTHE SUB-ADVISERS

• Neuberger Berman Investment Advisers LLC (“Neuberger”)

Neuberger employs in-depth research to identify out-of-favor small cap companies selling at a significant discount to intrinsic value, where there is a dynamic plan or event that is expected to both enhance value and narrow the price/value gap. Neuberger’s analysts seek to invest when there is a true disconnect between reality and market perception — something that occurs regularly in particular types of companies. For example, we believe the market tends to demonstrate inefficiency in pricing companies with complex corporate structures since many investors will not take the time to understand them. Neuberger’s valuation approach resembles the due diligence effort that Neuberger’s a private equity firm might employ to evaluate the purchase of an entire company. Neuberger’s analysts also focus on investing in businesses where management has a significant ownership stake as, in our view, such companies tend to be more aligned with shareholders’ interests.

• Westfield Capital Management Company, L.P. (“Westfield”)

Westfield favors investing in earnings growth stocks given a conviction that stock prices follow earnings progress and that they offer the best opportunity for superior real rates of return. Reasonably priced stocks of companies with high foreseen earnings potential are best identified through in-depth, fundamental research. It is Westfield’s belief that the small capitalization portion of the market is under-researched, and therefore less efficient, than the large capitalization sector.

• BlackRock Financial Management, Inc. (“BlackRock”)

BlackRock employs a “passive” management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Russell 2500^® Index. The Fund will be substantially invested in securities in the Russell 2500^® Index, and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Russell 2500^® Index.

As of August 31, 2023, the Sub-advisers for the Morgan Stanley Pathway Small-Mid Cap Equity (“Fund) were BlackRock Financial Management, Inc. (“BlackRock”), Aristotle Capital Boston, LLC (“Aristotle”), D.F. Dent & Company, Inc. (“DF Dent”), Neuberger Berman Investment Advisers LLC (“Neuberger”), Nuance Investments, LLC (“Nuance”) and Westfield Capital Management Company, L.P. (“Westfield”).

For the fiscal year ending August 31, 2023, the Fund returned 6.47% compared to 6.64% for Russell 2500^® Index ^v. The Fund’s positioning within health care and energy had the largest positive impact on relative performance, while the positioning within consumer discretionary and industrials had the largest negative impact. The top contributors included Rambus, MACOM Technology Solutions and Saia, while the top detractors included Signature Bank, Cable One and Advanced Drainage Systems.

The Fund’s dividend yield was 1.30%, less than the benchmark’s 1.55% yield. The Fund’s forward P/E was 16.5, higher than the benchmark which was 14.8. The estimated earnings per share growth over the next 3-5 years was 11.7%, higher than the benchmark’s 10.8% growth rate. The top 10 positions accounted for 6% of the Fund’s holdings.

During the fiscal one-year period, BlackRock performed in-line with the Russell 2500^® Index ^v, which matched its passive mandate to track the index.

The portion of the Fund managed by Neuberger outperformed their benchmark during the fiscal one-year period. Their positioning was strongest in health care and weakest in industrials. The top contributors were Rambus, International Game Technology and MACOM Technology Solutions, while the top detractors were Unisys, Comerica and Verint Systems. As of August 31, 2023, Neuberger’s top ten positions represented 26% of their portfolio.

The portion of the Fund managed by Westfield outperformed their benchmark during the fiscal one-year period. Their positioning was strongest in industrials and consumer discretionary. The top contributors were Saia, Prometheus Biosciences and Samsara, while the top detractors were Advanced Drainage Systems, Fate Therapeutics and Chart Industries. As of August 31, 2023, Westfield’s top ten positions represented 25% of their portfolio.

The portion of the Fund managed by Aristotle underperformed their benchmark during the fiscal one-year period. Their positioning was strongest in energy and weakest in financials. The top contributors were Oceaneering International, MACOM Technology Solutions and Huron Consulting, while the top detractors were Signature Bank, Catalent and Wolverine World Wide. As of August 31, 2023, Aristotle’s top ten positions represented 20% of their portfolio.

• D.F. Dent & Company, Inc (“DF Dent”)

DF Dent employs a bottom-up, fundamental process that seeks companies that are consistent growers, have strong management and are unrecognized and under-researched. The strategy looks for companies with above-average EPS growth expectations, high returns on investment, sustainable free cash flow growth, a competitive advantage and attractive relative valuations.

• Nuance Investments, LLC (“Nuance”)

Nuance seeks to invest in companies with leading and sustainable market share positions and above-average financial strength that are trading at discounts to Nuance’s calculation of intrinsic value. Through analysis of companies’ financial statements, management strategy, and competitive positioning, Nuance attempts to provide excess returns over time.

• Aristotle Capital Boston, LLC (“Aristotle”)

Aristotle seeks to deliver a diversified, high quality portfolio that can deliver attractive risk-adjusted results primarily driven by stock selection. They focus on companies they believe have low expectations, can create shareholder value, and have high potential for improved growth and profitability.

The portion of the Fund managed by DF Dent trailed their benchmark during the fiscal one-year period. Positioning was strongest in health care and weakest in consumer discretionary. The top contributors were TransDigm Group, Intuitive Surgical and Old Dominion Freight Line, while the top detractors were Cable One, WNS (Holdings) Limited and Endava. As of August 31, 2023, DF Dent’s top ten positions represented 39% of their portfolio.

The portion of the fund managed by Nuance outperformed their benchmark during the fiscal one-year period. Positioning was strongest in health care and weakest in industrials. The top contributors were Dentsply Sirona, Universal Health Services and Smith & Nephew, while the top detractors were Baxter International, Healthcare Realty Trust and Northern Trust. As of August 31, 2023, Nuance’s top ten positions represented 44% of their portfolio.

The following graph depicts performance of the Russell 2500^® Index^v vs. the Lipper Small-Cap Core Funds Average^xxiii

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

SMALL-MID CAP EQUITY FUND

Comparison of $10,000 Investment in the Fund with the Russell 2500^® Index
and the Lipper Small-Cap Core Funds Average

LOGO

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


SMALL-MID CAP EQUITY FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			Russell 2500^® Index**			Lipper Small-Cap Core Funds Average**
Since Inception 11/18/1991		8.83	%		6.82	%		10.36	%		10.17	%
10 years		7.90			5.27			9.13			7.96
5 years		5.21			2.81			5.43			4.42
3 years		8.12			5.80			9.52			12.63
1 year		6.47			4.36			6.64			7.65

See pages 26 through 30 for all footnotes.

LOGO

International Equity Fund

ABOUTTHE SUB-ADVISERS

• Victory Capital Management, Inc. (“Victory Capital”)

Victory Capital’s investment franchise, Trivalent Investments, employs a bottom-up investment approach that emphasizes individual stock selection. The investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify stocks with low relative price multiples and positive trends in earnings forecasts. The stock selection process is designed to produce a diversified portfolio that, relative to the S&P Developed ex-U.S. Small Cap Index, tends to have a below average price-to-earnings ratio and an above average earnings growth trend.

• Causeway Capital Management LLC (“Causeway”)

Causeway’s international developed market investment philosophy is based on a long-term value strategy and the investment team applies an active, bottom-up, research-intensive approach towards stock selection. Causeway’s investment approach seeks to identify under-priced stocks of high quality companies believed to be exhibiting superior financial strength as compared to peers. In addition to fundamental analysis, quantitative research is considered an integral part of the process and is used for screenings of investment candidates as well as risk management. Portfolio managers work as a team to make investment decisions and are supported by the firm’s dedicated fundamental and quantitative research analysts. Analysts and portfolio managers are assigned global industryspecific research responsibilities. Fundamental research is further organized into six research clusters: financials/materials, consumer, industrial/ manufacturing, energy, technology and health care. Causeway’s unconstrained, international established market value equity approach invests in a variety of market capitalization ranges, but primarily in large- and midcapitalization non-U.S. developed market companies. Causeway can also invest in smallcap issues and less developed emerging markets. Value-driven security characteristics may include low price/earnings ratio, low price/ book ratio, low price/cash flow ratio and high dividend yield, but may also include outof- favor companies that may have high rates of growth of earnings. Sector and regional weights are byproducts of the investment process.

As of August 31, 2023, the Sub-advisers for the Morgan Stanley Pathway International Equity Fund (“Fund”) were BlackRock Financial Management Inc. (“BlackRock”), Causeway Capital Management, LLC (“Causeway”), Schroders Investment Management North America, Inc. (“Schroders”), Victory Capital Management, Inc. (“Victory Capital”) and Walter Scott & Partners Limited (“Walter Scott”).

For the fiscal year ending August 31, 2023, the Fund returned 21.72% compared to 17.92% for the MSCI EAFE^® Index (Net) ^viii. The Fund’s positioning within financials and consumer discretionary had the largest positive impact on relative performance, while the positioning within energy and utilities had the largest negative impact. The top contributors included Rolls-Royce, UniCredit and SAP SE, while the top detractors included Misumi Group, Roche Holding and CSL Limited.

The Fund’s dividend yield was 2.84% compared to the benchmark of 3.18%. On a valuation basis, the Fund’s forward P/E was 13.91, higher than the benchmark which was 13.22. The estimated earnings per share growth over the next 3-5 years was 10.86%, compared to the benchmark of 8.84%. The top ten positions accounted for 14% of the Fund’s holdings.

During the fiscal one-year period ending August 31, 2023, BlackRock performed in-line with the MSCI EAFE^® Index (Net)^viii, which matched its passive mandate to track the index.

The portion of the Fund managed by Causeway outperformed their benchmark during the fiscal one-year period. Their positioning was strongest in financials and weakest in consumer staples. The top positions contributing to performance included Rolls-Royce Holdings, UniCredit and SAP SE, while the top detractors included British American Tobacco, Reckitt Benckiser Group and Roche Holding. As of August 31, 2023, Causeway’s top ten positions represented 32% of their portfolio.

The portion of the Fund managed by Schroders trailed their benchmark during the fiscal one-year period. Overall positioning was strongest in energy and weakest in industrials. The top positions contributing to performance were Equinor ASA, Shell PLC and BOC Hong Kong (Holdings) Ltd., while the top detractors included Zalando SE, Sony Group and Siemens AG. As of August 31, 2023, Schroders’ top ten positions represented 24% of their portfolio.

The portion of the Fund managed by Victory Capital outperformed their benchmark during the fiscal one-year period. Overall positioning was strongest in real estate and weakest in energy. The top positions contributing to performance included Gerresheimer, Celestica and Bank of Ireland Group, while the top detractors included Vermilion Energy, Harbour Energy and Nuvei Corp. As of August 31, 2023, Victory’s top ten positions represented 10% of their portfolio.

• BlackRock Financial Management, Inc. (“BlackRock”)

BlackRock Financial Management, Inc. employs a “passive” management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the MSCI EAFE^® Index (Net). The Fund will be substantially invested in securities in the MSCI EAFE^® Index (Net), and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the MSCI EAFE^® Index (Net).

• Schroders Investment Management North America, Inc. (“Schroders”)

Schroders uses a bottom-up growth oriented approach towards stock selection and employs a fundamental, research driven process to identify quality growth companies with attractive medium-term growth and valuation, quality management and financial position, and a sustainable competitive advantage. Schroders “best ideas” portfolio blends both core and opportunistic holdings.

• Walter Scott & Partners Limited (“Walter Scott”)

Walter Scott is considered growth-oriented strategy focusing on long-term high-quality growth companies. The root of the process lies with the team’s ability to identify companies capable of sustaining what it believes are exceptional rates of internal and external wealth generation through intensive fundamental research. Portfolio shape is a result of stock selection in high-conviction businesses with a long-term time horizon.

The portion of the Fund managed by Walter Scott trailed their benchmark during the fiscal one-year period. Overall positioning was strongest in consumer staples and weakest in industrials. The top positions contributing to performance included Novo Nordisk, SAP SE and Industria de Diseno Textil S.A., while the top detractors included Misumi Group, Novozymes A/S and Sysmex. As of August 31, 2023, Walter Scott’s top ten positions represented 28% of their portfolio.

The following graph depicts the performance of MSCI EAFE^® Index (Net)^viii vs. the Lipper International Large-Cap Core Funds Average^xxiv

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

INTERNATIONAL EQUITY FUND

Comparison of $10,000 Investment in the Fund with the Morgan Stanley Capital International Europe, Australasia,
Far East (MSCI EAFE^®) Index (Net) and the Lipper International Large-Cap Core Funds Average

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The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


INTERNATIONAL EQUITY FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			MSCI EAFE^® Index (Net)**			Lipper International Large-Cap Core Funds Average**
Since Inception 11/18/1991		5.29	%		3.35	%		5.34	%		6.57	%
10 years		4.76			2.20			4.93			4.32
5 years		4.66			2.28			4.14			4.05
3 years		7.26			4.96			6.05			5.50
1 year		21.72			19.31			17.92			16.39

See pages 26 through 30 for all footnotes.

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Emerging Markets Equity Fund

ABOUTTHE SUB-ADVISERS

• Van Eck Associates Corporation (“VanEck”)

VanEck is privately held global asset management firm founded in 1955. VanEck’s mission is to develop and offer investors forward-looking, intelligently designed investment strategies that strengthen a long-term portfolio. VanEck’s Emerging Markets Equity Strategy (“Strategy”) seeks long-term competitive risk-adjusted returns through investments that demonstrate structural growth at a reasonable price. The Strategy seeks to uncover structural growth opportunities wherever they exist within emerging markets, and employs a fundamentally driven stock selection and research process with the flexibility to invest across the market capitalization spectrum.

• BlackRock Financial Management, Inc. (“BlackRock”)

BlackRock employs a “passive” management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the MSCI Emerging Markets Index (Net). The Fund will be substantially invested in securities in the MSCI Emerging Markets Index (Net), and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the MSCI Emerging Markets Index (Net).

• Lazard Asset Management LLC (“Lazard”)

As of August 31, 2023, the Sub-advisers for the Morgan Stanley Pathway Emerging Markets Equity Fund (“Fund”) were BlackRock Financial Management, Inc. (“BlackRock”), Van Eck Associates Corporation (“VanEck”), Lazard Asset Management LLC (“Lazard”) and Martin Currie Inc. (“Martin Currie”).

For the fiscal year ending August 31, 2023, the Fund returned 4.64% compared to 1.25% for the MSCI Emerging Markets Index (Net)^xi. The Fund’s positioning within financials and information technology had the largest positive impact on relative performance, while the positioning within communication services and energy and the largest negative impact. The top contributors included Samsung Electronics, OTP Bank Nyrt and SK Hynix, while the top detractors included Meituan, JD.com and Wuxi Biologics.

The Fund’s holdings offered a dividend yield of 3.05%, slightly higher than the MSCI Emerging Market’s Index (Net) ^xii yield of 3.02%. On a valuation basis, the Fund’s forward P/E was 11.6 compared to the benchmark which was 11.8. The estimated earnings per share growth over the next 3-5 years was 14.95%, less than the benchmark of 15.93%. The top ten positions accounted for 22% of the Fund’s holdings.

For the fiscal year ending August 31, 2023, BlackRock performed in-line with the MSCI Emerging Markets Index (Net) ^xi, which matched its passive mandate to track the index.

The portion of the Fund managed by VanEck outperformed their benchmark during the fiscal one-year period. Overall positioning was strongest in financials and weakest in information technology. The top positions contributing to performance included Bank of Georgia Group, MercadoLibre and MLP Saglik Hizmetleri, while the top detractors include Hoyuan Green Energy, Wuxi Biologics and Transaction Capital. As of August 31, 2023, VanEck’s top ten positions represented 37% of their portfolio.

The portion of the Fund managed by Lazard outperformed their benchmark during the fiscal one-year period. Overall positioning was strongest in information technology and weakest in real estate. The top positions contributing to performance included OTP Bank Nyrt, Quanta Computer and Galp Energia, while the top detractors included China Vanke, UPL Limited and Anhui Conch Cement Company. As of August 31, 2023, Lazard’s top ten positions represented 25% of their portfolio.

Lazard manages a relative value strategy (“Value Strategy”) and invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal activities are located in emerging or developing market countries. In the Value Strategy, assets are invested in companies that are believed to be undervalued based on their earnings, cash flow or asset values. Lazard’s approach consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters and its selection process focuses on growth and considers the sustainability of growth and the tradeoff between valuation and growth.

• Martin Currie Inc. (“Martin Currie”)

Martin Currie is a core active strategy that strives to identify mispriced businesses through fundamental research. Martin Currie seeks high-quality companies with strong growth opportunities while employing a disciplined approach to valuation. The strategy has a long-term investment horizon focusing on stock selection that drives its sector/country allocations.

The portion of the Fund managed by Martin Currie outperformed their benchmark during the fiscal one-year period. Overall positioning was strongest in materials and weakest in consumer discretionary. The top positions contributing to performance included Samsung Electronics, Taiwan Semiconductor and SK Hynix, while the top detractors included Meituan, JD.com and EPAM Systems. As of August 31, 2023, Martin Currie’s top ten positions represented 45% of their portfolio.

The following graph depicts the performance of MSCI Emerging Markets Index (Net)^xi vs. the Lipper Emerging Markets Funds Average^xxv

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

EMERGING MARKETS EQUITY FUND

Comparison of $10,000 Investment in the Fund with the MSCI Emerging Markets Index (Net)
and the Lipper Emerging Markets Funds Average

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The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


EMERGING MARKETS EQUITY FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			MSCI Emerging Markets Index (Net)**			Lipper Emerging Markets Funds Average**
Since Inception 4/20/1994		3.90	%		1.95	%		5.15	%		5.23	%
10 years		2.21			-0.28			2.99			2.53
5 years		0.00			-2.28			0.98			1.20
3 years		-2.04			-4.14			-1.39			-1.63
1 year		4.64			2.57			1.25			4.99

See pages 26 through 30 for all footnotes.

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Core Fixed Income Fund

ABOUT THE SUB-ADVISERS

• Metropolitan West Asset Management LLC (“MetWest”)

MetWest seeks to achieve consistent outperformance through the measured and diversified application of five fixed income management strategies, including: (i) duration management; (ii) yield curve positioning; (iii) sector allocation; (iv) security selection; and (v) opportunistic execution. Predicated on a long-term economic outlook, MetWest employs a value-oriented approach to managing fixed income that recognizes the periodic inefficient nature of over-the-counter markets and the mean-reverting characteristics of the investable universe.

• Western Asset Management Company (“Western”)

Western combines traditional analysis with innovative technology applied to all sectors of the market. Western believes inefficiencies exist in the fixed-income market and attempts to add incremental value by exploiting these inefficiencies across all eligible market sectors. The key areas of focus are: (i) sector and subsector allocation; (ii) issue selection; (iii) duration; and (iv) term structure.

• BlackRock Financial Management, Inc. (“BlackRock”)

BlackRock’s Customized Core strategy employs a fundamental, diversified, relative value approach that seeks alpha by strategically allocating among three alpha sources — macro strategies, sector allocation and security selection — based on best and highest information ratio ideas, and aims to provide superior long-term performance relative to the benchmark index by creating a diversified portfolio of investment grade securities. A disciplined and risk-budgeted risk management framework which consists of determining interest rate risk, yield curve risk, cash flow risk, credit risk and liquidity risk of all securities.

As of August 31, 2023, the Sub-advisers for the Morgan Stanley Pathway Core Fixed Income Fund (“Fund”) were Metropolitan West Asset Management LLC (“MetWest”), Western Asset Management Company (“Western”) and BlackRock Financial Management, Inc. (“BlackRock”).

For the fiscal year ending August 31, 2023, the Fund returned -1.60% compared to its benchmark, the Bloomberg U.S. Aggregate Bond^TM Index ^xv which returned -1.19%.

The portion of the Fund managed by MetWest trailed the benchmark during the fiscal one-year period. Detractors to performance included duration and curve position, which entered the year longer than the Index before extending in a disciplined fashion alongside the significant increase in Treasury yields. An overweight to agency mortgage-backed securities (MBS) was also negative as the sector was impacted by the swift rise in Treasury rates and volatility, resulting in it being one of the few fixed income sectors to trail comparable Treasuries over the trailing twelve-month period. The impact from asset-backed securities (ABS) issues was positive given sustained investor demand for short duration, floating rate profile types in a period marked by heightened rate volatility, with the portfolio’s collateralized loan obligations (CLO) and student loan holdings the greatest contributors. The overweight to corporate credit also boosted relative returns, as the sector outpaced duration-adjusted Treasuries.

The portion of the Fund managed BlackRock trailed the benchmark during the fiscal one-year period. The main detractor to performance was duration positioning. Contributors included yield curve positioning, agency mortgages positioning, investment grade credit positioning and selection. The strategy was predominantly overweight in the belly and front-end of the yield curve, although specific positions were adjusted in response to market signals. The portfolio maintained a cautious yet opportunistic stance, adapting to high volatility in the rates market.

The portion of the Fund managed by Western outperformed the benchmark during the fiscal one-year period. Emerging market debt was the largest contributor to performance as exposures to local rates as well as USD-denominated emerging market bonds contributed. Corporate bond exposure in aggregate (including both investment-grade and high-yield credit) also significantly contributed to performance. Structured product positions, in aggregate (including non-agency residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS) and ABS), contributed to performance, mainly due to favorable subsector and issue selection as spreads generally widened for the structured product sectors. Tactical exposure to Agency MBS also contributed as spreads widened earlier in the reporting period before tightening since 2Q23. In terms of detractors, duration positioning was the main detractor from performance. An overweight to duration detracted as yields significantly increased during the 12-month period. Developed non-U.S. positions also detracted as most currency positions depreciated versus a strengthening U.S. Dollar. Finally, yield curve positioning modestly contributed to performance given a consistent overweight to the long end of the curve.

The following graph depicts the performance of Bloomberg U.S. Aggregate Bond^TM Index^xv vs. the Lipper Core Bond Funds Average^xxvi

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

CORE FIXED INCOME FUND

Comparison of $10,000 Investment in the Fund with the Bloomberg U.S. Aggregate Bond^TM Index
and the Lipper Core Bond Funds Average

LOGO

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


CORE FIXED INCOME FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			Bloomberg U.S. Aggregate Bond^TM Index**			Lipper Core Bond Funds Average**
Since Inception 11/18/1991		4.45	%		2.52	%		4.69	%		4.58	%
10 years		1.50			-0.97			1.48			1.45
5 years		0.46			-1.83			0.49			0.51
3 years		-4.81			-6.85			-4.41			-4.13
1 year		-1.60			-3.55			-1.19			-1.09

See pages 26 through 30 for all footnotes.

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High Yield Fund

ABOUT THE SUB-ADVISERS

• Western Asset Management Company (“Western”)

• PineBridge Investments LLC (“PineBridge”)

PineBridge is a strategy seeking total return through a combination of high current income and capital appreciation. The strategy focuses on security selection to drive excess return and is generally overweight the higher quality segment of the high yield market.

As of August 31, 2023, the Sub-advisers for the Morgan Stanley Pathway High Yield Fund (“Fund”) were Western Asset Management Company (“Western”) and PineBridge Investments LLC (“PineBridge”).

For the fiscal year ending August 31, 2023, the Fund returned 6.71% compared to its benchmark, the Bloomberg U.S. Corporate High Yield Bond Index ^xvii which returned 7.16%.

The portion of the Fund managed by Western trailed the benchmark during the fiscal one-year period. The following portfolio positioning impacted performance for the period: rating positioning was largely neutral to relative performance during the period. Industry allocations was positive to relative performance largely due to an underweight to communications and an overweight to transportation. Issue selection was a net the detractor to relative performance as issue selection within banking and consumer non-cyclical detracted from relative performance however issue selection within communications and consumer cyclical helped offset some of the drag.

The portion of the Fund managed by PineBridge outperformed the benchmark during the fiscal one-year period. Security selection was the primary driver out relative outperformance over the trailing twelve-month period. Selection within energy, capital goods, consumer cyclical, technology and Real Estate Investment Trusts (REITs) were the most notable contributors. Within sectors, an underweight allocation to the communications sector and overweight allocations to the energy and finance companies sectors contributed to performance. Sector selection overall was a marginal detractor from performance during the period. Security selection within financial institution credits also detracted from performance. In addition, an underweight allocation to the consumer cyclical sector also detracted from performance

The following graph depicts the performance of the Bloomberg U.S. Corporate High Yield Bond Index^xvii vs. the Lipper High Yield Funds Average^xxvii

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

HIGH YIELD FUND

Comparison of $10,000 Investment in the Fund with the Bloomberg U.S. Corporate High Yield Bond Index
and the Lipper High Yield Funds Average

LOGO

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


HIGH YIELD FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			Bloomberg U.S. Corporate High Yield Bond Index**			Lipper High Yield Funds Average**
Since Inception 7/13/1998		4.00	%		1.98	%		5.92	%		4.88	%
10 years		2.75			0.25			4.47			3.61
5 years		1.78			-0.54			3.32			2.76
3 years		1.08			-1.08			1.81			1.71
1 year		6.71			4.60			7.16			6.25

See pages 26 through 30 for all footnotes.

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International Fixed Income Fund

ABOUTTHE SUB-ADVISER

• Pacific Investment Management Company LLC (“PIMCO”)

PIMCO is a leading global investment management firm, with offices in 11 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO’s investment philosophy revolves around the principle of diversification. PIMCO believes that no single risk should dominate returns. PIMCO seeks to add value through the use of “top-down” strategies such as our exposure to interest rates, or duration, changing volatility, yield curve positioning and sector rotation. PIMCO also employs “bottom-up” strategies involving analysis and selection of specific securities.

As of August 31, 2023, the Sub-adviser for the Morgan Stanley Pathway International Fixed Income Fund (“Fund”) was Pacific Investment Management Company LLC (“PIMCO”).

For the fiscal year ending August 31, 2023, the Fund returned -0.15% compared to its benchmark, the FTSE Non-USD World Government Bond Index (USD) Hedged ^xx which returned -0.34%.

Interest rate strategies added to performance. Tactical short exposure to U.S. duration added to performance as the Fed continued its rate hiking cycle. Outside of the U.S., select exposure to Italian interest rates and underweight exposure to Japanese duration contributed to performance. An underweight to Chinese duration detracted from performance as the People’s Bank of China cut key lending rates in response to an economic slowdown. Spread strategies overall added to performance. Overweight exposure to financial investment grade corporate credit contributed to performance while select exposure to high yield financials detracted from performance as financial spreads generally widened over the period. Lastly, overall currency strategies detracted from performance particularly long exposure to Japanese Yen as it depreciated against the U.S. Dollar over the period.

The following graph depicts the performance of the FTSE Non- USD World Government Bond Index (USD) Hedged^xx vs. the FTSE Non-USD World Government Bond Index (USD) Unhedged^xx and the Lipper International Income Funds Average^xxviii

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

INTERNATIONAL FIXED INCOME FUND

Comparison of $10,000 Investment in the Fund with the FTSE Non-USD World Government Bond Index (USD) Hedged,
FTSE Non-USD World Government Bond Index (USD) Unhedged and the Lipper International Income Funds Average

LOGO

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


INTERNATIONAL FIXED INCOME FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			FTSE Non-USD WGBI (USD) Hedged**			FTSE Non-USD WGBI (USD) Unhedged**			Lipper International Income Funds Average**
Since Inception 11/18/1991		4.80	%		2.86	%		5.03	%		3.67	%		4.19	%
10 years		1.98			-0.51			2.22			-1.66			-0.07
5 years		-0.06			-2.33			0.30			-3.76			-1.06
3 years		-3.46			-5.53			-3.56			-9.67			-4.70
1 year		-0.15			-2.13			-0.34			-0.02			2.04

See pages 26 through 30 for all footnotes.

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Municipal Bond Fund

ABOUTTHE SUB-ADVISER

• BlackRock Financial Management, Inc. (“BlackRock”)

BlackRock seeks to build a high quality municipal bond portfolio that offers an attractive level of tax free income and capital preservation while providing stability and consistency throughout full market cycles. By way of comprehensive sector analysis, a rigorous credit review and sophisticated risk management technology, BlackRock’s seasoned portfolio managers strive to capture market inefficiencies.

As of August 31, 2023, the Sub-adviser for the Morgan Stanley Pathway Municipal Bond Fund (“Fund”) was BlackRock Financial Management, Inc. (“BlackRock”).

For the fiscal year ending August 31, 2023, the Fund returned 1.35% compared to its benchmark, the Bloomberg U.S. Municipal Bond^TM Index^xix which returned 1.70%.

Contributors to relative performance included security selection within school districts, an overweight to corporate-backed municipals, and an underweight to AAA bonds. Detractors included duration management, exposures to the education sector, security selection within tobacco and healthcare and an overweight to maturities dated 25+ years.

The following graph depicts the performance of the Bloomberg U.S. Municipal Bond^TM Index^xix vs. the Lipper General & Insured Municipal Debt Funds Average^xxix

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

MUNICIPAL BOND FUND

Comparison of $10,000 Investment in the Fund with the Bloomberg U.S. Municipal Bond^TM Index
and the Lipper General & Insured Municipal Debt Funds Average

LOGO

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


MUNICIPAL BOND FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			Bloomberg U.S. Municipal Bond^TM Index^**			Lipper General & Insured Municipal Debt Funds Average**
Since Inception 11/18/1991		4.02	%		2.10	%		4.77	%		4.32	%
10 years		2.19			-0.30			2.81			2.61
5 years		1.01			-1.28			1.52			0.99
3 years		-1.64			-3.75			-1.32			-1.65
1 year		1.35			-0.66			1.70			1.16

See pages 26 through 30 for all footnotes.

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Inflation-Linked Fixed Income Fund

ABOUTTHE SUB-ADVISER

• Pacific Investment Management Company LLC (“PIMCO”)

As of August 31, 2023, the Sub-adviser for the Morgan Stanley Pathway Inflation-Linked Fixed Income Fund (“Fund”) was Pacific Investment Management Company LLC (“PIMCO”).

For the fiscal year ending August 31, 2023, the Fund returned -4.51% compared to its benchmark, the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index ^xviii which returned -3.68%.

Interest rate strategies contributed to performance. U.S. and Eurozone curve positioning contributed to performance over the period as yields generally rose over the period. Japanese curve positioning detracted from performance as Japanese yields rose over the period particularly further out on the curve. Breakeven inflation positions overall contributed to performance. Security selection within Eurozone and U.K. breakevens contributed to performance. Modest overweight position during the period in U.S. breakeven inflation contributed to performance. Spread sector strategies were generally neutral to performance. Tactical exposure to agency MBS modestly contributed to performance while legacy RMBS exposure detracted from performance over the period.

The following graph depicts the performance of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index^xviii vs. the Lipper Inflation Protected Bond Funds Average^xxx

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

INFLATION-LINKED FIXED INCOME FUND^

Comparison of $10,000 Investment in the Fund with the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS)
Index and the Lipper Inflation Protected Bond Funds Average

LOGO

Since inception March 9, 2016.

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


INFLATION-LINKED FIXED INCOME FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index**			Lipper Inflation Protected Bond Funds Average**
Since Inception 3/9/2016		2.26	%		-0.14	%		2.22	%		1.79	%
10 years		N/A			N/A			2.08			1.54
5 years		2.14			-0.18			2.29			2.03
3 years		-1.81			-3.92			-1.49			-0.86
1 year		-4.51			-6.40			-3.68			-2.99

See pages 26 through 30 for all footnotes.

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Ultra-Short Term Fixed Income Fund

ABOUTTHE SUB-ADVISER

• Pacific Investment Management Company LLC (“PIMCO”)

As of August 31, 2023, the Sub-adviser for the Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund (“Fund”) was Pacific Investment Management Company LLC (“PIMCO”).

For the fiscal year ending August 31, 2023, the Fund returned 4.95% compared to its benchmark, the FTSE 3-Month U.S. Treasury Bill Index ^xivwhich returned 4.44%.

Interest rate strategies contributed to performance. An underweight to U.S. duration, including select short exposure to intermediate rates, contributed to performance as U.S. rates rose over the period. Spread sector strategies generally contributed to performance. Tactical long exposure to financial investment grade corporate credit contributed to performance as spreads tightened over the period. Select exposure to securitized credit particularly commercial MBS and collateralized debt obligations (CDOs)/CLOs contributed to performance. Select exposure to agency MBS detracted from performance as spreads generally tightened over the period. Overall currency strategies were positive for performance. Slight underweight to the U.S. Dollar contributed, while modest tactical exposure to the Australian Dollar detracted from performance.

The following graph depicts the performance of the FTSE 3-Month U.S. Treasury Bill Index^xiv vs. the Lipper Ultra-Short Obligations Funds Average^xxxi

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

ULTRA-SHORT TERM FIXED INCOME FUND^

Comparison of $10,000 Investment in the Fund with the FTSE 3-Month U.S. Treasury Bill Index
and the Lipper Ultra-Short Obligations Funds Average

LOGO

Since inception March 9, 2016.

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


ULTRA-SHORT TERM FIXED INCOME FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			FTSE 3-Month U.S. Treasury Bill Index**			Lipper Ultra- Short Obligations Funds Average**
Since Inception 3/9/2016		1.88	%		-0.50	%		1.42	%		1.66	%
10 years		N/A			N/A			1.07			1.35
5 years		1.80			-0.52			1.68			1.73
3 years		1.52			-0.66			1.63			1.38
1 year		4.95			2.87			4.44			4.37

See pages 26 through 30 for all footnotes.

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Alternative Strategies Fund

ABOUTTHE MANAGER

• Consulting Group Advisory Services, LLC

Consulting Group Advisory Services, LLC is a business of Morgan Stanley Wealth Management (“MSWM”). MSWM is one of the largest financial services firms in the U.S. with branch offices in all 50 states and the District of Columbia. MSWM’s advisory services are provided by its Consulting Group and Wealth Management Investment Resources business units.

The following graph depicts the performance of the HFRX Global Hedge Fund Index^xxi vs. the Lipper Alternative Multi-Strategy Funds Average^xxxii

During the fiscal one-year period ending August 31, 2023, the Morgan Stanley Pathway Alternative Strategies Fund (“Fund”) returned 2.14% compared to its benchmark, the HFRX Global Hedge Fund Index ^xxi which returned 0.67%. Contributing to performance were exposures to market neutral, long/short equity, and long/short credit strategies, while detractors included exposures to managed futures, and real assets.

HISTORICAL PERFORMANCE FOR THE TEN-YEAR PERIOD ENDED AUGUST 31, 2023

ALTERNATIVE STRATEGIES FUND^

Comparison of $10,000 Investment in the Fund with the HFRX Global Hedge Fund Index
and the Lipper Multi-Strategy

LOGO

Since inception February 15, 2018.

The graph above and returns shown below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.


ALTERNATIVE STRATEGIES FUND Average Annual Total Returns for the Period Ended August 31, 2023†
	Without Annual Advisory Program Fee			With Annual Advisory Program Fee*			HFRX Global Hedge Fund Index			Lipper Alternative Multi-Strategy Funds Average
Since Inception 2/15/2018		2.57	%		0.22	%		1.09	%		1.64	%
10 years		N/A			N/A			1.58			2.06
5 years		3.10			0.75			1.82			1.99
3 years		3.33			1.11			1.81			2.87
1 year		2.14			0.12			0.67			3.00

See pages 26 through 30 for all footnotes.

FOOTNOTES

†

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

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

Inception returns of the market indices and Lipper investment category averages are calculated from the end of the inception month.

The S&P 500^® Index tracks the performance of 500 widely held, large- capitalization U.S. stocks. Please note that an investor cannot invest directly in an index.

ii.

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

iii.

The U.S. large-cap Russell 1000^® Growth Index measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

iv.

The Russell 1000^® Value Index measures the performance of those Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth values. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

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

vi.

The U.S. small-cap Russell 2000^® Growth Index measures the performance of those Russell 2000^® Index companies with higher price-to-book ratios and higher forecasted growth values. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

vii.

The Russell 2000^® Value Index measures the performance of those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

viii.

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

ix.

The MSCI EAFE^® Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across Developed Markets countries* around the world, excluding the U.S. and Canada. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. Please note that an investor cannot invest directly in an index.

The MSCI EAFE^® Value Index captures large and mid-cap securities exhibiting overall value style characteristics across Developed Markets countries* around the world, excluding the U.S. and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Please note that an investor cannot invest directly in an index.

xi.

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

xii.

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

xiii.

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

xiv.

The FTSE 3-Month U.S. Treasury Bill Index — Equal dollar amounts of three-month Treasury bills are purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new three-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the index. The index is

rebalanced monthly by market capitalization. Please note that an investor cannot invest directly in an index.

xv.

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

xvi.

The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty-four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Please note that an investor cannot invest directly in an index.

xvii.

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

xviii.

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

xix.

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

xx.

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

xxi.

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

xxii.

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

xxiii.

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

xxiv.

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

xxv.

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

xxvi.

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

xxvii.

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

xxviii.

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

xxix.

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

xxx.

The Lipper Inflation Protected Bond Funds Average — These are equally weighted total returns using all the active funds available within the category. Lipper analytical averages are an average of all funds in the specified investment

objective’s universe. Averages include all funds in the group in existence for the period. The number of component funds always changes. Inflation protected bond funds invest primarily in inflation-indexed fixed income securities issued in the United States. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation.

xxxi.

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

xxxii.

The Lipper Alternative Multi-Strategy Funds Average — These are equally weighted total returns using funds that by prospectus language seek total return through the management of several different hedge-like strategies. These funds are typically quantitatively driven to measure the existing relationship between instruments, and in some cases to identify positions in which the risk-adjusted spread between these instruments represents an opportunity for the investment manager.



Fund Expenses

Example

As a shareholder of a Fund, you may incur two types of costs: (1) annual advisory program fees, which may be up to 2.00%; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested on March 1, 2023 and held for the six months ended August 31, 2023.

Actual Expenses

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


Based on Actual Total Return⁽¹⁾

Fund	Total Return Without Annual Advisory Program Fees⁽²⁾			Beginning Account Value			Ending Account Value			Annualized Expense Ratios⁽³⁾			Expense Paid During the Period⁽⁴⁾
Large Cap Equity Fund		12.17	%		$	1,000.00		$	1,121.70		0.45	%		$	2.41
Small-Mid Cap Equity Fund		1.34	%			1,000.00			1,013.40		0.60	%			3.04
International Equity Fund		5.79	%			1,000.00			1,057.90		0.69	%			3.58
Emerging Markets Equity Fund		3.59	%			1,000.00			1,035.90		0.83	%			4.26
Core Fixed Income Fund		1.06	%			1,000.00			1,010.60		0.53	%			2.69
High Yield Fund		4.33	%			1,000.00			1,043.30		0.96	%			4.94
International Fixed Income Fund		2.07	%			1,000.00			1,020.70		0.88	%			4.48
Municipal Bond Fund		0.74	%			1,000.00			1,007.40		0.76	%			3.85
Inflation-Linked Fixed Income Fund		0.37	%			1,000.00			1,003.70		2.18	%			11.01
Ultra-Short Term Fixed Income Fund		2.67	%			1,000.00			1,026.70		0.69	%			3.52
Alternative Strategies Fund		0.89	%			1,000.00			1,008.90		0.51	%			2.58

(1)	For the six months ended August 31, 2023.

(2)

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

(3)	Annualized Expense Ratios are based on the most recent 6 month expense ratios, which may differ from net expense ratios in the Financial Highlights.

(4)

Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, then divided by 365 (to reflect the one-half year period).



Fund Expenses


(continued)

Hypothetical Example for Comparison Purposes

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

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


Based on Hypothetical Total Return⁽¹⁾

Fund	Hypothetical Annualized Total Return			Beginning Account Value			Ending Account Value			Annualized Expense Ratios⁽²⁾			Expense Paid During the Period⁽³⁾
Large Cap Equity Fund		5.00	%		$	1,000.00		$	1,022.94		0.45	%		$	2.29
Small-Mid Cap Equity Fund		5.00	%			1,000.00			1,022.18		0.60	%			3.06
International Equity Fund		5.00	%			1,000.00			1,021.73		0.69	%			3.52
Emerging Markets Equity Fund		5.00	%			1,000.00			1,021.02		0.83	%			4.23
Core Fixed Income Fund		5.00	%			1,000.00			1,022.53		0.53	%			2.70
High Yield Fund		5.00	%			1,000.00			1,020.37		0.96	%			4.89
International Fixed Income Fund		5.00	%			1,000.00			1,020.77		0.88	%			4.48
Municipal Bond Fund		5.00	%			1,000.00			1,021.37		0.76	%			3.87
Inflation-Linked Fixed Income Fund		5.00	%			1,000.00			1,014.22		2.18	%			11.07
Ultra-Short Term Fixed Income Fund		5.00	%			1,000.00			1,021.73		0.69	%			3.52
Alternative Strategies Fund		5.00	%			1,000.00			1,022.63		0.51	%			2.60

(1)	For the six months ended August 31, 2023.

(2)	Annualized Expense Ratios are based on the most recent 6 month expense ratios, which may differ from net expense ratios in the Financial Highlights.

(3)



Schedules of Investments


August 31, 2023


Large Cap Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 97.7%

COMMUNICATION SERVICES — 8.3%

Diversified Telecommunication Services — 0.5%
	174,731	AT&T Inc.	$	2,584,272
	5,774	Frontier Communications Parent Inc.*		92,499
	2,850	GCI Liberty Inc.*(a)(b)		–
	3,073	Iridium Communications Inc.		150,423
	183,225	Verizon Communications Inc.		6,409,211

		Total Diversified Telecommunication Services		9,236,405


Entertainment — 1.6%
	19,016	Activision Blizzard Inc.		1,749,282
	1,519	AMC Entertainment Holdings Inc., Class A Shares*(c)		19,064
	6,683	Electronic Arts Inc.		801,826
	577	Liberty Media Corp-Liberty Formula One, Class A Shares*		34,995
	4,673	Liberty Media Corp-Liberty Formula One, Class C Shares*		321,456
	507	Liberty Media Corp-Liberty Live, Class A Shares*		16,888
	1,115	Liberty Media Corp-Liberty Live, Class C Shares*		37,520
	54,736	Live Nation Entertainment Inc.*		4,626,834
	429	Madison Square Garden Sports Corp., Class A Shares		76,362
	24,602	Netflix Inc.*		10,669,395
	2,011	Playtika Holding Corp.*		19,627
	11,197	ROBLOX Corp., Class A Shares*		316,763
	3,005	Roku Inc., Class A Shares*		244,006
	11,270	Sea Ltd., ADR*		424,090
	3,419	Spotify Technology SA*		526,424
	4,022	Take-Two Interactive Software Inc.*		571,928
	92,837	Walt Disney Co. (The)*		7,768,600
	53,744	Warner Bros Discovery Inc.*		706,196
	1,051	World Wrestling Entertainment Inc., Class A Shares		101,474

		Total Entertainment		29,032,730


Interactive Media & Services — 5.2%
	319,265	Alphabet Inc., Class A Shares*		43,474,315
	125,692	Alphabet Inc., Class C Shares*		17,263,796
	1,874	IAC Inc.*		103,688
	107,183	Match Group Inc.*		5,023,667
	95,039	Meta Platforms Inc., Class A Shares*		28,121,090
	14,468	Pinterest Inc., Class A Shares*		397,725
	2,913	TripAdvisor Inc.*		44,016
	7,605	ZoomInfo Technologies Inc., Class A Shares*		137,042

		Total Interactive Media & Services		94,565,339


Media — 0.9%
	130	Cable One Inc.		84,574
	2,501	Charter Communications Inc., Class A Shares*		1,095,738
	197,588	Comcast Corp., Class A Shares		9,239,215
	6,057	DISH Network Corp., Class A Shares*		36,342
	84,961	Fox Corp., Class A Shares		2,808,811
	3,177	Fox Corp., Class B Shares		96,962
	9,401	Interpublic Group of Cos., Inc. (The)		306,567
	396	Liberty Broadband Corp., Class A Shares*		37,081
	2,877	Liberty Broadband Corp., Class C Shares*		269,172
	3,660	Liberty Media Corp-Liberty SiriusXM*		89,450
	1,933	Liberty Media Corp-Liberty SiriusXM, Class A Shares*		46,450
	3,937	New York Times Co. (The), Class A Shares		174,291
	9,283	News Corp., Class A Shares		199,492

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

COMMUNICATION SERVICES — 8.3% — (continued)

Media — 0.9% — (continued)
	3,025	News Corp., Class B Shares	$	66,550
	832	Nexstar Media Group Inc., Class A Shares		135,450
	4,845	Omnicom Group Inc.		392,493
	181	Paramount Global, Class A Shares(c)		3,323
	14,065	Paramount Global, Class B Shares		212,241
	15,655	Sirius XM Holdings Inc.(c)		68,882
	10,749	Trade Desk Inc. (The), Class A Shares*		860,243

		Total Media		16,223,327


Wireless Telecommunication Services — 0.1%
	13,255	T-Mobile US Inc.*		1,805,994

		TOTAL COMMUNICATION SERVICES		150,863,795


CONSUMER DISCRETIONARY — 9.6%

Automobile Components — 0.4%
	48,370	Aptiv PLC*		4,907,137
	5,687	BorgWarner Inc.		231,745
	5,537	Gentex Corp.		180,839
	1,457	Lear Corp.		209,939
	30,469	Mobileye Global Inc., Class A Shares*		1,081,954
	1,093	Phinia Inc.*		30,385
	7,193	QuantumScape Corp., Class A Shares*(c)		51,358

		Total Automobile Components		6,693,357


Automobiles — 1.3%
	95,746	Ford Motor Co.		1,161,399
	98,116	General Motors Co.		3,287,867
	3,195	Harley-Davidson Inc.		107,831
	18,163	Lucid Group Inc.*(c)		114,064
	12,582	Rivian Automotive Inc., Class A Shares*		285,989
	73,941	Tesla Inc.*		19,082,693
	1,276	Thor Industries Inc.		133,750

		Total Automobiles		24,173,593


Broadline Retail — 2.8%
	350,379	Amazon.com Inc.*		48,355,806
	26,722	Coupang Inc., Class A Shares*		507,184
	13,036	eBay Inc.		583,752
	3,023	Etsy Inc.*		222,402
	2,792	Kohl’s Corp.		74,379
	6,423	Macy’s Inc.		78,553
	2,693	Nordstrom Inc.		43,680
	1,516	Ollie’s Bargain Outlet Holdings Inc.*		116,853

		Total Broadline Retail		49,982,609


Distributors — 0.6%
	3,421	Genuine Parts Co.		525,910
	185,820	LKQ Corp.		9,761,124
	926	Pool Corp.		338,546

		Total Distributors		10,625,580


Diversified Consumer Services — 0.0%@
	4,867	ADT Inc.		31,246
	1,443	Bright Horizons Family Solutions Inc.*		136,248
	692	Grand Canyon Education Inc.*		81,137
	3,557	H&R Block Inc.		142,209

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 9.6% — (continued)

Diversified Consumer Services — 0.0%@ — (continued)
	1,825	Mister Car Wash Inc.*	$	13,213
	3,628	Service Corp. International		228,963

		Total Diversified Consumer Services		633,016


Hotels, Restaurants & Leisure — 2.1%
	9,891	Airbnb Inc., Class A Shares*		1,301,161
	5,709	Aramark		212,261
	2,118	Booking Holdings Inc.*		6,576,454
	1,722	Boyd Gaming Corp.		115,150
	5,015	Caesars Entertainment Inc.*		277,129
	24,239	Carnival Corp.*		383,461
	2,332	Chipotle Mexican Grill Inc., Class A Shares*		4,492,924
	786	Choice Hotels International Inc.		99,743
	1,767	Churchill Downs Inc.		221,370
	24,940	Darden Restaurants Inc.		3,878,419
	863	Domino’s Pizza Inc.		334,326
	7,359	DoorDash Inc., Class A Shares*		619,113
	10,194	DraftKings Inc., Class A Shares*		302,252
	3,522	Expedia Group Inc.*		381,750
	6,271	Hilton Worldwide Holdings Inc.		932,184
	1,100	Hyatt Hotels Corp., Class A Shares		123,651
	8,071	Las Vegas Sands Corp.		442,775
	6,157	Marriott International Inc., Class A Shares		1,253,011
	855	Marriott Vacations Worldwide Corp.		92,930
	17,799	McDonald’s Corp.		5,004,189
	7,549	MGM Resorts International		332,005
	10,403	Norwegian Cruise Line Holdings Ltd.*		172,378
	3,523	Penn Entertainment Inc.*		83,460
	2,078	Planet Fitness Inc., Class A Shares*		126,342
	5,708	Royal Caribbean Cruises Ltd.*		564,750
	27,535	Starbucks Corp.		2,683,010
	1,645	Texas Roadhouse Inc., Class A Shares		171,245
	1,884	Travel + Leisure Co.		75,737
	21,788	Vail Resorts Inc.		4,931,060
	3,955	Wendy’s Co. (The)		78,269
	750	Wingstop Inc.		120,480
	1,980	Wyndham Hotels & Resorts Inc.		149,272
	2,533	Wynn Resorts Ltd.		256,796
	6,840	Yum! Brands Inc.		884,959

		Total Hotels, Restaurants & Leisure		37,674,016


Household Durables — 0.2%
	7,591	DR Horton Inc.		903,481
	3,747	Garmin Ltd.		397,257
	3,297	Leggett & Platt Inc.		92,975
	6,067	Lennar Corp., Class A Shares		722,519
	406	Lennar Corp., Class B Shares		43,304
	1,248	Mohawk Industries Inc.*		126,535
	8,999	Newell Brands Inc.		95,209
	72	NVR Inc.*		459,168
	5,441	PulteGroup Inc.		446,489
	3,981	Tempur Sealy International Inc.		185,992
	2,702	Toll Brothers Inc.		221,375
	792	TopBuild Corp.*		229,743
	1,310	Whirlpool Corp.		183,348

		Total Household Durables		4,107,395

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units			Security	Value

CONSUMER DISCRETIONARY — 9.6% — (continued)

Leisure Products — 0.0%@
	1,765		Brunswick Corp.	$	139,647
	3,219		Hasbro Inc.		231,768
	8,734		Mattel Inc.*		193,545
	7,512		Peloton Interactive Inc., Class A Shares*		47,927
	1,336		Polaris Inc.		149,752
	2,150		YETI Holdings Inc.*		107,393

			Total Leisure Products		870,032


Specialty Retail — 1.4%
	1,418		Advance Auto Parts Inc.		97,587
	832		AutoNation Inc.*		130,699
	448		AutoZone Inc.*		1,134,036
	5,604		Bath & Body Works Inc.		206,619
	4,681		Best Buy Co., Inc.		357,862
	1,595		Burlington Stores Inc.*		258,805
	3,852		CarMax Inc.*		314,631
	1,465		Dick’s Sporting Goods Inc.		170,438
	1,336		Five Below Inc.*		229,739
	2,537		Floor & Decor Holdings Inc., Class A Shares*		252,939
	6,434		GameStop Corp., Class A Shares*		119,351
	4,370		Gap Inc. (The)		50,605
	24,717		Home Depot Inc. (The)		8,164,025
	644		Lithia Motors Inc., Class A Shares		198,365
	32,683		Lowe’s Cos., Inc.		7,532,778
	494		Murphy USA Inc.		156,914
	1,489		O’Reilly Automotive Inc.*		1,399,213
	598		Penske Automotive Group Inc.		98,251
	1,943		Petco Health & Wellness Co., Inc., Class A Shares*		9,890
	441		RH*		161,049
	8,192		Ross Stores Inc.		997,867
	28,108		TJX Cos., Inc. (The)		2,599,428
	2,671		Tractor Supply Co.		583,613
	1,220		Ulta Beauty Inc.*		506,337
	4,188		Valvoline Inc.		144,235
	1,832		Victoria’s Secret & Co.*		35,138
	2,005		Wayfair Inc., Class A Shares*		138,566
	1,602		Williams-Sonoma Inc.		226,202

			Total Specialty Retail		26,275,182


Textiles, Apparel & Luxury Goods — 0.8%
	3,002		Capri Holdings Ltd.*		157,575
	850		Carter’s Inc.		60,835
	872		Columbia Sportswear Co.		63,952
	1,497		Crocs Inc.*		145,718
	639		Deckers Outdoor Corp.*		338,089
	7,967		lululemon athletica Inc.*		3,037,498
	90,165		NIKE Inc., Class B Shares		9,170,682
	1,498		PVH Corp.		125,233
	973		Ralph Lauren Corp., Class A Shares		113,481
	3,362		Skechers USA Inc., Class A Shares*		169,142
	5,848		Tapestry Inc.		194,855
	4,131		Under Armour Inc., Class A Shares*		31,561
	5,012		Under Armour Inc., Class C Shares*		34,533
	8,659		V.F. Corp.		171,102
		��
			Total Textiles, Apparel & Luxury Goods		13,814,256

			TOTAL CONSUMER DISCRETIONARY		174,849,036

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 5.4%

Beverages — 1.3%
	231	Boston Beer Co., Inc. (The), Class A Shares*	$	84,414
	1,133	Brown-Forman Corp., Class A Shares		76,172
	4,484	Brown-Forman Corp., Class B Shares		296,527
	1,335	Celsius Holdings Inc.*		261,713
	95,055	Coca-Cola Co. (The)		5,687,141
	3,732	Constellation Brands Inc., Class A Shares		972,410
	23,253	Keurig Dr Pepper Inc.		782,463
	4,262	Molson Coors Beverage Co., Class B Shares		270,594
	86,112	Monster Beverage Corp.*		4,943,690
	54,778	PepsiCo Inc.		9,746,102

		Total Beverages		23,121,226


Consumer Staples Distribution & Retail — 1.4%
	10,160	Albertsons Cos., Inc., Class A Shares		227,584
	3,275	BJ’s Wholesale Club Holdings Inc.*		220,702
	908	Casey’s General Stores Inc.		221,924
	16,794	Costco Wholesale Corp.		9,224,608
	5,344	Dollar General Corp.		740,144
	5,087	Dollar Tree Inc.*		622,445
	2,438	Grocery Outlet Holding Corp.*		75,212
	15,917	Kroger Co. (The)		738,390
	3,736	Performance Food Group Co.*		232,118
	12,381	Sysco Corp.		862,337
	37,509	Target Corp.		4,746,764
	5,524	US Foods Holding Corp.*		223,335
	17,473	Walgreens Boots Alliance Inc.		442,242
	34,837	Walmart Inc.		5,664,845

		Total Consumer Staples Distribution & Retail		24,242,650


Food Products — 0.9%
	13,233	Archer-Daniels-Midland Co.		1,049,377
	3,641	Bunge Ltd.		416,239
	4,734	Campbell Soup Co.		197,408
	11,601	Conagra Brands Inc.		346,638
	3,883	Darling Ingredients Inc.*		239,814
	4,476	Flowers Foods Inc.		105,455
	1,152	Freshpet Inc.*		86,987
	14,332	General Mills Inc.		969,703
	3,593	Hershey Co. (The)		771,992
	7,059	Hormel Foods Corp.		272,407
	1,641	Ingredion Inc.		168,875
	2,514	J.M. Smucker Co. (The)		364,404
	6,337	Kellogg Co.		386,684
	19,597	Kraft Heinz Co. (The)		648,465
	3,544	Lamb Weston Holdings Inc.		345,221
	6,129	McCormick & Co., Inc., Class VTG Shares		503,068
	95,192	Mondelez International Inc., Class A Shares		6,783,382
	1,166	Pilgrim’s Pride Corp.*		29,337
	1,309	Post Holdings Inc.*		117,430
	5	Seaboard Corp.		18,852
	42,568	Tyson Foods Inc., Class A Shares		2,267,597

		Total Food Products		16,089,335


Household Products — 0.8%
	5,958	Church & Dwight Co., Inc.		576,556
	3,016	Clorox Co. (The)		471,853

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 5.4% — (continued)

Household Products — 0.8% — (continued)
	20,027	Colgate-Palmolive Co.	$	1,471,384
	8,220	Kimberly-Clark Corp.		1,058,983
	72,278	Procter & Gamble Co. (The)		11,155,386
	1,183	Reynolds Consumer Products Inc.		32,284
	974	Spectrum Brands Holdings Inc.		81,007

		Total Household Products		14,847,453


Personal Care Products — 0.7%
	9,118	Coty Inc., Class A Shares*		105,404
	63,925	Estee Lauder Cos., Inc. (The), Class A Shares		10,261,880
	126,996	Kenvue Inc.		2,927,258
	3,001	Olaplex Holdings Inc.*		8,133

		Total Personal Care Products		13,302,675


Tobacco — 0.3%
	43,591	Altria Group Inc.		1,927,594
	37,875	Philip Morris International Inc.		3,638,273

		Total Tobacco		5,565,867

		TOTAL CONSUMER STAPLES		97,169,206


ENERGY — 3.9%

Energy Equipment & Services — 0.5%
	24,712	Baker Hughes Co., Class A Shares		894,327
	21,915	Halliburton Co.		846,357
	9,664	NOV Inc.		204,200
	133,332	Schlumberger NV		7,861,255
	10,794	TechnipFMC PLC		205,518

		Total Energy Equipment & Services		10,011,657


Oil, Gas & Consumable Fuels — 3.4%
	8,353	Antero Midstream Corp.		101,238
	6,894	Antero Resources Corp.*		190,757
	7,461	APA Corp.		327,090
	5,915	Cheniere Energy Inc.		965,328
	3,093	Chesapeake Energy Corp.		272,834
	43,183	Chevron Corp.		6,956,781
	79,119	ConocoPhillips		9,417,535
	18,278	Coterra Energy Inc.		515,257
	15,635	Devon Energy Corp.		798,792
	4,419	Diamondback Energy Inc.		670,716
	2,317	DT Midstream Inc.		121,156
	46,417	EOG Resources Inc.		5,970,155
	8,836	EQT Corp.		381,892
	183,472	Exxon Mobil Corp.		20,400,252
	6,779	Hess Corp.		1,047,355
	3,469	HF Sinclair Corp.		191,107
	47,846	Kinder Morgan Inc.		823,908
	15,071	Marathon Oil Corp.		397,121
	10,770	Marathon Petroleum Corp.		1,537,633
	1,579	New Fortress Energy Inc., Class A Shares		49,012
	17,020	Occidental Petroleum Corp.		1,068,686
	10,902	ONEOK Inc.		710,810
	5,960	Ovintiv Inc.		279,882
	32,042	Phillips 66		3,657,915
	5,679	Pioneer Natural Resources Co.		1,351,204

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 3.9% — (continued)

Oil, Gas & Consumable Fuels — 3.4% — (continued)
	5,705	Range Resources Corp.	$	184,728
	26,744	Southwestern Energy Co.*		181,324
	5,453	Targa Resources Corp.		470,321
	141	Texas Pacific Land Corp.		265,750
	8,794	Valero Energy Corp.		1,142,341
	29,710	Williams Cos., Inc. (The)		1,025,886

		Total Oil, Gas & Consumable Fuels		61,474,766

		TOTAL ENERGY		71,486,423


FINANCIALS — 13.4%

Banks — 2.7%
	331,731	Bank of America Corp.		9,510,728
	2,683	Bank OZK		107,776
	656	BOK Financial Corp.		54,520
	47,467	Citigroup Inc.		1,959,912
	11,775	Citizens Financial Group Inc.		331,231
	4,844	Columbia Banking System Inc.		99,205
	3,255	Comerica Inc.		156,598
	2,707	Commerce Bancshares Inc.		132,887
	1,457	Cullen/Frost Bankers Inc.		137,730
	3,470	East West Bancorp Inc.		192,030
	16,555	Fifth Third Bancorp		439,535
	272	First Citizens BancShares Inc., Class A Shares		370,029
	3,053	First Hawaiian Inc.		57,732
	13,131	First Horizon Corp.		164,794
	8,438	FNB Corp.		98,134
	35,078	Huntington Bancshares Inc.		389,015
	130,539	JPMorgan Chase & Co.		19,101,772
	22,718	KeyCorp		257,395
	4,004	M&T Bank Corp.		500,700
	17,361	New York Community Bancorp Inc.		213,193
	56,259	NU Holdings Ltd., Class A Shares*		385,374
	1,767	Pinnacle Financial Partners Inc.		117,612
	9,718	PNC Financial Services Group Inc. (The)		1,173,254
	1,787	Popular Inc.		122,016
	2,068	Prosperity Bancshares Inc.		117,483
	22,795	Regions Financial Corp.		418,060
	3,429	Synovus Financial Corp.		106,162
	65,764	Truist Financial Corp.		2,009,090
	37,395	US Bancorp		1,366,039
	4,322	Webster Financial Corp.		183,296
	189,361	Wells Fargo & Co.		7,818,716
	2,750	Western Alliance Bancorp		137,528
	1,522	Wintrust Financial Corp.		118,122
	3,487	Zions Bancorp NA		123,789

		Total Banks		48,471,457


Capital Markets — 3.8%
	846	Affiliated Managers Group Inc.		113,372
	2,565	Ameriprise Financial Inc.		865,893
	3,908	Ares Management Corp., Class A Shares		404,244
	19,276	Bank of New York Mellon Corp. (The)		864,914
	10,937	BlackRock Inc., Class A Shares		7,661,806
	17,215	Blackstone Inc.		1,831,160
	10,894	Blue Owl Capital Inc., Class A Shares		130,183

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units			Security	Value

FINANCIALS — 13.4% — (continued)

Capital Markets — 3.8% — (continued)
	5,184		Carlyle Group Inc. (The)	$	167,702
	2,565		Cboe Global Markets Inc.		384,006
	80,715		Charles Schwab Corp. (The)		4,774,292
	8,762		CME Group Inc., Class A Shares		1,775,882
	4,064		Coinbase Global Inc., Class A Shares*		323,494
	869		Evercore Inc., Class A Shares		121,703
	936		FactSet Research Systems Inc.		408,480
	7,001		Franklin Resources Inc.		187,207
	7,880		Goldman Sachs Group Inc. (The)		2,582,355
	1,260		Houlihan Lokey Inc., Class A Shares		132,728
	2,433		Interactive Brokers Group Inc., Class A Shares		221,598
	46,975		Intercontinental Exchange Inc.		5,542,580
	8,766		Invesco Ltd.		139,555
	3,359		Janus Henderson Group PLC		92,272
	4,899		Jefferies Financial Group Inc.		174,845
	15,755		KKR & Co., Inc., Class Miscella Shares		989,572
	2,668		Lazard Ltd., Class A Shares		92,686
	1,902		LPL Financial Holdings Inc.		438,582
	865		MarketAxess Holdings Inc.		208,404
	3,872		Moody’s Corp.		1,304,090
	29,342		Morgan Stanley(d)		2,498,471
	627		Morningstar Inc.		145,884
	8,593		MSCI Inc., Class A Shares		4,671,327
	8,330		Nasdaq Inc.		437,158
	4,997		Northern Trust Corp.		380,122
	4,766		Raymond James Financial Inc.		498,476
	16,185		Robinhood Markets Inc., Class A Shares*		176,255
	64,646		S&P Global Inc.		25,267,536
	2,431	��	SEI Investments Co.		150,868
	28,072		State Street Corp.		1,929,669
	2,444		Stifel Financial Corp.		158,909
	5,379		T. Rowe Price Group Inc.		603,685
	1,564		TPG Inc., Class A Shares		43,980
	2,798		Tradeweb Markets Inc., Class A Shares		241,831
	2,150		Virtu Financial Inc., Class A Shares		40,291
	8,170		XP Inc., Class A Shares*		207,028

			Total Capital Markets		69,385,095


Consumer Finance — 0.4%
	6,877		Ally Financial Inc.		190,424
	28,438		American Express Co.		4,492,920
	9,248		Capital One Financial Corp.		946,903
	147		Credit Acceptance Corp.*		73,760
	6,182		Discover Financial Services		556,813
	2,681		OneMain Holdings Inc., Class A Shares		111,288
	5,972		SLM Corp.		85,041
	22,364		SoFi Technologies Inc.*		193,672
	10,712		Synchrony Financial		345,784

			Total Consumer Finance		6,996,605


Financial Services — 4.6%
	5,129		Affirm Holdings Inc., Class A Shares*(c)		106,734
	12,726		Apollo Global Management Inc.		1,111,489
	59,601		Berkshire Hathaway Inc., Class B Shares*		21,468,280
	13,225		Block Inc., Class A Shares*		762,421

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.4% — (continued)

Financial Services — 4.6% — (continued)
	8,630	Equitable Holdings Inc.	$	248,544
	1,108	Euronet Worldwide Inc.*		96,795
	148,945	Fidelity National Information Services Inc.		8,320,068
	15,006	Fiserv Inc.*		1,821,578
	1,753	FleetCor Technologies Inc.*		476,343
	6,382	Global Payments Inc.		808,536
	1,773	Jack Henry & Associates Inc.		277,971
	20,476	MasterCard Inc., Class A Shares		8,449,217
	6,731	MGIC Investment Corp.		118,331
	113,672	PayPal Holdings Inc.*		7,105,637
	2,586	Rocket Cos., Inc., Class A Shares*		27,618
	1,325	Shift4 Payments Inc., Class A Shares*		75,247
	1,501	TFS Financial Corp.		20,429
	8,661	Toast Inc., Class A Shares*		192,014
	3,045	UWM Holdings Corp.		18,148
	129,460	Visa Inc., Class A Shares		31,805,733
	2,299	Voya Financial Inc.		160,194
	7,080	Western Union Co. (The)		87,438
	1,042	WEX Inc.*		204,419

		Total Financial Services		83,763,184


Insurance — 1.9%
	14,683	Aflac Inc.		1,094,911
	6,398	Allstate Corp. (The)		689,768
	1,774	American Financial Group Inc.		205,642
	17,898	American International Group Inc.		1,047,391
	4,934	Aon PLC, Class A Shares		1,644,946
	8,724	Arch Capital Group Ltd.*		670,527
	5,165	Arthur J. Gallagher & Co.		1,190,429
	1,187	Assurant Inc.		165,385
	1,327	Assured Guaranty Ltd.		78,081
	1,927	Axis Capital Holdings Ltd.		105,715
	1,708	Brighthouse Financial Inc.*		84,819
	5,782	Brown & Brown Inc.		428,446
	10,059	Chubb Ltd.		2,020,551
	3,744	Cincinnati Financial Corp.		396,078
	623	CNA Financial Corp.		24,503
	1,032	Everest Group Ltd.		372,222
	6,097	Fidelity National Financial Inc.		252,416
	2,442	First American Financial Corp.		150,623
	2,173	Globe Life Inc.		242,442
	835	Hanover Insurance Group Inc. (The)		89,111
	57,776	Hartford Financial Services Group Inc. (The)		4,149,472
	1,538	Kemper Corp.		72,240
	536	Kinsale Capital Group Inc.		213,666
	4,059	Lincoln National Corp.		104,154
	4,591	Loews Corp.		285,055
	320	Markel Group Inc.*		473,254
	27,680	Marsh & McLennan Cos., Inc.		5,397,323
	15,780	MetLife Inc.		999,505
	6,651	Old Republic International Corp.		181,905
	888	Primerica Inc.		178,452
	5,896	Principal Financial Group Inc.		458,178
	14,263	Progressive Corp. (The)		1,903,683
	27,243	Prudential Financial Inc.		2,579,095

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.4% — (continued)

Insurance — 1.9% — (continued)
	1,628	Reinsurance Group of America Inc., Class A Shares	$	225,673
	1,197	RenaissanceRe Holdings Ltd.		224,904
	1,011	RLI Corp.		132,967
	2,262	Ryan Specialty Holdings Inc., Class A Shares*		110,273
	22,124	Travelers Cos., Inc. (The)		3,567,053
	4,889	Unum Group		240,490
	65	White Mountains Insurance Group Ltd.		103,265
	2,599	Willis Towers Watson PLC		537,369
	5,186	WR Berkley Corp.		320,806

		Total Insurance		33,412,788


Mortgage Real Estate Investment Trusts (REITs) — 0.0%@
	14,281	AGNC Investment Corp.		141,525
	12,037	Annaly Capital Management Inc.		243,990
	11,745	Rithm Capital Corp.		121,091
	7,187	Starwood Property Trust Inc.		146,830

		Total Mortgage Real Estate Investment Trusts (REITs)		653,436

		TOTAL FINANCIALS		242,682,565


HEALTH CARE — 14.9%

Biotechnology — 1.8%
	63,348	AbbVie Inc.		9,309,622
	3,019	Alnylam Pharmaceuticals Inc.*		597,219
	13,038	Amgen Inc.		3,342,161
	2,442	Apellis Pharmaceuticals Inc.*		103,077
	3,514	Biogen Inc.*		939,503
	36,030	BioMarin Pharmaceutical Inc.*		3,292,421
	39,821	Exact Sciences Corp.*		3,331,823
	7,910	Exelixis Inc.*		177,105
	30,504	Gilead Sciences Inc.		2,332,946
	5,463	Horizon Therapeutics PLC*		615,899
	4,495	Incyte Corp.*		290,062
	3,377	Ionis Pharmaceuticals Inc.*		135,992
	877	Karuna Therapeutics Inc.*		164,665
	1,034	Mirati Therapeutics Inc.*		38,465
	8,205	Moderna Inc.*		927,739
	2,524	Natera Inc.*		148,234
	2,356	Neurocrine Biosciences Inc.*		256,545
	2,528	Regeneron Pharmaceuticals Inc.*		2,089,367
	5,683	Roivant Sciences Ltd.*		65,752
	13,598	Sarepta Therapeutics Inc.*		1,645,494
	3,418	Seagen Inc.*		704,347
	1,578	Ultragenyx Pharmaceutical Inc.*		58,055
	1,101	United Therapeutics Corp.*		247,020
	6,287	Vertex Pharmaceuticals Inc.*		2,190,014

		Total Biotechnology		33,003,527


Health Care Equipment & Supplies — 3.7%
	95,767	Abbott Laboratories		9,854,424
	41,470	Alcon Inc.		3,441,595
	1,862	Align Technology Inc.*		689,201
	12,330	Baxter International Inc.		500,598
	13,034	Becton Dickinson and Co.		3,642,351
	133,548	Boston Scientific Corp.*		7,203,579
	1,185	Cooper Cos., Inc. (The)		438,438

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.9% — (continued)

Health Care Equipment & Supplies — 3.7% — (continued)
	5,035	DENTSPLY SIRONA Inc.	$	186,748
	49,230	DexCom Inc.*		4,971,245
	14,691	Edwards Lifesciences Corp.*		1,123,421
	1,292	Enovis Corp.*		72,404
	229,111	Envista Holdings Corp.*		7,336,134
	9,512	GE HealthCare Technologies Inc.		670,120
	2,658	Globus Medical Inc., Class A Shares*		143,798
	5,926	Hologic Inc.*		442,909
	488	ICU Medical Inc.*		70,775
	2,009	IDEXX Laboratories Inc.*		1,027,423
	702	Inspire Medical Systems Inc.*		159,270
	14,985	Insulet Corp.*		2,872,774
	1,619	Integra LifeSciences Holdings Corp.*		68,872
	34,291	Intuitive Surgical Inc.*		10,722,110
	1,183	Masimo Corp.*		135,193
	32,417	Medtronic PLC		2,641,986
	2,658	Novocure Ltd.*		58,636
	884	Penumbra Inc.*		233,818
	1,302	QuidelOrtho Corp.*		107,233
	3,541	ResMed Inc.		565,108
	884	Shockwave Medical Inc.*		194,825
	2,419	STERIS PLC		555,378
	18,770	Stryker Corp.		5,322,234
	1,518	Tandem Diabetes Care Inc.*		41,532
	1,146	Teleflex Inc.		243,800
	5,122	Zimmer Biomet Holdings Inc.		610,133

		Total Health Care Equipment & Supplies		66,348,065


Health Care Providers & Services — 3.5%
	2,224	Acadia Healthcare Co., Inc.*		171,470
	6,732	agilon health Inc.*		119,291
	758	Amedisys Inc.*		71,062
	6,292	Cardinal Health Inc.		549,480
	27,567	Cencora Inc.		4,851,241
	13,375	Centene Corp.*		824,569
	362	Chemed Corp.		185,141
	7,125	Cigna Group (The)		1,968,353
	82,250	CVS Health Corp.		5,360,232
	1,354	DaVita Inc.*		138,677
	5,786	Elevance Health Inc.		2,557,470
	2,458	Encompass Health Corp.		174,616
	4,990	HCA Healthcare Inc.		1,383,727
	3,148	Henry Schein Inc.*		240,948
	3,048	Humana Inc.		1,407,048
	97,795	Laboratory Corp. of America Holdings		20,351,139
	3,343	McKesson Corp.		1,378,386
	1,409	Molina Healthcare Inc.*		436,959
	2,994	Premier Inc., Class A Shares		64,461
	2,731	Quest Diagnostics Inc.		359,127
	3,561	R1 RCM Inc.*		61,392
	2,533	Tenet Healthcare Corp.*		196,459
	43,846	UnitedHealth Group Inc.		20,896,127
	1,484	Universal Health Services Inc., Class B Shares		199,895

		Total Health Care Providers & Services		63,947,270

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.9% — (continued)

Health Care Technology — 0.1%
	2,793	Certara Inc.*	$	45,135
	2,603	Doximity Inc., Class A Shares*		62,055
	4,140	Teladoc Health Inc.*		93,730
	3,532	Veeva Systems Inc., Class A Shares*		737,128

		Total Health Care Technology		938,048


Life Sciences Tools & Services — 1.7%
	2,272	10X Genomics Inc., Class A Shares*		117,803
	7,204	Agilent Technologies Inc.		872,188
	127,428	Avantor Inc.*		2,758,816
	1,652	Azenta Inc.*		93,222
	524	Bio-Rad Laboratories Inc., Class A Shares*		209,705
	3,794	Bio-Techne Corp.		297,450
	2,514	Bruker Corp.		164,918
	1,237	Charles River Laboratories International Inc.*		255,836
	16,063	Danaher Corp.		4,256,695
	2,062	Fortrea Holdings Inc.*		56,808
	1,987	ICON PLC, ADR*		516,501
	13,725	Illumina Inc.*		2,267,645
	4,497	IQVIA Holdings Inc.*		1,001,167
	2,546	Maravai LifeSciences Holdings Inc., Class A Shares*		26,326
	585	Medpace Holdings Inc.*		158,108
	531	Mettler-Toledo International Inc.*		644,358
	5,544	QIAGEN NV*		252,197
	1,356	Repligen Corp.*		235,822
	3,079	Revvity Inc.		360,335
	2,422	Sotera Health Co.*		39,091
	2,467	Syneos Health Inc., Class A Shares*		105,415
	26,185	Thermo Fisher Scientific Inc.		14,587,664
	1,428	Waters Corp.*		400,982
	1,805	West Pharmaceutical Services Inc.		734,455

		Total Life Sciences Tools & Services		30,413,507


Pharmaceuticals — 4.1%
	109,854	Bristol-Myers Squibb Co.		6,772,499
	4,386	Catalent Inc.*		219,169
	11,947	Elanco Animal Health Inc.*		145,753
	36,486	Eli Lilly & Co.		20,220,541
	1,515	Jazz Pharmaceuticals PLC*		217,191
	140,640	Johnson & Johnson		22,738,675
	124,982	Merck & Co., Inc.		13,620,538
	6,452	Organon & Co.		141,686
	3,302	Perrigo Co. PLC		115,570
	137,904	Pfizer Inc.		4,879,044
	9,055	Royalty Pharma PLC, Class A Shares		270,020
	29,207	Viatris Inc.		313,975
	28,666	Zoetis Inc., Class A Shares		5,461,160

		Total Pharmaceuticals		75,115,821

		TOTAL HEALTH CARE		269,766,238


INDUSTRIALS — 10.7%

Aerospace & Defense — 1.6%
	1,696	Axon Enterprise Inc.*		361,095
	13,609	Boeing Co. (The)*		3,048,824
	2,175	BWX Technologies Inc.		160,428

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 10.7% — (continued)

Aerospace & Defense — 1.6% — (continued)
	905	Curtiss-Wright Corp.	$	188,231
	5,973	General Dynamics Corp.		1,353,721
	1,115	HEICO Corp.		188,112
	1,948	HEICO Corp., Class A Shares		263,818
	1,983	Hexcel Corp.		145,354
	9,250	Howmet Aerospace Inc.		457,597
	960	Huntington Ingalls Industries Inc.		211,507
	4,614	L3Harris Technologies Inc.		821,707
	5,519	Lockheed Martin Corp.		2,474,444
	1,373	Mercury Systems Inc.*		53,890
	8,038	Northrop Grumman Corp.		3,481,177
	124,922	RTX Corp.		10,748,289
	2,513	Spirit AeroSystems Holdings Inc., Class A Shares		53,577
	50,417	Textron Inc.		3,917,905
	1,279	TransDigm Group Inc.*		1,156,024
	1,396	Woodward Inc.		180,601

		Total Aerospace & Defense		29,266,301


Air Freight & Logistics — 0.4%
	2,829	CH Robinson Worldwide Inc.		255,827
	3,716	Expeditors International of Washington Inc.		433,694
	5,659	FedEx Corp.		1,477,112
	2,853	GXO Logistics Inc.*		182,506
	33,984	United Parcel Service Inc., Class B Shares		5,756,890

		Total Air Freight & Logistics		8,106,029


Building Products — 1.0%
	1,511	Advanced Drainage Systems Inc.		193,650
	2,140	Allegion PLC		243,553
	2,963	AO Smith Corp.		214,818
	1,059	Armstrong World Industries Inc.		81,109
	2,988	AZEK Co., Inc. (The), Class A Shares*		101,622
	3,105	Builders FirstSource Inc.*		450,349
	1,236	Carlisle Cos., Inc.		325,093
	87,812	Carrier Global Corp.		5,044,799
	3,018	Fortune Brands Innovations Inc.		208,302
	2,692	Hayward Holdings Inc.*		39,842
	16,762	Johnson Controls International PLC		989,964
	779	Lennox International Inc.		293,535
	5,483	Masco Corp.		323,552
	26,706	Owens Corning		3,843,260
	25,363	Trane Technologies PLC		5,206,009
	2,620	Trex Co., Inc.*		186,989

		Total Building Products		17,746,446


Commercial Services & Supplies — 0.8%
	2,114	Cintas Corp.		1,065,815
	1,270	Clean Harbors Inc.*		215,062
	20,930	Copart Inc.*		938,292
	1,448	Driven Brands Holdings Inc.*		21,792
	912	MSA Safety Inc.		166,604
	4,429	RB Global Inc.		273,358
	5,038	Republic Services Inc., Class A Shares		726,127
	5,399	Rollins Inc.		213,639
	2,262	Stericycle Inc.*		100,003

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security		Value

INDUSTRIALS — 10.7% — (continued)

Commercial Services & Supplies — 0.8% — (continued)
	1,311	Tetra Tech Inc.		$	206,286
	69,110	Waste Management Inc.			10,835,066

		Total Commercial Services & Supplies			14,762,044


Construction & Engineering — 0.6%
	3,192	AECOM			280,098
	1,146	EMCOR Group Inc.			256,991
	1,515	MasTec Inc.*			150,727
	4,782	MDU Resources Group Inc.			97,362
	50,727	Quanta Services Inc.			10,646,075
	496	Valmont Industries Inc.			125,736
	4,850	WillScot Mobile Mini Holdings Corp.*			198,947

		Total Construction & Engineering			11,755,936


Electrical Equipment — 0.6%
	762	Acuity Brands Inc.			122,895
	5,610	AMETEK Inc.			894,851
	7,292	ChargePoint Holdings Inc.*(c)			52,211
	28,269	Eaton Corp. PLC			6,512,330
	13,927	Emerson Electric Co.			1,368,328
	1,471	Generac Holdings Inc.*			174,770
	1,306	Hubbell Inc., Class B Shares			425,821
	4,045	nVent Electric PLC			228,704
	13,056	Plug Power Inc.*(c)			110,454
	1,628	Regal Rexnord Corp.			264,045
	2,803	Rockwell Automation Inc.			874,760
	3,588	Sensata Technologies Holding PLC			134,981
	4,946	Sunrun Inc.*			77,306
	7,880	Vertiv Holdings Co., Class A Shares			310,393

		Total Electrical Equipment			11,551,849


Ground Transportation — 1.1%
	476	Avis Budget Group Inc.*			101,574
	180,647	CSX Corp.			5,455,539
	4,858	Hertz Global Holdings Inc.*			82,343
	2,007	JB Hunt Transport Services Inc.			377,075
	3,812	Knight-Swift Transportation Holdings Inc., Class A Shares			208,974
	893	Landstar System Inc.			169,500
	7,195	Lyft Inc., Class A Shares*			84,757
	5,544	Norfolk Southern Corp.			1,136,575
	2,406	Old Dominion Freight Line Inc.			1,028,252
	1,175	Ryder System Inc.			118,322
	648	Saia Inc.*			276,178
	1,269	Schneider National Inc., Class B Shares			36,687
	119,572	Uber Technologies Inc.*			5,647,386
	219	U-Haul Holding Co.			12,476
	1,990	U-Haul Holding Co.-Non Voting			105,948
	24,977	Union Pacific Corp.			5,509,177
	2,777	XPO Inc.*			207,248

		Total Ground Transportation			20,558,011


Industrial Conglomerates — 0.7%
	13,418	3M Co.			1,431,298
	26,459	General Electric Co.			3,028,497
	43,836	Honeywell International Inc.			8,238,538

		Total Industrial Conglomerates			12,698,333
			��

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 10.7% — (continued)

Machinery — 2.2%
	1,526	AGCO Corp.	$	197,663
	2,285	Allison Transmission Holdings Inc.		138,128
	26,626	Caterpillar Inc.		7,485,367
	23,833	CNH Industrial NV		328,419
	1,121	Crane Co.		102,146
	3,459	Cummins Inc.(c)		795,708
	6,656	Deere & Co.		2,735,217
	2,892	Donaldson Co., Inc.		184,712
	3,402	Dover Corp.		504,517
	1,326	Esab Corp.		95,697
	3,086	Flowserve Corp.		122,113
	8,626	Fortive Corp.		680,160
	3,074	Gates Industrial Corp. PLC*		37,749
	4,074	Graco Inc.		321,602
	1,844	IDEX Corp.		417,482
	7,401	Illinois Tool Works Inc.		1,830,637
	9,872	Ingersoll Rand Inc.		687,190
	1,961	ITT Inc.		200,571
	1,361	Lincoln Electric Holdings Inc.		261,938
	1,321	Middleby Corp. (The)*		192,324
	1,395	Nordson Corp.		340,575
	1,555	Oshkosh Corp.		161,456
	120,938	Otis Worldwide Corp.		10,346,246
	12,507	PACCAR Inc.		1,029,201
	17,299	Parker-Hannifin Corp.		7,211,953
	4,000	Pentair PLC		281,040
	705	RBC Bearings Inc.*		162,531
	1,269	Snap-on Inc.		340,853
	3,733	Stanley Black & Decker Inc.		352,321
	1,523	Timken Co. (The)		116,388
	2,538	Toro Co. (The)		259,688
	4,349	Westinghouse Air Brake Technologies Corp.		489,349
	5,784	Xylem Inc.		598,875

		Total Machinery		39,009,816


Marine Transportation — 0.0%@
	1,465	Kirby Corp.*		121,346


Passenger Airlines — 0.2%
	3,125	Alaska Air Group Inc.*		131,156
	15,837	American Airlines Group Inc.*		233,279
	15,652	Delta Air Lines Inc.		671,158
	71,273	Southwest Airlines Co.		2,252,227
	7,966	United Airlines Holdings Inc.*		396,786

		Total Passenger Airlines		3,684,606


Professional Services — 1.0%
	10,093	Automatic Data Processing Inc.		2,569,779
	3,171	Booz Allen Hamilton Holding Corp., Class A Shares		359,306
	2,858	Broadridge Financial Solutions Inc.		532,188
	546	CACI International Inc., Class A Shares*		179,093
	3,596	Ceridian HCM Holding Inc.*		260,782
	10,980	Clarivate PLC*		81,581
	1,126	Concentrix Corp.		89,889
	6,641	Dun & Bradstreet Holdings Inc.		72,387

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 10.7% — (continued)

Professional Services — 1.0% — (continued)
	2,972	Equifax Inc.	$	614,312
	806	FTI Consulting Inc.*		149,771
	4,473	Genpact Ltd.		166,977
	3,068	Jacobs Solutions Inc.		413,628
	3,297	KBR Inc.		202,831
	3,329	Leidos Holdings Inc.		324,611
	1,248	ManpowerGroup Inc.		98,430
	7,861	Paychex Inc.		960,850
	1,259	Paycom Software Inc.		371,204
	1,438	Paycor HCM Inc.*		33,750
	1,024	Paylocity Holding Corp.*		205,312
	2,512	Robert Half Inc.		185,788
	1,331	Science Applications International Corp.		156,605
	5,306	SS&C Technologies Holdings Inc.		304,671
	4,709	TransUnion		382,465
	35,752	Verisk Analytics Inc., Class A Shares		8,659,849

		Total Professional Services		17,376,059


Trading Companies & Distributors — 0.5%
	2,551	Air Lease Corp., Class A Shares		103,979
	2,067	Core & Main Inc., Class A Shares*		67,880
	13,928	Fastenal Co.		801,974
	5,033	Ferguson PLC		813,132
	1,120	MSC Industrial Direct Co., Inc., Class A Shares		114,307
	1,048	SiteOne Landscape Supply Inc.*		179,407
	1,673	United Rentals Inc.		797,252
	809	Watsco Inc.		294,921
	1,058	WESCO International Inc.		171,237
	6,849	WW Grainger Inc.		4,891,145

		Total Trading Companies & Distributors		8,235,234

		TOTAL INDUSTRIALS		194,872,010


INFORMATION TECHNOLOGY — 23.4%

Communications Equipment — 0.7%
	6,118	Arista Networks Inc.*		1,194,417
	3,716	Ciena Corp.*		185,726
	100,074	Cisco Systems Inc.		5,739,244
	1,470	F5 Inc.*		240,580
	7,769	Juniper Networks Inc.		226,233
	1,722	Lumentum Holdings Inc.*		93,212
	19,474	Motorola Solutions Inc.		5,522,242
	142	Ubiquiti Inc.		24,854
	1,717	ViaSat Inc.*		47,630

		Total Communications Equipment		13,274,138


Electronic Equipment, Instruments & Components — 0.3%
	14,224	Amphenol Corp., Class A Shares		1,257,117
	1,426	Arrow Electronics Inc.*		190,271
	2,215	Avnet Inc.		112,411
	3,297	CDW Corp.		696,162
	4,224	Cognex Corp.		198,866
	2,825	Coherent Corp.*		106,305
	18,552	Corning Inc.		608,877
	1,121	Crane NXT Co.		66,543
	718	IPG Photonics Corp.*		77,802

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 23.4% — (continued)

Electronic Equipment, Instruments & Components — 0.3% — (continued)
	3,153	Jabil Inc.	$	360,766
	4,328	Keysight Technologies Inc.*		576,922
	575	Littelfuse Inc.		153,571
	3,265	National Instruments Corp.		194,594
	1,111	TD SYNNEX Corp.		113,044
	1,136	Teledyne Technologies Inc.*		475,189
	6,009	Trimble Inc.*		329,233	��
	3,671	Vontier Corp.		115,306
	1,248	Zebra Technologies Corp., Class A Shares*		343,213

		Total Electronic Equipment, Instruments & Components		5,976,192


IT Services — 1.3%
	15,421	Accenture PLC, Class A Shares		4,992,857
	3,752	Akamai Technologies Inc.*		394,298
	2,918	Amdocs Ltd.		260,286
	7,014	Cloudflare Inc., Class A Shares*		456,120
	12,392	Cognizant Technology Solutions Corp., Class A Shares		887,391
	5,429	DXC Technology Co.*		112,597
	1,356	EPAM Systems Inc.*		351,190
	1,872	Gartner Inc.*		654,601
	1,014	Globant SA*		207,333
	3,775	GoDaddy Inc., Class A Shares*		273,725
	22,176	International Business Machines Corp.		3,256,102
	5,017	Kyndryl Holdings Inc.*		84,687
	1,602	MongoDB Inc., Class A Shares*		610,843
	3,666	Okta Inc., Class A Shares*		306,148
	7,561	Snowflake Inc., Class A Shares*		1,185,943
	4,056	Twilio Inc., Class A Shares*		258,408
	42,228	VeriSign Inc.*		8,774,556

		Total IT Services		23,067,085


Semiconductors & Semiconductor Equipment — 6.9%
	65,712	Advanced Micro Devices Inc.*		6,947,073
	1,543	Allegro MicroSystems Inc.*		59,020
	57,796	Analog Devices Inc.		10,506,157
	26,783	Applied Materials Inc.		4,091,371
	4,770	ASML Holding NV, Class REG Shares, ADR		3,150,728
	13,602	Broadcom Inc.		12,553,150
	1,290	Cirrus Logic Inc.*		105,831
	3,246	Enphase Energy Inc.*		410,716
	3,641	Entegris Inc.		368,724
	2,595	First Solar Inc.*		490,766
	1,912	GLOBALFOUNDRIES Inc.*		105,638
	143,889	Intel Corp.		5,056,259
	3,348	KLA Corp.		1,680,261
	3,274	Lam Research Corp.		2,299,658
	3,321	Lattice Semiconductor Corp.*		323,000
	20,848	Marvell Technology Inc.		1,214,396
	13,121	Microchip Technology Inc.		1,073,823
	68,300	Micron Technology Inc.		4,776,902
	1,618	MKS Instruments Inc.		162,172
	1,107	Monolithic Power Systems Inc.		576,979
	98,316	NVIDIA Corp.		48,523,862
	58,356	ON Semiconductor Corp.*		5,745,732
	2,385	Qorvo Inc.*		256,125

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 23.4% — (continued)

Semiconductors & Semiconductor Equipment — 6.9% — (continued)
	27,228	QUALCOMM Inc.	$	3,118,423
	64,223	Skyworks Solutions Inc.		6,983,609
	3,801	Teradyne Inc.		410,014
	22,155	Texas Instruments Inc.		3,723,369
	1,139	Universal Display Corp.		185,156
	3,023	Wolfspeed Inc.*		144,560

		Total Semiconductors & Semiconductor Equipment		125,043,474


Software — 9.8%
	27,546	Adobe Inc.*		15,407,580
	1,588	Alteryx Inc., Class A Shares*		46,878
	2,117	ANSYS Inc.*		675,048
	5,695	AppLovin Corp., Class A Shares*		246,138
	699	Aspen Technology Inc.*		135,606
	14,700	Atlassian Corp., Class A Shares*		2,999,682
	5,243	Autodesk Inc.*		1,163,632
	4,685	Bentley Systems Inc., Class B Shares		233,828
	2,501	BILL Holdings Inc.*		288,365
	3,780	Black Knight Inc.*		286,373
	6,596	Cadence Design Systems Inc.*		1,585,942
	5,037	CCC Intelligent Solutions Holdings Inc.*		53,896
	4,512	Confluent Inc., Class A Shares*		149,302
	21,637	Crowdstrike Holdings Inc., Class A Shares*		3,527,480
	6,661	Datadog Inc., Class A Shares*		642,653
	4,932	DocuSign Inc., Class A Shares*		248,080
	1,456	Dolby Laboratories Inc., Class A Shares		122,988
	2,741	DoubleVerify Holdings Inc.*		92,673
	6,379	Dropbox Inc., Class A Shares*		177,272
	57,792	Dynatrace Inc.*		2,785,574
	1,847	Elastic NV*		114,292
	591	Fair Isaac Corp.*		534,613
	1,748	Five9 Inc.*		126,503
	16,023	Fortinet Inc.*		964,745
	13,673	Gen Digital Inc.		276,878
	1,138	Gitlab Inc., Class A Shares*		53,907
	1,995	Guidewire Software Inc.*		172,428
	2,163	HashiCorp Inc., Class A Shares*		63,073
	1,114	HubSpot Inc.*		608,823
	854	Informatica Inc., Class A Shares*		17,891
	19,590	Intuit Inc.		10,614,058
	1,521	Manhattan Associates Inc.*		308,185
	250,830	Microsoft Corp.		82,212,041
	1,692	nCino Inc.*		55,616
	2,949	NCR Corp.*		90,711
	1,274	New Relic Inc.*		108,430
	5,600	Nutanix Inc., Class A Shares*		174,160
	75,688	Oracle Corp.		9,112,078
	45,690	Palantir Technologies Inc., Class A Shares*		684,436
	38,941	Palo Alto Networks Inc.*		9,474,345
	936	Pegasystems Inc.		46,482
	1,913	Procore Technologies Inc.*		129,223
	2,651	PTC Inc.*		390,148
	1,968	RingCentral Inc., Class A Shares*		60,870
	2,579	Roper Technologies Inc.		1,287,076
	42,681	Salesforce Inc.*		9,452,134

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 23.4% — (continued)

Software — 9.8% — (continued)
	4,830	SentinelOne Inc., Class A Shares*	$	80,323
	12,218	ServiceNow Inc.*		7,194,325
	3,124	Smartsheet Inc., Class A Shares*		130,365
	25,320	Splunk Inc.*		3,070,303
	3,707	Synopsys Inc.*		1,701,105
	2,455	Teradata Corp.*		113,593
	1,015	Tyler Technologies Inc.*		404,407
	8,985	UiPath Inc., Class A Shares*		142,053
	22,308	Unity Software Inc.*		826,958
	5,248	VMware Inc., Class A Shares*		885,758
	16,746	Workday Inc., Class A Shares*		4,094,397
	6,029	Zoom Video Communications Inc., Class A Shares*		428,240
	2,128	Zscaler Inc.*		332,074

		Total Software		177,406,037


Technology Hardware, Storage & Peripherals — 4.4%
	412,715	Apple Inc.		77,536,767
	31,546	Hewlett Packard Enterprise Co.		535,967
	21,076	HP Inc.		626,168
	5,215	NetApp Inc.		399,990
	6,857	Pure Storage Inc., Class A Shares*		250,898
	7,791	Western Digital Corp.*		350,595

		Total Technology Hardware, Storage & Peripherals		79,700,385

		TOTAL INFORMATION TECHNOLOGY		424,467,311


MATERIALS — 2.6%

Chemicals — 1.4%
	18,849	Air Products & Chemicals Inc.		5,569,691
	2,855	Albemarle Corp.		567,317
	1,185	Ashland Inc.		102,656
	5,276	Axalta Coating Systems Ltd.*		149,311
	2,522	Celanese Corp., Class A Shares		318,680
	4,768	CF Industries Holdings Inc.		367,470
	3,596	Chemours Co. (The)		122,336
	17,402	Corteva Inc.		878,975
	17,265	Dow Inc.		941,978
	11,200	DuPont de Nemours Inc.		861,168
	2,826	Eastman Chemical Co.		240,238
	6,061	Ecolab Inc.		1,114,072
	5,619	Element Solutions Inc.		115,864
	3,045	FMC Corp.		262,570
	37,427	Ginkgo Bioworks Holdings Inc.*(c)		87,579
	80,836	Huntsman Corp.		2,252,899
	6,228	International Flavors & Fragrances Inc.		438,763
	11,973	Linde PLC		4,634,030
	6,310	LyondellBasell Industries NV, Class A Shares		623,239
	7,920	Mosaic Co. (The)		307,692
	154	NewMarket Corp.		72,325
	3,165	Olin Corp.		183,633
	5,726	PPG Industries Inc.		811,718
	3,101	RPM International Inc.		309,294
	968	Scotts Miracle-Gro Co. (The)		54,847
	17,404	Sherwin-Williams Co. (The)		4,729,015
	815	Westlake Corp.		106,749

		Total Chemicals		26,224,109

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 2.6% — (continued)

Construction Materials — 0.7%
	890	Eagle Materials Inc.	$	168,495
	11,233	Martin Marietta Materials Inc.		5,014,524
	36,073	Vulcan Materials Co.		7,872,932

		Total Construction Materials		13,055,951


Containers & Packaging — 0.2%
	36,087	Amcor PLC		351,487
	1,622	AptarGroup Inc.		215,012
	532	Ardagh Group SA, Class A Shares*(a)(b)		2,902
	3,600	Ardagh Metal Packaging SA		12,924
	1,969	Avery Dennison Corp.		370,920
	7,513	Ball Corp.		409,083
	2,930	Berry Global Group Inc.		191,446
	2,693	Crown Holdings Inc.		249,533
	7,197	Graphic Packaging Holding Co.		160,061
	8,293	International Paper Co.		289,592
	2,126	Packaging Corp. of America		316,987
	3,411	Sealed Air Corp.		126,412
	2,081	Silgan Holdings Inc.		93,916
	2,453	Sonoco Products Co.		140,925
	6,242	WestRock Co.		204,176

		Total Containers & Packaging		3,135,376


Metals & Mining — 0.3%
	4,177	Alcoa Corp.		125,644
	12,491	Cleveland-Cliffs Inc.*		190,987
	34,857	Freeport-McMoRan Inc.		1,391,143
	2,631	MP Materials Corp.*		55,093
	19,413	Newmont Corp.		765,261
	6,141	Nucor Corp.		1,056,866
	1,426	Reliance Steel & Aluminum Co.		406,353
	1,614	Royal Gold Inc.		180,913
	2,027	Southern Copper Corp.		163,498
	5,283	SSR Mining Inc.		78,453
	3,936	Steel Dynamics Inc.		419,538
	5,647	United States Steel Corp.		175,565

		Total Metals & Mining		5,009,314


Paper & Forest Products — 0.0%@
	1,622	Louisiana-Pacific Corp.		101,342

		TOTAL MATERIALS		47,526,092


REAL ESTATE — 3.5%

Diversified REITs — 0.0%@
	5,170	WP Carey Inc.		336,308


Health Care REITs — 0.1%
	9,394	Healthcare Realty Trust Inc., Class A Shares		164,583
	13,343	Healthpeak Properties Inc.		274,599
	13,927	Medical Properties Trust Inc.(c)		100,553
	5,857	Omega Healthcare Investors Inc.		186,370
	9,744	Ventas Inc.		425,618
	12,122	Welltower Inc.		1,004,671

		Total Health Care REITs		2,156,394

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 3.5% — (continued)

Hotel & Resort REITs — 0.0%@
	17,240	Host Hotels & Resorts Inc.	$	272,220
	5,285	Park Hotels & Resorts Inc.		67,806

		Total Hotel & Resort REITs		340,026


Industrial REITs — 0.4%
	6,600	Americold Realty Trust Inc.		222,090
	1,069	EastGroup Properties Inc.		192,024
	3,296	First Industrial Realty Trust Inc.		171,194
	55,023	Prologis Inc.		6,833,857
	4,884	Rexford Industrial Realty Inc.		261,147
	4,452	STAG Industrial Inc.		162,632

		Total Industrial REITs		7,842,944


Office REITs — 0.1%
	4,183	Alexandria Real Estate Equities Inc.		486,650
	3,824	Boston Properties Inc.		255,329
	3,533	Cousins Properties Inc.		83,026
	2,392	Highwoods Properties Inc.		57,001
	2,902	Kilroy Realty Corp.		107,229
	4,407	Vornado Realty Trust		105,856

		Total Office REITs		1,095,091


Real Estate Management & Development — 0.3%
	7,556	CBRE Group Inc., Class A Shares*		642,638
	52,811	CoStar Group Inc.*		4,329,974
	873	Howard Hughes Holdings Inc.*		68,661
	1,176	Jones Lang LaSalle Inc.*		203,213
	1,418	Zillow Group Inc., Class A Shares*		72,204
	3,766	Zillow Group Inc., Class C Shares*		196,435

		Total Real Estate Management & Development		5,513,125


Residential REITs — 0.4%
	8,119	American Homes 4 Rent, Class A Shares		292,609
	3,378	Apartment Income REIT Corp.		115,055
	3,408	AvalonBay Communities Inc.		626,458
	2,530	Camden Property Trust		272,279
	35,581	Equity LifeStyle Properties Inc.		2,382,504
	9,098	Equity Residential		589,823
	1,557	Essex Property Trust Inc.		371,173
	14,907	Invitation Homes Inc.		508,180
	2,832	Mid-America Apartment Communities Inc.		411,291
	2,997	Sun Communities Inc.		366,893
	8,001	UDR Inc.		319,240

		Total Residential REITs		6,255,505


Retail REITs — 0.2%
	2,228	Agree Realty Corp.		137,735
	7,477	Brixmor Property Group Inc.		164,344
	1,975	Federal Realty Investment Trust		193,432
	14,755	Kimco Realty Corp.		279,460
	4,423	NNN REIT Inc.		174,222
	16,125	Realty Income Corp.		903,645
	4,151	Regency Centers Corp.		258,192
	7,915	Simon Property Group Inc.		898,273
	3,499	Spirit Realty Capital Inc.		135,096

		Total Retail REITs		3,144,399

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 3.5% — (continued)

Specialized REITs — 2.0%
	27,676	American Tower Corp.	$	5,018,212
	100,508	Crown Castle Inc.		10,101,054
	5,453	CubeSmart		227,445
	7,091	Digital Realty Trust Inc.		934,027
	1,832	EPR Properties		82,037
	6,008	Equinix Inc.		4,694,531
	5,101	Extra Space Storage Inc.		656,397
	6,136	Gaming and Leisure Properties Inc.		290,846
	7,063	Iron Mountain Inc.		448,783
	2,119	Lamar Advertising Co., Class A Shares		193,295
	2,067	National Storage Affiliates Trust		69,451
	43,901	Public Storage		12,133,358
	3,496	Rayonier Inc.		104,531
	2,619	SBA Communications Corp., Class A Shares		588,044
	24,487	VICI Properties Inc., Class A Shares		755,179
	17,864	Weyerhaeuser Co.		585,046

		Total Specialized REITs		36,882,236

		TOTAL REAL ESTATE		63,566,028


UTILITIES — 2.0%

Electric Utilities — 1.5%
	6,127	Alliant Energy Corp.		307,392
	12,567	American Electric Power Co., Inc.		985,253
	1,711	Avangrid Inc.		59,030
	7,993	Constellation Energy Corp.		832,551
	66,834	Duke Energy Corp.		5,934,859
	9,220	Edison International		634,797
	5,163	Entergy Corp.		491,776
	5,430	Evergy Inc.		298,487
	8,503	Eversource Energy		542,661
	24,253	Exelon Corp.		973,030
	13,283	FirstEnergy Corp.		479,118
	2,582	Hawaiian Electric Industries Inc.		36,200
	1,201	IDACORP Inc.		115,104
	139,628	NextEra Energy Inc.		9,327,150
	5,627	NRG Energy Inc.		211,294
	4,945	OGE Energy Corp.		168,377
	43,945	PG&E Corp.*		716,303
	2,761	Pinnacle West Capital Corp.		213,342
	18,003	PPL Corp.		448,635
	26,593	Southern Co. (The)		1,801,144
	49,761	Xcel Energy Inc.		2,842,846

		Total Electric Utilities		27,419,349


Gas Utilities — 0.0%@
	3,515	Atmos Energy Corp.		407,564
	2,094	National Fuel Gas Co.		112,532
	5,256	UGI Corp.		132,346

		Total Gas Utilities		652,442


Independent Power & Renewable Electricity Producers — 0.0%@
	16,288	AES Corp. (The)		292,044
	3,166	Brookfield Renewable Corp., Class A Shares		88,490
	845	Clearway Energy Inc., Class A Shares		19,807
	1,908	Clearway Energy Inc., Class C Shares		47,261

See Notes to Financial Statements.



Schedules of Investments


(continued)


Large Cap Equity Fund

Shares/Units			Security	Value

UTILITIES — 2.0% — (continued)

Independent Power & Renewable Electricity Producers — 0.0%@ — (continued)
	9,170		Vistra Corp.	$	288,121

			Total Independent Power & Renewable Electricity Producers		735,723


Multi-Utilities — 0.4%
	6,387		Ameren Corp.		506,297
	15,393		CenterPoint Energy Inc.		429,311
	7,094		CMS Energy Corp.		398,612
	8,464		Consolidated Edison Inc.		752,957
	20,395		Dominion Energy Inc.		989,973
	5,025		DTE Energy Co.		519,485
	10,081		NiSource Inc.		269,768
	12,131		Public Service Enterprise Group Inc.		740,961
	15,372		Sempra		1,079,422
	7,697		WEC Energy Group Inc.		647,472

			Total Multi-Utilities		6,334,258


	Water Utilities — 0.1%
	4,753		American Water Works Co., Inc.		659,431
	5,919		Essential Utilities Inc.		218,411

			Total Water Utilities		877,842

			TOTAL UTILITIES		36,019,614

			TOTAL COMMON STOCKS (Cost — $1,004,361,659)		1,773,268,318


Face Amount†

	SHORT-TERM INVESTMENTS (e) — 2.0%

	MONEY MARKET FUND — 0.1%
$	1,380,572		Invesco STIT — Government & Agency Portfolio, 5.189%, Institutional Class(f) (Cost — $1,380,572)		1,380,572


	TIME DEPOSITS — 1.9%
	4,464		ANZ National Bank – London, 4.680% due 9/1/23		4,464
	29,813	^CAD	BBH – Grand Cayman, 3.830% due 9/1/23		22,064
	15,502,123		Citibank – New York, 4.680% due 9/1/23		15,502,123
	13,530,326		JPMorgan Chase & Co. – New York, 4.680% due 9/1/23		13,530,326
	5,482,720		Sumitomo Mitsui Banking Corp. – Tokyo, 4.680% due 9/1/23		5,482,720

			TOTAL TIME DEPOSITS (Cost — $34,541,697)		34,541,697

			TOTAL SHORT-TERM INVESTMENTS (Cost — $35,922,269)		35,922,269

			TOTAL INVESTMENTS — 99.7% (Cost — $1,040,283,928)		1,809,190,587

			Other Assets in Excess of Liabilities — 0.3%		5,839,324

			TOTAL NET ASSETS — 100.0%	$	1,815,029,911

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Illiquid security.

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

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

See Notes to Financial Statements.



Schedules of Investments


(continued)

(d)	Affiliated security (See Note 2). As of August 31, 2023, total cost and total market value of affiliated security amounted to $777,284 and $2,498,471, respectively.

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

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

At August 31, 2023, for Large Cap Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

Large Cap Equity Fund

1,058,559,071

817,272,960

(66,272,364)

751,000,596


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	23.5	%
Health Care	14.9
Financials	13.4
Industrials	10.8
Consumer Discretionary	9.7
Communication Services	8.3
Consumer Staples	5.4
Energy	4.0
Real Estate	3.5
Materials	2.6
Utilities	2.0
Short-Term Investments	1.9

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At August 31, 2023, Large Cap Equity Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index September Futures		57		9/23	$	12,487,130	$	12,870,599	$	383,469
S&P MidCap 400 E-mini Index September Futures		4		9/23		1,043,197		1,059,480		16,283

									$	399,752

At August 31, 2023, Large Cap Equity Fund had deposited cash of $686,984 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


Currency Abbreviation used in this schedule:
CAD		— Canadian Dollar

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 94.8%

COMMUNICATION SERVICES — 1.7%

Diversified Telecommunication Services — 0.2%
	735	Anterix Inc.*	$	24,321
	2,052	AST SpaceMobile Inc., Class A Shares*(a)		8,044
	382	ATN International Inc.		13,702
	868	Bandwidth Inc., Class A Shares*		12,473
	4,518	Charge Enterprises Inc.*		2,455
	1,538	Cogent Communications Holdings Inc.		108,552
	2,589	Consolidated Communications Holdings Inc.*		10,227
	1,244	EchoStar Corp., Class A Shares*		21,621
	8,915	Frontier Communications Parent Inc.*		142,818
	5,412	GCI Liberty Inc.*(b)		—
	25,763	Globalstar Inc.*		37,099
	600	IDT Corp., Class B Shares*		14,028
	4,567	Iridium Communications Inc.		223,555
	2,029	Liberty Latin America Ltd., Class A Shares*		18,139
	5,226	Liberty Latin America Ltd., Class C Shares*		46,825
	35,944	Lumen Technologies Inc.*		57,151
	702	Ooma Inc.*		9,891
	3,069	Radius Global Infrastructure Inc., Class A Shares*		45,789

		Total Diversified Telecommunication Services		796,690


Entertainment — 0.5%
	2,118	AMC Entertainment Holdings Inc., Class A Shares*(a)		26,581
	409	Atlanta Braves Holdings Inc., Class A Shares*		17,113
	1,318	Atlanta Braves Holdings Inc., Class C Shares*		48,555
	4,030	Cinemark Holdings Inc.*		65,608
	1,635	IMAX Corp.*		31,277
	702	Liberty Media Corp.-Liberty Live, Class A Shares*		23,384
	1,603	Liberty Media Corp.-Liberty Live, Class C Shares*		53,941
	1,754	Lions Gate Entertainment Corp., Class A Shares*		13,892
	91,280	Lions Gate Entertainment Corp., Class B Shares*		680,036
	1,939	Loop Media Inc.*		1,689
	1,538	Madison Square Garden Entertainment Corp., Class A Shares*		49,354
	680	Madison Square Garden Sports Corp., Class A Shares		121,040
	809	Marcus Corp. (The)		12,289
	3,300	Playstudios Inc.*		11,748
	830	Playtika Holding Corp.*		8,101
	992	Reservoir Media Inc.*		5,406
	4,555	Roku Inc., Class A Shares*		369,866
	1,026	Sphere Entertainment Co.*		35,971
	1,280	Vivid Seats Inc., Class A Shares*		9,293
	8,185	World Wrestling Entertainment Inc., Class A Shares		790,262

		Total Entertainment		2,375,406


Interactive Media & Services — 0.2%
	3,830	Bumble Inc., Class A Shares*		64,267
	3,649	Cargurus Inc., Class A Shares*		66,083
	2,308	Cars.com Inc.*		43,137
	1,882	DHI Group Inc.*		7,095
	2,993	Eventbrite Inc., Class A Shares*		30,319
	770	EverQuote Inc., Class A Shares*		4,759
	7,693	fuboTV Inc.*		18,002
	1,371	Grindr Inc.*		7,047
	2,774	IAC Inc.*		153,485
	847	MediaAlpha Inc., Class A Shares*		7,106

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

COMMUNICATION SERVICES — 1.7% — (continued)

Interactive Media & Services — 0.2% — (continued)
	4,699	Nextdoor Holdings Inc.*	$	10,197
	1,027	Outbrain Inc.*		5,864
	1,999	QuinStreet Inc.*		19,790
	947	Shutterstock Inc.		39,878
	1,360	System1 Inc.*		2,421
	3,936	TripAdvisor Inc.*		59,473
	2,364	TrueCar Inc.*		5,650
	5,844	Vimeo Inc.*		23,259
	2,441	Yelp Inc., Class A Shares*		104,597
	1,741	Ziff Davis Inc.*		116,038
	2,653	ZipRecruiter Inc., Class A Shares*		40,299
	11,677	ZoomInfo Technologies Inc., Class A Shares*		210,420

		Total Interactive Media & Services		1,039,186


Media — 0.8%
	2,665	Advantage Solutions Inc.*		7,462
	1,217	AMC Networks Inc., Class A Shares*		14,166
	862	Boston Omaha Corp., Class A Shares*		15,240
	208	Cable One Inc.		135,319
	1,317	Cardlytics Inc.*		21,941
	13,890	Clear Channel Outdoor Holdings Inc., Class A Shares*		20,140
	47,650	Criteo SA, ADR*		1,405,437
	41	Daily Journal Corp.*		12,087
	8,770	DISH Network Corp., Class A Shares*		52,620
	2,331	Entravision Communications Corp., Class A Shares		8,928
	2,008	EW Scripps Co. (The), Class A Shares*		15,341
	126	Gambling.com Group Ltd.*		1,787
	4,982	Gannett Co., Inc.*		14,498
	3,030	Gray Television Inc.		24,422
	4,494	iHeartMedia Inc., Class A Shares*		16,223
	1,380	Integral Ad Science Holding Corp.*		19,693
	14,276	Interpublic Group of Cos., Inc. (The)		465,540
	1,469	John Wiley & Sons Inc., Class A Shares		54,588
	5,692	Liberty Media Corp.-Liberty SiriusXM*		139,112
	2,810	Liberty Media Corp.-Liberty SiriusXM, Class A Shares*		67,524
	4,748	Magnite Inc.*		39,171
	5,944	New York Times Co. (The), Class A Shares		263,141
	14,096	News Corp., Class A Shares		302,923
	4,199	News Corp., Class B Shares		92,378
	1,282	Nexstar Media Group Inc., Class A Shares		208,710
	1,446	PubMatic Inc., Class A Shares*		20,099
	3,493	Quotient Technology Inc.*		13,937
	1,051	Scholastic Corp.		45,666
	1,502	Sinclair Inc.		18,955
	3,837	Stagwell Inc., Class A Shares*		20,912
	1,022	TechTarget Inc.*		29,382
	8,105	TEGNA Inc.		133,976
	1,179	Thryv Holdings Inc.*		24,040
	506	Townsquare Media Inc., Class A Shares		4,888
	1,160	Urban One Inc.*		6,252
	2,259	WideOpenWest Inc.*		18,298

		Total Media		3,754,796

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

COMMUNICATION SERVICES — 1.7% — (continued)

Wireless Telecommunication Services — 0.0%@
	2,307	Gogo Inc.*	$	26,184
	1,859	Shenandoah Telecommunications Co.		42,274
	602	Spok Holdings Inc.		8,572
	3,408	Telephone & Data Systems Inc.		73,238
	4,434	Tingo Group Inc.*		5,720

		Total Wireless Telecommunication Services		155,988

		TOTAL COMMUNICATION SERVICES		8,122,066


CONSUMER DISCRETIONARY — 8.8%

Automobile Components — 0.6%
	3,452	Adient PLC*		135,215
	4,445	American Axle & Manufacturing Holdings Inc.*		33,560
	8,633	BorgWarner Inc.		351,795
	98	Cooper-Standard Holdings Inc.*		1,464
	4,871	Dana Inc.		78,472
	949	Dorman Products Inc.*		78,302
	1,545	Fox Factory Holding Corp.*		171,202
	8,646	Gentex Corp.		282,378
	1,170	Gentherm Inc.*		70,446
	10,251	Goodyear Tire & Rubber Co. (The)*		132,340
	2,083	Holley Inc.*		11,873
	913	LCI Industries		114,381
	2,170	Lear Corp.		312,675
	10,315	Luminar Technologies Inc., Class A Shares*(a)		59,414
	1,934	Modine Manufacturing Co.*		92,039
	752	Patrick Industries Inc.		62,897
	1,696	Phinia Inc.*		47,149
	10,687	QuantumScape Corp., Class A Shares*(a)		76,305
	5,627	Solid Power Inc.*		11,929
	760	Standard Motor Products Inc.		28,143
	946	Stoneridge Inc.*		19,440
	6,180	Visteon Corp.*		860,689
	833	XPEL Inc.*		69,389

		Total Automobile Components		3,101,497


Automobiles — 0.1%
	7,548	Fisker Inc.*(a)		44,307
	4,769	Harley-Davidson Inc.		160,954
	567	Livewire Group Inc.*		6,339
	1,893	Thor Industries Inc.		198,424
	1,063	Winnebago Industries Inc.		68,936
	6,490	Workhorse Group Inc.*(a)		5,115

		Total Automobiles		484,075


Broadline Retail — 0.1%
	998	Big Lots Inc.		6,188
	812	ContextLogic Inc., Class A Shares*		4,348
	131	Dillard’s Inc., Class A Shares		45,211
	4,202	Kohl’s Corp.		111,941
	9,835	Macy’s Inc.		120,282
	4,340	Nordstrom Inc.		70,395
	2,288	Ollie’s Bargain Outlet Holdings Inc.*		176,359

		Total Broadline Retail		534,724

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 8.8% — (continued)

Distributors — 0.2%
	2,604	Pool Corp.	$	952,022
	348	Weyco Group Inc.		8,892

		Total Distributors		960,914


Diversified Consumer Services — 0.4%
	2,764	2U Inc.*		8,762
	8,133	ADT Inc.		52,214
	1,583	Adtalem Global Education Inc.*		69,415
	2,112	Bright Horizons Family Solutions Inc.*		199,415
	552	Carriage Services Inc., Class A Shares		17,013
	4,181	Chegg Inc.*		42,688
	4,747	Coursera Inc.*		82,550
	1,034	Duolingo Inc., Class A Shares*		152,163
	1,392	European Wax Center Inc., Class A Shares*		24,165
	2,971	Frontdoor Inc.*		97,508
	132	Graham Holdings Co., Class B Shares		77,396
	1,110	Grand Canyon Education Inc.*		130,147
	5,624	H&R Block Inc.		224,848
	4,855	Laureate Education Inc., Class A Shares		67,630
	914	Lincoln Educational Services Corp.*		7,796
	2,966	Mister Car Wash Inc.*		21,474
	2,768	Nerdy Inc.*		12,954
	2,476	OneSpaWorld Holdings Ltd.*		28,325
	2,348	Perdoceo Education Corp.		38,906
	2,926	Rover Group Inc., Class A Shares*		19,809
	5,498	Service Corp. International		346,979
	795	Strategic Education Inc.		61,613
	1,561	Stride Inc.*		66,327
	3,145	Udemy Inc.*		32,582
	1,399	Universal Technical Institute Inc.*		11,150
	2,394	WW International Inc.*		23,246

		Total Diversified Consumer Services		1,917,075


Hotels, Restaurants & Leisure — 2.2%
	2,156	Accel Entertainment Inc., Class A Shares*		25,635
	8,521	Aramark		316,811
	952	Bally’s Corp.*		15,803
	43	Biglari Holdings Inc., Class B Shares*		7,998
	912	BJ’s Restaurants Inc.*		26,822
	3,128	Bloomin’ Brands Inc.		87,772
	327	Bluegreen Vacations Holding Corp., Class A Shares		11,726
	1,093	Bowlero Corp.*		12,023
	2,795	Boyd Gaming Corp.		186,902
	1,517	Brinker International Inc.*		49,651
	1,319	Carrols Restaurant Group Inc.*		9,207
	1,124	Century Casinos Inc.*		7,306
	1,828	Cheesecake Factory Inc. (The)		58,222
	1,121	Choice Hotels International Inc.		142,255
	9,759	Churchill Downs Inc.		1,222,607
	673	Chuy’s Holdings Inc.*		25,641
	788	Cracker Barrel Old Country Store Inc.		64,955
	1,609	Dave & Buster’s Entertainment Inc.*		63,185
	1,906	Denny’s Corp.*		18,164
	533	Dine Brands Global Inc.		29,198
	756	El Pollo Loco Holdings Inc.		7,190

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 8.8% — (continued)

Hotels, Restaurants & Leisure — 2.2% — (continued)
	2,900	Everi Holdings Inc.*	$	41,934
	693	Fiesta Restaurant Group Inc.*		5,828
	640	First Watch Restaurant Group Inc.*		12,237
	1,323	Full House Resorts Inc.*		6,390
	1,036	Global Business Travel Group I*		6,993
	752	Golden Entertainment Inc.		27,380
	2,989	Hilton Grand Vacations Inc.*		130,679
	1,699	Hyatt Hotels Corp., Class A Shares		190,985
	625	Inspired Entertainment Inc.*		8,237
	54,854	International Game Technology PLC		1,756,425
	736	Jack in the Box Inc.		59,152
	3,158	Krispy Kreme Inc.		42,286
	232	Kura Sushi USA Inc., Class A Shares*		20,270
	1,507	Life Time Group Holdings Inc.*		25,920
	3,289	Light & Wonder Inc., Class A Shares*		252,168
	1,085	Lindblad Expeditions Holdings Inc.*		9,819
	1,322	Marriott Vacations Worldwide Corp.		143,688
	445	Monarch Casino & Resort Inc.		29,993
	1,579	Mondee Holdings Inc., Class A Shares*		10,216
	79	Nathan’s Famous Inc.		5,744
	1,393	Noodles & Co., Class A Shares*		3,873
	15,612	Norwegian Cruise Line Holdings Ltd.*		258,691
	786	ONE Group Hospitality Inc. (The)*		5,384
	1,240	Papa John’s International Inc.		93,868
	5,599	Penn Entertainment Inc.*		132,640
	15,294	Planet Fitness Inc., Class A Shares*		929,875
	1,219	PlayAGS Inc.*		8,326
	1,494	Portillo’s Inc., Class A Shares*		27,400
	893	Potbelly Corp.*		7,135
	318	RCI Hospitality Holdings Inc.		20,759
	556	Red Robin Gourmet Burgers Inc.*		5,766
	1,732	Red Rock Resorts Inc., Class A Shares		76,087
	2,470	Rush Street Interactive Inc.*		11,362
	12,587	Sabre Corp.*		62,935
	9,390	SeaWorld Entertainment Inc.*		457,293
	1,363	Shake Shack Inc., Class A Shares*		95,410
	2,664	Six Flags Entertainment Corp.*		61,165
	4,638	Super Group SGHC Ltd.*		17,532
	3,613	Sweetgreen Inc., Class A Shares*		51,883
	999	Target Hospitality Corp.*		15,884
	9,271	Texas Roadhouse Inc., Class A Shares		965,111
	2,776	Travel + Leisure Co.		111,595
	1,488	Vail Resorts Inc.		336,764
	6,483	Wendy’s Co. (The)		128,299
	5,698	Wingstop Inc.		915,327
	3,101	Wyndham Hotels & Resorts Inc.		233,784
	3,833	Wynn Resorts Ltd.		388,589
	803	Xponential Fitness Inc., Class A Shares*		17,393

		Total Hotels, Restaurants & Leisure		10,615,547


Household Durables — 1.6%
	971	Beazer Homes USA Inc.*		28,460
	311	Cavco Industries Inc.*		86,931
	1,009	Century Communities Inc.		74,918
	1,709	Cricut Inc., Class A Shares(a)		16,167

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 8.8% — (continued)

Household Durables — 1.6% — (continued)
	929	Dream Finders Homes Inc., Class A Shares*	$	26,774
	824	Ethan Allen Interiors Inc.		25,857
	4,982	GoPro Inc., Class A Shares*		18,110
	993	Green Brick Partners Inc.*		49,114
	854	Helen of Troy Ltd.*		104,974
	330	Hooker Furnishings Corp.		7,105
	162	Hovnanian Enterprises Inc., Class A Shares*		19,252
	867	Installed Building Products Inc.		125,481
	1,016	iRobot Corp.*		39,512
	12,220	KB Home		620,776
	713	Landsea Homes Corp.*		6,909
	1,487	La-Z-Boy Inc.		45,874
	368	Legacy Housing Corp.*		8,343
	4,961	Leggett & Platt Inc.		139,900
	782	LGI Homes Inc.*		96,264
	483	Lovesac Co. (The)*		11,070
	9,926	M/I Homes Inc.*		974,535
	2,176	MDC Holdings Inc.		103,251
	9,477	Meritage Homes Corp.		1,317,682
	1,922	Mohawk Industries Inc.*		194,872
	41,787	Newell Brands Inc.		442,106
	8,228	PulteGroup Inc.		675,190
	2,062	Purple Innovation Inc., Class A Shares		4,475
	1,937	Skyline Champion Corp.*		138,050
	815	Snap One Holdings Corp.*		7,457
	20,504	Sonos Inc.*		282,545
	3,881	Taylor Morrison Home Corp., Class A Shares*		183,959
	18,838	Tempur Sealy International Inc.		880,111
	4,099	Toll Brothers Inc.		335,831
	1,172	TopBuild Corp.*		339,974
	1,614	Traeger Inc.*		7,215
	3,607	Tri Pointe Homes Inc.*		112,178
	2,930	Vizio Holding Corp., Class A Shares*		16,818
	524	VOXX International Corp., Class A Shares*		4,527
	1,944	Whirlpool Corp.		272,082

		Total Household Durables		7,844,649


Leisure Products — 0.5%
	1,188	Acushnet Holdings Corp.		69,557
	4,531	AMMO Inc.*		10,376
	9,700	BRP Inc.		740,304
	2,577	Brunswick Corp.		203,892
	970	Clarus Corp.		6,974
	445	Escalade Inc.		6,671
	1,453	Funko Inc., Class A Shares*		10,127
	4,835	Hasbro Inc.		348,120
	271	JAKKS Pacific Inc.*		5,333
	182	Johnson Outdoors Inc., Class A Shares		10,176
	1,748	Latham Group Inc.*		6,468
	693	Malibu Boats Inc., Class A Shares*		33,652
	338	Marine Products Corp.		4,729
	691	MasterCraft Boat Holdings Inc.*		15,036
	12,944	Mattel Inc.*		286,839
	11,712	Peloton Interactive Inc., Class A Shares*		74,723
	1,960	Polaris Inc.		219,696

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 8.8% — (continued)

Leisure Products — 0.5% — (continued)
	1,482	Smith & Wesson Brands Inc.	$	17,399
	740	Solo Brands Inc., Class A Shares*		4,137
	678	Sturm Ruger & Co., Inc.		34,971
	5,393	Topgolf Callaway Brands Corp.*		94,054
	2,094	Vista Outdoor Inc.*		61,249
	3,133	YETI Holdings Inc.*		156,493

		Total Leisure Products		2,420,976


Specialty Retail — 2.3%
	31,248	1-800-Flowers.com Inc., Class A Shares*		235,297
	1,010	Aaron’s Co., Inc. (The)		12,191
	1,744	Abercrombie & Fitch Co., Class A Shares*		93,740
	2,781	Academy Sports & Outdoors Inc.		151,759
	2,243	Advance Auto Parts Inc.		154,363
	6,503	American Eagle Outfitters Inc.		110,291
	216	America’s Car-Mart Inc.*		24,043
	2,699	Arko Corp.		20,323
	783	Asbury Automotive Group Inc.*		180,090
	1,112	AutoNation Inc.*		174,684
	5,855	BARK Inc.*		9,368
	8,508	Bath & Body Works Inc.		313,690
	720	Big 5 Sporting Goods Corp.(a)		5,710
	1,121	Boot Barn Holdings Inc.*		102,852
	1,198	Buckle Inc. (The)		43,775
	597	Build-A-Bear Workshop Inc.		15,743
	13,460	Caleres Inc.		385,898
	1,580	Camping World Holdings Inc., Class A Shares		39,073
	15,832	CarMax Inc.*		1,293,158
	1,761	CarParts.com Inc.*		8,506
	3,461	Carvana Co., Class A Shares*		174,261
	597	Cato Corp. (The), Class A Shares		4,627
	22,723	Chewy Inc., Class A Shares*		544,898
	41,408	Chico’s FAS Inc.*		212,423
	6,125	Children’s Place Inc. (The)*		162,374
	27,851	Designer Brands Inc., Class A Shares(a)		292,714
	1,732	Destination XL Group Inc.*		7,898
	2,194	Dick’s Sporting Goods Inc.		255,250
	362	Duluth Holdings Inc., Class B Shares*		2,300
	3,005	EVgo Inc., Class A Shares*(a)		12,080
	2,000	Five Below Inc.*		343,920
	14,842	Floor & Decor Holdings Inc., Class A Shares*		1,479,747
	3,270	Foot Locker Inc.		64,157
	9,851	GameStop Corp., Class A Shares*		182,736
	7,264	Gap Inc. (The)		84,117
	483	Genesco Inc.*		16,557
	507	Group 1 Automotive Inc.		134,061
	2,023	GrowGeneration Corp.*		6,575
	953	Guess? Inc.		22,929
	560	Haverty Furniture Cos., Inc.		17,528
	493	Hibbett Inc.		22,831
	264	J Jill Inc.*		6,629
	617	Lands’ End Inc.*		4,751
	553	Lazydays Holdings Inc.*		6,514
	6,083	Leslie’s Inc.*		38,080
	995	Lithia Motors Inc., Class A Shares		306,480

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 8.8% — (continued)

Specialty Retail — 2.3% — (continued)
	705	MarineMax Inc.*	$	23,455
	13,775	Monro Inc.		450,993
	720	Murphy USA Inc.		228,701
	13,931	National Vision Holdings Inc.*		255,077
	13,586	ODP Corp. (The)*		670,062
	338	OneWater Marine Inc., Class A Shares*		8,825
	1,756	Overstock.com Inc.*		45,849
	740	Penske Automotive Group Inc.		121,582
	3,269	Petco Health & Wellness Co., Inc., Class A Shares*		16,639
	610	PetMed Express Inc.		6,875
	1,430	Rent the Runway Inc., Class A Shares*(a)		1,973
	1,569	Revolve Group Inc., Class A Shares*		22,986
	588	RH*		214,732
	4,000	Sally Beauty Holdings Inc.*		40,640
	641	Shoe Carnival Inc.		14,826
	1,625	Signet Jewelers Ltd.		121,875
	910	Sleep Number Corp.*		23,278
	527	Sonic Automotive Inc., Class A Shares		28,100
	1,503	Sportsman’s Warehouse Holdings Inc.*		7,229
	3,079	Stitch Fix Inc., Class A Shares*		13,517
	3,143	ThredUp Inc., Class A Shares*		12,509
	617	Tile Shop Holdings Inc.*		3,653
	885	Tilly’s Inc., Class A Shares*		7,956
	416	Torrid Holdings Inc.*		940
	1,998	Upbound Group Inc.		61,179
	2,309	Urban Outfitters Inc.*		76,682
	6,340	Valvoline Inc.		218,350
	2,752	Victoria’s Secret & Co.*		52,783
	3,198	Warby Parker Inc., Class A Shares*		38,408
	3,084	Wayfair Inc., Class A Shares*		213,135
	2,408	Williams-Sonoma Inc.		340,010
	105	Winmark Corp.		39,956
	661	Zumiez Inc.*		12,552

		Total Specialty Retail		11,176,318


Textiles, Apparel & Luxury Goods — 0.8%
	4,134	Allbirds Inc., Class A Shares*		5,333
	4,494	Capri Holdings Ltd.*		235,890
	10,558	Carter’s Inc.		755,636
	1,335	Columbia Sportswear Co.		97,909
	2,222	Crocs Inc.*		216,290
	958	Deckers Outdoor Corp.*		506,868
	4,676	Figs Inc., Class A Shares*		28,898
	1,694	Fossil Group Inc.*		3,591
	1,577	G-III Apparel Group Ltd.*		31,304
	13,309	Hanesbrands Inc.		69,872
	2,018	Kontoor Brands Inc.		92,404
	555	Movado Group Inc.		15,179
	530	Oxford Industries Inc.		53,525
	2,319	PVH Corp.		193,868
	1,502	Ralph Lauren Corp., Class A Shares		175,178
	279	Rocky Brands Inc.		4,958
	4,977	Skechers USA Inc., Class A Shares*		250,393
	2,756	Steven Madden Ltd.		95,082
	8,700	Tapestry Inc.		289,884

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 8.8% — (continued)

Textiles, Apparel & Luxury Goods — 0.8% — (continued)
	6,905	Under Armour Inc., Class A Shares*	$	52,754
	31,179	Under Armour Inc., Class C Shares*		214,823
	12,955	V.F. Corp.		255,991
	954	Vera Bradley Inc.*		6,840
	32,108	Wolverine World Wide Inc.		259,433

		Total Textiles, Apparel & Luxury Goods		3,911,903

		TOTAL CONSUMER DISCRETIONARY		42,967,678


CONSUMER STAPLES — 4.3%

Beverages — 0.2%
	347	Boston Beer Co., Inc. (The), Class A Shares*		126,804
	2,020	Celsius Holdings Inc.*		396,001
	174	Coca-Cola Consolidated Inc.		121,609
	1,699	Duckhorn Portfolio Inc. (The)*		21,135
	562	MGP Ingredients Inc.		67,384
	871	National Beverage Corp.*		44,691
	5,476	Primo Water Corp.		83,564
	998	Vita Coco Co., Inc. (The)*		28,233
	1,279	Zevia PBC, Class A Shares*		3,287

		Total Beverages		892,708


Consumer Staples Distribution & Retail — 0.7%
	15,386	Albertsons Cos., Inc., Class A Shares		344,646
	1,190	Andersons Inc. (The)		61,118
	4,919	BJ’s Wholesale Club Holdings Inc.*		331,492
	1,366	Casey’s General Stores Inc.		333,864
	1,302	Chefs’ Warehouse Inc. (The)*		37,159
	6,396	Dollar General Corp.		885,846
	3,398	Grocery Outlet Holding Corp.*		104,828
	1,410	HF Foods Group Inc.*		6,669
	551	Ingles Markets Inc., Class A Shares		43,050
	321	Natural Grocers by Vitamin Cottage Inc.		4,048
	5,670	Performance Food Group Co.*		352,277
	983	PriceSmart Inc.		78,129
	1,338	SpartanNash Co.		29,115
	3,827	Sprouts Farmers Market Inc.*		156,103
	2,231	United Natural Foods Inc.*		44,910
	8,244	US Foods Holding Corp.*		333,305
	334	Village Super Market Inc., Class A Shares		7,532
	639	Weis Markets Inc.		41,452

		Total Consumer Staples Distribution & Retail		3,195,543


Food Products — 1.4%
	185	Alico Inc.		4,353
	2,480	B&G Foods Inc.(a)		31,719
	7,743	Benson Hill Inc.*		4,947
	2,282	Beyond Meat Inc.*(a)		26,928
	1,347	BRC Inc., Class A Shares*		6,088
	17,543	Calavo Growers Inc.		578,217
	16,688	Cal-Maine Foods Inc.		797,520
	5,863	Darling Ingredients Inc.*		362,099
	2,569	Dole PLC		30,622
	6,914	Flowers Foods Inc.		162,894
	1,134	Fresh Del Monte Produce Inc.		28,974
	1,663	Freshpet Inc.*		125,573

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 4.3% — (continued)

Food Products — 1.4% — (continued)
	35,744	Hain Celestial Group Inc. (The)*	$	378,529
	4,776	Hostess Brands Inc., Class A Shares*		136,020
	2,445	Ingredion Inc.		251,615
	3,626	J&J Snack Foods Corp.		587,883
	317	John B Sanfilippo & Son Inc.		31,811
	718	Lancaster Colony Corp.		118,606
	536	Limoneira Co.		8,260
	36,561	Mission Produce Inc.*		348,061
	1,443	Pilgrim’s Pride Corp.*		36,306
	1,996	Post Holdings Inc.*		179,061
	9	Seaboard Corp.		33,933
	203	Seneca Foods Corp., Class A Shares*		9,797
	3,320	Simply Good Foods Co. (The)*		119,786
	1,583	Sovos Brands Inc.*		35,459
	3,519	SunOpta Inc.*		15,448
	28,067	TreeHouse Foods Inc.*		1,305,677
	66,448	Utz Brands Inc.		1,025,957
	969	Vital Farms Inc.*		11,415
	966	Westrock Coffee Co.*		9,699

		Total Food Products		6,803,257


Household Products — 1.7%
	362	Central Garden & Pet Co.*		15,979
	1,519	Central Garden & Pet Co., Class A Shares*		61,975
	10,196	Clorox Co. (The)		1,595,164
	2,550	Energizer Holdings Inc.		87,593
	171,722	Henkel AG & Co. KGaA, ADR		3,149,608
	24,164	Kimberly-Clark Corp.		3,113,048
	171	Oil-Dri Corp. of America		11,525
	2,043	Reynolds Consumer Products Inc.		55,754
	1,460	Spectrum Brands Holdings Inc.		121,428
	495	WD-40 Co.		106,361

		Total Household Products		8,318,435


Personal Care Products — 0.3%
	3,042	Beauty Health Co.*		18,739
	5,247	Beiersdorf AG, ADR		137,576
	4,920	BellRing Brands Inc.*		204,180
	12,950	Coty Inc., Class A Shares*		149,702
	1,823	Edgewell Personal Care Co.		70,295
	1,852	elf Beauty Inc.*		256,891
	23,275	Herbalife Ltd.*		349,590
	677	Inter Parfums Inc.		94,597
	412	Medifast Inc.		34,748
	462	Nature’s Sunshine Products Inc.*		7,766
	13,306	Nu Skin Enterprises Inc., Class A Shares		317,880
	5,174	Olaplex Holdings Inc.*		14,022
	812	Thorne HealthTech Inc.*		8,226
	416	USANA Health Sciences Inc.*		26,745
	633	Waldencast PLC, Class A Shares*		4,982

		Total Personal Care Products		1,695,939


	Tobacco — 0.0%@
	514	Turning Point Brands Inc.		12,655
	829	Universal Corp.		39,477

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

CONSUMER STAPLES — 4.3% — (continued)

Tobacco — 0.0%@ — (continued)
	5,374	Vector Group Ltd.	$	57,555

		Total Tobacco		109,687

		TOTAL CONSUMER STAPLES		21,015,569


ENERGY — 4.3%

Energy Equipment & Services — 1.7%
	5,249	Archrock Inc.		67,135
	490	Atlas Energy Solutions Inc., Class A Shares		10,432
	8,246	Borr Drilling Ltd.*		57,640
	752	Bristow Group Inc.*		20,830
	2,389	Cactus Inc., Class A Shares		127,429
	24,191	ChampionX Corp.		873,053
	1,670	Core Laboratories Inc.		40,147
	3,613	Diamond Offshore Drilling Inc.*		53,725
	699	DMC Global Inc.*		16,790
	11,619	Dril-Quip Inc.*		320,452
	3,333	Expro Group Holdings NV*		78,359
	302	Forum Energy Technologies Inc.*		7,151
	5,447	Helix Energy Solutions Group Inc.*		55,233
	3,679	Helmerich & Payne Inc.		147,123
	6,678	ION Geophysical Corp.*(b)(c)		—
	679	KLX Energy Services Holdings Inc.*		7,065
	6,427	Liberty Energy Inc., Class A Shares		102,511
	1,296	Mammoth Energy Services Inc.*		6,000
	341	Nabors Industries Ltd.*		37,745
	2,604	Newpark Resources Inc.*		15,572
	154,097	NexTier Oilfield Solutions Inc.*		1,634,969
	4,002	Noble Corp. PLC		211,065
	14,406	NOV Inc.		304,399
	37,201	Oceaneering International Inc.*		847,811
	37,196	Oil States International Inc.*		291,617
	33,670	Patterson-UTI Energy Inc.		476,094
	852	ProFrac Holding Corp., Class A Shares*		9,372
	3,242	ProPetro Holding Corp.*		31,253
	585	Ranger Energy Services Inc., Class A Shares		6,967
	3,435	RPC Inc.		27,446
	769	SEACOR Marine Holdings Inc.*		8,836
	1,800	Seadrill Ltd.*		87,570
	2,960	Select Water Solutions Inc., Class A Shares		23,828
	1,342	Solaris Oilfield Infrastructure Inc., Class A Shares		14,118
	61,179	TechnipFMC PLC		1,164,848
	81,401	TETRA Technologies Inc.*		446,891
	1,762	Tidewater Inc.*		114,583
	2,766	US Silica Holdings Inc.*		34,105
	2,245	Valaris Ltd.*		169,093
	2,600	Weatherford International PLC*		230,152

		Total Energy Equipment & Services		8,179,409


Oil, Gas & Consumable Fuels — 2.6%
	1,554	Amplify Energy Corp.*		10,163
	12,188	Antero Midstream Corp.		147,719
	10,402	Antero Resources Corp.*		287,823
	11,465	APA Corp.		502,626
	1,403	Ardmore Shipping Corp.		17,453
	3,004	Berry Corp.		25,744

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 4.3% — (continued)

Oil, Gas & Consumable Fuels — 2.6% — (continued)
	2,673	California Resources Corp.	$	149,260
	2,347	Callon Petroleum Co.*		92,073
	524	Centrus Energy Corp., Class A Shares*		24,869
	4,707	Chesapeake Energy Corp.		415,204
	1,541	Chord Energy Corp.		248,872
	2,531	Civitas Resources Inc.		208,099
	6,419	Clean Energy Fuels Corp.*		27,345
	30,523	CNX Resources Corp.*		682,189
	3,476	Comstock Resources Inc.		42,616
	1,239	CONSOL Energy Inc.		106,604
	1,205	Crescent Energy Co., Class A Shares		16,424
	1,263	CVR Energy Inc.		41,300
	2,446	Delek US Holdings Inc.		62,984
	1,843	Denbury Inc.*		168,782
	21,721	Devon Energy Corp.		1,109,726
	5,288	DHT Holdings Inc.		48,914
	5,039	Diamondback Energy Inc.		764,819
	1,250	Dorian LPG Ltd.		32,250
	3,539	DT Midstream Inc.		185,054
	2,029	Earthstone Energy Inc., Class A Shares*		41,351
	481	Empire Petroleum Corp.*		4,204
	4,893	Encore Energy Corp.*		12,575
	5,943	Energy Fuels Inc.*(a)		42,374
	1,173	Enviva Inc.		10,792
	13,290	EQT Corp.		574,394
	16,365	Equitrans Midstream Corp.		157,104
	1,066	Evolution Petroleum Corp.		9,018
	696	Excelerate Energy Inc., Class A Shares		12,946
	1,152	FLEX LNG Ltd.		34,883
	8,472	Gevo Inc.*		11,098
	3,638	Golar LNG Ltd.		80,400
	892	Granite Ridge Resources Inc.		6,601
	1,457	Green Plains Inc.*		45,225
	352	Gulfport Energy Corp.*		41,536
	818	Hallador Energy Co.*		8,785
	5,194	HF Sinclair Corp.		286,137
	287	HighPeak Energy Inc.		4,228
	1,469	International Seaways Inc.		63,123
	677	Kinetik Holdings Inc., Class A Shares		23,769
	16,401	Kosmos Energy Ltd.*		119,399
	6,648	Magnolia Oil & Gas Corp., Class A Shares		151,574
	4,113	Matador Resources Co.		261,175
	5,412	Murphy Oil Corp.		245,705
	101	NACCO Industries Inc., Class A Shares		3,293
	2,343	New Fortress Energy Inc., Class A Shares		72,727
	927	NextDecade Corp.*		5,627
	8,222	Nordic American Tankers Ltd.		32,148
	36,835	Northern Oil & Gas Inc.		1,540,808
	1,800	Overseas Shipholding Group Inc., Class A Shares*		7,920
	8,849	Ovintiv Inc.		415,549
	2,115	Par Pacific Holdings Inc.*		72,650
	4,314	PBF Energy Inc., Class A Shares		202,283
	4,550	Peabody Energy Corp.		98,189
	9,209	Permian Resources Corp., Class A Shares		130,584
	37,860	Range Resources Corp.		1,225,907

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

ENERGY — 4.3% — (continued)

Oil, Gas & Consumable Fuels — 2.6% — (continued)
	618	REX American Resources Corp.*	$	24,405
	448	Riley Exploration Permian Inc.		15,004
	3,896	Ring Energy Inc.*		7,363
	778	SandRidge Energy Inc.		12,440
	1,896	Scorpio Tankers Inc.		95,767
	4,375	SFL Corp., Ltd.		49,438
	731	SilverBow Resources Inc.*		31,272
	2,933	Sitio Royalties Corp., Class A Shares		74,498
	4,369	SM Energy Co.		184,852
	40,241	Southwestern Energy Co.*		272,834
	3,971	Talos Energy Inc.*		68,381
	2,758	Teekay Corp.*		17,679
	817	Teekay Tankers Ltd., Class A Shares		33,236
	18,515	Tellurian Inc.*		20,737
	213	Texas Pacific Land Corp.		401,452
	13,303	Uranium Energy Corp.*		57,469
	4,463	VAALCO Energy Inc.		18,477
	2,235	Vertex Energy Inc.*		9,476
	568	Vital Energy Inc.*		34,245
	897	Vitesse Energy Inc.		20,846
	3,524	W&T Offshore Inc.*		14,378
	2,429	World Kinect Corp.		53,195

		Total Oil, Gas & Consumable Fuels		12,992,437

		TOTAL ENERGY		21,171,846


FINANCIALS — 13.0%

Banks — 4.1%
	662	1st Source Corp.		29,585
	385	ACNB Corp.		12,255
	634	Amalgamated Financial Corp.		11,361
	1,072	Amerant Bancorp Inc., Class A Shares		20,121
	360	American National Bankshares Inc.		14,112
	2,380	Ameris Bancorp		96,985
	326	Ames National Corp.		5,852
	684	Arrow Financial Corp.		12,045
	5,525	Associated Banc-Corp.		95,748
	2,661	Atlantic Union Bankshares Corp.		79,005
	2,109	Axos Financial Inc.*		90,877
	12,800	Banc of California Inc.		160,384
	848	BancFirst Corp.		81,052
	1,521	Bancorp Inc. (The)*		55,836
	343	Bank First Corp.		26,627
	1,399	Bank of Hawaii Corp.(a)		75,182
	722	Bank of Marin Bancorp		13,588
	1,986	Bank of NT Butterfield & Son Ltd. (The)		57,832
	4,158	Bank OZK		167,027
	52,655	BankUnited Inc.		1,382,194
	327	Bankwell Financial Group Inc.		8,509
	5,452	Banner Corp.		237,435
	692	Bar Harbor Bankshares		17,189
	565	Baycom Corp.		10,888
	599	BCB Bancorp Inc.		6,817
	8,449	Berkshire Hills Bancorp Inc.		176,584
	936	Blue Foundry Bancorp*		8,658

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Banks — 4.1% — (continued)
	1,144	Blue Ridge Bankshares Inc.	$	9,061
	1,110	BOK Financial Corp.		92,252
	835	Bridgewater Bancshares Inc.*		8,734
	2,584	Brookline Bancorp Inc.		24,729
	335	Burke & Herbert Financial Services Corp.		16,572
	842	Business First Bancshares Inc.		17,219
	1,141	Byline Bancorp Inc.		24,166
	108	C&F Financial Corp.		5,759
	5,119	Cadence Bank		117,123
	308	Cambridge Bancorp		16,389
	653	Camden National Corp.		21,412
	572	Capital Bancorp Inc.		10,954
	553	Capital City Bank Group Inc.		16,872
	5,361	Capitol Federal Financial Inc.		30,397
	779	Capstar Financial Holdings Inc.		10,174
	965	Carter Bankshares Inc.*		13,809
	2,666	Cathay General Bancorp		94,990
	770	Central Pacific Financial Corp.		13,067
	375	Central Valley Community Bancorp		5,483
	154	Chemung Financial Corp.		6,051
	247	ChoiceOne Financial Services Inc.		5,938
	635	Citizens & Northern Corp.		11,474
	140	Citizens Financial Services Inc.		7,664
	423	City Holding Co.		38,645
	855	Civista Bancshares Inc.		14,526
	817	CNB Financial Corp.		14,878
	417	Coastal Financial Corp.*		18,369
	299	Codorus Valley Bancorp Inc.		6,055
	731	Colony Bankcorp Inc.		7,610
	7,658	Columbia Banking System Inc.		156,836
	1,021	Columbia Financial Inc.*		17,520
	16,665	Comerica Inc.		801,753
	7,027	Commerce Bancshares Inc.		344,955
	1,556	Community Bank System Inc.		73,988
	527	Community Trust Bancorp Inc.		18,709
	1,229	ConnectOne Bancorp Inc.		23,499
	1,541	CrossFirst Bankshares Inc.*		16,566
	5,165	Cullen/Frost Bankers Inc.		488,247
	955	Customers Bancorp Inc.*		33,559
	5,019	CVB Financial Corp.		87,632
	1,259	Dime Community Bancshares Inc.		26,829
	919	Eagle Bancorp Inc.		22,111
	5,302	East West Bancorp Inc.		293,413
	5,871	Eastern Bankshares Inc.		79,024
	361	Enterprise Bancorp Inc.		10,447
	1,380	Enterprise Financial Services Corp.		53,420
	673	Equity Bancshares Inc., Class A Shares		16,838
	286	Esquire Financial Holdings Inc.		13,373
	378	ESSA Bancorp Inc.		6,014
	238	Evans Bancorp Inc.		6,740
	603	Farmers & Merchants Bancorp Inc.		11,517
	1,431	Farmers National Banc Corp.		18,174
	1,482	FB Financial Corp.		45,023
	134	Fidelity D&D Bancorp Inc.		6,350
	794	Financial Institutions Inc.		13,895

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Banks — 4.1% — (continued)
	7,640	First Bancorp	$	127,840
	605	First Bancorp Inc. (The)		14,895
	1,136	First Bancshares Inc. (The)		32,251
	727	First Bank		8,317
	2,165	First Busey Corp.		43,733
	371	First Business Financial Services Inc.		11,698
	400	First Citizens BancShares Inc., Class A Shares		544,160
	2,751	First Commonwealth Financial Corp.		35,956
	743	First Community Bancshares Inc.		22,981
	334	First Community Corp.		5,772
	2,751	First Financial Bancorp		57,166
	4,771	First Financial Bankshares Inc.		137,023
	501	First Financial Corp.		18,397
	1,919	First Foundation Inc.		15,083
	4,889	First Hawaiian Inc.		92,451
	19,468	First Horizon Corp.		244,323
	3,155	First Interstate BancSystem Inc., Class A Shares		81,746
	2,124	First Merchants Corp.		63,380
	679	First Mid Bancshares Inc.		18,992
	1,106	First of Long Island Corp. (The)		14,444
	320	First Western Financial Inc.*		6,502
	479	Five Star Bancorp		10,471
	1,288	Flushing Financial Corp.		18,187
	13,491	FNB Corp.		156,900
	197	FS Bancorp Inc.		5,841
	5,822	Fulton Financial Corp.		77,607
	686	FVCBankcorp Inc.*		8,349
	1,080	German American Bancorp Inc.		31,244
	4,071	Glacier Bancorp Inc.		122,985
	423	Great Southern Bancorp Inc.		21,349
	266	Greene County Bancorp Inc.		7,663
	344	Guaranty Bancshares Inc.		9,931
	3,184	Hancock Whitney Corp.		131,340
	722	Hanmi Financial Corp.		12,505
	1,485	HarborOne Bancorp Inc.		14,805
	538	HBT Financial Inc.		10,061
	1,666	Heartland Financial USA Inc.		51,046
	2,685	Heritage Commerce Corp.		23,279
	843	Heritage Financial Corp.		14,516
	1,689	Hilltop Holdings Inc.		51,329
	56	Hingham Institution For Savings The		11,155
	353	Home Bancorp Inc.		11,529
	7,000	Home BancShares Inc.		155,260
	519	HomeStreet Inc.		4,905
	700	HomeTrust Bancshares Inc.		15,995
	3,457	Hope Bancorp Inc.		33,429
	1,419	Horizon Bancorp Inc.		15,879
	53,559	Huntington Bancshares Inc.		593,969
	16,762	Independent Bank Corp.		869,261
	1,375	Independent Bank Group Inc.		58,025
	2,109	International Bancshares Corp.		94,441
	587	John Marshall Bancorp Inc.		10,372
	2,369	Kearny Financial Corp.		17,554
	2,589	Lakeland Bancorp Inc.		34,977
	924	Lakeland Financial Corp.		48,168

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Banks — 4.1% — (continued)
	403	LCNB Corp.	$	6,009
	1,277	Live Oak Bancshares Inc.		41,298
	760	Luther Burbank Corp.		6,908
	1,098	Macatawa Bank Corp.		10,058
	260	MainStreet Bancshares Inc.		5,881
	721	Mercantile Bank Corp.		24,067
	734	Metrocity Bankshares Inc.		14,313
	370	Metropolitan Bank Holding Corp.*		14,730
	566	Mid Penn Bancorp Inc.		12,390
	222	Middlefield Banc Corp.		5,756
	1,022	Midland States Bancorp Inc.		22,688
	706	MidWestOne Financial Group Inc.		15,080
	284	MVB Financial Corp.		6,685
	21,987	National Bank Holdings Corp., Class A Shares		693,470
	191	National Bankshares Inc.		5,027
	1,226	NBT Bancorp Inc.		42,199
	78,444	New York Community Bancorp Inc.		963,292
	468	Nicolet Bankshares Inc.		35,479
	287	Northeast Bank		12,195
	418	Northeast Community Bancorp Inc.		6,629
	1,560	Northfield Bancorp Inc.		16,442
	200	Northrim BanCorp Inc.		8,306
	3,558	Northwest Bancshares Inc.		39,138
	194	Norwood Financial Corp.		5,263
	236	Oak Valley Bancorp		5,926
	2,438	OceanFirst Financial Corp.		41,129
	1,444	OFG Bancorp		43,551
	10,751	Old National Bancorp		164,060
	1,613	Old Second Bancorp Inc.		23,340
	183	Orange County Bancorp Inc.		8,508
	1,165	Origin Bancorp Inc.		35,754
	454	Orrstown Financial Services Inc.		9,806
	18,186	Pacific Premier Bancorp Inc.		418,642
	4,602	PacWest Bancorp		36,586
	508	Park National Corp.		51,694
	507	Parke Bancorp Inc.		8,756
	914	Pathward Financial Inc.		45,033
	540	PCB Bancorp		8,667
	659	Peapack Gladstone Financial Corp.		17,971
	220	Penns Woods Bancorp Inc.		5,729
	1,230	Peoples Bancorp Inc.		31,697
	386	Peoples Financial Services Corp.		16,830
	2,760	Pinnacle Financial Partners Inc.		183,706
	545	Pioneer Bancorp Inc.*		4,910
	161	Plumas Bancorp		5,625
	668	Ponce Financial Group Inc.*		5,337
	2,643	Popular Inc.		180,464
	386	Preferred Bank		23,974
	1,513	Premier Financial Corp.		28,505
	950	Primis Financial Corp.		8,436
	209	Princeton Bancorp Inc.		6,117
	3,268	Prosperity Bancshares Inc.		185,655
	2,206	Provident Financial Services Inc.		36,355
	640	QCR Holdings Inc.		33,574
	663	RBB Bancorp		9,037

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Banks — 4.1% — (continued)
	182	Red River Bancshares Inc.	$	8,605
	1,640	Renasant Corp.		45,674
	341	Republic Bancorp Inc., Class A Shares		15,154
	966	S&T Bancorp Inc.		27,367
	1,724	Sandy Spring Bancorp Inc.		38,342
	2,485	Seacoast Banking Corp. of Florida		58,671
	1,783	ServisFirst Bancshares Inc.		99,919
	1,226	Shore Bancshares Inc.		13,584
	690	Sierra Bancorp		13,717
	3,907	Simmons First National Corp., Class A Shares		69,623
	655	SmartFinancial Inc.		14,914
	410	South Plains Financial Inc.		10,754
	313	Southern First Bancshares Inc.*		8,798
	327	Southern Missouri Bancorp Inc.		13,832
	275	Southern States Bancshares Inc.		6,300
	906	Southside Bancshares Inc.(a)		27,271
	2,873	SouthState Corp.		207,718
	1,786	Stellar Bancorp Inc.		37,988
	1,036	Sterling Bancorp Inc.*		6,102
	970	Stock Yards Bancorp Inc.		44,426
	636	Summit Financial Group Inc.		15,646
	5,518	Synovus Financial Corp.		170,837
	23,639	Texas Capital Bancshares Inc.*		1,476,019
	458	Third Coast Bancshares Inc.*		8,620
	237	Timberland Bancorp Inc.		6,721
	620	Tompkins Financial Corp.		32,197
	19,961	Towne Bank		471,080
	1,262	TriCo Bancshares		43,337
	839	Triumph Financial Inc.*		53,889
	651	TrustCo Bank Corp. NY		18,534
	1,807	Trustmark Corp.		41,633
	1,630	UMB Financial Corp.		103,032
	4,876	United Bankshares Inc.		146,670
	18,682	United Community Banks Inc.		504,414
	385	Unity Bancorp Inc.		9,304
	1,195	Univest Financial Corp.		21,498
	346	USCB Financial Holdings Inc.*		3,796
	15,912	Valley National Bancorp		146,072
	1,815	Veritex Holdings Inc.		34,140
	198	Virginia National Bankshares Corp.		6,542
	2,534	Washington Federal Inc.		68,874
	784	Washington Trust Bancorp Inc.		21,952
	6,391	Webster Financial Corp.		271,042
	2,198	WesBanco Inc.		55,741
	761	West BanCorp Inc.		14,094
	757	Westamerica BanCorp		33,331
	4,013	Western Alliance Bancorp		200,690
	2,389	Wintrust Financial Corp.		185,410
	8,106	WSFS Financial Corp.		318,566
	5,430	Zions Bancorp NA		192,765

		Total Banks		19,815,871


Capital Markets — 2.6%
	1,351	Affiliated Managers Group Inc.		181,048
	764	AlTi Global Inc.*		5,585

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Capital Markets — 2.6% — (continued)
	2,179	Artisan Partners Asset Management Inc., Class A Shares	$	83,717
	771	Assetmark Financial Holdings Inc.*		22,274
	1,422	Avantax Inc.*		29,748
	638	B. Riley Financial Inc.		32,669
	4,167	Bakkt Holdings Inc.*		5,751
	12,142	BGC Group Inc., Class A Shares		59,982
	1,257	Brightsphere Investment Group Inc.		26,033
	7,818	Carlyle Group Inc. (The)		252,912
	3,849	Cboe Global Markets Inc.		576,234
	11,048	Cohen & Steers Inc.		720,109
	116	Diamond Hill Investment Group Inc.		19,576
	856	Donnelley Financial Solutions Inc.*		42,175
	1,349	Evercore Inc., Class A Shares		188,928
	1,413	FactSet Research Systems Inc.		616,647
	2,097	Focus Financial Partners Inc., Class A Shares*(b)		111,141
	3,523	Forge Global Holdings Inc.*		8,631
	1,524	GCM Grosvenor Inc., Class A Shares		11,643
	1,357	Hamilton Lane Inc., Class A Shares		125,916
	1,865	Houlihan Lokey Inc., Class A Shares		196,459
	13,745	Invesco Ltd.		218,820
	5,052	Janus Henderson Group PLC		138,778
	7,549	Jefferies Financial Group Inc.		269,424
	3,988	Lazard Ltd., Class A Shares		138,543
	1,343	MarketAxess Holdings Inc.		323,569
	4,305	MarketWise Inc.		5,812
	2,335	Moelis & Co., Class A Shares		110,702
	5,659	Moody’s Corp.		1,905,951
	941	Morningstar Inc.		218,943
	12,778	Nasdaq Inc.		670,589
	32,501	Northern Trust Corp.		2,472,351
	3,688	Open Lending Corp.*		30,426
	1,354	P10 Inc., Class A Shares		16,316
	1,902	Patria Investments Ltd., Class A Shares		27,427
	1,549	Perella Weinberg Partners, Class A Shares		16,311
	618	Piper Sandler Cos.		92,070
	916	PJT Partners Inc., Class A Shares		72,355
	24,145	Robinhood Markets Inc., Class A Shares*		262,939
	1,125	Sculptor Capital Management Inc., Class A Shares		13,073
	3,698	SEI Investments Co.		229,498
	575	Silvercrest Asset Management Group Inc., Class A Shares		11,080
	31,143	SLR Investment Corp.(a)		473,685
	23,801	StepStone Group Inc., Class A Shares		734,737
	3,864	Stifel Financial Corp.		251,237
	628	StoneX Group Inc.*		58,957
	2,362	TPG Inc., Class A Shares		66,419
	1,027	Victory Capital Holdings Inc., Class A Shares		35,349
	3,456	Virtu Financial Inc., Class A Shares		64,765
	241	Virtus Investment Partners Inc.		49,911
	4,940	WisdomTree Inc.		36,062
	12,089	XP Inc., Class A Shares*		306,335

		Total Capital Markets		12,639,612


	Consumer Finance — 0.4%
	10,082	Ally Financial Inc.		279,171
	163	Atlanticus Holdings Corp.*		5,689

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Consumer Finance — 0.4% — (continued)
	7,671	Bread Financial Holdings Inc.	$	288,276
	201	Consumer Portfolio Services Inc.*		1,863
	232	Credit Acceptance Corp.*		116,411
	882	Encore Capital Group Inc.*		41,331
	1,078	Enova International Inc.*		54,385
	1,368	FirstCash Holdings Inc.		122,190
	1,554	Green Dot Corp., Class A Shares*		23,061
	3,916	LendingClub Corp.*		27,255
	456	LendingTree Inc.*		8,623
	3,316	Navient Corp.		58,527
	507	Nelnet Inc., Class A Shares		46,568
	1,164	NerdWallet Inc., Class A Shares*		10,476
	4,121	OneMain Holdings Inc., Class A Shares		171,063
	1,477	PRA Group Inc.*		28,772
	1,672	PROG Holdings Inc.*		57,350
	276	Regional Management Corp.		7,584
	8,860	SLM Corp.		126,166
	34,144	SoFi Technologies Inc.*		295,687
	2,676	Upstart Holdings Inc.*(a)		86,087
	118	World Acceptance Corp.*		15,908

		Total Consumer Finance		1,872,443


	Financial Services — 1.8%
	1,324	Acacia Research Corp.*		5,044
	8,105	Affirm Holdings Inc., Class A Shares*(a)		168,665
	766	Alerus Financial Corp.		14,937
	652	A-Mark Precious Metals Inc.		22,246
	5,464	AvidXchange Holdings Inc.*		56,170
	1,063	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		25,087
	11,484	Cannae Holdings Inc.*		225,431
	2,077	Cantaloupe Inc.*		16,450
	515	Cass Information Systems Inc.		19,745
	2,484	Compass Diversified Holdings		51,295
	1,089	Enact Holdings Inc.		31,211
	13,242	Equitable Holdings Inc.		381,370
	3,881	Essent Group Ltd.		194,904
	7,664	Euronet Worldwide Inc.*		669,527
	2,506	EVERTEC Inc.		99,162
	352	Federal Agricultural Mortgage Corp., Class C Shares		59,249
	3,963	Finance Of America Cos Inc., Class A Shares*		5,627
	39,920	Flywire Corp.*		1,380,434
	964	I3 Verticals Inc., Class A Shares*		22,799
	1,059	International Money Express Inc.*		18,321
	2,676	Jack Henry & Associates Inc.		419,543
	2,957	Jackson Financial Inc., Class A Shares		111,183
	18,758	Marqeta Inc., Class A Shares*		115,362
	586	Merchants Bancorp		17,094
	10,485	MGIC Investment Corp.		184,326
	2,429	Mr. Cooper Group Inc.*		137,627
	808	NewtekOne Inc.		14,471
	3,182	NMI Holdings Inc., Class A Shares*		91,069
	214	Ocwen Financial Corp.*		6,476
	7,144	Pagseguro Digital Ltd., Class A Shares*		64,153
	9,200	Payoneer Global Inc.*		56,948
	1,252	Paysafe Ltd.*		16,401

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Financial Services — 1.8% — (continued)
	3,045	Paysign Inc.*	$	6,851
	1,004	PennyMac Financial Services Inc.		72,057
	482	Priority Technology Holdings Inc.*		1,788
	5,766	Radian Group Inc.		156,143
	3,084	Remitly Global Inc.*		77,563
	2,846	Repay Holdings Corp., Class A Shares*		26,240
	753	Security National Financial Corp., Class A Shares*		6,175
	20,689	Shift4 Payments Inc., Class A Shares*		1,174,928
	10,530	StoneCo Ltd., Class A Shares*		129,098
	2,041	TFS Financial Corp.		27,778
	13,157	Toast Inc., Class A Shares*		291,691
	3,252	UWM Holdings Corp.		19,382
	342	Velocity Financial Inc.*		4,237
	12,073	Voya Financial Inc.		841,247
	1,192	Walker & Dunlop Inc.		101,725
	615	Waterstone Financial Inc.		7,632
	11,865	Western Union Co. (The)		146,533
	6,131	WEX Inc.*		1,202,779

		Total Financial Services		8,996,174


Insurance — 3.6%
	1,747	Ambac Financial Group Inc.*		22,501
	2,920	American Equity Investment Life Holding Co.		156,746
	2,699	American Financial Group Inc.		312,868
	749	AMERISAFE Inc.		38,798
	1,257	Argo Group International Holdings Ltd.		37,396
	1,927	Assurant Inc.		268,489
	2,053	Assured Guaranty Ltd.		120,799
	3,078	Axis Capital Holdings Ltd.		168,859
	2,625	Brighthouse Financial Inc.*		130,358
	26,572	BRP Group Inc., Class A Shares*		706,549
	4,195	Chubb Ltd.		842,650
	4,730	CNO Financial Group Inc.		110,682
	698	Crawford & Co., Class A Shares		7,476
	558	Donegal Group Inc., Class A Shares		8,152
	11,005	eHealth Inc.*		86,059
	812	Employers Holdings Inc.		31,855
	439	Enstar Group Ltd.*		111,194
	1,568	Everest Group Ltd.		565,546
	883	F&G Annuities & Life Inc.		24,998
	3,633	First American Financial Corp.		224,083
	13,932	Genworth Financial Inc., Class A Shares*		80,666
	3,464	Globe Life Inc.		386,478
	324	GoHealth Inc., Class A Shares*		5,148
	17,756	Goosehead Insurance Inc., Class A Shares*		1,240,434
	1,274	Greenlight Capital Re Ltd., Class A Shares*		14,052
	1,361	Hanover Insurance Group Inc. (The)		145,246
	3,522	Hartford Financial Services Group Inc. (The)		252,950
	251	HCI Group Inc.		13,373
	352	Hippo Holdings Inc.*		3,513
	1,213	Horace Mann Educators Corp.		34,765
	51	Investors Title Co.		7,338
	977	James River Group Holdings Ltd.		14,225
	2,188	Kemper Corp.		102,770
	681	Kingsway Financial Services Inc.*		6,013

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units			Security	Value

FINANCIALS — 13.0% — (continued)

Insurance — 3.6% — (continued)
	3,806		Kinsale Capital Group Inc.	$	1,517,186
	1,963		Lemonade Inc.*		27,011
	6,224		Lincoln National Corp.		159,708
	2,733		Maiden Holdings Ltd.*		4,673
	1,096		Markel Group Inc.*		1,620,896
	1,651		MBIA Inc.*		13,026
	1,086		Mercury General Corp.		31,070
	2,622		MetLife Inc.		166,078
	83		National Western Life Group Inc., Class A Shares		37,727
	380		NI Holdings Inc.*		4,849
	10,030		Old Republic International Corp.		274,321
	5,610		Oscar Health Inc., Class A Shares*		35,175
	11,050		Palomar Holdings Inc.*		563,661
	5,659		Primerica Inc.		1,137,233
	1,532		ProAssurance Corp.		27,086
	12,019		Reinsurance Group of America Inc., Class A Shares		1,666,074
	1,814		RenaissanceRe Holdings Ltd.		340,832
	1,492		RLI Corp.		196,228
	3,393		Ryan Specialty Holdings Inc., Class A Shares*		165,409
	412		Safety Insurance Group Inc.		28,374
	2,215		Selective Insurance Group Inc.		219,750
	6,025		Selectquote Inc.*		7,351
	3,624		SiriusPoint Ltd.*		40,081
	399		Skyward Specialty Insurance Group Inc.*		9,704
	776		Stewart Information Services Corp.		35,944
	845		Tiptree Inc.		14,889
	13,842		Travelers Cos., Inc. (The)		2,231,746
	1,502		Trupanion Inc.*		44,654
	896	��	United Fire Group Inc.		17,714
	1,053		Universal Insurance Holdings Inc.		13,331
	7,379		Unum Group		362,973
	92		White Mountains Insurance Group Ltd.		146,160
	4,712		WR Berkley Corp.		291,484

			Total Insurance		17,735,427


	Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	773		AFC Gamma Inc.		10,250
	20,743		AGNC Investment Corp.		205,563
	286		Angel Oak Mortgage REIT Inc.		2,666
	17,975		Annaly Capital Management Inc.		364,353
	5,243		Apollo Commercial Real Estate Finance Inc.		57,254
	5,912		Arbor Realty Trust Inc.(a)		94,355
	1,995		Ares Commercial Real Estate Corp.		20,648
	7,624		ARMOUR Residential REIT Inc.(a)		37,434
	6,476		Blackstone Mortgage Trust Inc., Class A Shares		142,601
	4,329		BrightSpire Capital Inc., Class A Shares		30,130
	397		Chicago Atlantic Real Estate Finance Inc.		6,003
	8,889		Chimera Investment Corp.		53,778
	3,564		Claros Mortgage Trust Inc.		40,594
	2,026		Dynex Capital Inc.		26,257
	2,275		Ellington Financial Inc.		30,417
	3,014		Franklin BSP Realty Trust Inc.		42,618
	1,891		Granite Point Mortgage Trust Inc.		10,098
	27,324		Hannon Armstrong Sustainable Infrastructure Capital Inc.		611,238
	1,747		Invesco Mortgage Capital Inc.		19,654

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

FINANCIALS — 13.0% — (continued)

Mortgage Real Estate Investment Trusts (REITs) — 0.5% — (continued)
	2,316	KKR Real Estate Finance Trust Inc.	$	28,973
	4,146	Ladder Capital Corp., Class A Shares		45,440
	3,899	MFA Financial Inc.		42,733
	3,073	New York Mortgage Trust Inc.		29,255
	510	Nexpoint Real Estate Finance Inc.		8,716
	1,183	Orchid Island Capital Inc, Class A Shares		11,345
	3,390	PennyMac Mortgage Investment Trust		45,460
	5,708	Ready Capital Corp.		62,331
	4,454	Redwood Trust Inc.		35,677
	17,997	Rithm Capital Corp.		185,549
	10,901	Starwood Property Trust Inc.		222,707
	2,163	TPG RE Finance Trust Inc.		16,266
	3,443	Two Harbors Investment Corp.		47,410

		Total Mortgage Real Estate Investment Trusts (REITs)		2,587,773

		TOTAL FINANCIALS		63,647,300


HEALTH CARE — 14.8%

Biotechnology — 3.0%
	1,894	2seventy bio Inc.*		9,830
	1,083	4D Molecular Therapeutics Inc.*		17,631
	30,900	89bio Inc.*		529,626
	354	Aadi Bioscience Inc.*		2,230
	4,356	ACADIA Pharmaceuticals Inc.*		117,699
	5,051	Achillion Pharmaceuticals Inc.*(b)		2,323
	468	Acrivon Therapeutics Inc.*		5,485
	874	Actinium Pharmaceuticals Inc.*		5,253
	1,213	Adicet Bio Inc.*		2,426
	7,033	ADMA Biologics Inc.*		27,077
	870	Aduro Biotech Holdings Europe BV*(b)(c)		2,209
	321	Aerovate Therapeutics Inc.*(a)		5,101
	12,811	Agenus Inc.*		17,679
	2,066	Agios Pharmaceuticals Inc.*		56,670
	1,624	Akero Therapeutics Inc.*		80,599
	1,677	Aldeyra Therapeutics Inc.*		12,510
	2,467	Alector Inc.*		13,445
	49,849	Alkermes PLC*		1,455,092
	2,261	Allakos Inc.*		6,512
	2,827	Allogene Therapeutics Inc.*		10,997
	1,036	Allovir Inc.*		3,243
	1,084	Alpine Immune Sciences Inc.*		13,387
	1,561	Altimmune Inc.*		3,949
	636	ALX Oncology Holdings Inc.*		2,709
	10,063	Amicus Therapeutics Inc.*		129,008
	711	AnaptysBio Inc.*		13,992
	2,611	Anavex Life Sciences Corp.*		20,627
	530	Anika Therapeutics Inc.*		9,460
	1,763	Annexon Inc.*		4,848
	3,639	Apellis Pharmaceuticals Inc.*		153,602
	5,603	Arbutus Biopharma Corp.*		11,374
	1,365	Arcellx Inc.*		48,922
	787	Arcturus Therapeutics Holdings Inc.*		23,885
	1,962	Arcus Biosciences Inc.*		40,221
	2,083	Arcutis Biotherapeutics Inc.*		17,789
	7,675	Ardelyx Inc.*		32,695

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Biotechnology — 3.0% — (continued)
	3,746	Arrowhead Pharmaceuticals Inc.*	$	103,539
	960	ARS Pharmaceuticals Inc.*		6,806
	16,830	Ascendis Pharma AS, ADR*		1,649,677
	883	Astria Therapeutics Inc.*		7,859
	3,264	Atara Biotherapeutics Inc.*		4,765
	944	Aura Biosciences Inc.*		9,799
	4,781	Aurinia Pharmaceuticals Inc.*		43,364
	2,130	Avid Bioservices Inc.*		25,134
	2,506	Avidity Biosciences Inc.*		18,945
	894	Avita Medical Inc.*		14,572
	2,425	Beam Therapeutics Inc.*		56,211
	1,566	BioAtla Inc.*		3,931
	7,114	BioCryst Pharmaceuticals Inc.*		50,581
	2,328	Biohaven Ltd.*		42,579
	719	Biomea Fusion Inc.*(a)		12,130
	654	Bioxcel Therapeutics Inc.*		2,472
	4,643	Bluebird Bio Inc.*		17,504
	2,290	Blueprint Medicines Corp.*		114,179
	4,207	Bridgebio Pharma Inc.*		125,831
	930	Cabaletta Bio Inc.*		13,169
	2,063	CareDx Inc.*		19,207
	2,167	Caribou Biosciences Inc.*		12,764
	877	Carisma Therapeutics Inc.		6,069
	3,721	Catalyst Pharmaceuticals Inc.*		52,243
	546	Celcuity Inc.*		5,198
	1,757	Celldex Therapeutics Inc.*		49,020
	1,003	Century Therapeutics Inc.*		2,487
	20,637	Cerevel Therapeutics Holdings Inc.*		489,097
	2,730	Cogent Biosciences Inc.*		33,333
	38,812	Coherus Biosciences Inc.*		206,868
	3,100	Compass Therapeutics Inc.*		7,223
	1,958	Crinetics Pharmaceuticals Inc.*		33,913
	7,610	CRISPR Therapeutics AG*		380,576
	1,488	Cue Biopharma Inc.*		4,032
	871	Cullinan Oncology Inc.*		9,015
	3,341	Cytokinetics Inc.*		116,735
	1,746	Day One Biopharmaceuticals Inc.*		23,554
	1,864	Deciphera Pharmaceuticals Inc.*		26,171
	4,274	Denali Therapeutics Inc.*		98,687
	1,220	Design Therapeutics Inc.*		3,026
	275	Discount Medicine Inc., Class A Shares*		14,561
	4,541	Dynavax Technologies Corp.*		65,209
	1,705	Dyne Therapeutics Inc.*		19,437
	486	Eagle Pharmaceuticals Inc.*		8,238
	2,361	Editas Medicine Inc.*		21,037
	2,144	Emergent BioSolutions Inc.*		10,055
	712	Enanta Pharmaceuticals Inc.*		10,573
	729	Entrada Therapeutics Inc.*		10,731
	11,964	EQRx Inc.*		27,398
	2,775	Erasca Inc.*		7,187
	6,569	Exact Sciences Corp.*		549,628
	11,697	Exelixis Inc.*		261,896
	3,113	Fate Therapeutics Inc.*		7,814
	629	Fennec Pharmaceuticals Inc.*		5,133
	3,344	FibroGen Inc.*		3,210

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Biotechnology — 3.0% — (continued)
	784	Foghorn Therapeutics Inc.*	$	5,935
	163	Genelux Corp.*		3,941
	1,906	Generation Bio Co.*		9,111
	17,899	Geron Corp.*		43,495
	2,793	Gritstone bio Inc.*		5,083
	4,845	Halozyme Therapeutics Inc.*		206,203
	4,418	Heron Therapeutics Inc.*		7,246
	892	HilleVax Inc.*		11,899
	2,222	Humacyte Inc.*		8,510
	1,045	Icosavax Inc.*		8,088
	1,956	Ideaya Biosciences Inc.*		57,428
	297	IGM Biosciences Inc.*		2,124
	650	Immuneering Corp., Class A Shares*		5,857
	3,464	ImmunityBio Inc.*		5,577
	8,764	ImmunoGen Inc.*		138,822
	2,044	Immunovant Inc.*		46,419
	1,253	Inhibrx Inc.*		26,814
	1,105	Inozyme Pharma Inc.*		5,415
	4,707	Insmed Inc.*		103,036
	3,165	Intellia Therapeutics Inc.*		118,624
	974	Intercept Pharmaceuticals Inc.*		10,548
	5,187	Ionis Pharmaceuticals Inc.*		208,880
	7,436	Iovance Biotherapeutics Inc.*		44,913
	5,272	Ironwood Pharmaceuticals Inc., Class A Shares*		46,394
	1,000	iTeos Therapeutics Inc.*		12,065
	442	Janux Therapeutics Inc.*		4,862
	871	KalVista Pharmaceuticals Inc.*		9,450
	1,330	Karuna Therapeutics Inc.*		249,721
	2,788	Karyopharm Therapeutics Inc.*		3,569
	918	Keros Therapeutics Inc.*		32,231
	1,957	Kezar Life Sciences Inc.*		2,916
	1,073	Kiniksa Pharmaceuticals Ltd., Class A Shares*		18,488
	1,361	Kodiak Sciences Inc.*		2,994
	811	Krystal Biotech Inc.*		100,953
	2,417	Kura Oncology Inc.*		24,001
	1,443	Kymera Therapeutics Inc.*		27,532
	1,727	Larimar Therapeutics Inc.*		6,424
	2,519	Lexicon Pharmaceuticals Inc.*		4,333
	4,062	Lineage Cell Therapeutics Inc.*		5,362
	7,232	Lyell Immunopharma Inc.*		17,284
	2,240	MacroGenics Inc.*		10,438
	491	Madrigal Pharmaceuticals Inc.*		88,380
	8,922	MannKind Corp.*		41,130
	1,109	MeiraGTx Holdings PLC*		6,976
	483	Merrimack Pharmaceuticals Inc.*		5,897
	3,754	Mersana Therapeutics Inc.*		4,167
	4,371	MiMedx Group Inc.*		32,433
	465	Mineralys Therapeutics Inc.*		5,971
	1,784	Mirati Therapeutics Inc.*		66,365
	977	Mirum Pharmaceuticals Inc.*		25,822
	1,250	Monte Rosa Therapeutics Inc.*		7,338
	10,510	MoonLake Immunotherapeutics, Class A Shares*(a)		605,061
	1,099	Morphic Holding Inc.*		60,533
	2,979	Myriad Genetics Inc.*		53,175
	3,767	Natera Inc.*		221,236

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Biotechnology — 3.0% — (continued)
	3,566	Neurocrine Biosciences Inc.*	$	388,302
	1,590	Nkarta Inc.*		2,735
	2,945	Novavax Inc.*(a)		23,560
	1,837	Nurix Therapeutics Inc.*		15,615
	871	Nuvalent Inc., Class A Shares*		39,691
	334	Nuvectis Pharma Inc.*		4,780
	891	Olema Pharmaceuticals Inc.*		9,044
	819	Omega Therapeutics Inc.*		3,006
	19	Oncternal Therapeutics Inc.*(b)		19
	2,782	Organogenesis Holdings Inc., Class A Shares*		7,790
	1,279	ORIC Pharmaceuticals Inc.*		11,460
	6,955	Outlook Therapeutics Inc.*		1,586
	2,010	Ovid therapeutics Inc.*		6,764
	1,007	PDS Biotechnology Corp.*		5,911
	569	PepGen Inc.*		3,585
	1,268	PMV Pharmaceuticals Inc.*		9,155
	3,246	Point Biopharma Global Inc., Class A Shares*		25,838
	2,515	Poseida Therapeutics Inc., Class A Shares*		5,256
	7,154	Precigen Inc.*		12,519
	1,377	Prime Medicine Inc.*(a)		18,231
	2,168	ProKidney Corp., Class A Shares*		18,601
	1,963	Protagonist Therapeutics Inc.*		38,907
	2,660	Protalix BioTherapeutics Inc.*		5,027
	1,502	Prothena Corp. PLC*		79,336
	2,558	PTC Therapeutics Inc.*		101,041
	1,002	Rallybio Corp.*		5,331
	1,172	RAPT Therapeutics Inc.*		22,385
	5,037	Recursion Pharmaceuticals Inc., Class A Shares*		43,822
	1,451	REGENXBIO Inc.*		25,683
	3,260	Relay Therapeutics Inc.*		33,317
	1,383	Replimune Group Inc.*		28,241
	3,627	REVOLUTION Medicines Inc.*		123,209
	1,836	Rhythm Pharmaceuticals Inc.*		47,754
	5,956	Rigel Pharmaceuticals Inc.*		6,790
	37,241	Rocket Pharmaceuticals Inc.*		582,822
	8,905	Roivant Sciences Ltd.*		103,031
	2,005	Sage Therapeutics Inc.*		40,100
	3,358	Sana Biotechnology Inc.*		17,965
	5,271	Sangamo Therapeutics Inc.*		5,109
	3,310	Sarepta Therapeutics Inc.*		400,543
	2,598	Savara Inc.*		9,405
	938	Scholar Rock Holding Corp.*		5,862
	4,968	Selecta Biosciences Inc.*		6,111
	3,866	Seres Therapeutics Inc.*		13,338
	2,081	SpringWorks Therapeutics Inc.*		58,643
	1,107	Stoke Therapeutics Inc.*		6,221
	3,907	Summit Therapeutics Inc.*		6,329
	1,648	Sutro Biopharma Inc.*		7,828
	2,331	Syndax Pharmaceuticals Inc.*		43,147
	1,743	Tango Therapeutics Inc.*		11,312
	1,223	Tenaya Therapeutics Inc.*		4,733
	5,159	TG Therapeutics Inc.*		54,015
	2,561	Travere Therapeutics Inc., Class Preferred Shares*		36,571
	2,119	Twist Bioscience Corp.*		46,597
	599	Tyra Biosciences Inc.*		9,123

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Biotechnology — 3.0% — (continued)
	2,439	Ultragenyx Pharmaceutical Inc.*	$	89,731
	1,669	United Therapeutics Corp.*		374,457
	647	UroGen Pharma Ltd.*		11,310
	2,203	Vanda Pharmaceuticals Inc.*		11,434
	10,439	Vaxcyte Inc.*		541,993
	2,720	Vaxxinity Inc., Class A Shares*		5,494
	1,189	Vera Therapeutics Inc., Class A Shares*		21,033
	2,741	Veracyte Inc.*		72,362
	1,815	Vericel Corp.*		59,586
	1,869	Verve Therapeutics Inc.*		24,054
	570	Vigil Neuroscience Inc.*		3,437
	3,475	Viking Therapeutics Inc.*		47,990
	3,014	Vir Biotechnology Inc.*		38,157
	1,634	Viridian Therapeutics Inc.*		29,690
	1,219	Vor BioPharma Inc.*		3,048
	1,127	Voyager Therapeutics Inc.*		11,293
	4,096	X4 Pharmaceuticals Inc.*		5,243
	2,183	Xencor Inc.*		47,982
	322	XOMA Corp.*		4,514
	1,519	Y-mAbs Therapeutics Inc.*		7,701
	1,727	Zentalis Pharmaceuticals Inc.*		45,869
	470	Zura Bio Ltd., Class A Shares*		3,234
	1,842	Zymeworks Inc.*		13,336

		Total Biotechnology		14,837,990


Health Care Equipment & Supplies — 4.8%
	85,905	Accuray Inc.*		244,829
	2,953	Alphatec Holdings Inc.*		48,282
	1,224	AngioDynamics Inc.*		9,829
	1,298	Artivion Inc.*		21,962
	12,356	AtriCure Inc.*		557,873
	48	Atrion Corp.		22,325
	13,214	Avanos Medical Inc.*		278,023
	1,826	AxoGen Inc.*		11,431
	1,745	Axonics Inc.*		99,989
	559	Becton Dickinson and Co.		156,213
	971	Beyond Air Inc.*		2,957
	5,328	Butterfly Network Inc.*(a)		9,431
	6,314	Cerus Corp.*		11,933
	869	ClearPoint Neuro Inc.*		5,049
	1,110	CONMED Corp.		123,721
	634	Cutera Inc.*		7,215
	406	CVRx Inc.*		7,044
	20,132	CytoSorbents Corp.*		51,941
	87,606	DENTSPLY SIRONA Inc.		3,249,307
	12,839	Edwards Lifesciences Corp.*		981,798
	2,187	Embecta Corp.		40,088
	1,953	Enovis Corp.*		109,446
	10,023	Envista Holdings Corp.*		320,936
	1,672	Glaukos Corp.*		125,634
	27,150	Globus Medical Inc., Class A Shares*		1,468,815
	27,774	Haemonetics Corp.*		2,492,161
	3,536	ICU Medical Inc.*		512,826
	1,864	Inari Medical Inc.*		124,180
	2,787	Inmode Ltd.*		108,944

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Health Care Equipment & Supplies — 4.8% — (continued)
	990	Inogen Inc.*	$	6,148
	5,948	Inspire Medical Systems Inc.*		1,349,482
	1,198	Integer Holdings Corp.*		102,201
	8,714	Integra LifeSciences Holdings Corp.*		370,694
	3,463	Intuitive Surgical Inc.*		1,082,811
	236	iRadimed Corp.		10,910
	1,149	iRhythm Technologies Inc.*		118,772
	1,545	KORU Medical Systems Inc.*		4,048
	13,196	Lantheus Holdings Inc.*		903,134
	674	LeMaitre Vascular Inc.		38,964
	2,030	LivaNova PLC*		112,767
	1,746	Masimo Corp.*		199,533
	16,646	Merit Medical Systems Inc.*		1,086,651
	1,596	Nano-X Imaging Ltd.*		13,287
	7,902	Neogen Corp.*		182,694
	1,335	Nevro Corp.*		26,753
	3,989	Novocure Ltd.*		87,997
	12,458	NuVasive Inc.*		495,205
	1,604	Omnicell Inc.*		91,203
	46,150	OraSure Technologies Inc.*		298,129
	1,144	Orthofix Medical Inc.*		24,207
	567	OrthoPediatrics Corp.*		21,671
	1,689	Outset Medical Inc.*		22,987
	1,646	Paragon 28 Inc.*		23,587
	1,336	Penumbra Inc.*		353,372
	1,291	PROCEPT BioRobotics Corp.*		44,036
	1,149	Pulmonx Corp.*		12,019
	989	Pulse Biosciences Inc.*		4,658
	6,007	QuidelOrtho Corp.*		494,737
	939	RxSight Inc.*		27,240
	143	Sanara Medtech Inc.*		5,171
	233	Semler Scientific Inc.*		6,142
	1,352	Shockwave Medical Inc.*		297,967
	1,218	SI-BONE Inc.*		27,868
	981	Sight Sciences Inc.*		6,435
	1,454	Silk Road Medical Inc.*		28,091
	67,359	Smith & Nephew PLC, ADR(a)		1,814,651
	1,737	STAAR Surgical Co.*		75,316
	496	Surmodics Inc.*		18,263
	906	Tactile Systems Technology Inc.*		17,169
	2,454	Tandem Diabetes Care Inc.*		67,141
	548	Tela Bio Inc.*		5,294
	1,426	Teleflex Inc.		303,367
	1,178	TransMedics Group Inc.*		77,312
	1,716	Treace Medical Concepts Inc.*		26,684
	247	UFP Technologies Inc.*		43,400
	120	Utah Medical Products Inc.		10,992
	15,419	Varex Imaging Corp.*		303,292
	2,847	Vicarious Surgical Inc., Class A Shares*		2,632
	9,954	Zimmer Biomet Holdings Inc.		1,185,720
	19,339	Zimvie Inc.*		228,200
	811	Zynex Inc.*		6,245

		Total Health Care Equipment & Supplies		23,371,431

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Health Care Providers & Services — 3.0%
	9,685	23andMe Holding Co., Class A Shares*	$	10,653
	36,440	Acadia Healthcare Co., Inc.*		2,809,524
	2,358	Accolade Inc.*		31,809
	2,800	AdaptHealth Corp., Class A Shares*		33,404
	584	Addus HomeCare Corp.*		51,217
	931	Agiliti Inc.*		8,984
	10,026	agilon health Inc.*		177,661
	782	AirSculpt Technologies Inc.*		6,006
	2,673	Alignment Healthcare Inc.*		15,610
	1,165	Amedisys Inc.*		109,219
	1,458	AMN Healthcare Services Inc.*		128,858
	1,632	Apollo Medical Holdings Inc.*		61,787
	1,522	Aveanna Healthcare Holdings Inc.*		2,192
	6,282	Brookdale Senior Living Inc.*		26,698
	7,037	Cano Health Inc.*		2,176
	2,788	CareMax Inc.*		6,217
	919	Castle Biosciences Inc.*		18,316
	2,267	Chemed Corp.		1,159,434
	5,286	Community Health Systems Inc.*		17,867
	305	CorVel Corp.*		66,017
	1,387	Cross Country Healthcare Inc.*		35,729
	2,023	DaVita Inc.*		207,196
	2,822	DocGo Inc.*		25,257
	13,364	Encompass Health Corp.		949,378
	7,539	Enhabit Inc.*		96,575
	1,967	Ensign Group Inc. (The)		197,133
	726	Fulgent Genetics Inc.*		23,784
	4,002	Guardant Health Inc.*		156,398
	13,187	HealthEquity Inc.*		890,782
	4,820	Henry Schein Inc.*		368,923
	4,666	Hims & Hers Health Inc.*		31,309
	589	InfuSystem Holdings Inc.*		6,055
	722	Innovage Holding Corp.*		3,956
	8,433	Invitae Corp.*(a)		7,793
	633	Joint Corp. (The)*		5,880
	3,803	LifeStance Health Group Inc.*		31,223
	449	ModivCare Inc.*		14,413
	2,817	Molina Healthcare Inc.*		873,608
	440	National HealthCare Corp.		29,018
	496	National Research Corp.		20,733
	4,862	NeoGenomics Inc.*		73,076
	13,691	OPKO Health Inc.*		25,054
	43,516	Option Care Health Inc.*		1,515,662
	2,753	Owens & Minor Inc.*		46,526
	1,319	P3 Health Partners Inc.*		2,612
	20,205	Patterson Cos., Inc.		606,958
	16,843	Pediatrix Medical Group Inc.*		237,992
	916	Pennant Group Inc. (The)*		10,974
	21,771	PetIQ Inc., Class A Shares*		415,391
	4,261	Premier Inc., Class A Shares		91,739
	2,426	Privia Health Group Inc.*		63,682
	2,882	Progyny Inc.*		107,614
	1,232	Quipt Home Medical Corp.*		7,281
	5,757	R1 RCM Inc.*		99,251

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Health Care Providers & Services — 3.0% — (continued)
	1,775	RadNet Inc.*	$	59,303
	3,798	Select Medical Holdings Corp.		110,940
	2,424	Surgery Partners Inc.*		87,894
	3,683	Tenet Healthcare Corp.*		285,653
	16,144	Universal Health Services Inc., Class B Shares		2,174,597
	502	US Physical Therapy Inc.		50,617
	1,122	Viemed Healthcare Inc.*		8,875

		Total Health Care Providers & Services		14,800,483


Health Care Technology — 0.7%
	8,519	American Well Corp., Class A Shares*		12,097
	4,518	Certara Inc.*		73,011
	536	Computer Programs & Systems Inc.*		8,721
	1,391	Definitive Healthcare Corp., Class A Shares*		13,075
	4,043	Doximity Inc., Class A Shares*		96,385
	3,978	Evolent Health Inc., Class A Shares*		101,479
	2,001	Health Catalyst Inc.*		23,392
	873	HealthStream Inc.		18,359
	12,302	Multiplan Corp.*		21,036
	2,138	NextGen Healthcare Inc.*		38,933
	765	OptimizeRx Corp.*		6,518
	1,878	Phreesia Inc.*		53,467
	1,959	Schrodinger Inc.*		72,267
	10,385	Sharecare Inc.*		9,841
	547	Simulations Plus Inc.		24,336
	6,082	Teladoc Health Inc.*		137,696
	9,967	Veeva Systems Inc., Class A Shares*		2,080,113
	56,731	Veradigm Inc.*		759,061

		Total Health Care Technology		3,549,787


Life Sciences Tools & Services — 2.1%
	3,379	10X Genomics Inc., Class A Shares*		175,201
	3,898	Adaptive Biotechnologies Corp.*		26,389
	767	Akoya Biosciences Inc.*		3,988
	6,355	Azenta Inc.*		358,613
	1,206	BioLife Solutions Inc.*		15,931
	2,398	Bio-Rad Laboratories Inc., Class A Shares*		959,680
	33,626	Bio-Techne Corp.		2,636,278
	3,875	Bruker Corp.		254,200
	7,408	Charles River Laboratories International Inc.*		1,532,123
	2,245	Codexis Inc.*		3,906
	1,543	CryoPort Inc.*		21,756
	4,353	Cytek Biosciences Inc.*		33,083
	1,350	Harvard Bioscience Inc.*		5,954
	7,992	Illumina Inc.*		1,320,438
	3,971	Maravai LifeSciences Holdings Inc., Class A Shares*		41,060
	3,229	MaxCyte Inc.*		11,818
	870	Medpace Holdings Inc.*		235,135
	188	Mesa Laboratories Inc.		26,952
	1,925	NanoString Technologies Inc.*		4,928
	1,289	Nautilus Biotechnology Inc., Class A Shares*		4,164
	3,033	OmniAb Inc.*		17,591
	234	OmniAb Inc., Class CR3 Shares (Cost — $0, acquired 11/3/22)*(b)(c)(d)		—
	234	OmniAb Inc., Class CR4 Shares (Cost — $0, acquired 11/3/22)*(b)(c)(d)		—
	9,044	Pacific Biosciences of California Inc.*		102,016

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Life Sciences Tools & Services — 2.1% — (continued)
	8,333	QIAGEN NV*	$	379,068
	1,361	Quanterix Corp.*		36,475
	4,548	Quantum-Si Inc.*		10,642
	8,449	Repligen Corp.*		1,469,366
	1,843	Seer Inc., Class A Shares*		4,847
	4,744	SomaLogic Inc.*		10,484
	3,591	Sotera Health Co.*		57,959
	83,055	Standard BioTools Inc.*(c)		249,165
	3,889	Syneos Health Inc., Class A Shares*		166,177
	1,142	Waters Corp.*		320,674

		Total Life Sciences Tools & Services		10,496,061


Pharmaceuticals — 1.2%
	2,445	Aclaris Therapeutics Inc.*		18,289
	60,753	Amneal Pharmaceuticals Inc.*		248,480
	1,437	Amphastar Pharmaceuticals Inc.*		76,606
	1,899	Amylyx Pharmaceuticals Inc.*		40,942
	432	ANI Pharmaceuticals Inc.*		27,817
	1,849	Arvinas Inc.*		52,160
	3,800	Assertio Holdings Inc.*		12,464
	3,220	Atea Pharmaceuticals Inc.*		10,819
	1,217	Axsome Therapeutics Inc.*		98,334
	813	Biote Corp., Class A Shares*		4,016
	1,882	Cara Therapeutics Inc.*		4,837
	1,467	Cassava Sciences Inc.*(a)		30,763
	17,474	Catalent Inc.*		873,176
	1,004	CinCor Pharma Inc.*(b)		3,092
	4,809	Citius Pharmaceuticals Inc.*		4,387
	1,236	Collegium Pharmaceutical Inc.*		28,947
	2,878	Corcept Therapeutics Inc.*		94,197
	1,546	CorMedix Inc.*		6,292
	3,543	Cymabay Therapeutics Inc.*		48,716
	1,704	Edgewise Therapeutics Inc.*		10,650
	18,185	Elanco Animal Health Inc.*		221,857
	826	Enliven Therapeutics Inc.*		12,902
	1,328	Evolus Inc.*		13,134
	826	EyePoint Pharmaceuticals Inc.*		8,186
	1,175	Harmony Biosciences Holdings Inc.*		42,594
	955	Harrow Health Inc.*		14,487
	903	Ikena Oncology Inc.*		4,190
	51,194	Innoviva Inc.*		652,724
	3,445	Intra-Cellular Therapies Inc.*		191,266
	2,248	Jazz Pharmaceuticals PLC*		322,273
	612	Ligand Pharmaceuticals Inc.*		40,251
	1,539	Liquidia Corp.*		10,573
	689	Longboard Pharmaceuticals Inc.*		3,989
	1,787	Marinus Pharmaceuticals Inc.*		12,706
	1,878	NGM Biopharmaceuticals Inc.*		3,549
	6,179	Nuvation Bio Inc.*		10,134
	2,651	Ocular Therapeutix Inc.*		10,021
	2,109	Omeros Corp.*		7,297
	4,731	Optinose Inc.*		5,630
	9,604	Organon & Co.		210,904
	1,718	Pacira BioSciences Inc.*		60,645
	4,928	Perrigo Co. PLC		172,480

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

HEALTH CARE — 14.8% — (continued)

Pharmaceuticals — 1.2% — (continued)
	1,080	Phathom Pharmaceuticals Inc.*	$	15,541
	789	Phibro Animal Health Corp., Class A Shares		11,007
	2,039	Pliant Therapeutics Inc.*		34,418
	12,127	Prestige Consumer Healthcare Inc.*		707,368
	1,053	Reata Pharmaceuticals Inc., Class A Shares*		177,957
	3,024	Revance Therapeutics Inc.*		53,313
	2,404	Scilex Holding Co.,(Cost - $24,493, acquired 1/9/23)*(c)(d)		6,899
	1,052	scPharmaceuticals Inc.*		8,079
	1,907	SIGA Technologies Inc.		8,753
	22,524	Supernus Pharmaceuticals Inc.*		717,164
	282	Taro Pharmaceutical Industries Ltd.*		11,173
	827	Tarsus Pharmaceuticals Inc.*		14,481
	1,513	Terns Pharmaceuticals Inc.*		7,974
	2,181	Theravance Biopharma Inc.*		20,763
	738	Theseus Pharmaceuticals Inc.*		2,317
	412	Third Harmonic Bio Inc.*		2,501
	2,218	Trevi Therapeutics Inc.*		4,902
	1,687	Ventyx Biosciences Inc.*		56,515
	1,000	Verrica Pharmaceuticals Inc.*		4,550
	1,969	WaVe Life Sciences Ltd.*		8,565
	4,439	Xeris Biopharma Holdings Inc.*		10,077
	1,116	Zevra Therapeutics Inc.*		5,658

		Total Pharmaceuticals		5,616,751


Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@
	2,089	Novartis AG*(b)(c)		815

		TOTAL HEALTH CARE		72,673,318


INDUSTRIALS — 19.6%

Aerospace & Defense — 1.9%
	1,231	AAR Corp.*		75,830
	949	Aerovironment Inc.*		92,081
	775	AerSale Corp.*		11,478
	5,490	Archer Aviation Inc., Class A Shares*		38,265
	1,028	Astronics Corp.*		18,021
	2,568	Axon Enterprise Inc.*		546,753
	3,382	BWX Technologies Inc.		249,456
	633	Cadre Holdings Inc.		16,724
	1,391	Curtiss-Wright Corp.		289,314
	393	Ducommun Inc.*		17,870
	611	Eve Holding Inc.*		4,509
	15,844	HEICO Corp., Class A Shares		2,145,753
	17,573	Hexcel Corp.		1,288,101
	1,428	Huntington Ingalls Industries Inc.		314,617
	1,078	Kaman Corp.		24,180
	4,791	Kratos Defense & Security Solutions Inc.*		77,087
	1,821	Leonardo DRS Inc.*		31,176
	16,324	Mercury Systems Inc.*		640,717
	1,058	Moog Inc., Class A Shares		122,897
	183	National Presto Industries Inc.		13,698
	809	Park Aerospace Corp.		11,027
	1,511	Parsons Corp.*		86,157
	9,941	Rocket Lab USA Inc.*		62,728
	3,811	Spirit AeroSystems Holdings Inc., Class A Shares		81,250
	4,234	Terran Orbital Corp.*		5,165

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Aerospace & Defense — 1.9% — (continued)
	7,425	Textron Inc.	$	576,997
	2,464	TransDigm Group Inc.*		2,227,086
	2,488	Triumph Group Inc.*		23,412
	407	V2X Inc.*		20,476
	9,464	Virgin Galactic Holdings Inc.*(a)		23,849
	2,189	Woodward Inc.		283,191

		Total Aerospace & Defense		9,419,865


Air Freight & Logistics — 0.2%
	1,909	Air Transport Services Group Inc.*		41,158
	968	Forward Air Corp.		68,554
	9,756	GXO Logistics Inc.*		624,091
	1,200	Hub Group Inc., Class A Shares*		93,648
	1,467	Radiant Logistics Inc.*		9,902

		Total Air Freight & Logistics		837,353


Building Products — 2.1%
	17,602	AAON Inc.		1,109,982
	2,289	Advanced Drainage Systems Inc.		293,358
	3,240	Allegion PLC		368,744
	578	American Woodmark Corp.*		44,893
	4,466	AO Smith Corp.		323,785
	824	Apogee Enterprises Inc.		41,579
	1,611	Armstrong World Industries Inc.		123,386
	52,669	AZEK Co., Inc. (The), Class A Shares*		1,791,273
	9,734	AZZ Inc.		477,939
	4,693	Builders FirstSource Inc.*		680,673
	4,945	Carlisle Cos., Inc.		1,300,634
	556	CSW Industrials Inc.		99,874
	4,602	Fortune Brands Innovations Inc.		317,630
	1,167	Gibraltar Industries Inc.*		87,560
	1,552	Griffon Corp.		64,982
	4,684	Hayward Holdings Inc.*		69,323
	588	Insteel Industries Inc.		20,433
	2,870	Janus International Group Inc.*		32,862
	3,154	JELD-WEN Holding Inc.*		47,562
	1,180	Lennox International Inc.		444,636
	790	Masonite International Corp.*		81,141
	4,986	Masterbrand Inc.*		63,871
	3,281	Owens Corning		472,169
	2,141	PGT Innovations Inc.*		60,355
	1,220	Quanex Building Products Corp.		32,916
	61,292	Resideo Technologies Inc.*		1,033,383
	1,563	Simpson Manufacturing Co., Inc.		249,705
	4,024	Trex Co., Inc.*		287,193
	2,183	UFP Industries Inc.		227,796
	5,288	Zurn Elkay Water Solutions Corp.		156,631

		Total Building Products		10,406,268


Commercial Services & Supplies — 1.8%
	2,482	ABM Industries Inc.		112,732
	3,556	ACCO Brands Corp.		18,954
	4,618	ACV Auctions Inc., Class A Shares*		77,629
	933	Aris Water Solutions Inc., Class A Shares		9,554
	1,204	BrightView Holdings Inc.*		9,969

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Commercial Services & Supplies — 1.8% — (continued)
	1,672	Brink’s Co. (The)	$	126,754
	16,146	Casella Waste Systems Inc., Class A Shares*		1,271,820
	1,052	CECO Environmental Corp.*		14,497
	692	Cimpress PLC*		44,710
	5,888	Clean Harbors Inc.*		997,074
	4,350	CoreCivic Inc.*		46,806
	1,668	Deluxe Corp.		33,727
	2,333	Driven Brands Holdings Inc.*		35,112
	1,039	Ennis Inc.		22,131
	96,445	Enviri Corp.*		718,515
	4,530	GEO Group Inc. (The)*		32,797
	2,707	Healthcare Services Group Inc.		31,266
	534	Heritage-Crystal Clean Inc.*		24,083
	1,728	HNI Corp.		56,609
	2,175	Interface Inc., Class A Shares		22,468
	1,055	LanzaTech Global Inc.*		6,984
	4,501	Li-Cycle Holdings Corp.*		19,984
	937	Liquidity Services Inc.*		17,100
	18,187	Matthews International Corp., Class A Shares		767,128
	2,875	MillerKnoll Inc.		54,913
	998	Montrose Environmental Group Inc.*		38,363
	1,369	MSA Safety Inc.		250,089
	157	NL Industries Inc.		812
	45,756	OPENLANE Inc.*		714,251
	2,219	Performant Financial Corp.*		5,215
	4,876	Pitney Bowes Inc.		16,042
	1,655	Quad/Graphics Inc.*		8,457
	761	SP Plus Corp.*		29,808
	2,877	Steelcase Inc., Class A Shares		26,094
	16,891	Stericycle Inc.*		746,751
	1,938	Tetra Tech Inc.		304,944
	550	UniFirst Corp.		96,872
	677	Viad Corp.*		19,220
	375	VSE Corp.		21,281
	13,054	Waste Connections Inc.		1,788,268

		Total Commercial Services & Supplies		8,639,783


Construction & Engineering — 1.6%
	4,793	AECOM		420,586
	1,214	Ameresco Inc., Class A Shares*		52,797
	7,564	API Group Corp.*		212,927
	7,817	Arcosa Inc.		611,446
	520	Argan Inc.		22,090
	363	Bowman Consulting Group Ltd., Class A Shares*		10,719
	1,302	Comfort Systems USA Inc.		240,310
	1,176	Concrete Pumping Holdings Inc.*		8,973
	1,429	Construction Partners Inc., Class A Shares*		49,658
	9,334	Dycom Industries Inc.*		932,747
	1,734	EMCOR Group Inc.		388,849
	871	Eneti Inc.		9,442
	5,177	Fluor Corp.*		181,143
	1,542	Granite Construction Inc.		63,669
	2,542	Great Lakes Dredge & Dock Corp.*		22,446
	303	IES Holdings Inc.*		22,719
	339	Limbach Holdings Inc.*		12,248

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Construction & Engineering — 1.6% — (continued)
	2,300	MasTec Inc.*	$	228,827
	7,397	MDU Resources Group Inc.		150,603
	586	MYR Group Inc.*		83,253
	394	Northwest Pipe Co.*		13,037
	2,009	Primoris Services Corp.		71,058
	1,076	Sterling Infrastructure Inc.*		89,050
	1,364	Tutor Perini Corp.*		12,126
	1,680	Valmont Industries Inc.		425,880
	89,465	WillScot Mobile Mini Holdings Corp.*		3,669,854

		Total Construction & Engineering		8,006,457


Electrical Equipment — 1.2%
	1,174	Acuity Brands Inc.		189,343
	459	Allient Inc.		15,620
	5,511	Array Technologies Inc.*		137,059
	1,442	Atkore Inc.*		222,025
	97,546	Babcock & Wilcox Enterprises Inc.*		512,116
	1,578	Blink Charging Co.*(a)		6,217
	26,520	Bloom Energy Corp., Class A Shares*		397,535
	10,388	ChargePoint Holdings Inc.*(a)		74,378
	601	Encore Wire Corp.		99,051
	2,690	Energy Vault Holdings Inc.*		8,581
	1,506	EnerSys		158,100
	4,936	Enovix Corp.*(a)		68,018
	3,733	Eos Energy Enterprises Inc.*		12,132
	3,957	ESS Tech Inc.*		5,658
	1,499	Fluence Energy Inc., Class A Shares*		39,499
	1,932	FTC Solar Inc.*		3,632
	14,079	FuelCell Energy Inc.*		19,711
	2,259	Generac Holdings Inc.*		268,392
	6,858	GrafTech International Ltd.		24,277
	1,976	Hubbell Inc., Class B Shares		644,275
	931	LSI Industries Inc.		14,663
	1,571	NEXTracker Inc., Class A Shares*		66,171
	1,761	NuScale Power Corp.*(a)		10,513
	6,089	nVent Electric PLC		344,272
	18,918	Plug Power Inc.*(a)		160,046
	332	Powell Industries Inc.		27,878
	90	Preformed Line Products Co.		15,254
	2,439	Regal Rexnord Corp.		395,581
	24,221	Sensata Technologies Holding PLC		911,194
	4,042	SES AI Corp.*		8,529
	6,190	Shoals Technologies Group Inc., Class A Shares*		121,819
	2,117	SKYX Platforms Corp.*		3,705
	5,478	Stem Inc.*(a)		27,883
	3,093	SunPower Corp., Class A Shares*(a)		22,146
	7,637	Sunrun Inc.*		119,366
	1,189	Thermon Group Holdings Inc.*		32,674
	1,329	TPI Composites Inc.*		6,711
	12,689	Vertiv Holdings Co., Class A Shares		499,820
	778	Vicor Corp.*		52,725

		Total Electrical Equipment		5,746,569

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Ground Transportation — 1.4%
	860	ArcBest Corp.	$	90,807
	771	Avis Budget Group Inc.*		164,524
	318	Covenant Logistics Group Inc., Class A Shares		15,636
	1,348	Daseke Inc.*		7,144
	3,332	FTAI Infrastructure Inc.		11,595
	1,639	Heartland Express Inc.		24,733
	4,870	Hertz Global Holdings Inc.*		82,546
	15,949	Knight-Swift Transportation Holdings Inc., Class A Shares		874,324
	1,356	Landstar System Inc.		257,382
	11,108	Lyft Inc., Class A Shares*		130,852
	2,249	Marten Transport Ltd.		47,229
	4,927	Old Dominion Freight Line Inc.		2,105,652
	234	PAM Transportation Services Inc.*		5,396
	4,405	RXO Inc.*		79,642
	1,669	Ryder System Inc.		168,068
	4,103	Saia Inc.*		1,748,699
	2,149	Schneider National Inc., Class B Shares		62,128
	6,050	TuSimple Holdings Inc., Class A Shares*		7,562
	280	U-Haul Holding Co.		15,952
	3,023	U-Haul Holding Co., Class B Shares		160,945
	346	Universal Logistics Holdings Inc.		9,384
	11,755	Werner Enterprises Inc.		489,126
	4,151	XPO Inc.*		309,789

		Total Ground Transportation		6,869,115


Industrial Conglomerates — 0.8%
	34,651	3M Co.		3,696,222
	1,087	Brookfield Business Corp., Class A Shares		19,197

		Total Industrial Conglomerates		3,715,419


Machinery — 3.6%
	2,030	374Water Inc.*		3,045
	4,809	3D Systems Corp.*		30,345
	2,333	AGCO Corp.		302,193
	384	Alamo Group Inc.		65,914
	9,979	Albany International Corp., Class A Shares		925,253
	3,378	Allison Transmission Holdings Inc.		204,200
	862	Astec Industries Inc.		47,255
	18,193	Barnes Group Inc.		714,985
	679	Blue Bird Corp.*		14,836
	1,552	Chart Industries Inc.*		280,260
	723	CIRCOR International Inc.*		40,264
	1,031	Columbus McKinnon Corp.		38,838
	1,187	Commercial Vehicle Group Inc.*		10,932
	1,785	Crane Co.		162,649
	8,660	Desktop Metal Inc., Class A Shares*		15,588
	4,471	Donaldson Co., Inc.		285,563
	929	Douglas Dynamics Inc.		28,121
	2,126	Energy Recovery Inc.*		57,785
	16,425	Enerpac Tool Group Corp., Class A Shares		430,335
	746	EnPro Industries Inc.		101,747
	2,086	Esab Corp.		150,547
	922	ESCO Technologies Inc.		98,663
	2,214	Federal Signal Corp.		134,943
	15,393	Flowserve Corp.		609,101

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Machinery — 3.6% — (continued)
	1,691	Franklin Electric Co., Inc.	$	163,537
	4,461	Gates Industrial Corp. PLC*		54,781
	401	Gencor Industries Inc.*		5,726
	903	Gorman-Rupp Co. (The)		29,022
	9,448	Graco Inc.		745,825
	1,203	Greenbrier Cos., Inc. (The)		51,200
	1,229	Helios Technologies Inc.		71,135
	2,531	Hillenbrand Inc.		122,602
	6,019	Hillman Solutions Corp.*		54,472
	4,856	Hyliion Holdings Corp.*		5,924
	452	Hyster-Yale Materials Handling Inc.		20,643
	2,474	IDEX Corp.		560,114
	17,437	ITT Inc.		1,783,456
	1,148	John Bean Technologies Corp.		126,177
	413	Kadant Inc.		90,753
	2,852	Kennametal Inc.		75,492
	63,005	Knorr-Bremse AG, ADR		1,077,385
	7,003	Lincoln Electric Holdings Inc.		1,347,797
	3,716	Lindsay Corp.		461,156
	984	Luxfer Holdings PLC, ADR		11,838
	1,152	Manitowoc Co., Inc. (The)*		19,492
	42,391	Markforged Holding Corp.*		55,532
	407	Mayville Engineering Co., Inc.*		4,778
	3,622	Microvast Holdings Inc.*		8,077
	1,962	Middleby Corp. (The)*		285,648
	385	Miller Industries Inc.		15,400
	2,067	Mueller Industries Inc.		159,490
	121,804	Mueller Water Products Inc., Class A Shares		1,719,872
	21,152	Nikola Corp.*(a)		24,959
	2,101	Nordson Corp.		512,938
	108	Omega Flex Inc.		9,040
	2,402	Oshkosh Corp.		249,400
	333	Park-Ohio Holdings Corp.		6,230
	6,052	Pentair PLC		425,213
	996	Proto Labs Inc.*		29,382
	1,036	RBC Bearings Inc.*		238,839
	1,070	REV Group Inc.		14,531
	1,310	Shyft Group Inc. (The)		20,541
	1,926	Snap-on Inc.		517,324
	1,610	SPX Technologies Inc.*		127,222
	443	Standex International Corp.		68,058
	698	Tennant Co.		57,536
	2,438	Terex Corp.		147,767
	2,346	Timken Co. (The)		179,281
	1,948	Titan International Inc.*		24,525
	3,843	Toro Co. (The)		393,216
	2,865	Trinity Industries Inc.		71,826
	4,610	Twin Disc Inc.*		66,614
	2,325	Velo3D Inc.*(a)		3,673
	1,657	Wabash National Corp.		37,365
	1,005	Watts Water Technologies Inc., Class A Shares		189,714
	3,111	Westinghouse Air Brake Technologies Corp.		350,050

		Total Machinery		17,645,930

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Marine Transportation — 0.1%
	1,644	Costamare Inc.	$	16,950
	557	Eagle Bulk Shipping Inc.		24,374
	1,622	Genco Shipping & Trading Ltd.		22,173
	4,203	Golden Ocean Group Ltd.		30,724
	1,038	Himalaya Shipping Ltd.*		5,148
	2,188	Kirby Corp.*		181,232
	1,277	Matson Inc.		112,223
	1,099	Pangaea Logistics Solutions Ltd.		6,198
	2,124	Safe Bulkers Inc.		6,818

		Total Marine Transportation		405,840


Passenger Airlines — 0.2%
	4,581	Alaska Air Group Inc.*		192,265
	618	Allegiant Travel Co.		54,903
	24,074	American Airlines Group Inc.*		354,610
	2,589	Blade Air Mobility Inc.*		8,259
	1,205	Frontier Group Holdings Inc.*		7,567
	2,057	Hawaiian Holdings Inc.*		17,649
	12,249	JetBlue Airways Corp.*		72,514
	10,154	Joby Aviation Inc.*(a)		75,647
	1,769	SkyWest Inc.*		79,782
	3,837	Spirit Airlines Inc.		63,311
	1,269	Sun Country Airlines Holdings Inc.*		18,895

		Total Passenger Airlines		945,402


Professional Services — 3.1%
	14,695	Alight Inc., Class A Shares*		112,270
	11,832	ASGN Inc.*		972,117
	986	Asure Software Inc.*		12,364
	269	Barrett Business Services Inc.		25,738
	3,852	BlackSky Technology Inc.*		5,239
	4,810	Booz Allen Hamilton Holding Corp., Class A Shares		545,021
	826	CACI International Inc., Class A Shares*		270,936
	1,785	CBIZ Inc.*		100,156
	5,370	Ceridian HCM Holding Inc.*		389,432
	17,101	Clarivate PLC*		127,060
	1,614	Concentrix Corp.		128,846
	185,072	Conduent Inc.*		581,126
	256	CRA International Inc.		27,809
	1,208	CSG Systems International Inc.		65,607
	9,728	Dun & Bradstreet Holdings Inc.		106,035
	5,910	ExlService Holdings Inc.*		172,749
	1,869	Exponent Inc.		167,948
	2,109	First Advantage Corp.		29,421
	2,038	FiscalNote Holdings Inc.*		4,504
	386	Forrester Research Inc.*		11,823
	463	Franklin Covey Co.*		19,756
	7,807	FTI Consulting Inc.*		1,450,697
	6,555	Genpact Ltd.		244,698
	791	Heidrick & Struggles International Inc.		20,954
	213	HireQuest Inc.		4,051
	569	HireRight Holdings Corp.*		5,957
	13,496	Huron Consulting Group Inc.*		1,348,925
	464	IBEX Holdings Ltd.*		9,076
	660	ICF International Inc.		89,140

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Professional Services — 3.1% — (continued)
	935	Innodata Inc.*	$	12,155
	1,311	Insperity Inc.		132,844
	4,377	Jacobs Solutions Inc.		590,107
	42,135	KBR Inc.		2,592,145
	1,238	Kelly Services Inc., Class A Shares		22,891
	683	Kforce Inc.		42,790
	1,954	Korn Ferry		99,615
	3,898	Legalzoom.com Inc.*		44,476
	1,836	ManpowerGroup Inc.		144,805
	2,240	Maximus Inc.		181,037
	777	Mistras Group Inc.*		4,149
	511	NV5 Global Inc.*		52,010
	1,924	Paycor HCM Inc.*		45,156
	1,558	Paylocity Holding Corp.*		312,379
	7,469	Planet Labs PBC*		24,274
	1,137	Resources Connection Inc.		17,635
	3,878	Robert Half Inc.		286,817
	1,975	Science Applications International Corp.		232,379
	3,728	Skillsoft Corp.*		4,884
	778	Sterling Check Corp.*		10,845
	1,377	TriNet Group Inc.*		152,751
	1,029	TrueBlue Inc.*		15,569
	660	TTEC Holdings Inc.		19,642
	4,713	Upwork Inc.*		69,800
	3,513	Verisk Analytics Inc., Class A Shares		850,919
	5,156	Verra Mobility Corp., Class A Shares*		91,725
	374	Willdan Group Inc.*		9,028
	35,860	WNS Holdings Ltd., ADR*		2,343,451

		Total Professional Services		15,455,733


Trading Companies & Distributors — 1.6%
	34,205	AerCap Holdings NV*		2,104,292
	3,768	Air Lease Corp., Class A Shares		153,584
	713	Alta Equipment Group Inc.		10,146
	1,407	Applied Industrial Technologies Inc.		217,199
	1,956	Beacon Roofing Supply Inc.*		156,187
	316	BlueLinx Holdings Inc.*		28,206
	1,454	Boise Cascade Co.		159,024
	3,083	Core & Main Inc., Class A Shares*		101,246
	2,528	Custom Truck One Source Inc.*		16,963
	217	Distribution Solutions Group Inc.*		11,182
	477	DXP Enterprises Inc.*		16,967
	261	EVI Industries Inc.*		6,896
	29,820	Fastenal Co.		1,717,036
	3,647	FTAI Aviation Ltd.		134,793
	1,295	GATX Corp.		152,991
	459	Global Industrial Co.		15,532
	1,524	GMS Inc.*		105,674
	1,119	H&E Equipment Services Inc.		50,713
	1,020	Herc Holdings Inc.		132,743
	1,643	Hudson Technologies Inc.*		19,814
	144	Karat Packaging Inc.		3,586
	900	McGrath RentCorp		90,990
	2,806	MRC Global Inc.*		26,152
	1,654	MSC Industrial Direct Co., Inc., Class A Shares		168,807

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INDUSTRIALS — 19.6% — (continued)

Trading Companies & Distributors — 1.6% — (continued)
	4,179	NOW Inc.*	$	46,679
	2,226	Rush Enterprises Inc., Class A Shares		92,179
	432	Rush Enterprises Inc., Class B Shares		19,859
	6,549	SiteOne Landscape Supply Inc.*		1,121,123
	1,536	Textainer Group Holdings Ltd.		60,872
	751	Titan Machinery Inc.*		23,296
	281	Transcat Inc.*		28,651
	1,976	Triton International Ltd.		165,806
	461	Veritiv Corp.		77,600
	1,235	Watsco Inc.		450,219
	1,603	WESCO International Inc.		259,445
	135	Willis Lease Finance Corp.*		5,755
	1,261	Xometry Inc., Class A Shares*		24,022

		Total Trading Companies & Distributors		7,976,229

		TOTAL INDUSTRIALS		96,069,963


INFORMATION TECHNOLOGY — 15.2%

Communications Equipment — 1.6%
	2,885	ADTRAN Holdings Inc.		24,667
	274	Aviat Networks Inc.*		9,656
	21,045	CalAmp Corp.*		12,909
	18,416	Calix Inc.*		856,528
	368	Cambium Networks Corp.*		3,389
	38,879	Ciena Corp.*		1,943,172
	426	Clearfield Inc.*		14,974
	7,895	CommScope Holding Co., Inc.*		26,369
	1,241	Comtech Telecommunications Corp.		12,472
	1,322	Digi International Inc.*		44,128
	734	DZS Inc.*		1,703
	31,978	EMCORE Corp.*		19,187
	4,639	Extreme Networks Inc.*		127,341
	8,780	F5 Inc.*		1,436,935
	4,005	Harmonic Inc.*		42,773
	58,010	Infinera Corp.*		271,487
	11,849	Juniper Networks Inc.		345,043
	624	KVH Industries Inc.*		3,307
	2,456	Lumentum Holdings Inc.*		132,943
	997	NETGEAR Inc.*		13,141
	2,413	NetScout Systems Inc.*		69,084
	14,823	Radware Ltd.*		256,141
	219,302	Ribbon Communications Inc.*		649,134
	30,257	ViaSat Inc.*		839,329
	48,421	Viavi Solutions Inc.*		506,000

		Total Communications Equipment		7,661,812


Electronic Equipment, Instruments & Components — 2.8%
	742	908 Devices Inc.*		5,335
	10,840	Advanced Energy Industries Inc.		1,279,879
	3,973	Aeva Technologies Inc.*		3,745
	1,778	Akoustis Technologies Inc.*		2,685
	9,406	Amphenol Corp., Class A Shares		831,302
	3,094	Arlo Technologies Inc.*		30,228
	2,136	Arrow Electronics Inc.*		285,007
	3,433	Avnet Inc.		174,225
	1,080	Badger Meter Inc.		179,367

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Electronic Equipment, Instruments & Components — 2.8% — (continued)
	386	Bel Fuse Inc., Class B Shares	$	20,188
	13,682	Belden Inc.		1,284,740
	1,380	Benchmark Electronics Inc.		35,521
	138	Climb Global Solutions Inc.		5,935
	6,279	Cognex Corp.		295,615
	14,357	Coherent Corp.*		540,254
	1,818	Crane NXT Co.		107,917
	1,193	CTS Corp.		53,268
	1,404	Daktronics Inc.*		11,738
	966	ePlus Inc.*		64,123
	4,084	Evolv Technologies Holdings Inc.*		28,547
	5,655	Fabrinet*		909,154
	684	FARO Technologies Inc.*		10,848
	61,876	Innoviz Technologies Ltd.*(a)		141,696
	1,046	Insight Enterprises Inc.*		167,454
	4,381	IPG Photonics Corp.*		474,725
	1,379	Iteris Inc.*		6,330
	24,588	Itron Inc.*		1,682,065
	4,753	Jabil Inc.		543,838
	906	Kimball Electronics Inc.*		27,352
	37,380	Knowles Corp.*		599,201
	3,888	Lightwave Logic Inc.*		24,533
	891	Littelfuse Inc.		237,968
	1,133	Luna Innovations Inc.*		7,806
	1,205	Methode Electronics Inc.		38,861
	5,919	MicroVision Inc.*(a)		14,916
	7,172	Mirion Technologies Inc., Class A Shares*		61,249
	1,354	Napco Security Technologies Inc.		33,552
	4,815	National Instruments Corp.		286,974
	16,465	nLight Inc.*		187,866
	1,307	Novanta Inc.*		218,243
	5,440	OSI Systems Inc.*		741,744
	898	PAR Technology Corp.*		39,045
	429	PC Connection Inc.		22,789
	995	Plexus Corp.*		101,042
	409	Richardson Electronics Ltd.		5,149
	2,030	Rogers Corp.*		293,355
	2,105	Sanmina Corp.*		117,249
	977	ScanSource Inc.*		32,026
	7,000	SmartRent Inc., Class A Shares*		23,800
	1,522	TD SYNNEX Corp.		154,864
	2,459	Teledyne Technologies Inc.*		1,028,600
	3,557	TTM Technologies Inc.*		52,999
	4,787	Vishay Intertechnology Inc.		131,355
	436	Vishay Precision Group Inc.*		15,705
	5,656	Vontier Corp.		177,655
	2,174	Vuzix Corp.*		8,696

		Total Electronic Equipment, Instruments & Components		13,860,323


IT Services — 1.0%
	4,373	Amdocs Ltd.		390,072
	2,144	BigCommerce Holdings Inc.*		22,726
	1,407	Brightcove Inc.*		5,417
	2,293	DigitalOcean Holdings Inc.*		62,026
	8,534	DXC Technology Co.*		176,995

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

IT Services — 1.0% — (continued)
	15,285	Endava PLC, ADR*	$	747,436
	4,444	Fastly Inc., Class A Shares*		105,723
	2,847	Gartner Inc.*		995,539
	1,500	Globant SA*		306,705
	2,238	Grid Dynamics Holdings Inc.*		26,028
	959	Hackett Group Inc. (The)		22,604
	1,768	Information Services Group Inc.		9,194
	73,892	Kyndryl Holdings Inc.*		1,247,297
	1,233	Perficient Inc.*		78,653
	1,997	Rackspace Technology Inc.*		4,992
	1,592	Squarespace Inc., Class A Shares*		47,999
	3,012	Thoughtworks Holding Inc.*		14,970
	342	Tucows Inc., Class A Shares*		8,088
	75,145	Unisys Corp.*		302,834
	4,955	Wix.com Ltd.*		489,405

		Total IT Services		5,064,703


Semiconductors & Semiconductor Equipment — 2.8%
	1,895	ACM Research Inc., Class A Shares*		33,276
	940	Aehr Test Systems*		47,949
	2,433	Allegro MicroSystems Inc.*		93,062
	906	Alpha & Omega Semiconductor Ltd.*		28,584
	1,333	Ambarella Inc.*		82,846
	3,709	Amkor Technology Inc.		103,704
	785	Atomera Inc.*		4,993
	1,200	Axcelis Technologies Inc.*		230,580
	3,570	Camtek Ltd.*		215,271
	11,299	CEVA Inc.*		262,363
	2,013	Cirrus Logic Inc.*		165,147
	1,728	Cohu Inc.*		64,610
	3,764	Credo Technology Group Holding Ltd.*		61,955
	1,635	Diodes Inc.*		133,825
	6,478	Entegris Inc.		656,027
	2,768	FormFactor Inc.*		97,766
	1,104	Ichor Holdings Ltd.*		40,440
	7,550	Impinj Inc.*		502,603
	4,928	indie Semiconductor Inc., Class A Shares*		33,018
	405	inTEST Corp.*		7,096
	13,674	Kulicke & Soffa Industries Inc.		707,356
	4,993	Lattice Semiconductor Corp.*		485,619
	38,766	MACOM Technology Solutions Holdings Inc.*		3,278,053
	916	Maxeon Solar Technologies Ltd.*		14,436
	2,761	MaxLinear Inc., Class A Shares*		64,883
	2,408	MKS Instruments Inc.		241,354
	3,652	Navitas Semiconductor Corp., Class A Shares*		32,247
	165	NVE Corp.		14,594
	1,766	Onto Innovation Inc.*		245,439
	1,170	PDF Solutions Inc.*		42,518
	2,243	Photronics Inc.*		53,294
	2,085	Power Integrations Inc.		175,182
	3,659	Qorvo Inc.*		392,940
	31,524	Rambus Inc.*		1,780,160
	8,879	Semtech Corp.*		232,186
	1,161	Silicon Laboratories Inc.*		156,572
	633	SiTime Corp.*		83,993

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Semiconductors & Semiconductor Equipment — 2.8% — (continued)
	316	SkyWater Technology Inc.*(a)	$	2,117
	1,688	SMART Global Holdings Inc.*		43,601
	1,421	Synaptics Inc.*		124,394
	1,545	Transphorm Inc.*		4,218
	1,554	Ultra Clean Holdings Inc.*		54,639
	7,122	Universal Display Corp.		1,157,752
	47,675	Veeco Instruments Inc.*		1,391,633
	4,521	Wolfspeed Inc.*		216,194

		Total Semiconductors & Semiconductor Equipment		13,860,489


Software — 6.4%
	4,737	8x8 Inc.*		15,395
	2,712	A10 Networks Inc.		40,382
	27,481	ACI Worldwide Inc.*		667,239
	48,167	Adeia Inc.		484,560
	712	Agilysys Inc.*		50,228
	1,707	Alarm.com Holdings Inc.*		99,979
	1,289	Alkami Technology Inc.*		22,454
	1,957	Altair Engineering Inc., Class A Shares*		130,101
	2,285	Alteryx Inc., Class A Shares*		67,453
	997	American Software Inc., Class A Shares		11,495
	2,380	Amplitude Inc., Class A Shares*		27,798
	5,362	ANSYS Inc.*		1,709,781
	6,665	Appfolio Inc., Class A Shares*		1,284,812
	1,532	Appian Corp., Class A Shares*		74,608
	2,207	Applied Digital Corp.*		13,330
	8,285	AppLovin Corp., Class A Shares*		358,078
	2,923	Asana Inc., Class A Shares*		62,815
	3,297	Aspen Technology Inc.*		639,618
	3,166	Atlassian Corp., Class A Shares*		646,054
	10,727	Aurora Innovation Inc., Class A Shares*		34,005
	5,466	AvePoint Inc.*		37,934
	7,036	Bentley Systems Inc., Class B Shares		351,167
	3,781	BILL Holdings Inc.*		435,949
	2,552	Bit Digital Inc.*(a)		5,997
	5,699	Black Knight Inc.*		431,756
	1,578	Blackbaud Inc.*		120,102
	12,736	BlackLine Inc.*		764,924
	69,635	Box Inc., Class A Shares*		1,843,935
	1,244	Braze Inc., Class A Shares*		57,547
	2,233	C3.ai Inc., Class A Shares*(a)		69,268
	7,290	CCC Intelligent Solutions Holdings Inc.*		78,003
	1,428	Cerence Inc.*		37,271
	2,279	Cipher Mining Inc.*(a)		7,270
	3,270	Cleanspark Inc.*		16,121
	3,000	Clear Secure Inc., Class A Shares		65,220
	70,666	Cognyte Software Ltd.*		338,490
	1,640	CommVault Systems Inc.*		112,028
	6,749	Confluent Inc., Class A Shares*		223,324
	750	Consensus Cloud Solutions Inc.*		23,948
	231	CoreCard Corp.*		4,906
	1,382	Couchbase Inc.*		23,632
	5,757	Crowdstrike Holdings Inc., Class A Shares*		938,564
	934	CS Disco Inc.*		8,873
	448	Digimarc Corp.*		14,668

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Software — 6.4% — (continued)
	3,618	Digital Turbine Inc.*	$	32,236
	2,203	Dolby Laboratories Inc., Class A Shares		186,087
	1,305	Domo Inc., Class B Shares*		13,911
	4,564	DoubleVerify Holdings Inc.*		154,309
	9,541	Dropbox Inc., Class A Shares*		265,144
	21,284	Dynatrace Inc.*		1,025,889
	6,951	E2open Parent Holdings Inc.*		33,573
	883	Ebix Inc.		14,746
	816	eGain Corp.*		5,435
	2,829	Elastic NV*		175,059
	1,186	Enfusion Inc., Class A Shares*		10,128
	1,678	EngageSmart Inc.*		29,717
	1,579	Envestnet Inc.*		86,261
	1,579	Everbridge Inc.*		39,175
	757	EverCommerce Inc.*		8,002
	1,861	Expensify Inc., Class A Shares*		7,984
	2,653	Five9 Inc.*		191,998
	5,818	Freshworks Inc., Class A Shares*		127,240
	20,497	Gen Digital Inc.		415,064
	1,777	Gitlab Inc., Class A Shares*		84,177
	22,474	Guidewire Software Inc.*		1,942,428
	3,369	HashiCorp Inc., Class A Shares*		98,240
	1,601	Informatica Inc., Class A Shares*		33,541
	622	Instructure Holdings Inc.*		16,116
	520	Intapp Inc.*		19,037
	983	InterDigital Inc.		85,236
	2,598	Jamf Holding Corp.*		43,802
	3,036	Kaltura Inc.*		5,738
	2,814	LivePerson Inc.*		11,819
	2,243	LiveRamp Holdings Inc.*		72,539
	1,882	LiveVox Holdings Inc.*		6,060
	2,284	Manhattan Associates Inc.*		462,784
	6,073	Marathon Digital Holdings Inc.*(a)		76,338
	9,476	Matterport Inc.*		25,396
	971	MeridianLink Inc.*		17,196
	400	MicroStrategy Inc., Class A Shares*		143,012
	1,693	Mitek Systems Inc.*		18,911
	1,391	Model N Inc.*		37,557
	2,451	N-able Inc.*		32,770
	2,641	nCino Inc.*		86,810
	24,564	NCR Corp.*		755,589
	12,697	New Relic Inc.*		1,080,642
	2,530	NextNav Inc.*		10,930
	8,456	Nutanix Inc., Class A Shares*		262,982
	3,960	Olo Inc., Class A Shares*		25,542
	1,099	ON24 Inc.		7,539
	24,379	OneSpan Inc.*		298,643
	3,225	PagerDuty Inc.*		83,076
	1,582	Pegasystems Inc.		78,562
	2,077	PowerSchool Holdings Inc., Class A Shares*		45,943
	2,864	Procore Technologies Inc.*		193,463
	1,582	Progress Software Corp.		96,249
	1,659	PROS Holdings Inc.*		59,492
	4,231	PTC Inc.*		622,676

See Notes to Financial Statements.



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 15.2% — (continued)

Software — 6.4% — (continued)
	2,162	Q2 Holdings Inc.*	$	74,394
	1,339	Qualys Inc.*		208,415
	2,230	Rapid7 Inc.*		112,370
	472	Red Violet Inc.*		9,704
	1,777	Rimini Street Inc.*		4,300
	3,093	RingCentral Inc., Class A Shares*		95,667
	5,926	Riot Platforms Inc.*		67,260
	29,140	Samsara Inc., Class A Shares*		797,270
	1,094	Sapiens International Corp. NV		32,700
	1,053	SEMrush Holdings Inc., Class A Shares*		9,951
	47,877	SentinelOne Inc., Class A Shares*		796,195
	36,929	Smartsheet Inc., Class A Shares*		1,541,047
	1,625	SolarWinds Corp.*		17,306
	4,933	SoundHound AI Inc., Class A Shares*(a)		12,431
	355	SoundThinking Inc.*		7,618
	3,140	Sprinklr Inc., Class A Shares*		47,508
	21,686	Sprout Social Inc., Class A Shares*		1,161,068
	1,340	SPS Commerce Inc.*		249,414
	18,269	Tenable Holdings Inc.*		828,865
	3,769	Teradata Corp.*		174,392
	1,840	Terawulf Inc.*		3,846
	1,188	Tyler Technologies Inc.*		473,335
	13,815	UiPath Inc., Class A Shares*		218,415
	14,287	Varonis Systems Inc., Class B Shares*		456,184
	20,350	Verint Systems Inc.*		659,137
	1,052	Veritone Inc.*		3,230
	490	Viant Technology Inc., Class A Shares*		3,072
	1,088	Weave Communications Inc.*		11,109
	5,506	Workiva Inc., Class A Shares*		615,846
	37,498	Xperi Inc.*		442,476
	4,069	Yext Inc.*		35,644
	4,856	Zeta Global Holdings Corp., Class A Shares*		39,479
	4,721	Zuora Inc., Class A Shares*		43,008

		Total Software		31,466,531


Technology Hardware, Storage & Peripherals — 0.6%
	1,175	Avid Technology Inc.*		31,325
	855	CompoSecure Inc.*		5,369
	1,437	Corsair Gaming Inc.*		22,590
	236	CPI Card Group Inc.*		4,878
	1,829	Eastman Kodak Co.*		8,176
	1,544	Immersion Corp.		10,839
	1,553	Intevac Inc.*		5,389
	5,803	IonQ Inc.*		99,753
	10,413	Pure Storage Inc., Class A Shares*		381,012
	306,548	Quantum Corp.*		190,060
	55,282	Stratasys Ltd.*		812,645
	3,821	Super Micro Computer Inc.*		1,051,081
	602	Turtle Beach Corp.*		6,544
	4,018	Xerox Holdings Corp.		63,846

		Total Technology Hardware, Storage & Peripherals		2,693,507

		TOTAL INFORMATION TECHNOLOGY		74,607,365

See Notes to Financial Statements.

100



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 5.1%

Chemicals — 1.7%
	900	AdvanSix Inc.	$	29,772
	1,145	American Vanguard Corp.		15,824
	1,858	Ashland Inc.		160,958
	2,013	Aspen Aerogels Inc.*		12,259
	25,998	Avient Corp.		1,042,780
	38,323	Axalta Coating Systems Ltd.*		1,084,541
	1,168	Balchem Corp.		164,104
	2,053	Cabot Corp.		148,760
	268	Chase Corp.		33,902
	5,421	Chemours Co. (The)		184,422
	310	Core Molding Technologies Inc.*		8,404
	3,418	Danimer Scientific Inc.*		6,665
	1,791	DuPont de Nemours Inc.		137,710
	13,021	Ecolab Inc.		2,393,390
	3,245	Ecovyst Inc.*		33,229
	8,272	Element Solutions Inc.		170,569
	1,005	FutureFuel Corp.		7,115
	55,459	Ginkgo Bioworks Holdings Inc.*(a)		129,774
	685	Hawkins Inc.		42,600
	1,966	HB Fuller Co.		142,594
	6,531	Huntsman Corp.		182,019
	1,334	Ingevity Corp.*		71,889
	943	Innospec Inc.		101,297
	517	Intrepid Potash Inc.*		13,871
	733	Koppers Holdings Inc.		28,066
	772	Kronos Worldwide Inc.		6,485
	6,508	Livent Corp.*		139,727
	1,941	LSB Industries Inc.*		19,643
	1,852	Mativ Holdings Inc.		30,373
	1,197	Minerals Technologies Inc.		73,137
	231	NewMarket Corp.		108,487
	4,695	Olin Corp.		272,404
	3,607	Origin Materials Inc.*		4,942
	2,044	Orion SA		46,235
	5,409	Perimeter Solutions SA*		31,967
	4,506	PureCycle Technologies Inc.*		40,239
	494	Quaker Chemical Corp.		87,675
	2,153	Rayonier Advanced Materials Inc.*		7,600
	4,689	RPM International Inc.		467,681
	1,533	Scotts Miracle-Gro Co. (The)		86,860
	1,533	Sensient Technologies Corp.		94,448
	806	Stepan Co.		70,340
	1,323	Trinseo PLC		13,931
	44,186	Tronox Holdings PLC		602,697
	115	Valhi Inc.		1,523

		Total Chemicals		8,552,908


Construction Materials — 0.7%
	1,319	Eagle Materials Inc.		249,713
	1,932	Knife River Corp.*		99,421
	21,831	Summit Materials Inc., Class A Shares*		816,698
	78	United States Lime & Minerals Inc.		16,893
	10,946	Vulcan Materials Co.		2,388,964

		Total Construction Materials		3,571,689

See Notes to Financial Statements.

101



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 5.1% — (continued)

Containers & Packaging — 1.6%
	14,822	AptarGroup Inc.	$	1,964,804
	765	Ardagh Group SA, Class A Shares*(b)(c)		4,173
	4,697	Ardagh Metal Packaging SA		16,862
	9,387	Avery Dennison Corp.		1,768,323
	4,498	Berry Global Group Inc.		293,899
	17,855	Crown Holdings Inc.		1,654,444
	11,349	Graphic Packaging Holding Co.		252,402
	932	Greif Inc., Class A Shares		67,654
	197	Greif Inc., Class B Shares		14,682
	1,358	Myers Industries Inc.		25,544
	5,641	O-I Glass Inc.*		112,030
	3,265	Packaging Corp. of America		486,812
	1,500	Pactiv Evergreen Inc.		12,330
	1,487	Ranpak Holdings Corp., Class A Shares*		9,413
	5,304	Sealed Air Corp.		196,566
	9,695	Silgan Holdings Inc.		437,535
	3,601	Sonoco Products Co.		206,878
	1,594	TriMas Corp.		41,763
	9,374	WestRock Co.		306,624

		Total Containers & Packaging		7,872,738


Metals & Mining — 1.0%
	1,518	5E Advanced Materials Inc.*		3,886
	57,979	Alamos Gold Inc., Class A Shares		744,450
	6,446	Alcoa Corp.		193,896
	472	Alpha Metallurgical Resources Inc.		95,740
	658	Arch Resources Inc.		85,935
	4,707	ATI Inc.*		213,368
	445	Caledonia Mining Corp. PLC		4,601
	1,713	Carpenter Technology Corp.		107,285
	2,063	Century Aluminum Co.*		15,349
	75,703	Cleveland-Cliffs Inc.*		1,157,499
	10,608	Coeur Mining Inc.*		25,565
	4,204	Commercial Metals Co.		236,643
	1,279	Compass Minerals International Inc.		38,562
	4,506	Constellium SE, Class A Shares*		81,108
	202	Contango ORE Inc.*		3,682
	2,810	Dakota Gold Corp.*		8,093
	429	Haynes International Inc.		20,940
	22,258	Hecla Mining Co.		97,713
	6,041	i-80 Gold Corp.*		11,961
	2,174	Ivanhoe Electric Inc.*		33,980
	602	Kaiser Aluminum Corp.		45,704
	772	Materion Corp.		83,986
	3,923	MP Materials Corp.*		82,148
	8,864	Novagold Resources Inc.*		36,520
	372	Olympic Steel Inc.		19,909
	1,578	Perpetua Resources Corp.*		5,223
	611	Piedmont Lithium Inc.*		27,348
	2,032	PolyMet Mining Corp.*		4,227
	945	Ramaco Resources Inc., Class A Shares		7,409
	189	Ramaco Resources Inc., Class B Shares		2,049
	2,174	Reliance Steel & Aluminum Co.		619,503
	2,402	Royal Gold Inc.		269,240
	823	Ryerson Holding Corp.		25,628

See Notes to Financial Statements.

102



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

MATERIALS — 5.1% — (continued)

Metals & Mining — 1.0% — (continued)
	932	Schnitzer Steel Industries Inc., Class A Shares	$	30,942
	7,730	SSR Mining Inc.		114,791
	2,994	SunCoke Energy Inc.		27,844
	1,617	TimkenSteel Corp.*		35,428
	1,116	Tredegar Corp.		5,614
	8,265	United States Steel Corp.		256,959
	1,838	Warrior Met Coal Inc.		72,711
	1,114	Worthington Industries Inc.		83,851

		Total Metals & Mining		5,037,290


Paper & Forest Products — 0.1%
	630	Clearwater Paper Corp.*		24,123
	1,591	Glatfelter Corp.*		3,182
	2,332	Louisiana-Pacific Corp.		145,703
	1,860	Resolute Forest Products Inc.*(b)		2,716
	1,350	Sylvamo Corp.		56,389

		Total Paper & Forest Products		232,113

		TOTAL MATERIALS		25,266,738


REAL ESTATE — 5.2%

Diversified REITs — 0.1%
	2,672	Alexander & Baldwin Inc.		48,123
	375	Alpine Income Property Trust Inc.		6,521
	1,805	American Assets Trust Inc.		38,645
	2,298	Armada Hoffler Properties Inc.		26,174
	6,827	Broadstone Net Lease Inc., Class A Shares		110,393
	723	CTO Realty Growth Inc.(a)		12,739
	4,561	Empire State Realty Trust Inc., Class A Shares		39,817
	5,394	Essential Properties Realty Trust Inc.		129,564
	1,504	Gladstone Commercial Corp.		19,778
	4,002	Global Net Lease Inc.		45,423
	943	NexPoint Diversified Real Estate Trust		8,921
	539	One Liberty Properties Inc.		10,591
	398	Star Holdings*		5,421

		Total Diversified REITs		502,110


Health Care REITs — 0.8%
	3,733	CareTrust REIT Inc.		75,220
	927	Community Healthcare Trust Inc.		30,767
	8,279	Diversified Healthcare Trust		22,478
	2,614	Global Medical REIT Inc.		25,304
	122,716	Healthcare Realty Trust Inc., Class A Shares		2,149,984
	41,521	Healthpeak Properties Inc.		854,502
	1,529	LTC Properties Inc.		50,243
	21,774	Medical Properties Trust Inc.(a)		157,208
	1,562	National Health Investors Inc.		79,865
	8,677	Omega Healthcare Investors Inc.		276,102
	8,622	Physicians Realty Trust		119,932
	8,261	Sabra Health Care REIT Inc.		103,510
	455	Universal Health Realty Income Trust		21,217

		Total Health Care REITs		3,966,332


Hotel & Resort REITs — 0.3%
	7,755	Apple Hospitality REIT Inc.		116,480
	3,087	Braemar Hotels & Resorts Inc.		8,397

See Notes to Financial Statements.

103



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 5.2% — (continued)

Hotel & Resort REITs — 0.3% — (continued)
	17,683	Chatham Lodging Trust	$	172,940
	8,046	DiamondRock Hospitality Co.		64,851
	1,330	Hersha Hospitality Trust, Class A Shares		13,061
	26,026	Host Hotels & Resorts Inc.		410,950
	8,005	Park Hotels & Resorts Inc.		102,704
	4,268	Pebblebrook Hotel Trust		61,758
	21,253	RLJ Lodging Trust		212,317
	2,077	Ryman Hospitality Properties Inc.		176,607
	6,311	Service Properties Trust		52,129
	4,049	Summit Hotel Properties Inc.		23,525
	7,393	Sunstone Hotel Investors Inc.		66,389
	4,287	Xenia Hotels & Resorts Inc.		50,587

		Total Hotel & Resort REITs		1,532,695


Industrial REITs — 0.6%
	9,889	Americold Realty Trust Inc.		332,765
	1,598	EastGroup Properties Inc.		287,049
	4,791	First Industrial Realty Trust Inc.		248,844
	1,065	Innovative Industrial Properties Inc., Class A Shares		92,953
	10,739	LXP Industrial Trust		105,457
	1,414	Plymouth Industrial REIT Inc.		32,395
	7,388	Rexford Industrial Realty Inc.		395,036
	30,418	STAG Industrial Inc.		1,111,170
	3,022	Terreno Realty Corp.		184,010

		Total Industrial REITs		2,789,679


Office REITs — 0.6%
	1,210	Alexandria Real Estate Equities Inc.		140,771
	9,684	Boston Properties Inc.		646,601
	6,768	Brandywine Realty Trust		33,840
	1,288	City Office REIT Inc.		6,491
	4,070	Corporate Office Properties Trust		105,332
	5,611	Cousins Properties Inc.		131,858
	6,007	Douglas Emmett Inc.		82,116
	3,367	Easterly Government Properties Inc., Class A Shares		45,017
	45,924	Equity Commonwealth		873,934
	3,913	Highwoods Properties Inc.		93,247
	5,116	Hudson Pacific Properties Inc.		34,840
	28,019	JBG SMITH Properties		439,338
	4,348	Kilroy Realty Corp.		160,659
	1,940	Office Properties Income Trust		14,356
	2,327	Orion Office REIT Inc.		13,566
	6,601	Paramount Group Inc.		33,929
	989	Peakstone Realty Trust		19,434
	4,416	Piedmont Office Realty Trust Inc., Class A Shares		30,338
	905	Postal Realty Trust Inc., Class A Shares		13,059
	2,456	SL Green Realty Corp.		96,422
	6,547	Vornado Realty Trust		157,259

		Total Office REITs		3,172,407


Real Estate Management & Development — 1.1%
	4,266	Anywhere Real Estate Inc.*		27,985
	27,878	CBRE Group Inc., Class A Shares*		2,371,024
	11,407	Compass Inc., Class A Shares*		41,065
	15,636	CoStar Group Inc.*		1,281,996

See Notes to Financial Statements.

104



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 5.2% — (continued)

Real Estate Management & Development — 1.1% — (continued)
	5,997	Cushman & Wakefield PLC*	$	55,112
	6,038	DigitalBridge Group Inc.		105,182
	2,770	Douglas Elliman Inc.		6,953
	2,614	eXp World Holdings Inc.(a)		50,241
	669	Forestar Group Inc.*		19,073
	253	FRP Holdings Inc.*		14,413
	1,215	Howard Hughes Holdings Inc.*		95,560
	1,747	Jones Lang LaSalle Inc.*		301,881
	4,535	Kennedy-Wilson Holdings Inc.		72,424
	946	Marcus & Millichap Inc.		31,502
	426	Maui Land & Pineapple Co., Inc.*		5,870
	5,443	Newmark Group Inc., Class A Shares		38,591
	19,598	Opendoor Technologies Inc.*		76,432
	623	RE/MAX Holdings Inc., Class A Shares		10,093
	3,994	Redfin Corp.*		38,023
	525	RMR Group Inc. (The), Class A Shares		13,272
	1,212	St Joe Co. (The)		74,829
	298	Stratus Properties Inc.		8,234
	758	Tejon Ranch Co.*		12,643
	2,038	Zillow Group Inc., Class A Shares*		103,775
	5,685	Zillow Group Inc., Class C Shares*		296,530

		Total Real Estate Management & Development		5,152,703


Residential REITs — 0.4%
	12,288	American Homes 4 Rent, Class A Shares		442,859
	5,370	Apartment Income REIT Corp.		182,902
	5,639	Apartment Investment & Management Co., Class A Shares		42,913
	474	BRT Apartments Corp.		8,840
	3,813	Camden Property Trust		410,355
	544	Centerspace		35,218
	586	Clipper Realty Inc.		3,604
	3,050	Elme Communities		46,909
	6,527	Equity LifeStyle Properties Inc.		437,048
	8,095	Independence Realty Trust Inc.		136,239
	823	NexPoint Residential Trust Inc.		30,904
	1,939	UMH Properties Inc.		28,988
	2,844	Veris Residential Inc.*		52,927

		Total Residential REITs		1,859,706


Retail REITs — 0.8%
	3,372	Acadia Realty Trust		50,209
	3,271	Agree Realty Corp.		202,213
	77	Alexander’s Inc.		14,765
	11,034	Brixmor Property Group Inc.		242,527
	968	CBL & Associates Properties Inc.		20,706
	2,936	Federal Realty Investment Trust		287,552
	1,633	Getty Realty Corp.		49,023
	2,620	InvenTrust Properties Corp.		62,644
	22,180	Kimco Realty Corp.		420,089
	7,885	Kite Realty Group Trust		177,965
	8,122	Macerich Co. (The)		94,946
	4,687	Necessity Retail REIT Inc. (The)		35,153
	2,151	NETSTREIT Corp.		36,416
	6,771	NNN REIT Inc.		266,710
	4,306	Phillips Edison & Co., Inc.		145,801
	6,677	Regency Centers Corp.		415,309

See Notes to Financial Statements.

105



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

REAL ESTATE — 5.2% — (continued)

Retail REITs — 0.8% — (continued)
	4,625	Retail Opportunity Investments Corp.	$	62,253
	2,853	RPT Realty		32,353
	421	Saul Centers Inc.		15,813
	6,827	SITE Centers Corp.		91,140
	28,851	Spirit Realty Capital Inc.		1,113,937
	3,624	Tanger Factory Outlet Centers Inc.		84,258
	4,420	Urban Edge Properties		72,311
	1,631	Whitestone REIT, Class B Shares		16,310

		Total Retail REITs		4,010,403


Specialized REITs — 0.5%
	8,245	CubeSmart		343,899
	2,684	EPR Properties		120,190
	2,031	Farmland Partners Inc.		22,544
	3,096	Four Corners Property Trust Inc.		77,895
	9,360	Gaming and Leisure Properties Inc.		443,664
	1,177	Gladstone Land Corp.		18,514
	3,190	Lamar Advertising Co., Class A Shares		290,992
	2,888	National Storage Affiliates Trust		97,037
	5,507	Outfront Media Inc.		62,504
	2,928	PotlatchDeltic Corp.		138,377
	5,301	Rayonier Inc.		158,500
	5,079	Safehold Inc.		108,081
	2,217	SBA Communications Corp., Class A Shares		497,783
	8,862	Uniti Group Inc.		47,589

		Total Specialized REITs		2,427,569

		TOTAL REAL ESTATE		25,413,604


UTILITIES — 2.8%

Electric Utilities — 0.6%
	15,680	ALLETE Inc.		860,832
	689	Genie Energy Ltd., Class B Shares		10,549
	3,971	Hawaiian Electric Industries Inc.		55,673
	1,873	IDACORP Inc.		179,508
	1,299	MGE Energy Inc.		94,087
	8,563	NRG Energy Inc.		321,541
	7,402	OGE Energy Corp.		252,038
	1,510	Otter Tail Corp.		124,379
	4,121	Pinnacle West Capital Corp.		318,430
	3,140	PNM Resources Inc.		139,133
	17,805	Portland General Electric Co.		780,927

		Total Electric Utilities		3,137,097


Gas Utilities — 0.2%
	3,611	Brookfield Infrastructure Corp., Class A Shares		140,287
	662	Chesapeake Utilities Corp.		72,886
	3,221	National Fuel Gas Co.		173,097
	3,536	New Jersey Resources Corp.		149,113
	1,335	Northwest Natural Holding Co.		52,439
	2,063	ONE Gas Inc.		149,506
	281	RGC Resources Inc.		5,080
	2,220	Southwest Gas Holdings Inc.		137,485
	1,871	Spire Inc.		109,285
	7,666	UGI Corp.		193,030

		Total Gas Utilities		1,182,208

See Notes to Financial Statements.

106



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

Shares/Units		Security	Value

UTILITIES — 2.8% — (continued)

Independent Power & Renewable Electricity Producers — 0.6%
	2,229	Altus Power Inc., Class A Shares*	$	14,399
	4,700	Brookfield Renewable Corp., Class A Shares		131,365
	1,443	Clearway Energy Inc., Class A Shares		33,824
	2,895	Clearway Energy Inc., Class C Shares		71,709
	2,632	Montauk Renewables Inc.*		25,136
	16,168	Ormat Technologies Inc.		1,227,798
	3,763	Sunnova Energy International Inc.*		52,343
	47,193	Vistra Corp.		1,482,804

		Total Independent Power & Renewable Electricity Producers		3,039,378


Multi-Utilities — 0.4%
	22,806	Avista Corp.		759,212
	2,377	Black Hills Corp.		130,735
	15,200	NiSource Inc.		406,752
	8,134	NorthWestern Corp.		409,954
	581	Unitil Corp.		28,364

		Total Multi-Utilities		1,735,017


Water Utilities — 1.0%
	1,345	American States Water Co.		113,262
	5,611	American Water Works Co., Inc.		778,470
	334	Artesian Resources Corp., Class A Shares		15,417
	1,459	Cadiz Inc.*		5,851
	22,849	California Water Service Group		1,148,162
	513	Consolidated Water Co., Ltd.		13,666
	8,894	Essential Utilities Inc.		328,189
	619	Global Water Resources Inc.		6,902
	667	Middlesex Water Co.		50,198
	48,688	Pennon Group PLC, ADR		810,655
	734	Pure Cycle Corp.*		8,067
	12,980	SJW Group		853,565
	27,781	United Utilities Group PLC, ADR(a)		673,967
	586	York Water Co. (The)		23,874

		Total Water Utilities		4,830,245

		TOTAL UTILITIES		13,923,945

		TOTAL COMMON STOCKS (Cost — $349,413,672)		464,879,392


PREFERRED STOCKS — 0.5%

FINANCIALS — 0.5%

Banks — 0.2%
	47,420	US Bancorp, 6.170% (3-Month Term SOFR + 0.862%)(e)(f)		896,238


Capital Markets — 0.1%
	15,835	Charles Schwab Corp. (The), 5.950%(f)		393,500


Insurance — 0.2%
	18,327	MetLife Inc., 5.625%(f)		437,099
	26,539	MetLife Inc., 4.750%(f)		534,761

		Total Insurance		971,860

		TOTAL PREFERRED STOCKS (Cost — $2,402,350)		2,261,598

See Notes to Financial Statements.

107



Schedules of Investments


(continued)

Small-Mid Cap Equity Fund

Shares/Units

Security

Value

OPEN END MUTUAL FUND SECURITIES — 0.2%

FINANCIALS — 0.2%

Capital Markets — 0.2%

3,074

iShares^® Core S&P Small-Capital ETF

309,798

878

iShares^® Russell 2000 ETF, Common Class Shares

165,599

5,473

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

400,952

TOTAL OPEN END MUTUAL FUND SECURITIES
(Cost — $505,611)

876,349

Face

Amount/Units†

Rating††

CORPORATE BONDS & NOTES — 0.1%

INFORMATION TECHNOLOGY — 0.1%

Communications Equipment — 0.1%

702,000

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

642,940

ENERGY — 0.0%@

Energy Equipment & Services — 0.0%@

20,000

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

—

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

642,940

TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost — $353,023,642)

468,660,279

SHORT-TERM INVESTMENTS (h) — 5.1%

MONEY MARKET FUND — 0.9%

4,470,501

Invesco STIT — Government & Agency Portfolio, 5.189%, Institutional Class(i)
(Cost — $4,470,501)

4,470,501

TIME DEPOSITS — 4.2%

2,269,957

ANZ National Bank — London, 4.680% due 9/1/23

2,269,957

9,807,142

Barclays Bank PLC — London, 4.680% due 9/1/23

9,807,142

25,514

^CAD

BBH — Grand Cayman, 3.830% due 9/1/23

18,883

8,643,700

Citibank — New York, 4.680% due 9/1/23

8,643,700

TOTAL TIME DEPOSITS
(Cost — $20,739,682)

20,739,682

TOTAL SHORT-TERM INVESTMENTS
(Cost — $25,210,183)

25,210,183

TOTAL INVESTMENTS — 100.7%
(Cost — $378,233,825)

493,870,462

Liabilities in Excess of Other Assets — (0.7)%

(3,712,525

)

TOTAL NET ASSETS — 100.0%

490,157,937

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

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

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

(c)	Illiquid security.

(d)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2023, amounts to $6,899 and represents less than 0.05% of net assets.

(e)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

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

See Notes to Financial Statements.

108



Schedules of Investments


(continued)


Small-Mid Cap Equity Fund

(g)	Security is currently in default.

(h)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 4.2%.

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

At August 31, 2023, for Small-Mid Cap Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross
Unrealized
Appreciation

Gross
Unrealized
(Depreciation)

Net
Unrealized
Appreciation

Small-Mid Cap Equity Fund

389,000,875

149,060,582

(44,316,996)

104,743,586


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


Summary of Investments by Security Sector^
Industrials	19.6	%
Information Technology	15.5
Health Care	14.8
Financials	13.6
Consumer Discretionary	8.8
Real Estate	5.2
Materials	5.2
Energy	4.3
Consumer Staples	4.3
Utilities	2.8
Communication Services	1.7
Short-Term Investments	4.2

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At August 31, 2023, Small-Mid Cap Equity Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
E-mini Russell 2000 Index September Futures		10		9/23	$	956,544	$	950,800	$	(5,744	)
S&P MidCap 400 E-mini Index September Futures		2		9/23		535,090		529,740		(5,350	)

									$	(11,094	)

At August 31, 2023, Small-Mid Cap Equity Fund had deposited cash of $91,996 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See Notes to Financial Statements.

109



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 95.9%

Australia — 3.5%
	49,952	AGL Energy Ltd.	$	358,411
	50,491	Allkem Ltd.*		457,743
	5,888	Ampol Ltd.		134,728
	75,419	ANZ Group Holdings Ltd.		1,235,756
	32,516	APA Group		188,734
	14,584	Aristocrat Leisure Ltd.		385,699
	4,737	ASX Ltd.		176,051
	45,484	Aurizon Holdings Ltd.		107,428
	303,388	Beach Energy Ltd.		305,830
	126,852	BHP Group Ltd.		3,646,704
	11,388	BlueScope Steel Ltd.		154,687
	34,342	Brambles Ltd.		332,806
	40,803	Charter Hall Group, REIT		285,461
	16,425	Cochlear Ltd.		2,885,204
	34,648	Coles Group Ltd.		364,433
	42,053	Commonwealth Bank of Australia		2,779,820
	14,172	Computershare Ltd.		230,927
	32,525	CSL Ltd.		5,759,968
	81,541	CSR Ltd.		311,180
	26,577	Dexus, REIT		132,809
	3,787	EBOS Group Ltd.		85,554
	35,404	Endeavour Group Ltd.		126,034
	43,244	Fortescue Metals Group Ltd.		598,579
	41,820	Goodman Group, REIT		631,603
	47,334	GPT Group (The), REIT		128,455
	54,440	GrainCorp Ltd., Class A Shares		257,084
	6,190	IDP Education Ltd.		98,770
	16,841	IGO Ltd.		150,919
	57,480	Iluka Resources Ltd.		316,013
	60,537	Insurance Australia Group Ltd.		227,825
	12,724	JB Hi-Fi Ltd.		374,667
	17,033	Lendlease Corp., Ltd.		85,913
	54,999	Lottery Corp., Ltd. (The)		179,638
	9,235	Macquarie Group Ltd.		1,059,906
	68,051	Medibank Pvt Ltd.		161,216
	4,290	Mineral Resources Ltd.		198,114
	97,502	Mirvac Group, REIT		152,336
	78,606	National Australia Bank Ltd.		1,472,346
	23,246	Newcrest Mining Ltd.		389,386
	28,415	Northern Star Resources Ltd.		217,625
	236,494	OceanaGold Corp.		511,073
	11,222	Orica Ltd.		114,114
	42,569	Origin Energy Ltd.		240,108
	66,673	Pilbara Minerals Ltd.		200,840
	21,998	Qantas Airways Ltd.*		84,097
	36,779	QBE Insurance Group Ltd.		356,589
	4,530	Ramsay Health Care Ltd.		150,862
	1,306	REA Group Ltd.		139,404
	5,940	Reece Ltd.		78,361
	44,160	Region RE Ltd., REIT, Class Miscella Shares		61,619
	41,025	Rio Tinto Ltd.		2,995,074
	81,580	Santos Ltd.		405,753
	128,254	Scentre Group, REIT		227,827
	9,589	SEEK Ltd.		143,282

See Notes to Financial Statements.

110



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Australia — 3.5% — (continued)
	26,862	Seven Group Holdings Ltd.	$	485,691
	11,024	Sonic Healthcare Ltd.		229,419
	112,711	South32 Ltd.		247,775
	58,987	Stockland, REIT		161,607
	31,296	Suncorp Group Ltd.		275,971
	47,457	Super Retail Group Ltd.		398,150
	52,876	Technology One Ltd.		527,596
	99,929	Telstra Group Ltd.		259,419
	78,153	Transurban Group		670,270
	20,303	Treasury Wine Estates Ltd.		153,329
	95,614	Vicinity Ltd., REIT		115,567
	5,798	Washington H Soul Pattinson & Co., Ltd.		123,834
	28,034	Wesfarmers Ltd.		978,470
	88,053	Westpac Banking Corp.		1,250,351
	4,100	WiseTech Global Ltd.		184,440
	47,745	Woodside Energy Group Ltd.		1,146,183
	30,897	Woolworths Group Ltd.		763,395

		Total Australia		40,826,832


Austria — 0.2%
	55,793	Erste Group Bank AG		1,990,574
	3,639	OMV AG		168,268
	1,683	Verbund AG		137,959
	2,875	Voestalpine AG		84,044

		Total Austria		2,380,845


Belgium — 0.7%
	3,985	Ageas SA/NV		158,473
	89,496	Anheuser-Busch InBev SA/NV		5,077,239
	575	D’ieteren Group		93,730
	729	Elia Group SA/NV		84,031
	2,457	Groupe Bruxelles Lambert NV		197,570
	6,473	KBC Group NV		424,599
	10	Lotus Bakeries		78,829
	382	Sofina SA		85,600
	1,831	Solvay SA		211,622
	22,163	UCB SA		1,988,026
	5,175	Umicore SA		137,284
	4,032	Warehouses de Pauw CVA, REIT		114,994

		Total Belgium		8,651,997


Bermuda — 0.0%@
	8,379	Seadrill Ltd.*		410,038


Brazil — 0.2%
	284,297	B3 SA — Brasil Bolsa Balcao		742,558
	553,878	Banco Bradesco SA, ADR*		1,656,095

		Total Brazil		2,398,653


Canada — 2.4%
	51,780	Alamos Gold Inc., Class A Shares		666,027
	165,925	Alimentation Couche-Tard Inc.		8,676,925
	11,832	ATS Corp.*		530,829
	13,483	Boardwalk Real Estate Investment Trust, Class Trust Un Shares(a)		682,233
	7,076	Bombardier Inc., Class B Shares*		288,654
	9,576	BRP Inc.		732,303
	33,400	Canadian National Railway Co.		3,762,196

See Notes to Financial Statements.

111



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Canada — 2.4% — (continued)
	35,190	Canadian Pacific Kansas City Ltd.	$	2,793,428
	48,392	Celestica Inc.*		1,128,144
	75,053	Dundee Precious Metals Inc.		484,356
	41,783	Element Fleet Management Corp.		642,268
	27,170	Finning International Inc.		853,185
	108,628	Headwater Exploration Inc.		576,423
	16,490	IMAX Corp.*		315,454
	2,702	Kinaxis Inc.*		333,091
	10,397	Laurentian Bank of Canada		282,778
	3,797	lululemon athletica Inc.*		1,447,644
	37,782	Lundin Mining Corp.		293,040
	50,089	NuVista Energy Ltd.*		459,668
	26,649	Parex Resources Inc.		504,303
	12,332	Stella-Jones Inc.		598,620
	39,836	Superior Plus Corp.		301,011
	19,749	Toronto-Dominion Bank (The)		1,204,642
	30,434	TransAlta Corp.		292,132
	38,843	Tricon Residential Inc.		329,441
	68,109	Whitecap Resources Inc.(a)		556,990

		Total Canada		28,735,785


Chile — 0.1%
	64,513	Antofagasta PLC		1,179,077


China — 0.5%
	72,640	Alibaba Group Holding Ltd.*		843,859
	1,598,000	Beijing Capital International Airport Co., Ltd., Class H Shares*(b)		839,985
	28,000	BYD Co., Ltd., Class H Shares(b)		878,402
	19,700	Contemporary Amperex Technology Co., Ltd., Class A Shares		639,005
	65,200	Tencent Holdings Ltd.		2,708,279

		Total China		5,909,530


Denmark — 3.2%
	87	AP Moller — Maersk AS, Class A Shares		155,107
	110	AP Moller — Maersk AS, Class B Shares		198,963
	13,420	Bavarian Nordic AS*(a)		298,652
	2,433	Carlsberg AS, Class B Shares		351,776
	33,806	Chr Hansen Holding AS		2,198,432
	30,493	Coloplast AS, Class B Shares		3,482,626
	5,442	Coloplast AS, Class B Shares*		597,774
	17,044	Danske Bank AS		383,449
	2,729	Demant AS*		111,499
	4,699	DSV AS		891,365
	1,681	Genmab AS*		644,105
	17,516	ISS AS		310,646
	7,772	Jyske Bank AS, Class Registered Shares*		553,188
	114,030	Novo Nordisk AS, Class B Shares		20,921,339
	51,854	Novozymes AS, Class B Shares		2,250,569
	4,652	Orsted AS(c)		298,299
	6,626	Pandora AS		687,235
	247	Rockwool AS, Class B Shares		62,988
	8,897	Tryg AS		169,742
	113,557	Vestas Wind Systems AS*		2,618,776

		Total Denmark		37,186,530

See Notes to Financial Statements.

112



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Finland — 0.7%
	3,515	Elisa OYJ	$	172,551
	12,526	Fortum OYJ		168,048
	6,749	Kesko OYJ, Class B Shares		131,712
	82,470	Kone OYJ, Class B Shares		3,742,885
	12,776	Konecranes OYJ		441,984
	16,387	Metso OYJ		188,724
	10,454	Neste OYJ		382,319
	132,216	Nokia OYJ		526,814
	80,167	Nordea Bank Abp		878,763
	2,646	Orion OYJ, Class B Shares		108,383
	11,364	Sampo OYJ, Class A Shares		499,696
	14,375	Stora Enso OYJ, Class R Shares		182,377
	12,360	TietoEVRY OYJ		302,383
	13,823	UPM-Kymmene OYJ		473,373
	11,846	Valmet OYJ		300,909
	11,697	Wartsila OYJ Abp		148,306

		Total Finland		8,649,227


France — 11.3%
	17,179	Accor SA		614,437
	734	Aeroports de Paris		96,558
	58,019	Air Liquide SA		10,456,517
	14,782	Airbus SE		2,164,219
	210,097	Alstom SA(d)		5,784,950
	1,540	Amundi SA(c)		91,503
	7,314	Arkema SA		763,489
	208,820	AXA SA		6,275,316
	1,024	BioMerieux		105,878
	54,380	BNP Paribas SA		3,512,618
	21,877	Bollore SE		129,363
	5,089	Bouygues SA		175,590
	7,265	Bureau Veritas SA		194,456
	4,075	Capgemini SE		757,415
	237,701	Carrefour SA		4,547,848
	11,787	Cie de Saint-Gobain SA		765,310
	16,764	Cie Generale des Etablissements Michelin SCA		523,743
	1,360	Covivio SA, REIT		66,216
	29,908	Credit Agricole SA		377,315
	11,921	Criteo SA, ADR*		351,610
	133,656	Danone SA		7,788,523
	616	Dassault Aviation SA		120,920
	104,642	Dassault Systemes SE		4,138,253
	11,221	Edenred		714,747
	8,841	Eiffage SA		873,347
	30,757	Elis SA		586,086
	45,132	Engie SA		726,316
	21,950	EssilorLuxottica SA		4,124,161
	1,091	Eurazeo SE		64,291
	1,136	Gecina SA, REIT		121,336
	8,834	Getlink SE		147,732
	2,143	Hermes International SCA		4,389,370
	4,266	Ipsen SA		553,025
	7,129	Kering SA		3,801,228
	32,598	Klepierre SA, REIT		860,625
	11,058	La Francaise des Jeux SAEM(c)		399,377
	20,969	Legrand SA		2,065,494

See Notes to Financial Statements.

113



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

France — 11.3% — (continued)
	16,798	L’Oréal SA	$	7,362,629
	13,799	LVMH Moët Hennessy Louis Vuitton SE		11,670,343
	46,011	Orange SA		516,731
	5,188	Pernod Ricard SA		1,016,817
	5,656	Publicis Groupe SA		440,709
	577	Remy Cointreau SA*		89,176
	13,287	Renault SA		536,941
	27,981	Rexel SA		655,217
	8,574	Safran SA		1,374,362
	113,034	Sanofi		12,027,571
	683	Sartorius Stedim Biotech		193,271
	32,947	Schneider Electric SE		5,638,679
	711	SEB SA		77,924
	17,974	Societe Generale SA		509,842
	2,186	Sodexo SA		234,545
	3,666	Sopra Steria Group SACA		804,552
	20,499	SPIE SA		614,764
	21,199	Technip Energies NV		488,953
	1,461	Teleperformance SE		202,196
	2,597	Thales SA		379,540
	166,851	TotalEnergies SE		10,491,661
	2,914	Unibail-Rodamco-Westfield, REIT*		155,590
	98,264	Valeo SE		1,908,512
	36,245	Vallourec SA*		484,009
	16,774	Veolia Environnement SA		522,958
	3,979	Verallia SA(c)		190,347
	38,140	Vinci SA		4,245,017
	17,714	Vivendi SE		161,228
	658	Wendel SE		60,085
	5,911	Worldline SA*(c)		191,999

		Total France		132,475,350


Germany — 7.5%
	23,701	adidas AG		4,740,091
	21,072	AIXTRON SE		801,962
	28,509	Allianz SE, Class Registered Shares		6,935,412
	5,108	Aurubis AG		423,490
	22,490	BASF SE		1,140,649
	74,179	Bayer AG, Class Registered Shares		4,070,361
	27,265	Bayerische Motoren Werke AG		2,872,751
	13,851	Bechtle AG		675,067
	2,491	Beiersdorf AG		326,225
	3,577	Brenntag SE		290,218
	995	Carl Zeiss Meditec AG		98,899
	26,304	Commerzbank AG		289,506
	2,718	Continental AG		202,312
	4,774	Covestro AG*(c)		254,012
	6,610	CTS Eventim AG & Co. KGaA		412,128
	12,201	Daimler Truck Holding AG		429,558
	4,285	Delivery Hero SE*(c)		156,696
	48,008	Deutsche Bank AG, Class Registered Shares		523,278
	4,801	Deutsche Boerse AG		852,371
	14,770	Deutsche Lufthansa AG, Class Registered Shares*		132,122
	35,486	Deutsche Pfandbriefbank AG(c)		280,117
	373,117	Deutsche Telekom AG, Class Registered Shares		7,987,196
	24,800	DHL Group		1,158,627

See Notes to Financial Statements.

114



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Germany — 7.5% — (continued)
	57,007	E.ON SE	$	704,337
	21,591	Encavis AG*		331,630
	5,182	Evonik Industries AG		99,440
	20,010	Freenet AG		479,526
	5,467	Fresenius Medical Care AG & Co. KGaA		264,148
	10,438	Fresenius SE & Co. KGaA		334,822
	16,851	GEA Group AG		665,103
	7,683	Gerresheimer AG		998,468
	1,490	Hannover Rueck SE		317,069
	3,578	Heidelberg Materials AG		288,200
	4,042	HelloFresh SE*		130,703
	2,568	Henkel AG & Co. KGaA		177,591
	8,027	HUGO BOSS AG		604,915
	88,334	Infineon Technologies AG		3,162,303
	1,792	Knorr-Bremse AG		122,672
	51,694	Lanxess AG		1,636,699
	1,831	LEG Immobilien SE*		132,226
	20,061	Mercedes-Benz Group AG		1,469,184
	24,902	Merck KGaA		4,480,215
	1,324	MTU Aero Engines AG		309,826
	3,515	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		1,365,237
	1,427	Nemetschek SE		98,550
	2,609	Puma SE		175,473
	131	Rational AG		99,799
	3,068	Rheinmetall AG		835,995
	108,745	RWE AG		4,487,864
	145,530	SAP SE		20,328,272
	1,853	Scout24 SE(c)		127,809
	38,608	Siemens AG, Class Registered Shares		5,814,839
	12,838	Siemens Energy AG*		183,027
	6,968	Siemens Healthineers AG(c)		349,400
	3,949	SMA Solar Technology AG*		318,161
	3,467	Symrise AG, Class A Shares		361,554
	52,203	TAG Immobilien AG*		593,041
	1,565	Talanx AG		105,297
	19,685	TeamViewer SE*(c)		365,536
	23,835	Telefonica Deutschland Holding AG		45,331
	6,546	Vitesco Technologies Group AG*		517,717
	860	Volkswagen AG		122,877
	18,550	Vonovia SE		444,597
	473	Wacker Chemie AG		69,801
	5,536	Zalando SE*(c)		172,459

		Total Germany		88,744,761


Hong Kong — 3.3%
	1,016,200	AIA Group Ltd.		9,175,019
	710,000	BOC Hong Kong Holdings Ltd.		1,976,590
	41,200	Budweiser Brewing Co. APAC Ltd.(c)		89,568
	52,500	CK Asset Holdings Ltd.		289,175
	65,500	CK Hutchison Holdings Ltd.		357,249
	15,500	CK Infrastructure Holdings Ltd.		78,440
	371,000	CLP Holdings Ltd.		2,904,131
	61,200	ESR Group Ltd.(c)		91,560
	1,458	Futu Holdings Ltd., ADR*		86,897
	57,000	Galaxy Entertainment Group Ltd.*		376,439
	1,274,000	Hang Lung Properties Ltd.		1,694,226

See Notes to Financial Statements.

115



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Hong Kong — 3.3% — (continued)
	18,900	Hang Seng Bank Ltd.	$	240,316
	35,894	Henderson Land Development Co., Ltd.		98,269
	94,000	HKT Trust & HKT Ltd., Class Miscella Shares		100,128
	273,380	Hong Kong & China Gas Co., Ltd.		200,735
	28,799	Hong Kong Exchanges & Clearing Ltd.		1,119,126
	32,700	Hongkong Land Holdings Ltd.		115,972
	60,500	Jardine Matheson Holdings Ltd.		2,875,622
	134,000	Kerry Properties Ltd.		246,867
	62,080	Link REIT		306,969
	29,101	Melco Resorts & Entertainment Ltd., ADR*		326,513
	43,500	MTR Corp., Ltd.		181,247
	37,669	New World Development Co., Ltd.		79,916
	38,000	Power Assets Holdings Ltd.		186,936
	1,056,838	Prudential PLC		12,936,996
	88,646	Sino Land Co., Ltd.		101,451
	33,000	SITC International Holdings Co., Ltd.		61,396
	36,000	Sun Hung Kai Properties Ltd.		404,098
	10,000	Swire Pacific Ltd., Class A Shares		82,622
	29,000	Swire Properties Ltd.		60,546
	111,000	Techtronic Industries Co., Ltd.		1,099,623
	382,000	United Laboratories International Holdings Ltd. (The)		340,216
	205,500	WH Group Ltd.(c)		105,513
	40,000	Wharf Real Estate Investment Co., Ltd.		166,673
	52,000	Xinyi Glass Holdings Ltd.		77,276

		Total Hong Kong		38,634,320


India — 0.2%
	93,285	HDFC Bank Ltd.		1,777,181


Indonesia — 0.1%
	2,022,000	Bank Central Asia Tbk PT		1,224,206


Ireland — 1.3%
	3,792	AerCap Holdings NV*		233,284
	33,030	AIB Group PLC		150,485
	124,487	Bank of Ireland Group PLC		1,241,428
	18,648	CRH PLC		1,071,543
	88,650	Dalata Hotel Group PLC*		411,724
	2,440	DCC PLC		133,726
	144,788	Experian PLC		5,051,837
	4,359	Flutter Entertainment PLC*		793,376
	36,555	Glanbia PLC		607,859
	10,923	James Hardie Industries PLC, CDI*		328,788
	3,938	Kerry Group PLC, Class A Shares		367,758
	3,820	Kingspan Group PLC		321,408
	38,270	Ryanair Holdings PLC, ADR*		3,798,298
	6,428	Smurfit Kappa Group PLC		270,238

		Total Ireland		14,781,752


Isle of Man — 0.0%@
	51,065	Playtech PLC*		340,112


Israel — 0.3%
	1,049	Azrieli Group Ltd.		56,333
	31,382	Bank Hapoalim BM		260,230
	38,141	Bank Leumi Le-Israel BM		296,046
	2,387	Check Point Software Technologies Ltd.*		321,266
	1,132	CyberArk Software Ltd.*		187,957

See Notes to Financial Statements.

116



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Israel — 0.3% — (continued)
	657	Elbit Systems Ltd.	$	129,306
	2,138	Global E-Online Ltd.*		84,729
	19,115	ICL Group Ltd.		114,381
	13,224	Inmode Ltd.*		516,926
	1	Isracard Ltd.		3
	30,567	Israel Discount Bank Ltd., Class A Shares		153,099
	3,813	Mizrahi Tefahot Bank Ltd.		125,444
	582	Monday.com Ltd.*		103,270
	1,570	Nice Ltd.*		307,202
	24,796	Perion Network Ltd.*		822,979
	27,448	Teva Pharmaceutical Industries Ltd., ADR*		267,893
	1,334	Wix.com Ltd.*		131,759

		Total Israel		3,878,823


Italy — 3.0%
	3,077	Amplifon SpA		100,022
	25,044	Assicurazioni Generali SpA		518,630
	130,278	Banco BPM SpA		623,858
	20,910	Buzzi SpA		626,246
	12,916	Davide Campari-Milano NV		168,753
	680	DiaSorin SpA		71,791
	1,458,257	Enel SpA		9,798,538
	57,364	Eni SpA		888,846
	9,743	ERG SpA		267,012
	11,115	Ferrari NV		3,525,055
	149,584	FinecoBank Banca Fineco SpA		2,048,367
	8,304	Infrastrutture Wireless Italiane SpA(c)		102,634
	406,194	Intesa Sanpaolo SpA		1,085,033
	171,289	Iren SpA		353,870
	31,128	Leonardo SpA		448,429
	13,640	Mediobanca Banca di Credito Finanziario SpA		178,359
	5,090	Moncler SpA		344,939
	14,585	Nexi SpA*(c)		104,633
	12,910	Poste Italiane SpA(c)		143,241
	6,295	Prysmian SpA		257,250
	51,884	Recordati Industria Chimica e Farmaceutica SpA		2,609,640
	2,938	Reply SpA		300,077
	221,944	Saras SpA		316,359
	53,554	Snam SpA		276,203
	250,258	Telecom Italia SpA*		77,526
	34,767	Terna — Rete Elettrica Nazionale		286,451
	419,622	UniCredit SpA		10,267,922

		Total Italy		35,789,684


Japan — 17.6%
	15,900	Adastria Co., Ltd.		317,794
	4,700	Advantest Corp.(a)		595,208
	16,200	Aeon Co., Ltd.(a)		335,733
	4,500	AGC Inc.		158,034
	3,600	Aisin Corp.		120,080
	11,600	Ajinomoto Co., Inc.		491,342
	38,200	Alps Alpine Co., Ltd.		318,359
	13,900	Amada Co., Ltd.		147,115
	3,900	ANA Holdings Inc.*		88,076
	11,900	Asahi Group Holdings Ltd.		463,528
	5,400	Asahi Intecc Co., Ltd.		109,798

See Notes to Financial Statements.

117



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 17.6% — (continued)
	31,000	Asahi Kasei Corp.	$	200,486
	12,300	Asics Corp.		446,166
	46,000	Astellas Pharma Inc.		699,778
	2,800	Azbil Corp.		93,241
	14,800	Bandai Namco Holdings Inc.		343,187
	14,000	BayCurrent Consulting Inc.		481,097
	80,700	Bridgestone Corp.		3,133,509
	6,100	Brother Industries Ltd.		103,046
	25,500	Canon Inc.		631,556
	4,300	Capcom Co., Ltd.		180,744
	3,600	Central Japan Railway Co.		462,140
	13,100	Chiba Bank Ltd. (The)		93,619
	15,900	Chubu Electric Power Co., Inc.		212,374
	16,600	Chugai Pharmaceutical Co., Ltd.(a)		504,434
	29,600	Citizen Watch Co., Ltd.		181,549
	26,900	Concordia Financial Group Ltd.		119,515
	24,600	Credit Saison Co., Ltd.		384,538
	10,600	CyberAgent Inc.		67,501
	5,400	Dai Nippon Printing Co., Ltd.		147,550
	48,800	Daicel Corp.		407,325
	15,700	Daido Steel Co., Ltd.		649,173
	7,500	Daifuku Co., Ltd.		138,811
	11,300	Daihen Corp.		412,576
	23,100	Dai-ichi Life Holdings Inc.		430,176
	45,700	Daiichi Sankyo Co., Ltd.		1,354,975
	40,500	Daikin Industries Ltd.		6,986,369
	1,700	Daito Trust Construction Co., Ltd.		187,509
	14,800	Daiwa House Industry Co., Ltd.		411,397
	54	Daiwa House REIT Investment Corp., Class A Shares		102,475
	33,000	Daiwa Securities Group Inc.		187,620
	11,000	Denso Corp.		750,985
	5,000	Dentsu Group Inc.		147,901
	2,300	Disco Corp.		453,990
	16,900	DMG Mori Co., Ltd.		308,105
	7,500	East Japan Railway Co.		424,106
	9,300	Ebara Corp.		464,333
	9,500	Eiken Chemical Co., Ltd.		90,937
	6,500	Eisai Co., Ltd.		411,606
	65,850	ENEOS Holdings Inc.		247,398
	332,000	FANUC Corp.		9,520,370
	4,400	Fast Retailing Co., Ltd.		1,008,828
	3,100	Fuji Electric Co., Ltd.		146,118
	13,400	Fuji Soft Inc.		404,345
	39,300	FUJIFILM Holdings Corp.		2,322,500
	62,100	Fujikura Ltd.		513,995
	4,500	Fujitsu Ltd.		567,814
	16,300	FULLCAST Holdings Co., Ltd.		232,251
	4,600	Fuyo General Lease Co., Ltd.		380,024
	111	GLP J-REIT		104,758
	1,000	GMO Payment Gateway Inc.		63,231
	4,000	Goldwin Inc.		285,507
	4,500	Hakuhodo DY Holdings Inc.		42,797
	3,500	Hamamatsu Photonics KK		161,827
	5,700	Hankyu Hanshin Holdings Inc.		204,629
	600	Hikari Tsushin Inc.		99,774
	845	Hirose Electric Co., Ltd.		102,223

See Notes to Financial Statements.

118



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 17.6% — (continued)
	2,000	Hitachi Construction Machinery Co., Ltd.	$	62,245
	59,100	Hitachi Ltd.		3,926,122
	38,700	Honda Motor Co., Ltd.		1,248,384
	5,500	Horiba Ltd.		285,981
	3,300	Hoshizaki Corp.		126,641
	45,100	Hoya Corp.		5,029,065
	9,500	Hulic Co., Ltd.(a)		85,300
	2,800	Ibiden Co., Ltd.		168,943
	4,137	Idemitsu Kosan Co., Ltd.		88,057
	3,900	Iida Group Holdings Co., Ltd.		63,879
	50,800	INFRONEER Holdings Inc.		530,691
	24,000	Inpex Corp.(a)		337,598
	42,900	Internet Initiative Japan Inc.		745,733
	885	Invincible Investment Corp., REIT		367,752
	12,800	Isuzu Motors Ltd.		164,019
	30,000	ITOCHU Corp.		1,124,497
	2,800	Itochu Techno-Solutions Corp.		82,163
	45,000	J Front Retailing Co., Ltd.(a)		474,115
	3,700	Japan Airlines Co., Ltd.		76,221
	80,400	Japan Exchange Group Inc.		1,401,983
	173	Japan Metropolitan Fund Invest, REIT		116,174
	34,100	Japan Post Bank Co., Ltd.		273,766
	56,700	Japan Post Holdings Co., Ltd.		435,092
	4,900	Japan Post Insurance Co., Ltd.		79,024
	32	Japan Real Estate Investment Corp., REIT		132,938
	30,600	Japan Tobacco Inc.		668,785
	12,700	Jeol Ltd.		403,353
	13,400	JFE Holdings Inc.		211,589
	23,500	JGC Holdings Corp.		313,790
	4,400	JSR Corp.		123,843
	10,500	Kajima Corp.		175,390
	11,700	Kaneka Corp.(a)		328,454
	18,800	Kansai Electric Power Co., Inc. (The)		267,649
	12,000	Kao Corp.(a)		466,280
	3,400	Kawasaki Kisen Kaisha Ltd.		114,247
	118,100	KDDI Corp.		3,515,553
	2,500	Keio Corp.		86,560
	3,200	Keisei Electric Railway Co., Ltd.		122,437
	118	Kenedix Office Investment Corp., REIT, Class A Shares		278,724
	20,500	Keyence Corp.		8,524,833
	3,400	Kikkoman Corp.		196,358
	4,500	Kintetsu Group Holdings Co., Ltd.		142,412
	19,200	Kirin Holdings Co., Ltd.		269,797
	1,100	Kobayashi Pharmaceutical Co., Ltd.		54,397
	3,700	Kobe Bussan Co., Ltd.		92,066
	3,200	Koei Tecmo Holdings Co., Ltd.		49,672
	5,300	Koito Manufacturing Co., Ltd.		89,929
	22,900	Komatsu Ltd.		655,791
	14,400	Komeri Co., Ltd.		304,189
	2,500	Konami Group Corp.		144,871
	67,500	Konica Minolta Inc.		207,933
	900	Kose Corp.		75,036
	132,100	Kubota Corp.		2,115,405
	2,600	Kurita Water Industries Ltd.		101,274
	7,900	Kyocera Corp.		404,847
	6,700	Kyowa Kirin Co., Ltd.		122,807

See Notes to Financial Statements.

119



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 17.6% — (continued)
	1,900	Lasertec Corp.	$	297,893
	7,100	Lixil Corp.		89,717
	10,900	M3 Inc.		218,024
	35,100	Makita Corp.		965,234
	36,200	Marubeni Corp.		589,194
	2,800	MatsukiyoCocokara & Co.		164,786
	14,100	Mazda Motor Corp.		147,421
	2,100	McDonald’s Holdings Co. Japan Ltd.		83,585
	148,000	Mebuki Financial Group Inc.		409,567
	6,200	MEIJI Holdings Co., Ltd.		155,528
	9,000	MINEBEA MITSUMI Inc.		152,480
	167,900	MISUMI Group Inc.		2,924,323
	31,600	Mitsubishi Chemical Group Corp.		188,624
	28,900	Mitsubishi Corp.		1,424,635
	47,800	Mitsubishi Electric Corp.		625,279
	27,800	Mitsubishi Estate Co., Ltd.		357,216
	21,700	Mitsubishi HC Capital Inc.		140,998
	32,500	Mitsubishi Heavy Industries Ltd.		1,844,512
	287,300	Mitsubishi UFJ Financial Group Inc.		2,290,675
	33,000	Mitsui & Co., Ltd.(a)		1,220,859
	4,200	Mitsui Chemicals Inc.		113,984
	21,400	Mitsui Fudosan Co., Ltd.		468,615
	8,500	Mitsui OSK Lines Ltd.		235,712
	60,790	Mizuho Financial Group Inc.		1,005,846
	6,400	MonotaRO Co., Ltd.		75,554
	8,600	Morinaga Milk Industry Co., Ltd.		352,300
	35,200	MS&AD Insurance Group Holdings Inc.		1,265,731
	201,100	Murata Manufacturing Co., Ltd.		11,361,571
	23,100	Nakanishi Inc.		581,269
	6,100	NEC Corp.		321,389
	13,100	NET One Systems Co., Ltd.		256,494
	8,500	Nexon Co., Ltd.		171,356
	5,800	NGK Insulators Ltd.		76,954
	36,400	Nichicon Corp.		351,402
	10,700	Nidec Corp.		556,101
	26,200	Nintendo Co., Ltd.		1,126,422
	68	Nippon Accommodations Fund Inc., REIT, Class A Shares(a)		306,977
	38	Nippon Building Fund Inc., REIT		160,490
	1,800	Nippon Express Holdings Inc.		93,477
	23,400	Nippon Paint Holdings Co., Ltd.		180,599
	54	Nippon Prologis REIT Inc.		108,690
	4,300	Nippon Sanso Holdings Corp.		103,716
	21,300	Nippon Steel Corp.		503,720
	738,400	Nippon Telegraph & Telephone Corp.		853,149
	12,000	Nippon Yusen KK		319,863
	3,100	Nissan Chemical Corp.		132,752
	57,400	Nissan Motor Co., Ltd.		244,057
	1,500	Nissin Foods Holdings Co., Ltd.		131,013
	95,900	Nissui Corp.		503,562
	14,400	Nitori Holdings Co., Ltd.		1,645,325
	3,700	Nitto Denko Corp.		251,829
	71,900	Nomura Holdings Inc.		278,689
	3,000	Nomura Real Estate Holdings Inc.		75,536
	105	Nomura Real Estate Master Fund Inc., REIT(a)		123,429
	9,580	Nomura Research Institute Ltd.		274,972
	15,600	NTT Data Group Corp.		209,661

See Notes to Financial Statements.

120



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 17.6% — (continued)
	16,000	Obayashi Corp.	$	144,879
	17,700	Obic Co., Ltd.		3,075,411
	8,700	Odakyu Electric Railway Co., Ltd.		129,310
	21,600	Oji Holdings Corp.		88,457
	6,500	OKUMA Corp.		304,492
	31,600	Olympus Corp.		431,387
	4,800	Omron Corp.		231,206
	9,600	Ono Pharmaceutical Co., Ltd.		181,345
	1,900	Open House Group Co., Ltd.		64,336
	1,100	Oracle Corp. Japan		76,732
	8,200	Organo Corp.		227,321
	26,900	Oriental Land Co., Ltd.		968,589
	29,000	ORIX Corp.		538,988
	9,300	Osaka Gas Co., Ltd.		148,662
	2,800	Otsuka Corp.		124,789
	9,600	Otsuka Holdings Co., Ltd.(a)		365,762
	9,400	Pan Pacific International Holdings Corp.		187,447
	54,600	Panasonic Holdings Corp.		630,842
	4,400	Persol Holdings Co., Ltd.		75,219
	36,900	Rakuten Group Inc.		144,157
	81,900	Recruit Holdings Co., Ltd.		2,920,218
	31,500	Renesas Electronics Corp.*		530,144
	80,700	Rengo Co., Ltd.		548,847
	52,900	Resona Holdings Inc.		280,338
	11,200	Ricoh Co., Ltd.		91,228
	2,200	Rohm Co., Ltd.		183,913
	93,100	Round One Corp.		380,236
	10,700	Sankyo Co., Ltd.		465,912
	10,100	Sankyu Inc.		352,619
	55,900	Santen Pharmaceutical Co., Ltd.		519,340
	39,300	Sanwa Holdings Corp.		597,668
	6,100	SBI Holdings Inc.		124,513
	3,900	SCSK Corp.		67,547
	5,200	Secom Co., Ltd.		363,795
	7,100	Seiko Epson Corp.		111,100
	110,400	Sekisui Chemical Co., Ltd.		1,692,865
	15,200	Sekisui House Ltd.		309,936
	19,100	Seven & i Holdings Co., Ltd.(a)		784,016
	7,900	SG Holdings Co., Ltd.		114,087
	8,100	Sharp Corp.		49,932
	66,600	Shimadzu Corp.		1,957,622
	4,400	Shimamura Co., Ltd.		453,534
	7,600	Shimano Inc.		1,113,804
	13,600	Shimizu Corp.		91,614
	176,100	Shin-Etsu Chemical Co., Ltd.		5,617,139
	12,100	Shinko Electric Industries Co., Ltd.		496,565
	6,500	Shionogi & Co., Ltd.		286,319
	10,400	Shiseido Co., Ltd.		424,765
	11,000	Shizuoka Financial Group Inc.		89,514
	12,600	SMC Corp.		6,092,699
	2,800	Socionext Inc.		344,568
	72,700	Softbank Corp.		834,050
	25,900	SoftBank Group Corp.		1,162,484
	7,200	Sompo Holdings Inc.		313,528
	67,500	Sony Group Corp.		5,617,405
	1,600	Square Enix Holdings Co., Ltd.		59,276

See Notes to Financial Statements.

121



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 17.6% — (continued)
	15,200	Subaru Corp.	$	292,692
	8,700	SUMCO Corp.		117,795
	7,700	Sumitomo Bakelite Co., Ltd.		363,736
	34,800	Sumitomo Chemical Co., Ltd.		96,419
	26,300	Sumitomo Corp.(a)		540,713
	17,700	Sumitomo Electric Industries Ltd.		217,952
	16,000	Sumitomo Forestry Co., Ltd.		450,245
	6,100	Sumitomo Metal Mining Co., Ltd.		188,284
	160,490	Sumitomo Mitsui Financial Group Inc.		7,362,138
	7,600	Sumitomo Mitsui Trust Holdings Inc.		284,485
	7,100	Sumitomo Realty & Development Co., Ltd.		181,552
	3,400	Suntory Beverage & Food Ltd.		109,297
	9,100	Suzuki Motor Corp.		357,761
	62,800	Sysmex Corp.		3,323,910
	13,600	T&D Holdings Inc.		215,888
	4,200	Taisei Corp.		141,315
	177,054	Takeda Pharmaceutical Co., Ltd.		5,479,118
	16,900	Takeuchi Manufacturing Co., Ltd.		536,861
	9,600	TDK Corp.		351,132
	151,700	Terumo Corp.		4,587,773
	6,300	TIS Inc.		148,379
	4,700	Tobu Railway Co., Ltd.		128,898
	2,300	Toho Co., Ltd.		87,639
	41,700	Tokai Carbon Co., Ltd.		329,624
	44,500	Tokio Marine Holdings Inc.		986,536
	37,700	Tokyo Electric Power Co. Holdings Inc.*		165,658
	16,600	Tokyo Electron Ltd.		2,474,060
	10,600	Tokyo Gas Co., Ltd.		245,508
	4,900	Tokyo Ohka Kogyo Co., Ltd.		331,027
	9,400	Tokyo Seimitsu Co., Ltd.		518,566
	30,400	Tokyo Tatemono Co., Ltd.		399,459
	13,100	Tokyu Corp.		165,532
	28,300	Tokyu Fudosan Holdings Corp.		176,162
	6,000	Toppan Inc.		144,842
	34,300	Toray Industries Inc.		184,936
	10,200	Toshiba Corp.		322,641
	7,000	Tosoh Corp.		90,597
	3,300	TOTO Ltd.		90,438
	10,700	Toyo Suisan Kaisha Ltd.		441,774
	30,800	Toyo Tire Corp.(a)		463,819
	16,600	Toyoda Gosei Co., Ltd.		358,290
	3,600	Toyota Industries Corp.		254,962
	401,600	Toyota Motor Corp.		6,904,697
	5,600	Toyota Tsusho Corp.		333,367
	3,300	Trend Micro Inc.		139,989
	10,000	Unicharm Corp.		399,118
	5,100	USS Co., Ltd.		89,058
	3,000	Welcia Holdings Co., Ltd.(a)		55,146
	5,900	West Japan Railway Co.		255,478
	3,200	Yakult Honsha Co., Ltd.		167,768
	3,500	Yamaha Corp.		107,859
	7,400	Yamaha Motor Co., Ltd.		191,642
	5,900	Yamato Holdings Co., Ltd.		110,801
	5,900	Yaskawa Electric Corp.(a)		231,132
	5,600	Yokogawa Electric Corp.		110,266
	66,000	Z Holdings Corp.		197,858

See Notes to Financial Statements.

122



Schedules of Investments


(continued)


International Equity Fund

Shares/Units			Security	Value

Japan — 17.6% — (continued)
	8,400		Zenkoku Hosho Co., Ltd.	$	291,035
	2,300		Zensho Holdings Co., Ltd.		108,553
	4,100		ZOZO Inc.		81,878

			Total Japan		206,593,794


Jordan — 0.1%
	23,094		Hikma Pharmaceuticals PLC		638,351


Luxembourg — 0.1%
	12,656		ArcelorMittal SA		335,898
	3,334		Eurofins Scientific SE		204,731
	11,668		Tenaris SA		186,284

			Total Luxembourg		726,913


Macau — 0.0%@
	60,000		Sands China Ltd.*		202,196


Netherlands — 4.1%
	6,833		Aalberts NV		283,532
	9,980		ABN AMRO Bank NV, Dutch Certificate, GDR(c)		147,096
	548		Adyen NV*(c)		456,584
	41,699		Aegon NV		213,871
	95,717		Akzo Nobel NV		7,771,057
	1,376		Argenx SE*		692,497
	1,158		ASM International NV		558,006
	23,573		ASML Holding NV		15,507,469
	19,222		ASR Nederland NV		841,340
	7,300		BE Semiconductor Industries NV		838,500
	2,395		Euronext NV(c)		172,591
	2,680		EXOR NV		237,047
	33,507		Fugro NV*		564,785
	3,176		Heineken Holding NV		253,957
	7,159		Heineken NV		695,699
	1,548		IMCD NV		213,080
	385,665		ING Groep NV		5,466,225
	3,106		JDE Peet’s NV		86,478
	24,109		Koninklijke Ahold Delhaize NV		788,390
	79,810	��	Koninklijke KPN NV		279,290
	266,280		Koninklijke Philips NV		5,980,997
	6,196		NN Group NV		238,881
	16,014		OCI NV		404,888
	276,841		Pharming Group NV*		352,044
	17,513		Prosus NV*		1,206,737
	5,627		QIAGEN NV*		258,005
	2,727		Randstad NV		159,703
	10,301		Signify NV(c)		290,409
	56,681		Stellantis NV		1,052,445
	7,814		TKH Group NV, Dutch Certificate		359,534
	52,344		Universal Music Group NV		1,286,280
	6,522		Wolters Kluwer NV		786,234

			Total Netherlands		48,443,651


New Zealand — 0.1%
	30,934		Auckland International Airport Ltd.*		144,068
	14,316		Fisher & Paykel Healthcare Corp., Ltd.		193,797
	18,172		Mercury NZ Ltd.		67,246
	31,915		Meridian Energy Ltd.		102,058

See Notes to Financial Statements.

123



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

New Zealand — 0.1% — (continued)
	46,242	Spark New Zealand Ltd.	$	139,901
	3,546	Xero Ltd.*		287,096

		Total New Zealand		934,166


Norway — 0.4%
	7,856	Adevinta ASA, Class B Shares*		55,888
	7,809	Aker BP ASA		212,064
	114,971	DNB Bank ASA		2,274,994
	22,625	Equinor ASA		694,355
	4,942	Gjensidige Forsikring ASA		76,888
	2,191	Kongsberg Gruppen ASA		90,724
	10,861	Mowi ASA		197,053
	176,408	Norsk Hydro ASA		979,067
	18,559	Orkla ASA		141,799
	1,793	Salmar ASA		87,418
	17,290	Telenor ASA		185,282
	4,091	Yara International ASA		149,572

		Total Norway		5,145,104


Portugal — 0.1%
	78,585	EDP — Energias de Portugal SA		358,389
	12,159	Galp Energia SGPS SA		167,267
	6,997	Jeronimo Martins SGPS SA		177,246

		Total Portugal		702,902


Singapore — 1.0%
	1,794,158	CapitaLand Ascendas REIT		3,672,300
	131,450	CapitaLand Integrated Commercial Trust, REIT		185,578
	64,300	Capitaland Investment Ltd.		153,902
	13,900	City Developments Ltd.		68,635
	44,700	DBS Group Holdings Ltd.		1,103,771
	338,200	Frasers Logistics & Commercial Trust, REIT		300,008
	149,400	Genting Singapore Ltd.		96,709
	46,158	Grab Holdings Ltd., Class A Shares*		174,016
	2,800	Jardine Cycle & Carriage Ltd.		69,113
	39,800	Keppel Corp., Ltd.		204,196
	85,429	Mapletree Logistics Trust, REIT		106,073
	61,400	Mapletree Pan Asia Commercial Trust, REIT		68,975
	83,600	Oversea-Chinese Banking Corp., Ltd.		775,963
	9,349	Sea Ltd., ADR*		351,803
	1,041,619	Seatrium Ltd.*		111,569
	186,700	Sembcorp Industries Ltd.		738,603
	37,050	Singapore Airlines Ltd.		188,331
	17,300	Singapore Exchange Ltd.		123,085
	45,300	Singapore Technologies Engineering Ltd.		127,614
	204,000	Singapore Telecommunications Ltd.		358,853
	143,103	United Overseas Bank Ltd.		3,009,267
	13,271	UOL Group Ltd.		65,031
	54,700	Wilmar International Ltd.		152,720

		Total Singapore		12,206,115


South Korea — 2.0%
	13,869	Classys Inc.		405,967
	5,649	Dentium Co., Ltd.		525,718
	1,233	Hanmi Pharm Co., Ltd.		273,838
	7,285	JYP Entertainment Corp.(a)		615,825
	610	Lotte Chilsung Beverage Co., Ltd.		59,768

See Notes to Financial Statements.

124



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

South Korea — 2.0% — (continued)
	7,700	LOTTE Fine Chemical Co., Ltd.	$	350,580
	4,039	LS Electric Co., Ltd.		303,683
	3,583	LX Semicon Co., Ltd.		240,876
	676	NongShim Co., Ltd.		234,036
	246,578	Samsung Electronics Co., Ltd.		12,444,087
	27,604	Samsung Engineering Co., Ltd.*		707,198
	3,067	Samsung SDI Co., Ltd.		1,418,632
	55,529	SK Hynix Inc.		5,099,883
	19,045	SOLUM Co., Ltd.*		437,161
	9,006	Youngone Corp.		364,817

		Total South Korea		23,482,069


Spain — 3.1%
	610	Acciona SA		87,027
	43,561	Acerinox SA		436,910
	5,413	ACS Actividades de Construccion y Servicios SA		190,070
	29,105	Aena SME SA(c)		4,562,051
	86,255	Amadeus IT Group SA		5,900,121
	37,911	Applus Services SA		389,680
	486,467	Banco Bilbao Vizcaya Argentaria SA		3,819,438
	405,818	Banco Santander SA		1,580,943
	105,394	Bankinter SA		674,890
	451,545	CaixaBank SA		1,824,806
	14,444	Cellnex Telecom SA(c)		552,271
	16,014	Cia de Distribucion Integral Logista Holdings SA		433,199
	1,960	Corp. ACCIONA Energias Renovables SA		58,204
	7,460	EDP Renovaveis SA		136,481
	3,916	Enagas SA		66,770
	7,849	Endesa SA		163,220
	13,193	Ferrovial SE		417,959
	7,371	Grifols SA*		100,616
	614,271	Iberdrola SA(a)		7,285,907
	148,438	Industria de Diseno Textil SA		5,694,039
	4,535	Laboratorios Farmaceuticos Rovi SA		257,180
	57,446	Merlin Properties Socimi SA, REIT		513,226
	3,296	Naturgy Energy Group SA		95,402
	6,811	Redeia Corp. SA		110,611
	34,148	Repsol SA		526,729
	128,477	Telefonica SA		531,706

		Total Spain		36,409,456


Sweden — 1.8%
	7,159	Alfa Laval AB		251,057
	24,767	Assa Abloy AB, Class B Shares		558,466
	67,796	Atlas Copco AB, Class A Shares		893,941
	215,869	Atlas Copco AB, Class B Shares		2,474,098
	17,053	Avanza Bank Holding AB(a)		328,485
	9,511	Beijer Ref AB, Class B Shares		108,608
	6,758	Boliden AB		178,736
	15,274	Epiroc AB, Class A Shares		291,862
	10,820	Epiroc AB, Class B Shares		176,452
	8,811	EQT AB		177,175
	15,051	Essity AB, Class B Shares		351,091
	4,528	Evolution AB(c)		489,228
	16,504	Fastighets AB Balder, Class B Shares*		78,385
	5,652	Getinge AB, Class B Shares		97,705

See Notes to Financial Statements.

125



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Sweden — 1.8% — (continued)
	16,242	H & M Hennes & Mauritz AB, Class B Shares	$	248,409
	53,447	Hexagon AB, Class B Shares		475,769
	2,318	Holmen AB, Class B Shares		87,784
	8,009	Husqvarna AB, Class B Shares		68,773
	3,371	Industrivarden AB, Class A Shares		87,546
	3,815	Industrivarden AB, Class C Shares		98,913
	6,752	Indutrade AB		129,101
	4,018	Investment AB Latour, Class B Shares		72,690
	540	Investor AB, Class A Shares		10,285
	42,781	Investor AB, Class B Shares		821,802
	1,878	L E Lundbergforetagen AB, Class B Shares		76,056
	5,760	Lifco AB, Class B Shares		105,116
	10,831	Loomis AB, Class B Shares		286,434
	104,075	Nibe Industrier AB, Class B Shares		777,703
	1,979	Saab AB, Class B Shares		104,248
	5,650	Sagax AB, Class B Shares		117,456
	145,677	Sandvik AB		2,742,956
	12,153	Securitas AB, Class B Shares		98,642
	41,649	Skandinaviska Enskilda Banken AB, Class A Shares		482,960
	8,407	Skanska AB, Class B Shares		122,593
	8,420	SKF AB, Class B Shares		136,153
	12,322	Spotify Technology SA*		1,897,218
	315,517	Storskogen Group AB, Class B Shares		237,207
	14,971	Svenska Cellulosa AB SCA, Class B Shares		199,212
	229,878	Svenska Handelsbanken AB, Class A Shares		1,914,781
	68,370	Swedbank AB, Class A Shares		1,212,276
	4,210	Swedish Orphan Biovitrum AB*(d)		81,529
	13,201	Tele2 AB, Class B Shares		93,302
	75,953	Telefonaktiebolaget LM Ericsson, Class B Shares		390,737
	60,633	Telia Co. AB		122,381
	17,657	Trelleborg AB, Class B Shares		447,509
	4,948	Volvo AB, Class A Shares		101,405
	38,247	Volvo AB, Class B Shares		770,237
	14,725	Volvo Car AB, Class B Shares*		55,651
	47,307	Wihlborgs Fastigheter AB		364,052

		Total Sweden		21,494,175


Switzerland — 9.2%
	39,797	ABB Ltd., Class Registered Shares		1,514,445
	11,783	Accelleron Industries AG		318,744
	5,985	Adecco Group AG, Class Registered Shares		258,276
	39,163	Alcon Inc.		3,271,479
	859	Bachem Holding AG, Class B Shares		79,458
	3,646	Baloise Holding AG, Class Registered Shares		570,309
	818	Banque Cantonale Vaudoise, Class Registered Shares		88,704
	88	Barry Callebaut AG, Class Registered Shares		153,317
	627	BKW AG		107,598
	1,384	Bucher Industries AG, Class Registered Shares		567,001
	139	Chocoladefabriken Lindt & Spruengli AG		1,661,684
	3	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		353,836
	25,484	Cie Financiere Richemont SA, Class Registered Shares		3,613,842
	5,331	Clariant AG, Class Registered Shares*		88,785
	28,346	Coca-Cola HBC AG*		815,942
	4,609	DSM-Firmenich AG		425,099
	2,436	Dufry AG, Class Registered Shares*		108,294
	173	EMS-Chemie Holding AG, Class Registered Shares		129,768

See Notes to Financial Statements.

126



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Switzerland — 9.2% — (continued)
	1,594	Flughafen Zurich AG, Class Registered Shares	$	328,252
	7,618	Galenica AG(c)		604,673
	842	Geberit AG, Class Registered Shares		435,585
	234	Givaudan SA, Class Registered Shares		778,368
	263,561	Glencore PLC		1,403,488
	917	Helvetia Holding AG, Class Registered Shares		139,576
	13,005	Holcim AG*		860,344
	15,069	Julius Baer Group Ltd.		1,045,681
	14,143	Kuehne + Nagel International AG, Class Registered Shares		4,247,615
	4,064	Logitech International SA, Class Registered Shares		280,971
	11,552	Lonza Group AG, Class Registered Shares		6,373,941
	131,871	Nestlé SA, Class Registered Shares		15,856,210
	136,400	Novartis AG, Class Registered Shares		13,727,180
	33,949	On Holding AG, Class A Shares*		978,750
	565	Partners Group Holding AG		608,784
	6,016	PSP Swiss Property AG, Class Registered Shares		730,640
	75,149	Roche Holding AG		22,111,888
	1,006	Schindler Holding AG		223,991
	580	Schindler Holding AG, Class Registered Shares		121,798
	28,104	SGS SA, Class Registered Shares		2,556,850
	575	Siegfried Holding AG, Class Registered Shares*		520,283
	7,557	SIG Group AG*		198,787
	6,898	Sika AG, Class Registered Shares		1,948,929
	1,285	Sonova Holding AG, Class Registered Shares		338,880
	16,888	STMicroelectronics NV		798,330
	2,758	Straumann Holding AG, Class Registered Shares		416,593
	5,488	Sulzer AG, Class Registered Shares		557,101
	715	Swatch Group AG (The)		200,826
	1,430	Swatch Group AG (The), Class Registered Shares		76,166
	762	Swiss Life Holding AG, Class Registered Shares		477,643
	1,896	Swiss Prime Site AG, Class Registered Shares		181,944
	7,649	Swiss Re AG		742,782
	640	Swisscom AG, Class Registered Shares		389,831
	2,858	Swissquote Group Holding SA, Class Registered Shares		569,253
	5,739	Temenos AG, Class Registered Shares		456,121
	158,519	UBS Group AG, Class Registered Shares		4,208,220
	9,267	VAT Group AG(c)		3,693,913
	9,304	Zurich Insurance Group AG		4,366,402

		Total Switzerland		107,683,170


Taiwan — 0.5%
	83,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,429,614
	46,600	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		4,360,362

		Total Taiwan		5,789,976


United Kingdom — 16.7%
	24,859	3i Group PLC		625,702
	8,117	4imprint Group PLC		522,286
	28,565	Abcam PLC, ADR*		646,140
	47,125	Abrdn PLC		98,337
	5,245	Admiral Group PLC		164,946
	31,399	Anglo American PLC		830,280
	10,837	Ashtead Group PLC		756,509
	8,670	Associated British Foods PLC		218,323
	106,651	AstraZeneca PLC		14,387,476
	22,699	Auto Trader Group PLC(c)		173,789

See Notes to Financial Statements.

127



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

United Kingdom — 16.7% — (continued)
	68,831	Aviva PLC	$	326,495
	75,451	BAE Systems PLC		960,130
	94,494	Balfour Beatty PLC		391,695
	3,845,202	Barclays PLC		7,161,547
	24,319	Barratt Developments PLC		139,171
	63,209	Beazley PLC		435,710
	37,433	Berkeley Group Holdings PLC		1,918,537
	1,766,200	BP PLC		10,905,688
	180,836	British American Tobacco PLC		6,001,023
	171,793	BT Group PLC		251,536
	50,978	Bunzl PLC		1,823,282
	82,386	Burberry Group PLC		2,276,235
	140,506	Centrica PLC		269,482
	25,286	CNH Industrial NV		348,340
	5,083	Coca-Cola Europacific Partners PLC		325,871
	376,052	Compass Group PLC		9,483,864
	20,781	Computacenter PLC		573,327
	3,450	Croda International PLC		240,759
	18,549	CVS Group PLC		498,048
	310,270	Diageo PLC		12,718,035
	43,555	Drax Group PLC		304,267
	20,024	Dunelm Group PLC		294,091
	54,930	easyJet PLC*		294,387
	4,587	Endeavour Mining PLC		93,474
	22,653	Endeavour Mining PLC(a)		468,584
	15,756	Entain PLC		231,016
	497,528	GSK PLC		8,726,806
	134,525	Haleon PLC		548,403
	9,381	Halma PLC		253,701
	81,188	Harbour Energy PLC		256,292
	8,790	Hargreaves Lansdown PLC		84,533
	161,812	Hays PLC		218,832
	769,024	HSBC Holdings PLC		5,679,536
	54,909	IG Group Holdings PLC		470,463
	18,312	IMI PLC		347,350
	21,693	Imperial Brands PLC		490,505
	53,507	Inchcape PLC		515,830
	34,390	Informa PLC		317,078
	4,284	InterContinental Hotels Group PLC		322,490
	3,988	Intertek Group PLC		208,694
	40,753	J Sainsbury PLC		139,355
	64,038	JD Sports Fashion PLC		117,272
	4,533	Johnson Matthey PLC		93,377
	322,632	Kingfisher PLC		956,211
	17,407	Land Securities Group PLC, REIT		132,441
	885,705	Legal & General Group PLC		2,448,950
	1,637,296	Lloyds Banking Group PLC		876,799
	10,108	London Stock Exchange Group PLC		1,046,634
	151,494	LondonMetric Property PLC, REIT		346,066
	55,408	M&G PLC		133,846
	171,945	Man Group PLC		461,221
	205,782	Marks & Spencer Group PLC*		591,125
	32,875	Melrose Industries PLC		213,461
	11,998	Mondi PLC		200,743
	131,166	Moneysupermarket.com Group PLC		411,545
	202,576	National Grid PLC(a)		2,532,491

See Notes to Financial Statements.

128



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

United Kingdom — 16.7% — (continued)
	609,777	NatWest Group PLC	$	1,773,132
	3,017	Next PLC		266,822
	14,296	Ocado Group PLC*		156,945
	75,076	OSB Group PLC		324,593
	15,926	Pearson PLC		168,830
	7,892	Persimmon PLC		106,134
	18,541	Phoenix Group Holdings PLC		122,179
	82,654	QinetiQ Group PLC		349,028
	159,360	Reckitt Benckiser Group PLC		11,499,025
	250,229	RELX PLC		8,153,191
	64,787	Rentokil Initial PLC		492,553
	103,850	Rio Tinto PLC		6,397,901
	6,467,695	Rolls-Royce Holdings PLC*		18,129,043
	46,796	Safestore Holdings PLC, REIT		512,366
	25,311	Sage Group PLC (The)		311,074
	33,392	Savills PLC		385,162
	19,917	Schroders PLC		103,591
	109,754	Segro PLC, REIT		1,021,793
	262,240	Serco Group PLC		508,353
	6,216	Severn Trent PLC		188,512
	532,243	Shell PLC		16,398,341
	21,581	Smith & Nephew PLC		291,571
	8,704	Smiths Group PLC		180,448
	8,381	Spectris PLC		351,079
	1,823	Spirax-Sarco Engineering PLC		233,401
	133,055	SSE PLC		2,733,821
	14,943	St. James’s Place PLC		167,053
	59,476	Standard Chartered PLC		535,602
	36,265	Tate & Lyle PLC		323,467
	292,371	Taylor Wimpey PLC		421,649
	180,836	Tesco PLC		607,520
	173,272	Tritax Big Box REIT PLC		309,812
	206,513	Unilever PLC		10,548,282
	16,849	United Utilities Group PLC		201,625
	162,313	Virgin Money UK PLC		334,612
	566,939	Vodafone Group PLC		524,611
	13,149	Weir Group PLC (The)		304,647
	164,682	WH Smith PLC		3,060,048
	36,836	Whitbread PLC		1,600,301
	15,192	Wise PLC, Class A Shares*		122,636
	26,554	WPP PLC		257,268

		Total United Kingdom		196,778,453


United States — 0.5%
	776	Booking Holdings Inc.*		2,409,503
	19,085	International Game Technology PLC		611,102
	12,774	Liberty Media Corp.-Liberty Formula One, Class C Shares*		878,723
	3,646	Linde PLC		1,411,148

		Total United States		5,310,476


Uruguay — 0.1%
	520	MercadoLibre Inc.*		713,627

		TOTAL COMMON STOCKS (Cost — $930,734,924)		1,127,229,297

See Notes to Financial Statements.

129



Schedules of Investments


(continued)


International Equity Fund

Shares/Units			Security	Value

PREFERRED STOCKS — 0.3%

Germany — 0.3%
	1,468		Bayerische Motoren Werke AG, Class Preferred Shares	$	141,271
	14,000		Dr ING hc F Porsche AG, Class Preferred Shares(c)		1,546,145
	4,182		Henkel AG & Co. KGaA, Class Preferred Shares		320,842
	3,784		Porsche Automobil Holding SE, Class Preferred Shares		203,391
	648		Sartorius AG, Class Preferred Shares		264,777
	5,095		Volkswagen AG, Class Preferred Shares		624,510

			TOTAL PREFERRED STOCKS (Cost — $2,869,058)		3,100,936


OPEN END MUTUAL FUND SECURITY — 0.1%

United States — 0.1%
	40,497		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost — $1,719,852)		1,852,738


RIGHT — 0.0%@

Sweden — 0.0%@
	4,210		Swedish Orphan Biovitrum AB expires 9/14/23* (Cost — $0)		3,803

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $935,323,834)		1,132,186,774


Face Amount†

SHORT-TERM INVESTMENTS (e) — 3.4%

MONEY MARKET FUND — 0.5%
$	5,558,829		Invesco STIT — Government & Agency Portfolio, 5.189%, Institutional Class(f) (Cost — $5,558,829)		5,558,829


TIME DEPOSITS — 2.9%
	107,092	^AUD	ANZ National Bank — Hong Kong, 2.860% due 9/1/23		69,385
	21,892,570		ANZ National Bank — London, 4.680% due 9/1/23		21,892,570
			BBH — Grand Cayman:
	516,153	^DKK	2.250% due 9/1/23		75,095
	184,844	^SEK	2.460% due 9/1/23		16,884
	522,992	^NOK	2.800% due 9/1/23		49,194
	1	^AUD	2.860% due 9/1/23		1
	2,331	^CAD	3.830% due 9/1/23		1,725
	9,199	^NZD	3.850% due 9/1/23		5,484
	253,028	^GBP	4.170% due 9/1/23		320,511
	1,294	^ZAR	6.160% due 9/1/23		69
	417,378	^CHF	BNP Paribas — Paris, 0.740% due 9/1/23		472,468
	778,953	^EUR	Citibank — London, 2.630% due 9/1/23		844,619
	826,679		Citibank — New York, 4.680% due 9/1/23		826,679
	405,355	^HKD	HSBC Bank — Hong Kong, 1.200% due 9/1/23		51,687
	179,960	^SGD	HSBC Bank — Singapore, 2.810% due 9/4/23		133,170
	4,031,575		JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		4,031,575
			Sumitomo Mitsui Banking Corp. — Tokyo:
	32,285,386	^JPY	(0.530)% due 9/1/23		221,931
	5,464,376		4.680% due 9/1/23		5,464,376

			TOTAL TIME DEPOSITS (Cost — $34,477,423)		34,477,423

			TOTAL SHORT-TERM INVESTMENTS (Cost — $40,036,252)	$	40,036,252

			TOTAL INVESTMENTS — 99.7% (Cost — $975,360,086)		1,172,223,026

			Other Assets in Excess of Liabilities — 0.3%		3,374,230

			TOTAL NET ASSETS — 100.0%	$	1,175,597,256

See Notes to Financial Statements.

130



Schedules of Investments


(continued)


International Equity Fund

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

*	Non-income producing security.

@	The amount is less than 0.05%.

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

(b)	Security trades on the Hong Kong exchange.

(c)

Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2023, amounts to $16,203,453 and represents 1.4% of net assets.

(d)	Illiquid security.

(e)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.9%.

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

At August 31, 2023, for International Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
International Equity Fund	$	1,013,326,469	$	282,218,636	$	(123,577,379)	$	158,641,257


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


Summary of Investments by Security Sector^
Industrials	17.0	%
Health Care	15.1
Financials	14.9
Consumer Discretionary	11.1
Information Technology	10.5
Consumer Staples	9.6
Materials	6.4
Energy	4.1
Utilities	3.4
Communication Services	3.0
Real Estate	1.9
Short-Term Investments	3.0

Total Investments	100.0	%+

^	As a percentage of total investments.

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

See Notes to Financial Statements.

131



Schedules of Investments


(continued)


International Equity Fund

At August 31, 2023, International Equity Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro STOXX 50 September Futures		19		9/23	$	896,738	$	888,551	$	(8,187	)
FTSE 100 Index September Futures		4		9/23		379,589		378,110		(1,479	)
SPI 200 Index September Futures		2		9/23		231,932		235,674		3,742
TOPIX Index September Futures		2		9/23		315,965		320,399		4,434

									$	(1,490	)

At August 31, 2023, International Equity Fund had deposited cash of $124,453 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See Notes to Financial Statements.

132



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

COMMON STOCKS — 94.7%

Brazil — 6.6%
	107,588	Ambev SA	$	300,787
	16,348	Atacadao SA		33,882
	1,018,584	B3 SA — Brasil Bolsa Balcao		2,660,450
	35,894	Banco Bradesco SA		96,000
	27,646	Banco BTG Pactual SA		181,332
	237,336	Banco do Brasil SA		2,258,106
	10,285	Banco Santander Brasil SA		56,324
	344,530	BB Seguridade Participacoes SA		2,114,339
	537,747	CCR SA		1,353,492
	28,849	Centrais Eletricas Brasileiras SA		205,482
	8,054	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		94,232
	13,971	Cia Siderurgica Nacional SA		34,177
	346,100	Clear Sale SA*		332,089
	803,237	Cosan SA		2,842,743
	4,539	CPFL Energia SA		31,312
	5,411	Energisa SA		50,389
	21,442	Eneva SA*		51,630
	100,178	Engie Brasil Energia SA		852,355
	23,802	Equatorial Energia SA		152,224
	206,745	Fleury SA		616,426
	125,465	Hapvida Participacoes e Investimentos SA*(a)		107,967
	8,586	Hypera SA		67,625
	17,130	JBS SA		63,670
	780,700	JSL SA		1,364,143
	17,821	Klabin SA		81,934
	20,069	Localiza Rent a Car SA		256,417
	22,790	Lojas Renner SA		73,797
	66,160	Magazine Luiza SA*		36,886
	513,800	Movida Participacoes SA		1,288,029
	19,733	Natura & Co. Holding SA*		60,510
	60,000	NU Holdings Ltd., Class A Shares*		411,000
	527,190	Odontoprev SA		1,101,152
	87,729	Petróleo Brasileiro SA		612,104
	162,228	Petróleo Brasileiro SA, ADR		2,279,303
	17,149	PRIO SA*		160,807
	28,924	Raia Drogasil SA		160,559
	142,890	Rede D’Or Sao Luiz SA(a)		827,252
	29,212	Rumo SA		131,886
	31,594	Sendas Distribuidora SA		74,096
	18,853	Suzano SA		190,990
	18,442	TIM SA		53,682
	12,300	TOTVS SA		68,924
	16,567	Ultrapar Participações SA		60,774
	78,308	Vale SA		1,029,469
	82,325	Vale SA, Class B Shares, ADR		1,084,220
	864,700	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		2,045,418
	273,423	Vibra Energia SA		1,019,592
	466,972	WEG SA		3,384,566

		Total Brazil		32,414,543


Chile — 0.9%
	157,691	Antofagasta PLC		2,882,051
	1,069,085	Banco de Chile		116,273
	1,241	Banco de Credito e Inversiones SA		35,596
	1,469,702	Banco Santander Chile		70,125

See Notes to Financial Statements.

133



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Chile — 0.9% — (continued)
	33,447	Cencosud SA	$	71,384
	2,598	Cia Cervecerias Unidas SA		19,144
	448,463	Cia Sud Americana de Vapores SA		29,842
	23,513	Empresas CMPC SA		42,566
	7,342	Empresas COPEC SA		52,873
	473,707	Enel Americas SA*		56,129
	564,409	Enel Chile SA		37,920
	23,830	Falabella SA		58,526
	13,136	Sociedad Quimica y Minera de Chile SA, ADR		822,182

		Total Chile		4,294,611


China — 23.4%
	9,300	360 Security Technology Inc., Class A Shares*		14,267
	3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		13,227
	32,500	3SBio Inc.(a)		27,129
	20,000	AAC Technologies Holdings Inc.		38,648
	794	Advanced Micro-Fabrication Equipment Inc., Class A Shares*		16,602
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		16,167
	147,000	Agricultural Bank of China Ltd., Class A Shares		69,858
	653,000	Agricultural Bank of China Ltd., Class H Shares(b)		223,647
	11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		29,347
	13,600	Air China Ltd., Class A Shares*		16,155
	40,000	Air China Ltd., Class H Shares*(b)		29,591
	11,000	Akeso Inc.*(a)		48,117
	511,276	Alibaba Group Holding Ltd.*		5,939,496
	42,437	Alibaba Group Holding Ltd., ADR*		3,942,397
	31,400	Aluminum Corp. of China Ltd., Class A Shares		25,520
	74,000	Aluminum Corp. of China Ltd., Class H Shares(b)		35,684
	351	Amlogic Shanghai Co., Ltd., Class A Shares*		4,224
	2,500	Angel Yeast Co., Ltd., Class A Shares		11,378
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		21,523
	448,337	Anhui Conch Cement Co., Ltd., Class H Shares(b)		1,242,168
	500	Anhui Gujing Distillery Co., Ltd., Class A Shares		19,744
	2,300	Anhui Gujing Distillery Co., Ltd., Class B Shares		38,247
	1,800	Anhui Kouzi Distillery Co., Ltd., Class A Shares		14,081
	1,600	Anhui Yingjia Distillery Co., Ltd., Class A Shares		16,806
	600	Anjoy Foods Group Co., Ltd., Class A Shares		10,753
	28,400	ANTA Sports Products Ltd.		322,717
	700	Asymchem Laboratories Tianjin Co., Ltd., Class A Shares		12,786
	1,342	Autohome Inc., ADR		38,784
	3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		10,578
	8,199	AVIC Industry-Finance Holdings Co., Ltd., Class A Shares		4,138
	44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(b)		19,715
	2,200	AVICOPTER PLC, Class A Shares		11,520
	52,568	Baidu Inc., Class A Shares*		940,278
	19,200	Bank of Beijing Co., Ltd., Class A Shares		11,788
	4,000	Bank of Chengdu Co., Ltd., Class A Shares		7,521
	54,930	Bank of China Ltd., Class A Shares		28,301
	1,841,000	Bank of China Ltd., Class H Shares(b)		623,478
	54,100	Bank of Communications Co., Ltd., Class A Shares		41,238
	205,000	Bank of Communications Co., Ltd., Class H Shares(b)		117,290
	4,600	Bank of Hangzhou Co., Ltd., Class A Shares		7,075
	19,890	Bank of Jiangsu Co., Ltd., Class A Shares		19,480
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		18,056
	8,290	Bank of Ningbo Co., Ltd., Class A Shares		29,728
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		24,222

See Notes to Financial Statements.

134



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares	$	25,127
	54,000	Beijing Capital International Airport Co., Ltd., Class H Shares*(b)		28,385
	14,900	Beijing Dabeinong Technology Group Co., Ltd., Class A Shares		13,288
	687	Beijing Kingsoft Office Software Inc., Class A Shares		37,237
	2,000	Beijing New Building Materials PLC, Class A Shares		8,210
	2,600	Beijing Tongrentang Co., Ltd., Class A Shares*		20,084
	2,733	Beijing United Information Technology Co., Ltd., Class A Shares		13,538
	1,218	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares		8,339
	58,000	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		40,627
	200	Betta Pharmaceuticals Co., Ltd., Class A Shares		1,358
	1,000	BGI Genomics Co., Ltd., Class A Shares		7,378
	4,607	Bilibili Inc., Class Z Shares*		70,006
	912	Bloomage Biotechnology Corp,. Ltd., Class A Shares		11,594
	38,300	BOE Technology Group Co., Ltd., Class A Shares		21,078
	2,800	BYD Co., Ltd., Class A Shares		95,745
	24,000	BYD Co., Ltd., Class H Shares(b)		752,916
	20,000	BYD Electronic International Co., Ltd.		92,522
	5,800	By-health Co., Ltd., Class A Shares		15,398
	639	Cambricon Technologies Corp., Ltd., Class A Shares*		13,932
	1,820	Canmax Technologies Co., Ltd., Class A Shares		6,751
	2,800	CETC Cyberspace Security Technology Co., Ltd., Class A Shares		9,618
	254,000	CGN Power Co., Ltd., Class H Shares(a)(b)		63,367
	600	Changchun High & New Technology Industry Group Inc., Class A Shares		11,394
	1,100	Changjiang Securities Co., Ltd., Class A Shares		903
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		17,196
	2,300	Chengxin Lithium Group Co., Ltd., Class A Shares		7,218
	2,800	China Baoan Group Co., Ltd., Class A Shares		4,099
	255,000	China Cinda Asset Management Co., Ltd., Class H Shares(b)		24,984
	203,000	China CITIC Bank Corp., Ltd., Class H Shares(b)		90,121
	43,000	China Coal Energy Co., Ltd., Class H Shares(b)		29,339
	54,000	China Communications Services Corp., Ltd., Class H Shares(b)		24,273
	41,500	China Conch Venture Holdings Ltd.		40,747
	21,100	China Construction Bank Corp., Class A Shares		17,391
	6,730,224	China Construction Bank Corp., Class H Shares(b)		3,611,296
	6,200	China CSSC Holdings Ltd., Class A Shares		24,170
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		16,268
	47,400	China Energy Engineering Corp., Ltd., Class A Shares		14,906
	91,612	China Everbright Bank Co., Ltd., Class A Shares		37,885
	52,000	China Everbright Bank Co., Ltd., Class H Shares(b)		14,950
	92,000	China Feihe Ltd.(a)		55,524
	13,200	China Galaxy Securities Co., Ltd., Class A Shares		20,851
	62,000	China Galaxy Securities Co., Ltd., Class H Shares(b)		33,261
	1,500	China Greatwall Technology Group Co., Ltd., Class A Shares		2,241
	53,000	China Hongqiao Group Ltd.		52,717
	3,100	China International Capital Corp., Ltd., Class A Shares		16,596
	34,000	China International Capital Corp., Ltd., Class H Shares(a)(b)		65,264
	7,200	China Jushi Co., Ltd., Class A Shares		13,803
	4,800	China Life Insurance Co., Ltd., Class A Shares		23,449
	171,000	China Life Insurance Co., Ltd., Class H Shares(b)		258,876
	8,800	China Literature Ltd.*(a)		35,141
	80,000	China Longyuan Power Group Corp., Ltd., Class H Shares(b)		63,348
	12,000	China Meidong Auto Holdings Ltd.		9,046
	74,000	China Mengniu Dairy Co., Ltd.*		250,183
	30,200	China Merchants Bank Co., Ltd., Class A Shares		130,777
	907,891	China Merchants Bank Co., Ltd., Class H Shares(b)		3,592,992
	17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		13,746

See Notes to Financial Statements.

135



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	9,230	China Merchants Securities Co., Ltd., Class A Shares	$	17,990
	14,820	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		27,807
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		29,042
	159,700	China Minsheng Banking Corp., Ltd., Class H Shares(b)		51,174
	78,000	China National Building Material Co., Ltd., Class H Shares(b)		39,514
	13,800	China National Chemical Engineering Co., Ltd., Class A Shares		14,742
	18,900	China National Nuclear Power Co., Ltd., Class A Shares		18,694
	2,470	China National Software & Service Co., Ltd., Class A Shares		14,656
	5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		15,754
	44,000	China Oilfield Services Ltd., Class H Shares(b)		49,746
	10,500	China Pacific Insurance Group Co., Ltd., Class A Shares		39,846
	60,600	China Pacific Insurance Group Co., Ltd., Class H Shares(b)		138,132
	43,800	China Petroleum & Chemical Corp., Class A Shares		36,505
	562,000	China Petroleum & Chemical Corp., Class H Shares(b)		328,197
	27,800	China Railway Group Ltd., Class A Shares		25,565
	93,000	China Railway Group Ltd., Class H Shares(b)		49,142
	3,100	China Rare Earth Resources & Technology Co., Ltd., Class A Shares		12,162
	2,536	China Resources Microelectronics Ltd., Class A Shares		20,387
	14,000	China Resources Mixc Lifestyle Services Ltd.(a)		60,142
	44,500	China Resources Pharmaceutical Group Ltd.(a)		29,687
	2,600	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		16,994
	10,099	China Shenhua Energy Co., Ltd., Class A Shares		39,037
	287,000	China Shenhua Energy Co., Ltd., Class H Shares(b)		838,654
	20,400	China Southern Airlines Co., Ltd., Class A Shares*		17,686
	44,000	China Southern Airlines Co., Ltd., Class H Shares*(b)		23,318
	57,440	China State Construction Engineering Corp., Ltd., Class A Shares		44,416
	41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares		28,120
	2,535	China Tourism Group Duty Free Corp., Ltd., Class A Shares		37,816
	1,900	China Tourism Group Duty Free Corp., Ltd., Class H Shares(a)(b)		25,384
	1,048,000	China Tower Corp., Ltd., Class H Shares(a)(b)		101,473
	40,000	China United Network Communications Ltd., Class A Shares		28,610
	15,600	China Vanke Co., Ltd., Class A Shares		29,175
	623,095	China Vanke Co., Ltd., Class H Shares(b)		723,199
	31,600	China Yangtze Power Co., Ltd., Class A Shares		95,762
	1,200	China Zhenhua Group Science & Technology Co., Ltd., Class A Shares		15,113
	52,390	China Zheshang Bank Co., Ltd., Class A Shares		18,491
	56,000	Chinasoft International Ltd.*		37,020
	300	Chongqing Brewery Co., Ltd., Class A Shares		3,765
	8,682	Chongqing Changan Automobile Co., Ltd., Class A Shares		14,939
	3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		18,202
	132,000	CITIC Ltd.		130,483
	17,365	CITIC Securities Co., Ltd., Class A Shares		52,838
	44,425	CITIC Securities Co., Ltd., Class H Shares(b)		86,445
	26,600	CMOC Group Ltd., Class A Shares		20,903
	96,000	CMOC Group Ltd., Class H Shares(b)		57,243
	1,300	CNGR Advanced Material Co., Ltd., Class A Shares		9,800
	16,100	CNPC Capital Co., Ltd., Class A Shares		14,888
	80,080	Contemporary Amperex Technology Co., Ltd., Class A Shares		2,597,540
	5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		9,626
	32,000	COSCO Shipping Energy Transportation Co., Ltd., Class H Shares(b)		33,418
	20,720	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		27,881
	63,750	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(b)		65,275
	268,000	Country Garden Holdings Co., Ltd.*		30,131
	52,000	Country Garden Services Holdings Co., Ltd.		61,403
	31,400	CRRC Corp., Ltd., Class A Shares		25,615
	112,000	CRRC Corp., Ltd., Class H Shares(b)		54,970

See Notes to Financial Statements.

136



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	8,700	CSC Financial Co., Ltd., Class A Shares	$	30,801
	209,120	CSPC Pharmaceutical Group Ltd.		157,591
	2,800	Dajin Heavy Industry Co., Ltd., Class A Shares		9,484
	21,700	Daqin Railway Co., Ltd., Class A Shares		21,254
	1,297	Daqo New Energy Corp., ADR*		47,950
	3,283	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		11,994
	800	DHC Software Co., Ltd., Class A Shares		738
	600	Dongfang Electric Corp., Ltd., Class A Shares		1,382
	62,000	Dongfeng Motor Group Co., Ltd., Class H Shares(b)		22,727
	37,000	Dongyue Group Ltd.		31,738
	10,000	East Buy Holding Ltd.*(a)(c)		50,472
	19,025	East Money Information Co., Ltd., Class A Shares		41,359
	900	Ecovacs Robotics Co., Ltd., Class A Shares		6,556
	140,200	ENN Energy Holdings Ltd.		1,093,932
	309,399	ENN Natural Gas Co., Ltd., Class A Shares		741,788
	2,581	Eve Energy Co., Ltd., Class A Shares		17,506
	7,300	Everbright Securities Co., Ltd., Class A Shares		17,172
	2,900	Flat Glass Group Co., Ltd., Class A Shares		12,296
	10,000	Flat Glass Group Co., Ltd., Class H Shares(b)		24,774
	20,800	Focus Media Information Technology Co., Ltd., Class A Shares		21,998
	5,686	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		30,494
	53,500	Fosun International Ltd.		33,476
	17,700	Founder Securities Co., Ltd., Class A Shares		17,559
	15,000	Foxconn Industrial Internet Co., Ltd., Class A Shares		45,001
	740,000	Fu Shou Yuan International Group Ltd.		551,072
	88,000	Full Truck Alliance Co., Ltd., ADR*		589,600
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		21,394
	13,600	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(b)		61,653
	60,620	Ganfeng Lithium Group Co., Ltd., Class A Shares		394,616
	8,120	Ganfeng Lithium Group Co., Ltd., Class H Shares(a)(b)		38,736
	21,800	GD Power Development Co., Ltd., Class A Shares		10,509
	19,684	GDS Holdings Ltd., Class A Shares*		29,337
	15,100	GEM Co., Ltd., Class A Shares		12,982
	9,300	Gemdale Corp., Class A Shares		9,194
	26,000	Genscript Biotech Corp.*		60,722
	8,200	GF Securities Co., Ltd., Class A Shares		16,940
	31,600	GF Securities Co., Ltd., Class H Shares(b)		44,988
	5,700	Giant Network Group Co., Ltd., Class A Shares		11,432
	924	Gigadevice Semiconductor Inc., Class A Shares		11,920
	900	Ginlong Technologies Co., Ltd., Class A Shares		9,270
	4,300	GoerTek Inc., Class A Shares		9,046
	2,700	Goldwind Science & Technology Co., Ltd., Class A Shares		3,521
	2,000	Gotion High-tech Co., Ltd., Class A Shares*		6,653
	4,100	Great Wall Motor Co., Ltd., Class A Shares		14,697
	56,500	Great Wall Motor Co., Ltd., Class H Shares(b)		66,689
	279,700	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		1,373,141
	22,000	Greentown China Holdings Ltd.		26,000
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		14,581
	7,700	Guanghui Energy Co., Ltd., Class A Shares		6,965
	88,000	Guangzhou Automobile Group Co., Ltd., Class H Shares(b)		46,190
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		11,040
	600	Guangzhou Great Power Energy & Technology Co., Ltd., Class A Shares*		2,944
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		11,491
	1,100	Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A Shares		9,015
	600	Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A Shares		4,390
	3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		14,516

See Notes to Financial Statements.

137



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	9,400	Guosen Securities Co., Ltd., Class A Shares	$	11,965
	16,600	Guotai Junan Securities Co., Ltd., Class A Shares		33,161
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		5,624
	4,876	H World Group Ltd., ADR*		196,405
	41,000	Haidilao International Holding Ltd.(a)		111,178
	7,300	Haier Smart Home Co., Ltd., Class A Shares		23,568
	57,000	Haier Smart Home Co., Ltd., Class H Shares(b)		177,020
	70,600	Hainan Airlines Holding Co., Ltd., Class A Shares*		15,130
	27,900	Hainan Airport Infrastructure Co., Ltd., Class A Shares*		15,334
	16,000	Haitian International Holdings Ltd.		34,272
	9,300	Haitong Securities Co., Ltd., Class A Shares		12,538
	67,200	Haitong Securities Co., Ltd., Class H Shares(b)		41,634
	11,500	Hangzhou Binjiang Real Estate Group Co., Ltd., Class A Shares		16,568
	3,528	Hangzhou First Applied Material Co., Ltd., Class A Shares		15,041
	2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares		9,389
	400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		3,656
	28,000	Hansoh Pharmaceutical Group Co., Ltd.(a)		36,271
	7,700	Henan Shenhuo Coal & Power Co., Ltd., Class A Shares		16,786
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		19,558
	355,000	Hengan International Group Co., Ltd.		1,314,334
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares*		21,256
	2,990	Hengyi Petrochemical Co., Ltd., Class A Shares*		3,150
	43,300	Hesteel Co., Ltd., Class A Shares		13,439
	699	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		16,043
	2,800	Hongfa Technology Co., Ltd., Class A Shares		13,503
	900	Hoshine Silicon Industry Co., Ltd., Class A Shares		7,637
	62,854	Hoyuan Green Energy Co., Ltd., Class A Shares		359,805
	12,000	Hua Hong Semiconductor Ltd.*(a)		31,254
	18,400	Huadian Power International Corp., Ltd., Class A Shares		12,897
	1,694	Huadong Medicine Co., Ltd., Class A Shares		8,830
	2,260	Hualan Biological Engineering Inc., Class A Shares		6,590
	22,500	Huaneng Power International Inc., Class A Shares*		25,198
	82,000	Huaneng Power International Inc., Class H Shares*(b)		40,991
	7,200	Huatai Securities Co., Ltd., Class A Shares		15,676
	35,800	Huatai Securities Co., Ltd., Class H Shares(a)(b)		46,976
	10,500	Huaxia Bank Co., Ltd., Class A Shares		7,989
	406,699	Huayu Automotive Systems Co., Ltd., Class A Shares		1,049,280
	3,600	Hubei Xingfa Chemicals Group Co., Ltd., Class A Shares		10,044
	1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		19,947
	3,200	Humanwell Healthcare Group Co., Ltd., Class A Shares		10,267
	3,785	Hundsun Technologies Inc., Class A Shares		18,693
	7,200	Hygeia Healthcare Holdings Co., Ltd.(a)		36,241
	3,900	Iflytek Co., Ltd., Class A Shares		29,332
	400	Imeik Technology Development Co., Ltd., Class A Shares		24,091
	111,000	Industrial & Commercial Bank of China Ltd., Class A Shares		70,431
	1,470,000	Industrial & Commercial Bank of China Ltd., Class H Shares(b)		674,693
	31,400	Industrial Bank Co., Ltd., Class A Shares		68,122
	19,760	Industrial Securities Co., Ltd., Class A Shares		17,388
	800	Ingenic Semiconductor Co., Ltd., Class A Shares		8,109
	62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*		15,469
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		9,357
	8,700	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		31,068
	29,900	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares*		39,864
	26,500	Innovent Biologics Inc.*(a)		118,062
	1,100	Inspur Electronic Information Industry Co., Ltd., Class A Shares		5,910
	9,276	iQIYI Inc., ADR*		46,751

See Notes to Financial Statements.

138



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	4,116	JA Solar Technology Co., Ltd., Class A Shares	$	15,739
	2,600	Jason Furniture Hangzhou Co., Ltd., Class A Shares		14,873
	4,000	JCET Group Co., Ltd., Class A Shares		17,900
	25,850	JD Health International Inc.*(a)		138,589
	45,200	JD Logistics Inc.*(a)		59,980
	48,357	JD.com Inc., ADR		1,605,936
	93,144	JD.com Inc., Class A Shares		1,545,007
	7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares		11,696
	24,000	Jiangsu Expressway Co., Ltd., Class H Shares(b)		21,632
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		16,640
	10,301	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		59,104
	1,000	Jiangsu King’s Luck Brewery JSC Ltd., Class A Shares		8,227
	1,000	Jiangsu Pacific Quartz Co., Ltd., Class A Shares		13,139
	2,600	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A Shares		47,842
	1,430	Jiangsu Yangnong Chemical Co., Ltd., Class A Shares		12,553
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		12,409
	5,300	Jiangxi Copper Co., Ltd., Class A Shares		13,752
	19,000	Jiangxi Copper Co., Ltd., Class H Shares(b)		29,546
	9,597	Jinko Solar Co., Ltd., Class A Shares		14,189
	800	JiuGui Liquor Co., Ltd., Class A Shares		9,826
	25,000	Jiumaojiu International Holdings Ltd.(a)		39,952
	6,800	Joincare Pharmaceutical Group Industry Co., Ltd., Class A Shares		10,646
	11,622	Jointown Pharmaceutical Group Co., Ltd., Class A Shares		16,500
	2,200	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd., Class A Shares*		10,211
	1,500	Juewei Food Co., Ltd., Class A Shares		7,351
	1,366	Kangmei Pharmaceutical Co., Ltd., Class A Shares*(d)(e)		2
	4,655	Kanzhun Ltd., ADR*		68,894
	81,580	KE Holdings Inc., ADR*		1,403,176
	66,000	Kingdee International Software Group Co., Ltd.*		101,718
	22,400	Kingsoft Corp., Ltd.		89,528
	54,100	Kuaishou Technology, Class B Shares*(a)		440,259
	6,300	Kuang-Chi Technologies Co., Ltd., Class A Shares		12,882
	1,688	Kweichow Moutai Co., Ltd., Class A Shares		427,702
	4,200	LB Group Co., Ltd., Class A Shares		10,457
	2,134,000	Lenovo Group Ltd.		2,410,200
	9,000	Lens Technology Co., Ltd., Class A Shares		15,190
	4,500	Lepu Medical Technology Beijing Co., Ltd., Class A Shares		10,006
	26,306	Li Auto Inc., Class A Shares*		551,872
	55,000	Li Ning Co., Ltd.		263,574
	14,500	Lingyi iTech Guangdong Co., Class A Shares		11,978
	39,500	Longfor Group Holdings Ltd.(a)		88,718
	9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares		33,070
	18,864	Lufax Holding Ltd., ADR		22,825
	11,038	Luxshare Precision Industry Co., Ltd., Class A Shares		49,973
	2,000	Luzhou Laojiao Co., Ltd., Class A Shares		63,670
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		13,787
	864	Maxscend Microelectronics Co., Ltd., Class A Shares		14,736
	9,480	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A Shares*		8,854
	328,583	Meituan, Class B Shares*(a)		5,450,713
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		18,447
	15,000	Microport Scientific Corp.*		25,545
	177,400	Midea Group Co., Ltd., Class A Shares		1,376,455
	104,300	Ming Yang Smart Energy Group Ltd., Class A Shares		213,623
	42,679	MINISO Group Holding Ltd., ADR*		1,105,386
	512,000	Minth Group Ltd.		1,511,739
	2,041	Montage Technology Co., Ltd., Class A Shares		14,355

See Notes to Financial Statements.

139



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	6,986	Muyuan Foods Co., Ltd., Class A Shares	$	38,945
	4,680	Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., Class A Shares		7,602
	10,195	NARI Technology Co., Ltd., Class A Shares		33,362
	5,493	National Silicon Industry Group Co., Ltd., Class A Shares*		15,367
	700	NAURA Technology Group Co., Ltd., Class A Shares		26,067
	9,700	NavInfo Co., Ltd., Class A Shares*		13,719
	96,225	NetEase Inc.		2,001,587
	2,400	New China Life Insurance Co., Ltd., Class A Shares		13,340
	21,000	New China Life Insurance Co., Ltd., Class H Shares(b)		52,450
	6,400	New Hope Liuhe Co., Ltd., Class A Shares*		10,253
	35,610	New Oriental Education & Technology Group Inc.*		194,241
	3,400	Ninestar Corp., Class A Shares		13,055
	180	Ningbo Deye Technology Co., Ltd., Class A Shares		2,278
	2,100	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares		10,674
	1,202	Ningbo Ronbay New Energy Technology Co., Ltd., Class A Shares		8,408
	5,200	Ningbo Shanshan Co., Ltd., Class A Shares		9,719
	800	Ningbo Tuopu Group Co., Ltd., Class A Shares		8,555
	10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		19,206
	32,062	NIO Inc., ADR*		329,277
	41,000	Nongfu Spring Co., Ltd., Class H Shares(a)(b)		229,673
	1,000	Oppein Home Group Inc., Class A Shares		13,419
	14,464	Orient Securities Co., Ltd., Class A Shares		19,748
	2,029	Ovctek China Inc., Class A Shares		7,362
	20,500	Pangang Group Vanadium Titanium & Resources Co., Ltd., Class A Shares*		10,590
	234,000	People’s Insurance Co. Group of China Ltd. (The), Class H Shares(b)		79,543
	4,650	Perfect World Co., Ltd., Class A Shares		8,824
	21,700	PetroChina Co., Ltd., Class A Shares		23,127
	508,000	PetroChina Co., Ltd., Class H Shares(b)		365,718
	2,025	Pharmaron Beijing Co., Ltd., Class A Shares		8,281
	156,000	PICC Property & Casualty Co., Ltd., Class H Shares(b)		178,888
	1,665,480	Ping An Bank Co., Ltd., Class A Shares		2,545,469
	15,600	Ping An Healthcare & Technology Co., Ltd.*(a)		38,749
	15,800	Ping An Insurance Group Co. of China Ltd., Class A Shares		105,622
	936,000	Ping An Insurance Group Co. of China Ltd., Class H Shares(b)		5,619,849
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		34,506
	8,800	Pop Mart International Group Ltd.(a)		28,455
	45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		30,236
	178,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(b)		87,509
	22,300	Power Construction Corp. of China Ltd., Class A Shares		15,771
	466	Pylon Technologies Co., Ltd., Class A Shares		8,858
	2,652	Qifu Technology Inc., ADR		45,084
	8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*		20,407
	3,800	Risen Energy Co., Ltd., Class A Shares		10,483
	11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares		19,606
	11,800	SAIC Motor Corp., Ltd., Class A Shares		23,268
	10,100	Sailun Group Co., Ltd., Class A Shares		17,126
	6,100	Sanan Optoelectronics Co., Ltd., Class A Shares		13,165
	800	Sangfor Technologies Inc., Class A Shares*		11,983
	24,000	Sany Heavy Equipment International Holdings Co., Ltd.		37,365
	17,700	Sany Heavy Industry Co., Ltd., Class A Shares		37,653
	7,247	Satellite Chemical Co., Ltd., Class A Shares		15,234
	14,700	SDIC Power Holdings Co., Ltd., Class A Shares		25,672
	3,000	Seazen Holdings Co., Ltd., Class A Shares*		5,975
	2,700	Seres Group Co., Ltd., Class A Shares*		13,330
	7,700	SF Holding Co., Ltd., Class A Shares		45,978
	975	SG Micro Corp., Class A Shares		10,366

See Notes to Financial Statements.

140



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	12,300	Shaanxi Coal Industry Co., Ltd., Class A Shares	$	28,128
	10,950	Shan Xi Hua Yang Group New Energy Co., Ltd., Class A Shares		11,381
	5,600	Shandong Gold Mining Co., Ltd., Class A Shares		20,071
	15,500	Shandong Gold Mining Co., Ltd., Class H Shares(a)(b)		31,192
	5,850	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		26,587
	3,100	Shandong Linglong Tyre Co., Ltd., Class A Shares		9,266
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		6,382
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		10,713
	62,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(b)		61,976
	4,620	Shanghai Aiko Solar Energy Co., Ltd., Class A Shares		14,090
	2,548	Shanghai Bairun Investment Holding Group Co., Ltd., Class A Shares		11,228
	179,938	Shanghai Baosight Software Co., Ltd., Class A Shares		1,184,199
	14,664	Shanghai Baosight Software Co., Ltd., Class B Shares		33,291
	39,300	Shanghai Electric Group Co., Ltd., Class A Shares*		24,122
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		15,347
	524,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H Shares(b)		1,231,746
	1,361	Shanghai Fudan Microelectronics Group Co., Ltd., Class A Shares		9,875
	2,000	Shanghai International Airport Co., Ltd., Class A Shares*		10,758
	17,999	Shanghai International Port Group Co., Ltd., Class A Shares		12,609
	2,700	Shanghai Jinjiang International Hotels Co., Ltd., Class A Shares		14,288
	2,342	Shanghai Junshi Biosciences Co., Ltd., Class A Shares*		12,226
	19,220	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B Shares		7,873
	2,200	Shanghai M&G Stationery Inc., Class A Shares		11,392
	2,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		6,631
	16,800	Shanghai Pharmaceuticals Holding Co., Ltd., Class H Shares(b)		27,591
	40,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		38,534
	4,002	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		17,981
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		15,425
	19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		15,674
	15,700	Shanghai Yuyuan Tourist Mart Group Co., Ltd., Class A Shares		15,879
	6,100	Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares		6,988
	2,200	Shanxi Lu’an Environmental Energy Development Co., Ltd., Class A Shares		4,920
	3,500	Shanxi Meijin Energy Co., Ltd., Class A Shares*		3,445
	9,600	Shanxi Securities Co., Ltd., Class A Shares		7,989
	1,540	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		51,113
	4,400	Shengyi Technology Co., Ltd., Class A Shares		8,943
	1,260	Shennan Circuits Co., Ltd., Class A Shares		11,450
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		29,130
	800	Shenzhen Dynanonic Co., Ltd., Class A Shares		10,305
	1,680	Shenzhen Energy Group Co., Ltd., Class A Shares		1,495
	231,900	Shenzhen Inovance Technology Co., Ltd., Class A Shares		2,172,288
	100	Shenzhen Kaifa Technology Co., Ltd., Class A Shares		245
	2,240	Shenzhen Kangtai Biological Products Co., Ltd., Class A Shares*		8,558
	1,600	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		59,337
	1,900	Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares		15,863
	15,200	Shenzhen Overseas Chinese Town Co., Ltd., Class A Shares*		9,075
	1,000	Shenzhen SC New Energy Technology Corp., Class A Shares		12,167
	971	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		19,588
	79,700	Shenzhou International Group Holdings Ltd.		813,954
	4,649	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A Shares		14,857
	4,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		8,222
	17,360	Sichuan Road & Bridge Group Co., Ltd., Class A Shares		21,241
	1,200	Sichuan Swellfun Co., Ltd., Class A Shares		10,880
	5,100	Sichuan Yahua Industrial Group Co., Ltd., Class A Shares		10,980
	8,000	Silergy Corp.		71,879
	4,000	Sinoma Science & Technology Co., Ltd., Class A Shares		12,060

See Notes to Financial Statements.

141



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	840	Sinomine Resource Group Co., Ltd., Class A Shares	$	4,291
	602,172	Sinopharm Group Co., Ltd., Class H Shares(b)		1,744,507
	16,500	Sinotruk Hong Kong Ltd.		30,591
	1,176	Skshu Paint Co., Ltd., Class A Shares*		12,142
	37,000	Smoore International Holdings Ltd.(a)		37,349
	3,520	Songcheng Performance Development Co., Ltd., Class A Shares		5,994
	2,000	Spring Airlines Co., Ltd., Class A Shares*		16,101
	400	StarPower Semiconductor Ltd., Class A Shares		10,880
	65,550	Sungrow Power Supply Co., Ltd., Class A Shares		897,529
	17,500	Sunny Optical Technology Group Co., Ltd.		144,809
	2,800	Sunwoda Electronic Co., Ltd., Class A Shares		6,091
	5,400	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares		13,943
	512	Suzhou Maxwell Technologies Co., Ltd., Class A Shares		10,720
	10,726	TAL Education Group, ADR*		75,618
	8,060	TBEA Co., Ltd., Class A Shares		16,275
	20,020	TCL Technology Group Corp., Class A Shares*		11,266
	4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares		17,168
	402,031	Tencent Holdings Ltd.		16,699,572
	17,432	Tencent Music Entertainment Group, ADR*		118,886
	9,900	Tianma Microelectronics Co., Ltd., Class A Shares*		11,687
	2,300	Tianqi Lithium Corp., Class A Shares		18,188
	18,200	Tianshan Aluminum Group Co., Ltd., Class A Shares		15,793
	990,000	Tingyi Cayman Islands Holding Corp.		1,456,627
	31,600	Tongcheng Travel Holdings Ltd.*		70,682
	4,800	TongFu Microelectronics Co., Ltd., Class A Shares		13,419
	5,900	Tongkun Group Co., Ltd., Class A Shares*		12,029
	8,200	Tongwei Co., Ltd., Class A Shares		36,131
	400	Topchoice Medical Corp., Class A Shares*		5,117
	39,000	Topsports International Holdings Ltd.(a)		31,689
	25,000	TravelSky Technology Ltd., Class H Shares(b)		44,676
	4,401	Trina Solar Co., Ltd., Class A Shares		20,561
	12,864	Trip.com Group Ltd.*		508,341
	1,500	Tsingtao Brewery Co., Ltd., Class A Shares		18,768
	14,000	Tsingtao Brewery Co., Ltd., Class H Shares(b)		116,286
	979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares*		12,461
	37,000	Uni-President China Holdings Ltd.		27,383
	5,960	Unisplendour Corp., Ltd., Class A Shares*		22,008
	8,128	Vipshop Holdings Ltd., ADR*		128,341
	1,800	Walvax Biotechnology Co., Ltd., Class A Shares		5,845
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		60,465
	1,280	Weibo Corp., ADR		16,512
	5,300	Weichai Power Co., Ltd., Class A Shares		8,586
	1,042,200	Weichai Power Co., Ltd., Class H Shares(b)		1,348,972
	3,040	Weihai Guangwei Composites Co., Ltd., Class A Shares		11,651
	14,040	Wens Foodstuffs Group Co., Ltd., Class A Shares		32,133
	11,400	Western Securities Co., Ltd., Class A Shares		10,556
	1,620	Will Semiconductor Co., Ltd. Shanghai, Class A Shares		20,466
	1,600	Wingtech Technology Co., Ltd., Class A Shares*		10,145
	8,200	Wuchan Zhongda Group Co., Ltd., Class A Shares		5,237
	2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares		2,158
	5,600	Wuliangye Yibin Co., Ltd., Class A Shares		119,671
	1,760	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		5,111
	3,864	WuXi AppTec Co., Ltd., Class A Shares		43,228
	9,248	WuXi AppTec Co., Ltd., Class H Shares(a)(b)		100,884
	641,500	Wuxi Biologics Cayman Inc.*(a)		3,631,480
	106,600	Wuxi Lead Intelligent Equipment Co., Ltd., Class A Shares		432,238

See Notes to Financial Statements.

142



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 23.4% — (continued)
	22,000	XCMG Construction Machinery Co., Ltd., Class A Shares	$	18,288
	700	Xiamen Faratronic Co., Ltd., Class A Shares		10,930
	5,000	Xiamen Tungsten Co., Ltd., Class A Shares		11,916
	358,000	Xiaomi Corp., Class B Shares*(a)		563,290
	2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares		15,864
	1,218,000	Xinyi Solar Holdings Ltd.		1,023,183
	24,322	XPeng Inc., Class A Shares*		220,280
	27,500	Xtep International Holdings Ltd.		27,091
	28,000	Yadea Group Holdings Ltd.(a)		53,781
	3,000	Yankuang Energy Group Co., Ltd., Class A Shares		7,107
	57,000	Yankuang Energy Group Co., Ltd., Class H Shares(b)		89,550
	1,470	Yealink Network Technology Corp., Ltd., Class A Shares		7,470
	136,757	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		667,905
	13,000	Yihai International Holding Ltd.*		24,286
	1,800	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares		8,805
	1,430	YongXing Special Materials Technology Co., Ltd., Class A Shares		9,793
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares		13,283
	8,700	YTO Express Group Co., Ltd., Class A Shares		18,042
	23,879	Yum China Holdings Inc.		1,273,315
	4,160	Yunda Holding Co., Ltd., Class A Shares		5,628
	7,900	Yunnan Aluminium Co., Ltd., Class A Shares		15,674
	4,200	Yunnan Baiyao Group Co., Ltd., Class A Shares		31,516
	800	Yunnan Botanee Bio-Technology Group Co., Ltd., Class A Shares		11,183
	1,300	Yunnan Energy New Material Co., Ltd., Class A Shares		11,851
	154,600	Zai Lab Ltd.*		403,869
	800	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		30,347
	24,500	Zhaojin Mining Industry Co., Ltd., Class H Shares(b)		34,352
	14,520	Zhejiang Century Huatong Group Co., Ltd., Class A Shares*		10,814
	2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		7,149
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		18,938
	1,300	Zhejiang Dingli Machinery Co., Ltd., Class A Shares		9,484
	36,000	Zhejiang Expressway Co., Ltd., Class H Shares(b)		26,860
	4,400	Zhejiang Huahai Pharmaceutical Co., Ltd., Class A Shares		10,155
	52,058	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		285,193
	1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		14,707
	2,900	Zhejiang Jiuzhou Pharmaceutical Co., Ltd., Class A Shares		10,827
	7,200	Zhejiang NHU Co., Ltd., Class A Shares		16,101
	4,100	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		16,732
	37,903	Zhejiang Supcon Technology Co., Ltd., Class A Shares		262,554
	23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares*		14,418
	7,900	Zheshang Securities Co., Ltd., Class A Shares		11,159
	18,500	ZhongAn Online P&C Insurance Co., Ltd., Class H Shares*(a)(b)		54,848
	1,300	Zhongji Innolight Co., Ltd., Class A Shares		20,382
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		17,623
	17,500	Zhongsheng Group Holdings Ltd.		53,239
	17,200	Zhongtai Securities Co., Ltd., Class A Shares		17,247
	15,300	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(b)		53,344
	8,000	Zhuzhou Kibing Group Co., Ltd., Class A Shares		9,589
	25,900	Zijin Mining Group Co., Ltd., Class A Shares		43,795
	126,000	Zijin Mining Group Co., Ltd., Class H Shares(b)		197,215
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		11,710
	6,400	ZTE Corp., Class A Shares		31,135
	18,000	ZTE Corp., Class H Shares(b)		57,820
	9,879	ZTO Express Cayman Inc., ADR		248,358

		Total China		114,604,759

See Notes to Financial Statements.

143



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Colombia — 0.0%@
	7,109	Bancolombia SA	$	50,575
	12,667	Interconexion Electrica SA ESP		46,389

		Total Colombia		96,964


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


Czech Republic — 0.0%@
	3,794	CEZ AS		161,650
	1,684	Komercni Banka AS		52,676
	9,582	Moneta Money Bank AS(a)		35,710

		Total Czech Republic		250,036


Egypt — 0.3%
	2,009,004	Cleopatra Hospital*		249,663
	1,040,658	Commercial International Bank Egypt SAE, Class Registered Shares, GDR		1,277,913
	55,480	Commercial International Bank Egypt SAE, GDR(d)		102,341
	22,745	Eastern Co. SAE(d)		14,943

		Total Egypt		1,644,860


Georgia — 0.1%
	32,700	Georgia Capital PLC*		402,571


Germany — 0.2%
	25,340	Delivery Hero SE*(a)		926,648


Greece — 0.4%
	48,512	Alpha Services & Holdings SA*		81,722
	258,636	Eurobank Ergasias Services & Holdings SA*		448,877
	1,594	FF Group*(d)(e)		—
	5,136	Hellenic Telecommunications Organization SA		76,855
	2,718	JUMBO SA		84,006
	1,003	Motor Oil Hellas Corinth Refineries SA		25,543
	2,559	Mytilineos SA		103,828
	13,279	National Bank of Greece SA*		90,203
	58,235	OPAP SA		985,740
	15,521	Piraeus Financial Holdings SA*		53,719
	5,371	Public Power Corp. SA*		58,774

		Total Greece		2,009,267


Hong Kong — 2.0%
	379,000	AIA Group Ltd.		3,421,897
	116,000	Alibaba Health Information Technology Ltd.*		68,372
	75,800	ASMPT Ltd.		759,735
	11,000	Beijing Enterprises Holdings Ltd.		41,211
	78,000	Beijing Enterprises Water Group Ltd.		17,982
	106,000	Bosideng International Holdings Ltd.		41,458
	15,000	C&D International Investment Group Ltd.		38,038
	2,463,000	China Education Group Holdings Ltd.		2,089,296
	100,888	China Everbright Environment Group Ltd.		36,683
	64,800	China Gas Holdings Ltd.		65,868
	156,000	China Jinmao Holdings Group Ltd.		21,960
	526,000	China Medical System Holdings Ltd.		757,835
	29,538	China Merchants Port Holdings Co., Ltd.		35,237
	89,500	China Overseas Land & Investment Ltd.		187,915
	35,000	China Overseas Property Holdings Ltd.		41,643
	130,000	China Power International Development Ltd.		46,364
	38,000	China Resources Beer Holdings Co., Ltd.		222,328

See Notes to Financial Statements.

144



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Hong Kong — 2.0% — (continued)
	54,000	China Resources Cement Holdings Ltd.	$	17,826
	21,600	China Resources Gas Group Ltd.		60,494
	76,000	China Resources Land Ltd.		319,365
	46,000	China Resources Power Holdings Co., Ltd.		90,015
	128,000	China Ruyi Holdings Ltd.*		33,867
	42,000	China State Construction International Holdings Ltd.		46,718
	35,800	China Taiping Insurance Holdings Co., Ltd.		37,561
	72,000	China Traditional Chinese Medicine Holdings Co., Ltd.		28,064
	51,000	Chow Tai Fook Jewellery Group Ltd.		77,109
	44,000	COSCO SHIPPING Ports Ltd.		27,050
	28,000	Far East Horizon Ltd.		19,109
	436,000	GCL Technology Holdings Ltd.		75,238
	141,000	Geely Automobile Holdings Ltd.		175,214
	82,000	Guangdong Investment Ltd.		64,003
	18,000	Kingboard Holdings Ltd.		40,658
	20,500	Kingboard Laminates Holdings Ltd.		16,968
	90,000	Kunlun Energy Co., Ltd.		65,636
	38,000	Nine Dragons Paper Holdings Ltd.*		21,040
	3,000	Orient Overseas International Ltd.		40,111
	26,000	Shenzhen International Holdings Ltd.		18,486
	238,750	Sino Biopharmaceutical Ltd.		90,701
	7,000	Vinda International Holdings Ltd.		16,186
	634,000	Want Want China Holdings Ltd.		418,809
	39,800	Yuexiu Property Co., Ltd.		49,271

		Total Hong Kong		9,743,321


Hungary — 1.0%
	93,872	MOL Hungarian Oil & Gas PLC		710,004
	95,615	OTP Bank Nyrt		3,901,758
	3,220	Richter Gedeon Nyrt		80,806

		Total Hungary		4,692,568


India — 14.6%
	1,366	ABB India Ltd.		72,436
	3,871	Adani Enterprises Ltd.		113,307
	6,610	Adani Green Energy Ltd.*		74,598
	12,475	Adani Ports & Special Economic Zone Ltd.		119,556
	19,546	Adani Power Ltd.*		76,049
	14,541	Ambuja Cements Ltd.		75,212
	2,278	Apollo Hospitals Enterprise Ltd.		132,712
	30,866	Ashok Leyland Ltd.*		68,442
	59,520	Asian Paints Ltd.		2,344,578
	2,675	Astral Ltd.		63,099
	4,433	AU Small Finance Bank Ltd.(a)		38,682
	6,343	Aurobindo Pharma Ltd.		63,941
	3,709	Avenue Supermarts Ltd.*(a)		166,791
	125,061	Axis Bank Ltd.		1,465,058
	13,325	Bajaj Auto Ltd.		742,525
	6,370	Bajaj Finance Ltd.		551,639
	8,963	Bajaj Finserv Ltd.		161,491
	580	Bajaj Holdings & Investment Ltd.		51,947
	1,710	Balkrishna Industries Ltd.		48,633
	13,938	Bandhan Bank Ltd.(a)		38,708
	22,615	Bank of Baroda		51,157
	5,059	Berger Paints India Ltd.		44,081
	80,546	Bharat Electronics Ltd.		130,067
	6,110	Bharat Forge Ltd.		79,207

See Notes to Financial Statements.

145



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 14.6% — (continued)
	180,583	Bharat Petroleum Corp., Ltd.	$	743,002
	52,084	Bharti Airtel Ltd.		539,726
	2,430	Britannia Industries Ltd.		131,128
	16,115	CG Power & Industrial Solutions Ltd.		81,779
	117,548	Cholamandalam Investment & Finance Co., Ltd.		1,590,703
	12,745	Cipla Ltd.		193,115
	32,884	Coal India Ltd.		91,573
	3,227	Colgate-Palmolive India Ltd.		75,526
	6,095	Container Corp. Of India Ltd.		49,660
	3,114	Cummins India Ltd.*		63,892
	14,035	Dabur India Ltd.		93,992
	115,247	Delhivery Ltd.*		610,964
	2,763	Divi’s Laboratories Ltd.		119,723
	14,814	DLF Ltd.		90,340
	2,494	Dr Reddy’s Laboratories Ltd.		169,439
	3,181	Eicher Motors Ltd.		128,510
	54,208	GAIL India Ltd.		75,532
	9,267	Godrej Consumer Products Ltd.*		112,712
	2,686	Godrej Properties Ltd.*		53,198
	6,440	Grasim Industries Ltd.		139,324
	5,654	Havells India Ltd.		94,732
	21,915	HCL Technologies Ltd.		311,153
	1,313	HDFC Asset Management Co., Ltd.(a)		39,655
	182,233	HDFC Bank Ltd.		3,471,738
	122,796	HDFC Bank Ltd., ADR		7,651,419
	21,893	HDFC Life Insurance Co., Ltd.(a)		171,175
	2,377	Hero MotoCorp Ltd.		83,891
	106,075	Hindalco Industries Ltd.		591,736
	2,110	Hindustan Aeronautics Ltd.		99,770
	13,771	Hindustan Petroleum Corp., Ltd.*		41,297
	19,073	Hindustan Unilever Ltd.		578,486
	120,399	ICICI Bank Ltd.		1,397,335
	193,446	ICICI Bank Ltd., ADR		4,482,144
	6,160	ICICI Lombard General Insurance Co., Ltd.(a)		97,568
	9,181	ICICI Prudential Life Insurance Co., Ltd.(a)		62,451
	56,712	IDFC First Bank Ltd.*		65,242
	20,127	Indian Hotels Co., Ltd., Class A Shares		102,519
	74,260	Indian Oil Corp., Ltd.		79,893
	4,984	Indian Railway Catering & Tourism Corp., Ltd.		40,562
	5,863	Indraprastha Gas Ltd.		32,985
	580,849	Indus Towers Ltd.*		1,230,302
	1,690	Info Edge India Ltd.		88,599
	77,161	Infosys Ltd.		1,338,474
	56,294	Infosys Ltd., ADR		977,827
	3,160	InterGlobe Aviation Ltd.*(a)		93,094
	69,377	ITC Ltd.		368,859
	7,993	Jindal Steel & Power Ltd.		66,282
	214,136	Jio Financial Services Ltd.*(e)		623,434
	15,231	JSW Steel Ltd.		143,586
	10,215	Jubilant Foodworks Ltd.		63,323
	136,441	Kotak Mahindra Bank Ltd.		2,901,718
	16,026	Larsen & Toubro Ltd.		522,843
	2,141	LTIMindtree Ltd.(a)		135,510
	4,539	Lupin Ltd.		59,913
	21,489	Mahindra & Mahindra Ltd.		409,858
	12,963	Marico Ltd.		89,992

See Notes to Financial Statements.

146



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 14.6% — (continued)
	22,483	Maruti Suzuki India Ltd.	$	2,718,643
	18,524	Max Healthcare Institute Ltd.*		131,456
	1,747	Mphasis Ltd.		51,122
	50	MRF Ltd.		65,660
	3,203	Muthoot Finance Ltd.		48,782
	767	Nestle India Ltd.		203,688
	102,277	NTPC Ltd.		270,964
	55,740	Oberoi Realty Ltd.		756,910
	75,550	Oil & Natural Gas Corp., Ltd.		158,852
	152	Page Industries Ltd.		73,820
	352,861	Petronet LNG Ltd.		918,422
	57,000	Phoenix Mills Ltd. (The)		1,240,988
	1,811	PI Industries Ltd.		79,322
	3,305	Pidilite Industries Ltd.		100,057
	23,428	Power Finance Corp., Ltd.		73,165
	84,014	Power Grid Corp. of India Ltd.		249,006
	26,272	REC Ltd.*		75,583
	348,681	Reliance Industries Ltd.		10,124,834
	97,000	ReNew Energy Global PLC, Class A Shares*		591,700
	54,912	Samvardhana Motherson International Ltd.		63,531
	5,763	SBI Cards & Payment Services Ltd.		56,925
	10,404	SBI Life Insurance Co., Ltd.(a)		163,155
	207	Shree Cement Ltd.		59,651
	6,546	Shriram Finance Ltd.		152,345
	2,065	Siemens Ltd.		98,031
	8,367	Sona Blw Precision Forgings Ltd.(a)		60,038
	3,318	SRF Ltd.		94,426
	41,681	State Bank of India		283,278
	59,000	Sterling & Wilson Renewable*		266,852
	22,266	Sun Pharmaceutical Industries Ltd.		299,246
	1,152	Supreme Industries Ltd.*		64,766
	38,696	Tata Consultancy Services Ltd.		1,573,591
	12,096	Tata Consumer Products Ltd.		122,342
	865	Tata Elxsi Ltd.		75,259
	38,872	Tata Motors Ltd.		282,778
	32,681	Tata Power Co., Ltd. (The)		97,256
	171,954	Tata Steel Ltd.		255,339
	12,185	Tech Mahindra Ltd.		177,349
	123,684	Titan Co., Ltd.		4,653,901
	2,293	Torrent Pharmaceuticals Ltd.		51,015
	4,476	Trent Ltd.		111,103
	2,332	Tube Investments of India Ltd.		81,362
	5,995	TVS Motor Co., Ltd.		103,145
	20,400	UltraTech Cement Ltd.		2,049,204
	6,461	United Spirits Ltd.*		78,823
	193,126	UPL Ltd.		1,382,134
	11,294	Varun Beverages Ltd.		123,208
	14,129	Vedanta Ltd.		39,680
	29,735	Wipro Ltd.		146,941
	330,169	Yes Bank Ltd.*		67,059
	105,241	Zomato Ltd.*		125,200

		Total India		71,729,026


Indonesia — 3.0%
	294,500	Adaro Energy Indonesia Tbk PT		51,704
	197,700	Aneka Tambang Tbk		25,821

See Notes to Financial Statements.

147



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Indonesia — 3.0% — (continued)
	2,368,600	Astra International Tbk PT	$	1,001,951
	6,320,000	Bank BTPN Syariah Tbk PT		895,978
	1,290,400	Bank Central Asia Tbk PT		781,264
	5,131,948	Bank Mandiri Persero Tbk PT		2,026,477
	2,270,400	Bank Negara Indonesia Persero Tbk PT		1,367,396
	11,586,024	Bank Rakyat Indonesia Persero Tbk PT		4,219,992
	492,831	Barito Pacific Tbk PT		34,612
	174,600	Charoen Pokphand Indonesia Tbk PT*		59,305
	18,776,600	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		118,523
	53,100	Indah Kiat Pulp & Paper Tbk PT		31,710
	48,800	Indofood CBP Sukses Makmur Tbk PT		35,886
	106,100	Indofood Sukses Makmur Tbk PT		49,476
	492,600	Kalbe Farma Tbk PT		58,681
	255,049	Merdeka Copper Gold Tbk PT*		56,575
	505,900	Sarana Menara Nusantara Tbk PT		34,201
	79,529	Semen Indonesia Persero Tbk PT		35,501
	372,400	Sumber Alfaria Trijaya Tbk PT		70,878
	7,479,687	Telkom Indonesia Persero Tbk PT		1,826,020
	35,719	Telkom Indonesia Persero Tbk PT, ADR		866,900
	188,500	Unilever Indonesia Tbk PT		45,420
	443,000	United Tractors Tbk PT		756,485
	77,300	Vale Indonesia Tbk PT		29,925

		Total Indonesia		14,480,681


Ireland — 0.3%
	13,892	PDD Holdings Inc., ADR*		1,374,891


Kazakhstan — 0.7%
	31,421	Kaspi.KZ JSC, GDR		3,200,882
	840	Kaspi.KZ JSC, GDR(a)		85,512
	7,431	Polymetal International PLC*(d)(e)		31,125

		Total Kazakhstan		3,317,519


Kuwait — 0.3%
	34,051	Agility Public Warehousing Co., KSC*		63,495
	32,782	Boubyan Bank KSCP		64,861
	43,024	Gulf Bank KSCP		35,162
	902	Humansoft Holding Co. KSC		9,441
	189,960	Kuwait Finance House KSCP		458,983
	13,967	Mabanee Co., KPSC		37,868
	47,340	Mobile Telecommunications Co., KSCP		78,315
	171,948	National Bank of Kuwait SAKP		513,110

		Total Kuwait		1,261,235


Luxembourg — 0.2%
	3,245	Reinet Investments SCA		69,481
	16,361	Ternium SA, ADR		683,563

		Total Luxembourg		753,044


Malaysia — 0.4%
	46,100	AMMB Holdings Bhd		37,069
	59,300	Axiata Group Bhd		30,172
	84,300	CELCOMDIGI BHD		79,622
	144,807	CIMB Group Holdings Bhd		175,824
	85,500	Dialog Group Bhd		37,830
	25,500	Gamuda Bhd		24,727
	47,100	Genting Bhd		44,405
	80,300	Genting Malaysia Bhd		44,503

See Notes to Financial Statements.

148



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Malaysia — 0.4% — (continued)
	15,800	Hong Leong Bank Bhd	$	68,000
	2,900	Hong Leong Financial Group Bhd		11,383
	36,300	IHH Healthcare Bhd		46,543
	53,700	Inari Amertron Bhd		36,585
	56,900	IOI Corp. Bhd		49,439
	11,700	Kuala Lumpur Kepong Bhd		54,386
	123,009	Malayan Banking Bhd		241,576
	25,900	Malaysia Airports Holdings Bhd		41,157
	57,900	Maxis Bhd		50,063
	34,300	MISC Bhd		53,248
	45,300	MR DIY Group M Bhd(a)		15,143
	1,600	Nestle Malaysia Bhd		45,020
	59,300	Petronas Chemicals Group Bhd		91,011
	8,600	Petronas Dagangan Bhd		41,147
	18,400	Petronas Gas Bhd		67,886
	12,800	PPB Group Bhd		43,351
	94,700	Press Metal Aluminium Holdings Bhd		99,050
	332,900	Public Bank Bhd		303,632
	31,500	QL Resources Bhd		36,655
	38,400	RHB Bank Bhd		46,451
	77,200	Sime Darby Bhd		38,232
	56,800	Sime Darby Plantation Bhd		53,777
	31,400	Telekom Malaysia Bhd		34,538
	59,400	Tenaga Nasional Bhd		126,022

		Total Malaysia		2,168,447


Mexico — 3.4%
	70,338	Alfa SAB de CV, Class A Shares		46,572
	433,574	America Movil SAB de CV, Series B		417,008
	59,997	America Movil SAB de CV, ADR		1,150,143
	11,362	Arca Continental SAB de CV		110,945
	19,765	Banco del Bajio SA(a)		62,222
	12,281	Coca-Cola Femsa SAB de CV		104,217
	65,166	Fibra Uno Administracion SA de CV, REIT		94,626
	45,192	Fomento Economico Mexicano SAB de CV		505,947
	4,264	Gruma SAB de CV, Class B Shares		70,924
	9,062	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares		165,695
	4,454	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		121,240
	30,737	Grupo Bimbo SAB de CV, Series A		151,220
	14,352	Grupo Carso SAB de CV, Series A1		113,442
	498,795	Grupo Financiero Banorte SAB de CV, Class O Shares		4,233,680
	46,570	Grupo Financiero Inbursa SAB de CV, Class O Shares*		104,330
	151,841	Grupo México SAB de CV, Series B		725,745
	51,049	Grupo Televisa SAB		45,686
	4,431	Industrias Peñoles SAB de CV*		62,704
	563,258	Kimberly-Clark de México SAB de CV, Class A Shares		1,268,458
	29,228	Operadora de Sites Mexicanos SAB de CV, Class 1 Shares		27,494
	579,157	Orbia Advance Corp. SAB de CV		1,288,978
	3,707	Promotora y Operadora de Infraestructura SAB de CV		35,399
	91,681	Qualitas Controladora SAB de CV		721,232
	284,100	Regional SAB de CV		2,092,991
	750,760	Wal-Mart de Mexico SAB de CV		2,959,627

		Total Mexico		16,680,525


Netherlands — 0.8%
	10,236	NEPI Rockcastle NV		61,393

See Notes to Financial Statements.

149



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Netherlands — 0.8% — (continued)
	55,168	Prosus NV*	$	3,801,362

		Total Netherlands		3,862,755


Peru — 0.4%
	4,860	Cia de Minas Buenaventura SAA, ADR(c)		41,504
	13,564	Credicorp Ltd.		1,918,357

		Total Peru		1,959,861


Philippines — 1.1%
	43,280	Aboitiz Equity Ventures Inc.		35,944
	7,030	Ayala Corp.		76,429
	152,160	Ayala Land Inc.		72,897
	42,256	Bank of the Philippine Islands		81,973
	54,923	BDO Unibank Inc.		135,737
	7,256,900	Bloomberry Resorts Corp.*		1,418,207
	681,360	International Container Terminal Services Inc.		2,493,465
	63,856	JG Summit Holdings Inc.		41,476
	9,430	Jollibee Foods Corp.		39,453
	6,170	Manila Electric Co.		37,502
	54,636	Metropolitan Bank & Trust Co.		53,243
	2,195	PLDT Inc.		44,715
	748,010	Robinsons Retail Holdings Inc.		653,832
	4,970	SM Investments Corp.		73,030
	227,300	SM Prime Holdings Inc.		117,118
	22,540	Universal Robina Corp.		44,577

		Total Philippines		5,419,598


Poland — 0.5%
	11,466	Allegro.eu SA*(a)		91,713
	4,225	Bank Polska Kasa Opieki SA		110,088
	294	Budimex SA		32,062
	1,614	CD Projekt SA		57,671
	6,856	Cyfrowy Polsat SA		22,521
	1,134	Dino Polska SA*(a)		103,755
	90,600	InPost SA*		1,064,049
	3,176	KGHM Polska Miedz SA		87,398
	25	LPP SA		83,808
	368	mBank SA*		38,138
	13,507	ORLEN SA		206,000
	18,281	PGE Polska Grupa Energetyczna SA*		37,576
	19,702	Powszechna Kasa Oszczednosci Bank Polski SA*		177,672
	14,750	Powszechny Zaklad Ubezpieczen SA		147,551
	768	Santander Bank Polska SA*		69,073

		Total Poland		2,329,075


Portugal — 0.5%
	185,449	Galp Energia SGPS SA		2,551,159


Qatar — 0.3%
	58,133	Barwa Real Estate Co.		41,755
	73,139	Commercial Bank PSQC (The)		113,931
	37,660	Dukhan Bank		43,177
	36,769	Industries Qatar QSC		124,597
	120,946	Masraf Al Rayan QSC		73,634
	113,710	Mesaieed Petrochemical Holding Co.		57,393
	20,936	Ooredoo QPSC		62,003
	12,424	Qatar Electricity & Water Co. QSC		61,047
	10,432	Qatar Fuel QSC		45,780

See Notes to Financial Statements.

150



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Qatar — 0.3% — (continued)
	58,343	Qatar Gas Transport Co., Ltd.	$	59,328
	28,193	Qatar International Islamic Bank QSC		76,485
	38,721	Qatar Islamic Bank SAQ		205,176
	107,955	Qatar National Bank QPSC		461,896

		Total Qatar		1,426,202


Russia — 0.0%@
	64,081	Alrosa PJSC#(d)		641
	502,100	Detsky Mir PJSC, (Cost — $786,566, acquired 10/15/20)*#(a)(d)(f)		5,021
	288,791	Gazprom PJSC#(d)		2,676
	885,983	Inter RAO UES PJSC#(d)		8,860
	10,171	Lukoil PJSC#(d)		102
	1,730	Magnit PJSC#(d)		17
	1	Magnit PJSC, Class Registered Shares, GDR*#(d)		—
	1,550	MMC Norilsk Nickel PJSC*#(d)		16
	24,130	Mobile TeleSystems PJSC#(d)		241
	135,663	Mobile TeleSystems PJSC, ADR*#		1,357
	39,065	Moscow Exchange MICEX-RTS PJSC#(d)		391
	22,130	Novatek PJSC#(d)		221
	38,007	Novolipetsk Steel PJSC*#(d)		375
	1,593	Ozon Holdings PLC, ADR*(d)#		—
	938	PhosAgro PJSC#(d)		9
	2	PhosAgro PJSC, Class Registered Shares, GDR*#(d)		—
	869	Polyus PJSC*#(d)		9
	28,885	Rosneft Oil Co. PJSC#(d)		289
	891,342	Sberbank of Russia PJSC, (Cost — $1,699,436, acquired 8/3/16)#(d)(f)		8,913
	5,523	Severstal PAO*#(d)		55
	157,330	Surgutneftegas PJSC#(d)		1,573
	37,602	Tatneft PJSC#(d)		327
	88,972	United Co. RUSAL International PJSC#(d)		9
	2,330	VK Co., Ltd., GDR*(d)#		—
	60,086,472	VTB Bank PJSC*#(d)		9,854
	3,377	X5 Retail Group NV, Class Registered Shares, GDR*(d)#		—
	7,493	Yandex NV, Class A Shares*(d)#		1

		Total Russia		40,957


Saudi Arabia — 2.0%
	2,193	ACWA Power Co.		112,819
	3,528	Advanced Petrochemical Co.		40,004
	177,433	Al Rajhi Bank		3,413,737
	22,724	Alinma Bank		223,159
	6,060	Almarai Co. JSC		102,393
	14,805	Arab National Bank		101,846
	515	Arabian Internet & Communications Services Co.		48,460
	11,077	Bank AlBilad		126,554
	8,678	Bank Al-Jazira*		41,037
	13,417	Banque Saudi Fransi		136,952
	1,903	Bupa Arabia for Cooperative Insurance Co.		102,072
	1,435	Co. for Cooperative Insurance (The)		44,382
	891	Dallah Healthcare Co.		33,233
	10,787	Dar Al Arkan Real Estate Development Co.*		53,543
	13,500	Dr Sulaiman Al Habib Medical Services Group Co.		874,689
	536	Elm Co.		121,317
	8,864	Etihad Etisalat Co.		106,595
	11,380	Jarir Marketing Co.		44,786
	12,541	Mobile Telecommunications Co.		45,116
	2,322	Mouwasat Medical Services Co.		68,192

See Notes to Financial Statements.

151



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Saudi Arabia — 2.0% — (continued)
	1,076	Nahdi Medical Co.	$	43,543
	5,955	National Industrialization Co.*		20,217
	1,801	Power & Water Utility Co. for Jubail & Yanbu		34,141
	12,524	Rabigh Refining & Petrochemical Co.*		34,462
	33,527	Riyad Bank		272,119
	5,451	SABIC Agri-Nutrients Co.		199,927
	8,982	Sahara International Petrochemical Co.		87,209
	30,325	Saudi Arabian Mining Co.*		326,954
	60,699	Saudi Arabian Oil Co.(a)		564,737
	1,248	Saudi Aramco Base Oil Co.		48,676
	23,756	Saudi Awwal Bank		226,992
	20,797	Saudi Basic Industries Corp.		489,787
	19,611	Saudi Electricity Co.		108,200
	8,724	Saudi Industrial Investment Group		59,997
	11,259	Saudi Investment Bank (The)		49,803
	15,381	Saudi Kayan Petrochemical Co.*		49,890
	68,246	Saudi National Bank (The)		649,924
	874	Saudi Research & Media Group*		41,269
	1,126	Saudi Tadawul Group Holding Co.		59,404
	45,934	Saudi Telecom Co.		487,378
	5,902	Savola Group (The)		59,479
	6,510	Yanbu National Petrochemical Co.		73,363

		Total Saudi Arabia		9,828,357


Singapore — 0.1%
	4,800	BOC Aviation Ltd.(a)		35,900
	1,271	JOYY Inc., ADR		43,621
	10,918	Sea Ltd., ADR*		410,844

		Total Singapore		490,365


South Africa — 2.5%
	19,566	Absa Group Ltd.		187,726
	3,655	African Rainbow Minerals Ltd.		34,378
	1,405	Anglo American Platinum Ltd.		49,186
	10,057	AngloGold Ashanti Ltd.		171,002
	9,447	Aspen Pharmacare Holdings Ltd.		85,858
	7,525	Bid Corp., Ltd.		168,907
	64,926	Bidvest Group Ltd. (The)		975,723
	13,811	Capitec Bank Holdings Ltd.		1,154,941
	5,447	Clicks Group Ltd.		78,606
	12,452	Discovery Ltd.*		96,667
	5,237	Exxaro Resources Ltd.		46,516
	119,840	FirstRand Ltd.		465,606
	21,082	Gold Fields Ltd.		268,470
	79,517	Growthpoint Properties Ltd., REIT		49,720
	12,491	Harmony Gold Mining Co., Ltd.		51,779
	21,102	Impala Platinum Holdings Ltd.		108,831
	1,524	Kumba Iron Ore Ltd.		33,299
	666,201	Life Healthcare Group Holdings Ltd.		754,955
	39,542	MTN Group Ltd.		251,284
	4,568	Naspers Ltd., Class N Shares		775,322
	140,751	Nedbank Group Ltd.		1,606,811
	8,806	Northam Platinum Holdings Ltd.*		58,105
	109,313	Old Mutual Ltd.		73,368
	17,652	OUTsurance Group Ltd.		37,277
	39,875	Pepkor Holdings Ltd.(a)		34,384
	11,851	Remgro Ltd.		99,194

See Notes to Financial Statements.

152



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

South Africa — 2.5% — (continued)
	447,271	Sanlam Ltd.	$	1,613,796
	13,934	Sasol Ltd.		180,117
	12,384	Shoprite Holdings Ltd.		173,007
	63,957	Sibanye Stillwater Ltd.		96,727
	145,912	Standard Bank Group Ltd.		1,491,809
	172,890	Vodacom Group Ltd.		983,589
	22,047	Woolworths Holdings Ltd.		86,296

		Total South Africa		12,343,256


South Korea — 11.2%
	680	Amorepacific Corp.		68,696
	233	BGF retail Co., Ltd.		27,474
	2,611	Celltrion Healthcare Co., Ltd.		127,397
	2,562	Celltrion Inc.		278,453
	446	Celltrion Pharm Inc.*		23,143
	178	CJ CheilJedang Corp.		40,092
	495	CosmoAM&T Co., Ltd.*		58,701
	21,349	Coway Co., Ltd.		694,995
	1,093	DB Insurance Co., Ltd.		67,347
	1,233	Doosan Bobcat Inc.		49,998
	10,586	Doosan Enerbility Co., Ltd.*		145,390
	16,460	Doosan Fuel Cell Co., Ltd.*		306,921
	1,140	Ecopro BM Co., Ltd.(c)		278,311
	468	Ecopro Co., Ltd.		444,004
	515	F&F Co., Ltd.		39,994
	1,234	GS Holdings Corp.		34,945
	6,938	Hana Financial Group Inc.		206,802
	1,886	Hankook Tire & Technology Co., Ltd.		55,058
	156	Hanmi Pharm Co., Ltd.		34,646
	1,036	Hanmi Semiconductor Co., Ltd.		46,759
	4,100	Hanon Systems		28,161
	876	Hanwha Aerospace Co., Ltd.		75,477
	1,022	Hanwha Ocean Co., Ltd.*		29,582
	2,434	Hanwha Solutions Corp.*		66,832
	1,100	HD Hyundai Co., Ltd.		49,006
	470	HD Hyundai Heavy Industries Co., Ltd.		46,322
	890	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		82,989
	2,744	HLB Inc.*		59,435
	5,643	HMM Co., Ltd.		70,886
	672	Hotel Shilla Co., Ltd.		44,687
	391	HYBE Co., Ltd.*		74,451
	1,889	Hyundai Engineering & Construction Co., Ltd.		50,542
	434	Hyundai Glovis Co., Ltd.		56,454
	613	Hyundai Mipo Dockyard Co., Ltd.*		42,020
	7,073	Hyundai Mobis Co., Ltd.		1,231,446
	3,275	Hyundai Motor Co.		466,683
	1,832	Hyundai Steel Co.		49,952
	7,644	Industrial Bank of Korea		62,039
	666	JYP Entertainment Corp.		56,299
	7,289	Kakao Corp.		264,037
	629	Kakao Games Corp.*		13,480
	3,932	KakaoBank Corp.		77,978
	619	Kakaopay Corp.*		21,095
	2,405	Kangwon Land Inc.		28,137
	48,323	KB Financial Group Inc.		1,959,823
	16,736	Kia Corp.		1,011,780
	1,513	Korea Aerospace Industries Ltd.		57,697

See Notes to Financial Statements.

153



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

South Korea — 11.2% — (continued)
	5,504	Korea Electric Power Corp.	$	73,962
	955	Korea Investment Holdings Co., Ltd.		37,412
	195	Korea Zinc Co., Ltd.		77,474
	4,494	Korean Air Lines Co., Ltd.		77,236
	699	Krafton Inc.*		81,615
	46,629	KT Corp.		1,160,682
	13,242	KT&G Corp.		868,178
	408	Kumho Petrochemical Co., Ltd.		38,354
	621	L&F Co., Ltd.		100,410
	11,907	LG Chem Ltd.		5,227,307
	2,245	LG Corp.		138,878
	5,730	LG Display Co., Ltd.		57,840
	2,498	LG Electronics Inc.		185,358
	2,454	LG Energy Solution Ltd.*		1,005,863
	1,523	LG H&H Co., Ltd.		533,403
	336	LG Innotek Co., Ltd.		68,320
	4,603	LG Uplus Corp.		36,278
	421	Lotte Chemical Corp.		43,362
	481	Lotte Energy Materials Corp.(c)		17,632
	2,246	Meritz Financial Group Inc.		92,623
	5,672	Mirae Asset Securities Co., Ltd.		28,478
	10,938	NAVER Corp.		1,766,002
	352	NCSoft Corp.		66,696
	529	Netmarble Corp.*(a)		17,080
	3,575	NH Investment & Securities Co., Ltd.		27,770
	479	Orion Corp.		44,007
	6,901	Pan Ocean Co., Ltd.		23,192
	792	Pearl Abyss Corp.*		28,833
	744	POSCO Future M Co., Ltd.		251,374
	1,687	POSCO Holdings Inc.		735,251
	1,191	Posco International Corp.(c)		70,932
	1,277	Samsung Biologics Co., Ltd.*(a)		709,507
	1,965	Samsung C&T Corp.		155,136
	1,253	Samsung Electro-Mechanics Co., Ltd.		127,998
	380,068	Samsung Electronics Co., Ltd.		19,180,945
	3,693	Samsung Engineering Co., Ltd.*		94,612
	717	Samsung Fire & Marine Insurance Co., Ltd.		133,152
	14,774	Samsung Heavy Industries Co., Ltd.*		98,058
	1,766	Samsung Life Insurance Co., Ltd.		90,028
	5,219	Samsung SDI Co., Ltd.		2,414,034
	896	Samsung SDS Co., Ltd.		95,818
	1,776	Samsung Securities Co., Ltd.		50,003
	56,103	Shinhan Financial Group Co., Ltd.		1,503,511
	670	SK Biopharmaceuticals Co., Ltd.*		43,293
	725	SK Bioscience Co., Ltd.*		40,130
	79,272	SK Hynix Inc.		7,280,483
	535	SK IE Technology Co., Ltd.*(a)		36,370
	854	SK Inc.		92,998
	1,312	SK Innovation Co., Ltd.*		175,231
	2,405	SK Square Co., Ltd.*		81,694
	436	SKC Co., Ltd.		30,039
	1,034	S-Oil Corp.		57,017
	14,832	Woori Financial Group Inc.		132,926
	1,033	Yuhan Corp.		56,696

		Total South Korea		54,767,897

See Notes to Financial Statements.

154



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Taiwan — 12.3%
	12,000	Accton Technology Corp.	$	179,967
	57,000	Acer Inc.		65,241
	10,753	Advantech Co., Ltd.		115,718
	3,139	Airtac International Group		90,431
	657,498	ASE Technology Holding Co., Ltd.		2,425,608
	59,000	Asia Cement Corp.		73,862
	17,000	Asustek Computer Inc.		214,200
	164,800	AUO Corp.*		91,945
	16,000	Catcher Technology Co., Ltd.		90,493
	211,550	Cathay Financial Holding Co., Ltd.*		302,491
	35,762	Chailease Holding Co., Ltd.		198,882
	130,456	Chang Hwa Commercial Bank Ltd.		70,767
	49,000	Cheng Shin Rubber Industry Co., Ltd.		60,907
	71,000	China Airlines Ltd.		50,252
	393,112	China Development Financial Holding Corp.*		146,065
	276,000	China Steel Corp.		229,414
	139,000	Chroma ATE Inc.		1,216,834
	91,000	Chunghwa Telecom Co., Ltd.		331,270
	97,000	Compal Electronics Inc.		96,811
	407,880	CTBC Financial Holding Co., Ltd.		304,905
	315,000	Delta Electronics Inc.		3,409,065
	21,000	E Ink Holdings Inc.		119,728
	321,277	E.Sun Financial Holding Co., Ltd.		246,446
	4,100	Eclat Textile Co., Ltd.		65,423
	2,000	eMemory Technology Inc.		113,903
	61,000	Eva Airways Corp.		60,211
	22,791	Evergreen Marine Corp. Taiwan Ltd.		76,095
	67,000	Far Eastern New Century Corp.		59,150
	35,000	Far EasTone Telecommunications Co., Ltd.		77,529
	12,230	Feng TAY Enterprise Co., Ltd.		64,353
	250,863	First Financial Holding Co., Ltd.		207,038
	84,000	Formosa Chemicals & Fibre Corp.		163,351
	28,000	Formosa Petrochemical Corp.		69,713
	88,000	Formosa Plastics Corp.		219,558
	170,052	Fubon Financial Holding Co., Ltd.		339,065
	8,290	Giant Manufacturing Co., Ltd.		50,953
	12,000	Gigabyte Technology Co., Ltd.*		128,425
	2,000	Global Unichip Corp.		91,028
	214,000	Globalwafers Co., Ltd.		3,077,520
	527,660	Hon Hai Precision Industry Co., Ltd.		1,762,032
	7,140	Hotai Motor Co., Ltd.		151,889
	206,051	Hua Nan Financial Holdings Co., Ltd.		132,529
	220,096	Innolux Corp.*		99,648
	61,000	Inventec Corp.		106,949
	2,541	Largan Precision Co., Ltd.		163,351
	47,264	Lite-On Technology Corp., ADR		203,277
	137,000	MediaTek Inc.		3,027,348
	259,660	Mega Financial Holding Co., Ltd.		292,031
	14,000	Micro-Star International Co., Ltd.		70,085
	2,420	momo.com Inc.		39,449
	110,000	Nan Ya Plastics Corp.		228,002
	5,000	Nan Ya Printed Circuit Board Corp.		37,903
	29,000	Nanya Technology Corp.		60,490
	5,000	Nien Made Enterprise Co., Ltd.		46,836
	125,000	Novatek Microelectronics Corp.		1,564,222
	46,000	Pegatron Corp.		112,438

See Notes to Financial Statements.

155



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Taiwan — 12.3% — (continued)
	5,000	PharmaEssentia Corp.*	$	55,998
	46,000	Pou Chen Corp.		41,270
	70,000	Powerchip Semiconductor Manufacturing Corp.		61,180
	58,806	Poya International Co., Ltd.		895,609
	12,539	President Chain Store Corp.		105,224
	63,000	Quanta Computer Inc.		496,896
	11,000	Realtek Semiconductor Corp.		144,055
	37,778	Ruentex Development Co., Ltd.*		43,655
	93,598	Shanghai Commercial & Savings Bank Ltd. (The)		125,002
	317,693	Shin Kong Financial Holding Co., Ltd.*		94,308
	248,387	SinoPac Financial Holdings Co., Ltd.		133,197
	35,700	Synnex Technology International Corp.		68,387
	264,234	Taishin Financial Holding Co., Ltd.		147,501
	157,696	Taiwan Business Bank		65,999
	138,668	Taiwan Cement Corp.		152,109
	241,337	Taiwan Cooperative Financial Holding Co., Ltd.		198,780
	59,000	Taiwan High Speed Rail Corp.		55,033
	38,000	Taiwan Mobile Co., Ltd.		111,141
	1,041,507	Taiwan Semiconductor Manufacturing Co., Ltd.		17,939,189
	139,580	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		13,060,501
	31,000	Unimicron Technology Corp.		180,477
	117,000	Uni-President Enterprises Corp.		259,430
	261,000	United Microelectronics Corp.		374,134
	23,000	Vanguard International Semiconductor Corp.		49,199
	2,000	Voltronic Power Technology Corp.		90,924
	60,427	Walsin Lihwa Corp.		71,943
	18,630	Wan Hai Lines Ltd.		26,454
	80,000	Winbond Electronics Corp.*		65,922
	62,000	Wistron Corp.		225,776
	15,000	Wiwynn Corp.		730,982
	34,760	WPG Holdings Ltd.		59,893
	60,700	Yageo Corp.		924,000
	34,000	Yang Ming Marine Transport Corp.		45,045
	231,915	Yuanta Financial Holding Co., Ltd.		177,418
	16,000	Zhen Ding Technology Holding Ltd.		48,507

		Total Taiwan		60,418,234


Thailand — 1.0%
	26,800	Advanced Info Service PCL, NVDR		165,214
	95,000	Airports of Thailand PCL, NVDR*		196,647
	185,700	Asset World Corp. PCL, NVDR		23,127
	20,800	B Grimm Power PCL, NVDR		20,175
	257,600	Bangkok Dusit Medical Services PCL, NVDR		205,892
	212,000	Bangkok Expressway & Metro PCL, NVDR		52,347
	214,200	Banpu PCL, NVDR		52,626
	34,400	Berli Jucker PCL, NVDR		33,140
	191,400	BTS Group Holdings PCL, NVDR		40,150
	14,000	Bumrungrad Hospital PCL, NVDR		103,563
	51,000	Central Pattana PCL, NVDR		100,019
	33,616	Central Retail Corp. PCL, NVDR		39,559
	87,000	Charoen Pokphand Foods PCL, NVDR		51,442
	131,700	CP ALL PCL, NVDR		245,328
	47,400	CP Axtra PCL, NVDR		49,033
	82,000	Delta Electronics Thailand PCL, NVDR		254,134
	4,600	Electricity Generating PCL, NVDR		17,535
	36,200	Energy Absolute PCL, NVDR		65,366
	17,400	Global Power Synergy PCL, NVDR		26,179

See Notes to Financial Statements.

156



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Thailand — 1.0% — (continued)
	68,200	Gulf Energy Development PCL, NVDR	$	93,405
	137,900	Home Product Center PCL, NVDR		53,923
	33,600	Indorama Ventures PCL, NVDR		27,806
	21,950	Intouch Holdings PCL, NVDR		45,590
	237,600	Kasikornbank PCL		896,188
	14,400	Kasikornbank PCL, NVDR		53,649
	87,300	Krung Thai Bank PCL, NVDR		48,106
	22,200	Krungthai Card PCL, NVDR		30,696
	182,200	Land and Houses PCL, NVDR		43,135
	71,000	Minor International PCL, NVDR		67,375
	19,800	Muangthai Capital PCL, NVDR		23,002
	22,800	Osotspa PCL, NVDR		19,526
	215,500	PTT Exploration & Production PCL		975,350
	32,900	PTT Exploration & Production PCL, NVDR		149,043
	55,700	PTT Global Chemical PCL, NVDR		59,210
	62,700	PTT Oil & Retail Business PCL, NVDR		36,511
	234,300	PTT PCL, NVDR		232,370
	21,400	Ratch Group PCL, NVDR		21,684
	20,000	SCB X PCL, NVDR		67,361
	22,000	SCG Packaging PCL, NVDR		25,745
	17,400	Siam Cement PCL (The), NVDR		155,490
	24,300	Thai Oil PCL, NVDR		35,773
	456,700	TMBThanachart Bank PCL, NVDR		22,300
	272,121	True Corp. PCL, NVDR		53,557

		Total Thailand		4,978,271


Turkey — 1.0%
	79,694	Akbank TAS		85,916
	22,256	Aselsan Elektronik Sanayi Ve Ticaret AS		32,042
	11,261	BIM Birlesik Magazalar AS		106,242
	34,916	Eregli Demir ve Celik Fabrikalari TAS*		56,190
	1,799	Ford Otomotiv Sanayi AS		58,020
	17,282	Haci Ömer Sabanci Holding AS		38,676
	27,995	Hektas Ticaret TAS*		26,834
	19,457	KOC Holding AS		103,109
	24,535	Koza Altin Isletmeleri AS		26,129
	411,440	MLP Saglik Hizmetleri AS, Class B Shares*(a)		1,951,657
	1,074	Pegasus Hava Tasimaciligi AS*		35,118
	24,386	Sasa Polyester Sanayi AS*		48,101
	558,820	Sok Marketler Ticaret AS		1,297,076
	76,171	Tofas Turk Otomobil Fabrikasi AS		769,235
	14,151	Turk Hava Yollari AO*		129,528
	25,061	Turkcell Iletisim Hizmetleri AS*		52,342
	81,998	Turkiye Is Bankasi AS, Class C Shares		64,472
	21,767	Turkiye Petrol Rafinerileri AS		114,931
	28,575	Türkiye Sise ve Cam Fabrikalari AS		54,684
	57,838	Yapi ve Kredi Bankasi AS		34,336

		Total Turkey		5,084,638


United Arab Emirates — 0.5%
	68,530	Abu Dhabi Commercial Bank PJSC		160,986
	34,893	Abu Dhabi Islamic Bank PJSC		99,035
	80,123	Abu Dhabi National Oil Co. for Distribution PJSC		83,106
	91,210	Aldar Properties PJSC		130,586
	545,564	Americana Restaurants International PLC		655,068
	68,441	Dubai Islamic Bank PJSC		105,086
	154,719	Emaar Properties PJSC		297,328

See Notes to Financial Statements.

157



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

United Arab Emirates — 0.5% — (continued)
	44,533	Emirates NBD Bank PJSC	$	198,150
	81,158	Emirates Telecommunications Group Co. PJSC		438,341
	103,014	First Abu Dhabi Bank PJSC		383,569
	85,755	Multiply Group PJSC*		88,914

		Total United Arab Emirates		2,640,169


United Kingdom — 1.1%
	23,649	Anglo American PLC		625,348
	63,700	Bank of Georgia Group PLC		2,808,115
	618,959	Helios Towers PLC*		712,022
	3,718	Pepco Group NV*		29,062
	27,572	Unilever PLC		1,410,020

		Total United Kingdom		5,584,567


United States — 0.3%
	16,162	BeiGene Ltd.*		261,061
	3,931	EPAM Systems Inc.*		1,018,090
	1,289	Legend Biotech Corp., ADR*		89,405
	2,000	Parade Technologies Ltd.		56,147
	1,973	Southern Copper Corp.		159,142

		Total United States		1,583,845


Uruguay — 1.3%
	55,000	Arcos Dorados Holdings Inc., Class A Shares		542,850
	7,647	Globant SA*		1,563,582
	3,105	MercadoLibre Inc.*		4,261,178

		Total Uruguay		6,367,610

		TOTAL COMMON STOCKS (Cost — $449,507,950)		464,522,332


PREFERRED STOCKS — 1.4%

Brazil — 0.5%
	124,615	Banco Bradesco SA, Class Preferred Shares		376,332
	5,428	Centrais Eletricas Brasileiras SA, Class Preferred B Shares		42,477
	30,344	Cia Energetica de Minas Gerais, Class Preferred Shares		75,578
	27,005	Gerdau SA, Class Preferred Shares		141,015
	112,573	Itau Unibanco Holding SA, Class Preferred Shares		623,763
	119,503	Itausa SA, Class Preferred Shares		223,054
	110,151	Petroleo Brasileiro SA, Class Preferred Shares		710,695
	557,000	Raizen SA, Class Preferred Shares		408,434
	10,004	Telefonica Brasil SA, Class Preferred Shares		83,562

		Total Brazil		2,684,910


Chile — 0.0%@
	3,309	Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		204,322


Colombia — 0.0%@
	9,320	Bancolombia SA, Class Preferred Shares		61,975


Mexico — 0.1%
	354,820	Cemex SAB de CV, Class Preferred Shares*		282,791


Russia — 0.0%@
	209,216	Surgutneftegas PJSC, Class Preferred Shares#		849

See Notes to Financial Statements.

158



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units			Security	Value

PREFERRED STOCKS — 1.4% — (continued)

South Korea — 0.8%
	719		Hyundai Motor Co., Class Preferred 2nd Shares	$	56,447
	565		Hyundai Motor Co., Class Preferred Shares		43,370
	211		LG Chem Ltd., Class Preferred Shares		54,290
	94,523		Samsung Electronics Co., Ltd., Class Preferred Shares		3,850,941

			Total South Korea		4,005,048

			TOTAL PREFERRED STOCKS (Cost — $8,005,629)		7,239,895


RIGHTS — 0.0%@

Brazil — 0.0%@
	1,661		Itausa SA expires 9/22/23*		929


South Korea — 0.0%@
	97		SK Innovation Co., Ltd. expires 9/12/23*		2,771

			TOTAL RIGHTS (Cost — $0)		3,700

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $457,513,579)		471,765,927


Face Amount†

SHORT-TERM INVESTMENTS (g) — 4.1%

MONEY MARKET FUND — 0.1%
$	404,141		Invesco STIT — Government & Agency Portfolio, 5.189%, Institutional Class(h) (Cost — $404,141)		404,141


TIME DEPOSITS — 4.0%
			BBH — Grand Cayman:
	2	^SGD	2.810% due 9/4/23		1
	956	^ZAR	6.160% due 9/1/23		51
	1,641,718	^HKD	BNP Paribas — Paris, 1.200% due 9/1/23		209,337
	2,248	^EUR	Citibank — London, 2.630% due 9/1/23		2,438
	8,960,663		Citibank — New York, 4.680% due 9/1/23		8,960,663
	68,864	^HKD	HSBC Bank — Hong Kong, 1.200% due 9/1/23		8,781
	10,314,702		JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		10,314,702
	79,804	^ZAR	Standard Chartered Bank — Johannesburg, 6.160% due 9/1/23		4,226
			Sumitomo Mitsui Banking Corp. — Tokyo:
	6	^EUR	2.630% due 9/1/23		7
	91	^GBP	4.170% due 9/1/23		115

			TOTAL TIME DEPOSITS (Cost — $19,500,321)		19,500,321

			TOTAL SHORT-TERM INVESTMENTS (Cost — $19,904,462)		19,904,462

			TOTAL INVESTMENTS — 100.2% (Cost — $477,418,041)		491,670,389

			Liabilities in Excess of Other Assets — (0.2)%		(1,082,370	)

			TOTAL NET ASSETS — 100.0%	$	490,588,019

See Notes to Financial Statements.

159



Schedules of Investments


(continued)


Emerging Markets Equity Fund

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Security trades on the Hong Kong exchange.

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

(d)	Illiquid security.

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

(f)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2023, amounts to $13,934 and represents less than 0.05% of net assets.

(g)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 4.0%.

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2023, the Fund held Level 3 securities in the amount of $41,805, representing less than 0.05% of net assets.

At August 31, 2023, for Emerging Markets Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Emerging Markets Equity Fund	$	488,446,168	$	105,005,662	$	(104,990,998)	$	14,664


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^
Financials
Banks	17.6	%
Insurance	3.4
Consumer Finance	1.2
Other	1.3
Information Technology
Semiconductors & Semiconductor Equipment	10.6
Technology Hardware, Storage & Peripherals	5.8
Electronic Equipment, Instruments & Components	2.5
Other	2.0
Consumer Discretionary	13.8
Communication Services	7.2
Industrials	7.2
Materials	6.4
Energy	5.8
Consumer Staples	4.4
Health Care	4.1
Utilities	1.4
Real Estate	1.3
Short-Term Investments	4.0

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.

160



Schedules of Investments


(continued)


Emerging Markets Equity Fund

At August 31, 2023, Emerging Markets Equity Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
E-mini MSCI Emerging Markets Index September Futures		15		9/23	$	744,441	$	734,475	$	(9,966)

At August 31, 2023, Emerging Markets Equity Fund had deposited cash of $32,994 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See Notes to Financial Statements.

161



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

MORTGAGE-BACKED SECURITIES — 31.3%

FHLMC — 7.0%
		Federal Home Loan Mortgage Corp. (FHLMC):
$	4,983,501	4.500% due 4/1/29 — 2/1/53	$	4,739,653
	3,657,005	5.500% due 1/1/30 — 7/1/53		3,625,521
	100,000	4.600% due 2/1/30		96,940
	17,499,328	3.000% due 3/1/31 — 6/1/52		15,272,185
	5,745,418	1.500% due 5/1/31 — 11/1/50		4,696,703
	31,671,953	2.500% due 11/1/31 — 5/1/52		26,496,688
	16,111,274	4.000% due 9/1/32 — 1/1/53		15,030,890
	300,000	4.650% due 1/1/33		294,227
	12,461,542	3.500% due 4/1/33 — 6/1/52		11,348,835
	6,239,339	5.000% due 12/1/34 — 7/1/53		6,075,020
	41,506,797	2.000% due 3/1/36 — 4/1/52		33,634,754
	1,590,138	6.000% due 5/1/38 — 4/1/53		1,596,482
	5,545	7.000% due 3/1/39		5,898
	1,871,618	6.500% due 9/1/39 — 5/1/53		1,904,348
	88,741	2.104% (5-Year CMT Index + 1.285%) due 3/1/47(a)		83,642
	279,124	2.871% (1-Year USD-LIBOR + 1.619%) due 11/1/47(a)		264,564
	475,558	3.008% (1-Year USD-LIBOR + 1.628%) due 11/1/48(a)		445,292
	111,508	3.099% (1-Year USD-LIBOR + 1.621%) due 2/1/50(a)		105,654

		Total FHLMC		125,717,296


FNMA — 19.1%
		Federal National Mortgage Association (FNMA):
	15,638,076	4.500% due 3/1/24 — 8/1/58		14,927,278
	17,981,218	4.000% due 4/1/24 — 6/1/57		16,740,703
	17,985,960	3.500% due 11/1/25 — 12/1/52		16,338,750
	4,671,147	5.500% due 3/1/26 — 9/1/56		4,641,569
	62,576,260	2.500% due 11/1/27 — 6/1/62		52,523,821
	34,101,767	3.000% due 12/1/27 — 10/1/52		29,918,086
	300,000	4.490% due 6/1/28		295,345
	925,198	2.930% due 7/1/28 — 6/1/30		845,137
	3,037,182	5.000% due 3/1/29 — 7/1/53		2,962,959
	75,399	3.160% due 5/1/29		69,144
	200,000	4.310% due 2/1/30		194,144
	300,000	3.800% due 6/1/30		282,079
	100,000	4.740% due 6/1/30		98,030
	6,747,938	1.500% due 6/1/31 — 8/1/51		5,579,074
	457,636	2.149% due 2/1/32(a)		374,306
	100,000	3.345% due 6/1/32		89,546
	100,000	3.840% due 7/1/32		93,003
	200,000	3.890% due 7/1/32		182,587
	100,000	4.060% due 7/1/32		92,473
	100,000	3.740% due 9/1/32		92,179
	200,000	3.980% due 10/1/32		183,579
	100,000	4.370% due 11/1/32		96,759
	100,000	4.410% due 12/1/32		96,767
	200,000	4.360% due 2/1/33		192,788
	100,000	4.420% due 3/1/33		96,836
	200,000	4.700% due 3/1/33		197,970
	100,000	4.480% due 5/1/33		97,306
	100,000	4.320% due 6/1/33		95,985
	200,000	4.510% due 8/1/33		194,934
	55,555	4.549% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.541%) due 3/1/34(a)		54,497

See Notes to Financial Statements.

162



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

FNMA — 19.1% — (continued)
$	2,179,137	6.000% due 8/1/34 — 7/1/53	$	2,193,078
	9,022	5.986% (1-Year Treasury Average Rate + 1.791%) due 10/1/35(a)		8,873
	2,821	6.018% (1-Year Treasury Average Rate + 1.810%) due 11/1/35(a)		2,747
	8,495	6.144% (1-Year Treasury Average Rate + 1.929%) due 11/1/35(a)		8,391
	61,306,818	2.000% due 6/1/36 — 4/1/52		49,675,743
	7,098	7.000% due 4/1/37		7,238
	100,000	3.870% due 5/1/37		89,861
	37,597	4.640% (1-Year USD-LIBOR + 1.265%) due 5/1/37(a)		36,590
	296,991	6.500% due 9/1/37 — 2/1/53		304,296
	13,350,000	2.500% due 10/1/52 — 9/1/53(b)		11,083,781
	17,700,000	2.000% due 9/1/53 — 10/1/53(b)		14,142,563
	27,425,000	3.000% due 9/1/53 — 10/1/53(b)		23,675,554
	16,100,000	3.500% due 9/1/53(b)		14,390,633
	14,975,000	4.000% due 9/1/53 — 10/1/53(b)		13,838,059
	19,075,000	4.500% due 9/1/53 — 10/1/53(b)		18,104,660
	26,875,000	5.000% due 9/1/53 — 10/1/53(b)		26,068,113
	21,125,000	5.500% due 9/1/53(b)		20,867,951
	100,000	6.000% due 9/1/53(b)		100,266
	200,000	6.500% due 9/1/53(b)		203,094

		Total FNMA		342,449,125


GNMA — 5.2%
		Government National Mortgage Association (GNMA):
	14,017	6.000% due 12/15/33 — 6/15/37		14,171
	262,634	5.000% due 10/15/34 — 9/15/40		259,497
	19,848	5.500% due 5/15/37 — 6/15/38		20,061
	32,886	6.500% due 1/15/38 — 10/15/38		33,691
	42,325	4.500% due 3/15/41		41,490
	352,186	4.000% due 6/15/41 — 11/15/45		334,813
	171,786	3.000% due 9/15/42 — 10/15/42		154,848
	102,377	3.500% due 6/15/48 — 5/15/50		94,828
		Government National Mortgage Association II (GNMA):
	578,410	6.000% due 7/20/37 — 12/20/52		582,255
	5,855,270	4.500% due 1/20/40 — 4/20/53		5,620,936
	2,195,011	5.000% due 7/20/40 — 4/20/53		2,151,452
	5,379,532	4.000% due 11/20/40 — 11/20/52		5,059,897
	2,900,000	5.500% due 9/1/41(b)		2,870,603
	300,000	6.500% due 9/1/41(b)		303,984
	17,728,740	3.000% due 1/20/43 — 4/20/53		15,677,050
	8,792,473	3.500% due 6/20/43 — 12/20/52		8,049,029
	13,545,111	2.500% due 9/20/50 — 9/20/52		11,528,393
	8,804,982	2.000% due 10/20/50 — 4/20/52		7,299,397
	1,344,669	5.500% due 11/20/52 — 4/20/53		1,331,731
	1,200,000	2.000% due 9/1/53(b)		992,625
	11,425,000	2.500% due 9/1/53(b)		9,738,920
	2,800,000	3.000% due 9/1/53(b)		2,464,437
	3,700,000	3.500% due 9/1/53(b)		3,361,508
	3,100,000	4.000% due 9/1/53(b)		2,890,266
	4,975,000	4.500% due 9/1/53(b)		4,740,825
	5,800,000	5.000% due 9/1/53(b)		5,645,031
	2,200,000	6.000% due 9/1/53(b)		2,206,875

		Total GNMA		93,468,613

		TOTAL MORTGAGE-BACKED SECURITIES (Cost — $591,362,902)		561,635,034

See Notes to Financial Statements.

163



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

CORPORATE BONDS & NOTES — 28.8%

Advertising — 0.0%@
$	193,000	BBB+	Omnicom Group Inc./Omnicom Capital Inc., Senior Unsecured Notes, 3.650% due 11/1/24	$	188,483


Aerospace/Defense — 1.0%
	1,816,000	BBB+	BAE Systems Holdings Inc., Company Guaranteed Notes, 3.850% due 12/15/25(c)		1,751,174
			Boeing Co. (The), Senior Unsecured Notes:
	530,000	BBB-	1.433% due 2/4/24		519,884
	990,000	BBB-	4.875% due 5/1/25		976,221
	1,350,000	BBB-	2.196% due 2/4/26		1,245,946
	50,000	BBB-	3.100% due 5/1/26		47,118
	70,000	BBB-	2.700% due 2/1/27		64,046
	480,000	BBB-	2.800% due 3/1/27		438,632
	260,000	BBB-	3.200% due 3/1/29		233,857
	250,000	BBB-	5.150% due 5/1/30		246,156
	440,000	BBB-	3.250% due 2/1/35		353,915
	40,000	BBB-	3.550% due 3/1/38		30,750
	420,000	BBB-	5.705% due 5/1/40		408,869
	140,000	BBB-	3.750% due 2/1/50		102,184
	1,120,000	BBB-	5.805% due 5/1/50		1,091,304
	248,000	BBB-	3.950% due 8/1/59		178,254
	260,000	BBB-	5.930% due 5/1/60		251,350
			General Dynamics Corp., Company Guaranteed Notes:
	350,000	A-	3.750% due 5/15/28		334,461
	10,000	A-	4.250% due 4/1/40		8,922
	60,000	A-	4.250% due 4/1/50		52,939
	82,000	BBB	L3 Technologies Inc., Company Guaranteed Notes, 3.850% due 12/15/26		78,400
			L3Harris Technologies Inc., Senior Unsecured Notes:
	489,000	BBB	3.850% due 12/15/26		467,533
	1,326,000	BBB	4.400% due 6/15/28		1,275,819
	30,000	BBB	5.054% due 4/27/45		27,800
	125,000	BBB	5.600% due 7/31/53		125,994
			Lockheed Martin Corp., Senior Unsecured Notes:
	84,000	A-	3.550% due 1/15/26		81,333
	90,000	A-	3.900% due 6/15/32		83,785
	40,000	A-	4.500% due 5/15/36		37,989
	236,000	A-	3.800% due 3/1/45		193,477
	864,000	A-	4.150% due 6/15/53		729,786
			Northrop Grumman Corp., Senior Unsecured Notes:
	160,000	BBB+	2.930% due 1/15/25		154,663
	720,000	BBB+	3.250% due 1/15/28		671,020
	566,000	BBB+	4.700% due 3/15/33		548,991
	64,000	BBB+	4.750% due 6/1/43		58,248
	282,000	BBB+	4.030% due 10/15/47		232,309
	400,000	BBB+	5.250% due 5/1/50		393,716
	926,000	BBB+	4.950% due 3/15/53		868,789
			Raytheon Co., Senior Unsecured Notes:
	40,000	BBB+	7.200% due 8/15/27		42,250
	24,000	BBB+	7.000% due 11/1/28		25,312
	55,000	BBB+	4.200% due 12/15/44		42,689
			RTX Corp., Senior Unsecured Notes:
	70,000	BBB+	3.150% due 12/15/24		67,885
	410,000	BBB+	3.950% due 8/16/25		398,693
	954,000	BBB+	4.125% due 11/16/28		910,814
	140,000	BBB+	2.250% due 7/1/30		116,498
	816,000	BBB+	2.375% due 3/15/32		657,747

See Notes to Financial Statements.

164



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Aerospace/Defense — 1.0% — (continued)
$	410,000	BBB+	4.500% due 6/1/42	$	358,135
	387,000	BBB+	3.750% due 11/1/46		294,997
	115,000	BBB+	4.050% due 5/4/47		93,060
	724,000	BBB+	2.820% due 9/1/51		453,483
	563,000	BBB+	3.030% due 3/15/52		370,945
	275,000	B+	TransDigm Inc., Senior Secured Notes, 6.750% due 8/15/28(c)		276,244

			Total Aerospace/Defense		18,474,386


Agriculture — 0.5%
			Altria Group Inc., Company Guaranteed Notes:
	40,000	BBB	2.350% due 5/6/25		37,888
	310,000	BBB	4.400% due 2/14/26		303,383
	1,466,000	BBB	2.450% due 2/4/32		1,145,440
	205,000	BBB	5.800% due 2/14/39		200,020
	272,000	BBB	3.400% due 2/4/41		185,662
	80,000	BBB	3.875% due 9/16/46		55,161
	540,000	BBB	5.950% due 2/14/49		503,325
	82,000	BBB	6.200% due 2/14/59		82,743
			BAT Capital Corp., Company Guaranteed Notes:
	265,000	BBB+	3.557% due 8/15/27		245,902
	348,000	BBB+	2.259% due 3/25/28		299,398
	2,584,000	BBB+	4.540% due 8/15/47		1,877,462
	107,000	BBB+	4.758% due 9/6/49		79,418
	237,000	BBB+	3.984% due 9/25/50		156,878
	680,000	BBB+	5.650% due 3/16/52		570,586
	265,000	BBB+	7.081% due 8/2/53		260,976
			Imperial Brands Finance PLC, Company Guaranteed Notes:
	400,000	BBB	3.125% due 7/26/24(c)		389,496
	205,000	BBB	3.500% due 7/26/26(c)		192,700
			Philip Morris International Inc., Senior Unsecured Notes:
	476,000	A-	5.125% due 11/17/27		475,283
	210,000	A-	2.100% due 5/1/30		172,840
	60,000	A-	4.500% due 3/20/42		50,909
	961,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 5.850% due 8/15/45		835,731

			Total Agriculture		8,121,201


Airlines — 0.1%
	41,664	A2(d)	Air Canada Class AA Pass-Through Trust, Pass-Thru Certificates, 3.300% due 1/15/30(c)		36,792
	14,411	A3(d)	American Airlines Class AA Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 3.650% due 2/15/29		13,226
	91,478	BB-	American Airlines Class B Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 4.400% due 9/22/23		91,275
	41,500	BB-	American Airlines Class B Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 4.375% due 6/15/24(c)		40,393
	514	BB	American Airlines Class B Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.750% due 10/15/25		480
			Delta Air Lines Inc., Senior Unsecured Notes:
	200,000	BB+	2.900% due 10/28/24		193,927
	210,000	BB+	7.375% due 1/15/26		216,207
			Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes:
	172,502	Baa1(d)	4.500% due 10/20/25(c)		168,674
	120,000	Baa1(d)	4.750% due 10/20/28(c)		115,283
	248,000	Baa3(d)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(c)		247,424

See Notes to Financial Statements.

165



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Airlines — 0.1% — (continued)
$	95,743	Ba2(d)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(c)	$	95,948
			United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates:
	3,417	A2(d)	3.100% due 7/7/28		3,124
	37,591	A3(d)	2.875% due 10/7/28		33,605
	496	A2(d)	3.500% due 3/1/30		446
	47,252	A2(d)	4.150% due 8/25/31		44,106
	66,143	A2(d)	2.700% due 5/1/32		55,896
	3,174	Ba2(d)	United Airlines Class B Pass-Through Trust, Pass-Thru Certificates, 3.650% due 10/7/25		2,994
			United Airlines Inc., Senior Secured Notes:
	130,000	BB	4.375% due 4/15/26(c)		122,561
	810,000	BB	4.625% due 4/15/29(c)		721,252

			Total Airlines		2,203,613


Apparel — 0.0%@
			NIKE Inc., Senior Unsecured Notes:
	40,000	AA-	2.400% due 3/27/25		38,288
	360,000	AA-	2.750% due 3/27/27		336,648
	140,000	AA-	2.850% due 3/27/30		125,138
	100,000	AA-	3.250% due 3/27/40		80,716
	220,000	AA-	3.375% due 3/27/50		170,132

			Total Apparel		750,922


Auto Manufacturers — 0.4%
			Ford Motor Co., Senior Unsecured Notes:
	270,000	BB+	3.250% due 2/12/32		210,990
	140,000	BB+	6.100% due 8/19/32		133,920
	30,000	BB+	4.750% due 1/15/43		22,452
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	500,000	BB+	4.950% due 5/28/27		469,548
	460,000	BB+	2.900% due 2/16/28		392,967
	220,000	BB+	2.900% due 2/10/29		181,777
	200,000	BB+	5.113% due 5/3/29		184,163
	640,000	BB+	7.350% due 3/6/30		652,068
	1,500,000	BB+	7.200% due 6/10/30		1,524,180
	200,000	BB+	4.000% due 11/13/30		169,406
			General Motors Co., Senior Unsecured Notes:
	440,000	BBB	6.125% due 10/1/25		441,914
	71,000	BBB	5.400% due 10/15/29		68,630
	250,000	BBB	6.250% due 10/2/43		235,416
	455,000	BBB	5.200% due 4/1/45		376,534
			General Motors Financial Co., Inc.:
	100,000	BBB	Company Guaranteed Notes, 4.350% due 1/17/27		95,195
			Senior Unsecured Notes:
	142,000	BBB	6.050% due 10/10/25		142,203
	656,000	BBB	5.800% due 6/23/28		651,163
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	250,000	BB+	3.043% due 9/15/23(c)		249,780
	600,000	BB+	3.522% due 9/17/25(c)		568,026
	900,000	BB+	4.345% due 9/17/27(c)		825,038

			Total Auto Manufacturers		7,595,370

See Notes to Financial Statements.

166



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.6%
$	450,000	BBB	ABN AMRO Bank NV, Senior Unsecured Notes, 2.470% (1-Year CMT Index + 1.100%) due 12/13/29(a)(c)	$	379,719
	600,000	A-	Banco Santander SA, Senior Unsecured Notes, 2.746% due 5/28/25		568,005
			Bank of America Corp.:
			Senior Unsecured Notes:
	490,000	A-	4.125% due 1/22/24		486,919
	280,000	A-	4.000% due 4/1/24		277,277
	630,000	A-	3.841% (SOFR + 1.110%) due 4/25/25(a)		621,068
	210,000	A-	3.500% due 4/19/26		199,836
	1,181,000	A-	1.197% (SOFR + 1.010%) due 10/24/26(a)		1,070,484
	740,000	A-	1.658% (SOFR + 0.910%) due 3/11/27(a)		668,943
	140,000	A-	1.734% (SOFR + 0.960%) due 7/22/27(a)		125,327
	1,941,000	A-	3.824% (3-Month Term SOFR + 1.837%) due 1/20/28(a)		1,830,323
	130,000	A-	4.376% (SOFR + 1.580%) due 4/27/28(a)		124,827
	50,000	A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(a)		46,553
	435,000	A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(a)		399,017
	3,960,000	A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(a)		3,701,324
	2,754,000	A-	5.202% (SOFR + 1.630%) due 4/25/29(a)		2,715,291
	3,375,000	A-	2.087% (SOFR + 1.060%) due 6/14/29(a)		2,880,848
	659,000	A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(a)		606,863
	238,000	A-	2.884% (3-Month Term SOFR + 1.452%) due 10/22/30(a)		204,260
	194,000	A-	2.496% (3-Month Term SOFR + 1.252%) due 2/13/31(a)		161,481
	1,177,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(a)		980,008
	780,000	A-	1.922% (SOFR + 1.370%) due 10/24/31(a)		611,715
	690,000	A-	2.687% (SOFR + 1.320%) due 4/22/32(a)		565,010
	860,000	A-	2.299% (SOFR + 1.220%) due 7/21/32(a)		678,745
	920,000	A-	2.572% (SOFR + 1.210%) due 10/20/32(a)		738,069
	1,814,000	A-	2.972% (SOFR + 1.330%) due 2/4/33(a)		1,492,707
	1,490,000	A-	4.571% (SOFR + 1.830%) due 4/27/33(a)		1,382,461
	2,775,000	A-	5.288% (SOFR + 1.910%) due 4/25/34(a)		2,710,116
	240,000	A-	5.000% due 1/21/44		228,537
	530,000	A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(a)		449,398
	310,000	A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(a)		249,370
			Subordinated Notes:
	600,000	BBB+	4.200% due 8/26/24		589,671
	740,000	BBB+	4.000% due 1/22/25		721,117
	30,000	BBB+	7.250% due 10/15/25		30,763
	40,000	BBB+	4.450% due 3/3/26		38,903
	20,000	BBB+	4.250% due 10/22/26		19,213
			Bank of Montreal:
	300,000	A-	Senior Unsecured Notes, 1.850% due 5/1/25		281,964
	50,000	BBB+	Subordinated Notes, 3.803% (5-Year USD Swap Rate + 1.432%) due 12/15/32(a)		44,279
			Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	90,000	A	1.600% due 4/24/25		84,594
	390,000	A	4.289% (SOFR + 1.418%) due 6/13/33(a)		359,173
	440,000	A	5.834% (SOFR + 2.074%) due 10/25/33(a)		451,322
			Bank of Nova Scotia (The):
	170,000	A-	Senior Unsecured Notes, 1.300% due 6/11/25		157,539
	180,000	BBB+	Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(a)		155,586
			Barclays PLC:
	820,000	BBB+	Senior Unsecured Notes, 4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(a)		779,542
	200,000	BBB-	Subordinated Notes, 5.088% (3-Month USD-LIBOR + 3.054%) due 6/20/30(a)		183,518
			BNP Paribas SA:
	470,000	BBB-	Junior Subordinated Notes, 8.500% (5-Year CMT Index + 4.354%)(a)(c)(e)		469,530

See Notes to Financial Statements.

167



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.6% — (continued)
			Senior Unsecured Notes:
$	1,810,000	A-	4.705% (3-Month Term SOFR + 2.497%) due 1/10/25(a)(c)	$	1,800,163
	220,000	A-	2.219% (SOFR + 2.074%) due 6/9/26(a)(c)		205,612
	1,150,000	A-	4.400% due 8/14/28(c)		1,087,705
	680,000	A+	5.125% (1-Year CMT Index + 1.450%) due 1/13/29(a)(c)		666,329
	200,000	A-	2.871% (SOFR + 1.387%) due 4/19/32(a)(c)		162,697
	200,000	BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(c)		181,165
			Citigroup Inc.:
	220,000	BB+	Junior Subordinated Notes, 5.950% (3-Month Term SOFR + 4.167%)(a)(e)		212,421
			Senior Unsecured Notes:
	120,000	BBB+	3.106% (SOFR + 2.842%) due 4/8/26(a)		114,891
	70,000	BBB+	4.658% (SOFR + 1.887%) due 5/24/28(a)		68,190
	2,540,000	BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(a)		2,344,935
	200,000	BBB+	4.075% (3-Month Term SOFR + 1.454%) due 4/23/29(a)		187,555
	100,000	BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(a)		92,122
	815,000	BBB+	2.976% (SOFR + 1.422%) due 11/5/30(a)		700,812
	210,000	BBB+	4.412% (SOFR + 3.914%) due 3/31/31(a)		195,177
	70,000	BBB+	2.572% (SOFR + 2.107%) due 6/3/31(a)		57,879
	1,170,000	BBB+	2.561% (SOFR + 1.167%) due 5/1/32(a)		943,603
	160,000	BBB+	2.520% (SOFR + 1.177%) due 11/3/32(a)		127,084
	3,955,000	BBB+	3.057% (SOFR + 1.351%) due 1/25/33(a)		3,265,442
	250,000	BBB+	3.785% (SOFR + 1.939%) due 3/17/33(a)		217,524
	220,000	BBB+	4.910% (SOFR + 2.086%) due 5/24/33(a)		209,383
	314,000	BBB+	8.125% due 7/15/39		391,310
	196,000	BBB+	4.650% due 7/30/45		169,346
	70,000	BBB+	4.650% due 7/23/48		60,808
			Subordinated Notes:
	670,000	BBB	4.400% due 6/10/25		653,700
	250,000	BBB	5.500% due 9/13/25		248,664
	890,000	BBB	4.300% due 11/20/26		855,394
	30,000	BBB	6.625% due 6/15/32		31,348
	100,000	BBB	6.675% due 9/13/43		105,158
	286,000	BBB	5.300% due 5/6/44		260,763
	30,000	BBB	4.750% due 5/18/46		25,195
	58,000	AA-	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(c)		48,061
			Cooperatieve Rabobank UA:
	1,290,000	BBB+	Company Guaranteed Notes, 4.375% due 8/4/25		1,251,111
			Senior Unsecured Notes:
	250,000	A-	3.649% (1-Year CMT Index + 1.220%) due 4/6/28(a)(c)		232,265
	270,000	A-	3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(c)		232,816
	500,000	A-	Credit Agricole SA, Senior Unsecured Notes, 1.907% (SOFR + 1.676%) due 6/16/26(a)(c)		465,611
			Credit Suisse AG, Senior Unsecured Notes:
	500,000	A	3.625% due 9/9/24		486,568
	1,450,000	A	7.950% due 1/9/25		1,479,008
	782,000	A	3.700% due 2/21/25		753,964
	250,000	A	2.950% due 4/9/25		237,485
	517,000	A	5.000% due 7/9/27		504,550
	1,020,000	A	7.500% due 2/15/28		1,090,492
	760,000	WD(f)	Credit Suisse Group AG, (Cost – $760,000, acquired 6/16/22), Junior Subordinated Notes, 9.750% (5-Year CMT Index + 6.383%)(a)(c)(e)(g)		36,100
			Danske Bank AS, Senior Unsecured Notes:
	1,000,000	BBB+	5.375% due 1/12/24(c)		996,372
	260,000	BBB+	4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(c)		244,768

See Notes to Financial Statements.

168



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.6% — (continued)
$	11,000	BB+	Goldman Sachs Capital II, Limited Guaranteed Notes, 6.439% (3-Month Term SOFR + 1.029%)(a)(e)	$	8,871
			Goldman Sachs Group Inc. (The):
			Senior Unsecured Notes:
	1,120,000	BBB+	1.217% due 12/6/23		1,106,762
	265,000	BBB+	0.657% (SOFR + 0.505%) due 9/10/24(a)		264,793
	689,000	BBB+	0.925% (SOFR + 0.486%) due 10/21/24(a)		683,616
	140,000	BBB+	3.500% due 4/1/25		135,130
	145,000	BBB+	3.272% (3-Month Term SOFR + 1.463%) due 9/29/25(a)		140,670
	2,897,000	BBB+	5.798% (SOFR + 1.075%) due 8/10/26(a)		2,889,397
	150,000	BBB+	3.500% due 11/16/26		141,022
	685,000	BBB+	1.431% (SOFR + 0.798%) due 3/9/27(a)		614,478
	1,460,000	BBB+	1.542% (SOFR + 0.818%) due 9/10/27(a)		1,289,806
	218,000	BBB+	2.640% (SOFR + 1.114%) due 2/24/28(a)		197,362
	70,000	BBB+	3.615% (SOFR + 1.846%) due 3/15/28(a)		65,476
	1,816,000	BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(a)		1,681,577
	2,566,000	BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(a)		2,418,272
	100,000	BBB+	1.992% (SOFR + 1.090%) due 1/27/32(a)		77,939
	1,672,000	BBB+	2.615% (SOFR + 1.281%) due 4/22/32(a)		1,354,267
	900,000	BBB+	2.383% (SOFR + 1.248%) due 7/21/32(a)		711,917
	1,990,000	BBB+	2.650% (SOFR + 1.264%) due 10/21/32(a)		1,598,114
	210,000	BBB+	6.250% due 2/1/41		221,909
	30,000	BBB+	3.210% (SOFR + 1.513%) due 4/22/42(a)		21,660
	70,000	BBB+	2.908% (SOFR + 1.472%) due 7/21/42(a)		48,415
	100,000	BBB+	4.750% due 10/21/45		90,003
			Subordinated Notes:
	600,000	BBB	4.250% due 10/21/25		582,370
	460,000	BBB	6.750% due 10/1/37		488,280
	290,000	BBB	5.150% due 5/22/45		267,574
			HSBC Holdings PLC:
			Senior Unsecured Notes:
	1,005,000	A-	2.099% (SOFR + 1.929%) due 6/4/26(a)		937,144
	485,000	A-	1.589% (SOFR + 1.290%) due 5/24/27(a)		431,131
	2,370,000	A-	2.206% (SOFR + 1.285%) due 8/17/29(a)		1,987,889
	820,000	A-	3.973% (3-Month Term SOFR + 1.872%) due 5/22/30(a)		738,428
	430,000	A-	2.804% (SOFR + 1.187%) due 5/24/32(a)		343,992
	690,000	A-	6.332% (SOFR + 2.650%) due 3/9/44(a)		696,687
			Subordinated Notes:
	220,000	BBB	4.762% (SOFR + 2.530%) due 3/29/33(a)		195,711
	190,000	BBB	6.500% due 9/15/37		195,096
	200,000	BB+	Intesa Sanpaolo SpA, Subordinated Notes, 5.017% due 6/26/24(c)		195,622
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
	430,000	A-	4.023% (3-Month Term SOFR + 1.262%) due 12/5/24(a)		427,799
	240,000	A-	3.845% (SOFR + 0.980%) due 6/14/25(a)		235,743
	435,000	A-	0.969% (3-Month Term SOFR + 0.580%) due 6/23/25(a)		417,092
	1,080,000	A-	1.561% (SOFR + 0.605%) due 12/10/25(a)		1,020,840
	280,000	A-	2.083% (SOFR + 1.850%) due 4/22/26(a)		263,462
	1,745,000	A-	1.578% (SOFR + 0.885%) due 4/22/27(a)		1,568,238
	360,000	A-	1.470% (SOFR + 0.765%) due 9/22/27(a)		318,339
	480,000	A-	4.203% (3-Month Term SOFR + 1.522%) due 7/23/29(a)		453,539
	1,110,000	A-	4.452% (3-Month Term SOFR + 1.592%) due 12/5/29(a)		1,058,437
	485,000	A-	3.702% (3-Month Term SOFR + 1.422%) due 5/6/30(a)		442,893
	400,000	A-	4.565% (SOFR + 1.750%) due 6/14/30(a)		382,378
	345,000	A-	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(a)		295,840

See Notes to Financial Statements.

169



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.6% — (continued)
$	150,000	A-	2.522% (SOFR + 2.040%) due 4/22/31(a)	$	125,932
	585,000	A-	1.953% (SOFR + 1.065%) due 2/4/32(a)		460,936
	2,385,000	A-	2.580% (3-Month Term SOFR + 1.250%) due 4/22/32(a)		1,955,283
	1,215,000	A-	2.545% (SOFR + 1.180%) due 11/8/32(a)		982,328
	46,000	A-	2.963% (SOFR + 1.260%) due 1/25/33(a)		38,267
	1,491,000	A-	5.350% (SOFR + 1.845%) due 6/1/34(a)		1,474,870
	200,000	A-	3.964% (3-Month Term SOFR + 1.642%) due 11/15/48(a)		158,898
	50,000	A-	3.109% (SOFR + 2.440%) due 4/22/51(a)		33,887
			Subordinated Notes:
	270,000	BBB+	3.875% due 9/10/24		264,835
	210,000	BBB+	4.250% due 10/1/27		203,134
	750,000	BBB+	4.950% due 6/1/45		690,209
			Lloyds Banking Group PLC:
			Senior Unsecured Notes:
	400,000	BBB+	3.900% due 3/12/24		395,638
	200,000	BBB+	4.375% due 3/22/28		189,646
	980,000	BBB+	4.976% (1-Year CMT Index + 2.300%) due 8/11/33(a)		907,773
	445,000	BBB-	Subordinated Notes, 4.582% due 12/10/25		428,656
			Macquarie Group Ltd., Senior Unsecured Notes:
	540,000	BBB+	1.201% (SOFR + 0.694%) due 10/14/25(a)(c)		511,614
	540,000	BBB+	1.340% (SOFR + 1.069%) due 1/12/27(a)(c)		484,595
	250,000	AA+	National Securities Clearing Corp., Senior Unsecured Notes, 1.500% due 4/23/25(c)		235,312
			NatWest Group PLC, Senior Unsecured Notes:
	955,000	BBB+	4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(a)		944,414
	400,000	BBB+	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(a)		380,801
			PNC Financial Services Group Inc. (The), Senior Unsecured Notes:
	270,000	A-	5.812% (SOFR + 1.322%) due 6/12/26(a)		269,819
	470,000	A-	5.582% (SOFR + 1.841%) due 6/12/29(a)		466,150
	1,220,000	A-	5.068% (SOFR + 1.933%) due 1/24/34(a)		1,157,491
			Royal Bank of Canada, Senior Unsecured Notes:
	160,000	A	1.150% due 6/10/25		148,254
	250,000	A	3.875% due 5/4/32		227,279
	30,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 4.500% due 7/17/25		29,290
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	180,000	BBB	4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(a)		179,477
	235,000	BBB	1.089% (SOFR + 0.787%) due 3/15/25(a)		227,849
	790,000	BBB	1.532% (1-Year CMT Index + 1.250%) due 8/21/26(a)		717,445
	1,440,000	BBB	1.673% (SOFR + 0.989%) due 6/14/27(a)		1,268,190
	535,000	BBB-	Santander UK PLC, Subordinated Notes, 5.000% due 11/7/23(c)		533,087
			Toronto-Dominion Bank (The), Senior Unsecured Notes:
	550,000	A	1.150% due 6/12/25		510,351
	440,000	A	4.456% due 6/8/32		410,294
	250,000	A-	Truist Financial Corp., Senior Unsecured Notes, 6.047% (SOFR + 2.050%) due 6/8/27(a)		249,920
			UBS Group AG:
	1,070,000	BB	Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.344%)(a)(c)(e)		1,063,580
			Senior Unsecured Notes:
	1,361,000	A-	3.750% due 3/26/25		1,315,495
	439,000	A-	2.593% (SOFR + 1.560%) due 9/11/25(a)(c)		423,443
	320,000	A-	4.550% due 4/17/26		309,770
	370,000	A-	2.193% (SOFR + 2.044%) due 6/5/26(a)(c)		344,762
	355,000	A-	6.373% (SOFR + 3.340%) due 7/15/26(a)(c)		356,570
	900,000	A-	1.305% (SOFR + 0.980%) due 2/2/27(a)(c)		802,408
	500,000	A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(c)		480,635
	60,000	A-	3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(c)		55,186
	511,000	A-	4.194% (SOFR + 3.730%) due 4/1/31(a)(c)		460,624

See Notes to Financial Statements.

170



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.6% — (continued)
$	2,415,000	A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(c)	$	1,991,851
	496,000	A-	2.746% (1-Year CMT Index + 1.100%) due 2/11/33(a)(c)		390,946
	4,800,000	A-	6.537% (SOFR + 3.920%) due 8/12/33(a)(c)		4,988,756
	2,619,000	A-	9.016% (SOFR + 5.020%) due 11/15/33(a)(c)		3,174,185
			US Bancorp, Senior Unsecured Notes:
	350,000	A	1.450% due 5/12/25		327,457
	300,000	A	5.850% (SOFR + 2.090%) due 10/21/33(a)		299,106
	1,365,000	A	4.839% (SOFR + 1.600%) due 2/1/34(a)		1,267,375
			Wells Fargo & Co.:
	50,000	BB+	Junior Subordinated Notes, 5.875%(a)(e)		49,687
			Senior Unsecured Notes:
	270,000	BBB+	3.750% due 1/24/24		267,889
	300,000	BBB+	2.188% (SOFR + 2.000%) due 4/30/26(a)		282,234
	500,000	BBB+	3.000% due 10/23/26		463,280
	145,000	BBB+	3.526% (SOFR + 1.510%) due 3/24/28(a)		134,977
	3,690,000	BBB+	3.584% (3-Month Term SOFR + 1.572%) due 5/22/28(a)		3,426,548
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(a)		453,992
	490,000	BBB+	4.150% due 1/24/29		462,302
	370,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(a)		368,548
	305,000	BBB+	2.879% (3-Month Term SOFR + 1.432%) due 10/30/30(a)		261,343
	187,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(a)		156,242
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(a)		93,633
	4,775,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(a)		4,024,566
	290,000	BBB+	4.897% (SOFR + 2.100%) due 7/25/33(a)		273,741
	625,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(a)		609,213
	430,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(a)		424,704
	3,350,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(a)		3,028,193
			Subordinated Notes:
	169,000	BBB	4.480% due 1/16/24		168,045
	230,000	BBB	5.375% due 11/2/43		212,121
	110,000	BBB	5.606% due 1/15/44		103,678
	280,000	BBB	4.650% due 11/4/44		231,961
	450,000	BBB	4.900% due 11/17/45		386,861
	40,000	BBB	4.400% due 6/14/46		31,753
	160,000	BBB	4.750% due 12/7/46		133,213

			Total Banks		136,291,538


Beverages — 0.3%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	340,000	A-	3.650% due 2/1/26		328,644
	890,000	A-	4.900% due 2/1/46		829,011
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	140,000	A-	4.000% due 4/13/28		134,869
	240,000	A-	4.750% due 1/23/29		237,844
	644,000	A-	3.500% due 6/1/30		592,991
	160,000	A-	4.350% due 6/1/40		143,378
	22,000	A-	4.600% due 4/15/48		19,830
	270,000	A-	5.550% due 1/23/49		277,032
	650,000	BBB-	Bacardi Ltd., Company Guaranteed Notes, 4.450% due 5/15/25(c)		633,513
			Coca-Cola Co. (The), Senior Unsecured Notes:
	110,000	A+	3.375% due 3/25/27		105,442
	160,000	A+	1.450% due 6/1/27		142,927
	190,000	A+	2.500% due 6/1/40		137,615
	60,000	A+	2.600% due 6/1/50		39,948

See Notes to Financial Statements.

171



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Beverages — 0.3% — (continued)
			Constellation Brands Inc., Senior Unsecured Notes:
$	100,000	BBB	3.600% due 5/9/24	$	98,493
	130,000	BBB	4.350% due 5/9/27		125,925
	30,000	BBB	2.250% due 8/1/31		24,178
			Molson Coors Beverage Co., Company Guaranteed Notes:
	50,000	BBB-	3.000% due 7/15/26		46,862
	60,000	BBB-	4.200% due 7/15/46		47,609
			PepsiCo Inc., Senior Unsecured Notes:
	20,000	A+	2.625% due 3/19/27		18,651
	150,000	A+	1.625% due 5/1/30		123,599
	60,000	A+	2.875% due 10/15/49		42,497
	297,000	CCC+	Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(c)		252,735

			Total Beverages		4,403,593


Biotechnology — 0.3%
			Amgen Inc., Senior Unsecured Notes:
	70,000	BBB+	3.625% due 5/22/24		68,988
	670,000	BBB+	5.150% due 3/2/28		669,180
	180,000	BBB+	4.050% due 8/18/29		170,151
	520,000	BBB+	2.450% due 2/21/30		442,848
	520,000	BBB+	5.250% due 3/2/33		517,669
	340,000	BBB+	5.600% due 3/2/43		333,802
	256,000	BBB+	3.375% due 2/21/50		179,351
	180,000	BBB+	4.200% due 2/22/52		143,631
	114,000	BBB+	4.875% due 3/1/53		101,294
	160,000	BBB+	5.650% due 3/2/53		158,763
	513,000	BBB+	4.400% due 2/22/62		407,824
	653,000	BBB+	5.750% due 3/2/63		645,491
	114,000	BBB+	Biogen Inc., Senior Unsecured Notes, 2.250% due 5/1/30		93,952
			Gilead Sciences Inc., Senior Unsecured Notes:
	310,000	BBB+	3.700% due 4/1/24		306,431
	60,000	BBB+	3.650% due 3/1/26		57,739
	137,000	BBB+	4.000% due 9/1/36		121,239
	408,000	BBB+	2.600% due 10/1/40		285,674
	218,000	BBB+	4.800% due 4/1/44		200,800
	171,000	BBB+	4.500% due 2/1/45		150,470
	130,000	BBB+	4.750% due 3/1/46		118,509

			Total Biotechnology		5,173,806


Building Materials — 0.0%@
	30,000	BB-	Builders FirstSource Inc., Company Guaranteed Notes, 4.250% due 2/1/32(c)		25,531


Chemicals — 0.2%
	4,000	BBB	Eastman Chemical Co., Senior Unsecured Notes, 4.500% due 12/1/28		3,826
			International Flavors & Fragrances Inc.:
	130,000	BBB-	Company Guaranteed Notes, 3.468% due 12/1/50(c)		80,950
			Senior Unsecured Notes:
	1,801,000	BBB-	2.300% due 11/1/30(c)		1,399,336
	20,000	BBB-	5.000% due 9/26/48		15,915
	21,000	BBB	LYB International Finance III LLC, Company Guaranteed Notes, 4.200% due 5/1/50		15,617
	600,000	BBB	MEGlobal BV, Company Guaranteed Notes, 4.250% due 11/3/26(c)		576,038
	30,000	BBB	Monsanto Co., Senior Unsecured Notes, 4.400% due 7/15/44		21,580
			OCP SA, Senior Unsecured Notes:
	200,000	BB+	4.500% due 10/22/25(c)		194,216
	200,000	BB+	3.750% due 6/23/31(c)		165,553
	400,000	BB+	5.125% due 6/23/51(c)		283,804

See Notes to Financial Statements.

172



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Chemicals — 0.2% — (continued)
				Orbia Advance Corp. SAB de CV, Company Guaranteed Notes:
$	270,000		BBB-	1.875% due 5/11/26(c)	$	240,908
	260,000		BBB-	2.875% due 5/11/31(c)		206,776
	213,000		BBB	RPM International Inc., Senior Unsecured Notes, 3.750% due 3/15/27		199,897

				Total Chemicals		3,404,416


Coal — 0.0%@
				Teck Resources Ltd., Senior Unsecured Notes:
	200,000		BBB-	3.900% due 7/15/30		178,151
	10,000		BBB-	6.000% due 8/15/40		9,482

				Total Coal		187,633


Commercial Services — 0.2%
	60,000		BB	Adtalem Global Education Inc., Senior Secured Notes, 5.500% due 3/1/28(c)		55,974
				Cintas Corp. No 2, Company Guaranteed Notes:
	110,000		A-	3.700% due 4/1/27		105,663
	90,000		A-	4.000% due 5/1/32		84,239
	444,000		BBB	Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28		434,424
				Global Payments Inc., Senior Unsecured Notes:
	890,000		BBB-	2.150% due 1/15/27		793,723
	100,000	^EUR	BBB-	4.875% due 3/17/31		108,776
	230,000		BBB-	5.400% due 8/15/32		225,718
	553,000		BBB-	5.950% due 8/15/52		528,236
				Moody’s Corp., Senior Unsecured Notes:
	372,000		BBB+	2.000% due 8/19/31		299,726
	114,000		BBB+	4.250% due 8/8/32		107,289
	296,000		BBB+	3.750% due 2/25/52		226,649
				PayPal Holdings Inc., Senior Unsecured Notes:
	200,000		A-	1.650% due 6/1/25		187,472
	190,000		A-	2.300% due 6/1/30		159,928
	59,000		BBB+	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29		56,068
				United Rentals North America Inc.:
				Company Guaranteed Notes:
	50,000		BB+	3.875% due 2/15/31		42,810
	120,000		BB+	3.750% due 1/15/32		101,018
	20,000		BBB-	Secured Notes, 3.875% due 11/15/27		18,541
	60,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(c)		54,564
	60,000		B-	WASH Multifamily Acquisition Inc., Senior Secured Notes, 5.750% due 4/15/26(c)		55,698

				Total Commercial Services		3,646,516


Computers — 0.2%
				Apple Inc., Senior Unsecured Notes:
	610,000		AA+	1.125% due 5/11/25		570,686
	280,000		AA+	2.450% due 8/4/26		262,085
	400,000		AA+	3.350% due 2/9/27		382,450
	360,000		AA+	2.900% due 9/12/27		337,044
				Dell International LLC/EMC Corp.:
	160,000		BBB	Company Guaranteed Notes, 3.450% due 12/15/51(c)		104,697
	52,000		BBB	Senior Unsecured Notes, 8.350% due 7/15/46		63,849
	491,000		BBB	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 5.250% due 7/1/28		486,966
	680,000		A-	International Business Machines Corp., Senior Unsecured Notes, 3.000% due 5/15/24		667,701
				NCR Corp., Company Guaranteed Notes:
	150,000		B	5.125% due 4/15/29(c)		136,583
	60,000		B	5.250% due 10/1/30(c)		53,888

				Total Computers		3,065,949

See Notes to Financial Statements.

173



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Cosmetics/Personal Care — 0.1%
$	560,000	BBB	Haleon US Capital LLC, Company Guaranteed Notes, 3.375% due 3/24/29	$	512,132
	640,000	A	Kenvue Inc., Company Guaranteed Notes, 4.900% due 3/22/33(c)		637,248
			Procter & Gamble Co. (The), Senior Unsecured Notes:
	30,000	AA-	2.800% due 3/25/27		28,152
	80,000	AA-	3.000% due 3/25/30		73,185

			Total Cosmetics/Personal Care		1,250,717


Distribution/Wholesale — 0.1%
	1,350,000	BB-	H&E Equipment Services Inc., Company Guaranteed Notes, 3.875% due 12/15/28(c)		1,179,945


Diversified Financial Services — 0.8%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	280,000	BBB	4.875% due 1/16/24		278,662
	190,000	BBB	3.150% due 2/15/24		187,394
	1,800,000	BBB	2.450% due 10/29/26		1,620,405
	540,000	BBB	3.000% due 10/29/28		468,236
	2,327,000	BBB	3.300% due 1/30/32		1,892,711
			Air Lease Corp., Senior Unsecured Notes:
	495,000	BBB	3.250% due 3/1/25		474,004
	200,000	BBB	3.375% due 7/1/25		190,734
	725,000	BBB	2.875% due 1/15/26		678,078
	230,000	BBB	5.300% due 2/1/28		226,049
			American Express Co., Senior Unsecured Notes:
	190,000	BBB+	3.375% due 5/3/24		187,083
	220,000	BBB+	4.050% due 5/3/29		209,074
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	285,000	BBB-	2.875% due 2/15/25(c)		269,079
	75,000	BBB-	3.250% due 2/15/27(c)		67,526
	1,563,000	BBB-	2.528% due 11/18/27(c)		1,335,442
	230,000	BBB-	Senior Unsecured Notes, 2.750% due 2/21/28(c)		198,020
			Capital One Financial Corp.:
	361,000	BBB	Senior Unsecured Notes, 5.817% (SOFR + 2.600%) due 2/1/34(a)		343,287
	40,000	BBB-	Subordinated Notes, 2.359% (SOFR + 1.337%) due 7/29/32(a)		28,559
			Charles Schwab Corp. (The), Senior Unsecured Notes:
	700,000	A-	5.875% due 8/24/26		704,433
	397,000	A-	5.853% (SOFR + 2.500%) due 5/19/34(a)		397,723
	140,000	A-	6.136% (SOFR + 2.010%) due 8/24/34(a)		142,614
	100,000	AA-	CME Group Inc., Senior Unsecured Notes, 3.750% due 6/15/28		96,304
	996,000	A	Credit Suisse USA Inc., Company Guaranteed Notes, 7.125% due 7/15/32		1,112,173
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	141,000	A-	2.100% due 6/15/30		116,465
	480,000	A-	1.850% due 9/15/32		365,988
	540,000	A-	4.600% due 3/15/33		516,675
	60,000	A-	4.950% due 6/15/52		56,067
	200,000	BB	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 4.500% due 11/15/29(c)		175,753
	30,000	A	KKR Group Finance Co. II LLC, Company Guaranteed Notes, 5.500% due 2/1/43(c)		27,162
	650,000	NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17*#(i)(k)		–
	535,000	A	LSEGA Financing PLC, Company Guaranteed Notes, 2.000% due 4/6/28(c)		462,665
	30,000	A+	Mastercard Inc., Senior Unsecured Notes, 3.850% due 3/26/50		24,958
	821,000	BBB	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		820,465
	60,000	BBB-	Park Aerospace Holdings Ltd., Company Guaranteed Notes, 5.500% due 2/15/24(c)		59,614
	150,000	AA	USAA Capital Corp., Senior Unsecured Notes, 2.125% due 5/1/30(c)		124,012

See Notes to Financial Statements.

174



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Diversified Financial Services — 0.8% — (continued)
			Visa Inc., Senior Unsecured Notes:
$	570,000	AA-	3.150% due 12/14/25	$	547,013
	210,000	AA-	2.050% due 4/15/30		178,488
	380,000	AA-	4.300% due 12/14/45		344,315

			Total Diversified Financial Services		14,927,230


Electric — 1.8%
			AEP Texas Inc., Senior Unsecured Notes:
	697,000	A-	5.400% due 6/1/33		690,093
	82,000	A-	3.450% due 1/15/50		56,954
	191,000	A-	3.450% due 5/15/51		129,322
	126,000	A-	5.250% due 5/15/52		116,291
			AEP Transmission Co. LLC, Senior Unsecured Notes:
	505,000	A-	3.750% due 12/1/47		392,404
	120,000	A-	2.750% due 8/15/51		74,591
	431,000	A-	4.500% due 6/15/52		372,591
	169,000	A-	5.400% due 3/15/53		168,045
			Alabama Power Co., Senior Unsecured Notes:
	17,000	A-	5.200% due 6/1/41		15,487
	64,000	A-	3.700% due 12/1/47		48,164
	60,000	A-	3.450% due 10/1/49		42,697
	116,000	A-	3.125% due 7/15/51		76,470
	100,000	A-	3.000% due 3/15/52		64,926
			Ameren Illinois Co., 1st Mortgage Notes:
	161,000	A	3.250% due 3/15/50		113,754
	95,000	A	2.900% due 6/15/51		61,326
	342,000	BBB+	American Electric Power Co., Inc., Senior Unsecured Notes, 5.950% due 11/1/32		352,040
	542,000	BBB	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(c)		444,662
	850,000	BBB+	Arizona Public Service Co., Senior Unsecured Notes, 3.350% due 5/15/50		567,692
	196,000	A	Atlantic City Electric Co., 1st Mortgage Notes, 4.000% due 10/15/28		186,114
			Baltimore Gas & Electric Co., Senior Unsecured Notes:
	6,000	A	3.500% due 8/15/46		4,403
	150,000	A	3.750% due 8/15/47		113,888
	130,000	A	3.200% due 9/15/49		88,275
	67,000	A	2.900% due 6/15/50		43,207
	223,000	A	4.550% due 6/1/52		192,933
			CenterPoint Energy Houston Electric LLC:
			1st Mortgage Notes:
	146,000	A	3.350% due 4/1/51		104,937
	126,000	A	3.600% due 3/1/52		93,763
			General Refinance Mortgage:
	179,000	A	4.450% due 10/1/32		170,099
	142,000	A	4.950% due 4/1/33		139,823
	15,000	A	3.950% due 3/1/48		12,070
	108,000	A	4.250% due 2/1/49		90,487
			Commonwealth Edison Co., 1st Mortgage Notes:
	78,000	A	3.125% due 3/15/51		52,724
	299,000	A	2.750% due 9/1/51		184,544
	128,000	A	3.850% due 3/15/52		97,714
	146,000	A	5.300% due 2/1/53		143,273
			Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	60,000	A-	3.350% due 4/1/30		54,239
	40,000	A-	3.950% due 4/1/50		31,721
	258,000	A-	6.150% due 11/15/52		277,012

See Notes to Financial Statements.

175



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 1.8% — (continued)
			Consumers Energy Co., 1st Mortgage Notes:
$	345,000	A	4.625% due 5/15/33	$	334,937
	117,000	A	3.100% due 8/15/50		80,775
	256,000	A	3.500% due 8/1/51		189,320
	53,000	A	2.650% due 8/15/52		33,028
	313,000	A	4.200% due 9/1/52		258,251
			DTE Electric Co.:
	108,000	A	1st Mortgage Notes, 5.400% due 4/1/53		107,603
			General Refinance Mortgage:
	30,000	A	4.050% due 5/15/48		24,336
	250,000	A	3.950% due 3/1/49		198,398
	376,000	A	3.250% due 4/1/51		263,098
	123,000	A	3.650% due 3/1/52		92,184
			Duke Energy Carolinas LLC, 1st Mortgage Notes:
	1,398,000	A	3.950% due 11/15/28		1,332,190
	68,000	A	2.450% due 2/1/30		58,480
	188,000	A	4.950% due 1/15/33		185,402
	500,000	A	4.250% due 12/15/41		424,054
	205,000	A	3.200% due 8/15/49		141,238
	395,000	A	3.550% due 3/15/52		287,779
	352,000	A	5.350% due 1/15/53		342,723
	500,000	BBB	Duke Energy Corp., Senior Unsecured Notes, 2.550% due 6/15/31		409,071
			Duke Energy Florida LLC, 1st Mortgage Notes:
	334,000	A	2.500% due 12/1/29		288,323
	733,000	A	1.750% due 6/15/30		591,435
	24,000	A	4.200% due 7/15/48		19,689
	226,000	A	5.950% due 11/15/52		236,520
	495,000	A	Duke Energy Ohio Inc., 1st Mortgage Notes, 3.650% due 2/1/29		461,926
			Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000	A	3.450% due 3/15/29		119,439
	411,000	A	5.250% due 3/15/33		411,852
	287,000	A	4.150% due 12/1/44		234,716
	67,000	A	2.900% due 8/15/51		42,791
			Edison International, Senior Unsecured Notes:
	333,000	BBB-	5.750% due 6/15/27		333,845
	550,000	BBB-	5.250% due 11/15/28		537,691
	431,000	BBB-	6.950% due 11/15/29		454,520
	87,000	A	Entergy Arkansas LLC, 1st Mortgage Notes, 3.350% due 6/15/52		59,643
			Entergy Louisiana LLC:
			1st Mortgage Notes:
	168,000	A	1.600% due 12/15/30		130,380
	513,000	A	2.350% due 6/15/32		408,791
	47,000	A	Collateral Trust, 3.050% due 6/1/31		40,407
	81,000	A	Entergy Mississippi LLC, 1st Mortgage Notes, 3.500% due 6/1/51		56,505
	125,000	A	Entergy Texas Inc., 1st Mortgage Notes, 3.450% due 12/1/27		114,549
	73,000	A+	Evergy Metro Inc., General Refinance Mortgage, 4.125% due 4/1/49		57,285
	436,000	BBB+	Eversource Energy, Senior Unsecured Notes, 5.450% due 3/1/28		437,569
			Exelon Corp., Senior Unsecured Notes:
	85,000	BBB	5.625% due 6/15/35		84,896
	143,000	BBB	4.700% due 4/15/50		121,596
	115,000	BBB	5.600% due 3/15/53		111,151
			FirstEnergy Corp., Senior Unsecured Notes:
	60,000	BB+	1.600% due 1/15/26		54,537
	470,000	BB+	4.150% due 7/15/27		443,871
	300,000	BB+	5.100% due 7/15/47		261,125

See Notes to Financial Statements.

176



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 1.8% — (continued)
			FirstEnergy Transmission LLC, Senior Unsecured Notes:
$	987,000	BB+	4.350% due 1/15/25(c)	$	961,395
	750,000	BB+	4.550% due 4/1/49(c)		609,296
			Florida Power & Light Co., 1st Mortgage Notes:
	251,000	A+	3.950% due 3/1/48		204,296
	540,000	A+	3.990% due 3/1/49		438,002
	500,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 5.400% due 6/1/33(c)		491,956
	700,000	BBB	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.700% due 4/1/24(c)		693,487
	485,000	BBB	Metropolitan Edison Co., Senior Unsecured Notes, 4.300% due 1/15/29(c)		459,644
			MidAmerican Energy Co., 1st Mortgage Notes:
	255,000	A+	3.100% due 5/1/27		237,436
	100,000	A+	3.150% due 4/15/50		67,720
	615,000	BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 5.749% due 9/1/25		616,363
			Northern States Power Co., 1st Mortgage Notes:
	211,000	A+	2.900% due 3/1/50		139,168
	169,000	A+	2.600% due 6/1/51		103,630
	255,000	A+	3.200% due 4/1/52		173,739
	67,000	BBB-	NRG Energy Inc., Senior Secured Notes, 2.450% due 12/2/27(c)		56,895
			Ohio Power Co., Senior Unsecured Notes:
	113,000	A-	2.600% due 4/1/30		95,930
	781,000	A-	5.000% due 6/1/33		762,208
	166,000	A-	4.000% due 6/1/49		130,254
	118,000	A-	2.900% due 10/1/51		74,787
			Oncor Electric Delivery Co. LLC, Senior Secured Notes:
	327,000	A+	2.750% due 5/15/30		283,000
	281,000	A+	4.550% due 9/15/32		267,985
	98,000	A+	3.100% due 9/15/49		66,733
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	420,000	BBB-	4.950% due 6/8/25		411,085
	500,000	BBB-	5.450% due 6/15/27		489,319
	158,000	BBB-	2.500% due 2/1/31		123,350
	238,000	BBB-	6.150% due 1/15/33		232,097
	351,000	BBB-	6.400% due 6/15/33		346,681
	83,000	BBB-	4.950% due 7/1/50		64,315
	55,000	BBB-	6.700% due 4/1/53		53,580
			PECO Energy Co., 1st Mortgage Notes:
	148,000	A	3.050% due 3/15/51		98,750
	634,000	A	4.600% due 5/15/52		557,162
	560,000	BBB	Pennsylvania Electric Co., Senior Unsecured Notes, 4.150% due 4/15/25(c)		541,729
	189,000	A+	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		183,718
	500,000	BBB	Public Service Co. of New Mexico, Senior Unsecured Notes, 3.850% due 8/1/25		478,116
			Public Service Electric & Gas Co., 1st Mortgage Notes:
	1,116,000	A	3.700% due 5/1/28		1,059,663
	199,000	A	3.200% due 5/15/29		180,958
	285,000	A	4.900% due 12/15/32		281,908
			San Diego Gas & Electric Co., 1st Mortgage Notes:
	230,000	A	3.320% due 4/15/50		158,628
	270,000	A	5.350% due 4/1/53		262,054
			Southern California Edison Co., 1st Mortgage Notes:
	475,000	A-	1.200% due 2/1/26		431,938
	740,000	A-	5.950% due 11/1/32		768,169
	132,000	A-	5.875% due 12/1/53		131,630
	570,000	A-	Southwestern Electric Power Co., Senior Unsecured Notes, 5.300% due 4/1/33		558,732

See Notes to Financial Statements.

177



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Electric — 1.8% — (continued)
				Southwestern Public Service Co., 1st Mortgage Notes:
$	136,000		A	4.400% due 11/15/48	$	111,030
	87,000		A	3.150% due 5/1/50		57,691
	115,000		BBB+	Tampa Electric Co., Senior Unsecured Notes, 3.625% due 6/15/50		83,519
				TenneT Holding BV, Senior Unsecured Notes:
	540,000	^EUR	A3(d)	4.500% due 10/28/34		621,316
	340,000	^EUR	A3(d)	4.750% due 10/28/42		401,777
	210,000		A	Union Electric Co., 1st Mortgage Notes, 5.450% due 3/15/53		206,812
	68,000		BBB+	Virginia Electric & Power Co., Senior Unsecured Notes, 6.000% due 5/15/37		69,976

				Total Electric		32,646,281


Electronics — 0.0%@
	110,000		A	Honeywell International Inc., Senior Unsecured Notes, 1.350% due 6/1/25		103,144


Engineering & Construction — 0.0%@
	182,000		CCC+	Artera Services LLC, Senior Secured Notes, 9.033% due 12/4/25(c)		169,515
	200,000	^EUR	BB+	Cellnex Finance Co. SA, Company Guaranteed Notes, 2.000% due 9/15/32		172,728

				Total Engineering & Construction		342,243


Entertainment — 0.2%
				Warnermedia Holdings Inc., Company Guaranteed Notes:
	200,000		BBB-	6.412% due 3/15/26		200,318
	80,000		BBB-	3.755% due 3/15/27		75,026
	510,000		BBB-	4.054% due 3/15/29		469,170
	370,000		BBB-	4.279% due 3/15/32		326,893
	910,000		BBB-	5.050% due 3/15/42		749,211
	2,861,000		BBB-	5.141% due 3/15/52		2,282,510
	160,000		B+	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(c)		157,226

				Total Entertainment		4,260,354


Environmental Control — 0.1%
				Republic Services Inc., Senior Unsecured Notes:
	130,000		BBB+	2.500% due 8/15/24		126,090
	384,000		BBB+	3.375% due 11/15/27		357,555
	409,000		B-	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(c)		385,894

				Total Environmental Control		869,539


Food — 0.2%
	50,000		A	Hershey Co. (The), Senior Unsecured Notes, 0.900% due 6/1/25		46,422
				JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.:
				Company Guaranteed Notes:
	420,000		Baa3(d)	3.000% due 2/2/29		360,658
	465,000		BBB-(f)	3.000% due 5/15/32		367,522
	115,000		BBB-	5.750% due 4/1/33		109,649
	350,000		BBB-	6.500% due 12/1/52		335,839
	275,000		BBB-(f)	Senior Unsecured Notes, 5.500% due 1/15/30		266,439
				Kraft Heinz Foods Co., Company Guaranteed Notes:
	10,000		BBB	3.000% due 6/1/26		9,430
	40,000		BBB	4.250% due 3/1/31		37,514
	10,000		BBB	6.750% due 3/15/32		10,896
	40,000		BBB	5.000% due 7/15/35		38,892
	30,000		BBB	6.875% due 1/26/39		32,911
	10,000		BBB	7.125% due 8/1/39(c)		10,970
	10,000		BBB	4.625% due 10/1/39		8,821

See Notes to Financial Statements.

178



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Food — 0.2% — (continued)
$	60,000		BBB	5.000% due 6/4/42	$	54,879
	280,000		BBB	5.200% due 7/15/45		257,707
	110,000		BBB	4.375% due 6/1/46		91,126
	80,000		BBB	5.500% due 6/1/50		77,309
				Mars Inc., Company Guaranteed Notes:
	110,000		A+	2.700% due 4/1/25(c)		105,598
	350,000		A+	3.200% due 4/1/30(c)		316,148
	330,000		BBB	Mondelez International Inc., Senior Unsecured Notes, 1.500% due 5/4/25		308,808
				Pilgrim’s Pride Corp., Company Guaranteed Notes:
	300,000		BBB-	5.875% due 9/30/27(c)		296,911
	72,000		BBB-	3.500% due 3/1/32		58,047
	75,000		BBB-	6.250% due 7/1/33		74,530
	400,000		B+	Post Holdings Inc., Company Guaranteed Notes, 5.750% due 3/1/27(c)		391,310
	285,000		BBB+	Tyson Foods Inc., Senior Unsecured Notes, 3.900% due 9/28/23		284,611

				Total Food		3,952,947


Forest Products & Paper — 0.1%
	52,000		BBB	International Paper Co., Senior Unsecured Notes, 4.800% due 6/15/44		44,893
				Suzano Austria GmbH, Company Guaranteed Notes:
	380,000		BBB-	3.750% due 1/15/31		321,996
	770,000		BBB-	3.125% due 1/15/32		608,992

				Total Forest Products & Paper		975,881


Gas — 0.2%
	82,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		67,498
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	235,000		BBB+	5.250% due 3/1/28		234,527
	71,000		BBB+	1.750% due 10/1/30		56,431
	1,270,000		BBB+	KeySpan Gas East Corp., Senior Unsecured Notes, 5.994% due 3/6/33(c)		1,263,834
	260,000	^EUR	Baa1(d)	National Gas Transmission PLC, Senior Unsecured Notes, 4.250% due 4/5/30		281,734
	80,000		BBB+	NiSource Inc., Senior Unsecured Notes, 5.250% due 3/30/28		79,729
				Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	123,000		BBB+	3.500% due 6/1/29		111,622
	101,000		BBB+	2.500% due 3/15/31		82,046
	460,000		BBB+	5.050% due 5/15/52		406,668
				Southern Co. Gas Capital Corp., Company Guaranteed Notes:
	215,000		BBB+	5.875% due 3/15/41		213,067
	250,000		BBB+	4.400% due 5/30/47		200,520
	255,000		BBB	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		254,431
	75,000		A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		73,015

				Total Gas		3,325,122


Healthcare — Products — 0.1%
				Abbott Laboratories, Senior Unsecured Notes:
	164,000		AA-	3.750% due 11/30/26		159,016
	70,000		AA-	4.750% due 11/30/36		69,606
	150,000		AA-	4.900% due 11/30/46		146,400
				Alcon Finance Corp., Company Guaranteed Notes:
	645,000		BBB+	3.000% due 9/23/29(c)		565,927
	380,000		BBB+	2.600% due 5/27/30(c)		320,850
	13,000		WR(d)	St Jude Medical LLC, Senior Unsecured Notes, 4.750% due 4/15/43		9,983
	161,000		A-	Thermo Fisher Scientific Inc., Senior Unsecured Notes, 2.000% due 10/15/31		129,953

				Total Healthcare — Products		1,401,735

See Notes to Financial Statements.

179



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Services — 0.9%
			Centene Corp., Senior Unsecured Notes:
$	195,000	BBB-	4.250% due 12/15/27	$	182,576
	150,000	BBB-	4.625% due 12/15/29		138,079
	30,000	BBB-	3.375% due 2/15/30		25,700
	1,070,000	BBB-	3.000% due 10/15/30		896,018
	625,000	BBB-	2.500% due 3/1/31		498,353
	10,000	BBB-	2.625% due 8/1/31		7,965
	100,000	A	City of Hope (The), Senior Secured Notes, 5.623% due 11/15/43		95,739
			CommonSpirit Health:
	30,000	A-	Secured Notes, 4.350% due 11/1/42		25,079
			Senior Secured Notes:
	183,000	A-	3.347% due 10/1/29		163,134
	190,000	A-	2.782% due 10/1/30		159,914
	175,000	AA	3.817% due 10/1/49		131,464
	95,000	A-	3.910% due 10/1/50		71,501
	205,000	AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49		147,859
	205,000	AA	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47		168,497
			Elevance Health Inc., Senior Unsecured Notes:
	1,120,000	A	3.650% due 12/1/27		1,055,932
	300,000	A	4.100% due 5/15/32		277,210
	248,000	A	4.550% due 3/1/48		213,735
	103,000	A	3.125% due 5/15/50		69,831
	140,000	A	4.550% due 5/15/52		120,724
	116,000	A	6.100% due 10/15/52		123,514
	33,000	A	4.850% due 8/15/54		27,972
	140,000	A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		101,623
	355,000	BBB-	Fresenius Medical Care US Finance III Inc., Company Guaranteed Notes, 1.875% due 12/1/26(c)		311,477
			HCA Inc., Company Guaranteed Notes:
	40,000	BBB-	5.000% due 3/15/24		39,781
	187,000	BBB-	5.250% due 4/15/25		185,278
	756,000	BBB-	5.250% due 6/15/26		746,679
	690,000	BBB-	5.375% due 9/1/26		685,180
	131,000	BBB-	4.500% due 2/15/27		126,672
	1,609,000	BBB-	5.625% due 9/1/28		1,606,059
	90,000	BBB-	5.875% due 2/1/29		90,584
	1,429,000	BBB-	4.125% due 6/15/29		1,320,222
	466,000	BBB-	3.500% due 9/1/30		407,242
	715,000	BBB-	3.625% due 3/15/32		615,745
	985,000	BBB-	5.500% due 6/15/47		897,558
	295,000	BBB-	5.250% due 6/15/49		257,746
	278,000	BBB-	3.500% due 7/15/51		185,395
	11,000	BBB-	4.625% due 3/15/52		8,833
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		31,756
			Humana Inc., Senior Unsecured Notes:
	20,000	BBB+	4.500% due 4/1/25		19,713
	128,000	BBB+	1.350% due 2/3/27		112,662
	170,000	BBB+	3.950% due 3/15/27		163,261
	50,000	BBB+	2.150% due 2/3/32		39,256
	70,000	BBB+	4.625% due 12/1/42		60,085
	40,000	BBB+	4.950% due 10/1/44		35,572
	580,000	BBB-	IQVIA Inc., Senior Secured Notes, 5.700% due 5/15/28(c)		579,843
	275,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		258,741
	710,000	B-	ModivCare Escrow Issuer Inc., Senior Unsecured Notes, 5.000% due 10/1/29(c)		524,264
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		66,514

See Notes to Financial Statements.

180



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Services — 0.9% — (continued)
$	90,000	Aa2(d)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52	$	82,486
	90,000	AA	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		85,842
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		101,218
	240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(c)		155,130
	65,000	Aa2(d)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50		41,354
			UnitedHealth Group Inc., Senior Unsecured Notes:
	70,000	A+	3.750% due 7/15/25		68,230
	60,000	A+	1.250% due 1/15/26		54,917
	50,000	A+	3.875% due 12/15/28		47,878
	90,000	A+	4.000% due 5/15/29		86,082
	50,000	A+	2.000% due 5/15/30		41,695
	510,000	A+	4.200% due 5/15/32		482,263
	271,000	A+	4.750% due 7/15/45		251,618
	223,000	A+	3.750% due 10/15/47		176,427
	40,000	A+	4.250% due 6/15/48		33,986
	30,000	A+	4.450% due 12/15/48		26,372
	100,000	A+	3.700% due 8/15/49		77,739
	296,000	A+	2.900% due 5/15/50		196,850
	754,000	A+	3.250% due 5/15/51		536,197
	120,000	A+	3.875% due 8/15/59		92,945
	20,000	A+	3.125% due 5/15/60		13,190
	149,000	A+	4.950% due 5/15/62		137,873

			Total Healthcare — Services		16,868,829


Home Builders — 0.0%@
			Lennar Corp., Company Guaranteed Notes:
	90,000	BBB	4.500% due 4/30/24		89,306
	130,000	BBB	4.750% due 11/29/27		126,107
	10,000	BBB-	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		8,755

			Total Home Builders		224,168


Insurance — 0.6%
	100,000	B	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 4.250% due 10/15/27(c)		90,894
	60,000	BBB+	American International Group Inc., Senior Unsecured Notes, 2.500% due 6/30/25		56,830
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		21,304
	1,184,000	A-	2.800% due 5/15/30		1,019,203
			Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes:
	631,000	A-	5.350% due 2/28/33		630,748
	730,000	A-	3.900% due 2/28/52		561,022
	505,000	BBB	Arthur J Gallagher & Co., Senior Unsecured Notes, 5.750% due 3/2/53		495,612
			Athene Global Funding:
	400,000	A+	Secured Notes, 1.985% due 8/19/28(c)		331,451
	835,000	A+	Senior Secured Notes, 6.035% (SOFR + 0.700%) due 5/24/24(a)(c)		828,998
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	460,000	AA	4.250% due 1/15/49		405,381
	640,000	AA	3.850% due 3/15/52		510,633
	70,000	A	Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26		67,118
	100,000	BBB+	Farmers Exchange Capital, Subordinated Notes, 7.200% due 7/15/48(c)		100,680
	900,000	BBB+	Farmers Exchange Capital II, Subordinated Notes, 6.151% (3-Month USD-LIBOR + 3.744%) due 11/1/53(a)(c)		867,830
	4,000	BBB+	Hartford Financial Services Group Inc. (The), Senior Unsecured Notes, 4.300% due 4/15/43		3,217
	261,000	A-	Marsh & McLennan Cos., Inc., Senior Unsecured Notes, 2.250% due 11/15/30		216,002
	770,000	BBB	MetLife Inc., Junior Subordinated Notes, 6.400% due 12/15/36		762,687

See Notes to Financial Statements.

181



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Insurance — 0.6% — (continued)
$	340,000	AA-	Metropolitan Life Global Funding I, Senior Secured Notes, 5.150% due 3/28/33(c)	$	332,844
	850,000	A-	Nationwide Mutual Insurance Co., Subordinated Notes, 7.842% (3-Month USD-LIBOR + 2.290%) due 12/15/24(a)(c)		849,163
			Teachers Insurance & Annuity Association of America, Subordinated Notes:
	20,000	AA-	6.850% due 12/16/39(c)		22,048
	500,000	AA-	4.900% due 9/15/44(c)		448,844
	995,000	AA-	3.300% due 5/15/50(c)		674,582
	810,000	BBB+	Willis North America Inc., Company Guaranteed Notes, 5.350% due 5/15/33		783,213

			Total Insurance		10,080,304


Internet — 0.4%
			Alphabet Inc., Senior Unsecured Notes:
	40,000	AA+	0.450% due 8/15/25		36,734
	80,000	AA+	1.100% due 8/15/30		64,216
	90,000	AA+	1.900% due 8/15/40		60,465
	50,000	AA+	2.050% due 8/15/50		30,023
			Amazon.com Inc., Senior Unsecured Notes:
	190,000	AA	0.800% due 6/3/25		176,511
	60,000	AA	3.300% due 4/13/27		57,138
	240,000	AA	1.200% due 6/3/27		211,442
	220,000	AA	3.150% due 8/22/27		206,978
	130,000	AA	3.450% due 4/13/29		122,386
	120,000	AA	1.500% due 6/3/30		97,677
	320,000	AA	2.100% due 5/12/31		265,654
	360,000	AA	3.600% due 4/13/32		331,539
	1,080,000	AA	3.875% due 8/22/37		973,813
	160,000	AA	4.950% due 12/5/44		158,375
	100,000	AA	4.050% due 8/22/47		86,387
	348,000	AA	2.500% due 6/3/50		222,109
	260,000	AA	3.100% due 5/12/51		185,945
	40,000	AA	4.250% due 8/22/57		34,681
			Meta Platforms Inc., Senior Unsecured Notes:
	533,000	AA-	4.450% due 8/15/52		452,193
	800,000	AA-	5.600% due 5/15/53		805,859
	413,000	AA-	4.650% due 8/15/62		351,701
	55,000	B	Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., Senior Secured Notes, 4.750% due 4/30/27(c)		48,006
			Prosus NV, Senior Unsecured Notes:
	200,000	BBB	3.680% due 1/21/30(c)		164,702
	1,340,000	BBB	3.061% due 7/13/31(c)		1,019,311
			Tencent Holdings Ltd., Senior Unsecured Notes:
	165,000	A+	3.975% due 4/11/29(c)		152,060
	350,000	A+	3.840% due 4/22/51(c)		240,389

			Total Internet		6,556,294


Investment Companies — 0.0%@
	200,000	A1(d)	Gaci First Investment Co., Company Guaranteed Notes, 5.250% due 10/13/32		200,484
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
	200,000	BB	6.250% due 5/15/26		185,702
	128,000	BB	5.250% due 5/15/27		112,458

			Total Investment Companies		498,644


Iron/Steel — 0.0%@
	30,000	BBB-	ArcelorMittal SA, Senior Unsecured Notes, 7.000% due 10/15/39		30,956
	425,000	BBB-	Vale Overseas Ltd., Company Guaranteed Notes, 6.875% due 11/21/36		443,348

			Total Iron/Steel		474,304

See Notes to Financial Statements.

182



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Leisure Time — 0.0%@
$	110,000	B+	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(c)	$	102,210


Lodging — 0.2%
			Las Vegas Sands Corp., Senior Unsecured Notes:
	860,000	BB+	3.200% due 8/8/24		830,417
	1,250,000	BB+	2.900% due 6/25/25		1,180,128
			Sands China Ltd., Senior Unsecured Notes:
	1,150,000	BBB-	5.375% due 8/8/25		1,112,653
	200,000	BBB-	4.300% due 1/8/26		187,477
	350,000	BBB-	2.800% due 3/8/27		305,122
	200,000	BBB-	3.350% due 3/8/29		166,929

			Total Lodging		3,782,726


Machinery — Construction & Mining — 0.0%@
	50,000	BB-	Vertiv Group Corp., Senior Secured Notes, 4.125% due 11/15/28(c)		44,936


Machinery — Diversified — 0.0%@
	197,000	BBB	CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28		190,632
			Deere & Co., Senior Unsecured Notes:
	40,000	A	3.100% due 4/15/30		36,313
	130,000	A	3.750% due 4/15/50		111,295
			Otis Worldwide Corp., Senior Unsecured Notes:
	80,000	BBB	2.056% due 4/5/25		75,836
	210,000	BBB	2.565% due 2/15/30		179,842

			Total Machinery — Diversified		593,918


Media — 1.1%
	640,000	BB-	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(c)		499,787
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	100,000	BB-	4.750% due 2/1/32(c)		82,841
	100,000	BB-	4.500% due 5/1/32		81,164
	700,000	BB-	4.500% due 6/1/33(c)		553,072
	130,000	BB-	4.250% due 1/15/34(c)		99,673
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	850,000	BBB-	4.908% due 7/23/25		835,093
	210,000	BBB-	3.750% due 2/15/28		192,245
	260,000	BBB-	4.200% due 3/15/28		242,284
	320,000	BBB-	5.050% due 3/30/29		304,823
	330,000	BBB-	2.300% due 2/1/32		249,359
	210,000	BBB-	4.400% due 4/1/33		184,788
	50,000	BBB-	3.500% due 3/1/42		32,735
	560,000	BBB-	5.375% due 5/1/47		447,717
	1,009,000	BBB-	5.750% due 4/1/48		850,761
	415,000	BBB-	5.125% due 7/1/49		319,667
	730,000	BBB-	4.800% due 3/1/50		541,379
	859,000	BBB-	3.900% due 6/1/52		550,262
	1,225,000	BBB-	5.250% due 4/1/53		970,788
	208,000	BBB-	3.850% due 4/1/61		124,417
	1,002,000	BBB-	3.950% due 6/30/62		604,942
	130,000	BBB-	5.500% due 4/1/63		102,253
			Comcast Corp., Company Guaranteed Notes:
	480,000	A-	3.950% due 10/15/25		467,593
	80,000	A-	3.150% due 3/1/26		76,420
	70,000	A-	3.300% due 4/1/27		66,125
	1,720,000	A-	4.150% due 10/15/28		1,658,773

See Notes to Financial Statements.

183



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Media — 1.1% — (continued)
$	365,000	A-	2.650% due 2/1/30	$	317,720
	90,000	A-	3.400% due 4/1/30		82,150
	270,000	A-	4.250% due 10/15/30		257,126
	171,000	A-	4.400% due 8/15/35		158,776
	7,000	A-	6.500% due 11/15/35		7,750
	50,000	A-	3.900% due 3/1/38		42,681
	20,000	A-	3.250% due 11/1/39		15,426
	20,000	A-	3.750% due 4/1/40		16,471
	27,000	A-	4.750% due 3/1/44		24,279
	20,000	A-	3.400% due 7/15/46		14,662
	30,000	A-	4.000% due 8/15/47		24,095
	153,000	A-	3.969% due 11/1/47		122,768
	20,000	A-	4.000% due 3/1/48		16,105
	43,000	A-	3.999% due 11/1/49		34,339
	60,000	A-	3.450% due 2/1/50		43,833
	672,000	A-	2.800% due 1/15/51		426,785
	149,000	A-	2.887% due 11/1/51		95,647
	1,191,000	A-	4.049% due 11/1/52		953,837
	439,000	A-	2.937% due 11/1/56		273,353
	20,000	A-	4.950% due 10/15/58		18,455
	22,000	A-	2.987% due 11/1/63		13,319
	82,000	BBB	Cox Communications Inc., Senior Unsecured Notes, 3.150% due 8/15/24(c)		79,842
			CSC Holdings LLC:
			Company Guaranteed Notes:
	825,000	B	6.500% due 2/1/29(c)		682,382
	1,500,000	B	4.500% due 11/15/31(c)		1,067,761
	300,000	CCC+	Senior Unsecured Notes, 5.750% due 1/15/30(c)		165,573
	273,000	WR(d)	Diamond Sports Group LLC/Diamond Sports Finance Co., Secured Notes, 5.375% due 8/15/26*(c)(i)		6,773
			DISH DBS Corp.:
			Company Guaranteed Notes:
	140,000	B-	7.750% due 7/1/26		104,741
	70,000	B-	5.125% due 6/1/29		37,840
	60,000	B	Senior Secured Notes, 5.250% due 12/1/26(c)		50,674
	389,000	Baa3(d)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		330,068
			Fox Corp., Senior Unsecured Notes:
	200,000	BBB	4.030% due 1/25/24		198,457
	430,000	BBB	5.476% due 1/25/39		390,609
	84,000	BBB-	Paramount Global, Senior Unsecured Notes, 4.375% due 3/15/43		57,991
	240,000	BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		267,689
			Time Warner Cable LLC, Senior Secured Notes:
	50,000	BBB-	6.550% due 5/1/37		47,566
	230,000	BBB-	7.300% due 7/1/38		232,863
	270,000	BBB-	5.875% due 11/15/40		235,122
	1,650,000	BBB-	5.500% due 9/1/41		1,357,180
	210,000	BB-	Virgin Media Secured Finance PLC, Senior Secured Notes, 5.500% due 5/15/29(c)		192,113
	700,000	B+	VZ Secured Financing BV, Senior Secured Notes, 5.000% due 1/15/32(c)		571,311
			Walt Disney Co. (The), Company Guaranteed Notes:
	25,000	A-	6.200% due 12/15/34		27,166
	30,000	A-	6.650% due 11/15/37		33,837

			Total Media		19,236,096

See Notes to Financial Statements.

184



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Mining — 0.4%
			Anglo American Capital PLC, Company Guaranteed Notes:
$	550,000	BBB+	3.625% due 9/11/24(c)	$	537,420
	1,082,000	BBB+	4.750% due 4/10/27(c)		1,049,384
	212,000	BBB+	2.250% due 3/17/28(c)		182,739
	365,000	BBB+	5.500% due 5/2/33(c)		353,376
			Barrick North America Finance LLC, Company Guaranteed Notes:
	70,000	BBB+	5.700% due 5/30/41		69,670
	310,000	BBB+	5.750% due 5/1/43		310,671
	150,000	A-	BHP Billsiton Finance USA Ltd., Company Guaranteed Notes, 5.000% due 9/30/43		145,219
	200,000	B+	First Quantum Minerals Ltd., Company Guaranteed Notes, 8.625% due 6/1/31(c)		203,914
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	10,000	BB+	4.550% due 11/14/24		9,842
	70,000	BB+	5.400% due 11/14/34		66,388
	590,000	BB+	5.450% due 3/15/43		530,085
			Glencore Funding LLC, Company Guaranteed Notes:
	710,000	BBB+	4.125% due 3/12/24(c)		703,533
	510,000	BBB+	4.625% due 4/29/24(c)		505,697
	260,000	BBB+	4.000% due 3/27/27(c)		247,226
	656,000	BBB+	3.875% due 10/27/27(c)		615,392
	139,000	BBB+	5.400% due 5/8/28(c)		137,694
	657,000	BBB+	2.625% due 9/23/31(c)		523,679
			Newmont Corp., Company Guaranteed Notes:
	156,000	BBB+	2.600% due 7/15/32		125,691
	133,000	BBB+	5.875% due 4/1/35		134,256
	1,060,000	BBB+	Southern Copper Corp., Senior Unsecured Notes, 5.250% due 11/8/42		976,901
	90,000	BBB-	Yamana Gold Inc., Company Guaranteed Notes, 4.625% due 12/15/27		85,305

			Total Mining		7,514,082


Miscellaneous Manufacturers — 0.1%
			3M Co., Senior Unsecured Notes:
	150,000	BBB+	2.375% due 8/26/29		129,381
	30,000	BBB+	3.050% due 4/15/30		26,853
	530,000	BBB+	3.700% due 4/15/50		407,545
	160,000	A-	Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42		139,202
	1,025,000	BBB+	General Electric Co., Senior Unsecured Notes, 6.106% (3-Month Term SOFR + 0.742%) due 8/15/36(a)		910,758
			Textron Inc., Senior Unsecured Notes:
	403,000	BBB	3.375% due 3/1/28		369,079
	218,000	BBB	3.900% due 9/17/29		200,564
	336,000	BBB	2.450% due 3/15/31		276,646

			Total Miscellaneous Manufacturers		2,460,028


Oil & Gas — 2.0%
			Apache Corp., Senior Unsecured Notes:
	60,000	BB+	7.750% due 12/15/29		62,568
	286,000	BB+	5.100% due 9/1/40		238,061
	20,000	BB+	5.250% due 2/1/42		16,437
	132,000	BB+	4.750% due 4/15/43		100,941
	60,000	BB+	4.250% due 1/15/44		41,116
	90,000	BB+	5.350% due 7/1/49		72,134
			BP Capital Markets America Inc., Company Guaranteed Notes:
	370,000	A-	3.410% due 2/11/26		355,852
	190,000	A-	3.588% due 4/14/27		181,288
	110,000	A-	3.633% due 4/6/30		101,689
	426,000	A-	4.893% due 9/11/33		414,964

See Notes to Financial Statements.

185



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Oil & Gas — 2.0% — (continued)
			Chevron Corp., Senior Unsecured Notes:
$	190,000	AA-	1.554% due 5/11/25	$	178,795
	390,000	AA-	2.954% due 5/16/26		371,777
	70,000	AA-	1.995% due 5/11/27		63,504
	160,000	AA-	Chevron USA Inc., Company Guaranteed Notes, 3.850% due 1/15/28		154,748
			Continental Resources Inc., Company Guaranteed Notes:
	870,000	BBB-	3.800% due 6/1/24		854,917
	180,000	BBB-	2.268% due 11/15/26(c)		160,767
	640,000	BBB-	4.375% due 1/15/28		602,977
	120,000	BBB-	5.750% due 1/15/31(c)		114,808
	160,000	BBB-	4.900% due 6/1/44		122,887
			Coterra Energy Inc., Senior Unsecured Notes:
	950,000	BBB	3.900% due 5/15/27		904,005
	150,000	BBB	4.375% due 3/15/29		141,190
			Devon Energy Corp., Senior Unsecured Notes:
	616,000	BBB	5.250% due 9/15/24		612,383
	410,000	BBB	5.850% due 12/15/25		412,322
	32,000	BBB	5.250% due 10/15/27		31,776
	142,000	BBB	5.875% due 6/15/28		142,243
	20,000	BBB	4.500% due 1/15/30		18,700
	460,000	BBB	5.600% due 7/15/41		427,379
	10,000	BBB	4.750% due 5/15/42		8,350
	910,000	BBB	5.000% due 6/15/45		779,768
			Diamondback Energy Inc., Company Guaranteed Notes:
	1,473,000	BBB-	3.250% due 12/1/26		1,385,585
	3,694,000	BBB-	3.500% due 12/1/29		3,343,512
	1,936,000	BBB-	3.125% due 3/24/31		1,666,490
	180,000	BBB-	4.400% due 3/24/51		139,998
			Ecopetrol SA, Senior Unsecured Notes:
	95,000	BB+	4.125% due 1/16/25		92,163
	960,000	BB+	5.875% due 5/28/45		676,638
			EOG Resources Inc., Senior Unsecured Notes:
	100,000	A-	4.150% due 1/15/26		97,966
	210,000	A-	4.375% due 4/15/30		204,334
	510,000	A-	3.900% due 4/1/35		451,475
	330,000	A-	4.950% due 4/15/50		312,586
			EQT Corp., Senior Unsecured Notes:
	6,000	BBB-	6.125% due 2/1/25		5,995
	180,000	BBB-	3.125% due 5/15/26(c)		167,513
	2,507,000	BBB-	3.900% due 10/1/27		2,343,190
	352,000	BBB-	5.700% due 4/1/28		350,759
	150,000	BBB-	5.000% due 1/15/29		142,415
	302,000	BBB-	3.625% due 5/15/31(c)		261,269
			Exxon Mobil Corp., Senior Unsecured Notes:
	320,000	AA-	2.992% due 3/19/25		309,899
	690,000	AA-	3.043% due 3/1/26		659,407
	180,000	AA-	3.482% due 3/19/30		166,933
	460,000	AA-	4.227% due 3/19/40		411,682
	70,000	AA-	4.114% due 3/1/46		59,599
	110,000	AA-	4.327% due 3/19/50		95,484
	100,000	AA-	3.452% due 4/15/51		74,497
	75,000	BBB-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		71,638
	200,000	Baa2(d)	KazMunayGas National Co. JSC, Senior Unsecured Notes, 5.375% due 4/24/30		182,314

See Notes to Financial Statements.

186



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Oil & Gas — 2.0% — (continued)
			Occidental Petroleum Corp., Senior Unsecured Notes:
$	94,000	BB+	6.950% due 7/1/24	$	94,622
	1,060,000	BB+	5.550% due 3/15/26		1,052,092
	90,000	BB+	3.400% due 4/15/26		84,451
	197,000	BB+	6.625% due 9/1/30		203,571
	295,000	BB+	7.500% due 5/1/31		319,897
	75,000	BB+	7.875% due 9/15/31		83,190
	150,000	BB+	4.500% due 7/15/44		109,285
	90,000	BB+	4.625% due 6/15/45		68,567
	30,000	BB+	4.100% due 2/15/47		20,715
	880,000	BB+	4.200% due 3/15/48		647,790
	200,000	Baa2(d)	Pertamina Persero PT, Senior Unsecured Notes, 3.100% due 8/27/30(c)		172,987
	2,160,000	BB-	Petrobras Global Finance BV, Company Guaranteed Notes, 5.750% due 2/1/29		2,110,115
			Petroleos Mexicanos, Company Guaranteed Notes:
	252,000	BBB	6.625% due 6/15/35		173,376
	939,000	BBB	6.750% due 9/21/47		581,871
	20,000	BBB	6.950% due 1/28/60		12,392
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	30,000	BBB	1.125% due 1/15/26		27,212
	102,000	BBB	5.100% due 3/29/26		101,231
	50,000	BBB	1.900% due 8/15/30		40,399
	330,000	BBB	2.150% due 1/15/31		267,791
	200,000	AA	Qatar Energy, Senior Unsecured Notes, 2.250% due 7/12/31		164,885
	50,000	BB	Range Resources Corp., Company Guaranteed Notes, 4.875% due 5/15/25		48,922
	450,000	BBB+	Reliance Industries Ltd., Senior Unsecured Notes, 3.625% due 1/12/52(c)		306,677
			Shell International Finance BV, Company Guaranteed Notes:
	260,000	A+	2.875% due 5/10/26		246,600
	610,000	A+	3.875% due 11/13/28		585,220
	60,000	A+	2.750% due 4/6/30		52,952
	90,000	A+	4.550% due 8/12/43		81,481
	220,000	A+	4.375% due 5/11/45		191,107
	290,000	A+	4.000% due 5/10/46		238,729
	580,000	A+	3.250% due 4/6/50		412,118
			Southwestern Energy Co., Company Guaranteed Notes:
	10,000	BB+	5.375% due 2/1/29		9,500
	1,340,000	BB+	5.375% due 3/15/30		1,253,895
	70,000	BB+	4.750% due 2/1/32		62,082
	58,000	BBB	Suncor Energy Inc., Senior Unsecured Notes, 6.800% due 5/15/38		60,721
	425,000	BB	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 4.500% due 5/15/29		384,765
	4,798,000	BBB-	Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(c)		4,627,623

			Total Oil & Gas		36,260,518


Oil & Gas Services — 0.0%@
	55,000	B+	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(c)		52,555
			Halliburton Co., Senior Unsecured Notes:
	4,000	BBB+	3.800% due 11/15/25		3,902
	20,000	BBB+	4.850% due 11/15/35		18,790
	50,000	BBB+	5.000% due 11/15/45		45,052
	171,000	A	Schlumberger Holdings Corp., Senior Unsecured Notes, 3.900% due 5/17/28(c)		162,251

			Total Oil & Gas Services		282,550


Packaging & Containers — 0.2%
	236,000	BBB	Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes, 2.690% due 5/25/31		192,352

See Notes to Financial Statements.

187



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Packaging & Containers — 0.2% — (continued)
				Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.:
$	330,000		B-	Company Guaranteed Notes, 5.250% due 8/15/27(c)	$	281,067
	170,000		B-	Senior Unsecured Notes, 5.250% due 8/15/27(c)		144,792
				Ball Corp., Company Guaranteed Notes:
	130,000		BB+	4.000% due 11/15/23		129,398
	110,000		BB+	3.125% due 9/15/31		89,161
				Berry Global Inc., Senior Secured Notes:
	501,000		BBB-	1.570% due 1/15/26		456,168
	510,000		BBB-	4.875% due 7/15/26(c)		492,710
	22,000		BBB-	1.650% due 1/15/27		19,069
	445,000		BBB-	5.500% due 4/15/28(c)		437,642
	475,000		BB	Graphic Packaging International LLC, Company Guaranteed Notes, 4.125% due 8/15/24		465,610
	30,000		BB+	Sealed Air Corp., Company Guaranteed Notes, 6.125% due 2/1/28(c)		29,500

				Total Packaging & Containers		2,737,469


Pharmaceuticals — 1.4%
				AbbVie Inc., Senior Unsecured Notes:
	30,000		BBB+	3.750% due 11/14/23		29,882
	730,000		BBB+	2.600% due 11/21/24		704,514
	260,000		BBB+	3.800% due 3/15/25		253,291
	100,000		BBB+	3.600% due 5/14/25		97,029
	150,000		BBB+	2.950% due 11/21/26		140,453
	1,430,000		BBB+	3.200% due 11/21/29		1,289,590
	551,000		BBB+	4.550% due 3/15/35		521,873
	1,115,000		BBB+	4.500% due 5/14/35		1,050,084
	150,000		BBB+	4.750% due 3/15/45		134,964
	10,000		BBB+	4.875% due 11/14/48		9,241
	230,000		BBB+	4.250% due 11/21/49		193,866
	255,000		WR(d)	Allergan Funding SCS, Company Guaranteed Notes, 4.550% due 3/15/35		218,502
	100,000	^EUR	BBB	Bayer AG, Senior Unsecured Notes, 4.625% due 5/26/33		110,190
				Bayer US Finance II LLC, Company Guaranteed Notes:
	280,000		BBB	4.250% due 12/15/25(c)		271,346
	625,000		BBB	4.375% due 12/15/28(c)		593,992
	285,000		BBB	4.625% due 6/25/38(c)		246,401
	490,000		BBB	4.400% due 7/15/44(c)		387,113
	970,000		BBB	4.875% due 6/25/48(c)		826,666
				Becton Dickinson & Co., Senior Unsecured Notes:
	377,000		BBB	3.363% due 6/6/24		369,986
	17,000		BBB	3.734% due 12/15/24		16,594
	865,000		BBB	2.823% due 5/20/30		748,879
	42,000		BBB	4.685% due 12/15/44		37,263
				Bristol-Myers Squibb Co., Senior Unsecured Notes:
	216,000		A+	2.900% due 7/26/24		211,162
	158,000		A+	3.200% due 6/15/26		150,754
	41,000		A+	3.400% due 7/26/29		37,988
				Cigna Group. (The):
				Company Guaranteed Notes:
	90,000		A-	4.125% due 11/15/25		87,703
	90,000		A-	3.400% due 3/1/27		84,638
	1,030,000		A-	4.375% due 10/15/28		992,218
	430,000		A-	4.800% due 8/15/38		396,942
	30,000		A-	4.900% due 12/15/48		26,781
				Senior Unsecured Notes:
	160,000		A-	2.375% due 3/15/31		131,923
	210,000		A-	3.200% due 3/15/40		156,671
	570,000		A-	3.400% due 3/15/51		399,338

See Notes to Financial Statements.

188



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pharmaceuticals — 1.4% — (continued)
			CVS Health Corp., Senior Unsecured Notes:
$	116,000	BBB	3.875% due 7/20/25	$	112,573
	50,000	BBB	3.625% due 4/1/27		47,343
	618,000	BBB	4.300% due 3/25/28		593,716
	620,000	BBB	3.750% due 4/1/30		564,543
	124,000	BBB	1.875% due 2/28/31		97,461
	300,000	BBB	2.125% due 9/15/31		237,259
	64,000	BBB	5.250% due 2/21/33		62,647
	445,000	BBB	4.875% due 7/20/35		414,574
	440,000	BBB	4.780% due 3/25/38		394,684
	50,000	BBB	4.125% due 4/1/40		40,807
	70,000	BBB	5.125% due 7/20/45		62,428
	2,370,000	BBB	5.050% due 3/25/48		2,080,491
	30,000	BBB	4.250% due 4/1/50		23,761
	103,011	BBB	CVS Pass-Through Trust, Pass-Thru Certificates, 6.036% due 12/10/28		103,468
	727,000	B-	Grifols SA, Senior Unsecured Notes, 4.750% due 10/15/28(c)		638,502
			Johnson & Johnson, Senior Unsecured Notes:
	100,000	AAA	0.550% due 9/1/25		91,568
	280,000	AAA	2.450% due 3/1/26		264,247
	210,000	AAA	0.950% due 9/1/27		183,217
	540,000	AAA	3.625% due 3/3/37		478,317
			Merck & Co., Inc., Senior Unsecured Notes:
	280,000	A+	0.750% due 2/24/26		253,655
	330,000	A+	1.450% due 6/24/30		266,538
	340,000	A+	2.750% due 12/10/51		223,435
	215,000	B	Option Care Health Inc., Company Guaranteed Notes, 4.375% due 10/31/29(c)		189,400
	200,000	BB-	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Unsecured Notes, 5.125% due 4/30/31(c)		170,493
			Pfizer Inc., Senior Unsecured Notes:
	230,000	A+	0.800% due 5/28/25		213,481
	160,000	A+	2.625% due 4/1/30		140,808
	140,000	A+	1.700% due 5/28/30		115,547
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
	562,000	A+	4.750% due 5/19/33		553,763
	548,000	A+	5.300% due 5/19/53		548,678
	626,000	A+	5.340% due 5/19/63		616,903
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	220,000	BB-	7.125% due 1/31/25		221,508
	3,340,000	BB-	3.150% due 10/1/26		3,023,448
	720,000	BB-	5.125% due 5/9/29		666,706
	130,000	A+	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		139,507

			Total Pharmaceuticals		24,763,313


Pipelines — 2.2%
			Cameron LNG LLC, Senior Secured Notes:
	50,000	A	2.902% due 7/15/31(c)		42,819
	1,317,000	A	3.302% due 1/15/35(c)		1,092,129
	213,000	A	3.402% due 1/15/38(c)		174,524
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	1,672,000	BBB-	5.125% due 6/30/27		1,654,516
	874,000	BBB-	3.700% due 11/15/29		795,160
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	1,434,000	BBB-	4.500% due 10/1/29		1,324,055
	780,000	BBB-	4.000% due 3/1/31		689,457
	1,528,000	BBB-	3.250% due 1/31/32		1,264,339
	228,000	BBB-	5.950% due 6/30/33(c)		227,821

See Notes to Financial Statements.

189



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 2.2% — (continued)
			Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes:
$	670,000	Baa1(d)	6.036% due 11/15/33(c)	$	678,635
	200,000	Baa1(d)	6.544% due 11/15/53(c)		204,801
	715,000	BB	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., Company Guaranteed Notes, 7.375% due 2/1/31(c)		733,629
	40,000	BBB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.450% due 11/3/36(c)		40,858
	38,000	A	Eastern Gas Transmission & Storage Inc., Senior Unsecured Notes, 4.600% due 12/15/44		31,169
	247,000	BBB	El Paso Natural Gas Co. LLC, Company Guaranteed Notes, 3.500% due 2/15/32(c)		207,489
	713,000	BBB+	Enbridge Inc., Company Guaranteed Notes, 5.700% due 3/8/33		713,935
			Energy Transfer LP:
	10,000	BBB	Company Guaranteed Notes, 5.350% due 5/15/45		8,549
			Junior Subordinated Notes:
	80,000	BB+	6.500% (5-Year CMT Index + 5.694%)(a)(e)		73,164
	180,000	BB+	6.750% (5-Year CMT Index + 5.134%)(a)(e)		166,676
	240,000	BB+	7.125% (5-Year CMT Index + 5.306%)(a)(e)		214,800
	40,000	BB+	9.654% (3-Month USD-LIBOR + 4.028%)(a)(e)		36,850
			Senior Unsecured Notes:
	148,000	BBB	5.875% due 1/15/24		147,906
	360,000	BBB	4.500% due 4/15/24		356,624
	288,000	BBB	3.900% due 5/15/24		283,826
	1,617,000	BBB	5.500% due 6/1/27		1,608,204
	30,000	BBB	4.950% due 6/15/28		29,069
	240,000	BBB	5.250% due 4/15/29		234,562
	800,000	BBB	3.750% due 5/15/30		715,503
	180,000	BBB	5.750% due 2/15/33		179,129
	90,000	BBB	6.100% due 2/15/42		84,950
	340,000	BBB	5.300% due 4/1/44		290,247
	440,000	BBB	5.400% due 10/1/47		379,839
	200,000	BBB	6.000% due 6/15/48		185,018
	1,000,000	BBB	6.250% due 4/15/49		958,614
	2,631,000	BBB	5.000% due 5/15/50		2,168,135
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	50,000	A-	3.900% due 2/15/24		49,572
	660,000	A-	4.150% due 10/16/28		630,262
	1,550,000	A-	2.800% due 1/31/30		1,345,147
	200,000	A-	4.850% due 3/15/44		178,843
	360,000	A-	3.700% due 1/31/51		263,946
	130,000	A-	3.950% due 1/31/60		96,030
	60,000	BBB	5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(a)		49,960
	177,420	Aa2(d)	Galaxy Pipeline Assets Bidco Ltd., Senior Secured Notes, 2.160% due 3/31/34(c)		149,381
			Kinder Morgan Inc., Company Guaranteed Notes:
	480,000	BBB	5.625% due 11/15/23(c)		479,608
	290,000	BBB	4.300% due 3/1/28		276,563
	240,000	BBB	5.550% due 6/1/45		217,220
	390,000	BBB	5.200% due 3/1/48		335,741
	365,000	BBB	3.250% due 8/1/50		230,364
	545,000	A-	Midwest Connector Capital Co. LLC, Company Guaranteed Notes, 4.625% due 4/1/29(c)		505,594
			MPLX LP, Senior Unsecured Notes:
	180,000	BBB	4.875% due 6/1/25		177,207
	850,000	BBB	4.800% due 2/15/29		819,301
	150,000	BBB	4.500% due 4/15/38		127,230
	410,000	BBB	4.700% due 4/15/48		329,390
	150,000	BBB	5.500% due 2/15/49		133,733

See Notes to Financial Statements.

190



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 2.2% — (continued)
			NGPL PipeCo LLC, Senior Unsecured Notes:
$	677,000	BBB-	4.875% due 8/15/27(c)	$	648,958
	630,000	BBB-	3.250% due 7/15/31(c)		517,596
	89,000	A	Northern Natural Gas Co., Senior Unsecured Notes, 3.400% due 10/16/51(c)		58,758
	839,000	BBB	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		798,733
			ONEOK Inc., Company Guaranteed Notes:
	120,000	BBB	5.550% due 11/1/26		120,064
	200,000	BBB	5.800% due 11/1/30		200,507
	430,000	BBB	6.050% due 9/1/33		433,552
	550,000	BBB	6.625% due 9/1/53		554,629
			Rockies Express Pipeline LLC, Senior Unsecured Notes:
	300,000	BB+	4.950% due 7/15/29(c)		275,009
	280,000	BB+	6.875% due 4/15/40(c)		253,067
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	174,000	BBB+	5.750% due 5/15/24		173,798
	867,000	BBB+	5.000% due 3/15/27		852,531
	768,000	BBB+	4.200% due 3/15/28		727,617
	180,000	NR	5.900% due 9/15/37		181,046
	258,000	BBB+	Southern Natural Gas Co. LLC, Senior Unsecured Notes, 8.000% due 3/1/32		292,239
			Targa Resources Corp., Company Guaranteed Notes:
	248,000	BBB-	4.200% due 2/1/33		218,945
	110,000	BBB-	6.125% due 3/15/33		112,128
	88,000	BBB-	6.500% due 2/15/53		88,187
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	50,000	BBB-	6.500% due 7/15/27		50,302
	740,000	BBB-	5.000% due 1/15/28		712,656
	153,000	BBB-	6.875% due 1/15/29		154,998
	588,000	BBB-	5.500% due 3/1/30		563,953
	400,000	BBB-	4.875% due 2/1/31		367,834
	240,000	BBB-	4.000% due 1/15/32		207,277
	1,000,000	BBB	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(c)		857,131
			Texas Eastern Transmission LP, Senior Unsecured Notes:
	244,000	BBB+	3.500% due 1/15/28(c)		225,533
	416,000	BBB+	4.150% due 1/15/48(c)		319,024
	200,000	A1(d)	TMS Issuer Sarl, 5.780% due 8/23/32		203,744
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	1,999,000	BBB	7.850% due 2/1/26		2,090,165
	1,303,000	BBB	4.000% due 3/15/28		1,230,545
	110,000	BB+	Venture Global Calcasieu Pass LLC, Senior Secured Notes, 3.875% due 11/1/33(c)		89,452
			Western Midstream Operating LP, Senior Unsecured Notes:
	140,000	BBB-	3.100% due 2/1/25		134,197
	40,000	BBB-	4.500% due 3/1/28		37,678
	630,000	BBB-	4.050% due 2/1/30		562,578
	90,000	BBB-	5.500% due 8/15/48		74,948
	90,000	BBB-	5.250% due 2/1/50		72,930
			Williams Cos., Inc. (The), Senior Unsecured Notes:
	50,000	BBB	7.500% due 1/15/31		54,800
	127,000	BBB	2.600% due 3/15/31		104,369
	370,000	BBB	7.750% due 6/15/31		406,754
	116,000	BBB	8.750% due 3/15/32		136,036

			Total Pipelines		39,556,361

See Notes to Financial Statements.

191



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Real Estate — 0.0%@
				Blackstone Property Partners Europe Holdings Sarl:
	300,000	^EUR	BBB	Company Guaranteed Notes, 1.750% due 3/12/29	$	255,220
	300,000	^EUR	BBB	Senior Unsecured Notes, 1.625% due 4/20/30		242,723
	100,000	^EUR	BBB+	Vonovia Finance BV, Company Guaranteed Notes, 2.250% due 4/7/30		91,308
	300,000	^EUR	BBB+	Vonovia SE, Senior Unsecured Notes, 1.500% due 6/14/41		180,533

				Total Real Estate		769,784


Real Estate Investment Trusts (REITs) — 1.4%
$	520,000		BBB-	American Assets Trust LP, Company Guaranteed Notes, 3.375% due 2/1/31		404,480
				American Homes 4 Rent LP, Senior Unsecured Notes:
	315,000		BBB	3.375% due 7/15/51		202,282
	265,000		BBB	4.300% due 4/15/52		205,265
				American Tower Corp., Senior Unsecured Notes:
	254,000		BBB-	1.500% due 1/31/28		213,561
	377,000		BBB-	5.500% due 3/15/28		375,227
	49,000		BBB-	3.950% due 3/15/29		45,127
	186,000		BBB-	3.800% due 8/15/29		169,283
	208,000		BBB-	2.100% due 6/15/30		166,250
	137,000		BBB-	1.875% due 10/15/30		106,780
	1,376,000		BBB-	2.700% due 4/15/31		1,127,003
	584,000		BBB-	2.300% due 9/15/31		457,343
	200,000	^EUR	BBB-	1.000% due 1/15/32		164,847
	204,000		BBB-	5.650% due 3/15/33		203,434
	420,000		BBB-	5.550% due 7/15/33		416,312
	515,000		BBB-	Brixmor Operating Partnership LP, Senior Unsecured Notes, 4.050% due 7/1/30		465,936
				Crown Castle Inc., Senior Unsecured Notes:
	159,000		BBB	5.000% due 1/11/28		156,194
	342,000		BBB	3.800% due 2/15/28		318,325
	212,000		BBB	3.100% due 11/15/29		184,751
	536,000		BBB	2.250% due 1/15/31		431,119
	360,000		BBB	2.100% due 4/1/31		284,338
	1,863,000		BBB	5.100% due 5/1/33		1,794,815
	40,000		BB+	CTR Partnership LP/CareTrust Capital Corp., Company Guaranteed Notes, 3.875% due 6/30/28(c)		34,891
	270,000		BBB	CubeSmart LP, Company Guaranteed Notes, 2.500% due 2/15/32		213,162
	560,000	^EUR	Baa2(d)	Digital Intrepid Holding BV, Company Guaranteed Notes, 0.625% due 7/15/31		439,799
	572,000		BBB	Equinix Inc., Senior Unsecured Notes, 3.200% due 11/18/29		501,456
				Extra Space Storage LP, Company Guaranteed Notes:
	223,000		BBB+	5.700% due 4/1/28		223,992
	200,000		BBB+	3.900% due 4/1/29		183,302
	206,000		BBB+	2.200% due 10/15/30		164,637
	291,000		BBB+	2.400% due 10/15/31		228,839
	995,000		BBB+	2.350% due 3/15/32		775,017
				GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	225,000		BBB-	5.250% due 6/1/25		220,961
	775,000		BBB-	5.375% due 4/15/26		758,572
	510,000		BBB-	5.300% due 1/15/29		481,207
	467,000		BBB-	4.000% due 1/15/30		408,069
	560,000		BBB-	4.000% due 1/15/31		480,856
	1,108,000		BBB-	3.250% due 1/15/32		894,249
				Healthcare Realty Holdings LP, Company Guaranteed Notes:
	475,000		BBB	3.625% due 1/15/28		429,107
	810,000		BBB	3.100% due 2/15/30		691,501
	5,000		BBB	2.050% due 3/15/31		3,742
	31,000		BBB+	Healthpeak OP LLC, Company Guaranteed Notes, 3.400% due 2/1/25		29,988

See Notes to Financial Statements.

192



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Real Estate Investment Trusts (REITs) — 1.4% — (continued)
				Hudson Pacific Properties LP, Company Guaranteed Notes:
$	65,000		BBB-	3.950% due 11/1/27	$	51,156
	785,000		BBB-	4.650% due 4/1/29		598,489
	190,000		BBB-	3.250% due 1/15/30		128,921
				Invitation Homes Operating Partnership LP, Company Guaranteed Notes:
	590,000		BBB	2.000% due 8/15/31		452,254
	345,000		BBB	2.700% due 1/15/34		262,728
	325,000		BBB	Kilroy Realty LP, Company Guaranteed Notes, 2.650% due 11/15/33		225,047
	755,000		BBB-	LXP Industrial Trust, Company Guaranteed Notes, 2.375% due 10/1/31		570,683
				NNN REIT Inc., Senior Unsecured Notes:
	206,000		BBB+	3.100% due 4/15/50		126,223
	832,000		BBB+	3.500% due 4/15/51		561,379
				Physicians Realty LP, Company Guaranteed Notes:
	70,000		BBB	4.300% due 3/15/27		66,922
	15,000		BBB	3.950% due 1/15/28		13,758
	285,000		BBB	2.625% due 11/1/31		221,181
	400,000	^EUR	A	Prologis Euro Finance LLC, Company Guaranteed Notes, 4.250% due 1/31/43		396,548
	90,000		A	Prologis LP, Senior Unsecured Notes, 1.750% due 2/1/31		71,117
				Realty Income Corp., Senior Unsecured Notes:
	144,000		A-	3.250% due 1/15/31		124,823
	179,000		A-	4.900% due 7/15/33		170,239
	270,000	^EUR	A-	5.125% due 7/6/34		294,770
	15,000		BBB+	Rexford Industrial Realty LP, Company Guaranteed Notes, 2.150% due 9/1/31		11,600
				VICI Properties LP, Senior Unsecured Notes:
	1,049,000		BBB-	4.750% due 2/15/28		998,364
	318,000		BBB-	4.950% due 2/15/30		299,408
	627,000		BBB-	5.125% due 5/15/32		581,802
	340,000		BBB-	5.625% due 5/15/52		299,450
				VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes:
	80,000		BBB-	4.625% due 6/15/25(c)		77,503
	75,000		BBB-	4.500% due 9/1/26(c)		71,057
	745,000		BBB-	4.250% due 12/1/26(c)		702,369
	119,000		BBB-	5.750% due 2/1/27(c)		116,734
	1,365,000		BBB-	3.750% due 2/15/27(c)		1,254,367
	217,000		BBB-	4.500% due 1/15/28(c)		201,568
	255,000		BBB-	3.875% due 2/15/29(c)		225,372
	1,090,000		BBB-	4.125% due 8/15/30(c)		955,219

				Total Real Estate Investment Trusts (REITs)		25,187,070


Retail — 0.3%
	350,000		BBB	Alimentation Couche-Tard Inc., Senior Unsecured Notes, 3.800% due 1/25/50(c)		242,458
				Costco Wholesale Corp., Senior Unsecured Notes:
	560,000		A+	1.375% due 6/20/27		495,330
	160,000		A+	1.600% due 4/20/30		132,149
	137,000		CCC+	Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Company Guaranteed Notes, 6.750% due 1/15/30(c)		113,319
				Home Depot Inc. (The), Senior Unsecured Notes:
	210,000		A	2.500% due 4/15/27		193,937
	580,000		A	3.250% due 4/15/32		516,220
	70,000		A	3.300% due 4/15/40		55,271
	20,000		A	3.900% due 6/15/47		16,293
	380,000		A	3.350% due 4/15/50		278,623
				Lowe’s Cos., Inc., Senior Unsecured Notes:
	610,000		BBB+	3.650% due 4/5/29		566,770
	70,000		BBB+	4.500% due 4/15/30		67,521

See Notes to Financial Statements.

193



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Retail — 0.3% — (continued)
$	284,000	BBB+	1.700% due 10/15/30	$	225,764
	189,000	BBB+	2.625% due 4/1/31		158,652
			McDonald’s Corp., Senior Unsecured Notes:
	40,000	BBB+	3.300% due 7/1/25		38,652
	30,000	BBB+	1.450% due 9/1/25		27,887
	140,000	BBB+	3.700% due 1/30/26		135,460
	30,000	BBB+	3.500% due 3/1/27		28,563
	60,000	BBB+	3.500% due 7/1/27		56,984
	340,000	BBB+	3.800% due 4/1/28		325,205
	100,000	BBB+	3.600% due 7/1/30		92,118
	20,000	BBB+	3.625% due 9/1/49		15,104
	580,000	BBB+	4.200% due 4/1/50		482,377
	360,000	CCC	Michaels Cos Inc. (The), Senior Unsecured Notes, 7.875% due 5/1/29(c)		249,876
	120,000	A	Target Corp., Senior Unsecured Notes, 2.250% due 4/15/25		114,601
	250,000	BBB	Tractor Supply Co., Senior Unsecured Notes, 5.250% due 5/15/33		245,096
			Walmart Inc., Senior Unsecured Notes:
	90,000	AA	1.500% due 9/22/28		77,774
	40,000	AA	1.800% due 9/22/31		32,783

			Total Retail		4,984,787


Semiconductors — 0.4%
			Broadcom Inc.:
			Company Guaranteed Notes:
	85,000	BBB-	3.625% due 10/15/24		83,052
	444,000	BBB-	4.150% due 11/15/30		406,179
	624,000	BBB-	2.600% due 2/15/33(c)		482,917
			Senior Unsecured Notes:
	170,000	BBB-	4.150% due 4/15/32(c)		152,382
	102,000	BBB-	3.419% due 4/15/33(c)		84,522
	1,146,000	BBB-	3.469% due 4/15/34(c)		937,371
	1,686,000	BBB-	3.137% due 11/15/35(c)		1,288,393
	10,000	BBB-	3.187% due 11/15/36(c)		7,529
	108,000	BBB-	4.926% due 5/15/37(c)		97,417
			Intel Corp., Senior Unsecured Notes:
	70,000	A	3.700% due 7/29/25		68,048
	370,000	A	1.600% due 8/12/28		318,310
	170,000	A	5.125% due 2/10/30		170,374
	54,000	A	3.734% due 12/8/47		41,008
	110,000	A	4.750% due 3/25/50		96,749
	410,000	A	3.050% due 8/12/51		265,868
	141,000	A	5.050% due 8/5/62		125,428
			KLA Corp., Senior Unsecured Notes:
	383,000	A-	4.100% due 3/15/29		368,252
	340,000	A-	5.250% due 7/15/62		330,457
			Micron Technology Inc., Senior Unsecured Notes:
	230,000	BBB-	5.875% due 2/9/33		227,735
	80,000	BBB-	5.875% due 9/15/33		78,539
			NVIDIA Corp., Senior Unsecured Notes:
	460,000	A+	3.500% due 4/1/40		383,308
	750,000	A+	3.500% due 4/1/50		591,615
	160,000	A+	3.700% due 4/1/60		127,723
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
	90,000	BBB+	2.700% due 5/1/25		85,628
	307,000	BBB+	3.400% due 5/1/30		270,061
	634,000	A	QUALCOMM Inc., Senior Unsecured Notes, 5.400% due 5/20/33		657,485

See Notes to Financial Statements.

194



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Semiconductors — 0.4% — (continued)
$	90,000	A+	Texas Instruments Inc., Senior Unsecured Notes, 1.750% due 5/4/30	$	75,106

			Total Semiconductors		7,821,456


Shipbuilding — 0.1%
			Huntington Ingalls Industries Inc., Company Guaranteed Notes:
	1,483,000	BBB-	3.483% due 12/1/27		1,366,612
	286,000	BBB-	2.043% due 8/16/28		242,738

			Total Shipbuilding		1,609,350


Software — 0.6%
	279,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		243,716
	870,000	BBB	Fiserv Inc., Senior Unsecured Notes, 5.600% due 3/2/33		876,093
			Microsoft Corp., Senior Unsecured Notes:
	270,000	AAA	2.875% due 2/6/24		267,183
	70,000	AAA	2.700% due 2/12/25		67,718
	1,220,000	AAA	2.400% due 8/8/26		1,144,563
	670,000	AAA	3.300% due 2/6/27		644,108
	5,000	AAA	3.450% due 8/8/36		4,452
	7,000	AAA	2.525% due 6/1/50		4,634
	18,000	AAA	2.921% due 3/17/52		12,778
	42,000	AAA	3.041% due 3/17/62		29,099
			Oracle Corp., Senior Unsecured Notes:
	820,000	BBB	1.650% due 3/25/26		747,440
	235,000	BBB	3.250% due 11/15/27		217,848
	170,000	BBB	4.650% due 5/6/30		163,423
	730,000	BBB	2.875% due 3/25/31		617,635
	237,000	BBB	4.300% due 7/8/34		212,672
	267,000	BBB	3.850% due 7/15/36		221,579
	1,618,000	BBB	3.800% due 11/15/37		1,305,658
	95,000	BBB	6.500% due 4/15/38		100,351
	428,000	BBB	3.600% due 4/1/40		324,239
	218,000	BBB	5.375% due 7/15/40		203,410
	1,369,000	BBB	3.650% due 3/25/41		1,037,372
	76,000	BBB	4.000% due 7/15/46		57,235
	186,000	BBB	4.000% due 11/15/47		138,857
	593,000	BBB	3.600% due 4/1/50		410,217
	1,096,000	BBB	3.950% due 3/25/51		801,904
	65,000	BBB	6.900% due 11/9/52		70,808
	138,000	BBB+	Roper Technologies Inc., Senior Unsecured Notes, 2.350% due 9/15/24		133,393
			Salesforce Inc., Senior Unsecured Notes:
	370,000	A+	3.700% due 4/11/28		354,598
	140,000	A+	2.700% due 7/15/41		100,134
	475,000	BBB	Take-Two Interactive Software Inc., Senior Unsecured Notes, 4.000% due 4/14/32		428,046
	113,000	BBB-	VMware Inc., Senior Unsecured Notes, 1.800% due 8/15/28		94,750

			Total Software		11,035,913


Telecommunications — 1.7%
			AT&T Inc., Senior Unsecured Notes:
	20,000	BBB	4.250% due 3/1/27		19,280
	760,000	BBB	2.300% due 6/1/27		680,688
	175,000	BBB	4.350% due 3/1/29		165,548
	505,000	BBB	2.750% due 6/1/31		417,640
	1,225,000	BBB	2.550% due 12/1/33		935,633
	594,000	BBB	5.400% due 2/15/34		577,688
	50,000	BBB	5.350% due 9/1/40		46,680
	485,000	BBB	3.500% due 6/1/41		356,178

See Notes to Financial Statements.

195



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Telecommunications — 1.7% — (continued)
$	80,000		BBB	5.550% due 8/15/41	$	75,558
	245,000		BBB	4.350% due 6/15/45		193,843
	238,000		BBB	4.500% due 3/9/48		190,142
	270,000		BBB	3.500% due 9/15/53		177,869
	686,000		BBB	3.550% due 9/15/55		447,549
	95,000		BBB	3.800% due 12/1/57		64,134
	1,082,000		BBB	3.650% due 9/15/59		700,868
	75,000		BBB	3.850% due 6/1/60		51,177
				CommScope Inc., Senior Secured Notes:
	80,000		B	6.000% due 3/1/26(c)		72,781
	390,000		B	4.750% due 9/1/29(c)		290,178
				Frontier Communications Holdings LLC, Senior Secured Notes:
	500,000		B	5.000% due 5/1/28(c)		428,891
	150,000		B	8.750% due 5/15/30(c)		145,933
	56,000		B	8.625% due 3/15/31(c)		53,876
	280,000	^EUR	BBB	Global Switch Finance BV, Company Guaranteed Notes, 1.375% due 10/7/30		250,743
				Intelsat Jackson Holdings SA:
	974,000		B+	Senior Secured Notes, 6.500% due 3/15/30(c)		895,318
				Senior Unsecured Notes:
	400,000		NR	5.500% due 8/1/23*#(i)(k)		—
	184,000		NR	8.500% due 10/15/24*#(c)(i)(k)		—
	605,000		NR	9.750% due 7/15/25*#(c)(i)(k)		—
				Motorola Solutions Inc., Senior Unsecured Notes:
	257,000		BBB-	4.600% due 5/23/29		247,745
	386,000		BBB-	2.300% due 11/15/30		307,988
	306,000		BBB-	2.750% due 5/24/31		248,449
	772,000		BBB-	5.600% due 6/1/32		762,746
	150,000		B	Qwest Corp., Senior Unsecured Notes, 7.250% due 9/15/25		142,820
	420,000		BBB-	Sprint Capital Corp., Company Guaranteed Notes, 8.750% due 3/15/32		500,958
				Sprint LLC, Company Guaranteed Notes:
	2,382,000		BBB-	7.875% due 9/15/23		2,385,347
	2,737,000		BBB-	7.625% due 2/15/25		2,793,459
				Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes:
	575,312		A1(d)	4.738% due 3/20/25(c)		569,620
	1,083,000		A1(d)	5.152% due 3/20/28(c)		1,073,888
	330,000		BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 4.103% due 3/8/27		314,143
				T-Mobile USA Inc., Company Guaranteed Notes:
	820,000		BBB	3.500% due 4/15/25		793,029
	740,000		BBB	2.250% due 2/15/26		684,666
	1,674,000		BBB	3.750% due 4/15/27		1,587,039
	110,000		BBB	2.625% due 2/15/29		95,315
	300,000		BBB	3.375% due 4/15/29		269,125
	490,000		BBB	3.875% due 4/15/30		447,478
	100,000		BBB	2.550% due 2/15/31		82,527
	80,000		BBB	2.875% due 2/15/31		67,340
	1,930,000		BBB	3.500% due 4/15/31		1,686,654
	290,000		BBB	2.250% due 11/15/31		230,794
	330,000		BBB	2.700% due 3/15/32		269,001
	100,000		BBB	4.375% due 4/15/40		86,031
	60,000		BBB	3.000% due 2/15/41		42,437
	10,000		BBB	3.300% due 2/15/51		6,721
				Verizon Communications Inc., Senior Unsecured Notes:
	220,000		BBB+	2.625% due 8/15/26		204,917
	80,000		BBB+	4.125% due 3/16/27		77,084

See Notes to Financial Statements.

196



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Telecommunications — 1.7% — (continued)
$	130,000	BBB+	2.100% due 3/22/28	$	113,657
	546,000	BBB+	4.329% due 9/21/28		523,022
	550,000	BBB+	3.150% due 3/22/30		482,836
	138,000	BBB+	1.680% due 10/30/30		108,056
	140,000	BBB+	1.750% due 1/20/31		109,086
	395,000	BBB+	2.550% due 3/21/31		325,724
	531,000	BBB+	2.355% due 3/15/32		420,326
	205,000	BBB+	5.050% due 5/9/33		199,054
	1,410,000	BBB+	4.500% due 8/10/33		1,304,051
	843,000	BBB+	4.400% due 11/1/34		764,235
	401,000	BBB+	5.850% due 9/15/35		401,178
	150,000	BBB+	5.250% due 3/16/37		146,317
	495,000	BBB+	2.650% due 11/20/40		330,947
	50,000	BBB+	3.400% due 3/22/41		37,209
	100,000	BBB+	4.125% due 8/15/46		79,626
	60,000	BBB+	4.862% due 8/21/46		52,841
	20,000	BBB+	5.500% due 3/16/47		19,360
	40,000	BBB+	4.000% due 3/22/50		30,670
	50,000	BBB+	2.875% due 11/20/50		30,697
	124,000	BBB+	2.987% due 10/30/56		74,176
	184,000	BBB+	3.000% due 11/20/60		108,167
	200,000	BB-	Vmed O2 UK Financing I PLC, Senior Secured Notes, 4.750% due 7/15/31(c)		167,197
	1,105,000	BBB	Vodafone Group PLC, Senior Unsecured Notes, 4.875% due 6/19/49		938,034

			Total Telecommunications		29,981,982


Transportation — 0.3%
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	351,000	AA-	4.150% due 12/15/48		294,144
	174,000	AA-	2.875% due 6/15/52		115,135
	320,000	AA-	4.450% due 1/15/53		285,713
	220,000	BBB+	Canadian Pacific Railway Co., Company Guaranteed Notes, 3.100% due 12/2/51		149,561
			CSX Corp., Senior Unsecured Notes:
	108,000	BBB+	3.350% due 9/15/49		76,821
	237,000	BBB+	2.500% due 5/15/51		144,280
	159,000	BBB+	4.500% due 11/15/52		138,627
			Norfolk Southern Corp., Senior Unsecured Notes:
	282,000	BBB+	2.550% due 11/1/29		243,448
	335,000	BBB+	3.000% due 3/15/32		285,894
	33,000	BBB+	4.800% due 8/15/43		28,405
	188,000	BBB+	3.942% due 11/1/47		149,219
	136,000	BBB+	4.150% due 2/28/48		111,886
	249,000	BBB+	3.050% due 5/15/50		166,436
	341,000	BBB+	Ryder System Inc., Senior Unsecured Notes, 5.650% due 3/1/28		342,017
			Union Pacific Corp., Senior Unsecured Notes:
	50,000	A-	3.750% due 7/15/25		48,601
	60,000	A-	2.150% due 2/5/27		54,873
	403,000	A-	2.800% due 2/14/32		344,809
	840,000	A-	2.891% due 4/6/36		664,942
	321,000	A-	3.600% due 9/15/37		269,097
	35,000	A-	4.300% due 3/1/49		30,012
	188,000	A-	3.250% due 2/5/50		136,108
	460,000	A-	3.839% due 3/20/60		353,452
	160,000	A-	3.750% due 2/5/70		116,756

			Total Transportation		4,550,236

See Notes to Financial Statements.

197



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Trucking & Leasing — 0.0%@
$	138,000	BBB	Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 5.875% due 11/15/27(c)	$	137,272

			TOTAL CORPORATE BONDS & NOTES (Cost — $556,311,394)		516,882,695


U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 25.3%

U.S. GOVERNMENT AGENCIES — 1.3%
			Federal Farm Credit Banks Funding Corp.:
	3,005,000		2.170% due 10/29/29		2,594,251
	135,000		3.500% due 9/1/32		124,186
	225,000		3.875% due 9/20/32		213,085
	2,720,000		3.500% due 2/28/39		2,298,172
			Federal Home Loan Banks:
	5,900,000		5.370% due 5/21/24		5,880,859
	5,890,000		5.300% due 5/22/24		5,869,182
	635,000		0.920% due 2/26/27		556,713
	345,000		4.000% due 9/1/28		339,685
	2,900,000		2.200% due 9/24/29		2,512,314
	3,500,000		1.570% due 6/30/32		2,695,021
	690,000		2.490% due 3/26/40		485,588
			Federal National Mortgage Association (FNMA), Principal Strip:
	575,000		zero coupon due 1/15/30(l)		433,170
	595,000		zero coupon due 5/15/30(l)		441,166

			Total U.S. GOVERNMENT AGENCIES		24,443,392


U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 25.3%
			U.S. Treasury Bonds:
	2,370,000		5.000% due 5/15/37		2,594,780
	2,835,000		4.375% due 2/15/38		2,906,872
	1,500,000		1.125% due 8/15/40		922,236
	620,000		1.375% due 11/15/40		396,316
	6,000,000		1.875% due 2/15/41		4,169,297
	100,000		2.250% due 5/15/41		73,766
	4,949,000		2.000% due 11/15/41		3,467,007
	2,270,000		3.125% due 11/15/41		1,917,485
	5,435,000		2.375% due 2/15/42		4,046,421
	180,000		3.250% due 5/15/42		153,812
	1,115,000		3.375% due 8/15/42		968,264
	4,320,000		4.000% due 11/15/42		4,101,131
	100,000		3.125% due 2/15/43		83,111
	4,225,000		3.875% due 2/15/43		3,933,871
	28,030,000		3.875% due 5/15/43		26,085,419
	502,500		3.625% due 8/15/43		449,384
	23,315,000		4.375% due 8/15/43		23,279,946
	10,310,000		3.750% due 11/15/43		9,383,711
	1,095,000		3.625% due 2/15/44		977,266
	415,000		3.125% due 8/15/44		341,629
	1,375,000		3.000% due 11/15/44		1,106,606
	1,495,000		2.875% due 8/15/45		1,170,509
	1,412,500		3.000% due 11/15/45		1,129,090
	6,490,000		2.500% due 2/15/46		4,721,095
	1,110,000		2.875% due 11/15/46		863,914
	3,723,000		3.000% due 2/15/47		2,961,239
	8,925,000		3.000% due 5/15/47		7,096,072
	880,000		2.750% due 8/15/47		667,184

See Notes to Financial Statements.

198



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 25.3% — (continued)
$	2,120,000	3.000% due 2/15/48	$	1,683,247
	995,000	3.375% due 11/15/48		845,867
	1,380,000	3.000% due 2/15/49		1,095,860
	510,000	2.875% due 5/15/49		395,668
	2,820,000	2.000% due 2/15/50		1,806,673
	6,570,000	1.250% due 5/15/50		3,436,161
	7,525,000	1.375% due 8/15/50		4,069,673
	4,315,000	1.625% due 11/15/50		2,497,812
	3,233,000	1.875% due 2/15/51		1,995,557
	4,040,000	2.375% due 5/15/51		2,809,299
	3,310,000	2.000% due 8/15/51		2,102,497
	2,871,000	1.875% due 11/15/51		1,764,992
	4,839,000	2.250% due 2/15/52		3,266,703
	280,000	2.875% due 5/15/52		217,448
	272,000	3.000% due 8/15/52		216,888
	2,774,000	4.000% due 11/15/52		2,677,815
	12,476,000	3.625% due 2/15/53		11,243,995
	6,988,000	3.625% due 5/15/53		6,305,578
	18,145,000	4.125% due 8/15/53		17,908,264
		U.S. Treasury Inflation Indexed Notes:
	3,530,701	1.250% due 4/15/28		3,399,504
	8,023,185	1.125% due 1/15/33		7,490,103
	3,172,558	1.375% due 7/15/33		3,041,193
		U.S. Treasury Notes:
	3,965,000	4.750% due 7/31/25		3,953,848
	58,461,500	5.000% due 8/31/25		58,616,788
	4,965,000	3.500% due 9/15/25		4,835,638
	365,000	0.250% due 9/30/25		332,535
	2,570,000	0.250% due 10/31/25		2,332,978
	4,663,000	4.500% due 11/15/25		4,633,993
	1,610,000	0.375% due 11/30/25		1,461,264
	620,000	0.375% due 12/31/25		561,778
	375,000	0.375% due 1/31/26		338,481
	9,385,000	4.000% due 2/15/26		9,237,260
	4,214,000	0.500% due 2/28/26		3,805,110
	4,995,000	4.625% due 3/15/26		4,991,293
	1,759,000	3.750% due 4/15/26		1,721,003
	236,000	0.750% due 4/30/26		213,442
	1,183,000	3.625% due 5/15/26		1,153,748
	1,324,000	4.500% due 7/15/26		1,321,621
	770,000	1.875% due 2/28/27		706,385
	100,000	2.625% due 5/31/27		93,863
	1,185,000	2.750% due 7/31/27		1,115,474
	2,160,000	3.125% due 8/31/27		2,061,028
	3,043,000	4.125% due 10/31/27		3,014,591
	3,778,000	3.875% due 11/30/27		3,708,564
	3,390,000	0.750% due 1/31/28		2,907,455
	223,000	1.125% due 2/29/28		194,141
	14,730,000	3.625% due 5/31/28		14,324,925
	17,100,000	4.125% due 7/31/28		16,997,133
	565,000	1.125% due 8/31/28		485,591
	47,055,000	4.375% due 8/31/28		47,334,389
	235,000	1.500% due 11/30/28		204,707
	2,389,000	1.375% due 12/31/28		2,063,779
	415,000	2.375% due 3/31/29		376,450

See Notes to Financial Statements.

199



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 25.3% — (continued)
$	285,000		3.875% due 9/30/29	$	279,356
	3,817,000		3.875% due 11/30/29		3,741,406
	171,000		4.000% due 2/28/30		168,856
	3,431,000		3.625% due 3/31/30		3,315,070
	910,000		3.500% due 4/30/30		872,711
	5,908,000		3.750% due 5/31/30		5,750,146
	873,000		3.750% due 6/30/30		849,811
	4,434,000		4.000% due 7/31/30		4,382,732
	2,720,000		4.125% due 8/31/30		2,709,588
	812,000		1.375% due 11/15/31		658,513
	805,000		2.875% due 5/15/32		731,953
	4,986,000		4.125% due 11/15/32		4,986,758
	1,547,000		3.500% due 2/15/33		1,474,001
	2,280,000		3.375% due 5/15/33		2,149,256
	12,850,000		3.875% due 8/15/33		12,627,187
	2,020,000		U.S. Treasury Strip Principal, zero coupon due 5/15/49(l)		683,513

			Total U.S. GOVERNMENT AGENCIES & OBLIGATIONS		430,718,342

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $489,761,705)		455,161,734


COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1%
	690,000	AAA(f)	280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 6.246% (1-Month Term SOFR + 0.930%) due 9/15/34(a)(c)		671,696
	715,234	Aaa(d)	321 Henderson Receivables V LLC, Series 2008-3A, Class A1, 8.000% due 6/15/45(c)		769,539
	154,360	A	Accredited Mortgage Loan Trust, Series 2007-1, Class A4, 5.649% (1-Month Term SOFR + 0.334%) due 2/25/37(a)		153,112
	66,317	CC	AFC Home Equity Loan Trust, Series 1999-2, Class 2A, 6.062% (1-Month Term SOFR + 0.764%) due 6/25/29(a)		46,223
	1,100,000	Aaa(d)	AGL CLO 1 Ltd., Series 2019-1A, Class AR, 6.768% (3-Month Term SOFR + 1.442%) due 10/20/34(a)(c)		1,093,168
	1,285,694	Aaa(d)	Allegro CLO VI Ltd., Series 2017-2A, Class A, 6.700% (3-Month Term SOFR + 1.392%) due 1/17/31(a)(c)		1,281,866
	1,000,000	AAA	Allegro CLO XI Ltd., Series 2019-2A, Class A1A, 6.972% (3-Month Term SOFR + 1.652%) due 1/19/33(a)(c)		992,660
	615,000	Aa2(d)	Allegro CLO XIII Ltd., Series 2021-1A, Class B, 7.288% (3-Month Term SOFR + 1.962%) due 7/20/34(a)(c)		604,684
			Alternative Loan Trust:
	679,620	CCC	Series 2005-56, Class 4A1, 6.049% (1-Month Term SOFR + 0.734%) due 11/25/35(a)		612,079
	2,404,035	CCC	Series 2005-59, Class 1A1, 6.089% (1-Month Term SOFR + 0.774%) due 11/20/35(a)		2,218,288
	629,860	AA	American Home Mortgage Investment Trust, Series 2004-3, Class 4A, 4.035% (6-Month Term SOFR + 1.928%) due 10/25/34(a)		624,959
	878,893	AAA(f)	Angel Oak Mortgage Trust, Series 2023-1, Class A1, step bond to yield, 4.750% due 9/26/67(c)		846,178
	900,000	BBB	Applebee’s Funding LLC/IHOP Funding LLC, Series 2023-1A, Class A2, 7.824% due 3/5/53(c)		897,720
	210,000	Baa2(d)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(c)		177,336
	1,990,000	Aaa(d)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, 6.775% (1-Month Term SOFR + 1.464%) due 11/15/36(a)(c)		1,977,952
	131,576	AAA	Ares XLII CLO Ltd., Series 2017-42A, Class AR, 6.527% (3-Month Term SOFR + 1.182%) due 1/22/28(a)(c)		131,503
	377,430	BBB	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2007-HE1, Class A1B, 3.627% (1-Month Term SOFR + 0.264%) due 12/25/36(a)		357,985
	258,294	AAA	Bain Capital Credit CLO, Series 2018-1A, Class A1, 6.567% (3-Month USD-LIBOR + 0.960%) due 4/23/31(a)(c)		257,642
	290,000	AAA	Bain Capital Credit CLO Ltd., Series 2021-4A, Class A1, 6.758% (3-Month Term SOFR + 1.432%) due 10/20/34(a)(c)		288,118

See Notes to Financial Statements.

200



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
			BAMLL Commercial Mortgage Securities Trust:
$	420,000	AAA(f)	Series 2018-PARK, Class A, 4.227% due 8/10/38(a)(c)	$	374,349
	820,000	AAA	Series 2019-BPR, Class AMP, 3.287% due 11/5/32(c)		757,767
	17,755	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 5.272% due 7/25/34(a)		16,220
	1,060,000	Aaa(d)	BANK, Series 2017-BNK7, Class A4, 3.175% due 9/15/60		972,254
			BBCMS Mortgage Trust:
	280,000	AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(a)		264,557
	590,000	AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		586,283
	5,439,442	AAA	Series 2023-C20, Class XA, 1.069% due 7/15/56(a)(m)		306,517
	88,187	WD(f)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.883% due 5/25/47(a)		79,369
	44,000	CCC	Bear StearnsT-A Trust, Series 2005-4, Class 23A2, 4.254% due 5/25/35(a)		41,305
	202,629	D	Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC6, Class 1A3, 5.500% due 9/25/35(a)		191,445
	1,240,000	AAA	Beast Mortgage Trust, Series 2021-SSCP, Class A, 6.174% (1-Month Term SOFR + 0.864%) due 4/15/36(a)(c)		1,209,467
			Benchmark Mortgage Trust:
	590,000	AAA	Series 2018-B1, Class A5, 3.666% due 1/15/51(a)		539,791
	213,000	AAA	Series 2019-B13, Class A4, 2.952% due 8/15/57		184,878
	2,176,244	Aa1(d)	Series 2021-B28, Class XA, 1.389% due 8/15/54(a)(m)		148,222
	1,333,000	AAA(f)	BFLD, Series 2019-DPLO, Class A, 6.514% (1-Month Term SOFR + 1.204%) due 10/15/34(a)(c)		1,327,357
	650,000	Aaa(d)	BLP Commercial Mortgage Trust, Series 2023-IND, Class A, 7.002% (1-Month Term SOFR + 1.692%) due 3/15/40(a)(c)		650,407
	320,000	AAA	BlueMountain CLO XXII Ltd., Series 2018-22A, Class A1, 6.650% (3-Month Term SOFR + 1.342%) due 7/15/31(a)(c)		318,499
	724,614	AAA	BlueMountain Fuji US CLO I Ltd., Series 2017-1A, Class A1R, 6.568% (3-Month Term SOFR + 1.242%) due 7/20/29(a)(c)		722,065
	280,000	AAA	BMO Mortgage Trust, Series 2022-C1, Class A5, 3.374% due 2/15/55(a)		241,003
			BRAVO Residential Funding Trust:
	1,861,783	NR	Series 2021-A, Class A1, step bond to yield, 1.991% due 10/25/59(c)		1,793,852
	624,417	AAA(f)	Series 2022-NQM3, Class A1, 5.108% due 7/25/62(a)(c)		607,679
	500,000	AAA	Buttermilk Park CLO Ltd., Series 2018-1A, Class A1, 6.670% (3-Month Term SOFR + 1.362%) due 10/15/31(a)(c)		497,985
			BX Commercial Mortgage Trust:
	890,000	Aaa(d)	Series 2021-CIP, Class A, 6.345% (1-Month Term SOFR + 1.035%) due 12/15/38(a)(c)		872,687
	234,579	A3(d)	Series 2021-XL2, Class D, 6.821% (1-Month Term SOFR + 1.511%) due 10/15/38(a)(c)		227,917
	910,000	NR	Series 2023-VLT2, Class E, 11.181% (1-Month Term SOFR + 5.871%) due 6/15/40(a)(c)		907,781
			BX Trust:
	220,000	BBB-	Series 2021-ARIA, Class D, 7.320% (1-Month Term SOFR + 2.010%) due 10/15/36(a)(c)		209,219
	1,100,000	Aaa(d)	Series 2021-LBA, Class AJV, 6.225% (1-Month Term SOFR + 0.914%) due 2/15/36(a)(c)		1,079,919
	322,218	AAA	Series 2021-RISE, Class A, 6.172% (1-Month Term SOFR + 0.862%) due 11/15/36(a)(c)		316,207
	1,250,000	AAA	Series 2022-GPA, Class A, 7.475% (1-Month Term SOFR + 2.165%) due 8/15/39(a)(c)		1,252,306
	264,705	Aaa(d)	Series 2022-IND, Class A, 6.801% (1-Month Term SOFR + 1.491%) due 4/15/37(a)(c)		263,805
	630,000	AAA(f)	Series 2023-DELC, Class A, 8.000% (1-Month Term SOFR + 2.690%) due 5/15/38(a)(c)		631,858
	1,190,000	NR	CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class F, 7.975% (1-Month Term SOFR + 2.664%) due 12/15/37(a)(c)		1,155,763
	940,000	AAA	Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.006% due 1/15/53		803,820
	1,613,027	AA+	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.379% due 5/10/50(a)(m)		54,499
	36,666	WR(d)	Chase Mortgage Finance Trust, Series 2007-A1, Class 5A1, 5.306% due 2/25/37(a)		35,099
	208,311	BBB	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-2A, Class A1, 5.699% (1-Month Term SOFR + 0.384%) due 5/25/35(a)(c)		197,096
			CIFC Funding Ltd.:
	950,000	Aaa(d)	Series 2013-4A, Class A1RR, 6.679% (3-Month Term SOFR + 1.322%) due 4/27/31(a)(c)		948,141
	280,000	AAA	Series 2014-3A, Class A1R2, 6.807% (3-Month Term SOFR + 1.462%) due 10/22/31(a)(c)		279,381

See Notes to Financial Statements.

201



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	750,000	AAA	Series 2014-5A, Class A1R2, 6.770% (3-Month Term SOFR + 1.462%) due 10/17/31(a)(c)	$	748,912
	208,859	AAA	Series 2017-1A, Class AR, 6.605% (3-Month Term SOFR + 1.272%) due 4/23/29(a)(c)		208,458
	250,000	Aaa(d)	Series 2018-2A, Class A1, 6.628% (3-Month Term SOFR + 1.302%) due 4/20/31(a)(c)		249,262
	600,000	Aaa(d)	Series 2019-1A, Class AR, 6.688% (3-Month Term SOFR + 1.362%) due 4/20/32(a)(c)		598,205
			CIM Trust:
	832,270	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(c)		754,952
	475,729	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(c)		406,955
	1,936,608	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(c)		1,686,459
	972,812	NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(c)		856,296
	1,167,036	NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(c)		1,003,612
	2,062,425	NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(c)		1,610,527
	2,406,567	NR	Series 2023-R1, Class A1A, 5.400% due 4/25/62(a)(c)		2,285,016
	2,083,960	NR	Series 2023-R3, Class A1A, 4.500% due 1/25/63(a)(c)		1,780,081
	893,201	AAA(f)	Series 2023-R4, Class A1, 5.000% due 5/25/62(a)(c)		870,885
			Citigroup Commercial Mortgage Trust:
	134,139	Aaa(d)	Series 2013-375P, Class A, 3.251% due 5/10/35(c)		125,238
	705,000	Aaa(d)	Series 2014-GC21, Class A5, 3.855% due 5/10/47		695,085
	285,000	Aa3(d)	Series 2016-C2, Class B, 3.176% due 8/10/49		247,241
	726,338	Aaa(d)	Series 2016-C3, Class A3, 2.896% due 11/15/49		666,228
	500,000	Aaa(d)	Series 2016-P5, Class A4, 2.941% due 10/10/49		456,500
	1,290,000	Aaa(d)	Series 2017-C4, Class A3, 3.209% due 10/12/50		1,186,921
	248,657	Aaa(d)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		236,425
	13,247,134	AA+	Series 2019-C7, Class XA, 0.989% due 12/15/72(a)(m)		533,800
	1,651,640	CC	Citigroup Mortgage Loan Trust, Series 2006-AR6, Class 2A4, 5.869% (1-Month Term SOFR + 0.554%) due 9/25/36(a)		517,841
	1,200,000	AAA	Clover CLO LLC, Series 2018-1A, Class A1R, 6.708% (3-Month Term SOFR + 1.382%) due 4/20/32(a)(c)		1,196,755
	255,578	Aaa(d)	Cold Storage Trust, Series 2020-ICE5, Class A, 6.325% (1-Month Term SOFR + 1.014%) due 11/15/37(a)(c)		253,514
	886,681	AAA(f)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(c)		683,188
			Commercial Mortgage Trust:
	190,000	BB-(f)	Series 2013-300P, Class B, 4.540% due 8/10/30(a)(c)		169,423
	248,908	D	Series 2013-CR9, Class E, 4.541% due 7/10/45(a)(c)		143,759
	40,000	B1(d)	Series 2013-CR12, Class B, 4.762% due 10/10/46(a)		29,122
	20,000	Caa3(d)	Series 2013-CR12, Class C, 5.124% due 10/10/46(a)		8,000
	143,000	Baa3(d)	Series 2014-CR17, Class C, 4.942% due 5/10/47(a)		128,467
	140,000	AAA	Series 2014-CR18, Class A5, 3.828% due 7/15/47		137,227
	210,000	A-(f)	Series 2014-CR21, Class C, 4.565% due 12/10/47(a)		193,267
	345,000	Aaa(d)	Series 2014-LC17, Class A5, 3.917% due 10/10/47		335,407
	2,656,856	Aa1(d)	Series 2015-CR25, Class XA, 0.942% due 8/10/48(a)(m)		32,472
	175,000	Aaa(d)	Series 2015-CR26, Class A4, 3.630% due 10/10/48		166,456
	465,000	Aaa(d)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		436,967
			Connecticut Avenue Securities Trust:
	620,000	NR	Series 2020-R01, Class 1B1, 8.652% (30-Day Average SOFR + 3.364%) due 1/25/40(a)(c)		622,048
	1,110,000	BBB-	Series 2022-R04, Class 1M2, 8.388% (30-Day Average SOFR + 3.100%) due 3/25/42(a)(c)		1,127,192
	1,220,000	BBB	Series 2023-R05, Class 1M2, 8.396% (30-Day Average SOFR + 3.100%) due 6/25/43(a)(c)		1,244,309
	43,130	WR(d)	Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-11, Class 3A3, 3.562% due 4/25/35(a)		31,914
			Credit Suisse Commercial Mortgage Capital Trust:
	1,260,000	CCC	Series 2014-USA, Class F, 4.373% due 9/15/37(c)		495,440
	539,386	AAA(f)	Series 2018-J1, Class A2, 3.500% due 2/25/48(a)(c)		476,199
	2,640,159	NR	Series 2020-RPL3, Class A1, 2.691% due 3/25/60(a)(c)		2,621,980
	314,000	Aaa(d)	Series 2021-BHAR, Class A, 6.575% (1-Month Term SOFR + 1.264%) due 11/15/38(a)(c)		310,823
	148,927	AAA(f)	Series 2021-NQM7, Class A1, 1.756% due 10/25/66(a)(c)		122,854
	2,219,875	NR	Series 2021-RPL4, Class A1, 1.796% due 12/27/60(a)(c)		2,099,608

See Notes to Financial Statements.

202



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	2,418,023	NR	Series 2022-RPL3, Class A1, 3.716% due 3/25/61(a)(c)	$	2,350,808
	825,878	AAA(f)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(c)		771,583
	33,992	WR(d)	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 8A1, 4.500% due 7/25/20		29,641
			Credit Suisse Mortgage Capital Certificates:
	658,362	Aaa(d)	Series 2019-ICE4, Class A, 6.338% (1-Month Term SOFR + 1.027%) due 5/15/36(a)(c)		657,741
	947,642	Ba3(d)	Series 2019-ICE4, Class F, 8.008% (1-Month Term SOFR + 2.697%) due 5/15/36(a)(c)		938,978
			CSAIL Commercial Mortgage Trust:
	295,000	Aaa(d)	Series 2015-C1, Class A4, 3.505% due 4/15/50		283,156
	270,000	Aaa(d)	Series 2015-C3, Class A4, 3.718% due 8/15/48		257,538
	310,000	Aaa(d)	Series 2018-CX12, Class A4, 4.224% due 8/15/51(a)		291,055
	180,000	Aaa(d)	Series 2021-C20, Class A3, 2.805% due 3/15/54		147,587
	280,000	Aaa(d)	CSMC NET, Series 2020-NET, Class B, 2.816% due 8/15/37(c)		252,236
	705,098	AA+	CSMC Trust, Series 2019-AFC1, Class A2, step bond to yield, 3.776% due 7/25/49(c)		648,694
	1,000,000	Aaa(d)	CSMC UVIL, Series 2019-UVIL, Class A, 3.160% due 12/15/41(c)		839,475
			CWABS Asset-Backed Certificates Trust:
	3,188,166	D	Series 2004-7, Class MF2, 4.211% due 10/25/34(a)		2,957,770
	165,014	AA	Series 2007-13, Class 2A2, 6.229% (1-Month Term SOFR + 0.914%) due 10/25/47(a)		147,548
	36,210	B-	CWABS Asset-Backed Notes Trust, Series 2006-SD3, Class A1, 6.089% (1-Month Term SOFR + 0.774%) due 7/25/36(a)(c)		35,466
			DBJPM Mortgage Trust:
	350,000	AA-(f)	Series 2016-C1, Class B, 4.195% due 5/10/49(a)		304,314
	171,109	Aaa(d)	Series 2016-C3, Class A4, 2.632% due 8/10/49		156,561
	390,000	Aaa(d)	DC Office Trust, Series 2019-MTC, Class A, 2.965% due 9/15/45(c)		315,609
	1,488,750	BBB-	Driven Brands Funding LLC, Series 2022-1A, Class A2, 7.393% due 10/20/52(c)		1,498,026
	250,000	Aaa(d)	Dryden 60 CLO Ltd., Series 2018-60A, Class A, 6.620% (3-Month Term SOFR + 1.312%) due 7/15/31(a)(c)		249,262
	651,328	AAA	Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, 6.833% (3-Month Term SOFR + 1.462%) due 8/15/30(a)(c)		651,785
	22,269	CCC	DSLA Mortgage Loan Trust, Series 2004-AR2, Class A2B, 6.228% (1-Month Term SOFR + 0.914%) due 11/19/44(a)		20,756
	33,206	B-	Equifirst Mortgage Loan Trust, Series 2003-2, Class M2, 7.979% (1-Month Term SOFR + 2.664%) due 9/25/33(a)		33,010
	792,076	Aaa(d)	Extended Stay America Trust, Series 2021-ESH, Class A, 6.504% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(c)		785,180
			Federal Home Loan Mortgage Corp. (FHLMC), Interest Strips:
	40,409	NR	Series 334, Class S7, 0.797% (5.986% – 30-Day Average SOFR) due 8/15/44(h)(m)		3,813
	64,008	NR	Series 353, Class S1, 0.697% (5.886% – 30-Day Average SOFR) due 12/15/46(h)(m)		5,780
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	419	NR	Series 1865, Class DA, 18.719% (31.310% – 11th District Cost of Funds Index) due 2/15/24(h)(m)		12
	6,070	NR	Series 3451, Class SB, 0.727% (5.916% – 30-Day Average SOFR) due 5/15/38(h)(m)		378
	36,912	NR	Series 3621, Class SB, 0.927% (6.116% – 30-Day Average SOFR) due 1/15/40(h)(m)		3,023
	551,519	NR	Series 3743, Class PB, 4.500% due 10/15/40		538,083
	441,248	NR	Series 3866, Class SA, 0.647% (5.836% – 30-Day Average SOFR) due 5/15/41(h)(m)		20,717
	104,613	NR	Series 3947, Class SG, 0.647% (5.836% – 30-Day Average SOFR) due 10/15/41(h)(m)		8,258
	11,697	NR	Series 3973, Class SA, 1.187% (6.376% – 30-Day Average SOFR) due 12/15/41(h)(m)		1,194
	118,704	NR	Series 4203, Class PS, 0.947% (6.136% – 30-Day Average SOFR) due 9/15/42(h)(m)		8,647
	108,349	NR	Series 4210, Class Z, 3.000% due 5/15/43		85,647
	27,870	NR	Series 4239, Class IO, 3.500% due 6/15/27(m)		951
	362,610	NR	Series 4316, Class XZ, 4.500% due 3/15/44		346,791
	36,823	NR	Series 4335, Class SW, 0.697% (5.886% – 30-Day Average SOFR) due 5/15/44(h)(m)		3,062
	391,877	NR	Series 4391, Class MZ, 3.000% due 9/15/44		334,944
	924,089	NR	Series 4639, Class HZ, step bond to yield, 3.250% due 4/15/53		717,693
	147,065	NR	Series 4879, Class BC, 3.000% due 4/15/49		129,055

See Notes to Financial Statements.

203



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	501,800	NR	Series 4988, Class AK, 1.000% due 7/25/50	$	383,972
	494,094	NR	Series 5002, Class TJ, 2.000% due 7/25/50		407,183
	66,240	NR	Series 5010, Class IK, 2.500% due 9/25/50(m)		9,993
	237,764	NR	Series 5010, Class JI, 2.500% due 9/25/50(m)		40,923
	80,830	NR	Series 5013, Class IN, 2.500% due 9/25/50(m)		12,861
	166,925	NR	Series 5018, Class MI, 2.000% due 10/25/50(m)		22,086
	71,159	NR	Series 5040, Class IB, 2.500% due 11/25/50(m)		12,377
	1,021,630	NR	Series 5085, Class NI, 2.000% due 3/25/51(m)		118,797
	352,122	NR	Series 5140, Class NI, 2.500% due 5/25/49(m)		49,982
	454,523	NR	Series 5148, Class BI, 2.500% due 1/25/49(m)		63,277
	183,085	NR	Series 5148, Class CI, 2.000% due 6/25/49(m)		20,703
	761,641	NR	Series 5202, Class IN, 3.000% due 1/25/47(m)		101,507
	500,000	NR	Series 5224, Class HL, 4.000% due 4/25/52		447,251
	36,897	NR	Series R007, Class ZA, 6.000% due 5/15/36		38,030
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk REMICS:
	1,229,688	BBB	Series 2020-DNA3, Class B1, 10.502% (30-Day Average SOFR + 5.214%) due 6/25/50(a)(c)		1,326,033
	295,464	BBB+	Series 2021-DNA1, Class M2, 7.088% (30-Day Average SOFR + 1.800%) due 1/25/51(a)(c)		296,037
	752,486	BBB	Series 2021-DNA5, Class M2, 6.938% (30-Day Average SOFR + 1.650%) due 1/25/34(a)(c)		751,582
	1,500,000	BBB-	Series 2021-DNA6, Class M2, 6.788% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(c)		1,469,958
	300,000	BB	Series 2022-DNA2, Class M2, 9.038% (30-Day Average SOFR + 3.750%) due 2/25/42(a)(c)		305,083
	290,000	B+	Series 2022-DNA3, Class B1, 10.938% (30-Day Average SOFR + 5.650%) due 4/25/42(a)(c)		305,913
	227,278	BBB+	Series 2023-DNA1, Class M1A, 7.396% (30-Day Average SOFR + 2.100%) due 3/25/43(a)(c)		230,034
	600,000	NR	Federal National Mortgage Association (FNMA), 5.000% due 11/1/28(j)		602,784
			Federal National Mortgage Association (FNMA), ACES:
	3,249,394	NR	Series 2015-M7, Class X2, 0.575% due 12/25/24(a)(m)		10,954
	13,730,845	NR	Series 2015-M8, Class X2, 0.157% due 1/25/25(a)(m)		11,115
	80,148	NR	Series 2017-M8, Class A2, 3.061% due 5/25/27(a)		75,234
	187,548	NR	Series 2019-M19, Class A2, 2.560% due 9/25/29		167,783
	100,543	NR	Series 2019-M28, Class AV, 2.232% due 2/25/27		93,612
	533,164	NR	Series 2020-M36, Class X1, 1.541% due 9/25/34(a)(m)		34,119
	245,000	NR	Series 2021-M2S, Class A2, 1.868% due 10/25/31(a)		197,208
	425,000	NR	Series 2022-M5, Class A3, 2.437% due 1/1/34(a)		341,823
	265,000	NR	Series 2022-M10, Class A2, 2.003% due 1/25/32(a)		213,180
	492,764	AA+(f)	Federal National Mortgage Association (FNMA), Connecticut Avenue Securities, Series 2014-C02, Class 1M2, 8.002% (30-Day Average SOFR + 2.714%) due 5/25/24(a)		496,595
			Federal National Mortgage Association (FNMA), Grantor Trust:
	43,017	NR	Series 2000-T6, Class A3, 4.238% due 11/25/40(a)		41,991
	99,258	NR	Series 2017-T1, Class A, 2.898% due 6/25/27		91,819
			Federal National Mortgage Association (FNMA), Interest Strip:
	47,211	NR	Series 409, Class C13, 3.500% due 11/25/41(m)		7,215
	101,042	NR	Series 409, Class C18, 4.000% due 4/25/42(m)		18,701
	13,314	NR	Series 409, Class C22, 4.500% due 11/25/39(m)		2,450
			Federal National Mortgage Association (FNMA), REMICS:
	11,254	NR	Series 2004-38, Class FK, 5.752% (30-Day Average SOFR + 0.464%) due 5/25/34(a)		11,154
	184,887	NR	Series 2006-51, Class SP, 1.248% (6.536% – 30-Day Average SOFR) due 3/25/36(h)(m)		5,493
	113,883	NR	Series 2007-68, Class SC, 1.298% (6.586% – 30-Day Average SOFR) due 7/25/37(h)(m)		10,742
	372,358	NR	Series 2008-18, Class SM, 1.598% (6.886% – 30-Day Average SOFR) due 3/25/38(h)(m)		16,589
	287,331	NR	Series 2011-8, Class ZA, 4.000% due 2/25/41		265,583

See Notes to Financial Statements.

204



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	51,432	NR	Series 2011-87, Class SG, 1.148% (6.436% – 30-Day Average SOFR) due 4/25/40(h)(m)	$	1,111
	732,669	NR	Series 2011-131, Class PB, 4.500% due 12/25/41		710,548
	61,817	NR	Series 2012-35, Class SC, 1.098% (6.386% – 30-Day Average SOFR) due 4/25/42(h)(m)		6,260
	49,251	NR	Series 2012-46, Class BA, 6.000% due 5/25/42		50,859
	69,788	NR	Series 2012-51, Class B, 7.000% due 5/25/42		74,775
	54,595	NR	Series 2012-74, Class SA, 1.248% (6.536% – 30-Day Average SOFR) due 3/25/42(h)(m)		3,143
	9,099	NR	Series 2012-75, Class AO, zero coupon due 3/25/42(l)		8,031
	10,178	NR	Series 2012-101, Class BI, 4.000% due 9/25/27(m)		224
	43,938	NR	Series 2012-133, Class CS, 0.748% (6.036% – 30-Day Average SOFR) due 12/25/42(h)(m)		4,214
	177,638	NR	Series 2013-9, Class BC, 6.500% due 7/25/42		187,377
	144,734	NR	Series 2013-9, Class CB, 5.500% due 4/25/42		146,181
	34,948	NR	Series 2013-54, Class BS, 0.748% (6.036% – 30-Day Average SOFR) due 6/25/43(h)(m)		3,662
	28,247	NR	Series 2013-73, Class IA, 3.000% due 9/25/32(m)		1,543
	635,201	NR	Series 2014-6, Class Z, 2.500% due 2/25/44		531,747
	264,518	NR	Series 2015-65, Class CZ, 3.500% due 9/25/45		219,862
	92,834	NR	Series 2018-55, Class PA, 3.500% due 1/25/47		89,356
	43,589	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		42,438
	83,275	NR	Series 2018-94, Class KD, 3.500% due 12/25/48		76,098
	213,065	NR	Series 2020-47, Class GZ, 2.000% due 7/25/50		124,098
	700,000	NR	Series 2020-56, Class AQ, 2.000% due 8/25/50		531,682
	77,594	NR	Series 2020-56, Class DI, 2.500% due 8/25/50(m)		13,450
	619,038	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(m)		103,263
	1,503,243	NR	Series 2021-43, Class IO, 2.500% due 6/25/51(m)		226,114
	532,094	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(m)		74,189
	734,206	NR	Series 2021-69, Class IJ, 2.500% due 1/25/49(m)		98,760
	771,131	NR	Series 2022-86, Class IO, 2.500% due 5/25/50(m)		108,057
	586,931	NR	Series 2023-36, Class AO, zero coupon due 8/25/50(l)		408,042
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,500,000	AA+(f)	Series K104, Class XAM, 1.508% due 1/25/30(a)(m)		183,325
	440,000	AAA(f)	Series K144, Class A2, 2.450% due 4/25/32		367,799
	960,695	AAA(f)	Series K736, Class X1, 1.410% due 7/25/26(a)(m)		27,850
	3,989,517	AAA(f)	Series K743, Class X1, 1.026% due 5/25/28(a)(m)		144,376
	164,201	NR	Series KIR2, Class A1, 2.748% due 3/25/27		156,840
	975,412	CC	First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 5.909% (1-Month Term SOFR + 0.594%) due 10/25/36(a)		634,044
	1,100,000	Aaa(d)	Flatiron CLO 21 Ltd., Series 2021-1A, Class A1, 6.692% (3-Month USD-LIBOR + 1.110%) due 7/19/34(a)(c)		1,095,253
			Ford Credit Floorplan Master Owner Trust A:
	583,000	AAA	Series 2018-4, Class A, 4.060% due 11/15/30		552,022
	2,288,000	Aaa(d)	Series 2023-1, Class A1, 4.920% due 5/15/28(c)		2,269,044
			Freddie Mac Multifamily Structured Pass Through Certificates:
	3,433,725	AAA(f)	Series K104, Class X1, 1.246% due 1/25/30(a)(m)		190,832
	300,000	AAA(f)	Series K109, Class A2, 1.558% due 4/25/30		245,957
	10,482,327	Aaa(d)	Series K130, Class X1, 1.143% due 6/25/31(a)(m)		655,130
	4,491,461	AAA(f)	Series K131, Class X1, 0.830% due 7/25/31(a)(m)		203,561
	1,240,000	Aaa(d)	Series K146, Class A2, 2.920% due 6/25/32		1,074,518
	736,000	Aaa(d)	Series K148, Class A2, 3.500% due 7/25/32(a)		667,335
	19,188,046	Aaa(d)	Series K148, Class X1, 0.391% due 7/25/32(a)(m)		401,401
	300,000	AAA(f)	Series K748, Class A2, 2.260% due 1/25/29(a)		264,247
	200,000	Aaa(d)	Series K751, Class A2, 4.412% due 3/25/30		195,282
	994,203	NR	Series KG08, Class A2, 4.134% due 5/25/33(a)		940,885
	320,000	AAA(f)	Series K-152, Class A2, 3.780% due 11/25/32(a)		295,926
	8,999,909	AAA(f)	Series K-157, Class X1, 0.419% due 5/25/33(a)(m)		210,880
	300,000	NR	Freddie Mac Multifamily Certificates, Series K159, Class A2, 4.500% due 11/25/33(c)		292,552

See Notes to Financial Statements.

205



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	259,589	BBB+	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2023-DNA2, Class M1A, 7.396% (30-Day Average SOFR + 2.100%) due 4/25/43(a)(c)	$	262,359
	314,076	NR	FREMF Mortgage Trust, Series 2019-KF58, Class B, 7.366% (30-Day Average SOFR + 2.264%) due 1/25/26(a)(c)		294,734
	144,918	NR	FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500% due 1/25/39(a)		135,058
	250,000	Aaa(d)	Galaxy XXVI CLO Ltd., Series 2018-26A, Class A, 6.845% (3-Month Term SOFR + 1.462%) due 11/22/31(a)(c)		249,427
	1,050,000	AA	GoldenTree Loan Management US CLO 1 Ltd., Series 2021-11A, Class B, 7.188% (3-Month Term SOFR + 1.862%) due 10/20/34(a)(c)		1,033,026
			GoodLeap Sustainable Home Solutions Trust:
	270,955	A(f)	Series 2022-1GS, Class A, 2.700% due 1/20/49(c)		216,861
	487,000	A(f)	Series 2023-3C, Class A, 6.500% due 7/20/55(c)(j)		487,224
			Government National Mortgage Association (GNMA):
	233,661	NR	Series 2007-51, Class SG, 1.152% (6.466% – 1-Month Term SOFR) due 8/20/37(h)(m)		6,848
	747,148	NR	Series 2008-51, Class GS, 0.803% (6.116% – 1-Month Term SOFR) due 6/16/38(h)(m)		47,477
	3,604	NR	Series 2010-85, Class HS, 1.222% (6.536% – 1-Month Term SOFR) due 1/20/40(h)(m)		20
	102,685	NR	Series 2012-H27, Class AI, 1.744% due 10/20/62(a)(m)		3,167
	74,796	NR	Series 2013-53, Class OI, 3.500% due 4/20/43(m)		7,783
	296,342	NR	Series 2013-85, Class IA, 0.522% due 3/16/47(a)(m)		2,376
	74,860	NR	Series 2013-107, Class AD, 2.840% due 11/16/47(a)		66,547
	81,381	NR	Series 2014-105, Class IO, 0.125% due 6/16/54(a)(m)		480
	837,143	NR	Series 2014-H20, Class FA, 5.648% (1-Month Term SOFR + 0.544%) due 10/20/64(a)		831,185
	43,778	NR	Series 2015-167, Class OI, 4.000% due 4/16/45(m)		8,291
	147,348	NR	Series 2015-167, Class SA, 0.822% (6.136% – 1-Month Term SOFR) due 11/20/45(h)(m)		15,022
	44,468	NR	Series 2016-84, Class IG, 4.500% due 11/16/45(m)		8,731
	98,273	NR	Series 2016-135, Class SB, 0.673% (5.986% – 1-Month Term SOFR) due 10/16/46(h)(m)		12,893
	63,787	NR	Series 2017-187, Class SJ, 0.772% (6.086% – 1-Month Term SOFR) due 12/20/47(h)(m)		6,636
	416,183	NR	Series 2017-H22, Class IC, 0.341% due 11/20/67(a)(m)		12,789
	81,656	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		75,896
	113,475	NR	Series 2019-12, Class QA, 3.500% due 9/20/48		106,847
	287,013	NR	Series 2019-86, Class C, 2.500% due 3/20/49		245,427
	81,032	NR	Series 2019-119, Class JE, 3.000% due 9/20/49		71,122
	253,152	NR	Series 2020-47, Class MI, 3.500% due 4/20/50(m)		42,747
	70,892	NR	Series 2020-47, Class NI, 3.500% due 4/20/50(m)		11,766
	585,440	NR	Series 2020-103, Class AD, 1.450% due 1/16/63		446,064
	369,484	NR	Series 2020-123, Class IL, 2.500% due 8/20/50(m)		48,036
	228,860	NR	Series 2020-123, Class NI, 2.500% due 8/20/50(m)		31,752
	74,480	NR	Series 2020-127, Class IN, 2.500% due 8/20/50(m)		10,165
	299,815	NR	Series 2020-127, Class LP, 1.500% due 6/20/50		234,474
	77,664	NR	Series 2020-129, Class IE, 2.500% due 9/20/50(m)		10,595
	80,211	NR	Series 2020-160, Class IH, 2.500% due 10/20/50(m)		10,915
	77,284	NR	Series 2020-160, Class VI, 2.500% due 10/20/50(m)		11,025
	313,290	NR	Series 2020-160, Class YI, 2.500% due 10/20/50(m)		41,714
	2,890,959	NR	Series 2020-173, Class MI, 2.500% due 11/20/50(m)		378,613
	372,749	NR	Series 2020-181, Class WI, 2.000% due 12/20/50(m)		40,510
	185,498	NR	Series 2020-H09, Class FL, 4.850% (1-Month Term SOFR + 1.264%) due 5/20/70(a)		186,055
	48,497	NR	Series 2020-H12, Class F, 5.530% (1-Month Term SOFR + 0.614%) due 7/20/70(a)		47,702
	255,533	NR	Series 2020-H13, Class FA, 4.989% (1-Month Term SOFR + 0.564%) due 7/20/70(a)		249,841
	48,443	NR	Series 2020-H13, Class FC, 4.796% (1-Month Term SOFR + 0.564%) due 7/20/70(a)		47,427
	169,002	NR	Series 2021-2, Class AH, 1.500% due 6/16/63		126,404
	145,105	NR	Series 2021-14, Class AB, 1.340% due 6/16/63		108,678
	1,352,847	NR	Series 2021-77, Class LC, 1.250% due 7/20/50		1,039,293
	398,595	NR	Series 2021-115, Class MI, 2.500% due 5/20/51(m)		41,836
	2,665,078	NR	Series 2021-133, Class IO, 0.880% due 7/16/63(a)(m)		176,022
	435,873	NR	Series 2021-188, Class PA, 2.000% due 10/20/51		361,287

See Notes to Financial Statements.

206



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	300,000	NR	Series 2022-3, Class B, 1.850% due 2/16/61	$	151,695
	1,359,215	NR	Series 2022-3, Class IO, 0.640% due 2/16/61(a)(m)		65,224
	382,013	NR	Series 2022-189, Class PT, 2.500% due 10/20/51		314,744
	200,000	NR	Series 2022-196, Class BE, 3.000% due 10/16/64(a)		143,739
	1,488,847	NR	Series 2022-210, Class IO, 0.695% due 7/16/64(a)(m)		96,502
	1,492,722	NR	Series 2022-216, Class IO, 0.750% due 7/16/65(a)(m)		91,807
	1,399,952	NR	Series 2023-92, Class AH, 2.000% due 6/16/64		1,068,428
	1,999,932	NR	Series 2023-92, Class IA, 0.611% due 6/16/64(a)(m)		126,839
	710,000	Aaa(d)	Great Wolf Trust, Series 2019-WOLF, Class A, 6.458% (1-Month Term SOFR + 1.148%) due 12/15/36(a)(c)		707,328
			GS Mortgage Securities Corp. Trust:
	636,208	BBB-	Series 2018-SRP5, Class A, 7.225% (1-Month Term SOFR + 1.914%) due 9/15/31(a)(c)		528,010
	1,772,000	AA-(f)	Series 2021-IP, Class B, 6.575% (1-Month Term SOFR + 1.264%) due 10/15/36(a)(c)		1,653,930
	370,000	AAA	Series 2021-ROSS, Class A, 6.575% (1-Month Term SOFR + 1.264%) due 5/15/26(a)(c)		325,707
	520,000	Aaa(d)	Series 2023-FUN, Class A, 7.402% (1-Month Term SOFR + 2.091%) due 3/15/28(a)(c)		516,263
	525,000	Aa3(d)	Series 2023-FUN, Class B, 8.101% (1-Month Term SOFR + 2.790%) due 3/15/28(a)(c)		519,272
	209,569	Aaa(d)	GS Mortgage Securities Trust, Series 2017-GS6, Class A2, 3.164% due 5/10/50		193,565
	1,071,260	WR(d)	GSAMP Trust, Series 2004-AR2, Class M2, 6.329% (1-Month Term SOFR + 1.014%) due 8/25/34(a)		1,057,768
	250,000	AAA	Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, 6.940% (3-Month Term SOFR + 1.632%) due 4/15/33(a)(c)		249,603
			Harborview Mortgage Loan Trust:
	52,321	AA-	Series 2004-5, Class 2A6, 4.630% due 6/19/34(a)		49,948
	36,408	WD(f)	Series 2006-2, Class 1A, 5.525% due 2/25/36(a)		12,621
	658,012	Caa2(d)	Series 2006-10, Class 1A1A, 5.628% (1-Month Term SOFR + 0.314%) due 11/19/36(a)		519,959
	374,833	Aa1(d)	Hildene Community Funding CDO Ltd., Series 2015-1A, Class ARR, 2.600% due 11/1/35(c)		327,042
	780,000	CC	Home Equity Asset Trust, Series 2005-6, Class M5, 6.374% (1-Month Term SOFR + 1.059%) due 12/25/35(a)		713,172
	1,640,356	B	HomeBanc Mortgage Trust, Series 2005-5, Class A2, 6.109% (1-Month Term SOFR + 0.794%) due 1/25/36(a)		1,568,812
	1,049,392	Aaa(d)	HPS Loan Management Ltd., Series 11A-17, Class AR, 6.651% (3-Month Term SOFR + 1.282%) due 5/6/30(a)(c)		1,045,834
	43,134	AA	Impac CMB Trust, Series 2007-A, Class A, 5.929% (1-Month Term SOFR + 0.614%) due 5/25/37(a)(c)		40,512
	710,000	AAA(f)	Independence Plaza Trust, Series 2018-INDP, Class A, 3.763% due 7/10/35(c)		666,725
			Indymac Index Mortgage Loan Trust:
	854,416	CCC	Series 2005-AR14, Class 2A1A, 6.029% (1-Month Term SOFR + 0.714%) due 7/25/35(a)		685,917
	24,416	Caa2(d)	Series 2005-AR15, Class A2, 3.736% due 9/25/35(a)		21,635
	299,192	NR	InStar Leasing III LLC, Series 2021-1A, Class A, 2.300% due 2/15/54(c)		251,981
	889,596	CC	IXIS Real Estate Capital Trust, Series 2006-HE2, Class A3, 5.749% (1-Month Term SOFR + 0.434%) due 8/25/36(a)		262,445
			JP Morgan Chase Commercial Mortgage Securities Trust:
	1,710,000	Caa3(d)	Series 2018-PHH, Class F, 8.667% (1-Month Term SOFR + 3.357%) due 6/15/35(a)(c)(k)		358,765
	365,000	Aaa(d)	Series 2019-OSB, Class A, 3.397% due 6/5/39(c)		314,738
	250,000	Baa1(d)	Series 2021-MHC, Class D, 7.124% (1-Month Term SOFR + 1.814%) due 4/15/38(a)(c)		245,709
	495,130	CCC	JP Morgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1, 6.014% (1-Month Term SOFR + 0.699%) due 5/25/35(a)		483,876
	880,000	BB	JP Morgan Mortgage Acquisition Trust, Series 2007-CH2, Class MV2, 5.729% (1-Month Term SOFR + 0.414%) due 1/25/37(a)		842,350
			JP Morgan Mortgage Trust:
	147,146	AA+	Series 2018-3, Class A1, 3.500% due 9/25/48(a)(c)		129,222
	137,567	AA+	Series 2018-5, Class A1, 3.500% due 10/25/48(a)(c)		120,606
	27,211	AAA	Series 2019-1, Class A11, 6.379% (1-Month Term SOFR + 1.064%) due 5/25/49(a)(c)		26,380

See Notes to Financial Statements.

207



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	691,131	Aaa(d)	Series 2019-6, Class B1, 4.242% due 12/25/49(a)(c)	$	622,305
	1,638,346	Aaa(d)	Series 2021-13, Class A3, 2.500% due 4/25/52(a)(c)		1,303,423
	33,502	Aaa(d)	JP Morgan Trust, Series 2015-5, Class A9, 6.525% due 5/25/45(a)(c)		32,868
			JPMBB Commercial Mortgage Securities Trust:
	40,000	Aa3(d)	Series 2013-C17, Class B, 5.039% due 1/15/47(a)		36,683
	350,000	CCC(f)	Series 2014-C23, Class E, 3.364% due 9/15/47(a)(c)		272,106
			JPMDB Commercial Mortgage Securities Trust:
	340,000	A(f)	Series 2017-C5, Class B, 4.009% due 3/15/50(a)		266,566
	190,000	Aaa(d)	Series 2017-C7, Class A5, 3.409% due 10/15/50		173,268
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		110,560
	805,755	A3(d)	KKR Industrial Portfolio Trust, Series 2021-KDIP, Class D, 6.675% (1-Month Term SOFR + 1.364%) due 12/15/37(a)(c)		794,957
	890,000	Aaa(d)	KREF Ltd., Series 2021-FL2, Class A, 6.498% (1-Month Term SOFR + 1.184%) due 2/15/39(a)(c)		878,993
	1,200,000	NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(c)		836,338
	582,688	AAA	LAQ Mortgage Trust, Series 2023-LAQ, Class A, 7.402% (1-Month Term SOFR + 2.091%) due 3/15/36(a)(c)		582,324
			Legacy Mortgage Asset Trust:
	1,664,066	NR	Series 2020-GS2, Class A1, step bond to yield, 5.750% due 3/25/60(c)		1,657,493
	718,217	NR	Series 2021-GS2, Class A1, step bond to yield, 1.750% due 4/25/61(c)		673,155
	538,576	NR	Series 2021-GS3, Class A1, step bond to yield, 1.750% due 7/25/61(c)		511,383
	491,485	NR	Life Mortgage Trust, Series 2021-BMR, Class G, 8.374% (1-Month Term SOFR + 3.064%) due 3/15/38(a)(c)		467,063
	1,500,000	AA	Lucali CLO Ltd., Series 2020-1A, Class B, 7.170% (3-Month Term SOFR + 1.862%) due 1/15/33(a)(c)		1,482,286
	251,591	Baa2(d)	Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.432% due 10/15/46(c)		206,879
	1,295,000	AAA	Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.732% (3-Month Term SOFR + 1.412%) due 4/19/33(a)(c)		1,290,486
	274,701	AAA	Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, 6.831% (3-Month Term SOFR + 1.462%) due 7/29/30(a)(c)		274,579
	528,780	A+	MAPS Trust, Series 2021-1A, Class A, 2.521% due 6/15/46(c)		460,039
	119,636	WD(f)	MASTR Seasoned Securitization Trust, Series 2005-1, Class 4A1, 5.769% due 10/25/32(a)		112,862
	854,897	A3(d)	Med Trust, Series 2021-MDLN, Class D, 7.424% (1-Month Term SOFR + 2.114%) due 11/15/38(a)(c)		821,915
	201,855	CC	Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4, 5.929% (1-Month Term SOFR + 0.614%) due 7/25/37(a)		95,500
	12,225	WD(f)	Merrill Lynch Mortgage Investors Trust, Series 2004-A3, Class 4A3, 4.608% due 5/25/34(a)		10,918
	1,155,000	Aaa(d)	MF1 Ltd., Series 2021-FL7, Class A, 6.506% (1-Month Term SOFR + 1.194%) due 10/16/36(a)(c)		1,133,344
	250,000	AAA(f)	MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, 6.225% (1-Month Term SOFR + 0.915%) due 4/15/38(a)(c)		246,536
	275,000	AAA(f)	MKT Mortgage Trust, Series 2020-525M, Class A, 2.694% due 2/12/40(c)		196,605
			ML-CFC Commercial Mortgage Trust:
	31,224	Ca(d)	Series 2007-5, Class AJ, 5.450% due 8/12/48(a)		7,895
	2,881	WD(f)	Series 2007-9, Class AJ, 6.193% due 9/12/49(a)		2,773
			Morgan Stanley Bank of America Merrill Lynch Trust:
	500,000	Aaa(d)	Series 2013-C13, Class A4, 4.039% due 11/15/46(n)		497,004
	512,158	Aaa(d)	Series 2016-C28, Class A3, 3.272% due 1/15/49(n)		481,365
	208,157	NR	Mosaic Solar Loan Trust, Series 2021-1A, Class D, 3.710% due 12/20/46(c)		175,440
	1,391,937	AAA	MVW Owner Trust, Series 2019-1A, Class A, 2.890% due 11/20/36(c)		1,333,764
	495,658	AAA	Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, 6.490% (3-Month Term SOFR + 1.182%) due 10/15/29(a)(c)		493,919
	1,200,000	Aaa(d)	Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ARR, 6.730% (3-Month Term SOFR + 1.422%) due 7/15/34(a)(c)		1,191,676

See Notes to Financial Statements.

208



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	1,270,000	A-	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(c)	$	1,062,408
			New Residential Mortgage Loan Trust:
	127,662	AAA	Series 2016-4A, Class A1, 3.750% due 11/25/56(a)(c)		116,763
	170,134	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(c)		162,618
	433,984	Aaa(d)	Series 2019-2A, Class A1, 4.250% due 12/25/57(a)(c)		410,868
	452,963	Aaa(d)	Series 2019-6A, Class A1B, 3.500% due 9/25/59(a)(c)		414,032
	695,748	AAA(f)	Series 2022-NQM4, Class A1, step bond to yield, 5.000% due 6/25/62(c)		676,279
	433,204	Aaa(d)	Newark BSL CLO 1 Ltd., Series 2016-1A, Class A1R, 6.719% (3-Month Term SOFR + 1.362%) due 12/21/29(a)(c)		432,253
	352,256	AAA	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1, 1.850% due 11/20/50(c)		314,530
			OBX Trust:
	218,407	AAA(f)	Series 2022-NQM6, Class A1, step bond to yield, 4.700% due 7/25/62(c)		211,636
	400,246	AAA(f)	Series 2022-NQM7, Class A1, step bond to yield, 5.110% due 8/25/62(c)		391,246
	875,901	AAA(f)	Series 2023-NQM3, Class A1, step bond to yield, 5.949% due 2/25/63(c)		869,620
			OCP CLO Ltd.:
	490,000	AAA	Series 2018-15A, Class A1, 6.688% (3-Month Term SOFR + 1.362%) due 7/20/31(a)(c)		489,191
	250,000	AAA	Series 2019-16A, Class AR, 6.543% (3-Month Term SOFR + 1.262%) due 4/10/33(a)(c)		248,603
	263,129	AAA	Octagon Investment Partners 35 Ltd., Series 2018-1A, Class A1A, 6.648% (3-Month Term SOFR + 1.322%) due 1/20/31(a)(c)		262,499
	497,535	AAA	Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1, 6.540% (3-Month Term SOFR + 1.232%) due 4/15/31(a)(c)		496,197
	1,000,000	AAA	Octagon Investment Partners 46 Ltd., Series 2020-2A, Class AR, 6.730% (3-Month Term SOFR + 1.422%) due 7/15/36(a)(c)		992,263
	500,000	Aaa(d)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(c)		407,243
			OneMain Financial Issuance Trust:
	1,650,000	AAA	Series 2023-1A, Class A, 5.500% due 6/14/38(c)		1,639,066
	1,259,000	AAA	Series 2023-2A, Class A2, 6.746% (30-Day Average SOFR + 1.500%) due 9/15/36(a)(c)		1,262,142
	2,618,850	AAA(f)	Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(c)		2,103,622
	1,650,000	B+	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-4, Class M2, 6.179% (1-Month Term SOFR + 0.864%) due 11/25/35(a)		1,583,798
	144,657	BB+	Option One Mortgage Loan Trust, Series 2004-3, Class M1, 6.209% (1-Month Term SOFR + 0.894%) due 11/25/34(a)		141,420
			Palmer Square CLO Ltd.:
	636,249	AAA	Series 2014-1A, Class A1R2, 6.700% (3-Month Term SOFR + 1.392%) due 1/17/31(a)(c)		636,451
	1,150,000	AAA	Series 2018-2A, Class A1A, 6.670% (3-Month Term SOFR + 1.362%) due 7/16/31(a)(c)		1,146,480
	540,000	AAA	Series 2022-4A, Class A1A, 7.476% (3-Month Term SOFR + 2.150%) due 10/20/35(a)(c)		544,196
	1,656,296	CCC	Park Place Securities Inc. Asset-Backed Pass-Through Certificates, Series 2004-WWF1, Class M5, 7.229% (1-Month Term SOFR + 1.914%) due 12/25/34(a)		1,622,510
			PFS Financing Corp.:
	400,000	AAA	Series 2020-E, Class A, 1.000% due 10/15/25(c)		397,589
	190,000	AAA	Series 2021-A, Class A, 0.710% due 4/15/26(c)		183,859
	1,050,000	AAA	Series 2022-C, Class A, 3.890% due 5/15/27(c)		1,017,251
	788,000	AAA	Series 2022-D, Class A, 4.270% due 8/15/27(c)		767,262
	1,931,000	AAA	Series 2023-A, Class A, 5.800% due 3/15/28(c)		1,939,485
	633,000	AAA	Series 2023-C, Class A, 5.520% due 10/16/28(c)		633,943
			PMT Credit Risk Transfer Trust:
	250,266	NR	Series 2019-2R, Class A, 9.193% (1-Month Term SOFR + 3.864%) due 5/30/25(a)(c)		250,020
	135,527	NR	Series 2019-3R, Class A, 9.118% (30-Day Average SOFR + 3.814%) due 11/27/31(a)(c)		133,476
	1,379,686	NR	PRET LLC, Series 2022-RN2, Class A1, step bond to yield, 5.000% due 6/25/52(c)		1,312,803
	1,525,195	NR	Pretium Mortgage Credit Partners LLC, Series 2022-RN3, Class A1, 5.000% due 8/25/52(a)(c)		1,452,798
			Prime Mortgage Trust:
	2,654	WR(d)	Series 2006-DR1, Class 1A1, 5.500% due 5/25/35(c)		2,640
	460,777	WR(d)	Series 2006-DR1, Class 2A1, 5.500% due 5/25/35(c)		377,906

See Notes to Financial Statements.

209



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
			PRKCM Trust:
$	770,000	BBB	Series 2022-AFC2, Class M1, 6.233% due 8/25/57(a)(c)	$	736,411
	818,167	AAA	Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(c)		827,159
	666,000	NR	Progress Residential, Series 2021-SFR1, Class G, 3.861% due 4/17/38(c)		591,765
	2,900,000	NR	Progress Residential Trust, Series 2021-SFR9, Class F, 4.053% due 11/17/40(c)		2,409,370
			PRPM LLC:
	708,217	NR	Series 2021-11, Class A1, step bond to yield, 2.487% due 11/25/26(c)		677,885
	905,375	AAA(f)	Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(c)		886,778
	500,000	Aaa(d)	Rad CLO 16 Ltd., Series 2022-16A, Class A1, 7.558% (3-Month Term SOFR + 2.250%) due 10/15/34(a)(c)		500,374
	1,435,000	AAA	RBS Commercial Funding Inc. Trust, Series 2013-GSP, Class A, 3.961% due 1/15/32(a)(c)		1,395,988
	970,612	Aaa(d)	Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, 6.629% (1-Month Term SOFR + 1.314%) due 11/25/36(a)(c)		963,637
	880,268	Aaa(d)	Regatta X Funding Ltd., Series 2017-3A, Class A, 6.690% (3-Month Term SOFR + 1.382%) due 1/17/31(a)(c)		878,261
	1,100,000	AA	Regatta XII Funding Ltd., Series 2019-1A, Class BR, 7.170% (3-Month Term SOFR + 1.862%) due 10/15/32(a)(c)		1,090,151
	88,187	Caa2(d)	Residential Asset Securitization Trust, Series 2005-A15, Class 1A4, 5.750% due 2/25/36		81,205
	850,000	NR	RIAL Issuer Ltd., Series 2022-FL8, Class D, 10.063% (1-Month Term SOFR + 4.750%) due 1/19/37(a)(c)		783,258
	267,083	NR	SBA Small Business Investment Cos., Series 2018-10B, Class 1, 3.548% due 9/10/28		248,633
			Seasoned Credit Risk Transfer Trust:
	71,263	NR	Series 2018-2, Class MA, 3.500% due 11/25/57		66,810
	790,000	BB(f)	Series 2019-1, Class M, 4.750% due 7/25/58(a)(c)		723,581
	238,257	NR	Series 2019-2, Class MA, 3.500% due 8/25/58		221,260
	210,000	BB(f)	Series 2020-2, Class M, 4.250% due 11/25/59(a)(c)		182,542
	474,275	A+	Sequoia Mortgage Trust, Series 2003-1, Class 1A, 6.188% (1-Month Term SOFR + 0.874%) due 4/20/33(a)		431,170
	250,000	AAA	Signal Peak CLO 12 Ltd., Series 2022-12A, Class A1, 6.850% (3-Month Term SOFR + 1.540%) due 7/18/34(a)(c)		249,031
	330,000	AAA(f)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(c)		265,419
	976,000	B2(d)	SMRT, Series 2022-MINI, Class F, 8.661% (1-Month Term SOFR + 3.350%) due 1/15/39(a)(c)		906,299
	310,000	NR	Soho Trust, Series 2021-SOHO, Class B, 2.786% due 8/10/38(a)(c)		207,831
			SREIT Trust:
	1,110,000	AAA	Series 2021-MFP, Class A, 6.156% (1-Month Term SOFR + 0.845%) due 11/15/38(a)(c)		1,088,921
	1,240,000	BB+	Series 2021-PALM, Class E, 7.334% (1-Month Term SOFR + 2.024%) due 10/15/34(a)(c)		1,168,566
	880,269	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(c)		799,039
	544,042	AAA	Store Maser Funding I-VII XIV XIX XX, Series 2021-1A, Class A1, 2.120% due 6/20/51(c)		454,671
	417,354	A	Structured Asset Investment Loan Trust, Series 2004-6, Class A3, 6.229% (1-Month Term SOFR + 0.914%) due 7/25/34(a)		405,830
	47,146	AA+	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 5.928% (1-Month Term SOFR + 0.614%) due 7/19/35(a)		42,766
	850,000	Aaa(d)	STWD Ltd., Series 2022-FL3, Class A, 6.539% (30-Day Average SOFR + 1.350%) due 11/15/38(a)(c)		831,100
	374,853	NR	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(c)		329,102
	1,015,000	AAA(f)	Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, 7.496% (1-Month Term SOFR + 2.186%) due 5/15/37(a)(c)		993,089
	212,656	AAA	TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, 6.408% (3-Month Term SOFR + 1.100%) due 1/17/32(a)(c)		211,259
			Tharaldson Hotel Portfolio Trust:
	81,008	AAA	Series 2018-THL, Class A, 6.481% (1-Month Term SOFR + 1.164%) due 11/11/34(a)(c)		80,252
	291,629	B+	Series 2018-THL, Class E, 8.911% (1-Month Term SOFR + 3.594%) due 11/11/34(a)(c)		282,277
			Towd Point Mortgage Trust:
	760,000	Baa3(d)	Series 2015-2, Class 1B3, 3.606% due 11/25/60(a)(c)		635,277

See Notes to Financial Statements.

210



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 12.1% — (continued)
$	350,488	Aaa(d)	Series 2015-5, Class M1, 3.500% due 5/25/55(a)(c)	$	348,182
	770,000	Baa1(d)	Series 2016-5, Class B2, 3.734% due 10/25/56(a)(c)		635,348
	329,846	AAA(f)	Series 2020-2, Class A1A, 1.636% due 4/25/60(a)(c)		287,125
	167,796	Aaa(d)	TPGI Trust, Series 2021-DGWD, Class A, 6.124% (1-Month Term SOFR + 0.814%) due 6/15/26(a)(c)		164,746
	250,000	AAA	Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1, 6.758% (3-Month Term SOFR + 1.432%) due 1/20/35(a)(c)		248,326
			UBS Commercial Mortgage Trust:
	340,000	AA-(f)	Series 2018-C11, Class B, 4.713% due 6/15/51(a)		285,773
	470,000	Aaa(d)	Series 2019-C17, Class A3, 2.669% due 10/15/52		400,212
	1,027,828	NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(c)		942,814
			Verus Securitization Trust:
	773,080	AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(c)		627,458
	2,676,549	AAA	Series 2021-7, Class A1, 1.829% due 10/25/66(a)(c)		2,281,420
	291,641	A	Series 2023-3, Class A3, step bond to yield, 6.743% due 3/25/68(c)		291,374
	99,613	AAA	Virginia Housing Development Authority, Revenue Bonds, Series C, 6.000% due 6/25/34		97,859
	872,488	NR	VOLT XCIX LLC, Series 2021-NPL8, Class A1, step bond to yield, 2.116% due 4/25/51(c)		817,037
			Voya CLO Ltd.:
	670,896	Aaa(d)	Series 2014-2A, Class A1RR, 6.590% (3-Month Term SOFR + 1.282%) due 4/17/30(a)(c)		668,121
	350,000	Aaa(d)	Series 2022-4A, Class A, 7.476% (3-Month Term SOFR + 2.150%) due 10/20/33(a)(c)		350,260
	1,736,368	BBB	WaMu Mortgage Pass-Through Certificates, Series 2005-AR8, Class 2AC2, 6.349% (1-Month Term SOFR + 1.034%) due 7/25/45(a)		1,617,564
			WaMu Mortgage Pass-Through Certificates Trust:
	263,276	BB	Series 2005-AR1, Class A1B, 6.209% (1-Month Term SOFR + 0.894%) due 1/25/45(a)		244,132
	486,053	BB-	Series 2005-AR4, Class A5, 3.909% due 4/25/35(a)		458,679
	1,976,626	BB+	Series 2005-AR15, Class A1A1, 5.949% (1-Month Term SOFR + 0.634%) due 11/25/45(a)		1,811,496
	601,550	A-	Series 2005-AR19, Class A1B3, 6.129% (1-Month Term SOFR + 0.814%) due 12/25/45(a)		568,126
	471,960	B+	Series 2006-AR3, Class A1A, 5.430% (1-Year Treasury Average Rate + 1.000%) due 2/25/46(a)		417,397
	271,611	Ca(d)	Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2007-OA2, Class 2A, 5.130% (1-Year Treasury Average Rate + 0.700%) due 1/25/47(a)		221,536
			Wells Fargo Commercial Mortgage Trust:
	90,220	B2(d)	Series 2013-LC12, Class B, 4.131% due 7/15/46(a)		74,149
	1,000,000	Aa2(d)	Series 2015-C28, Class AS, 3.872% due 5/15/48(a)		938,854
	150,000	Aaa(d)	Series 2015-LC20, Class A5, 3.184% due 4/15/50		143,227
	271,321	AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		258,921
	384,614	Aaa(d)	Series 2016-C33, Class A3, 3.162% due 3/15/59		360,595
	10,035,925	Aaa(d)	Series 2018-C43, Class XA, 0.738% due 3/15/51(a)(m)		221,019
	250,000	Aaa(d)	Series 2018-C44, Class A4, 3.948% due 5/15/51		233,165
	3,355,036	Aaa(d)	Series 2019-C52, Class XA, 1.749% due 8/15/52(a)(m)		214,579
	180,000	AAA	Series 2019-C54, Class A4, 3.146% due 12/15/52		156,469
	101,607	Aaa(d)	Wells Fargo Mortgage-Backed Securities Trust, Series 2019-4, Class A2, 3.000% due 9/25/49(a)(c)		85,859

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $231,395,233)		217,107,308


ASSET-BACKED SECURITIES — 2.6%

Automobiles — 1.0%
	780,000	Aaa(d)	Avis Budget Rental Car Funding AESOP LLC, Series 2023-5A, Class A, 5.780% due 4/20/28(c)		778,918
	1,522,000	AAA	Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3, 3.660% due 5/17/27		1,478,874
			CarMax Auto Owner Trust:
	146,184	AAA	Series 2022-2, Class A2A, 2.810% due 5/15/25		145,607
	100,000	AAA	Series 2022-2, Class A3, 3.490% due 2/16/27		97,542
	606,000	AAA	Series 2023-3, Class A3, 5.280% due 5/15/28		606,363

See Notes to Financial Statements.

211



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Automobiles — 1.0% — (continued)
			Credit Acceptance Auto Loan Trust:
$	178,182	AAA	Series 2021-2A, Class A, 0.960% due 2/15/30(c)	$	175,577
	238,256	AAA	Series 2021-3A, Class A, 1.000% due 5/15/30(c)		233,247
	470,000	AAA	Series 2021-4, Class A, 1.260% due 10/15/30(c)		453,394
			Enterprise Fleet Financing LLC:
	1,287,000	AAA	Series 2023-2, Class A2, 5.560% due 4/22/30(c)		1,280,440
	277,000	AAA	Series 2023-2, Class A3, 5.500% due 4/22/30(c)		274,197
	64,822	AAA	Ford Credit Auto Lease Trust, Series 2022-A, Class A2A, 2.780% due 10/15/24		64,741
			Ford Credit Auto Owner Trust:
	437,000	Aaa(d)	Series 2022-D, Class A3, 5.270% due 5/17/27		436,466
	1,818,000	AAA	Series 2023-1, Class A, 4.850% due 8/15/35(c)		1,803,868
	1,623,000	Aaa(d)	Series 2023-2, Class A, 5.280% due 2/15/36(c)		1,634,980
	411,000	AAA	Series 2023-A, Class A3, 4.650% due 2/15/28		405,588
	359,000	AAA	Series 2023-B, Class A3, 5.230% due 5/15/28		359,527
	898,000	AAA	GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.450% due 6/16/28		902,978
	920,000	Aaa(d)	Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.210% due 12/26/25(c)		871,385
			Honda Auto Receivables Owner Trust:
	796,818	Aaa(d)	Series 2021-4, Class A3, 0.880% due 1/21/26		767,008
	821,000	AAA	Series 2023-2, Class A3, 4.930% due 11/15/27		815,936
			Hyundai Auto Receivables Trust:
	945,000	AAA	Series 2022-B, Class A4, 3.800% due 8/15/28		911,537
	524,000	AAA	Series 2023-B, Class A3, 5.480% due 4/17/28		527,514
	597,639	Aaa(d)	LAD Auto Receivables Trust, Series 2023-1A, Class A2, 5.680% due 10/15/26(c)		595,584
	1,322,000	AAA	Porsche Financial Auto Securitization Trust, Series 2023-1A, Class A3, 4.810% due 9/22/28(c)		1,309,025
	1,118,000	Aaa(d)	Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3, 4.710% due 2/15/28		1,107,455
	440,000	AAA	Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A3, 5.020% due 6/20/28		438,635

			Total Automobiles		18,476,386


Credit Cards — 0.5%
			American Express Credit Account Master Trust:
	3,100,000	AAA	Series 2022-2, Class A, 3.390% due 5/15/27		3,000,414
	798,000	Aaa(d)	Series 2022-3, Class A, 3.750% due 8/15/27		775,528
	1,218,000	AAA	Series 2023-1, Class A, 4.870% due 5/15/28		1,213,740
	580,000	AAA	Series 2023-2, Class A, 4.800% due 5/15/30		579,226
			Capital One Multi-Asset Execution Trust:
	602,000	AAA	Series 2022-A3, Class A, 4.950% due 10/15/27		598,465
	879,000	AAA	Series 2023-A1, Class A, 4.420% due 5/15/28		864,052
	1,301,000	Aaa(d)	Discover Card Execution Notes Trust, Series 2023-A1, Class A, 4.310% due 3/15/28		1,275,528
	300,000	NR	Mercury Financial Credit Card Master Trust, Series 2022-1A, Class B, 3.200% due 9/21/26(c)		286,069

			Total Credit Cards		8,593,022


Student Loans — 1.1%
			College Ave Student Loans LLC:
	167,726	AAA	Series 2019-A, Class A1, 6.829% (1-Month Term SOFR + 1.514%) due 12/28/48(a)(c)		167,146
	111,817	AAA	Series 2019-A, Class A2, 3.280% due 12/28/48(c)		103,476
	306,070	AAA	Series 2023-A, Class A2, 5.330% due 5/25/55(c)		299,318
			ECMC Group Student Loan Trust:
	143,485	Aaa(d)	Series 2016-1A, Class A, 6.744% (30-Day Average SOFR + 1.464%) due 7/26/66(a)(c)		143,596
	999,504	Aaa(d)	Series 2017-2A, Class A, 6.452% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(c)		985,985
	336,544	Aaa(d)	Edsouth Indenture No 9 LLC, Series 2015-1, Class A, 6.202% (30-Day Average SOFR + 0.914%) due 10/25/56(a)(c)		331,227
			Navient Private Education Loan Trust:
	475,667	AAA	Series 2014-AA, Class A3, 7.025% (1-Month Term SOFR + 1.714%) due 10/15/31(a)(c)		476,980
	34,653	AAA	Series 2018-BA, Class A2A, 3.610% due 12/15/59(c)		33,570

See Notes to Financial Statements.

212



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Student Loans — 1.1% — (continued)
			Navient Private Education Refi Loan Trust:
$	429,644	AAA	Series 2019-CA, Class A2, 3.130% due 2/15/68(c)	$	407,824
	328,464	AAA	Series 2019-D, Class A2A, 3.010% due 12/15/59(c)		304,178
	397,850	AAA	Series 2019-D, Class A2B, 6.475% (1-Month Term SOFR + 1.164%) due 12/15/59(a)(c)		394,159
	904,382	AAA	Series 2020-CA, Class A2A, 2.150% due 11/15/68(c)		828,054
	401,943	AAA	Series 2020-IA, Class A1B, 6.425% (1-Month Term SOFR + 1.114%) due 4/15/69(a)(c)		397,426
	1,138,804	Aaa(d)	Series 2021-EA, Class A, 0.970% due 12/16/69(c)		959,542
	1,018,885	Aaa(d)	Series 2021-FA, Class A, 1.110% due 2/18/70(c)		857,174
	899,457	Aaa(d)	Series 2023-A, Class A, 5.510% due 10/15/71(c)		891,323
			Navient Student Loan Trust:
	1,185,151	AA+	Series 2017-3A, Class A3, 6.452% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(c)		1,167,515
	930,185	AA+	Series 2020-1A, Class A1B, 6.452% (30-Day Average SOFR + 1.164%) due 6/25/69(a)(c)		924,206
			Nelnet Student Loan Trust:
	824,276	AA+	Series 2006-1, Class A6, 6.089% (3-Month Term SOFR + 0.712%) due 8/23/36(a)(c)		800,421
	138,944	Aaa(d)	Series 2021-A, Class APT1, 1.360% due 4/20/62(c)		124,448
	298,013	AAA	SLM Private Education Loan Trust, Series 2010-C, Class A5, 10.175% (1-Month Term SOFR + 4.864%) due 10/15/41(a)(c)		315,367
	598,309	AA+	SLM Student Loan Trust, Series 2003-10A, Class A4, 6.222% (3-Month USD-LIBOR + 0.670%) due 12/17/68(a)(c)		593,816
			SMB Private Education Loan Trust:
	5,139	AAA	Series 2015-C, Class A3, 7.375% (1-Month Term SOFR + 2.064%) due 8/16/32(a)(c)		5,141
	11,010	Aaa(d)	Series 2016-A, Class A2A, 2.700% due 5/15/31(c)		10,720
	61,096	AAA	Series 2017-B, Class A2A, 2.820% due 10/15/35(c)		58,323
	36,102	AAA	Series 2017-B, Class A2B, 6.175% (1-Month Term SOFR + 0.864%) due 10/15/35(a)(c)		35,825
	157,804	AAA	Series 2018-A, Class A2B, 6.225% (1-Month Term SOFR + 0.914%) due 2/15/36(a)(c)		156,549
	187,819	Aaa(d)	Series 2018-B, Class A2A, 3.600% due 1/15/37(c)		179,556
	237,560	AAA	Series 2018-C, Class A2B, 6.175% (1-Month Term SOFR + 0.864%) due 11/15/35(a)(c)		235,334
	58,437	AAA	Series 2020-A, Class A2B, 6.255% (1-Month Term SOFR + 0.944%) due 9/15/37(a)(c)		57,924
	462,184	AAA	Series 2020-PTB, Class A2A, 1.600% due 9/15/54(c)		412,019
	939,740	Aaa(d)	Series 2021-A, Class A2B, 1.590% due 1/15/53(c)		822,203
	240,000	Aa2(d)	Series 2021-A, Class B, 2.310% due 1/15/53(c)		217,356
	296,639	Aaa(d)	Series 2022-A, Class APT, 2.850% due 11/16/54(c)		267,464
	1,007,909	Aaa(d)	Series 2022-D, Class A1B, 6.989% (30-Day Average SOFR + 1.800%) due 10/15/58(a)(c)		1,016,308
	1,131,165	Aaa(d)	Series 2023-A, Class A1B, 6.689% (30-Day Average SOFR + 1.500%) due 1/15/53(a)(c)		1,127,525
	2,222,287	Aaa(d)	Series 2023-B, Class A1B, 6.989% (30-Day Average SOFR + 1.800%) due 10/16/56(a)(c)		2,246,155
	363,000	Aaa(d)	Series 2023-C, Class A1A, 5.670% due 11/15/52(c)		364,202
	544,000	Aaa(d)	Series 2023-C, Class A1B, (30-Day Average SOFR + 1.550%) due 11/15/52(a)(c)		543,402
	70,852	AAA	Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX, 3.340% due 8/25/47(c)		68,612

			Total Student Loans		19,331,369

			TOTAL ASSET-BACKED SECURITIES (Cost — $47,167,051)		46,400,777


SOVEREIGN BONDS — 2.5%

Argentina — 0.0%@
			Argentine Republic Government International Bonds:
	64,372	CCC-	1.000% due 7/9/29		20,895
	8,700	CCC-	step bond to yield, 0.750% due 7/9/30		2,930
	1,561,800	CCC-	Provincia de Buenos Aires/Government Bonds, step bond to yield, 6.375% due 9/1/37(c)		591,120

			Total Argentina		614,945

See Notes to Financial Statements.

213



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††		Security	Value

Brazil — 0.2%
					Brazilian Government International Bonds:
$	300,000		BB-		4.625% due 1/13/28	$	291,794
	400,000		BB-		3.875% due 6/12/30		355,110
	2,680,000		BB-		5.000% due 1/27/45		2,092,829

					Total Brazil		2,739,733


Chile — 0.0%@
					Chile Government International Bonds:
	350,000		A		2.450% due 1/31/31		298,178
	45,000		A		2.550% due 1/27/32		37,861
	315,000		A		2.550% due 7/27/33		253,666
	200,000		A	��	3.500% due 1/31/34		173,621

					Total Chile		763,326


Colombia — 0.1%
					Colombia Government International Bonds:
	220,000		BB+		8.125% due 5/21/24		224,156
	280,000		BB+		3.875% due 4/25/27		258,472
	140,000		BB+		3.000% due 1/30/30		111,557
	315,000		BB+		3.125% due 4/15/31		243,489
	430,000		BB+		3.250% due 4/22/32		323,134
	200,000		BB+		8.000% due 4/20/33		207,118
	930,000		BB+		4.125% due 2/22/42		605,064

					Total Colombia		1,972,990


Dominican Republic — 0.0%@
	200,000		BB		Dominican Republic International Bonds, 4.500% due 1/30/30(c)		174,898


Guatemala — 0.0%@
	200,000		BB		Guatemala Government Bonds, 5.250% due 8/10/29		190,322


Hungary — 0.0%@
	200,000		BBB-		Hungary Government International Bonds, 2.125% due 9/22/31		154,254


Indonesia — 0.4%
					Indonesia Government International Bonds:
	80,000		BBB		4.100% due 4/24/28		76,663
	445,000		BBB		2.850% due 2/14/30		391,643
	320,000		BBB		2.150% due 7/28/31		259,262
	100,000		BBB		7.750% due 1/17/38(c)		123,147
					Indonesia Treasury Bonds:
	73,293,000,000	^IDR	NR		6.500% due 2/15/31		4,845,567
	19,692,000,000	^IDR	NR		6.375% due 4/15/32		1,292,366

					Total Indonesia		6,988,648


Israel — 0.0%@
	200,000		AA-		Israel Government International Bonds, 2.750% due 7/3/30		174,593


Kenya — 0.0%@
	520,000		B		Kenya Government International Bonds, 6.300% due 1/23/34(c)		377,903


Mexico — 1.3%
					Mexican Bonos:
	22,540,000	^MXN	BBB+		8.500% due 5/31/29		1,273,986
	23,930,000	^MXN	BBB+		7.750% due 11/23/34		1,257,625
	258,975,700	^MXN	BBB+		7.750% due 11/13/42		12,979,844
	84,090,000	^MXN	BBB+		8.000% due 11/7/47		4,290,876

See Notes to Financial Statements.

214



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Mexico — 1.3% — (continued)
				Mexico Government International Bonds:
$	200,000		BBB	4.150% due 3/28/27	$	195,673
	323,000		BBB	3.750% due 1/11/28		306,627
	572,000		BBB	4.500% due 4/22/29		552,877
	964,000		BBB	2.659% due 5/24/31		799,977
	1,260,000		BBB	3.500% due 2/12/34		1,047,316
	210,000		BBB	4.750% due 3/8/44		176,903
	425,000		BBB	4.600% due 2/10/48		342,622

				Total Mexico		23,224,326


Nigeria — 0.0%@
	260,000		B-	Nigeria Government International Bonds, 7.143% due 2/23/30(c)		212,550


Oman — 0.0%@
	200,000		Ba2(d)	Oman Government International Bonds, 5.625% due 1/17/28		197,845


Panama — 0.2%
				Panama Government International Bonds:
	210,000		BBB	3.875% due 3/17/28		197,913
	500,000		BBB	3.160% due 1/23/30		436,178
	1,040,000		BBB	2.252% due 9/29/32		791,316
	1,150,000		BBB	3.298% due 1/19/33		948,800
	200,000		BBB	6.400% due 2/14/35		205,611
	10,000		BBB	4.500% due 4/1/56		7,277

				Total Panama		2,587,095


Paraguay — 0.0%@
				Paraguay Government International Bonds:
	200,000		BB	4.700% due 3/27/27		193,562
	200,000		BB	4.950% due 4/28/31		189,345

				Total Paraguay		382,907


Peru — 0.1%
				Peruvian Government International Bonds:
	900,000		BBB	2.783% due 1/23/31		764,773
	200,000		BBB	1.862% due 12/1/32		151,389
	70,000		BBB	6.550% due 3/14/37		76,403
	360,000		BBB	5.625% due 11/18/50		358,977

				Total Peru		1,351,542


Philippines — 0.1%
				Philippine Government International Bonds:
	400,000		BBB+	3.000% due 2/1/28		369,524
	560,000		BBB+	1.648% due 6/10/31		438,976
	550,000		BBB+	1.950% due 1/6/32		437,908

				Total Philippines		1,246,408


Poland — 0.0%@
				Republic of Poland Government International Bonds:
	26,000		A-	5.750% due 11/16/32		27,063
	170,000		A-	4.875% due 10/4/33		165,296

				Total Poland		192,359


Russia — 0.1%
				Russian Federal Bonds — OFZ:
	6,950,000	^RUB	NR	7.750% due 9/16/26(k)		26,821
	205,378,000	^RUB	WR(d)	7.050% due 1/19/28(k)		792,593

See Notes to Financial Statements.

215



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Russia — 0.1% — (continued)
	121,200,000	^RUB	WD(f)	6.900% due 5/23/29(k)	$	467,734
	49,650,000	^RUB	NR	7.700% due 3/16/39(k)		191,609

				Total Russia		1,478,757


South Africa — 0.0%@
$	300,000		BB-	Republic of South Africa Government International Bonds, 5.875% due 4/20/32		266,036


United Arab Emirates — 0.0%@
	200,000		BBB-	Finance Department Government of Sharjah, 6.500% due 11/23/32(c)		204,660


Uruguay — 0.0%@
	23,333		BBB+	Uruguay Government International Bonds, 4.500% due 8/14/24		23,350

				TOTAL SOVEREIGN BONDS (Cost — $52,202,497)		45,519,447


SENIOR LOANS — 1.3%
	10,203		NR	8th Avenue Food & Provisions Inc. due 10/1/25(o)		9,774
	25,003		NR	AAdvantage Loyalty IP Ltd., 10.338% (3-Month CME Term SOFR + 4.750%) due 4/20/28(a)		26,001
	196,947		NR	Acrisure LLC, 8.946% (1-Month USD-LIBOR + 3.500%) due 2/15/27(a)		193,482
	159,192		NR	Acrisure LLC, (Cost – $156,787, acquired 2/2/23), 9.696% (1-Month USD-LIBOR + 4.250%) due 2/15/27(a)(g)		158,993
	148,500		NR	Air Canada, (Cost – $147,847, acquired 7/27/21), 9.128% (3-Month CME Term SOFR + 3.500%) due 8/11/28(a)(g)		148,858
	223,353		NR	Ali Group North America Corp., (Cost – $221,715, acquired 10/13/21), 7.446% (1-Month CME Term SOFR + 2.000%) due 7/30/29(a)(g)		223,802
	249,362		NR	AlixPartners, LLP, (Cost – $247,810, acquired 6/12/23), 8.196% (1-Month CME Term SOFR + 2.750%) due 2/4/28(a)(g)		249,466
	392,056		NR	Allied Universal Holdco LLC, (Cost – $393,265, acquired 2/19/20), 9.181% (1-Month CME Term SOFR + 3.750%) due 5/12/28(a)(g)		381,673
	153,230		NR	Alterra Mountain Co., (Cost – $153,098, acquired 3/27/19), 8.946% (1-Month CME Term SOFR + 3.500%) due 8/17/28(a)(g)		153,710
	37,929		NR	Amentum Government Services Holdings LLC, 9.446% (1-Month CME Term SOFR + 4.000%) due 1/29/27(a)		37,740
	515,336		NR	AmWINS Group Inc., (Cost – $511,411, acquired 12/1/21), 7.696% (1-Month CME Term SOFR + 2.250%) due 2/19/28(a)(g)		515,981
	59,700		NR	AmWINS Group Inc., (Cost – $59,148, acquired 2/10/23), 8.196% (1-Month CME Term SOFR + 2.750%) due 2/19/28(a)(g)		59,744
	179,091		NR	Apple Bidco LLC, (Cost – $179,091, acquired 2/2/23), 8.196% (1-Month CME Term SOFR + 2.750%) due 9/22/28(a)(g)		177,380
	32,926		NR	Arches Buyer Inc., 8.681% (1-Month CME Term SOFR + 3.250%) due 12/6/27(a)		32,082
	411,538		NR	Asurion LLC, (Cost – $404,386, acquired 7/13/22), 8.788% (3-Month USD-LIBOR + 3.250%) due 12/23/26(a)(g)		400,809
	117,300		NR	Asurion LLC, (Cost – $116,591, acquired 1/29/21), 8.788% (3-Month USD-LIBOR + 3.250%) due 7/31/27(a)(g)		113,084
	172,913		NR	Asurion LLC, (Cost – $172,621, acquired 2/15/23), 9.681% (1-Month CME Term SOFR + 4.250%) due 8/19/28(a)(g)		167,375
	572,396		NR	athenahealth Group Inc., (Cost – $567,667, acquired 1/27/22), 8.570% (1-Month CME Term SOFR + 3.250%) due 2/15/29(a)(g)		566,432
	550,875		NR	Avolon TLB Borrower 1 LLC, (Cost – $551,026, acquired 3/4/21), 7.664% (1-Month CME Term SOFR + 2.250%) due 12/1/27(a)(g)		551,219
	58,224		NR	Bausch + Lomb Corp., 8.592% (3-Month CME Term SOFR + 3.250%) due 5/10/27(a)		57,045
	215,880		NR	Brown Group Holding LLC, (Cost – $215,685, acquired 11/9/21), 8.181% (1-Month CME Term SOFR + 2.750%) due 6/7/28(a)(g)		213,637
	39,900		NR	Caesars Entertainment Inc., (Cost – $39,900, acquired 2/1/23), 8.681% (1-Month CME Term SOFR + 3.250%) due 2/6/30(a)(g)		39,990

See Notes to Financial Statements.

216



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 1.3% — (continued)
$	72,190	NR	Central Parent Inc., 9.492% (3-Month CME Term SOFR + 4.250%) due 7/6/29(a)	$	72,324
	338,049	NR	Charter Communications Operating LLC, (Cost – $338,966, acquired 10/24/19), 7.116% (1-Month Term SOFR + 1.750%/3-Month Term SOFR + 1.750%) due 4/30/25(a)(g)		338,550
	113,097	NR	Charter Communications Operating LLC, (Cost – $113,450, acquired 2/7/20), 7.116% (1-Month Term SOFR + 1.750%/3-Month Term SOFR + 1.750%) due 2/1/27(a)(g)		112,730
	176,121	NR	Chemours Co. due 8/18/28(o)		173,919
	99,745	NR	Churchill Downs Inc., 7.431% (1-Month CME Term SOFR + 2.000%) due 3/17/28(a)		99,994
	342,434	NR	Citadel Securities LP, (Cost – $341,291, acquired 7/28/23), 7.946% (1-Month CME Term SOFR + 2.500%) due 7/29/30(a)(g)		341,437
	55,131	NR	City Brewing Co. LLC, 9.070% (3-Month CME Term SOFR + 3.500%) due 4/5/28(a)		36,387
	130,000	NR	Clarios Global LP, (Cost – $129,381, acquired 4/20/23), 9.081% (1-Month CME Term SOFR + 3.750%) due 5/6/30(a)(g)		129,980
	83,277	NR	Cloudera Inc., (Cost – $82,687, acquired 8/10/21), 9.181% (1-Month CME Term SOFR + 3.750%) due 10/8/28(a)(g)		81,742
	277,179	NR	Coherent Corp., (Cost – $275,093, acquired 12/8/21), 8.196% (1-Month CME Term SOFR + 2.750%) due 7/2/29(a)(g)		277,144
	47,750	NR	Corporation Service Co., 8.681% (1-Month CME Term SOFR + 3.250%) due 11/2/29(a)		47,855
	71,986	NR	CSC Holdings LLC, 7.925% (1-Month USD-LIBOR + 2.500%) due 4/15/27(a)		65,237
	24,988	NR	Dave & Buster’s Inc., 9.181% (1-Month CME Term SOFR + 3.750%) due 6/29/29(a)		25,044
	526,539	NR	DCert Buyer Inc., (Cost – $524,080, acquired 6/12/23), 9.331% (1-Month CME Term SOFR + 4.000%) due 10/16/26(a)(g)		525,441
	329,378	NR	Deerfield Dakota Holding LLC, (Cost – $316,427, acquired 6/12/23), 8.992% (3-Month CME Term SOFR + 3.750%) due 4/9/27(a)(g)		318,673
	777,789	NR	Delos Finance Sarl, (Cost – $777,789, acquired 3/4/21), 7.288% (3-Month USD-LIBOR + 1.750%) due 10/6/23(a)(g)		778,516
	132,330	NR	Directv Financing LLC, 10.446% (1-Month CME Term SOFR + 5.000%) due 8/2/27(a)		130,984
	12,381	NR	DTI Holdco Inc., 10.119% (3-Month CME Term SOFR + 4.750%) due 4/26/29(a)		12,006
	39,025	NR	Element Materials Technology Group US Holdings Inc., 9.592% (3-Month CME Term SOFR + 4.250%) due 6/22/29(a)		38,342
	580,000	NR	EMRLD Borrower LP, (Cost – $577,888, acquired 6/8/23), 8.331% (1-Month CME Term SOFR + 3.000%) due 5/31/30(a)(g)		581,317
	96,598	NR	EyeCare Partners LLC, (Cost – $96,553, acquired 2/18/20), 9.253% (3-Month CME Term SOFR + 3.750%) due 2/18/27(a)(g)		76,899
	84,217	NR	Fertitta Entertainment LLC, 9.331% (1-Month CME Term SOFR + 4.000%) due 1/27/29(a)		83,533
	30,827	NR	Filtration Group Corp., 9.696% (1-Month CME Term SOFR + 4.250%) due 10/21/28(a)		30,952
	55,790	NR	First Eagle Holdings Inc., (Cost – $55,929, acquired 4/5/19), 8.038% (3-Month USD-LIBOR + 2.500%) due 2/1/27(a)(g)		54,790
	211,913	NR	Focus Financial Partners LLC, (Cost – $211,900, acquired 11/28/22), 8.581% (1-Month CME Term SOFR + 3.250%) due 6/30/28(a)(g)		211,673
	7,536	NR	Formula One Management Ltd., 8.331% (1-Month CME Term SOFR + 3.000%) due 1/15/30(a)		7,565
	30,694	NR	Froneri International Ltd., 7.681% (1-Month CME Term SOFR + 2.250%) due 1/29/27(a)		30,595
	34,147	NR	Frontier Communications Holdings LLC, 9.196% (1-Month CME Term SOFR + 3.750%) due 10/8/27(a)		33,340
	230,625	NR	Gainwell Acquisition Corp., (Cost – $228,533, acquired 3/8/22), 9.342% (3-Month CME Term SOFR + 4.000%) due 10/1/27(a)(g)		227,454
	75,577	NR	Garda World Security Corp., (Cost – $74,894, acquired 10/24/19), 9.668% (1-Month CME Term SOFR + 4.250%) due 10/30/26(a)(g)		75,638
	152,660	NR	Gen Digital Inc., 6.931% (1-Month CME Term SOFR + 1.500%) due 9/10/27(a)		151,134
	589,918	NR	Genesee & Wyoming Inc., (Cost – $587,323, acquired 12/14/22), 7.342% (3-Month CME Term SOFR + 2.000%) due 12/30/26(a)(g)		590,691
	429,000	NR	Grifols Worldwide Operations Ltd., (Cost – $416,101, acquired 12/14/22), 7.481% (1-Month CME Term SOFR + 2.000%) due 11/15/27(a)(g)		424,309
	568,423	NR	Harbor Freight Tools USA Inc., (Cost – $560,898, acquired 5/3/23), 8.196% (1-Month CME Term SOFR + 2.750%) due 10/19/27(a)(g)		566,493

See Notes to Financial Statements.

217



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 1.3% — (continued)
$	17,798	NR	H-Food Holdings LLC, 9.269% (3-Month USD-LIBOR + 3.688%) due 5/23/25(a)	$	16,198
	21,695	NR	Hilton Worldwide Finance LLC, 7.165% (1-Month CME Term SOFR + 1.750%) due 6/22/26(a)		21,707
			Horizon Therapeutics USA Inc.:
	60,000	NR	due 5/22/26(o)		60,054
	153,903	NR	7.180% (1-Month CME Term SOFR + 1.750%) due 3/15/28(a)		153,940
	121,813	NR	Hostess Brands LLC, 7.742% (1-Month CME Term SOFR + 2.500%) due 6/30/30(a)		121,852
	398,826	NR	Hunter Douglas Holding BV, (Cost – $397,268, acquired 2/9/22), 8.891% (3-Month CME Term SOFR + 3.500%) due 2/26/29(a)(g)		388,608
			Icon Public Limited Co.:
	282,695	NR	(Cost – $281,937, acquired 6/16/21), 7.753% (3-Month CME Term SOFR + 2.250%) due 7/3/28(a)(g)		283,160
	70,434	NR	(Cost – $70,245, acquired 6/16/21), 7.753% (3-Month CME Term SOFR + 2.250%) due 7/3/28(a)(g)		70,549
	500,000	NR	Iqvia Inc., 7.288% (1-Month USD-LIBOR + 1.750%) due 6/11/25(a)		501,655
	574,934	NR	Jazz Pharmaceuticals Public Limited Co., (Cost – $572,965, acquired 4/22/21), 8.946% (1-Month CME Term SOFR + 3.500%) due 5/5/28(a)(g)		575,653
	51,724	NR	KFC Holding Co., 7.176% (1-Month CME Term SOFR + 1.750%) due 3/15/28(a)		51,784
	417,407	NR	Light and Wonder International Inc., (Cost – $413,566, acquired 4/7/22), 8.412% (1-Month CME Term SOFR + 3.000%) due 4/14/29(a)(g)		418,264
	61,505	NR	Mativ Holdings Inc. due 5/6/27(o)		59,968
	822,044	NR	Medline Borrower LP, (Cost – $817,180, acquired 9/30/21), 8.696% (1-Month CME Term SOFR + 3.250%) due 10/23/28(a)(g)		822,472
	498,737	NR	Mercury Borrower Inc., (Cost – $489,142, acquired 6/12/23), 8.946% (1-Month CME Term SOFR + 3.500%) due 8/2/28(a)(g)		493,441
	53,573	NR	MH Sub I LLC, 9.581% (1-Month CME Term SOFR + 4.250%) due 5/3/28(a)		51,581
			Naked Juice LLC:
	443,116	NR	8.592% (1-Month CME Term SOFR + 3.250%/3-Month CME Term SOFR + 3.250%) due 1/24/29(a)		421,127
	40,097	NR	11.342% (3-Month CME Term SOFR + 6.000%) due 1/24/30(a)		32,708
	98,258	NR	NCR Corp., 7.946% (1-Month CME Term SOFR + 2.500%) due 8/28/26(a)		98,259
	239,423	NR	Nexstar Media Inc., (Cost – $238,552, acquired 8/16/19), 7.946% (1-Month CME Term SOFR + 2.500%) due 9/18/26(a)(g)		240,139
			Open Text Corp.:
	42,962	NR	7.181% (1-Month CME Term SOFR + 1.750%) due 5/30/25(a)		43,063
	97,614	NR	8.181% (1-Month CME Term SOFR + 2.750%) due 1/31/30(a)		97,838
	331,515	NR	Oracle Corp., 7.015% (1-Month CME Term SOFR + 1.600%) due 8/16/27(a)		329,857
	120,354	NR	Organon & Co., 8.431% (1-Month CME Term SOFR + 3.000%) due 6/2/28(a)		120,768
	51,309	NR	Osmosis Buyer Ltd., 9.062% (1-Month CME Term SOFR + 3.750%) due 7/31/28(a)		51,217
	10,203	NR	Patriot Container Corp., 9.181% (1-Month CME Term SOFR + 3.750%) due 3/20/25(a)		9,616
	93,265	NR	PCI Gaming Authority, (Cost – $93,385, acquired 5/15/19), 7.946% (1-Month CME Term SOFR + 2.500%) due 5/29/26(a)(g)		93,423
	29,467	NR	Penn Entertainment Inc., 8.181% (1-Month CME Term SOFR + 2.750%) due 5/3/29(a)		29,513
	534,125	NR	Peraton Corp., (Cost – $523,351, acquired 12/14/22), 9.181% (1-Month CME Term SOFR + 3.750%) due 2/1/28(a)(g)		529,911
	247,500	NR	Perrigo Company PLC, 7.681% (1-Month CME Term SOFR + 2.250%) due 4/20/29(a)		246,881
	203,883	NR	Phoenix Guarantor Inc., (Cost – $203,883, acquired 2/23/21), 8.946% (1-Month CME Term SOFR + 3.500%) due 3/5/26(a)(g)		203,230
	59,214	NR	Pre-Paid Legal Services Inc., 9.196% (1-Month CME Term SOFR + 3.750%) due 12/15/28(a)		58,344
	161,932	NR	Prestige Brands Inc., 7.446% (1-Month CME Term SOFR + 2.000%) due 7/3/28(a)		162,223
	354,502	NR	Prime Security Services Borrower LLC, (Cost – $354,170, acquired 4/22/19), 8.182% (1-Month CME Term SOFR + 2.750%) due 9/23/26(a)(g)		355,000
	128,680	NR	Project Alpha Intermediate Holding Inc., 9.446% (1-Month CME Term SOFR + 4.000%) due 4/26/24(a)		128,707
	35,863	NR	Proofpoint Inc., 8.696% (1-Month CME Term SOFR + 3.250%) due 8/31/28(a)		35,565

See Notes to Financial Statements.

218



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 1.3% — (continued)
$	137,775	NR	QUIKRETE Holdings Inc., (Cost – $137,067, acquired 6/11/21), 8.196% (1-Month CME Term SOFR + 3.000%) due 3/19/29(a)(g)	$	138,045
	43,478	NR	Rackspace Technology Global Inc., (Cost – $43,532, acquired 2/9/21), 8.177% (1-Month CME Term SOFR + 2.750%) due 2/15/28(a)(g)		19,769
	21,778	NR	RealPage Inc., 8.446% (1-Month CME Term SOFR + 3.000%) due 4/24/28(a)		21,572
	55,891	NR	Renaissance Holding Corp., 9.992% (3-Month CME Term SOFR + 4.750%) due 4/5/30(a)		56,061
	34,334	NR	Safe Fleet Holdings LLC, 9.168% (1-Month CME Term SOFR + 3.750%) due 2/23/29(a)		34,423
	96,474	NR	SBA Senior Finance II LLC, 7.190% (1-Month CME Term SOFR + 1.750%) due 4/11/25(a)		96,614
	249,375	NR	Sedgwick Claims Management Services Inc., (Cost – $246,866, acquired 6/12/23), 9.081% (1-Month CME Term SOFR + 3.750%) due 2/24/28(a)(g)		250,132
	850,000	NR	Setanta Aircraft Leasing DAC, (Cost – $849,258, acquired 11/30/21), 7.538% (3-Month USD-LIBOR + 2.000%) due 11/5/28(a)(g)		851,062
	104,248	NR	Sophia LP, 9.038% (3-Month USD-LIBOR + 3.500%) due 10/7/27(a)		104,227
	360,000	NR	Sotera Health Holdings LLC, (Cost – $362,813, acquired 1/20/21), 8.196% (1-Month CME Term SOFR + 2.750%) due 12/11/26(a)(g)		356,962
	500,000	NR	Sotera Health Holdings LLC, (Cost – $500,000, acquired 6/12/23), 9.068% (1-Month CME Term SOFR + 3.750%) due 12/11/26(a)(g)		501,875
	18,985	NR	Spin Holdco Inc., 9.230% (3-Month USD-LIBOR + 4.000%) due 3/4/28(a)		15,995
	96,676	NR	SS&C Technologies Holdings Inc., 7.196% (1-Month CME Term SOFR + 1.750%) due 4/16/25(a)		96,773
	287,071	NR	Station Casinos LLC, (Cost – $282,588, acquired 12/14/22), 7.681% (1-Month CME Term SOFR + 2.250%) due 2/8/27(a)(g)		286,648
	294,724	NR	Sunshine Luxembourg VII Sarl, 9.092% (3-Month CME Term SOFR + 3.750%) due 10/1/26(a)		295,317
	115,636	NR	Trans Union LLC, 7.696% (1-Month CME Term SOFR + 2.250%) due 12/1/28(a)		115,757
	33,228	NR	TruGreen Limited Partnership, 9.431% (1-Month CME Term SOFR + 4.000%) due 11/2/27(a)		31,746
	391,206	NR	UFC Holdings LLC, (Cost – $394,140, acquired 4/30/19), 8.369% (3-Month CME Term SOFR + 2.750%) due 4/29/26(a)(g)		391,994
	387,702	NR	United Airlines Inc., (Cost – $387,881, acquired 4/14/21), 9.292% (3-Month USD-LIBOR + 3.750%) due 4/21/28(a)(g)		389,301
	148,500	NR	VFH Parent LLC, (Cost – $148,297, acquired 1/7/22), 8.420% (1-Month CME Term SOFR + 3.000%) due 1/13/29(a)(g)		147,869
	430,000	NR	Virgin Media Bristol LLC, (Cost – $428,624, acquired 4/30/19), 7.925% (1-Month CME Term SOFR + 2.500%) due 1/31/28(a)(g)		418,820
	246,250	NR	Whatabrands LLC, 8.446% (1-Month CME Term SOFR + 3.000%) due 8/3/28(a)		246,497
	128,285	NR	William Morris Endeavor Entertainment LLC, 8.196% (1-Month CME Term SOFR + 2.750%) due 5/18/25(a)		128,295
			Zayo Group Holdings Inc.:
	250,000	NR	8.446% (1-Month CME Term SOFR + 3.000%) due 3/9/27(a)		200,986
	45,562	NR	9.656% (1-Month CME Term SOFR + 4.325%) due 3/9/27(a)		36,775

			TOTAL SENIOR LOANS (Cost — $23,883,004)		23,842,755


MUNICIPAL BONDS — 0.3%

California — 0.1%
	310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		231,828
	600,000	AA-	California State University, Revenue Bonds, 5.060% due 11/1/36		590,507
	205,000	AA-	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45		239,808
			University of California, Revenue Bonds:
	90,000	AA	2.650% due 5/15/50		57,955
	25,000	AA	Series AD, 4.858% due 5/15/12		22,034
	266,000	AA	Series AQ, 4.767% due 5/15/15		230,046

			Total California		1,372,178

See Notes to Financial Statements.

219



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Connecticut — 0.0%@
$	300,000		AA-	State of Connecticut, GO, 5.850% due 3/15/32	$	313,604


Minnesota — 0.0%@
	260,000		AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		225,931


New Jersey — 0.0%@
	400,000		Aa3(d)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		404,103
	85,000		A-	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		95,259

				Total New Jersey		499,362


New York — 0.1%
				City of New York, GO:
	375,000		AA	Series A, 3.000% due 8/1/34		309,821
	500,000		AA	Series G-1, 5.968% due 3/1/36		530,233
				New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds:
	755,000		AAA	5.508% due 8/1/37		773,898
	80,000		AAA	Series A-1, 5.000% due 11/1/42		80,135
				New York State Dormitory Authority, Revenue Bonds:
	350,000		AA+	5.289% due 3/15/33		348,640
	160,000		AA+	Unrefunded Portion, 5.628% due 3/15/39		165,675

				Total New York		2,208,402


Texas — 0.1%
	350,000		AA-	North Texas Tollway Authority, Revenue Bonds, Series A, 2.530% due 1/1/35		272,950
				State of Texas, GO:
	70,000		AAA	2.754% due 10/1/41		50,734
	770,000		AAA	3.824% due 10/1/33		713,283

				Total Texas		1,036,967

				TOTAL MUNICIPAL BONDS (Cost — $6,287,661)		5,656,444


Shares/Units

COMMON STOCK — 0.0%@

Telecommunications — 0.0%@
	11,289			Intelsat SA*(k) (Cost — $848,528)		254,567


RIGHT — 0.0%@

Luxembourg — 0.0%@
	2,360			Intelsat Jackson Holdings SA expires 12/31/49*#(k) (Cost — $0)		—

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,999,219,975)		1,872,460,761


Face Amount†

SHORT-TERM INVESTMENTS — 5.3%

TIME DEPOSITS — 2.2%
	471,953	^AUD		ANZ National Bank — Hong Kong, 2.860% due 9/1/23		305,779
$	9,432,091			ANZ National Bank — London, 4.680% due 9/1/23		9,432,091
	205,700	^GBP		BBH — Grand Cayman, 4.170% due 9/1/23		260,560
	196,947	^EUR		Citibank — London, 2.630% due 9/1/23		213,550
	419			Citibank — New York, 4.680% due 9/1/23		419

See Notes to Financial Statements.

220



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Security	Value

TIME DEPOSITS — 2.2% — (continued)
			Sumitomo Mitsui Banking Corp. — Tokyo:
	19,053,633	^JPY	(0.530)% due 9/1/23	$	130,975
$	28,928,858		4.680% due 9/1/23		28,928,858

			TOTAL TIME DEPOSITS (Cost — $39,272,232)		39,272,232


U.S. GOVERNMENT AGENCY — 0.0%@
	320,000		Federal Home Loan Bank (FHLB), Discount Notes, 5.165% due 9/15/23(p) (Cost — $319,368)		319,368


U.S. GOVERNMENT OBLIGATIONS — 3.1%
			U.S. Treasury Bills:
	370,000		5.224% due 9/21/23(p)		368,939
	4,240,000		5.249% due 9/28/23(p)		4,223,528
	7,100,000		5.260% due 10/19/23(p)		7,051,112
	4,670,000		5.312% due 10/24/23(p)		4,634,111
	14,310,000		5.321% due 11/7/23(p)		14,170,699
	22,040,000		5.365% due 11/28/23(p)		21,755,779
	2,560,000		5.380% due 12/28/23(p)		2,516,026

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $54,720,194)		54,720,194

			TOTAL SHORT-TERM INVESTMENTS (Cost — $94,311,794)		94,311,794

			TOTAL INVESTMENTS IN SECURITIES (Cost — $2,093,531,769)		1,966,772,555

			TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.0% (Cost — $663,380)		304,222

			TOTAL INVESTMENTS — 109.5% (Cost — $2,094,195,149)		1,967,076,777

			Liabilities in Excess of Other Assets — (9.5)%		(170,831,367	)

			TOTAL NET ASSETS — 100.0%	$	1,796,245,410

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

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

(c)

(d)	Rating by Moody’s Investors Service. All ratings are unaudited.

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

(f)	Rating by Fitch Ratings Service. All ratings are unaudited.

(g)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2023, amounts to $18,098,057 and represents 1.0% of net assets.

(h)	Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of August 31, 2023.

(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)	Illiquid security.

(l)	Principal only security.

(m)	Interest only security.

See Notes to Financial Statements.

221



Schedules of Investments


(continued)


Core Fixed Income Fund

(n)	Affiliated security (See Note 2). As of August 31, 2023, total cost and total market value of affiliated securities amounted to $1,056,385 and $978,369, respectively.

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

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2023, the Fund held Level 3 securities in the amount of $0, representing 0.0% of net assets.

At August 31, 2023, for Core Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized (Depreciation)
Core Fixed Income Fund	$	2,107,715,693	$	18,043,219	$	(152,229,590	)	$	(134,186,371	)


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
ACES		— Alternative Credit Enhancement Securities
CLO		— Collateralized Loan Obligation
CME		— Chicago Mercantile Exchange
CMT		— Constant Maturity Treasury Rate
DAC		— Designated Acitivity Company
GO		— General Obligation
IBOR		— Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
MASTR		— Mortgage Asset Securitization Transactions, Inc.
OFZ		— Federal Loan Obligations (Russian: Obligatsyi Federal’novo Zaima)
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Mortgage-Backed Securities	28.6	%
Corporate Bonds & Notes	26.3
U.S. Government Agencies & Obligations	23.1
Collateralized Mortgage Obligations	11.0
Asset-Backed Securities	2.4
Sovereign Bonds	2.3
Senior Loans	1.2
Municipal Bonds	0.3
Common Stock	0.0	*
Right	0.0	*
Purchased Options	0.0	*
Short-Term Investments	4.8

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

See Notes to Financial Statements.

222



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2023, Core Fixed Income Fund held the following Options Contracts Purchased:

Currency Option

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

6,000,000

$ 6,000,000

OTC U.S. Dollar versus Australian Dollar, Put

CITI

11/2/23

$ 0.67

31,480


Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	176		$ 42,154,200	1-Year Mid-Curve SOFR December Futures, Put		GSC		12/15/23		$ 96.00	$	187,000
	582		138,887,025	1-Year Mid-Curve SOFR September Futures, Call		GSC		9/15/23		$ 96.75		3,638
	533		128,373,050	2-Year Mid-Curve SOFR September Futures, Call		GSC		9/15/23		$ 97.00		6,662
	533		128,492,975	3-Year Mid-Curve SOFR September Futures, Call		GSC		9/15/23		$ 97.75		3,331
	345		36,847,617	U.S. Treasury 5-Year Note September Futures, Call		GSC		9/1/23		$ 107.25		37,735
	345		36,847,617	U.S. Treasury 5-Year Note September Futures, Put		GSC		9/1/23		$ 105.75		345
	11		1,333,750	U.S. Treasury Bond October Futures, Call		GSC		9/22/23		$ 121.00		19,937
	11		1,333,750	U.S. Treasury Bond October Futures, Call		GSC		9/22/23		$ 122.00		14,094


				Total Options on Futures								272,742

				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $663,380)							$	304,222

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

At August 31, 2023, Core Fixed Income Fund held the following Options Contracts Written:


Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	352		$ 84,308,400	1-Year Mid-Curve SOFR December Futures, Put		GSC		12/15/23		$ 95.38	$	118,800
	533		128,492,975	3-Year Mid-Curve SOFR September Futures, Call		GSC		9/15/23		$ 97.00		6,662
	115		12,282,539	U.S. Treasury 5-Year Note September Futures, Call		GSC		9/1/23		$ 106.50		56,601
	115		12,282,539	U.S. Treasury 5-Year Note September Futures, Put		GSC		9/1/23		$ 106.50		8,086
	149		35,417,300	3-Month SOFR June Futures, Call		GSC		6/14/24		$ 97.50		25,144
	590		140,243,000	3-Month SOFR June Futures, Put		GSC		6/14/24		$ 94.50		224,938
	194		46,295,675	3-Month SOFR September Futures, Call		GSC		9/13/24		$ 97.00		84,874
	67		15,841,731	3-Month SOFR September Futures, Call		GSC		9/15/23		$ 98.75		419
	63		7,638,750	U.S. Treasury Bond November Futures, Put		GSC		10/27/23		$ 112.00		12,797
	63		7,638,750	U.S. Treasury Bond November Futures, Put		GSC		10/27/23		$ 113.00		16,735
	22		2,667,500	U.S. Treasury Bond October Futures, Call		GSC		9/22/23		$ 123.00		19,250
	22		2,667,500	U.S. Treasury Bond October Futures, Call		GSC		9/22/23		$ 124.00		12,375
	85		10,306,250	U.S. Treasury Bond October Futures, Call		GSC		9/22/23		$ 128.00		7,969

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $1,077,149)							$	594,650

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

See Notes to Financial Statements.

223



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2023, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR December Futures		79		3/25	$	18,911,688	$	18,926,426	$	14,738
3-Month SOFR December Futures		82		3/26		19,735,775		19,763,025		27,250
Australian Government 10-Year Bond September Futures		35		9/23		2,641,902		2,634,381		(7,521	)
Euro-Bobl December Futures		14		12/23		1,775,021		1,783,218		8,197
Euro-OAT December Futures		24		12/23		3,293,236		3,317,177		23,941
U.S. Treasury 2-Year Note December Futures		1,283		12/23		260,829,787		261,481,415		651,628
U.S. Treasury 5-Year Note December Futures		381		12/23		40,410,748		40,737,234		326,486
U.S. Treasury 10-Year Note December Futures		932		12/23		102,717,131		103,481,125		763,994
U.S. Treasury Ultra Long Bond December Futures		228		12/23		28,888,746		29,518,875		630,129
U.S. Ultra Long Bond December Futures		3		12/23		345,242		348,328		3,086
United Kingdom Treasury 10-Year Gilt December Futures		20		12/23		2,398,623		2,421,170		22,547

									$	2,464,475

Contracts to Sell:
3-Month SOFR December Futures		490		3/24		116,683,266		115,885,000		798,266
Euro-Bobl December Futures		2		12/23		253,591		254,746		(1,155	)
Euro-Bund December Futures		7		12/23		1,006,523		1,006,675		(152	)
Euro-Buxl 30-Year Bond December Futures		4		12/23		579,537		580,144		(607	)
Japan Government 10-Year Bond September Futures		6		9/23		6,099,192		6,055,473		43,719
U.S. Treasury 5-Year Note December Futures		607		12/23		64,458,336		64,901,578		(443,242	)
U.S. Treasury Long Bond December Futures		258		12/23		31,040,468		31,395,375		(354,907	)
U.S. Treasury Ultra Long Bond December Futures		5		12/23		635,552		647,344		(11,792	)
U.S. Ultra Long Bond December Futures		245		12/23		28,117,182		28,446,797		(329,615	)

									$	(299,485	)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	2,164,990

At August 31, 2023, Core Fixed Income Fund had deposited cash of $7,392,998 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2023, 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 was as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		13,625,708		USD	9,094,193		CITI	$	8,842,878		10/20/23	$	(251,315	)
Canadian Dollar		12,917,552		USD	9,754,695		CITI		9,566,354		10/20/23		(188,341	)
Euro		1,823,509		USD	2,014,367		CITI		1,981,608		10/20/23		(32,759	)
Euro		162,048		USD	177,052		CITI		175,709		9/1/23		(1,343	)
Japanese Yen		1,517,887,380		USD	10,942,552		CITI		10,510,874		10/20/23		(431,678	)
South African Rand		8,680,000		USD	461,803		CITI		457,752		10/20/23		(4,051	)

													(909,487	)

See Notes to Financial Statements.

224



Schedules of Investments


(continued)


Core Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell:
British Pound		418,040		USD	538,971		CITI	$	529,612		10/20/23	$	9,359
British Pound		1,176,000		USD	1,510,846		CITI		1,489,866		10/20/23		20,980
British Pound		1,174,480		USD	1,530,996		CITI		1,487,940		10/20/23		43,056
Chinese Offshore Renminbi		5,540,918		USD	778,074		CITI		763,238		10/20/23		14,836
Chinese Offshore Renminbi		17,713,014		USD	2,476,226		CITI		2,439,893		10/20/23		36,333
Euro		1,970,271		NOK	22,551,645		CITI		2,141,094		10/20/23		(16,913	)
Euro		101,000		USD	109,859		CITI		109,718		10/13/23		141
Euro		162,000		USD	177,351		CITI		175,983		10/13/23		1,368
Euro		101,000		USD	111,351		CITI		109,718		10/13/23		1,633
Euro		100,000		USD	110,265		CITI		108,632		10/13/23		1,633
Euro		3,227,000		USD	3,523,855		CITI		3,505,528		10/13/23		18,327
Indonesian Rupiah		5,811,377,513		USD	382,119		CITI		381,468		10/20/23		651
Mexican Peso		75,023,342		USD	4,312,157		CITI		4,363,864		10/20/23		(51,707	)

													79,697

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(829,790	)

At August 31, 2023, Core Fixed Income Fund held the following OTC Interest Rate Swap Contract:

Pay/Receive
Floating Rate

Floating Rate Index

Fixed
Rate

Maturity
Date

Payment
Frequency

Counterparty

Notional
Amount

Market
Value

Upfront
Payment
Paid/
(Received)

Unrealized
Depreciation

Pay

BRL-CDI-Compounded

10.238%

1/2/29

PAM

CITI

BRL

48,580,000

$ (215,986

)

—

(215,986

)

At August 31, 2023, Core Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value		Upfront Payment Paid/ (Received)			Unrealized Appreciation
Receive	SOFR		2.500%		4/21/52		12-Month		USD	1,904,000	$	374,598	$	57,209		$	317,389
Receive	SOFR		2.600%		2/15/48		12-Month		USD	4,594,000		831,360		385,270			446,090
Receive	SOFR		3.050%		2/15/48		12-Month		USD	7,520,000		803,552		325,201			478,351
Receive	SOFR		3.150%		5/15/48		12-Month		USD	2,263,000		194,838		(108,168	)		303,006
Receive	SOFR		3.250%		9/30/29		12-Month		USD	9,437,000		419,661		44,059			375,602
Receive	SOFR		3.270%		4/30/29		12-Month		USD	6,667,000		276,182		(111,299	)		387,481
Receive	SOFR		3.520%		12/20/53		12-Month		USD	2,232,000		11,827		—			11,827
Pay	SOFR		4.000%		2/29/28		12-Month		USD	31,810,000		18,274		(5,857	)		24,131
Pay	SOFR		4.180%		2/29/28		12-Month		USD	28,910,000		215,077		22,222			192,855
Receive	SOFR		1.520%		2/15/47		12-Month		USD	7,548,000		2,664,250		551,621			2,112,629

											$	5,809,619	$	1,160,258		$	4,649,361

See Notes to Financial Statements.

225



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2023, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contracts:

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

Reference Obligation & Rating

Fixed Deal
(Pay) Rate

Maturity
Date

Payment
Frequency

Implied Credit
Spread at
8/31/23(2)

Notional
Amount (3)

Market
Value

Upfront
Payment
Paid

Unrealized
Depreciation

Markit CDX North America High Yield Series 40 5-Year Index, NR

(5.000)%

6/20/28

3-Month

4.258%

USD

2,898,300

$ (111,227)

6,132

$ (117,359)

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


Reference Obligation & Rating	Fixed Deal Receive Rate		Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/23(2)		Notional Amount (3)			Market Value		Upfront Payment Paid		Unrealized Appreciation
Markit CDX North America Investment Grade Series 40 5-Year Index, NR		1.000%		6/20/28		3-Month		0.636%		USD	47,123,000	$	827,842	$	426,276	$	401,566

(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.

At August 31, 2023, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $3,623,979 for open centrally cleared swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	CITI	— Citigroup Global Markets Inc.
EUR	— Euro	GSC	— Goldman Sachs & Co.
GBP	— British Pound
IDR	— Indonesian Rupiah
JPY	— Japanese Yen
MXN	— Mexican Peso
NOK	— Norwegian Krone
RUB	— Russian Ruble
USD	— United States Dollar

See pages 300-301 for definitions of ratings.

See Notes to Financial Statements.

226



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

CORPORATE BONDS & NOTES — 88.7%

Advertising — 0.1%
$	200,000	CCC	Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes, 7.500% due 6/1/29(a)	$	149,430


Aerospace/Defense — 0.9%
	250,000	B	Bombardier Inc., Senior Unsecured Notes, 7.875% due 4/15/27(a)		249,800
	240,000	BB	Rolls-Royce PLC, Company Guaranteed Notes, 5.750% due 10/15/27(a)		233,204
	308,000	B-	Spirit AeroSystems Inc., Secured Notes, 7.500% due 4/15/25(a)		305,159
	300,000	B+	TransDigm Inc., Senior Secured Notes, 6.750% due 8/15/28(a)		301,358

			Total Aerospace/Defense		1,089,521


Agriculture — 0.1%
	190,000	BB+	Darling Ingredients Inc., Company Guaranteed Notes, 6.000% due 6/15/30(a)		185,797


Airlines — 2.5%
			American Airlines Inc., Senior Secured Notes:
	430,000	BB	11.750% due 7/15/25(a)		471,020
	545,000	BB-	7.250% due 2/15/28(a)		535,899
	431,000	Ba1(b)	American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.750% due 4/20/29(a)		412,571
	139,000	Ba3(b)	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes, 5.750% due 1/20/26(a)		128,765
	160,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		159,628
	110,000	NR	Spirit Airlines Inc., Senior Unsecured Notes, 1.000% due 5/15/26		93,445
	312,747	Ba2(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(a)		313,406
	135,765	BBB+	United Airlines Class B Pass Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		131,826
			United Airlines Inc., Senior Secured Notes:
	356,000	BB	4.375% due 4/15/26(a)		335,629
	385,000	BB	4.625% due 4/15/29(a)		342,817
			VistaJet Malta Finance PLC/Vista Management Holding Inc., Senior Unsecured Notes:
	80,000	B-	7.875% due 5/1/27(a)		72,481
	80,000	B-	9.500% due 6/1/28(a)		73,901
	150,000	B-	6.375% due 2/1/30(a)		123,105

			Total Airlines		3,194,493


Auto Manufacturers — 2.1%
			Ford Motor Co., Senior Unsecured Notes:
	130,000	BB+	3.250% due 2/12/32		101,588
	340,000	BB+	6.100% due 8/19/32		325,233
	323,000	BB+	4.750% due 1/15/43		241,736
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	245,000	BB+	4.950% due 5/28/27		230,079
	300,000	BB+	7.350% due 11/4/27		306,279
	200,000	BB+	6.800% due 5/12/28		200,120
	410,000	BB+	7.350% due 3/6/30		417,731
	751,000	BB+	4.000% due 11/13/30		636,118
	205,000	B-	PM General Purchaser LLC, Senior Secured Notes, 9.500% due 10/1/28(a)		197,251

			Total Auto Manufacturers		2,656,135


Auto Parts & Equipment — 0.5%
	200,000	B+	American Axle & Manufacturing Inc., Company Guaranteed Notes, 5.000% due 10/1/29		164,841
	190,000	CCC	Dornoch Debt Merger Sub Inc., Senior Unsecured Notes, 6.625% due 10/15/29(a)		164,112
	192,000	B	Titan International Inc., Senior Secured Notes, 7.000% due 4/30/28		183,103
	150,000	BB+	ZF North America Capital Inc., Company Guaranteed Notes, 7.125% due 4/14/30(a)		151,875

			Total Auto Parts & Equipment		663,931

See Notes to Financial Statements.

227



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 2.0%
$	230,000	BB-	Barclays PLC, Junior Subordinated Notes, 8.000% (5-Year CMT Index + 5.672%)(c)(d)	$	225,791
			BNP Paribas SA, Junior Subordinated Notes:
	200,000	BBB-	7.375% (5-Year USD Swap Rate + 5.150%)(a)(c)(d)		196,490
	200,000	BBB-	7.750% (5-Year CMT Index + 4.899%)(a)(c)(d)		194,624
	400,000	BBB-	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(c)(d)		399,778
	250,000	A	Credit Suisse AG, Senior Unsecured Notes, 3.625% due 9/9/24		243,284
			Credit Suisse Group AG, Junior Subordinated Notes:
	230,000	WR(b)	6.375% (5-Year CMT Index + 4.822%)(a)(c)(d)(e)		10,925
	200,000	WR(b)	(Cost — $205,250, acquired 2/19/19), 7.500% (5-Year USD Swap Rate + 4.600%)(a)(c)(d)(e)(f)		9,500
	200,000	WD(g)	9.750% (5-Year CMT Index + 6.383%)(a)(c)(d)		9,500
	360,000	BB+	Intesa Sanpaolo SpA, Subordinated Notes, 4.198% (1-Year CMT Index + 2.600%) due 6/1/32(a)(c)		274,696
	400,000	BB-	Lloyds Banking Group PLC, Junior Subordinated Notes, 8.000% (5-Year CMT Index + 3.913%)(c)(d)		363,084
	200,000	BBB	Toronto-Dominion Bank (The), Junior Subordinated Notes, 8.125% (5-Year CMT Index + 4.075%) due 10/31/82(c)		201,505
	520,000	BB+	UniCredit SpA, Subordinated Notes, 5.459% (5-Year CMT Index + 4.750%) due 6/30/35(a)(c)		452,109

			Total Banks		2,581,286


Beverages — 0.1%
	188,000	CCC+	Triton Water Holdings Inc., Senior Unsecured Notes, 6.250% due 4/1/29(a)		159,981


Building Materials — 1.2%
	320,000	B	MIWD Holdco II LLC/MIWD Finance Corp., Company Guaranteed Notes, 5.500% due 2/1/30(a)		269,063
	382,000	B+	PGT Innovations Inc., Company Guaranteed Notes, 4.375% due 10/1/29(a)		353,889
	210,000	BB-	Smyrna Ready Mix Concrete LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		201,853
			Standard Industries Inc., Senior Unsecured Notes:
	252,000	BB	5.000% due 2/15/27(a)		239,178
	300,000	BB	4.375% due 7/15/30(a)		257,274
	190,000	BB	Summit Materials LLC/Summit Materials Finance Corp., Company Guaranteed Notes, 5.250% due 1/15/29(a)		178,176

			Total Building Materials		1,499,433


Chemicals — 1.5%
	521,000	BB-	Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a)		435,621
	160,000	B-	LSF11 A5 HoldCo LLC, Senior Unsecured Notes, 6.625% due 10/15/29(a)		133,455
	395,000	BB	Methanex Corp., Senior Unsecured Notes, 5.125% due 10/15/27		370,887
	327,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		301,149
	190,000	BB+	Olin Corp., Senior Unsecured Notes, 5.000% due 2/1/30		173,919
	315,000	B-	Olympus Water US Holding Corp., Senior Secured Notes, 9.750% due 11/15/28(a)		317,710
	381,000	CCC+	Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., Company Guaranteed Notes, 5.125% due 4/1/29(a)		206,271

			Total Chemicals		1,939,012


Coal — 0.2%
	300,000	BB	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		306,393


Commercial Services — 6.0%
	200,000	BB	ADT Security Corp. (The), Senior Secured Notes, 4.125% due 8/1/29(a)		174,833
	105,000	BB	Adtalem Global Education Inc., Senior Secured Notes, 5.500% due 3/1/28(a)		97,954
	110,000	B	Allied Universal Holdco LLC/Allied Universal Finance Corp., Senior Secured Notes, 6.625% due 7/15/26(a)		104,739

See Notes to Financial Statements.

228



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Commercial Services — 6.0% — (continued)
$	630,000	B	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, Senior Secured Notes, 4.625% due 6/1/28(a)	$	534,987
	200,000	B-	Alta Equipment Group Inc., Secured Notes, 5.625% due 4/15/26(a)		185,282
	130,000	B	Carriage Services Inc., Company Guaranteed Notes, 4.250% due 5/15/29(a)		112,931
	340,000	BB-	CoreCivic Inc., Company Guaranteed Notes, 8.250% due 4/15/26		341,655
	375,000	CCC+	Deluxe Corp., Company Guaranteed Notes, 8.000% due 6/1/29(a)		316,828
			Garda World Security Corp., Senior Unsecured Notes:
	340,000	CCC+	9.500% due 11/1/27(a)		329,209
	119,000	CCC+	6.000% due 6/1/29(a)		97,079
			GEO Group Inc. (The), Secured Notes:
	270,000	B	10.500% due 6/30/28		270,323
	523,000	B	9.500% due 12/31/28(a)		517,770
	242,000	BB	Korn Ferry, Company Guaranteed Notes, 4.625% due 12/15/27(a)		225,312
	239,000	B3(b)	Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc., Senior Secured Notes, 5.000% due 2/1/26(a)		222,485
	233,000	CCC	Metis Merger Sub LLC, Senior Unsecured Notes, 6.500% due 5/15/29(a)		202,573
	220,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		200,792
	250,000	B	Paysafe Finance PLC/Paysafe Holdings US Corp., Senior Secured Notes, 4.000% due 6/15/29(a)		209,944
			Prime Security Services Borrower LLC/Prime Finance Inc.:
	210,000	B	Secured Notes, 6.250% due 1/15/28(a)		199,783
	351,000	BB	Senior Secured Notes, 3.375% due 8/31/27(a)		312,491
	469,000	BB-	PROG Holdings Inc., Company Guaranteed Notes, 6.000% due 11/15/29(a)		421,434
	120,000	B-	RR Donnelley & Sons Co., Secured Notes, 9.750% due 7/31/28(a)		120,000
	400,000	B+	Sotheby’s, Senior Secured Notes, 7.375% due 10/15/27(a)		364,608
	425,000	B+	Sotheby’s/Bidfair Holdings Inc., Senior Secured Notes, 5.875% due 6/1/29(a)		331,247
	132,000	B3(b)	StoneMor Inc., Senior Secured Notes, 8.500% due 5/15/29(a)		110,275
	290,000	BB	TriNet Group Inc., Company Guaranteed Notes, 3.500% due 3/1/29(a)		249,973
			United Rentals North America Inc.:
			Company Guaranteed Notes:
	280,000	BB+	5.250% due 1/15/30		266,390
	170,000	BB+	3.875% due 2/15/31		145,554
	140,000	BBB-	Senior Secured Notes, 6.000% due 12/15/29(a)		139,259
	574,000	B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		521,996
	315,000	B	WW International Inc., Senior Secured Notes, 4.500% due 4/15/29(a)		216,660
	100,000	BB-	ZipRecruiter Inc., Senior Unsecured Notes, 5.000% due 1/15/30(a)		84,000

			Total Commercial Services		7,628,366


Computers — 1.3%
	515,000	CCC+	Ahead DB Holdings LLC, Company Guaranteed Notes, 6.625% due 5/1/28(a)		445,696
	650,000	CCC+	McAfee Corp., Senior Unsecured Notes, 7.375% due 2/15/30(a)		568,952
	211,000	B*	NCR Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a)		192,127
	210,000	BB	Seagate HDD Cayman, Company Guaranteed Notes, 4.091% due 6/1/29(a)		184,023
	220,000	CCC+	Vericast Corp., Senior Secured Notes, 11.000% due 9/15/26(a)		230,190

			Total Computers		1,620,988


Cosmetics/Personal Care — 0.5%
	272,000	BB	Coty Inc., Senior Secured Notes, 5.000% due 4/15/26(a)		261,713
	448,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		388,658

			Total Cosmetics/Personal Care		650,371

See Notes to Financial Statements.

229



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Distribution/Wholesale — 0.5%
$	62,008	NR	American News Co. LLC, Secured Notes, 8.500% (8.500% cash or 10.000% PIK) due 9/1/26(a)(h)	$	69,991
	320,000	BB-	H&E Equipment Services Inc., Company Guaranteed Notes, 3.875% due 12/15/28(a)		279,691
	271,000	B+	Windsor Holdings III LLC, Senior Secured Notes, 8.500% due 6/15/30(a)		272,521

			Total Distribution/Wholesale		622,203


Diversified Financial Services — 5.2%
	369,300	NR	Accelerate360 Holdings LLC, Secured Notes, 8.000% due 3/1/28(a)		383,307
	410,000	B	AG Issuer LLC, Senior Secured Notes, 6.250% due 3/1/28(a)		393,204
	341,000	CCC+	Aretec Escrow Issuer Inc., Senior Unsecured Notes, 7.500% due 4/1/29(a)		306,556
	249,000	BBB-	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 6.375% due 5/4/28(a)		247,166
	371,000	NR	Bread Financial Holdings Inc., Company Guaranteed Notes, 4.750% due 12/15/24(a)		364,662
			Burford Capital Global Finance LLC, Company Guaranteed Notes:
	724,000	BB-	6.250% due 4/15/28(a)		667,098
	240,000	BB-	9.250% due 7/1/31(a)		243,000
	444,000	CCC	Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a)		309,404
	180,000	BB-	Coinbase Global Inc., Company Guaranteed Notes, 3.625% due 10/1/31(a)		121,376
	300,000	CCC-	Curo Group Holdings Corp., Secured Notes, 7.500% due 8/1/28(a)		71,820
	487,000	Baa3(b)	Enact Holdings Inc., Senior Unsecured Notes, 6.500% due 8/15/25(a)		482,785
			Enova International Inc., Company Guaranteed Notes:
	123,000	B-	8.500% due 9/1/24(a)		122,384
	272,000	B-	8.500% due 9/15/25(a)		267,784
	592,962	B2(b)	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% (6.500% cash or 7.250% PIK) due 9/15/24(a)(h)		557,550
	174,000	BB-	goeasy Ltd., Company Guaranteed Notes, 4.375% due 5/1/26(a)		159,918
	200,000	BB	Jane Street Group/JSG Finance Inc., Senior Secured Notes, 4.500% due 11/15/29(a)		175,753
	270,000	B1(b)	LFS Topco LLC, Company Guaranteed Notes, 5.875% due 10/15/26(a)		233,985
			LPL Holdings Inc., Company Guaranteed Notes:
	188,000	BBB-	4.625% due 11/15/27(a)		175,905
	260,000	BBB-	4.000% due 3/15/29(a)		231,395
			NFP Corp., Senior Secured Notes:
	218,000	B	4.875% due 8/15/28(a)		194,741
	140,000	B	7.500% due 10/1/30(a)		136,039
	400,000	BB	OneMain Finance Corp., Company Guaranteed Notes, 5.375% due 11/15/29		346,480
	460,000	BB	Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes, 3.875% due 3/1/31(a)		375,730
	127,000	BB-	StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a)		128,729

			Total Diversified Financial Services		6,696,771


Electric — 2.1%
	343,000	BB+	Atlantica Sustainable Infrastructure PLC, Company Guaranteed Notes, 4.125% due 6/15/28(a)		306,808
			Calpine Corp.:
	225,000	BB+	Senior Secured Notes, 3.750% due 3/1/31(a)		188,067
	523,000	B+	Senior Unsecured Notes, 5.000% due 2/1/31(a)		442,500
	220,000	BB	NextEra Energy Operating Partners LP, Company Guaranteed Notes, 4.500% due 9/15/27(a)		204,421
			NRG Energy Inc., Company Guaranteed Notes:
	174,000	BB	5.750% due 1/15/28		164,629
	290,000	BB	5.250% due 6/15/29(a)		260,819
	157,000	BB	3.625% due 2/15/31(a)		122,623
	409,000	BB-	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		372,697
	90,000	BB+	TransAlta Corp., Senior Unsecured Notes, 7.750% due 11/15/29		93,033
	546,000	BBB-	Vistra Operations Co. LLC, Senior Secured Notes, 4.300% due 7/15/29(a)		484,834

			Total Electric		2,640,431

See Notes to Financial Statements.

230



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Electrical Components & Equipment — 0.2%
$	335,000	BB+	EnerSys, Company Guaranteed Notes, 4.375% due 12/15/27(a)	$	306,842


Electronics — 0.6%
	510,000	BB-	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		453,626
	345,000	BB-	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		300,022

			Total Electronics		753,648


Energy — Alternate Sources — 0.3%
	50,000	NR	NextEra Energy Partners LP, Company Guaranteed Notes, 2.500% due 6/15/26(a)		44,475
	410,000	B1(b)	Sunnova Energy Corp., Company Guaranteed Notes, 5.875% due 9/1/26(a)		361,166

			Total Energy — Alternate Sources		405,641


Engineering & Construction — 0.6%
	282,000	B	Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes, 6.000% due 2/1/26(a)		270,996
	150,000	BB+	TopBuild Corp., Company Guaranteed Notes, 3.625% due 3/15/29(a)		129,238
	340,000	B	VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a)		310,361

			Total Engineering & Construction		710,595


Entertainment — 2.5%
	478,000	CCC	Allen Media LLC/Allen Media Co-Issuer Inc., Company Guaranteed Notes, 10.500% due 2/15/28(a)		274,128
	330,000	B-	AMC Entertainment Holdings Inc., Senior Secured Notes, 7.500% due 2/15/29(a)		225,582
	400,000	B+	Banijay Entertainment SASU, Senior Secured Notes, 5.375% due 3/1/25(a)		390,121
	154,000	B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		139,195
			Caesars Entertainment Inc.:
			Senior Secured Notes:
	300,000	B+	6.250% due 7/1/25(a)		297,940
	170,000	B+	7.000% due 2/15/30(a)		170,835
	210,000	B	Senior Unsecured Notes, 8.125% due 7/1/27(a)		213,419
	130,000	NR	DraftKings Holdings Inc., Company Guaranteed Notes, zero coupon due 3/15/28		99,645
	150,000	CCC+	Mohegan Tribal Gaming Authority, Company Guaranteed Notes, 13.250% due 12/15/27(a)		159,904
	240,000	B	Ontario Gaming GTA LP, Senior Secured Notes, 8.000% due 8/1/30(a)		242,825
			SeaWorld Parks & Entertainment Inc.:
	443,000	B	Company Guaranteed Notes, 5.250% due 8/15/29(a)		398,147
	255,000	BB	Senior Secured Notes, 8.750% due 5/1/25(a)		260,967
	107,000	BB	Speedway Motorsports LLC/Speedway Funding II Inc., Senior Unsecured Notes, 4.875% due 11/1/27(a)		99,235
	260,000	B+	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(a)		255,493

			Total Entertainment		3,227,436


Environmental Control — 1.1%
	90,000	BB+	Clean Harbors Inc., Company Guaranteed Notes, 6.375% due 2/1/31(a)		89,600
			Covanta Holding Corp., Company Guaranteed Notes:
	355,000	B	4.875% due 12/1/29(a)		305,646
	243,000	B	5.000% due 9/1/30		206,315
	570,000	B	Enviri Corp., Company Guaranteed Notes, 5.750% due 7/31/27(a)		494,931
	320,000	B-	MadisonQ LLC, Senior Secured Notes, 4.125% due 6/30/28(a)		283,302

			Total Environmental Control		1,379,794


Food — 1.6%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	372,000	BB+	5.875% due 2/15/28(a)		361,375
	120,000	BB+	6.500% due 2/15/28(a)		119,570
	550,000	B	C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28(a)		427,115

See Notes to Financial Statements.

231



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Food — 1.6% — (continued)
$	131,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)	$	122,485
	347,000	BB	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		334,483
	254,000	B+	Post Holdings Inc., Company Guaranteed Notes, 4.625% due 4/15/30(a)		225,277
	510,000	B	Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, Secured Notes, 4.625% due 3/1/29(a)		424,670

			Total Food		2,014,975


Forest Products & Paper — 0.1%
	278,000	CCC	Glatfelter Corp., Company Guaranteed Notes, 4.750% due 11/15/29(a)		194,301


Healthcare — Products — 0.7%
			Medline Borrower LP:
	432,000	B+	Senior Secured Notes, 3.875% due 4/1/29(a)		376,363
	580,000	B-	Senior Unsecured Notes, 5.250% due 10/1/29(a)		515,650

			Total Healthcare — Products		892,013


Healthcare — Services — 2.8%
	110,000	CCC	Akumin Inc., Senior Secured Notes, 7.000% due 11/1/25(a)		83,187
	190,000	C	Cano Health LLC, Company Guaranteed Notes, 6.250% due 10/1/28(a)		64,771
			CHS/Community Health Systems Inc.:
	60,000	CCC-	Secured Notes, 6.125% due 4/1/30(a)		34,256
			Senior Secured Notes:
	592,000	B-	5.625% due 3/15/27(a)		521,516
	370,000	B-	5.250% due 5/15/30(a)		292,156
	520,000	B+	DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(a)		446,505
			HCA Inc., Company Guaranteed Notes:
	371,000	BBB-	3.500% due 9/1/30		324,220
	110,000	BBB-	7.500% due 11/15/95		121,337
	326,000	B	Legacy LifePoint Health LLC, Senior Secured Notes, 4.375% due 2/15/27(a)		281,134
	375,000	B	LifePoint Health Inc., Senior Secured Notes, 9.875% due 8/15/30(a)		371,070
	400,000	BB-	Molina Healthcare Inc., Senior Unsecured Notes, 3.875% due 11/15/30(a)		341,941
	30,000	CCC-	Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(a)		11,809
	427,000	B-	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(a)		423,363
	240,000	BB-	Tenet Healthcare Corp., Senior Secured Notes, 4.250% due 6/1/29		214,327
	115,500	NR	US Renal Care Inc., Senior Secured Notes, 10.625% due 6/28/28(a)(e)		73,920

			Total Healthcare — Services		3,605,512


Home Builders — 0.6%
	182,000	B-	Empire Communities Corp., Senior Unsecured Notes, 7.000% due 12/15/25(a)		175,868
			Forestar Group Inc., Company Guaranteed Notes:
	120,000	BB-	3.850% due 5/15/26(a)		111,240
	120,000	BB-	5.000% due 3/1/28(a)		111,018
	65,000	B+	Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(a)		61,146
			Mattamy Group Corp., Senior Unsecured Notes:
	201,000	BB	5.250% due 12/15/27(a)		189,807
	130,000	BB	4.625% due 3/1/30(a)		114,835

			Total Home Builders		763,914


Insurance — 1.0%
	248,006	BB+	Highlands Holdings Bonds Issuer Ltd./Highlands Holdings Bonds Co.-Issuer Inc., Senior Secured Notes, 7.625% (7.625% cash or 8.375% PIK) due 10/15/25(a)(h)		234,437
	327,000	B-	Jones Deslauriers Insurance Management Inc., Senior Secured Notes, 8.500% due 3/15/30(a)		334,109
	397,000	BB	NMI Holdings Inc., Senior Secured Notes, 7.375% due 6/1/25(a)		399,346
	385,000	BB-	Ryan Specialty LLC, Senior Secured Notes, 4.375% due 2/1/30(a)		344,597

			Total Insurance		1,312,489

See Notes to Financial Statements.

232



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†			Rating††	Security	Value

Internet — 1.4%
$	390,000		B	Cogent Communications Group Inc., Company Guaranteed Notes, 7.000% due 6/15/27(a)	$	378,924
				Gen Digital Inc., Company Guaranteed Notes:
	101,000		BB-	6.750% due 9/30/27(a)		101,225
	303,000		BB-	7.125% due 9/30/30(a)		305,185
	300,000		B-	GrubHub Holdings Inc., Company Guaranteed Notes, 5.500% due 7/1/27(a)		207,689
	490,000		B-	ION Trading Technologies Sarl, Senior Secured Notes, 5.750% due 5/15/28(a)		430,731
				Match Group Holdings II LLC, Senior Unsecured Notes:
	220,000		BB	4.625% due 6/1/28(a)		203,175
	140,000		BB	3.625% due 10/1/31(a)		114,255

				Total Internet		1,741,184


Iron/Steel — 1.1%
				ATI Inc., Senior Unsecured Notes:
	349,000		B+	4.875% due 10/1/29		315,430
	6,000		B+	7.250% due 8/15/30		6,068
		��		Cleveland-Cliffs Inc.:
	160,000		Ba3(b)	Company Guaranteed Notes, 4.625% due 3/1/29(a)		142,008
	144,000		B	Senior Unsecured Notes, 6.250% due 10/1/40		119,511
	350,000		BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		298,207
				Mineral Resources Ltd., Senior Unsecured Notes:
	268,000		Ba3(b)	8.125% due 5/1/27(a)		267,814
	225,000		Ba3(b)	8.500% due 5/1/30(a)		226,086

				Total Iron/Steel		1,375,124


Leisure Time — 4.9%
				Carnival Corp.:
				Company Guaranteed Notes:
	110,000		B	7.625% due 3/1/26(a)		109,755
	781,000		B	5.750% due 3/1/27(a)		734,440
	699,000		B	6.000% due 5/1/29(a)		633,303
	530,000		B	10.500% due 6/1/30(a)		565,030
	120,000		BB-	Senior Secured Notes, 7.000% due 8/15/29(a)		121,865
	150,000		B+	Carnival Holdings Bermuda Ltd., Company Guaranteed Notes, 10.375% due 5/1/28(a)		163,274
				NCL Corp., Ltd.:
	50,000		B-	Company Guaranteed Notes, 5.875% due 3/15/26(a)		47,100
				Senior Secured Notes:
	600,000		B+	5.875% due 2/15/27(a)		581,753
	270,000		BB-	8.375% due 2/1/28(a)		278,540
				Senior Unsecured Notes:
	504,000		B-	3.625% due 12/15/24(a)		483,200
	471,000		B-	7.750% due 2/15/29(a)		447,875
				Royal Caribbean Cruises Ltd.:
	340,000		BB-	Company Guaranteed Notes, 7.250% due 1/15/30(a)		345,025
				Senior Unsecured Notes:
	341,000		BB-	4.250% due 7/1/26(a)		318,235
	340,000		BB-	11.625% due 8/15/27(a)		370,612
	102,000		BB-	5.500% due 4/1/28(a)		95,548
				Viking Cruises Ltd.:
	64,000		B-	Company Guaranteed Notes, 5.875% due 9/15/27(a)		59,902
				Senior Unsecured Notes:
	379,000		B-	7.000% due 2/15/29(a)		359,709
	340,000		B-	9.125% due 7/15/31(a)		351,573
	200,000		B+	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		185,836

				Total Leisure Time		6,252,575

See Notes to Financial Statements.

233



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Lodging — 1.6%
$	420,000	B-	Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(a)	$	374,070
	580,000	B+	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, Company Guaranteed Notes, 4.875% due 7/1/31(a)		489,579
	405,000	BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		340,067
	400,000	BBB-	Sands China Ltd., Senior Unsecured Notes, 3.500% due 8/8/31		322,176
	331,000	BB-	Travel + Leisure Co., Senior Secured Notes, 6.000% due 4/1/27		321,471
	200,000	B+	Wynn Macau Ltd., Senior Unsecured Notes, 5.500% due 1/15/26(a)		188,188

			Total Lodging		2,035,551


Machinery — Construction & Mining — 0.2%
	240,000	BB-	Vertiv Group Corp., Senior Secured Notes, 4.125% due 11/15/28(a)		215,693


Machinery — Diversified — 0.1%
	88,000	BB-	ATS Corp., Company Guaranteed Notes, 4.125% due 12/15/28(a)		78,255


Media — 6.6%
			Altice Financing SA, Senior Secured Notes:
	681,000	B	5.000% due 1/15/28(a)		554,284
	200,000	B	5.750% due 8/15/29(a)		158,613
	275,000	BB+	Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27		274,145
	358,000	BB-	Block Communications Inc., Company Guaranteed Notes, 4.875% due 3/1/28(a)		296,659
	440,000	BB-	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)		343,604
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	705,000	BB-	6.375% due 9/1/29(a)		668,096
	571,000	BB-	4.750% due 3/1/30(a)		492,576
	310,000	BB-	4.500% due 8/15/30(a)		261,121
	160,000	BB-	4.750% due 2/1/32(a)		132,546
	680,000	BB-	4.500% due 5/1/32		551,917
			CSC Holdings LLC:
			Company Guaranteed Notes:
	210,000	B	11.250% due 5/15/28(a)		207,317
	200,000	B	6.500% due 2/1/29(a)		165,426
	200,000	B	4.500% due 11/15/31(a)		142,368
			Senior Unsecured Notes:
	980,000	CCC+	5.750% due 1/15/30(a)		540,872
	465,000	CCC+	4.625% due 12/1/30(a)		243,743
	390,000	BB	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27(a)		345,884
			DISH DBS Corp.:
			Company Guaranteed Notes:
	20,000	B-	5.875% due 11/15/24		18,622
	500,000	B-	7.750% due 7/1/26		374,075
	410,000	B	Senior Secured Notes, 5.750% due 12/1/28(a)		318,041
	65,000	CCC-	DISH Network Corp., Senior Unsecured Notes, 3.375% due 8/15/26		39,650
	180,000	B1(b)	Gannett Holdings LLC, Senior Secured Notes, 6.000% due 11/1/26(a)		154,566
	170,000	B+	iHeartCommunications Inc., Senior Secured Notes, 5.250% due 8/15/27(a)		134,853
	222,000	BB	Paramount Global, Junior Subordinated Notes, 6.375% (5-Year CMT Index + 3.999%) due 3/30/62(c)		183,350
	770,000	BB	Sirius XM Radio Inc., Company Guaranteed Notes, 4.000% due 7/15/28(a)		666,783
	50,000	BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		55,769
	150,000	BBB-	Time Warner Cable LLC, Senior Secured Notes, 7.300% due 7/1/38		151,867
			Univision Communications Inc., Senior Secured Notes:
	388,000	B+	6.625% due 6/1/27(a)		376,018
	120,000	B+	8.000% due 8/15/28(a)		119,812
	112,000	B+	7.375% due 6/30/30(a)		108,481

See Notes to Financial Statements.

234



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Media — 6.6% — (continued)
$	327,000	BB-	UPC Broadband Finco BV, Senior Secured Notes, 4.875% due 7/15/31(a)	$	270,184
	67,000	B-	Urban One Inc., Senior Secured Notes, 7.375% due 2/1/28(a)		58,320

			Total Media		8,409,562


Metal Fabricate/Hardware — 0.3%
	90,000	BB-	Advanced Drainage Systems Inc., Company Guaranteed Notes, 6.375% due 6/15/30(a)		88,740
	80,000	CCC+	Park-Ohio Industries Inc., Company Guaranteed Notes, 6.625% due 4/15/27		70,031
	230,000	B+	Roller Bearing Co. of America Inc., Senior Unsecured Notes, 4.375% due 10/15/29(a)		206,061

			Total Metal Fabricate/Hardware		364,832


Mining — 1.5%
	30,000	B+	Arsenal AIC Parent LLC, Senior Secured Notes, 8.000% due 10/1/30(a)		30,643
			First Quantum Minerals Ltd., Company Guaranteed Notes:
	330,000	B+	6.875% due 10/15/27(a)		321,697
	500,000	B+	8.625% due 6/1/31(a)		509,784
	311,000	BB+	FMG Resources August 2006 Pty Ltd., Company Guaranteed Notes, 4.500% due 9/15/27(a)		287,292
	320,000	BB+	Freeport-McMoRan Inc., Company Guaranteed Notes, 5.450% due 3/15/43		287,504
			Hudbay Minerals Inc., Company Guaranteed Notes:
	40,000	B	4.500% due 4/1/26(a)		37,787
	537,000	B	6.125% due 4/1/29(a)		505,370

			Total Mining		1,980,077


Miscellaneous Manufacturers — 0.0%@
	12,101	C(g)	Anagram International Inc./Anagram Holdings LLC, Secured Notes, 10.000% (5.000% cash and 5.000% PIK or 10.000% PIK or 10.000% cash) due 8/15/26(a)(h)		8,531


Oil & Gas — 6.8%
	200,000	BB+	Antero Resources Corp., Company Guaranteed Notes, 5.375% due 3/1/30(a)		187,272
			Apache Corp., Senior Unsecured Notes:
	105,000	BB+	4.375% due 10/15/28		96,877
	406,000	BB+	4.250% due 1/15/30		370,381
	410,000	B	Berry Petroleum Co. LLC, Company Guaranteed Notes, 7.000% due 2/15/26(a)		394,370
	110,000	BB	Chesapeake Energy Corp., Company Guaranteed Notes, 5.500% due 2/1/26(a)		107,464
	438,000	BB-	Chord Energy Corp., Company Guaranteed Notes, 6.375% due 6/1/26(a)		432,113
			Civitas Resources Inc., Company Guaranteed Notes:
	105,000	BB-	5.000% due 10/15/26(a)		99,290
	125,000	BB-	8.375% due 7/1/28(a)		129,219
	280,000	BB-	8.750% due 7/1/31(a)		289,534
			Comstock Resources Inc., Company Guaranteed Notes:
	39,000	B+	6.750% due 3/1/29(a)		36,523
	275,000	B+	5.875% due 1/15/30(a)		243,004
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	469,000	BB-	7.250% due 5/1/26(a)		462,443
	257,000	BB-	9.250% due 2/15/28(a)		263,135
			Earthstone Energy Holdings LLC, Company Guaranteed Notes:
	375,000	BB-	8.000% due 4/15/27(a)		382,839
	359,000	BB-	9.875% due 7/15/31(a)		393,925
	220,000	BB+	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 5.750% due 1/30/28(a)		214,163
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	405,000	BB+	5.750% due 2/1/29(a)		376,083
	125,000	BB+	6.000% due 2/1/31(a)		114,888
	170,000	BB+	6.250% due 4/15/32(a)		156,173
	300,000	BB-	MEG Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(a)		286,920
	223,000	B+	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		217,076

See Notes to Financial Statements.

235



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Oil & Gas — 6.8% — (continued)
$	180,000	CCC	Nabors Industries Ltd., Company Guaranteed Notes, 7.250% due 1/15/26(a)	$	173,350
	120,000	BB-	Noble Finance II LLC, Company Guaranteed Notes, 8.000% due 4/15/30(a)		124,201
	240,000	B+	Northern Oil & Gas Inc., Senior Unsecured Notes, 8.125% due 3/1/28(a)		240,794
	250,000	BB+	Occidental Petroleum Corp., Senior Unsecured Notes, 8.875% due 7/15/30		286,874
	370,000	BB-	Permian Resources Operating LLC, Company Guaranteed Notes, 5.875% due 7/1/29(a)		357,187
			Petrobras Global Finance BV, Company Guaranteed Notes:
	40,000	BB-	7.375% due 1/17/27		41,446
	20,000	BB-	5.750% due 2/1/29		19,538
	400,000	BB	Range Resources Corp., Company Guaranteed Notes, 8.250% due 1/15/29		415,626
	245,000	B+	Rockcliff Energy II LLC, Senior Unsecured Notes, 5.500% due 10/15/29(a)		225,906
			Southwestern Energy Co., Company Guaranteed Notes:
	195,000	BB+	5.375% due 2/1/29		185,259
	540,000	BB+	4.750% due 2/1/32		478,922
	494,000	BB-	Strathcona Resources Ltd., Senior Unsecured Notes, 6.875% due 8/1/26(a)		462,026
	104,500	B-	Transocean Inc., Senior Secured Notes, 8.750% due 2/15/30(a)		107,004
	308,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)		314,003

			Total Oil & Gas		8,685,828


Oil & Gas Services — 0.4%
	343,000	B+	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)		327,753
	240,000	B+	USA Compression Partners LP/USA Compression Finance Corp., Company Guaranteed Notes, 6.875% due 4/1/26		237,513

			Total Oil & Gas Services		565,266


Packaging & Containers — 2.3%
	200,000	B-	ARD Finance SA, Senior Secured Notes, 6.500% (6.500% cash or 7.250% PIK) due 6/30/27(a)(h)		160,970
			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:
			Senior Secured Notes:
	210,000	BB	6.000% due 6/15/27(a)		204,983
	225,000	BB	3.250% due 9/1/28(a)		191,280
	250,000	B+	Senior Unsecured Notes, 4.000% due 9/1/29(a)		203,462
			Ball Corp., Company Guaranteed Notes:
	88,000	BB+	5.250% due 7/1/25		86,853
	124,000	BB+	2.875% due 8/15/30		101,246
	230,000	BB-	Canpack SA/Canpack US LLC, Company Guaranteed Notes, 3.875% due 11/15/29(a)		186,065
	150,000	BB-	Cascades Inc./Cascades USA Inc., Company Guaranteed Notes, 5.375% due 1/15/28(a)		141,359
	415,000	B	Clydesdale Acquisition Holdings Inc., Senior Secured Notes, 6.625% due 4/15/29(a)		395,198
	249,000	BB+	Crown Americas LLC, Company Guaranteed Notes, 5.250% due 4/1/30		234,882
			LABL Inc., Senior Secured Notes:
	271,000	B-	5.875% due 11/1/28(a)		245,542
	155,000	B-	9.500% due 11/1/28(a)		159,731
	244,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 8/15/26(a)		240,506
	10,000	B-	Pactiv LLC, Senior Unsecured Notes, 8.375% due 4/15/27		10,099
	71,000	BB+	Sealed Air Corp./Sealed Air Corp. US, Company Guaranteed Notes, 6.125% due 2/1/28(a)		69,817
	287,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		263,213

			Total Packaging & Containers		2,895,206


Pharmaceuticals — 2.1%
	280,000	B	AdaptHealth LLC, Company Guaranteed Notes, 5.125% due 3/1/30(a)		229,932
			Bausch Health Cos., Inc.:
	430,000	CCC-	Company Guaranteed Notes, 5.250% due 1/30/30(a)		181,987
	50,000	CCC+	Senior Secured Notes, 6.125% due 2/1/27(a)		32,927
	250,000	B+	Herbalife Nutrition Ltd./HLF Financing Inc., Company Guaranteed Notes, 7.875% due 9/1/25(a)		240,803

See Notes to Financial Statements.

236



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Pharmaceuticals — 2.1% — (continued)
$	460,000	B+	HLF Financing Sarl LLC/Herbalife International Inc., Company Guaranteed Notes, 4.875% due 6/1/29(a)	$	344,420
			Organon & Co./Organon Foreign Debt Co.-Issuer BV:
	200,000	BB	Senior Secured Notes, 4.125% due 4/30/28(a)		181,184
	459,000	BB-	Senior Unsecured Notes, 5.125% due 4/30/31(a)		391,281
	230,000	WR(b)	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27*(a)(i)(j)		163,959
	200,000	BB-	Teva Pharmaceutical Finance Co. LLC, Company Guaranteed Notes, 6.150% due 2/1/36		184,183
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	250,000	BB-	5.125% due 5/9/29		231,495
	200,000	BB-	7.875% due 9/15/29		208,582
	270,000	BB-	8.125% due 9/15/31		286,401

			Total Pharmaceuticals		2,677,154


Pipelines — 5.9%
	341,000	BB	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		326,863
			Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes:
	100,000	B+	7.625% due 12/15/25(a)		100,380
	310,000	B+	6.625% due 7/15/26(a)		304,969
	180,000	BB-	Buckeye Partners LP, Senior Unsecured Notes, 4.500% due 3/1/28(a)		163,512
	200,000	BB	CNX Midstream Partners LP, Company Guaranteed Notes, 4.750% due 4/15/30(a)		172,813
	60,000	BBB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.750% due 9/15/37(a)		63,384
	275,000	BB+	DT Midstream Inc., Company Guaranteed Notes, 4.375% due 6/15/31(a)		238,343
	90,000	BB+	Energy Transfer LP, Junior Subordinated Notes, 6.500% (5-Year CMT Index + 5.694%)(c)(d)		82,310
			EQM Midstream Partners LP, Senior Unsecured Notes:
	27,000	BB-	7.500% due 6/1/27(a)		27,272
	148,000	BB-	5.500% due 7/15/28		141,543
	254,000	BB-	7.500% due 6/1/30(a)		260,745
	310,000	BB-	6.500% due 7/15/48		281,735
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	700,000	B	6.500% due 10/1/25		690,217
	33,000	B	6.250% due 5/15/26		32,045
	200,000	B	8.000% due 1/15/27		197,350
	460,000	BB-	Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 9/1/28(a)		460,577
	250,000	BB+	Hess Midstream Operations LP, Company Guaranteed Notes, 4.250% due 2/15/30(a)		220,044
	365,000	BB+	Holly Energy Partners LP/Holly Energy Finance Corp., Company Guaranteed Notes, 5.000% due 2/1/28(a)		342,724
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	698,000	B+	6.750% due 1/15/27(a)		672,854
	281,000	B+	8.875% due 7/15/28(a)		290,807
	582,000	B	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		525,802
	650,000	B+	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 7.500% due 2/1/26(a)		646,539
			NuStar Logistics LP, Company Guaranteed Notes:
	100,000	BB-	5.750% due 10/1/25		98,148
	238,000	BB-	6.375% due 10/1/30		229,302
	110,000	BB-	Summit Midstream Holdings LLC/Summit Midstream Finance Corp., Secured Notes, step bond to yield, 9.000% due 10/15/26(a)		106,249
	170,000	BB-	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes, 6.000% due 12/31/30(a)		152,241
			Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	264,000	BB+	3.875% due 8/15/29(a)		228,638
	210,000	BB+	6.250% due 1/15/30(a)		204,757

See Notes to Financial Statements.

237



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 5.9% — (continued)
$	180,000	BB+	4.125% due 8/15/31(a)	$	152,867
	110,000	BB+	3.875% due 11/1/33(a)		89,452

			Total Pipelines		7,504,482


Real Estate — 1.1%
			Cushman & Wakefield US Borrower LLC, Senior Secured Notes:
	483,000	BB	6.750% due 5/15/28(a)		460,314
	96,000	BB	8.875% due 9/1/31(a)		96,903
	300,000	B-	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 7.875% due 11/15/25(a)		280,095
	210,000	BB-	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		212,363
			Kennedy-Wilson Inc., Company Guaranteed Notes:
	150,000	BB-	4.750% due 3/1/29		120,675
	305,000	BB-	4.750% due 2/1/30		235,153

			Total Real Estate		1,405,503


Real Estate Investment Trusts (REITs) — 2.8%
	803,000	B+	Apollo Commercial Real Estate Finance Inc., Senior Secured Notes, 4.625% due 6/15/29(a)		630,564
	150,000	BB+	CTR Partnership LP/CareTrust Capital Corp., Company Guaranteed Notes, 3.875% due 6/30/28(a)		130,842
			Diversified Healthcare Trust:
	150,000	B	Company Guaranteed Notes, 9.750% due 6/15/25		147,660
	70,000	CCC+	Senior Unsecured Notes, 4.750% due 2/15/28		53,547
			HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes:
	157,000	BB+	6.000% due 4/15/25(a)		154,233
	407,000	BB+	3.375% due 6/15/26(a)		365,776
	290,000	NR	IIP Operating Partnership LP, Company Guaranteed Notes, 5.500% due 5/25/26		257,371
	125,000	BB-	Iron Mountain Information Management Services Inc., Company Guaranteed Notes, 5.000% due 7/15/32(a)		108,056
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	410,000	BB-	4.250% due 2/1/27(a)		371,042
	130,000	BB-	4.750% due 6/15/29(a)		109,426
	160,000	BB+	MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes, 3.500% due 3/15/31		104,063
			Service Properties Trust:
	231,000	BB	Company Guaranteed Notes, 5.500% due 12/15/27		204,682
			Senior Unsecured Notes:
	227,000	B+	3.950% due 1/15/28		180,903
	430,000	B+	4.375% due 2/15/30		327,305
	550,000	BB-	Starwood Property Trust Inc., Senior Unsecured Notes, 4.375% due 1/15/27(a)		491,747

			Total Real Estate Investment Trusts (REITs)		3,637,217


Retail — 4.6%
	70,000	BB	Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(a)		67,137
			Bath & Body Works Inc., Company Guaranteed Notes:
	20,000	BB	9.375% due 7/1/25(a)		20,949
	150,000	BB	5.250% due 2/1/28		144,044
	200,000	BB	6.625% due 10/1/30(a)		195,221
	90,000	BB	Beacon Roofing Supply Inc., Senior Secured Notes, 6.500% due 8/1/30(a)		89,010
	285,000	BB-	Brinker International Inc., Company Guaranteed Notes, 5.000% due 10/1/24(a)		280,662
	170,000	CCC	Carrols Restaurant Group Inc., Company Guaranteed Notes, 5.875% due 7/1/29(a)		146,455
	464,000	B-	CEC Entertainment LLC, Senior Secured Notes, 6.750% due 5/1/26(a)		444,080
	268,000	B	Dave & Buster’s Inc., Senior Secured Notes, 7.625% due 11/1/25(a)		270,902
	555,000	B-	eG Global Finance PLC, Senior Secured Notes, 6.750% due 2/7/25(a)		547,458

See Notes to Financial Statements.

238



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Retail — 4.6% — (continued)
$	462,000	B	Ferrellgas LP/Ferrellgas Finance Corp., Senior Unsecured Notes, 5.375% due 4/1/26(a)	$	434,680
	190,000	B	Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., Senior Secured Notes, 4.625% due 1/15/29(a)		164,260
			FirstCash Inc., Company Guaranteed Notes:
	448,000	BB	4.625% due 9/1/28(a)		398,906
	187,000	BB	5.625% due 1/1/30(a)		169,962
	200,000	BB+	Foot Locker Inc., Senior Unsecured Notes, 4.000% due 10/1/29(a)		150,714
	345,000	BB-	Ken Garff Automotive LLC, Senior Unsecured Notes, 4.875% due 9/15/28(a)		300,483
	610,000	CCC	LBM Acquisition LLC, Company Guaranteed Notes, 6.250% due 1/15/29(a)		532,967
			Michaels Cos Inc. (The):
	160,000	B-	Senior Secured Notes, 5.250% due 5/1/28(a)		133,501
	300,000	CCC	Senior Unsecured Notes, 7.875% due 5/1/29(a)		208,230
	225,000	BB+	Murphy Oil USA Inc., Company Guaranteed Notes, 4.750% due 9/15/29		206,660
	97,000	B-	NMG Holding Co., Inc./Neiman Marcus Group LLC, Senior Secured Notes, 7.125% due 4/1/26(a)		92,272
	370,000	CCC	Park River Holdings Inc., Senior Unsecured Notes, 6.750% due 8/1/29(a)		298,323
	180,000	B3(b)	Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes, 8.500% due 11/28/25(a)		178,453
	250,000	B	Specialty Building Products Holdings LLC/SBP Finance Corp., Senior Secured Notes, 6.375% due 9/30/26(a)		239,679
	100,000	BB-	Suburban Propane Partners LP/Suburban Energy Finance Corp., Senior Unsecured Notes, 5.000% due 6/1/31(a)		85,591
	90,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)		79,287

			Total Retail		5,879,886


Semiconductors — 0.2%
	320,000	BB-	Entegris Escrow Corp., Company Guaranteed Notes, 5.950% due 6/15/30(a)		306,762


Software — 2.2%
	220,000	CCC	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		191,283
	450,000	B-	Capstone Borrower Inc., Senior Secured Notes, 8.000% due 6/15/30(a)		443,594
	420,000	B+	Central Parent Inc./CDK Global Inc., Senior Secured Notes, 7.250% due 6/15/29(a)		414,649
	104,000	B+	Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., Senior Secured Notes, 8.000% due 6/15/29(a)		105,440
	160,000	B-	Clarivate Science Holdings Corp., Company Guaranteed Notes, 4.875% due 7/1/29(a)		139,615
	170,000	B+	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		146,315
	450,000	B	Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes, 4.625% due 5/1/28(a)		388,587
			Open Text Corp.:
			Company Guaranteed Notes:
	20,000	BB-	3.875% due 2/15/28(a)		17,817
	260,000	BB-	3.875% due 12/1/29(a)		220,797
	200,000	BBB-	Senior Secured Notes, 6.900% due 12/1/27(a)		202,816
	160,000	B+	Playtika Holding Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		138,344
	735,000	CCC+	Rackspace Technology Global Inc., Senior Secured Notes, 3.500% due 2/15/28(a)		349,660

			Total Software		2,758,917


Telecommunications — 2.7%
	500,000	CCC	Altice France Holding SA, Senior Secured Notes, 10.500% due 5/15/27(a)		270,453
			Altice France SA, Senior Secured Notes:
	250,000	B-	5.500% due 1/15/28(a)		187,574
	710,000	B-	5.125% due 7/15/29(a)		502,524
	446,000	B-	5.500% due 10/15/29(a)		321,306
	170,000	B	CommScope Inc., Senior Secured Notes, 4.750% due 9/1/29(a)		126,488

See Notes to Financial Statements.

239



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

Telecommunications — 2.7% — (continued)
$	200,000	CCC+	CommScope Technologies LLC, Company Guaranteed Notes, 6.000% due 6/15/25(a)	$	182,927
	477,000	BB-	Connect Finco Sarl/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(a)		452,985
	560,000	B+	Iliad Holding SASU, Senior Secured Notes, 7.000% due 10/15/28(a)		521,477
	230,000	BBB-	Sprint Capital Corp., Company Guaranteed Notes, 8.750% due 3/15/32		274,334
	140,000	B+	Telecom Italia Capital SA, Company Guaranteed Notes, 6.000% due 9/30/34		116,348
	435,000	D	Telesat Canada/Telesat LLC, Senior Secured Notes, 4.875% due 6/1/27(a)		293,181
	260,000	BB-	Vmed O2 UK Financing I PLC, Senior Secured Notes, 4.750% due 7/15/31(a)		217,356

			Total Telecommunications		3,466,953


Transportation — 0.7%
	491,000	BB	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(a)		444,011
	320,000	CCC+	Carriage Purchaser Inc., Senior Unsecured Notes, 7.875% due 10/15/29(a)		240,453
	184,000	BB-	XPO CNW Inc., Senior Unsecured Notes, 6.700% due 5/1/34		183,090
	50,000	BB+	XPO Escrow Sub LLC, Company Guaranteed Notes, 7.500% due 11/15/27(a)		50,892

			Total Transportation		918,446


Trucking & Leasing — 0.3%
	375,000	BB+	AerCap Global Aviation Trust, Company Guaranteed Notes, 6.500% (3-Month Term SOFR + 4.562%) due 6/15/45(a)(c)		370,154

			TOTAL CORPORATE BONDS & NOTES (Cost — $122,357,266)		113,384,860


COLLATERALIZED MORTGAGE OBLIGATIONS — 3.3%
	280,000	BBB-	ARES XLIV CLO Ltd., Series 2017-44A, Class CR, 8.970% (3-Month Term SOFR + 3.662%) due 4/15/34(a)(c)		278,767
	250,000	Baa3(b)	Battalion CLO XI Ltd., Series 2017-11A, Class DR, 9.257% (3-Month Term SOFR + 3.912%) due 4/24/34(a)(c)		229,127
	280,000	Ba3(b)	Canyon Capital CLO Ltd., Series 2021-1A, Class E, 11.980% (3-Month Term SOFR + 6.672%) due 4/15/34(a)(c)		261,624
	250,000	Baa3(b)	Dryden 49 Senior Loan Fund, Series 2017-49A, Class DR, 8.972% (3-Month Term SOFR + 3.662%) due 7/18/30(a)(c)		242,185
	360,000	BB-	Madison Park Funding XXXV Ltd., Series 2019-35A, Class ER, 11.688% (3-Month Term SOFR + 6.362%) due 4/20/32(a)(c)		354,017
	500,000	Ba1(b)	Marble Point CLO XIV Ltd., Series 2018-2A, Class D, 9.118% (3-Month Term SOFR + 3.792%) due 1/20/32(a)(c)		466,926
	280,000	Baa3(b)	Mountain View CLO IX Ltd., Series 2015-9A, Class CR, 8.690% (3-Month Term SOFR + 3.382%) due 7/15/31(a)(c)		251,679
	250,000	BB-	Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR2, 11.515% (3-Month Term SOFR + 6.182%) due 10/21/30(a)(c)		228,335
	280,000	Baa3(b)	Ocean Trails CLO IX, Series 2020-9A, Class DR, 9.320% (3-Month Term SOFR + 4.012%) due 10/15/34(a)(c)		279,089
	210,000	BBB-	Ocean Trails CLO V, Series 2014-5A, Class DRR, 9.013% (3-Month Term SOFR + 3.712%) due 10/13/31(a)(c)		189,629
	110,000	Baa3(b)	Palmer Square Loan Funding Ltd., Series 2022-3A, Class C, 10.708% (3-Month Term SOFR + 5.400%) due 4/15/31(a)(c)		110,935
	300,000	BBB-	Pulsar Funding I LLC, Series 2019-1A, Class C, 10.388% (3-Month Term SOFR + 5.062%) due 1/20/33(a)(c)		277,068
	230,000	BB-	Sculptor CLO XXVI Ltd., Series 26A, Class E, 12.838% (3-Month Term SOFR + 7.512%) due 7/20/34(a)(c)		213,575
	250,000	Ba3(b)	Symphony CLO XX Ltd., Series 2018-20A, Class E, 11.860% (3-Month Term SOFR + 6.552%) due 1/16/32(a)(c)		233,371
	310,000	Ba3(b)	THL Credit Wind River CLO Ltd., Series 2017-3A, Class ER, 12.620% (3-Month Term SOFR + 7.312%) due 4/15/35(a)(c)		289,111
	350,000	BB-	Voya CLO Ltd., Series 2017-3A, Class DR, 12.538% (3-Month Term SOFR + 7.212%) due 4/20/34(a)(c)		330,613

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $4,432,076)		4,236,051

See Notes to Financial Statements.

240



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

SENIOR LOANS — 2.9%
$	58,050	NR	Acrisure LLC, (Cost — $57,978, acquired 1/31/20), 8.946% (1-Month USD-LIBOR + 3.500%) due 2/15/27(c)(f)	$	57,029
	70,000	NR	Agiliti Health Inc., (Cost — $69,500, acquired 4/25/23), 8.247% (3-Month CME Term SOFR + 3.000%) due 5/1/30(c)(f)		69,869
	360,705	NR	Arctic Canadian Diamond Co., Ltd., (Cost — $360,705, acquired 2/2/21), 17.500% (3-Month USD-LIBOR + 17.500%) due 12/31/24(c)(e)(j)(f)		313,092
	110,000	NR	Clarios Global LP, (Cost — $109,477, acquired 4/20/23), 9.081% (1-Month CME Term SOFR + 3.750%) due 5/6/30(c)(f)		109,983
	222,487	NR	Commscope Inc., (Cost — $218,598, acquired 4/17/20), 8.696% (1-Month CME Term SOFR + 3.250%) due 4/6/26(c)(f)		205,217
	180,000	NR	DCert Buyer Inc., (Cost — $179,692, acquired 2/16/21), 12.331% (1-Month CME Term SOFR + 7.000%) due 2/19/29(c)(f)		169,013
	319,275	NR	DCert Buyer Inc., (Cost — $314,370, acquired 4/17/20), 9.331% (1-Month CME Term SOFR + 4.000%) due 10/16/26(c)(f)		318,609
	80,000	NR	Deerfield Dakota Holding LLC, (Cost — $79,316, acquired 3/5/20), 12.288% (3-Month USD-LIBOR + 6.750%) due 4/7/28(c)(f)		75,700
	261,900	NR	Equinox Holdings Inc., (Cost — $260,807, acquired 6/9/20), 14.731% (3-Month USD-LIBOR + 9.000%) due 3/8/24(c)(j)(f)		253,880
	58,144	NR	EyeCare Partners LLC, (Cost — $58,115, acquired 2/5/20), 9.253% (3-Month CME Term SOFR + 3.750%) due 2/18/27(c)(f)		46,287
	46,933	NR	Global Tel Link Corporation, (Cost — $46,222, acquired 8/16/19), 9.769% (3-Month CME Term SOFR + 4.250%) due 11/29/25(c)(f)		44,357
	234,032	NR	Great Outdoors Group LLC, (Cost — $234,032, acquired 11/24/21), 9.196% (1-Month CME Term SOFR + 3.750%) due 3/6/28(f)		233,739
	256,000	NR	Mileage Plus Holdings LLC, (Cost — $253,196, acquired 6/25/20), 10.764% (3-Month USD-LIBOR + 5.250%) due 6/21/27(c)(f)		267,200
	18,163	NR	MRI Software LLC, (Cost — $17,776, acquired 3/20/23), 10.842% (3-Month CME Term SOFR + 5.500%) due 2/10/26(c)(f)		17,788
	31,581	NR	MRI Software LLC, (Cost — $30,909, acquired 3/20/23), 10.842% (3-Month CME Term SOFR + 5.500%) due 2/10/26(c)(f)		30,930
	149,409	NR	Peraton Corp., (Cost — $148,931, acquired 2/23/21), 9.181% (1-Month CME Term SOFR + 3.750%) due 2/1/28(c)(f)		148,230
	175,301	NR	R.R. Donnelley & Sons Co., (Cost — $170,480, acquired 3/23/23), 12.681% (1-Month CME Term SOFR + 7.250%) due 3/17/28(c)(f)		175,776
	244,375	NR	RealTruck Group Inc., (Cost — $244,375, acquired 1/20/21), 9.196% (1-Month CME Term SOFR + 3.750%) due 1/31/28(c)(f)		237,452
	109,461	NR	Redstone HoldCo 2 LP, (Cost — $108,735, acquired 4/16/21), 10.179% (1-Month CME Term SOFR + 4.750%) due 4/27/28(c)(f)		85,544
	242,430	NR	Sedgwick Claims Management Services Inc., (Cost — $225,051, acquired 2/24/23), 9.081% (1-Month CME Term SOFR + 3.750%) due 2/24/28(c)(f)		243,166
	69,783	NR	Spencer Spirit IH LLC, (Cost — $69,226, acquired 6/14/19), 11.429% (1-Month CME Term SOFR + 6.000%) due 6/19/26(c)(f)		69,434
	256,190	NR	U.S. Renal Care Inc., (Cost — $193,535, acquired 7/24/23), 10.346% (3-Month CME Term SOFR + 5.000%) due 6/20/28(c)(f)		192,142
	310,388	NR	Verscend Holding Corp., (Cost — $304,959, acquired 4/8/20), 9.446% (1-Month CME Term SOFR + 4.000%) due 8/27/25(c)(f)		310,720

			TOTAL SENIOR LOANS (Cost — $3,755,985)		3,675,157

See Notes to Financial Statements.

241



Schedules of Investments


(continued)


High Yield Fund

Shares/Units			Security	Value

COMMON STOCKS — 0.3%

ENERGY — 0.3%

Oil & Gas — 0.3%
	18,672		Berry Corp.	$	160,019
	1,156		Chord Energy Corp.		186,694

			TOTAL COMMON STOCKS (Cost — $148,347)		346,713


CONVERTIBLE PREFERRED STOCKS — 0.2%

ENERGY — 0.2%

Pipelines — 0.2%
	7,695		Equitrans Midstream Corp., 9.750% (3-Month USD-LIBOR + 8.150%)(c)(d)		168,328
	3,253		MPLX LP, (Cost — $105,723, acquired 12/16/20), step bond to yield, 9.538%(d)(e)(f)		106,790

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $276,936)		275,118


Face Amount/Units†		Rating††

SOVEREIGN BONDS — 0.0%@

Argentina — 0.0%@
			Argentine Republic Government International Bonds:
$	9,647	CCC-	1.000% due 7/9/29		3,131
	51,375	CCC-	step bond to yield, 0.750% due 7/9/30		17,302
	54,124	CCC-	step bond to yield, 3.625% due 7/9/35		16,121
	20,000	CCC-	Provincia de Buenos Aires/Government Bonds, step bond to yield, 6.375% due 9/1/37(a)		7,570

			TOTAL SOVEREIGN BONDS (Cost — $76,999)		44,124

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $131,047,609)		121,962,023


SHORT-TERM INVESTMENTS — 3.6%

TIME DEPOSITS — 3.6%
	4,354,642		Citibank — New York, 4.680% due 9/1/23		4,354,642
	297,226		JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		297,226
	102		Sumitomo Mitsui Banking Corp. — Tokyo, 4.680% due 9/1/23		102

			TOTAL SHORT-TERM INVESTMENTS (Cost — $4,651,970)		4,651,970

			TOTAL INVESTMENTS — 99.0% (Cost — $135,699,579)		126,613,993

			Other Assets in Excess of Liabilities — 1.0%		1,256,623

			TOTAL NET ASSETS — 100.0%	$	127,870,616

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

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Rating by Moody’s Investors Service. All ratings are unaudited.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

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

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

See Notes to Financial Statements.

242



Schedules of Investments


(continued)


High Yield Fund

(f)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2023, amounts to $3,791,447 and represents 3.0% of net assets.

(g)	Rating by Fitch Ratings Service. All ratings are unaudited.

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

(i)	Security is currently in default.

(j)	Illiquid security.

At August 31, 2023, for High Yield Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and

depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
High Yield Fund	$	136,513,819	$	1,873,689	$	(11,773,515)	$	(9,899,826)


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


Summary of Investments by Security Type^
Corporate Bonds & Notes	89.6	%
Collateralized Mortgage Obligations	3.3
Senior Loans	2.9
Common Stocks	0.3
Convertible Preferred Stocks	0.2
Sovereign Bonds	0.0	*
Short-Term Investments	3.7

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

See Notes to Financial Statements.

243



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

MORTGAGE-BACKED SECURITIES — 21.1%

	FHLMC — 2.1%
			Federal Home Loan Mortgage Corp. (FHLMC):
$	30,496		3.500% due 10/1/39	$	28,044
	390,001		2.500% due 12/1/51		324,075
	94,939		2.000% due 3/1/52		76,016
	3,274,637		4.500% due 8/1/52 — 11/1/52		3,109,611
	392,590		5.000% due 5/1/53		380,904

			Total FHLMC		3,918,650


	FNMA—19.0%
			Federal National Mortgage Association (FNMA):
	339,478		3.500% due 10/1/34 — 6/1/50		309,804
	13,569		4.906% (1-Year CMT Index + 2.360%) due 11/1/34(a)		13,838
	1,613		6.500% due 8/1/37		1,609
	431,684		3.000% due 10/1/49 — 5/1/51		375,042
	91,718		4.000% due 6/1/50		85,618
	460,772		2.000% due 3/1/52		368,750
	1,620,796		4.500% due 5/1/52 — 4/1/53		1,538,402
	8,448,941		6.000% due 4/1/53 — 7/1/53		8,474,271
	5,200,000		5.000% due 9/1/53(b)		5,043,187
	1,200,000		6.500% due 9/1/53(b)		1,218,562
	5,850,000		4.000% due 10/1/53(b)		5,408,508
	4,300,000		4.500% due 10/1/53(b)		4,081,641
	7,800,000		5.500% due 10/1/53(b)		7,702,652

			Total FNMA		34,621,884


	GNMA—0.0%@
	1,476		Government National Mortgage Association II (GNMA), 6.000% due 9/20/38		1,474

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $38,909,694)		38,542,008


	SOVEREIGN BONDS — 22.0%

	Argentina — 0.0%@
	360,000	^ARS	Argentine Bonos del Tesoro, 15.500% due 10/17/26(c)		239
	460,000	^ARS	Provincia de Buenos Aires, 105.201% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 3.750%) due 4/12/25(a)(c)(d)		1,410

			Total Argentina		1,649


	Australia — 0.3%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30		59,536
	200,000	^AUD	1.000% due 11/21/31		102,794
	100,000	^AUD	1.250% due 5/21/32		51,814
	500,000	^AUD	4.500% due 4/21/33		336,565
	50,000	^AUD	1.750% due 6/21/51		18,644

			Total Australia		569,353


	Brazil — 0.3%
	3,000,000	^BRL	Brazil Letras do Tesouro Nacional, zero coupon due 1/1/24		583,470


	China — 0.3%
	4,090,000	^CNY	China Government Bonds, 3.190% due 4/15/53		597,739


France — 2.7%
			French Republic Government Bonds OAT:
	900,000	^EUR	3.250% due 5/25/45		958,638
	3,300,000	^EUR	2.000% due 5/25/48(d)		2,759,153

See Notes to Financial Statements.

244



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

France — 2.7% — (continued)
	1,650,000	^EUR	0.750% due 5/25/52	$	937,498
	500,000	^EUR	0.500% due 5/25/72(d)		197,517

			Total France		4,852,806


	Hungary — 0.1%
$	200,000		Hungary Government International Bonds, 6.250% due 9/22/32(d)		202,142


	Israel — 0.2%
	2,000,000	^ILS	Israel Government Bonds—Fixed, 1.000% due 3/31/30		443,664


	Italy— 0.3%
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		506,348


	Japan — 9.5%
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		1,522,215
	280,000,000	^JPY	1.400% due 9/20/45		1,915,896
	152,000,000	^JPY	0.500% due 9/20/46		850,827
	98,000,000	^JPY	0.700% due 12/20/48		557,795
	360,000,000	^JPY	0.500% due 3/20/49		1,940,161
	125,000,000	^JPY	0.700% due 6/20/51		689,218
	210,000,000	^JPY	0.700% due 12/20/51		1,153,369
			Japan Government Twenty Year Bonds:
	181,000,000	^JPY	1.200% due 9/20/35		1,296,463
	200,000,000	^JPY	1.000% due 12/20/35		1,398,561
	20,000,000	^JPY	0.400% due 3/20/36		129,828
			Japan Government Two Year Bonds:
	160,000,000	^JPY	0.005% due 3/1/24		1,100,621
	180,000,000	^JPY	0.005% due 4/1/24		1,238,278
	80,000,000	^JPY	0.005% due 5/1/24		550,370
	270,000,000	^JPY	0.005% due 10/1/24		1,857,574
	156,666,720	^JPY	Japanese Government CPI Linked Bonds, 0.100% due 3/10/28		1,131,317

			Total Japan		17,332,493


Malaysia — 0.6%
			Malaysia Government Bonds:
	4,144,000	^MYR	3.885% due 8/15/29		898,885
	506,000	^MYR	2.632% due 4/15/31		100,313
	704,000	^MYR	Malaysia Government Investment Issues, 3.465% due 10/15/30		148,050

			Total Malaysia		1,147,248


Peru—0.1%
	400,000	^PEN	Peruvian Government International Bonds, 5.940% due 2/12/29(d)		107,422


Poland — 0.3%
			Poland Government International Bonds:
	200,000	^EUR	3.875% due 2/14/33		215,598
	100,000		4.875% due 10/4/33		97,233
	100,000	^EUR	4.250% due 2/14/43		106,409
	100,000		5.500% due 4/4/53		97,427

			Total Poland		516,667


Romania — 0.6%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		680,230
	200,000	^EUR	1.750% due 7/13/30(d)		168,285
	100,000	^EUR	2.000% due 4/14/33(d)		77,535
	50,000	^EUR	2.750% due 4/14/41(d)		33,649

See Notes to Financial Statements.

245



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

Romania — 0.6% — (continued)
	200,000	^EUR	2.875% due 4/13/42(d)	$	134,735

			Total Romania		1,094,434


Saudi Arabia — 0.6%
			Saudi Government International Bonds:
$	400,000		4.750% due 1/18/28(d)		395,842
	700,000		4.875% due 7/18/33(d)		690,080

			Total Saudi Arabia		1,085,922


Serbia — 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(d)		85,712
	100,000	^EUR	1.650% due 3/3/33(d)		73,599

			Total Serbia		159,311


Spain — 3.8%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		106,811
			Spain Government Bonds:
	400,000	^EUR	1.450% due 10/31/27(d)		405,634
	1,500,000	^EUR	1.400% due 7/30/28(d)		1,500,089
	450,000	^EUR	1.450% due 4/30/29(d)		445,395
	400,000	^EUR	0.700% due 4/30/32(d)		349,071
	2,100,000	^EUR	2.550% due 10/31/32(d)		2,131,305
	400,000	^EUR	1.850% due 7/30/35(d)		362,507
	500,000	^EUR	1.900% due 10/31/52(d)		347,646
	850,000	^EUR	3.450% due 7/30/66(d)		808,615
	800,000	^EUR	1.450% due 10/31/71(d)		402,990

			Total Spain		6,860,063


United Kingdom — 2.2%
			United Kingdom Gilts:
	1,350,000	^GBP	3.250% due 1/22/44		1,398,234
	700,000	^GBP	3.500% due 1/22/45		748,827
	500,000	^GBP	1.750% due 1/22/49		365,135
	1,400,000	^GBP	0.625% due 10/22/50		695,935
	1,300,000	^GBP	1.250% due 7/31/51		791,336

			Total United Kingdom		3,999,467

			TOTAL SOVEREIGN BONDS (Cost — $53,954,025)		40,060,198


COLLATERALIZED MORTGAGE OBLIGATIONS — 16.3%
	300,831		ACAS CLO Ltd., Series 2015-1A, Class AR3, 6.462% (3-Month Term SOFR + 1.152%) due 10/18/28(a)(d)		299,520
	348,880		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 6.329% (1-Month Term SOFR + 1.014%) due 8/25/35(a)		334,845
	232,788	^GBP	ALBA PLC, Series 2007-1, Class A3, 5.303% (Sterling Overnight Index Average + 0.289%) due 3/17/39(a)		285,654
	360,580		AMMC CLO 21 Ltd., Series 2017-21A, Class A, 6.877% (3-Month Term SOFR + 1.512%) due 11/2/30(a)(d)		360,120
	363,784		Apidos CLO XXVI, Series 2017-26A, Class A1AR, 6.472% (3-Month Term SOFR + 1.162%) due 7/18/29(a)(d)		362,379
	400,000		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 6.639% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(d)		397,502
	380,735		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 5.909% (1-Month Term SOFR + 0.594%) due 5/25/35(a)		345,738

See Notes to Financial Statements.

246



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 16.3% — (continued)
	179,672	^GBP	Avon Finance No 2 PLC, Series 2A, Class A, 5.925% (Sterling Overnight Index Average + 0.900%) due 9/20/48(a)(d)	$	227,698
$	5,974		Banc of America Funding Trust, Series 2006-A, Class 1A1, 4.447% due 2/20/36(a)		5,597
	149,201		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 5.879% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(d)		149,839
	400,000		BDS Ltd., Series 2021-FL10, Class A, 6.776% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(d)		398,435
			Bear Stearns Adjustable Rate Mortgage Trust:
	1,816		Series 2003-5, Class 1A2, 4.340% due 8/25/33(a)		1,726
	2,152		Series 2003-7, Class 6A, 4.457% due 10/25/33(a)		2,038
	7,792		Series 2004-2, Class 22A, 4.996% due 5/25/34(a)		7,238
	2,736		Series 2004-2, Class 23A, 4.094% due 5/25/34(a)		2,338
	32,375		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 4.457% due 1/26/36(a)		23,435
	400,000		BIG Commercial Mortgage Trust, Series 2022-BIG, Class A, 6.652% (1-Month Term SOFR + 1.342%) due 2/15/39(a)(d)		393,592
	180,718	^EUR	BlueMountain Fuji Euro CLO II DAC, Series 2017-2A, Class AR, 4.313% (3-Month EURIBOR + 0.650%) due 7/15/30(a)(d)		193,946
	300,000	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 4.518% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(d)		319,989
	211,996	^EUR	Cairn CLO VII DAC, Series 2016-7A, Class A1R, 4.384% (3-Month EURIBOR + 0.670%) due 1/31/30(a)(d)		226,572
	249,921	^EUR	Cairn CLO VIII BV, Series 2018-10A, Class AR, 4.443% (3-Month EURIBOR + 0.780%) due 10/15/31(a)(d)		266,302
	398,185		CARLYLE US CLO Ltd., Series 2017-1A, Class A1R, 6.588% (3-Month Term SOFR + 1.262%) due 4/20/31(a)(d)		395,928
	374,270		CIFC Funding Ltd., Series 2017-4A, Class A1R, 6.557% (3-Month Term SOFR + 1.212%) due 10/24/30(a)(d)		372,723
			Countrywide Alternative Loan Trust:
	3,539		Series 2005-21CB, Class A3, 5.250% due 6/25/35		2,705
	17,197		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		9,163
	33,102		Series 2007-11T1, Class A12, 5.779% (1-Month Term SOFR + 0.464%) due 5/25/37(a)		9,872
	25,558		Series 2007-7T2, Class A9, 6.000% due 4/25/37		11,798
			Countrywide Asset-Backed Certificates:
	280,794		Series 2007-9, Class 2A4, 5.679% (1-Month Term SOFR + 0.364%) due 2/25/36(a)		262,693
	43,003		Series 2007-12, Class 1A1, 6.169% (1-Month Term SOFR + 0.854%) due 8/25/47(a)		40,795
	312,538		Series 2007-13, Class 1A, 6.269% (1-Month Term SOFR + 0.954%) due 10/25/47(a)		296,131
	23,648		Series 2007-SEA2, Class 1A1, 6.429% (1-Month Term SOFR + 2.114%) due 8/25/47(a)(d)		23,550
			Countrywide Home Loan Mortgage Pass-Through Trust:
	41,376		Series 2005-2, Class 1A1, 6.069% (1-Month Term SOFR + 0.754%) due 3/25/35(a)		34,508
	2,873		Series 2005-3, Class 2A1, 6.009% (1-Month Term SOFR + 0.694%) due 4/25/35(a)		2,632
	43,435		Series 2005-9, Class 1A3, 5.889% (1-Month Term SOFR + 0.574%) due 5/25/35(a)		34,423
	12,328		Series 2005-11, Class 3A1, 3.562% due 4/25/35(a)		9,417
	7,097		Series 2005-HYB9, Class 3A2A, 5.910% (1-Year Term SOFR + 2.465%) due 2/20/36(a)		6,031
	500,164		Series 2007-4, Class 1A47, 6.000% due 5/25/37		233,475
	92,017		Series 2007-19, Class 2A1, 6.500% due 11/25/47		46,952
			Credit Suisse Commercial Mortgage Capital Trust:
	34,342		Series 2007-5R, Class A5, 6.500% due 7/26/36		8,900
	81,311		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(d)		64,689
	129,737		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		25,665
	299,898	^EUR	CVC Cordatus Loan Fund XI DAC, Series 11A, Class AR, 4.313% (3-Month EURIBOR + 0.650%) due 10/15/31(a)(d)		319,854
	404,740		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 6.179% (1-Month Term SOFR + 0.864%) due 10/25/47(a)		314,310
	298,921	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 4.323% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(d)		318,441

See Notes to Financial Statements.

247



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 16.3% — (continued)
$	396,098		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 6.590% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(d)	$	395,510
	216,458		Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 6.550% (3-Month Term SOFR + 1.242%) due 4/15/28(a)(d)		215,874
	341,995		Elevation CLO Ltd., Series 2017-8A, Class A1R2, 6.563% (3-Month Term SOFR + 1.212%) due 10/25/30(a)(d)		339,059
	345,548		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 6.479% (1-Month Term SOFR + 1.164%) due 5/25/37(a)(d)		322,314
	77,253	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 5.137% (3-Month GBP-LIBOR + 0.150%) due 6/15/44(a)		95,719
	244,545	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 6.036% (Sterling Overnight Index Average + 1.069%) due 6/13/45(a)		307,657
	381,723		Extended Stay America Trust, Series 2021-ESH, Class A, 6.504% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(d)		378,400
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	8,598		Series 2391, Class FJ, 5.803% (30-Day Average SOFR + 0.614%) due 4/15/28(a)		8,570
	21,491		Series 2614, Class SJ, 5.079% (19.348% — 2.750% x 30-Day Average SOFR) due 5/15/33(e)		20,612
	75,474		Series 4579, Class FD, 4.694% (30-Day Average SOFR + 0.464%) due 1/15/38(a)		73,317
	75,474		Series 4579, Class SD, zero coupon due 1/15/38(a)(f)		3,337
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	11,916		Series T-35, Class A, 5.682% (30-Day Average SOFR + 0.394%) due 9/25/31(a)		11,885
	17,546		Series T-62, Class 1A1, 5.630% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(a)		15,925
	3,901		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		3,862
			Federal National Mortgage Association (FNMA), REMICS:
	3,922		Series 2003-34, Class A1, 6.000% due 4/25/43		3,925
	4,663		Series 2006-48, Class TF, 5.802% (30-Day Average SOFR + 0.514%) due 6/25/36(a)		4,588
	48,706		Series 2009-104, Class FA, 6.202% (30-Day Average SOFR + 0.914%) due 12/25/39(a)		48,675
	24,197		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		23,996
	134		First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 6.149% (1-Month Term SOFR + 0.834%) due 10/25/35(a)		135
	400,000		FORT CRE Issuer LLC, Series 2022-FL3, Class A, 7.121% (30-Day Average SOFR + 1.850%) due 2/23/39(a)(d)		397,315
	377,647		Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 6.540% (3-Month Term SOFR + 1.232%) due 10/15/30(a)(d)		376,302
	500,000		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 6.660% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(d)		497,808
	10,919		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.620% due 11/19/35(a)		9,556
			Government National Mortgage Association (GNMA):
	233,380		Series 2016-H15, Class FA, 6.018% (1-Month Term SOFR + 0.914%) due 7/20/66(a)		233,237
	4,535		Series 2017-121, Class PE, 3.000% due 7/20/46		4,274
	813,493		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(d)		646,180
			GS Mortgage-Backed Securities Trust:
	85,412		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(d)		67,889
	84,735		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(d)		67,413
			GSR Mortgage Loan Trust:
	2,031		Series 2003-1, Class A2, 6.780% (1-Year CMT Index + 1.750%) due 3/25/33(a)		1,996
	39,457		Series 2005-AR7, Class 2A1, 4.481% due 11/25/35(a)		39,044
	400,000		HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A, 7.081% (3-Month Term SOFR + 1.712%) due 11/30/32(a)(d)		398,711
			Harborview Mortgage Loan Trust:
	9,889		Series 2005-2, Class 2A1A, 5.868% (1-Month Term SOFR + 0.554%) due 5/19/35(a)		9,003
	16,251		Series 2005-3, Class 2A1A, 5.908% (1-Month Term SOFR + 0.594%) due 6/19/35(a)		15,454
	46,347		Series 2006-SB1, Class A1A, 5.280% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(a)		39,204
	62,604		Series 2007-1, Class 2A1A, 5.688% (1-Month Term SOFR + 0.374%) due 3/19/37(a)		55,702

See Notes to Financial Statements.

248



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 16.3% — (continued)
	265,862	^EUR	Harvest CLO XI DAC, Series 2011-A, Class ARR, 4.250% (3-Month EURIBOR + 0.650%) due 6/26/30(a)(d)	$	284,118
			JP Morgan Mortgage Trust:
$	2,043		Series 2003-A2, Class 3A1, 3.940% due 11/25/33(a)		1,907
	454		Series 2005-A1, Class 6T1, 4.248% due 2/25/35(a)		418
	340,439		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(d)		270,844
	1,007,377		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(d)		837,895
	854,851		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(d)		707,222
	623,907		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(d)		517,386
	842,239		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(d)		718,237
	189,888		LCM XIII LP, Series 13A, Class AR3, 6.452% (3-Month Term SOFR + 1.132%) due 7/19/27(a)(d)		189,277
	327,313	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 5.585% (3-Month GBP-LIBOR + 0.160%) due 1/1/61(a)		396,477
	270,384		Madison Park Funding XLI Ltd., Series 12A, Class AR, 6.437% (3-Month Term SOFR + 1.092%) due 4/22/27(a)(d)		269,798
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(d)		259,597
	197,258		Marble Point CLO X Ltd., Series 2017-1A, Class AR, 6.610% (3-Month Term SOFR + 1.302%) due 10/15/30(a)(d)		196,568
	2,275		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 4.931% due 2/25/33(a)		2,118
	60,817		MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 6.278% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(d)		60,248
	153,605		MFA Trust, Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(d)		139,834
			New Residential Mortgage Loan Trust:
	179,663		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(d)		167,472
	187,230		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(d)		173,352
	423,101	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 5.038% (3-Month GBP-LIBOR + 0.160%) due 12/1/50(a)		510,731
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 5.969% (1-Month Term SOFR + 0.654%) due 5/25/36(a)		371,446
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 6.520% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(d)		365,251
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 6.375% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(d)		288,056
	57,452		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 5.569% (1-Month Term SOFR + 0.254%) due 3/25/37(a)		50,737
	500,000		OZLM IX Ltd., Series 2014-9A, Class A1A3, 6.688% (3-Month Term SOFR + 1.362%) due 10/20/31(a)(d)		495,646
	295,129		PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 1.843% due 9/25/51(d)		270,733
			RALI Trust:
	77,489		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		61,386
	41,003		Series 2007-QO2, Class A1, 5.579% (1-Month Term SOFR + 0.264%) due 2/25/47(a)		15,122
			Residential Asset Securitization Trust:
	13,401		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		5,352
	37,155		Series 2006-R1, Class A2, 5.829% (1-Month Term SOFR + 0.514%) due 1/25/46(a)		11,057
	118,778	^GBP	Residential Mortgage Securities 32 PLC, Series 32A, Class A, 6.275% (Sterling Overnight Index Average + 1.250%) due 6/20/70(a)(d)		151,172
	158,040	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 5.263% (Sterling Overnight Index Average + 0.279%) due 12/15/43(a)		193,495
	869,371	^GBP	Ripon Mortgages PLC, Series 1RA, Class A, 5.918% (Sterling Overnight Index Average + 0.700%) due 8/28/56(a)(d)		1,098,049
			RMAC Securities No 1 PLC:
	302,987	^GBP	Series 2006-NS3X, Class A2A, 5.228% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		371,003
	158,577	^GBP	Series 2006-NS1X, Class A2A, 5.228% (Sterling Overnight Index Average + 0.269%) due 6/12/44(a)		195,001

See Notes to Financial Statements.

249



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 16.3% — (continued)
	320,669	^EUR	Shamrock Residential DAC, Series 2022-1, Class A, 4.487% (1-Month EURIBOR + 0.850%) due 1/24/61(a)	$	346,178
$	853,347		Signal Peak CLO 5 Ltd., Series 2018-5A, Class A, 6.723% (3-Month Term SOFR + 1.372%) due 4/25/31(a)(d)		851,244
	298		Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 6.597% (3-Month Term SOFR + 1.252%) due 1/23/29(a)(d)		298
	347,463		Sound Point CLO XVII, Series 2017-3A, Class A1R, 6.568% (3-Month Term SOFR + 1.242%) due 10/20/30(a)(d)		346,196
	1,000,972		Soundview Home Loan Trust, Series 2006-3, Class A4, 5.929% (1-Month Term SOFR + 0.614%) due 11/25/36(a)		919,530
	307,696	^GBP	Stratton Mortgage Funding, Series 2021-2A, Class A, 6.059% (Sterling Overnight Index Average + 0.900%) due 7/20/60(a)(d)		390,020
			Structured Adjustable Rate Mortgage Loan Trust:
	2,062		Series 2004-1, Class 4A1, 6.389% due 2/25/34(a)		1,919
	3,263		Series 2004-4, Class 3A2, 5.924% due 4/25/34(a)		3,224
	22,491		Series 2004-19, Class 2A1, 5.830% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(a)		18,938
			Structured Asset Mortgage Investments II Trust:
	22,480		Series 2005-AR2, Class 2A1, 5.889% (1-Month Term SOFR + 0.574%) due 5/25/45(a)		20,230
	23,325		Series 2005-AR8, Class A1A, 5.989% (1-Month Term SOFR + 0.674%) due 2/25/36(a)		19,419
	17,226		Series 2006-AR5, Class 1A1, 5.849% (1-Month Term SOFR + 0.534%) due 5/25/36(a)		11,277
	98,683		Series 2007-AR4, Class A3, 5.649% (1-Month Term SOFR + 0.334%) due 9/25/47(a)		81,465
	56,519		Series 2007-AR6, Class A1, 5.930% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(a)		50,307
	45,429		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 5.709% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(d)		37,128
	400,000		THL Credit Wind River CLO Ltd., Series 2019-3A, Class AR, 6.650% (3-Month Term SOFR + 1.342%) due 4/15/31(a)(d)		396,176
	332,358	^GBP	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 6.509% (Sterling Overnight Index Average + 1.350%) due 7/20/45(a)(d)		421,261
	203,940	^GBP	Towd Point Mortgage Funding Auburn 14 PLC, Series 2020-A14X, Class A, 6.568% (Sterling Overnight Index Average + 1.350%) due 5/20/45(a)		258,365
			Towd Point Mortgage Trust:
	579,756		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(d)		535,289
	149,392		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(d)		138,480
	120,074	^GBP	Trinity Square PLC, Series 2021-1A, Class A, 6.000% (Sterling Overnight Index Average + 0.850%) due 7/15/59(a)(d)		152,107
	62,090		US Capital Funding II Ltd./US Capital Funding II Corp., 6.384% (3-Month USD-LIBOR + 0.750%) due 8/1/34(a)(d)		61,313
			UWM Mortgage Trust:
	439,519		Series 2021-INV3, Class A3, 2.500% due 11/25/51(a)(d)		349,669
	266,503		Series 2021-INV4, Class A3, 2.500% due 12/25/51(a)(d)		212,023
	89,985		Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(d)		74,285
	400,000		Venture 38 CLO Ltd., Series 2019-38A, Class A1R, 6.791% (3-Month Term SOFR + 1.422%) due 7/30/32(a)(d)		395,709
	38,719		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.450% (3-Month Term SOFR + 1.142%) due 4/15/27(a)(d)		38,654
	96,854		Vibrant CLO VI Ltd., Series 2017-6A, Class AR, 6.460% (3-Month USD-LIBOR + 0.950%) due 6/20/29(a)(d)		96,754
	213,772		Vibrant CLO VII Ltd., Series 2017-7A, Class A1R, 6.628% (3-Month Term SOFR + 1.302%) due 9/15/30(a)(d)		212,602
	296,620		Voya CLO Ltd., Series 2017-1A, Class A1R, 6.520% (3-Month Term SOFR + 1.212%) due 4/17/30(a)(d)		295,447
			WaMu Mortgage Pass-Through Certificates Trust:
	4,112		Series 2002-AR9, Class 1A, 5.830% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(a)		3,874
	1,177		Series 2003-AR5, Class A7, 4.827% due 6/25/33(a)		1,168
	44,617		Series 2003-AR9, Class 2A, 5.914% due 9/25/33(a)		40,497

See Notes to Financial Statements.

250



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 16.3% — (continued)
$	108,249		Series 2004-AR1, Class A, 4.279% due 3/25/34(a)	$	106,177
	13,883		Series 2005-AR13, Class A1A1, 6.009% (1-Month Term SOFR + 0.694%) due 10/25/45(a)		13,045
	21,481		Series 2006-AR10, Class 2A1, 4.043% due 9/25/36(a)		18,591
	34,829		Series 2006-AR13, Class 2A, 5.930% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(a)		31,419
	15,403		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 5.370% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(a)		9,470
	41,904		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 4.464% due 12/25/32(a)		41,234
	398,361		Wind River CLO Ltd., Series 2014-1A, Class ARR, 6.622% (3-Month Term SOFR + 1.312%) due 7/18/31(a)(d)		395,955

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $32,201,168)		29,625,548


CORPORATE BONDS & NOTES —10.8%

	Belgium — 0.1%
	200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(d)		198,173


	Canada — 0.1%
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		99,846


	Cayman Islands — 0.1%
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.650% due 8/8/28		188,864


Denmark — 6.6%
			Jyske Realkredit AS, Covered Notes:
	12,900,000	^DKK	1.000% due 10/1/23		1,875,988
	11,700,000	^DKK	1.000% due 1/1/24		1,686,328
	2,400,000	^DKK	1.000% due 4/1/24		344,151
	5,945,847	^DKK	1.000% due 10/1/50		611,751
	477,740	^DKK	1.500% due 10/1/53		52,547
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	5,900,000	^DKK	1.000% due 4/1/24		846,023
	9,761,554	^DKK	1.000% due 10/1/50		963,751
	190,928	^DKK	1.500% due 10/1/53		20,982
			Nykredit Realkredit AS, Covered Notes:
	24,700,000	^DKK	3.853% (3-Month Copenhagen Interbank Offered Rate + 0.190%) due 10/1/23(a)		3,594,595
	10,528,161	^DKK	1.000% due 10/1/50		1,059,299
	3,171,139	^DKK	1.500% due 10/1/53		327,590
			Realkredit Danmark AS, Covered Notes:
	2,200,000	^DKK	1.000% due 4/1/24		315,472
	1,224,622	^DKK	1.000% due 10/1/50		128,728
	794,652	^DKK	1.500% due 10/1/53		82,091

			Total Denmark		11,909,296


France — 0.4%
	200,000		BNP Paribas SA, Senior Unsecured Notes, 3.800% due 1/10/24(d)		198,300
			Societe Generale SA, Senior Unsecured Notes:
	300,000		2.889% (1-Year CMT Index + 1.300%) due 6/9/32(a)(d)		236,458
	400,000		3.337% (1-Year CMT Index + 1.600%) due 1/21/33(a)(d)		323,123

			Total France		757,881


Germany — 1.0%
			Deutsche Bank AG, Senior Unsecured Notes:
	100,000	^GBP	2.625% due 12/16/24		120,003
	100,000	^EUR	1.000% (1.600%—3-Month EURIBOR) due 11/19/25(e)		103,642
	350,000		3.961% (SOFR + 2.581%) due 11/26/25(a)		338,006

See Notes to Financial Statements.

251



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

Germany — 1.0% — (continued)
	300,000	^EUR	2.625% due 2/12/26	$	312,339
	200,000	^EUR	1.625% due 1/20/27		195,152
$	400,000		2.552% (SOFR + 1.318%) due 1/7/28(a)		353,738
	200,000	^EUR	1.750% (2.050% — 3-Month EURIBOR) due 11/19/30(e)		174,726
	200,000		Deutsche Bank AG, (Cost — $200,406, acquired 1/21/21), Subordinated Notes, 3.729% (SOFR + 2.757%) due 1/14/32(a)(g)		154,955

			Total Germany		1,752,561


Italy — 0.1%
			Banca Monte dei Paschi di Siena SpA:
	100,000	^EUR	Senior Unsecured Notes, 2.625% due 4/28/25		102,606
	100,000	^EUR	Covered Notes, 0.875% due 10/8/26		98,176

			Total Italy		200,782


	Japan — 0.1%
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		177,279


Luxembourg — 0.0%@
	100,000	^EUR	CPI Property Group SA, Senior Unsecured Notes, 1.500% due 1/27/31		61,696


	Qatar — 0.1%
	200,000		QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(d)		164,885


Switzerland — 1.0%
			Credit Suisse Group AG, Junior Subordinated Notes:
	200,000		6.250% (5-Year USD Swap Rate + 3.455%)*(a)(c)(d)(h)(j)		9,500
	200,000		7.500% (5-Year USD Swap Rate + 4.598%)*(a)(c)(d)(h)(j)		9,500
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(d)		233,946
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(d)		229,940
	350,000	^EUR	7.750% (1-Year EURIBOR Ice Swap Rate + 4.950%) due 3/1/29(a)		428,425
	300,000	^GBP	2.125% (1-Year United Kingdom Government Bond Generic Bid Yield + 1.550%) due 11/15/29(a)		313,606
	600,000		6.537% (SOFR + 3.920%) due 8/12/33(a)(d)		623,595

			Total Switzerland		1,848,512


United Kingdom — 0.5%
	200,000		HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(a)		187,918
	100,000	^GBP	John Lewis PLC, Senior Unsecured Notes, 6.125% due 1/21/25		123,637
	300,000		Nationwide Building Society, Senior Unsecured Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(d)		271,306
	400,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(a)		398,838

			Total United Kingdom		981,699


United States — 0.7%
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	100,000	^GBP	2.748% due 6/14/24		122,251
	100,000	^EUR	4.503% (3-Month EURIBOR + 0.700%) due 12/1/24(a)		107,855
	200,000		5.125% due 6/16/25		194,882
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(d)		132,800
	100,000		Goldman Sachs Group Inc. (The), Senior Unsecured Notes, 3.615% (SOFR + 1.846%) due 3/15/28(a)		93,537
	100,000		Hyatt Hotels Corp., Senior Unsecured Notes, 1.300% due 10/1/23		99,588
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(c)(i)		2,925
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	100,000		3.450% due 7/1/25		95,008
	200,000		4.400% due 3/1/32		172,397
	100,000		Principal Life Global Funding II, Secured Notes, 1.375% due 1/10/25(d)		94,351

See Notes to Financial Statements.

252



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†		Security	Value

United States — 0.7% — (continued)
$	200,000	Wells Fargo & Co., Senior Unsecured Notes, 3.908% (SOFR + 1.320%) due 4/25/26(a)	$	193,421

		Total United States		1,309,015

		TOTAL CORPORATE BONDS & NOTES (Cost — $22,512,948)		19,650,489


U.S. GOVERNMENT OBLIGATIONS — 4.9%
		U.S. Treasury Bonds:
	200,000	1.375% due 11/15/40		127,844
	1,100,000	1.875% due 2/15/41		764,371
		U.S. Treasury Inflation Indexed Notes:
	1,416,987	0.250% due 1/15/25		1,361,667
	1,299,342	0.125% due 4/15/25		1,239,356
	1,236,930	0.500% due 1/15/28(k)		1,152,868
	1,024,542	0.125% due 7/15/31		894,407
	1,320,804	0.125% due 1/15/32		1,139,540
	105,011	0.625% due 7/15/32		94,365
	1,433,992	1.125% due 1/15/33		1,338,714
		U.S. Treasury Notes:
	600,000	2.875% due 4/30/25(l)		579,527
	200,000	4.000% due 2/29/28		197,515

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $9,672,555)		8,890,174


ASSET-BACKED SECURITIES — 0.4%

Automobiles — 0.2%
	400,000	Toyota Auto Loan Extended Notes Trust, Series 2019-1A, Class A, 2.560% due 11/25/31(d)		390,668


Student Loans — 0.2%
	30,561	Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 6.563% (3-Month USD-LIBOR + 0.950%) due 4/25/38(a)		30,575
	312,787	SMB Private Education Loan Trust, Series 2022-B, Class A1B, 6.639% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(d)		311,578

		Total Student Loans		342,153

		TOTAL ASSET-BACKED SECURITIES (Cost — $743,305)		732,821

		TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $157,993,695)		137,501,238


SHORT-TERM INVESTMENTS — 34.9%

COMMERCIAL PAPERS — 1.1%
	750,000	AT&T Inc., 6.032% due 3/19/24(d)(m)		726,250
	300,000	Consolidated Edison Inc., 5.531% due 9/1/23(d)(m)		300,000
		Dominion Energy Inc.:
	300,000	5.555% due 9/5/23(d)(m)		299,816
	300,000	5.598% due 9/14/23(d)(m)		299,398
	300,000	LSEGA Financing PLC, 5.580% due 9/22/23(d)(m)		299,032

		TOTAL COMMERCIAL PAPERS (Cost — $1,924,496)		1,924,496


REPURCHASE AGREEMENT — 10.4%
	18,900,000	SG Americas LLC repurchase agreement dated 8/31/23, 5.310% due 9/1/23, Proceeds at maturity — $18,902,788; (Fully collateralized by U.S. Treasury Bonds, 2.250%% due 5/15/41; Market Valued — $19,349,275) (Cost — $18,900,000)		18,900,000

See Notes to Financial Statements.

253



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SOVEREIGN BONDS — 20.7%

Japan — 20.7%
			Japan Treasury Discount Bills:
	310,000,000	^JPY	(0.171)% due 9/19/23(m)	$	2,131,866
	230,000,000	^JPY	(0.150)% due 9/25/23(m)		1,581,617
	1,220,000,000	^JPY	(0.144)% due 10/2/23(m)		8,389,340
	630,000,000	^JPY	(0.157)% due 10/16/23(m)		4,332,317
	750,000,000	^JPY	(0.141)% due 10/23/23(m)		5,157,335
	800,000,000	^JPY	(0.118)% due 10/30/23(m)		5,500,843
	120,000,000	^JPY	(0.123)% due 11/13/23(m)		825,137
	1,350,000,000	^JPY	(0.128)% due 11/20/23(m)		9,282,896
	90,000,000	^JPY	(0.159)% due 11/27/23(m)		618,913

			TOTAL SOVEREIGN BONDS (Cost — $38,518,896)		37,820,264


TIME DEPOSITS — 2.7%
	149,134	^AUD	ANZ National Bank — London, 2.860% due 9/1/23		96,624
$	811,191		ANZ National Bank — London, 4.680% due 9/1/23		811,191
			BBH — Grand Cayman:
	3,470	^DKK	2.250% due 9/1/23		505
	19,710	^SEK	2.460% due 9/1/23		1,800
	1,930	^NOK	2.800% due 9/1/23		182
	163,047	^CAD	3.830% due 9/1/23		120,668
	36,378	^NZD	3.850% due 9/1/23		21,688
	103,934	^GBP	4.170% due 9/1/23		131,653
	286,490	^ZAR	6.160% due 9/1/23		15,170
	12,264	^CHF	BNP Paribas — Paris, 0.740% due 9/1/23		13,883
	372,384	^EUR	Citibank — London, 2.630% due 9/1/23		403,776
	452	^HKD	HSBC Bank — Hong Kong, 1.200% due 9/1/23		58
	25,413	^SGD	HSBC Bank — Singapore, 2.810% due 9/4/23		18,806
	3,113,379		JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		3,113,379
	20,141,215	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, (0.530)% due 9/1/23		138,451

			TOTAL TIME DEPOSITS (Cost — $4,887,834)		4,887,834

			TOTAL SHORT-TERM INVESTMENTS (Cost — $64,231,226)		63,532,594

			TOTAL INVESTMENTS IN SECURITIES (Cost — $222,224,921)		201,033,832

			TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.1% (Cost — $83,674)		218,438

			TOTAL INVESTMENTS — 110.5% (Cost — $222,308,595)		201,252,270

			Liabilities in Excess of Other Assets — (10.5)%		(19,151,618	)

			TOTAL NET ASSETS — 100.0%	$	182,100,652

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

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

(c)	Illiquid security.

(d)

See Notes to Financial Statements.

254



Schedules of Investments


(continued)


International Fixed Income Fund

(e)	Inverse Floating Rate Security - interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of August 31, 2023.

(f)	Interest only security.

(g)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2023, amounts to $154,955 and represents 0.1% of net assets.

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

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

(l)	All or a portion of this security is held at the broker as collateral for open futures contracts.

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

At August 31, 2023, for International Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

(Depreciation)

International Fixed Income Fund

231,645,566

9,107,695

(40,137,542)

(31,029,847)


Abbreviations used in this schedule:
CLO		— Collateralized Loan Obligation
CMT		— Real Estate Mortgage Investment Conduits
CPI		— Consumer Price Index
DAC		— Designated Activity Company
EURIBOR		— Euro Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
OAT		— Obligations assimilables du Trésor
PAM		— Paid at Maturity
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduit
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Mortgage-Backed Securities	22.4	%
Sovereign Bonds	19.1
Collateralized Mortgage Obligations	14.1
Corporate Bonds & Notes	9.4
U.S. Government Obligations	4.3
Asset-Backed Securities	0.3
Purchased Options	0.1
Short-Term Investments	30.3

Total Investments	100.0	%

^	As a percentage of total investments.

At August 31, 2023, International Fixed Income Fund held the following Options Contracts Purchased:


Interest Rate Swaptions

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	3,500,000		$ 198,492	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		7/15/24		4.750%	$	9,996
	16,300,000		924,407	OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		7/10/24		4.750%		46,967
	600,000		34,027	OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		BOA		1/11/24		2.180%		75,838

				Total Interest Rate Swaptions							$	132,801

See Notes to Financial Statements.

255



Schedules of Investments


(continued)


International Fixed Income Fund

Option on Futures

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike Price

Value

200,000

194,000,000^EUR

OTC French Republic Government Bonds OAT Futures, Put(a)

BNP

5/23/25

EUR 97.00

85,637

TOTAL OPTIONS CONTRACTS PURCHASED
(Cost — $83,674)

218,438

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

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

At August 31, 2023, International Fixed Income Fund held the following Options Contracts Written:


Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate	Value
	1,500,000		83,969	^GBP	OTC 1-Year Swaption, 3-Month GBP-LIBOR, Call		JPM		12/16/24	0.820%	$	557
	400,000		$ 22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		BOA		12/1/23	2.150%		1
	600,000		34,027		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		DUB		4/8/24	2.790%		238
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		DUB		10/13/23	2.920%		—
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		11/20/23	2.150%		—
	700,000		39,698		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		11/17/23	2.250%		1
	300,000		17,014		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		12/7/23	2.250%		2
	700,000		39,698		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		4/2/24	2.697%		228
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		4/8/24	2.721%		73
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/27/23	2.841%		—
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		11/10/23	2.910%		1
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/13/23	2.920%		—
	300,000		17,014		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/25/23	2.973%		—
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/20/23	3.018%		—
	100,000		5,671		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		11/3/23	3.088%		—
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/23/23	3.140%		—
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/23/23	3.190%		—
	100,000		5,671		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/23/23	3.225%		—
	5,400,000		306,245		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		1/11/24	2.310%		137,155
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		12/1/23	3.650%		5,656
	3,500,000		198,492		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		BOA		7/15/24	5.250%		5,019
	600,000		34,027		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		4/8/24	2.790%		10,781
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		10/13/23	2.920%		8,987
	16,300,000		924,407		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		DUB		7/10/24	5.250%		23,418
	700,000		39,698		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		4/2/24	2.697%		13,300
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		4/8/24	2.721%		3,717
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/27/23	2.841%		4,569
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		11/10/23	2.910%		8,715
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/13/23	2.920%		4,494
	300,000		17,014		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/25/23	2.973%		6,521
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/20/23	3.018%		4,270
	100,000		5,671		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		11/3/23	3.088%		2,029
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/23/23	3.140%		4,030
	200,000		11,342		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/23/23	3.190%		3,934
	100,000		5,671		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/23/23	3.225%		1,934
	400,000		22,865		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		11/20/23	3.650%		5,806
	700,000		39,698		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		11/17/23	3.750%		9,518
	300,000		17,014		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		12/7/23	3.750%		3,912

See Notes to Financial Statements.

256



Schedules of Investments


(continued)


International Fixed Income Fund



Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	300,000		$ 17,014		OTC 5-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		9/5/23		3.800%	$	36
	1,600,000		90,739		OTC 5-Year Swaption, 3-Month USD-LIBOR, Call		GSC		9/5/23		3.800%		191
	300,000		17,014		OTC 5-Year Swaption, 3-Month USD-LIBOR, Put		BCLY		9/5/23		4.300%		10
	1,600,000		90,739		OTC 5-Year Swaption, 3-Month USD-LIBOR, Put		GSC		9/5/23		4.300%		51
	1,400,000		79,397		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		9/11/23		3.450%		171
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		9/5/23		3.550%		6
	100,000		5,671		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		10/2/23		3.580%		344
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		9/25/23		3.665%		866
	100,000		5,671		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		GSC		9/18/23		3.730%		468
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		9/14/23		3.630%		366
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		9/25/23		3.665%		866
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		9/29/23		3.720%		1,377
	1,400,000		79,397		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		9/11/23		3.950%		2,396
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		9/5/23		4.000%		39
	100,000		5,671		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/2/23		4.030%		344
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		9/25/23		4.165%		260
	100,000		5,671		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		9/18/23		4.230%		46
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		JPM		9/14/23		4.130%		132
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		JPM		9/25/23		4.165%		260
	200,000		11,342		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		JPM		9/29/23		4.170%		337
	200,000		7,606	^EUR	OTC 25-Year Swaption, 3-Month EURIBOR, Put		BNP		5/23/25		0.451%		82,709

					Total Interest Rate Swaptions							$	360,141



Options on Futures
Number of Contracts		Notional Amount†	Security Name	Counterparty	Expiration Date		Strike Price		Value
	3	$ 709,313	3-Month SOFR December Futures, Call	BNP		12/15/23	$	98.00	$	75
	3	709,313	3-Month SOFR December Futures, Put	BNP		12/15/23	$	96.50		14,325

			Total Options on Futures						$	14,400

			TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $173,649)						$	374,541

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

At August 31, 2023, International Fixed Income Fund held the following Forward Sale Commitments:



Face Amounts†		Security	Value
		Federal National Mortgage Association (FNMA):
$	2,100,000	2.000% due 9/1/38(a)	$	1,841,848
	17,250,000	2.000% due 10/1/53(a)		13,783,828
	200,000	3.000% due 10/1/53(a)		172,687

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $15,529,734)	$	15,798,363

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

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

See Notes to Financial Statements.

257



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2023, International Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR June Futures		30		9/25	$	7,213,437	$	7,220,625	$	7,188
3-Month SOFR March Futures		113		6/24		26,802,000		26,781,000		(21,000	)
3-Month SOFR September Futures		30		12/25		7,222,521		7,227,375		4,854
Australian Government 3-Year Bond September Futures		54		9/23		3,716,945		3,722,108		5,163
Euro-BTP December Futures		25		12/23		3,119,780		3,129,831		10,051
Euro-BTP September Futures		86		9/23		10,744,187		10,809,516		65,329
Euro-Buxl 30-Year Bond September Futures		11		9/23		1,640,719		1,595,872		(44,847	)
Euro-OAT September Futures		33		9/23		4,598,451		4,576,863		(21,588	)
Euro-Schatz Note September Futures		100		9/23		11,464,228		11,398,162		(66,066	)
U.S. Treasury Ultra Long Bond December Futures		1		12/23		127,445		129,468		2,023

										(58,893	)

Contracts to Sell:
30-Day Federal Funds October Futures		45		10/23		17,747,357		17,746,419		938
3-Month SOFR December Futures		120		3/25		28,720,062		28,749,000		(28,938	)
3-Month SOFR June Futures		26		9/24		6,196,013		6,182,476		13,537
3-Month SOFR September Futures		27		12/24		6,456,375		6,445,238		11,137
Australian Government 10-Year Bond September Futures		36		9/23		2,712,329		2,709,649		2,680
Canada Government 10-Year Bond December Futures		8		12/23		693,487		706,394		(12,907	)
Euro-Bobl September Futures		45		9/23		5,719,791		5,665,413		54,378
Euro-Bund December Futures		8		12/23		1,143,936		1,150,485		(6,549	)
Japan Government 10-Year Bond September Futures		6		9/23		6,081,732		6,055,473		26,259
U.S. Treasury 2-Year Note December Futures		13		12/23		2,647,417		2,649,461		(2,044	)
U.S. Treasury 5-Year Note December Futures		119		12/23		12,644,618		12,723,703		(79,085	)
U.S. Treasury 10-Year Note December Futures		16		12/23		1,752,000		1,776,500		(24,500	)
U.S. Treasury Long Bond December Futures		11		12/23		1,304,531		1,338,562		(34,031	)
U.S. Ultra Long Bond December Futures		28		12/23		3,189,594		3,251,063		(61,469	)
United Kingdom Treasury 10-Year Gilt December Futures		6		12/23		712,253		726,351		(14,098	)

										(154,692	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(213,585	)

At August 31, 2023, International Fixed Income Fund had deposited cash of $585,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2023, 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 as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		894,000		USD	585,754		GSC	$	579,222		9/5/23	$	(6,532	)
Australian Dollar		584,920		USD	392,019		SCB		378,970		9/5/23		(13,049	)
Australian Dollar		1,000,080		USD	676,034		UBS		647,952		9/5/23		(28,082	)

See Notes to Financial Statements.

258



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Australian Dollar		529,753		USD	342,554		UBS	$	343,582		10/3/23	$	1,028
Australian Dollar		1,016,282		USD	651,927		UBS		659,131		10/3/23		7,204
Brazilian Real		14,181		USD	2,881		GSC		2,864		9/5/23		(17	)
Brazilian Real		4,087,072		USD	815,026		GSC		818,518		11/3/23		3,492
Brazilian Real		4,036,500		USD	797,530		GSC		815,388		9/5/23		17,858
British Pound		255,000		USD	323,384		BNP		323,008		9/5/23		(376)
British Pound		8,359,189		USD	10,514,484		HSBC		10,588,584		9/5/23		74,100
Canadian Dollar		1,760,905		USD	1,293,167		BOA		1,303,216		9/5/23		10,049
Chilean Peso		358,662,289		USD	438,838		BOA		419,064		9/14/23		(19,774	)
Chinese Offshore Renminbi		1,563,476		USD	214,430		BNP		215,024		9/22/23		594
Chinese Offshore Renminbi		297,685		USD	41,413		JPM		40,940		9/22/23		(473	)
Chinese Offshore Renminbi		237,778		USD	33,168		SCB		32,702		9/22/23		(466	)
Chinese Offshore Renminbi		24,113		USD	3,351		SCB		3,316		9/22/23		(35	)
Chinese Offshore Renminbi		24,156		USD	3,344		SCB		3,322		9/22/23		(22	)
Danish Krone		11,401,801		USD	1,665,891		BOA		1,658,842		9/5/23		(7,049	)
Euro		182,000		USD	198,138		BNP		197,343		9/5/23		(795	)
Euro		373,000		USD	405,093		BNP		404,444		9/5/23		(649	)
Euro		18,075,764		USD	19,516,402		HSBC		19,599,550		9/5/23		83,148
Euro		475,000		USD	522,098		JPM		515,043		9/5/23		(7,055	)
Hungarian Forint		24,657,842		USD	68,808		BNP		69,862		9/22/23		1,054
Hungarian Forint		27,876,409		USD	78,289		JPM		78,982		9/22/23		693
Hungarian Forint		100,031,216		USD	280,609		SOG		283,415		9/22/23		2,806
Indian Rupee		8,557,982		USD	104,125		BOA		103,416		9/20/23		(709	)
Indian Rupee		73,443,913		USD	890,000		JPM		884,368		12/20/23		(5,632	)
Indian Rupee		39,762,847		USD	482,471		JPM		480,500		9/20/23		(1,971	)
Indian Rupee		24,868,355		USD	301,947		SCB		300,513		9/20/23		(1,434	)
Indonesian Rupiah		3,675,350		USD	247		JPM		241		9/20/23		(6	)
Indonesian Rupiah		6,406,838,468		USD	426,909		SCB		420,623		9/22/23		(6,286	)
Indonesian Rupiah		3,639,543,200		USD	244,770		SCB		238,947		9/20/23		(5,823	)
Japanese Yen		55,900,000		USD	393,634		BOA		384,259		9/5/23		(9,375	)
Japanese Yen		939,343,672		USD	6,419,790		HSBC		6,457,080		9/5/23		37,290
Japanese Yen		91,400,000		USD	645,452		UBS		628,287		9/5/23		(17,165	)
Mexican Peso		7,583,000		USD	440,791		BNP		443,554		9/20/23		2,763
Mexican Peso		2,177,000		USD	125,526		GSC		126,335		11/1/23		809
Mexican Peso		5,095,350		USD	295,568		GSC		297,297		10/4/23		1,729
New Taiwan Dollar		1,377,534		USD	43,546		JPM		43,821		12/20/23		275
New Taiwan Dollar		1,617,221		USD	51,142		JPM		51,445		12/20/23		303
New Taiwan Dollar		1,601,874		USD	50,879		SCB		50,957		12/20/23		78
New Zealand Dollar		1,436,007		USD	846,643		SCB		856,147		9/5/23		9,504
Norwegian Krone		8,060,731		USD	764,252		BNP		758,893		10/3/23		(5,359	)
Norwegian Krone		1,075,000		USD	105,518		BNP		101,118		9/5/23		(4,400	)
Norwegian Krone		14,207,041		USD	1,408,518		BOA		1,336,360		9/5/23		(72,158	)
Norwegian Krone		1,058,009		USD	99,436		GSC		99,608		10/3/23		172
Peruvian Sol		123,455		USD	33,706		BCLY		33,411		9/13/23		(295	)
Peruvian Sol		476,970		USD	130,000		BOA		129,016		9/20/23		(984	)
Peruvian Sol		58,898		USD	16,066		SCB		15,940		9/13/23		(126	)
Peruvian Sol		419,433		USD	113,448		SCB		113,530		9/11/23		82
Singapore Dollar		1,194,000		USD	892,899		BOA		884,151		9/20/23		(8,748	)
Thai Baht		3,150,558		USD	90,000		BCLY		90,065		9/20/23		65
Thai Baht		2,765,468		USD	80,582		BNP		79,057		9/20/23		(1,525	)
Thai Baht		17,860,640		USD	518,000		GSC		510,584		9/20/23		(7,416	)

See Notes to Financial Statements.

259



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Thai Baht		5,747,305		USD	167,000		GSC	$	164,299		9/20/23	$	(2,701	)
Thai Baht		6,012,656		USD	175,337		JPM		171,884		9/20/23		(3,453	)
Thai Baht		6,222,106		USD	180,189		SCB		177,872		9/20/23		(2,317	)
Thai Baht		68,996		USD	2,000		SCB		1,972		9/20/23		(28	)

													12,811

Contracts to Sell:
Australian Dollar		227,000		USD	149,107		GSC		147,074		9/5/23		2,033
Australian Dollar		586,000		USD	382,734		GSC		379,669		9/5/23		3,065
Australian Dollar		117,000		USD	75,836		JPM		75,805		9/5/23		31
Australian Dollar		1,016,282		USD	651,234		UBS		658,450		9/5/23		(7,216	)
Australian Dollar		529,753		USD	342,194		UBS		343,227		9/5/23		(1,033	)
Brazilian Real		3,000,000		USD	592,140		GSC		596,501		1/3/24		(4,361	)
Brazilian Real		4,050,682		USD	815,026		GSC		818,253		9/5/23		(3,227	)
British Pound		177,000		USD	224,740		BCLY		224,205		9/5/23		535
British Pound		8,437,189		USD	10,843,702		BNP		10,687,386		9/5/23		156,316
British Pound		8,359,189		USD	10,515,912		HSBC		10,589,965		10/3/23		(74,053	)
Canadian Dollar		790,000		USD	581,033		BCLY		584,666		9/5/23		(3,633	)
Canadian Dollar		244,107		USD	180,000		BNP		180,659		9/1/23		(659	)
Canadian Dollar		150,000		USD	112,705		BNP		111,013		9/5/23		1,692
Canadian Dollar		1,760,195		USD	1,293,167		BOA		1,303,250		10/3/23		(10,083	)
Canadian Dollar		84,000		USD	62,032		HSBC		62,167		9/5/23		(135	)
Canadian Dollar		736,000		USD	542,177		JPM		544,701		9/5/23		(2,524	)
Canadian Dollar		182,000		USD	134,390		JPM		134,753		10/3/23		(363	)
Chilean Peso		354,062,426		USD	437,568		BCLY		411,442		11/6/23		26,126
Chinese Offshore Renminbi		6,062,000		USD	830,592		BCLY		833,704		9/22/23		(3,112	)
Chinese Offshore Renminbi		910,000		USD	125,954		BCLY		125,152		9/22/23		802
Chinese Offshore Renminbi		1,543,255		USD	214,430		BNP		215,109		3/26/24		(679	)
Chinese Offshore Renminbi		2,229,906		USD	313,000		GSC		306,646		9/20/23		6,354
Chinese Offshore Renminbi		4,566,000		USD	634,635		HSBC		627,959		9/22/23		6,676
Chinese Offshore Renminbi		2,668,741		USD	374,000		SCB		366,992		9/20/23		7,008
Chinese Offshore Renminbi		1,204,000		THB	5,830,972		UBS		165,568		9/20/23		1,122
Danish Krone		5,805,733		USD	867,328		BCLY		856,044		4/2/24		11,284
Danish Krone		24,290,000		USD	3,676,087		BCLY		3,539,517		10/2/23		136,570
Danish Krone		12,400,524		USD	1,812,584		BNP		1,807,100		10/3/23		5,484
Danish Krone		4,525,488		USD	674,897		BNP		667,274		4/2/24		7,623
Danish Krone		11,489,732		USD	1,710,649		BNP		1,683,927		1/2/24		26,722
Danish Krone		11,383,133		USD	1,665,891		BOA		1,658,838		10/3/23		7,053
Danish Krone		100,000		USD	14,757		GSC		14,549		9/5/23		208
Danish Krone		6,140,748		USD	907,538		HSBC		894,825		10/2/23		12,713
Danish Krone		6,635,047		USD	986,069		SOG		966,853		10/2/23		19,216
Danish Krone		23,735,224		USD	3,514,144		UBS		3,453,225		9/5/23		60,919
Euro		404,000		USD	442,662		BCLY		438,057		9/5/23		4,605
Euro		763,000		USD	834,900		BNP		827,321		9/5/23		7,579
Euro		18,075,764		USD	19,543,335		HSBC		19,625,959		10/3/23		(82,624	)
Euro		16,236,764		USD	18,112,630		JPM		17,605,523		9/5/23		507,107
Euro		377,000		USD	413,943		NWM		408,781		9/5/23		5,162
Euro		512,000		USD	553,045		SCB		555,162		9/5/23		(2,117	)
Euro		631,000		USD	682,902		SCB		684,193		9/5/23		(1,291	)
Indonesian Rupiah		17,103,387		USD	1,143		BCLY		1,123		9/22/23		20
Indonesian Rupiah		1,232,897,352		USD	81,069		BNP		80,948		9/11/23		121
Indonesian Rupiah		1,421,488,721		USD	93,474		BNP		93,330		9/11/23		144

See Notes to Financial Statements.

260



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Indonesian Rupiah		56,192,168		USD	3,753		BOA	$	3,689		9/26/23	$	64
Indonesian Rupiah		661,682,252		USD	43,526		SCB		43,444		9/11/23		82
Israeli New Shekel		583,171		USD	163,030		BCLY		153,502		9/20/23		9,528
Israeli New Shekel		559,621		USD	157,542		JPM		147,303		9/20/23		10,239
Israeli New Shekel		484,328		USD	135,276		UBS		127,485		9/20/23		7,791
Japanese Yen		90,000,000		USD	624,815		BCLY		627,041		11/27/23		(2,226	)
Japanese Yen		63,600,000		USD	447,982		BCLY		437,188		9/5/23		10,794
Japanese Yen		1,350,000,000		USD	9,414,699		BCLY		9,395,386		11/20/23		19,313
Japanese Yen		80,000,000		USD	647,066		BCLY		571,918		5/1/24		75,148
Japanese Yen		100,003,000		USD	818,858		BCLY		711,501		4/1/24		107,357
Japanese Yen		1,220,000,000		USD	8,543,011		BCLY		8,422,629		10/2/23		120,382
Japanese Yen		750,000,000		USD	5,432,890		BCLY		5,196,143		10/23/23		236,747
Japanese Yen		230,000,000		USD	1,631,178		BOA		1,586,078		9/25/23		45,100
Japanese Yen		310,000,000		USD	2,231,846		BOA		2,135,688		9/19/23		96,158
Japanese Yen		57,500,000		USD	392,810		GSC		395,257		9/5/23		(2,447	)
Japanese Yen		935,139,994		USD	6,419,790		HSBC		6,457,058		10/3/23		(37,268	)
Japanese Yen		16,670,000		USD	133,686		HSBC		121,885		10/1/24		11,801
Japanese Yen		120,000,000		USD	846,403		HSBC		834,239		11/13/23		12,164
Japanese Yen		50,000,000		USD	400,705		HSBC		365,583		10/1/24		35,122
Japanese Yen		83,330,000		USD	668,378		HSBC		609,281		10/1/24		59,097
Japanese Yen		80,000,000		USD	653,393		HSBC		569,184		4/1/24		84,209
Japanese Yen		80,002,000		USD	651,601		HSBC		566,385		3/1/24		85,216
Japanese Yen		80,002,000		USD	657,101		HSBC		566,386		3/1/24		90,715
Japanese Yen		800,000,000		USD	5,788,901		HSBC		5,549,128		10/30/23		239,773
Japanese Yen		630,000,000		USD	4,649,851		HSBC		4,359,593		10/16/23		290,258
Japanese Yen		40,100,000		USD	321,482		JPM		293,198		10/1/24		28,284
Japanese Yen		39,900,000		USD	320,032		JPM		291,735		10/1/24		28,297
Japanese Yen		40,000,000		USD	323,533		JPM		292,467		10/1/24		31,066
Japanese Yen		1,612,217,831		USD	11,532,807		JPM		11,082,439		9/5/23		450,368
Japanese Yen		28,800,000		USD	203,109		SCB		197,972		9/5/23		5,137
Japanese Yen		672,252,324		USD	4,629,072		UBS		4,641,842		10/3/23		(12,770	)
Malaysian Ringgit		2,311,152		USD	508,504		BNP		498,589		9/20/23		9,915
Malaysian Ringgit		3,222,269		USD	709,126		SCB		695,147		9/20/23		13,979
Mexican Peso		6,404		USD	369		JPM		371		11/17/23		(2	)
New Taiwan Dollar		10,901,746		USD	358,445		BOA		342,776		9/20/23		15,669
New Taiwan Dollar		10,718,453		USD	353,756		BOA		337,013		9/20/23		16,743
New Taiwan Dollar		11,371,773		USD	373,654		GSC		357,555		9/20/23		16,099
New Taiwan Dollar		29,061		USD	962		SCB		913		9/20/23		49
New Taiwan Dollar		11,109,675		USD	364,395		SCB		349,314		9/20/23		15,081
New Taiwan Dollar		16,880,931		USD	553,691		SCB		530,775		9/20/23		22,916
New Zealand Dollar		1,436,007		USD	885,625		BNP		856,147		9/5/23		29,478
New Zealand Dollar		1,436,007		USD	846,701		SCB		856,203		10/3/23		(9,502	)
Norwegian Krone		8,067,785		USD	764,252		BNP		758,882		9/5/23		5,370
Norwegian Krone		3,805,000		USD	372,757		BOA		357,910		9/5/23		14,847
Norwegian Krone		2,350,000		USD	228,108		JPM		221,049		9/5/23		7,059
Peruvian Sol		1,724,602		USD	468,387		JPM		466,490		9/20/23		1,897
Singapore Dollar		294,321		USD	223,425		BNP		217,943		9/20/23		5,482
Singapore Dollar		903,583		USD	676,099		UBS		669,098		9/20/23		7,001

													3,134,760

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	3,147,571

See Notes to Financial Statements.

261



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2023, International Fixed Income Fund held the following OTC Total Return Swap Contracts:


Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Financing Rate		Payment Frequency		Maturity Date		Counterparty		Notional Amount			Market Value		Upfront Payment Paid		Unrealized Appreciation/ (Depreciation)
iBoxx Investment Grade Index	SOFR		2.957%		PAM		9/20/23		BNP		USD	1,820,000	$	21,583	$	14,073	$	7,510
iBoxx Investment Grade Index	SOFR		2.959%		PAM		3/20/24		BNP		USD	9,200,000		117,801		109,629		8,172
iBoxx Investment Grade Index	SOFR		2.971%		PAM		9/20/23		BOA		USD	2,000,000		11,607		15,733		(4,126	)

													$	150,991	$	139,435	$	11,556

At August 31, 2023, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Counterparty		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation
Receive	3-Month MYR-KLIBOR		3.500%		3/15/28		3-Month		BNP		MYR	1,817,000	$	3,022		$	(727	)	$	3,749
Receive	3-Month MYR-KLIBOR		3.500%		3/15/28		3-Month		BOA		MYR	7,675,000		12,285			(2,889	)		15,174
Receive	3-Month MYR-KLIBOR		3.750%		3/15/33		3-Month		BOA		MYR	740,000		2,046			(216	)		2,262
Receive	3-Month MYR-KLIBOR		3.500%		3/15/28		3-Month		GSC		MYR	6,433,000		10,297			(2,271	)		12,568
Receive	3-Month MYR-KLIBOR		3.545%		5/5/28		3-Month		GSC		MYR	1,914,000		2,464			—			2,464
Receive	3-Month MYR-KLIBOR		3.635%		4/5/24		3-Month		GSC		MYR	2,430,000		(328	)		(1,081	)		753
Receive	3-Month MYR-KLIBOR		3.750%		3/15/33		3-Month		GSC		MYR	822,000		2,272			1,717			555
Receive	3-Month MYR-KLIBOR		3.750%		3/15/28		3-Month		SCB		MYR	1,620,000		(1,323	)		(4,887	)		3,564

													$	30,735		$	(10,354	)	$	41,089

At August 31, 2023, International Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month Australian Bank Bill		3.750%		3/15/24	3-Month		AUD	8,800,000	$	(19,904	)	$	(6,152	)	$	(13,752	)
Pay	3-Month Canadian Bank Bill		1.220%		3/3/25	6-Month		CAD	2,000,000		(117,011	)		(380	)		(116,631	)
Pay	3-Month Canadian Bank Bill		1.250%		6/16/31	6-Month		CAD	600,000		(88,790	)		(83,214	)		(5,576	)
Pay	3-Month Canadian Bank Bill		1.500%		6/17/30	6-Month		CAD	2,200,000		(268,891	)		(27,393	)		(241,498	)
Pay	3-Month Canadian Bank Bill		1.585%		7/19/31	6-Month		CAD	800,000		(103,987	)		(53,520	)		(50,467	)
Pay	3-Month Canadian Bank Bill		1.713%		10/2/29	6-Month		CAD	700,000		(76,881	)		2,503			(79,384	)
Pay	3-Month Canadian Bank Bill		1.900%		12/18/29	6-Month		CAD	800,000		(79,295	)		12,573			(91,868	)
Receive	3-Month Canadian Bank Bill		3.250%		3/15/28	6-Month		CAD	990,000		41,453			(3,062	)		44,515
Pay	3-Month EURIBOR		2.100%		4/11/24	PAM		EUR	1,400,000		(12,029	)		—			(12,029	)
Pay	3-Month EURIBOR		2.100%		4/13/24	PAM		EUR	3,100,000		(27,205	)		—			(27,205	)
Pay	3-Month EURIBOR		2.100%		5/17/24	PAM		EUR	1,000,000		(8,764	)		—			(8,764	)
Pay	3-Month EURIBOR		2.250%		4/26/24	PAM		EUR	400,000		(2,865	)		—			(2,865	)
Pay	3-Month EURIBOR		2.250%		4/28/24	PAM		EUR	600,000		(4,314	)		—			(4,314	)
Pay	3-Month EURIBOR		2.250%		5/3/24	PAM		EUR	400,000		(2,817	)		—			(2,817	)
Pay	3-Month FRA New Zealand Bank Bill		3.000%		12/15/23	6-Month		NZD	4,400,000		(35,146	)		(779	)		(34,367	)
Pay	3-Month FRA New Zealand Bank Bill		3.750%		6/15/27	6-Month		NZD	1,800,000		(49,379	)		(18,296	)		(31,083	)
Pay	3-Month FRA New Zealand Bank Bill		4.000%		6/14/24	6-Month		NZD	10,100,000		(101,980	)		(22,659	)		(79,321	)
Pay	3-Month FRA New Zealand Bank Bill		4.750%		3/20/25	6-Month		NZD	3,900,000		(16,279	)		(3,519	)		(12,760	)
Pay	3-Month SEK-STIBOR-SIDE		0.500%		6/19/24	12-Month		SEK	4,800,000		(15,588	)		6,261			(21,849	)

See Notes to Financial Statements.

262



Schedules of Investments


(continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR		0.000%		9/15/23	3-Month		USD	200,000	$	2,862		$	—		$	2,862
Receive	3-Month USD-LIBOR		0.000%		9/16/23	3-Month		USD	200,000		2,900			—			2,900
Receive	3-Month USD-LIBOR		0.000%		9/30/23	3-Month		USD	850,000		11,979			—			11,979
Receive	3-Month USD-LIBOR		1.250%		9/15/23	3-Month		USD	2,400,000		26,864			—			26,864
Pay	3-Month USD-LIBOR		1.500%		9/15/23	6-Month		USD	3,100,000		(32,727	)		—			(32,727	)
Receive	3-Month USD-LIBOR		4.427%		9/27/23	3-Month		USD	1,700,000		5,514			—			5,514
Receive	3-Month USD-LIBOR		4.789%		9/7/23	3-Month		USD	1,100,000		2,484			—			2,484
Pay	6-Month Australian Bank Bill		4.000%		6/21/33	6-Month		AUD	6,700,000		(145,823	)		(124,429	)		(21,394	)
Pay	6-Month Australian Bank Bill		4.250%		3/15/33	6-Month		AUD	1,700,000		(9,238	)		18,825			(28,063	)
Pay	6-Month Australian Bank Bill		4.500%		9/15/32	6-Month		AUD	8,700,000		(18,107	)		(251,857	)		233,750
Receive	6-Month EURIBOR		0.054%		5/27/50	12-Month		EUR	50,000		24,056			6,520			17,536
Receive	6-Month EURIBOR		0.064%		11/17/52	12-Month		EUR	100,000		57,766			11,996			45,770
Pay	6-Month EURIBOR		0.550%		8/10/24	12-Month		EUR	200,000		(7,234	)		—			(7,234	)
Pay	6-Month EURIBOR		0.650%		4/12/27	12-Month		EUR	500,000		(53,290	)		—			(53,290	)
Pay	6-Month EURIBOR		0.650%		5/11/27	12-Month		EUR	300,000		(32,016	)		—			(32,016	)
Pay	6-Month EURIBOR		0.700%		4/11/27	12-Month		EUR	200,000		(20,931	)		—			(20,931	)
Pay	6-Month EURIBOR		1.000%		5/13/27	12-Month		EUR	500,000		(46,229	)		—			(46,229	)
Pay	6-Month EURIBOR		2.250%		9/21/37	12-Month		EUR	5,650,000		(524,682	)		141,469			(666,151	)
Pay	6-Month EURIBOR		2.250%		9/21/42	12-Month		EUR	2,310,000		(248,198	)		176,898			(425,096	)
Receive	6-Month EURIBOR		2.500%		9/20/53	12-Month		EUR	3,400,000		152,107			42,966			109,141
Pay	6-Month EURIBOR		3.000%		3/19/27	12-Month		EUR	7,050,000		15,175			47,415			(32,240	)
Pay	6-Month EURIBOR		3.000%		9/20/28	12-Month		EUR	27,400,000		(173,992	)		(343,120	)		169,128
Receive	6-Month EURIBOR		3.000%		3/15/33	12-Month		EUR	3,160,000		(13,142	)		(33,464	)		20,322
Pay	6-Month EURIBOR		3.000%		9/20/33	12-Month		EUR	8,200,000		(30,784	)		(139,178	)		108,394
Receive	6-Month EURIBOR		3.500%		9/20/25	12-Month		EUR	2,500,000		5,172			5,819			(647	)
Pay	28-Day MXN TIIE Banxico		4.870%		7/7/25	28-Day		MXN	31,300,000		(174,943	)		(90,197	)		(84,746	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		12/15/26	12-Month		JPY	470,000,000		30,077			35,657			(5,580	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.000%		3/17/31	6-Month		JPY	580,000,000		(214,966	)		(20,750	)		(194,216	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.050%		12/15/31	12-Month		JPY	490,000,000		(182,895	)		(164,853	)		(18,042	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.200%		6/19/29	6-Month		JPY	410,000,000		(58,829	)		55,540			(114,369	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.250%		3/15/32	12-Month		JPY	50,000,000		(13,746	)		(1,479	)		(12,267	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.400%		6/19/39	6-Month		JPY	80,000,000		67,093			(20,457	)		87,550
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.400%		12/15/51	12-Month		JPY	67,000,000		(112,904	)		(28,522	)		(84,382	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.450%		12/15/51	12-Month		JPY	190,000,000		(304,068	)		(218,952	)		(85,116	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.700%		3/15/52	12-Month		JPY	40,000,000		(48,018	)		(4,225	)		(43,793	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.800%		6/15/52	12-Month		JPY	170,000,000		(179,450	)		(85,372	)		(94,078	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		0.850%		9/20/33	12-Month		JPY	20,000,000		(142	)		2,824			(2,966	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		1.200%		9/20/53	12-Month		JPY	10,000,000		(4,281	)		2,520			(6,801	)
Pay	Canadian Overnight Repo Rate Average		3.250%		6/21/33	6-Month		CAD	2,900,000		(93,915	)		(48,994	)		(44,921	)
Receive	Canadian Overnight Repo Rate Average		3.250%		6/21/53	6-Month		CAD	200,000		7,435			(1,262	)		8,697
Pay	Canadian Overnight Repo Rate Average		3.500%		5/10/25	PAM		CAD	24,500,000		(222,241	)		(32,924	)		(189,317	)
Pay	Canadian Overnight Repo Rate Average		4.600%		8/30/25	PAM		CAD	9,500,000		3,034			1,371			1,663

See Notes to Financial Statements.

263



Schedules of Investments


(continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	China 7-Day Reverse Repo Index		2.500%		9/15/26	3-Month		CNY	15,400,000	$	(26,928	)	$	14,710		$	(41,638	)
Receive	China 7-Day Reverse Repo Index		2.500%		6/15/27	3-Month		CNY	4,800,000		(8,227	)		65			(8,292	)
Receive	China 7-Day Reverse Repo Index		2.500%		9/21/27	3-Month		CNY	4,800,000		(8,007	)		3,245			(11,252	)
Receive	China 7-Day Reverse Repo Index		2.750%		9/15/26	3-Month		CNY	13,500,000		(38,014	)		(10,868	)		(27,146	)
Pay	China 7-Day Reverse Repo Index		3.000%		3/15/28	3-Month		CNY	9,070,000		42,279			16,252			26,027
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		6.250%		3/16/32	6-Month		INR	22,000,000		7,520			15,809			(8,289	)
Pay	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		6.500%		3/15/28	6-Month		INR	34,570,000		(1,474	)		(83	)		(1,391	)
Pay	KSDA South Korea Daily Closing of 3-Month Certificate of Deposit		3.250%		3/15/28	3-Month		KRW	9,395,732,000		(114,495	)		(23,520	)		(90,975	)
Pay	KSDA South Korea Daily Closing of 3-Month Certificate of Deposit		3.250%		3/15/33	3-Month		KRW	1,246,650,000		(27,030	)		2,498			(29,528	)
Pay	Singapore Overnight Index Average		3.000%		3/15/28	6-Month		SGD	2,720,000		(22,421	)		14,272			(36,693	)
Receive	Singapore Overnight Index Average		3.250%		9/20/28	6-Month		SGD	2,200,000		(6,272	)		(6,190	)		(82	)
Pay	SOFR		0.000%		9/15/23	3-Month		USD	200,000		(2,814	)		—			(2,814	)
Pay	SOFR		0.000%		9/16/23	3-Month		USD	200,000		(2,877	)		—			(2,877	)
Pay	SOFR		0.000%		9/30/23	3-Month		USD	850,000		(11,914	)		—			(11,914	)
Receive	SOFR		0.400%		3/30/26	6-Month		USD	850,000		96,163			17,606			78,557
Receive	SOFR		0.500%		6/15/24	12-Month		USD	800,000		38,589			7,740			30,849
Receive	SOFR		0.750%		6/16/31	6-Month		USD	200,000		46,914			11,329			35,585
Receive	SOFR		1.000%		12/15/26	12-Month		USD	1,000,000		127,506			3,719			123,787
Receive	SOFR		1.000%		6/15/27	12-Month		USD	1,600,000		191,088			58,831			132,257
Receive	SOFR		1.250%		12/15/26	6-Month		USD	2,400,000		237,014			(29,370	)		266,384
Receive	SOFR		1.298%		8/25/24	6-Month		USD	1,400,000		49,989			(30,011	)		80,000
Pay	SOFR		1.500%		12/15/28	6-Month		USD	3,100,000		(398,542	)		55,638			(454,180	)
Pay	SOFR		1.500%		6/15/52	12-Month		USD	700,000		(259,665	)		(19,768	)		(239,897	)
Pay	SOFR		1.518%		1/20/29	6-Month		USD	100,000		(13,623	)		—			(13,623	)
Pay	SOFR		1.545%		1/20/29	6-Month		USD	900,000		(121,425	)		—			(121,425	)
Pay	SOFR		1.630%		1/26/29	6-Month		USD	200,000		(26,066	)		—			(26,066	)
Pay	SOFR		1.695%		11/15/31	12-Month		USD	3,200,000		(556,559	)		(5,345	)		(551,214	)
Receive	SOFR		1.750%		6/15/24	12-Month		USD	8,000,000		284,053			367,708			(83,655	)
Receive	SOFR		1.750%		12/15/31	6-Month		USD	200,000		34,848			(7,578	)		42,426
Pay	SOFR		1.750%		6/15/52	12-Month		USD	300,000		(97,906	)		(90,585	)		(7,321	)
Receive	SOFR		2.730%		4/30/29	12-Month		USD	440,000		30,877			—			30,877
Pay	SOFR		2.750%		6/21/53	12-Month		USD	490,000		(71,880	)		(27,363	)		(44,517	)
Receive	SOFR		2.817%		4/30/29	12-Month		USD	1,600,000		104,828			—			104,828
Receive	SOFR		2.819%		4/30/29	12-Month		USD	900,000		58,896			—			58,896
Pay	SOFR		2.906%		9/16/52	12-Month		USD	400,000		(51,867	)		—			(51,867	)
Receive	SOFR		2.965%		11/30/26	12-Month		USD	6,600,000		356,525			(3,697	)		360,222
Pay	SOFR		2.968%		6/30/24	12-Month		USD	10,400,000		(243,472	)		—			(243,472	)
Pay	SOFR		3.000%		6/21/30	12-Month		USD	600,000		(34,538	)		(25,103	)		(9,435	)
Receive	SOFR		3.048%		11/15/32	12-Month		USD	3,200,000		218,833			—			218,833
Receive	SOFR		3.070%		11/15/32	12-Month		USD	1,100,000		73,328			—			73,328
Receive	SOFR		3.083%		11/15/32	12-Month		USD	1,400,000		91,827			—			91,827
Receive	SOFR		3.086%		11/15/32	12-Month		USD	1,100,000		71,849			11,056			60,793
Receive	SOFR		3.089%		11/15/32	12-Month		USD	2,300,000		149,672			—			149,672
Receive	SOFR		3.139%		11/15/32	12-Month		USD	1,800,000		109,860			—			109,860
Receive	SOFR		3.150%		5/13/25	PAM		USD	17,600,000		228,144			29,882			198,262
Receive	SOFR		3.173%		11/15/32	12-Month		USD	200,000		11,663			(989	)		12,652
Receive	SOFR		3.200%		5/13/25	PAM		USD	1,100,000		13,746			(363	)		14,109
Pay	SOFR		3.225%		9/30/29	12-Month		USD	8,600,000		(394,829	)		30,000			(424,829	)
Receive	SOFR		3.250%		6/21/28	12-Month		USD	1,340,000		51,116			8,231			42,885
Pay	SOFR		3.250%		12/20/53	12-Month		USD	700,000		(30,498	)		(11,228	)		(19,270	)

See Notes to Financial Statements.

264



Schedules of Investments


(continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	SOFR		3.340%		2/23/30	12-Month		USD	580,000	$	(23,988	)	$	—		$	(23,988	)
Pay	SOFR		3.470%		2/22/30	12-Month		USD	800,000		(26,683	)		—			(26,683	)
Pay	SOFR		3.500%		6/22/30	12-Month		USD	400,000		(10,811	)		—			(10,811	)
Pay	SOFR		3.500%		12/20/33	12-Month		USD	6,240,000		(127,658	)		(185,633	)		57,975
Receive	SOFR		3.500%		12/20/38	12-Month		USD	3,200,000		91,676			50,178			41,498
Pay	SOFR		3.730%		8/3/33	12-Month		USD	220,000		(1,874	)		—			(1,874	)
Receive	SOFR		3.750%		6/21/25	12-Month		USD	4,900,000		108,869			24,288			84,581
Receive	SOFR		3.750%		12/20/28	12-Month		USD	4,320,000		27,066			34,554			(7,488	)
Pay	SOFR		3.849%		3/31/30	12-Month		USD	300,000		(966	)		—			(966	)
Pay	SOFR		3.951%		3/31/30	12-Month		USD	3,500,000		9,175			—			9,175
Pay	SOFR		3.981%		11/30/27	12-Month		USD	6,500,000		(31,485	)		—			(31,485	)
Receive	SOFR		4.159%		3/31/25	12-Month		USD	9,700,000		149,177			(23,062	)		172,239
Pay	SOFR		4.193%		11/30/27	12-Month		USD	2,700,000		8,969			(524	)		9,493
Receive	SOFR		4.228%		8/30/25	PAM		USD	7,100,000		(4,927	)		(2,294	)		(2,633	)
Receive	SOFR		4.250%		12/20/25	12-Month		USD	27,709,000		116,220			143,567			(27,347	)
Pay	Sterling Overnight Index Average		3.250%		9/20/53	12-Month		GBP	500,000		(77,857	)		(26,741	)		(51,116	)
Pay	Sterling Overnight Index Average		3.500%		9/20/33	12-Month		GBP	12,000,000		(959,843	)		(418,200	)		(541,643	)
Pay	Sterling Overnight Index Average		3.750%		9/20/28	12-Month		GBP	1,300,000		(71,808	)		(6,601	)		(65,207	)
Pay	Sterling Overnight Index Average		4.000%		9/20/25	12-Month		GBP	1,300,000		(44,476	)		(10,961	)		(33,515	)
Pay	Swiss Average Rate Overnight Index		0.300%		2/15/27	12-Month		CHF	200,000		(12,218	)		—			(12,218	)

										$	(4,269,603	)	$	(1,302,751	)	$	(2,966,852	)

At August 31, 2023, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swap on Sovereign Issue — Sell Protection (4)


Reference Obligation & Rating†	Fixed Deal Receive Rate	Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 8/31/23 (2)	Notional Amount (3)			Market Value		Upfront Payment (Received)			Unrealized Appreciation
Republic of Italy Government International Bonds, BBB	1.000%		6/20/25		3-Month		BCLY	0.338%		USD	300,000	$	4,045	$	(7,348	)	$	11,393

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

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


Reference Obligation & Ratings	Fixed Deal (Pay) Rate		Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/23 (2)		Notional Amount (3)			Market Value		Upfront Payment Paid		Unrealized Depreciation
Markit CDX North America Investment Grade Series 40 10-Year Index, NR		(1.000)%		6/20/33		3-Month		1.052%		USD	7,100,000	$	15,057	$	97,322	$	(82,265	)
Markit iTraxx Europe Series 39 10-Year Index, NR		(1.000)%		6/20/33		3-Month		1.099%		EUR	6,000,000		37,727		140,602		(102,875	)

												$	52,784	$	237,924	$	(185,140	)

See Notes to Financial Statements.

265



Schedules of Investments


(continued)


International Fixed Income Fund

Centrally Cleared — Credit Default Swaps on Corporate Issue and Index — Sell Protection (4)


Reference Obligation & Ratings†	Fixed Deal Receive Rate		Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/23 (2)		Notional Amount (3)			Market Value		Upfront Payment Paid		Unrealized Appreciation
Ford Motor Credit Co. LLC, BB+		5.000%		6/20/25		3-Month		1.282%		USD	200,000	$	14,719	$	7,947	$	6,772
Markit CDX North America Investment Grade Series 40 5-Year Index, NR		1.000%		6/20/28		3-Month		0.636%		USD	20,900,000		366,147		172,319		193,828

												$	380,866	$	180,266	$	200,600

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

At August 31, 2023, International Fixed Income Fund held the following OTC Cross-Currency Swap Contract:


Counterparty Pay	Counterparty Receive	Maturity Date (5)		Counterparty		Notional Amount of Currency Received (6)		Notional Amount of Currency Delivered (6)		Market Value			Upfront Payment (Received)			Unrealized Depreciation

Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency received	Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency delivered		8/1/29		GSC		USD 1,449,000	AUD	2,100,000	$	(84,761	)	$	(3,920	)	$	(80,841	)

(1)

(2)

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

(4)

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

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

At August 31, 2023, International Fixed Income Fund deposited cash collateral with brokers in the amount of $3,455,000 for open centrally cleared swap contracts.

At August 31, 2023, International Fixed Income Fund had cash collateral from brokers in the amount of $4,282,000 for open OTC swap contracts.

See Notes to Financial Statements.

266



Schedules of Investments


(continued)

International Fixed Income Fund


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
ARS	— Argentine Peso	BCLY	— Barclays Bank PLC
AUD	— Australian Dollar	BNP	— BNP Paribas SA
BRL	— Brazilian Real	BOA	— Bank of America
CAD	— Canadian Dollar	DUB	— Deutsche Bank AG
CHF	— Swiss Franc	GSC	— Goldman Sachs & Co.
CNY	— China Yuan Renminbi	HSBC	— HSBC Bank USA
DKK	— Danish Krone	JPM	— JPMorgan Chase & Co.
EUR	— Euro	NWM	— NatWest Markets PLC
GBP	— British Pound	SCB	— Standard Chartered Bank
HKD	— Hong Kong Dollar	SOG	— Societe Generale SA
ILS	— Israeli New Shekel	UBS	— UBS Securities LLC
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
SEK	— Swedish Krona
SGD	— Singapore Dollar
THB	— Thai Baht
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Financial Statements.

267



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS — 91.9%

Alabama — 1.5%
$	500,000	A1(a)	Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 4.000% due 6/1/49(b)	$	497,864
	965,000	A1(a)	Southeast Energy Authority A Cooperative District, Revenue Bonds, Series A, 5.250% due 1/1/54(b)		1,000,626

			Total Alabama		1,498,490


Alaska — 0.4%
	200,000	AA	Borough of North Slope, GO, Series B, 5.000% due 6/30/26		209,641
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		92,850
	60,000	BBB-	Series B1, 4.000% due 6/1/50		58,646

			Total Alaska		361,137


Arizona — 3.7%
	530,000	BB	Arizona Industrial Development Authority, Revenue Bonds, Somerset Academy of Las Vegas — Aliante and Skye Canyon Campus Projects, 3.000% due 12/15/31(c)		454,608
	2,815,000	A	Chandler Industrial Development Authority, Revenue Bonds, Variable AMT Intel Corp., AMT, 5.000% due 6/1/49(b)(d)		2,825,849
	75,000	NR	Industrial Development Authority of the County of Pima (The), Revenue Bonds, Imagine East Mesa Charter School, 3.250% due 7/1/24(c)		74,177
	300,000	BB+	Maricopa County Industrial Development Authority, Revenue Bonds, Paradise School Project Paragon Management Inc., 4.000% due 7/1/26(c)		293,487

			Total Arizona		3,648,121


California — 17.3%
	195,000	NR	California Community Housing Agency, Revenue Bonds, Series A2, 4.000% due 8/1/51(c)		122,664
	10,615,000	NR	California County Tobacco Securitization Agency, Revenue Bonds, zero coupon due 6/1/55		717,833
			California School Finance Authority, Revenue Bonds:
	640,000	BBB	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		660,451
	250,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		229,570
			California State Public Works Board, Revenue Bonds:
	1,000,000	A+	Series D, 4.000% due 5/1/47		950,382
	1,000,000	A+	Series D, 5.000% due 11/1/46		1,078,846
	15,750,000	NR	California Statewide Financing Authority, Revenue Bonds, Capital Appreciation Turbo Pooled Program, Series D, zero coupon due 6/1/55(c)		758,251
	165,000	AAA	City & County of San Francisco, GO, Series R1, 5.000% due 6/15/32		194,932
	1,000,000	AA-	City of Los Angeles Department of Airports, Revenue Bonds, AMT, 3.250% due 5/15/49(d)		750,579
	1,565,000	AA+	County of Los Angeles Public Works Financing Authority, Revenue Bonds, Green Bond, LACMA Building for the Permanent Collection Project, Series A, 3.000% due 12/1/50		1,178,817
			CSCDA Community Improvement Authority, Revenue Bonds:
	100,000	NR	3.125% due 8/1/56(c)		67,698
	805,000	NR	3.250% due 4/1/57(c)		549,284
	140,000	NR	4.000% due 10/1/56(c)		114,360
	125,000	NR	4.000% due 12/1/56(c)		87,528
	185,000	NR	Series A2A, 4.000% due 12/1/58(c)		135,446
	100,000	NR	Series B, 4.000% due 12/1/59(c)		62,556
	500,000	Aa3(a)	Livermore Valley Joint Unified School District, GO, 4.000% due 8/1/46		478,914
			Los Angeles Department of Water & Power, Revenue Bonds:
	500,000	Aa2(a)	Series A, 5.000% due 7/1/47		533,208
	1,000,000	Aa2(a)	Series B, 5.000% due 7/1/47		1,079,718
	1,350,000	AA	Orange Unified School District, GO, 5.000% due 8/1/35		1,543,341
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,069,944
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, 4.000% due 10/1/40		583,291

See Notes to Financial Statements.

268



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

California — 17.3% — (continued)
$	500,000	A2(a)	San Diego County Regional Airport Authority, Revenue Bonds, Series A, 4.000% due 7/1/51	$	466,883
	485,000	Aa3(a)	San Diego Public Facilities Financing Authority, Revenue Bonds, Series A, 5.000% due 8/1/43		515,660
	500,000	A+	San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, AMT, Series 2020, 4.000% due 5/1/39(d)		480,808
	500,000	AA	San Francisco City & County Public Utilities Commission Wastewater Revenue, Revenue Bonds, Green Bond, Series A, 5.000% due 10/1/44		544,088
	475,000	Aa2(a)	Sonoma Valley Unified School District, GO, 4.000% due 8/1/38		475,449
			State of California, GO:
	500,000	AA-	5.000% due 11/1/43		501,054
	1,000,000	AA-	5.000% due 4/1/31		1,146,302

			Total California		17,077,857


Colorado — 2.3%
	750,000	AA-	City & County of Denver, Airport System Revenue, Revenue Bonds, AMT, Series A, 5.000% due 11/15/30(d)		785,597
	1,435,000	AA+	City of Colorado Springs, Utilities System Revenue, Revenue Bonds, System Improvement, Series B2, Currently Refunded, 5.000% due 11/15/38		1,439,416

			Total Colorado		2,225,013


District of Columbia — 1.1%
	2,075,000	WD(e)	District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, Capital Appreciation Asset-Backed, Series B, zero coupon due 6/15/46		396,468
	700,000	AA-	Metropolitan Washington Airports Authority Aviation Revenue, Revenue Bonds, AMT, Series A, 4.000% due 10/1/36(d)		695,039

			Total District of Columbia		1,091,507


Florida — 5.7%
	500,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		499,963
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		1,016,191
	665,000	AA+	Broward County, Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/45		638,752
	225,000	Baa3(a)	Capital Projects Finance Authority, Revenue Bonds, Florida University Project, Series A1, 5.000% due 10/1/26		229,610
			Capital Trust Agency Inc., Revenue Bonds:
	100,000	Ba1(a)	Viera Charter Schools Inc. Project, Series A, 4.000% due 10/15/29(c)		94,937
	2,500,000	NR	Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		131,257
	1,400,000	A+	City of Cape Coral, Water & Sewer Revenue, Revenue Bonds, 5.000% due 10/1/39		1,444,390
	130,000	NR	Finley Woods Community Development District, Special Assessment, Area One, 3.150% due 5/1/25		127,131
			Florida Development Finance Corp., Revenue Bonds:
	190,000	NR	Waste Pro USA Inc. Project, AMT, 5.000% due 5/1/29(c)(d)		179,940
	100,000	BBB	Mater Academy Project, Series A, 5.000% due 6/15/56		94,456
	275,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		265,403
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, 4.000% due 10/1/52		886,917

			Total Florida		5,608,947


Georgia — 4.5%
	1,000,000	AA	Augusta, GO, 5.000% due 10/1/25		1,037,277
	450,000	AA+	Henry County School District, GO, 5.000% due 8/1/25		464,379
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,479,305
	435,000	A3(a)	Series B, 5.000% due 12/1/52(b)		445,033

			Total Georgia		4,425,994

See Notes to Financial Statements.

269



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Guam — 0.0%@
			Territory of Guam, Revenue Bonds:
$	15,000	Ba1(a)	Series A, 5.000% due 11/1/27	$	15,440
	15,000	Ba1(a)	Series A, 5.000% due 11/1/28		15,543
	15,000	Ba1(a)	Series A, 5.000% due 11/1/29		15,603

			Total Guam		46,586


Illinois — 1.9%
	600,000	A	Illinois Finance Authority, Revenue Bonds, DePaul University, 5.000% due 10/1/36		618,008
	1,270,000	A-	State of Illinois, GO, Series D, 5.000% due 11/1/23		1,272,224

			Total Illinois		1,890,232


Indiana — 3.6%
	2,815,000	Aa3(a)	Indiana Finance Authority, Revenue Bonds, Franciscan Alliance Inc., Series A, 4.000% due 11/1/51		2,518,027
	1,000,000	A+	Indiana Municipal Power Agency, Revenue Bonds, Power Supply, Series C, 5.000% due 1/1/37		1,022,355

			Total Indiana		3,540,382


Iowa — 1.0%
	1,000,000	A3(a)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(b)		1,009,745


Kentucky — 0.2%
	230,000	NR	City of Henderson, Revenue Bonds, AMT, Pratt Paper LLC Project, Series A, 4.450% due 1/1/42(c)(d)		218,632


Louisiana — 0.5%
			New Orleans Aviation Board, AMT, General Airport North Terminal, Revenue Bonds:
	250,000	A	Series B, 5.000% due 1/1/38(d)		254,845
	250,000	A	Series B, 5.000% due 1/1/37(d)		256,167

			Total Louisiana		511,012


Maryland — 1.1%
			City of Baltimore, Tax Allocation, Harbor Point Project:
	200,000	NR	Series A, 2.750% due 6/1/24(c)		197,174
	125,000	NR	Series A, 2.800% due 6/1/25(c)		121,050
	135,000	NR	Series A, 2.850% due 6/1/26(c)		128,646
	630,000	Baa3(a)	Maryland Economic Development Corp., Revenue Bonds, Green Bond, Purple Line Light Rail Project, AMT, Series B, 5.250% due 6/30/55(d)		631,698

			Total Maryland		1,078,568


Massachusetts — 2.2%
	1,000,000	AAA	City of Boston, GO, Series A, 5.000% due 11/1/38		1,138,693
	1,000,000	AA+	Massachusetts Bay Transportation Authority Sales Tax Revenue, Revenue Bonds, Series A1, 5.000% due 7/1/44		1,037,476

			Total Massachusetts		2,176,169


Michigan — 1.5%
	535,000	AA	City of Lansing, GO, Series B, AGM-Insured, 5.000% due 6/1/25		549,881
			Michigan Finance Authority, Revenue Bonds:
	200,000	BB+	Cesar Chavez Academy Project, 3.250% due 2/1/24		198,676
	190,000	A1(a)	McLaren Health Care Corp., Series D2, 1.200% due 10/15/38(b)		165,053
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		519,853

			Total Michigan		1,433,463


Mississippi — 0.1%
	115,000	B-	Mississippi Business Finance Corp., Revenue Bonds, AMT, 7.750% due 7/15/47(b)(d)		90,538

See Notes to Financial Statements.

270



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(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Nebraska — 1.5%
			Central Plains Energy Project, Revenue Bonds:
$	1,000,000	A2(a)	5.000% due 3/1/50(b)	$	1,002,548
	500,000	A2(a)	Series 1, 5.000% due 5/1/53(b)		509,933

			Total Nebraska		1,512,481


New Jersey — 3.7%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		103,377
			New Jersey Economic Development Authority, Revenue Bonds:
	215,000	NR	Golden Door Charter School Project, Series A, 5.125% due 11/1/29(c)		211,592
	1,000,000	A-	Series RRR, 5.000% due 3/1/28		1,068,923
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	1,250,000	A+	Highway Reimbursement, Series A, 5.000% due 6/15/30		1,300,968
	1,000,000	A-	Series A, 4.000% due 6/15/40		975,137

			Total New Jersey		3,659,997


New York — 9.6%
			City of New York, GO:
	490,000	AA	Remarketing, Series J11, 5.000% due 8/1/26		515,880
	1,000,000	AA	Series B, 5.250% due 10/1/47		1,084,218
	500,000	AA+	New York City Municipal Water Finance Authority, Revenue Bonds, Series CC1, 4.000% due 6/15/51		471,713
	1,800,000	AA	New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds, Series S1, 5.000% due 7/15/43		1,838,687
	500,000	AA+	New York State Dormitory Authority, Revenue Bonds, Bidding Group, Series B, Unrefunded Portion, 5.000% due 2/15/43		519,446
	180,000	AA+	New York State Thruway Authority, Revenue Bonds, Series A, 4.125% due 3/15/52		170,819
	225,000	Baa3(a)	New York Transportation Development Corp., Revenue Bonds, Delta Air Lines Inc. — LaGuardia, AMT, 4.000% due 10/1/30(d)		221,992
			Port Authority of New York & New Jersey, Revenue Bonds:
	500,000	AA-	Series 241, 5.000% due 7/15/41		546,862
	1,000,000	AA-	Series 230, 3.000% due 12/1/31		983,641
	1,000,000	AA+	Triborough Bridge & Tunnel Authority Sales Tax Revenue, Revenue Bonds, Triborough Bridge and Tunnel Authority Capital Lockbox, Series A, 5.000% due 5/15/40		1,097,553
			Triborough Bridge & Tunnel Authority, Revenue Bonds:
	275,000	AA+	Series C1A, 5.000% due 5/15/39		298,843
	1,000,000	AA+	Series C3, 4.000% due 5/15/51		945,237
	660,000	AA+	Series D2, 5.500% due 5/15/52		728,678

			Total New York		9,423,569


North Dakota — 0.9%
	1,000,000	Aa1(a)	North Dakota Housing Finance Agency, Revenue Bonds, Water and Sewer System, Series A, 3.700% due 1/1/46		846,445


Ohio — 2.5%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
	85,000	BBB+	Series A2, 3.000% due 6/1/48		62,680
	455,000	NR	Series B2, 5.000% due 6/1/55		416,541
	605,000	AA	Celina City School District, GO, zero coupon due 12/1/24		577,556
	915,000	AA+	Northeast Ohio Regional Sewer District, Revenue Bonds, 4.000% due 11/15/43		874,187
	600,000	Baa3(a)	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Remarketing, Series A, 2.875% due 2/1/26		567,032

			Total Ohio		2,497,996

See Notes to Financial Statements.

271



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Oregon — 1.1%
$	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)	$	1,060,891


Pennsylvania — 1.0%
	100,000	BB	Bucks County Industrial Development Authority, Revenue Bonds, Grand View Hospital Project, 5.000% due 7/1/28		99,178
			Pennsylvania Turnpike Commission, Revenue Bonds:
	170,000	A+	Series A, 4.000% due 12/1/45		159,133
	830,000	A+	Series A, 4.000% due 12/1/46		772,450

			Total Pennsylvania		1,030,761


Puerto Rico — 1.0%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	664,000	NR	Series A1, 4.750% due 7/1/53		622,487
	130,000	NR	Series A1, zero coupon due 7/1/24		125,804
	225,000	NR	Series A1, zero coupon due 7/1/46		62,669
	216,000	NR	Series A2, 4.784% due 7/1/58		202,476

			Total Puerto Rico		1,013,436


South Carolina — 3.2%
	2,000,000	A	South Carolina Jobs-Economic Development Authority, Revenue Bonds, Prisma Health Obligation Group, Series A, 5.000% due 5/1/28		2,104,449
	1,000,000	A+	South Carolina Ports Authority, Revenue Bonds, AMT, 5.000% due 7/1/43(d)		1,015,098

			Total South Carolina		3,119,547


Tennessee — 2.8%
	470,000	Aa2(a)	City of Johnson, GO, Series B, 5.000% due 6/1/25		483,475
	1,000,000	AA+	County of Knox, GO, 5.000% due 6/1/25		1,030,382
	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)		255,377
	500,000	BBB+	Tennessee Energy Acquisition Corp., Revenue Bonds, Series C, 5.000% due 2/1/25		501,249
	485,000	Aa2(a)	Tennessee Housing Development Agency, Revenue Bonds, Series A, 3.850% due 1/1/35		482,221

			Total Tennessee		2,752,704


Texas — 8.1%
			City of Dallas, GO:
	630,000	AA-	5.000% due 2/15/28		679,591
	500,000	AA-	Series A, 5.000% due 2/15/37		553,820
	555,000	AA+	City of Manvel, GO, Conservation Trust Funds Obligation, 5.000% due 8/15/26		582,552
	100,000	Aaa(a)	Crowley Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/1/48		107,124
	500,000	AAA	Dalhart Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/42		537,492
	995,000	AAA	Laredo Independent School District, GO, PSF-GTD-Insured, 4.000% due 8/1/25		1,008,375
	455,000	NR	New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Beta Academy, 3.375% due 8/15/29(c)		409,529
	1,000,000	AA-	North Texas Tollway Authority, Revenue Bonds, Series A, 5.000% due 1/1/39		1,019,756
	795,000	Aaa(a)	Northside Independent School District, GO, PSF-GTD-Insured, 0.700% due 6/1/50(b)		751,763
	145,000	Aaa(a)	Northwest Independent School District, GO, PSF-GTD-Insured, 5.000% due 2/15/48		154,044
	1,250,000	AA+	San Antonio Water System, Revenue Bonds, Junior Lien Revenue and Refunding Bonds, Series C, 5.000% due 5/15/46		1,274,470
	1,000,000	AA-	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Methodist Hospitals of Dallas, 4.000% due 10/1/52		895,648

			Total Texas		7,974,164


Utah — 1.0%
	500,000	Aaa(a)	Canyons School District, GO, Utah School Bonds Guaranty Program, 2.500% due 6/15/30		459,733
	500,000	A-	Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind, Series A, 5.000% due 9/1/32		533,648

			Total Utah		993,381

See Notes to Financial Statements.

272



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

Virginia — 2.3%
$	1,000,000	AA	Hampton Roads Transportation Accountability Commission, Revenue Bonds, Series A, 4.000% due 7/1/52	$	929,476
	1,000,000	AA+	Virginia College Building Authority, Revenue Bonds, 21st Century College Equipment Program, 5.000% due 2/1/32		1,148,350
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		81,113
	100,000	BBB	Virginia Small Business Financing Authority, Revenue Bonds, AMT, 4.000% due 1/1/48(d)		86,520

			Total Virginia		2,245,459


Washington — 2.8%
	1,000,000	AA+	King County School District No. 401 Highline, GO, SCH BD GTY-Insured, 5.000% due 12/1/35		1,081,166
	1,500,000	AA+	State of Washington, GO, Series R-2022, 4.000% due 7/1/33		1,595,188
	100,000	BB(e)	Washington State Housing Finance Commission, Revenue Bonds, Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		97,537

			Total Washington		2,773,891


Wisconsin — 1.8%
			Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
	1,300,000	AA-	Aspirus Inc. Obligation Group, Series A, 4.000% due 8/15/40		1,231,635
	500,000	AA	Milwaukee Regional Medical Center Thermal Service Obligated Group, 5.000% due 4/1/37		525,325

			Total Wisconsin		1,756,960

			TOTAL MUNICIPAL BONDS (Cost — $93,911,530)		90,594,075


Shares/Units

OPEN END MUTUAL FUND SECURITY — 2.7%

United States — 2.7%
	25,000		iShares^® National Muni Bond ETF, Common Class Shares (Cost — $2,593,878)		2,636,500

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $96,505,408)		93,230,575


Face Amount†

SHORT-TERM INVESTMENTS — 4.7%

TIME DEPOSITS — 4.7%
$	3,766,908		Barclays Bank PLC — London, 4.680% due 9/1/23		3,766,908
	802,522		Citibank — New York, 4.680% due 9/1/23		802,522
	74,491		JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		74,491

			TOTAL SHORT-TERM INVESTMENTS (Cost — $4,643,921)		4,643,921

			TOTAL INVESTMENTS — 99.3% (Cost — $101,149,329)		97,874,496

			Other Assets in Excess of Liabilities — 0.7%		682,765

			TOTAL NET ASSETS — 100.0%	$	98,557,261

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

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

@	The amount is less than 0.05%.

(a)	Rating by Moody’s Investors Service. All ratings are unaudited.

(b)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

See Notes to Financial Statements.

273



Schedules of Investments


(continued)


Municipal Bond Fund

(c)

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

(e)	Rating by Fitch Ratings Service. All ratings are unaudited.

At August 31, 2023, for Municipal Bond Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized (Depreciation)
Municipal Bond Fund	$	101,127,074	$	448,572	$	(3,723,405	)	$	(3,274,833)


Abbreviations used in this schedule:
AGM		— Assured Guaranty Municipal
AMT		— Alternative Minimum Tax
ETF		— Exchange Traded Fund
GO		— General Obligation
PSF-GTD		— Permanent School Fund Guaranteed
SCH BD GTY		— Oregon School Bond Guaranty


Summary of Investments by Industry^
General Obligation	38.5	%
Health Care Providers & Services	10.2
School District	7.8
Water and Sewer	6.4
Airport	5.9
Development	5.1
Transportation	4.3
Education	3.0
Capital Markets	2.7
Tobacco Settlement	2.6
Utilities	2.5
Power	2.2
Single Family Housing	1.9
Multifamily Housing	1.3
Higher Education	0.6
Housing	0.2
Nursing Homes	0.1
Short-Term Investments	4.7

Total Investments	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

274



Schedules of Investments


(continued)


Municipal Bond Fund

At August 31, 2023, Municipal Bond Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 5-Year Note December Futures		9		12/23	$	954,211	$	962,297	$	(8,086	)
U.S. Treasury 10-Year Note December Futures		6		12/23		661,753		666,187		(4,434	)
U.S. Treasury Long Bond December Futures		7		12/23		842,077		851,812		(9,735	)

									$	(22,255	)

At August 31, 2023, Municipal Bond Fund had deposited cash of $52,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

See pages 300-301 for definitions of ratings.

See Notes to Financial Statements.

275



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Security	Value

U.S. GOVERNMENT OBLIGATIONS — 107.9%
		U.S. Treasury Inflation Indexed Bonds:
$	1,958,554	2.375% due 1/15/25	$	1,936,167
	2,341,232	2.000% due 1/15/26		2,304,333
	2,034,577	1.750% due 1/15/28		2,000,066
	2,812,652	3.625% due 4/15/28		2,996,697
	2,404,501	2.500% due 1/15/29		2,460,000
	2,314,395	3.875% due 4/15/29		2,532,723
	41,254	3.375% due 4/15/32		45,808
	1,101,071	2.125% due 2/15/40		1,129,003
	905,613	2.125% due 2/15/41		929,395
	2,430,504	0.750% due 2/15/42		1,969,764
	2,110,041	0.625% due 2/15/43		1,645,101
	2,448,111	1.375% due 2/15/44		2,188,729
	2,876,410	0.750% due 2/15/45		2,247,169
	2,691,251	1.000% due 2/15/46		2,197,715
	1,756,891	0.875% due 2/15/47		1,382,430
	1,262,026	1.000% due 2/15/48		1,015,724
	970,000	1.000% due 2/15/49		776,059
	1,139,290	0.250% due 2/15/50		734,693
	1,406,292	0.125% due 2/15/51		860,866
	548,020	0.125% due 2/15/52		331,522
	2,052,860	1.500% due 2/15/53		1,843,150
		U.S. Treasury Inflation Indexed Notes:
	4,707,468	0.625% due 1/15/24(a)		4,644,932
	4,234,125	0.500% due 4/15/24		4,143,079
	1,156,464	0.125% due 7/15/24		1,125,751
	2,735,183	0.125% due 10/15/24		2,644,498
	1,674,621	0.250% due 1/15/25		1,609,243
	4,016,148	0.125% due 4/15/25		3,830,737
	1,929,900	0.375% due 7/15/25		1,849,652
	3,998,026	0.125% due 10/15/25		3,796,107
	3,544,033	0.625% due 1/15/26		3,380,008
	2,675,889	0.125% due 4/15/26		2,510,052
	4,626,882	0.125% due 7/15/26		4,345,756
	4,131,272	0.125% due 10/15/26(a)		3,864,131
	2,816,668	0.375% due 1/15/27		2,637,512
	2,701,550	0.125% due 4/15/27		2,498,639
	2,881,240	0.375% due 7/15/27		2,695,294
	4,325,916	1.625% due 10/15/27		4,244,585
	8,136,526	0.500% due 1/15/28(a)		7,583,564
	4,023,272	0.750% due 7/15/28		3,794,558
	5,546,281	0.875% due 1/15/29(a)		5,224,724
	3,300,450	0.250% due 7/15/29		2,996,824
	5,028,174	0.125% due 1/15/30(a)		4,476,954
	3,772,332	0.125% due 7/15/30		3,346,123
	5,168,829	0.125% due 1/15/31(a)		4,532,126
	8,093,882	0.125% due 7/15/31(a)		7,065,812
	5,173,149	0.125% due 1/15/32		4,463,197
	8,925,935	0.625% due 7/15/32(a)		8,021,020
	2,458,272	1.125% due 1/15/33		2,294,938

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $148,972,217)		137,146,930

See Notes to Financial Statements.

276



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5%
				Alternative Loan Trust:
$	183,542		Caa2(b)	Series 2006-HY11, Class A1, 5.669% (1-Month Term SOFR + 0.354%) due 6/25/36(c)	$	164,159
	28,905		WR(b)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		24,391
	398,615		Caa3(b)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(c)		324,347
	300,000		Aaa(b)	ARES L CLO Ltd., Series 2018-50A, Class AR, 6.620% (3-Month Term SOFR + 1.312%) due 1/15/32(c)(d)		298,710
	16,943		WR(b)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 4.716% due 5/25/33(c)		15,946
	140,147		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 6.404% (1-Month Term SOFR + 1.089%) due 6/25/34(c)		142,404
	299,906	^EUR	Aaa(b)	Cairn CLO VIII BV, Series 2018-10A, Class AR, 4.443% (3-Month EURIBOR + 0.780%) due 10/15/31(c)(d)		319,562
	299,868	^EUR	Aaa(b)	Carlyle Global Markets Strategies Euro CLO Ltd., Series 2014-2A, Class AR-1, 4.531% (3-Month EURIBOR + 0.750%) due 11/15/31(c)(d)		319,080
	29,179		WR(b)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 5.789% (1-Month Term SOFR + 0.474%) due 3/25/35(c)(d)		28,074
				CHL Mortgage Pass-Through Trust:
	491,765		WR(b)	Series 2005-HYB6, Class 2A1, 4.420% due 10/20/35(c)		470,859
	47,019		WR(b)	Series 2005-HYB9, Class 2A1, 7.873% (1-Year Term SOFR + 2.465%) due 2/20/36(c)		42,325
	83,544		Caa2(b)	Series 2006-6, Class A4, 6.000% due 4/25/36		43,805
	120,107		WD(e)	Series 2007-1, Class A1, 6.000% due 3/25/37		59,218
				Citigroup Mortgage Loan Trust:
	4,227		WR(b)	Series 2004-HYB2, Class 2A, 4.320% due 3/25/34(c)		3,722
	113,303		Caa2(b)	Series 2007-AR4, Class 1A1A, 4.109% due 3/25/37(c)		97,163
	15,594		WR(b)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		13,758
	195,117		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 5.579% (1-Month Term SOFR + 0.264%) due 9/29/36(c)(d)		187,685
				Credit-Based Asset Servicing & Securitization LLC:
	153,000		CCC	Series 2005-CB3, Class M4, 3.587% (1-Month Term SOFR + 1.164%) due 6/25/35(c)		144,778
	714,708		CC	Series 2007-CB6, Class A3, 5.649% (1-Month Term SOFR + 0.334%) due 7/25/37(c)(d)		459,087
				CWABS Asset-Backed Certificates Trust:
	149,011		Caa2(b)	Series 2004-7, Class MV5, 3.977% (1-Month Term SOFR + 1.839%) due 11/25/34(c)		126,160
	268,366		CC	Series 2007-1, Class 1A, 5.569% (1-Month Term SOFR + 0.254%) due 7/25/37(c)		242,727
	56,095		D	Series 2007-6, Class 1A, 5.629% (1-Month Term SOFR + 0.314%) due 9/25/37(c)		48,804
	294,118		CCC	Series 2007-8, Class 1A1, 5.619% (1-Month Term SOFR + 0.304%) due 11/25/37(c)		267,859
	500,000	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 4.543% (3-Month EURIBOR + 0.880%) due 4/15/34(c)(d)		527,611
	288,610		Aaa(b)	Dryden Senior Loan Fund, Series 2017-47A, Class A1R, 6.550% (3-Month Term SOFR + 1.242%) due 4/15/28(c)(d)		287,833
	604,322		CCC	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 6.529% (1-Month Term SOFR + 1.214%) due 5/25/37(c)(d)		575,045
	500,000		NR	Freddie Mac Multifamily Structured Pass Through Certificates, Series KBX1, Class A2, 2.920% due 1/25/26		480,224
				Government National Mortgage Association (GNMA):
	232,563		NR	Series 2018-H15, Class FG, 3.858% (1-Year Term SOFR + 0.865%) due 8/20/68(c)		227,825
	504,315		NR	Series 2023-H11, Class FC, 6.338% (30-Day Average SOFR + 1.100%) due 5/20/73(c)		509,854
	2,600,000		NR	Series 2023-H19, Class FA, 6.200% (30-Day Average SOFR + 0.900%) due 8/20/73(c)		2,600,221
	19,828		D	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46		11,177
	3,235		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 6.108% (1-Month Term SOFR + 0.794%) due 6/20/35(c)		2,938
	265,862	^EUR	AAA	Harvest CLO XI DAC, Series 11A, Class ARR, 4.250% (3-Month EURIBOR + 0.650%) due 6/26/30(c)(d)		284,118

See Notes to Financial Statements.

277



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5% — (continued)
$	43,102		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 6.069% (1-Month Term SOFR + 0.754%) due 7/25/45(c)	$	33,768
	116,188		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 5.889% (1-Month Term SOFR + 0.574%) due 3/25/36(c)		107,037
	63,490		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 6.808% (1-Month Term SOFR + 1.497%) due 12/15/31(c)(d)		54,295
	91,391	^EUR	AAA	Jubilee CDO BV, Series 2015-16A, Class A1R, 4.326% (3-Month EURIBOR + 0.800%) due 12/15/29(c)(d)		98,699
	289,765		Aaa(b)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 6.618% (3-Month Term SOFR + 1.292%) due 4/20/31(c)(d)		288,336
	221,606		WD(e)	Lehman XS Trust, Series 2007-20N, Class A1, 7.729% (1-Month Term SOFR + 2.414%) due 12/25/37(c)		223,088
	154,303		CC	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 5.669% (1-Month Term SOFR + 0.354%) due 8/25/36(c)		61,852
	600,000		Aaa(b)	LUX Trust LION, Class A, 7.990% (1-Month Term SOFR + 2.690%) due 8/15/28(c)(d)(f)		603,118
	300,000		NR	Marathon Static CLO, Series 2022-18, Class A1R (3-Month Term SOFR + 1.750%) due 7/20/30(c)(d)		300,000
	265,554		AAA	MKS CLO Ltd., Series 2017-2A, Class A, 6.778% (3-Month Term SOFR + 1.452%) due 1/20/31(c)(d)		264,918
	4,835		WR(b)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 5.905% (1-Month Term SOFR + 0.594%) due 6/15/30(c)		4,720
				New Residential Mortgage Loan Trust:
	34,721		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(c)(d)		33,187
	179,663		Aaa(b)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(c)(d)		167,472
				Option One Mortgage Loan Trust:
	90,781		CC	Series 2007-1, Class 1A1, 5.569% (1-Month Term SOFR + 0.254%) due 1/25/37(c)		59,333
	87,374		CC	Series 2007-2, Class 1A1, 5.569% (1-Month Term SOFR + 0.254%) due 3/25/37(c)		56,940
	241,655		Aaa(b)	OZLM VIII Ltd., Series 2014-8A, Class A1R3, 6.550% (3-Month Term SOFR + 1.242%) due 10/17/29(c)(d)		240,825
	200,736		BBB+	RASC Trust, Series 2006-KS3, Class M1, 5.924% (1-Month Term SOFR + 0.444%) due 4/25/36(c)		196,863
	504,254		WD(e)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		179,118
				Securitized Asset-Backed Receivables LLC Trust:
	454,407		CC	Series 2006-FR3, Class A3, 5.929% (1-Month Term SOFR + 0.614%) due 5/25/36(c)		240,479
	94,320		CC	Series 2006-HE2, Class A2C, 5.729% (1-Month Term SOFR + 0.414%) due 7/25/36(c)		38,153
	91,942		WR(b)	Sequoia Mortgage Trust, Series 6, Class A, 6.068% (1-Month Term SOFR + 0.754%) due 4/19/27(c)		88,729
				Soundview Home Loan Trust:
	203,995		CC	Series 2007-OPT1, Class 1A1, 5.629% (1-Month Term SOFR + 0.314%) due 6/25/37(c)		139,401
	51,178		CCC	Series 2007-OPT2, Class 2A3, 5.609% (1-Month Term SOFR + 0.294%) due 7/25/37(c)		43,669
	497,421	^EUR	Aaa(b)	St Paul’s CLO DAC, Series 4A, Class ARR1, 4.551% (3-Month EURIBOR + 0.830%) due 4/25/30(c)(d)		531,646
	39,501		Aaa(b)	Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 6.450% (3-Month Term SOFR + 1.142%) due 4/15/28(c)(d)		39,548
	127,774		Aaa(b)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.450% (3-Month Term SOFR + 1.142%) due 4/15/27(c)(d)		127,558
	500,000		Aaa(b)	VMC Finance LLC, Series 2022-FL5, Class A, 7.130% (30-Day Average SOFR + 1.900%) due 2/18/39(c)(d)		491,061
				Voya CLO Ltd.:
	296,620		Aaa(b)	Series 2017-1A, Class A1R, 6.520% (3-Month Term SOFR + 1.212%) due 4/17/30(c)(d)		295,447
	230,323		AAA	Series 2017-2A, Class A1R, 6.550% (3-Month Term SOFR + 1.242%) due 6/7/30(c)(d)		229,860

See Notes to Financial Statements.

278



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 11.5% — (continued)
				WaMu Mortgage Pass-Through Certificates Trust:
$	5,728		Baa1(b)	Series 2002-AR2, Class A, 4.065% (11th District Cost of Funds Index + 1.250%) due 2/27/34(c)	$	5,405
	2,339		WR(b)	Series 2002-AR17, Class 1A, 5.630% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(c)		2,160

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $15,558,350)		14,598,154


SOVEREIGN BONDS — 5.5%

Canada — 0.3%
				Canadian Government Real Return Bonds:
	536,973	^CAD	AAA	4.250% due 12/1/26		424,579
	60,477	^CAD	AAA	0.500% due 12/1/50		33,098

				Total Canada		457,677


France — 1.1%
				French Republic Government Bonds OAT:
	702,618	^EUR	AA-u(e)	0.100% due 3/1/26(d)		753,380
	234,568	^EUR	AA-u(e)	0.100% due 7/25/31(d)		248,752
	345,468	^EUR	AA-u(e)	0.100% due 7/25/38(d)		346,122

				Total France		1,348,254


Italy — 2.9%
				Italy Buoni Poliennali Del Tesoro:
	3,113,206	^EUR	NR	1.400% due 5/26/25(d)		3,325,814
	356,754	^EUR	Baa3u(b)	0.400% due 5/15/30(d)		356,869

				Total Italy		3,682,683


Japan — 1.2%
				Japanese Government CPI Linked Bonds:
	62,879,840	^JPY	A1(b)	0.100% due 3/10/28		454,066
	141,825,600	^JPY	A1(b)	0.100% due 3/10/29		1,025,609

				Total Japan		1,479,675

				TOTAL SOVEREIGN BONDS (Cost — $7,905,959)		6,968,289


MORTGAGE-BACKED SECURITIES — 4.1%

FHLMC — 0.2%
				Federal Home Loan Mortgage Corp. (FHLMC):
	187,816			3.500% due 6/1/52		167,999
	95,094			3.000% due 7/1/52		82,077

				Total FHLMC		250,076


FNMA — 3.9%
				Federal National Mortgage Association (FNMA):
	35,714			4.000% due 3/1/50		33,463
	187,669			3.000% due 5/1/52		162,099
	94,711			4.500% due 10/1/52		89,898
	2,700,000			4.000% due 9/1/53(g)		2,493,703
	800,000			4.500% due 10/1/53(g)		759,375
	1,400,000			5.000% due 10/1/53(g)		1,358,438

				Total FNMA		4,896,976

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $5,239,690)		5,147,052

See Notes to Financial Statements.

279



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

CORPORATE BONDS & NOTES — 1.3%

Banks — 0.7%
	100,000	^GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40	$	111,981
				Nykredit Realkredit AS, Covered Notes:
	7,027,230	^DKK	AAA	1.000% due 10/1/50		738,079
	99,246	^DKK	AAA	1.000% due 10/1/53		9,609

				Total Banks		859,669


Diversified Financial Services — 0.6%
				Jyske Realkredit AS, Covered Notes:
	3,486,780	^DKK	AAA	1.000% due 10/1/50		366,517
	481,357	^DKK	AAA	1.500% due 10/1/53		52,281
				Nordea Kredit Realkreditaktieselskab, Covered Notes:
	1,682,143	^DKK	AAA	1.000% due 10/1/50		177,045
	100,002	^DKK	AAA	1.500% due 10/1/53		9,581
				Realkredit Danmark AS, Covered Notes:
	1,234,664	^DKK	AAA	1.000% due 10/1/50		129,783
	576,716	^DKK	AAA	1.000% due 10/1/53		58,488
	180,768	^DKK	AAA	1.500% due 10/1/53		19,845

				Total Diversified Financial Services		813,540

				TOTAL CORPORATE BONDS & NOTES (Cost — $2,383,191)		1,673,209

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $180,059,407)		165,533,634


SHORT-TERM INVESTMENTS — 0.7%

TIME DEPOSITS — 0.7%
	175	^CAD		BBH — Grand Cayman, 3.830% due 9/1/23		129
				BNP Paribas — Paris:
	15,942	^SEK		2.460% due 9/1/23		1,456
	55,062	^AUD		2.860% due 9/1/23		35,675
	2,978	^NZD		3.850% due 9/1/23		1,776
	451	^SGD		HSBC Bank — Singapore, 2.810% due 9/4/23		333
	955	^GBP		HSBC Bank — London, 4.170% due 9/1/23		1,210
	10,358,459	^JPY		ING Bank , Amsterdam, (0.530)% due 9/1/23		71,204
$	626,537			JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		626,537
				Skandinaviska Enskilda Banken AB — Stockholm:
	15,933	^DKK		2.250% due 9/1/23		2,318
	463	^NOK		2.800% due 9/1/23		44
	5,157	^ZAR		Standard Chartered Bank — Johannesburg, 6.160% due 9/1/23		273
	120,986	^EUR		Sumitomo Mitsui Banking Corp. — Tokyo, 2.630% due 9/1/23		131,185

				TOTAL SHORT-TERM INVESTMENTS (Cost — $872,140)		872,140

				TOTAL INVESTMENTS IN SECURITIES (Cost — $180,931,547)		166,405,774

				TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.2% (Cost — $68,276)		305,047

				TOTAL INVESTMENTS — 131.2% (Cost — $180,999,823)		166,710,821

				Liabilities in Excess of Other Assets — (31.2)%		(39,620,108	)

				TOTAL NET ASSETS — 100.0%	$	127,090,713

See Notes to Financial Statements.

280



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

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

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

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

(b)	Rating by Moody’s Investors Service. All ratings are unaudited.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

(d)

(e)	Rating by Fitch Ratings Service. All ratings are unaudited.

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

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

At August 31, 2023, for Inflation-Linked Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
Inflation-Linked Fixed Income Fund	$	183,879,616	$	5,730,731	$	(23,353,704)	$	(17,622,973)


Abbreviations used in this schedule:
CDO		— Collateralized Debt Obligation
CLO		— Collateralized Loan Obligation
CPI		— Consumer Price Index
DAC		— Designated Activity Company
EURIBOR		— Euro Interbank Offered Rate
LLC		— Limited Liability Company
OAT		— Obligations assimilables du Trésor
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
U.S. Government Agencies & Obligations	82.3	%
Collateralized Mortgage Obligations	8.7
Sovereign Bonds	4.2
Mortgage-Backed Securities	3.1
Corporate Bonds & Notes	1.0
Purchased Options	0.2
Short-Term Investments	0.5

Total Investments	100.0%

^	As a percentage of total investments.

At August 31, 2023, Inflation-Linked Fixed Income Fund held the following Option Contracts Purchased:

Interest Rate Swaption

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Exercise
Rate

Value

1,100,000

$ 62,383

OTC 30-Year Swaption, 3-Month USD-LIBOR, Put
(Cost — $68,276)

DUB

11/17/23

2.237%

305,047

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

See Notes to Financial Statements.

281



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2023, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions



Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	1,200,000		$ 68,055	OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		BNP		9/12/23		3.750%	$	3
	1,300,000		73,726	OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		JPM		9/12/23		3.750%		3
	7,000,000		396,985	OTC 2-Year Swaption, 3-Month USD-LIBOR, Put		BNP		10/27/23		4.611%		24,719
	5,600,000		317,588	OTC 5-Year Swaption, 3-Month USD-LIBOR, Put		DUB		11/17/23		2.340%		463,218

				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $115,595)							$	487,943

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

At August 31, 2023, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amounts†		Security	Value
		Bank of America:
$	2,799,750	5.380% due 9/5/23	$	2,799,750
	738,500	5.390% due 9/7/23		738,500
		NatWest Markets Securities Inc.:
	3,199,000	5.400% due 9/6/23		3,199,000
	3,181,375	5.390% due 9/13/23		3,181,375
	25,655,418	Nomura Securities International, Inc., 5.390% due 9/14/23		25,655,418

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $35,574,043)	$	35,574,043

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

For the year ended August 31, 2023, the daily average borrowing and interest rate under the reverse repurchase agreements were $30,232,451 and 4.448%, respectively.

At August 31, 2023, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro-Bund December Futures		17		12/23	$	2,430,881	$	2,444,782	$	13,901
U.S. Treasury Long Bond December Futures		1		12/23		119,899		121,688		1,789
U.S. Ultra Long Bond December Futures		37		12/23		4,254,810		4,296,047		41,237

										56,927

Contracts to Sell:
Euro-Bobl September Futures		12		9/23		1,525,263		1,510,777		14,486
Euro-BTP September Futures		6		9/23		749,338		754,152		(4,814	)
Euro-Buxl 30-Year Bond September Futures		8		9/23		1,191,342		1,160,635		30,707
Euro-OAT September Futures		7		9/23		979,936		970,850		9,086
Euro-Schatz Note December Futures		99		12/23		11,314,269		11,322,824		(8,555	)
Euro-Schatz Note September Futures		91		9/23		10,422,833		10,372,326		50,507

See Notes to Financial Statements.

282



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Short Euro-BTP September Futures		14		9/23	$	1,602,498	$	1,598,324	$	4,174
U.S. Treasury 2-Year Note December Futures		18		12/23		3,666,741		3,668,485		(1,744	)
U.S. Treasury 10-Year Note December Futures		80		12/23		8,765,172		8,882,500		(117,328	)
U.S. Treasury Ultra Long Bond December Futures		29		12/23		3,647,326		3,754,594		(107,268	)

										(130,749	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(73,822	)

At August 31, 2023, Inflation-Linked Fixed Income Fund had deposited cash of $646,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2023, 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 as follows:


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Danish Krone		5,253,077		USD	767,515		MLP	$	764,267		9/5/23	$	(3,248	)
Euro		6,690,000		USD	7,223,193		HSBC		7,253,967		9/5/23		30,774
Japanese Yen		79,169,655		USD	541,072		HSBC		544,215		9/5/23		3,143
New Zealand Dollar		56,627		USD	34,923		BNP		33,761		9/5/23		(1,162	)
New Zealand Dollar		56,627		USD	33,389		SCB		33,764		10/3/23		375
Peruvian Sol		238,207		USD	66,086		BCLY		64,433		9/20/23		(1,653	)

													28,229

Contracts to Sell:
British Pound		99,000		USD	126,831		BCLY		125,403		9/5/23		1,428
Canadian Dollar		622,000		USD	469,217		JPM		460,331		9/5/23		8,886
Danish Krone		5,713,213		USD	835,100		BNP		832,573		10/3/23		2,527
Danish Krone		5,244,476		USD	767,515		MLP		764,265		10/3/23		3,250
Danish Krone		10,981,447		USD	1,627,700		SCB		1,597,685		9/5/23		30,015
Euro		6,690,000		USD	7,233,161		HSBC		7,263,741		10/3/23		(30,580	)
Euro		6,690,000		USD	7,462,909		JPM		7,253,967		9/5/23		208,942
Japanese Yen		56,712,447		USD	390,148		BNP		391,595		10/3/23		(1,447	)
Japanese Yen		136,100,000		USD	958,374		BNP		935,556		9/5/23		22,818
Japanese Yen		78,815,361		USD	541,072		HSBC		544,213		10/3/23		(3,141	)
New Zealand Dollar		56,627		USD	33,386		SCB		33,761		9/5/23		(375	)
Peruvian Sol		426,361		USD	115,796		JPM		115,327		9/20/23		469

													242,792

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	271,021

At August 31, 2023, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Receive	6-Month EURIBOR		0.197%		11/8/52		12-Month		EUR	1,400,000	$	768,394		$	—	$	768,394
Pay	6-Month EURIBOR		0.550%		8/10/24		12-Month		EUR	100,000		(3,618	)		—		(3,618	)
Pay	6-Month EURIBOR		0.650%		4/12/27		12-Month		EUR	300,000		(31,978	)		—		(31,978	)
Pay	6-Month EURIBOR		0.650%		5/11/27		12-Month		EUR	300,000		(32,023	)		—		(32,023	)

See Notes to Financial Statements.

283



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	6-Month EURIBOR		0.700%		4/11/27		12-Month		EUR	200,000	$	(20,933	)	$	—		$	(20,933	)
Receive	6-Month EURIBOR		2.500%		9/20/53		12-Month		EUR	200,000		8,947			5,219			3,728
Pay	6-Month EURIBOR		2.879%		8/15/32		6-Month		EUR	1,200,000		(17,200	)		—			(17,200	)
Pay	6-Month EURIBOR		3.000%		9/20/33		12-Month		EUR	2,600,000		(9,760	)		6,886			(16,646	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.300%		9/20/27		6-Month		JPY	5,590,000		135			(1,139	)		1,274
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.500%		12/15/31		12-Month		JPY	245,000,000		24,220			5,218			19,002
Receive	Bank of Japan Uncollateralised Overnight Call Rate		0.850%		9/20/33		12-Month		JPY	110,000,000		785			399			386
Receive	SOFR		1.840%		11/21/28		6-Month		USD	1,500,000		157,024			—			157,024
Pay	SOFR		1.888%		11/21/53		6-Month		USD	300,000		(101,785	)		—			(101,785	)
Receive	SOFR		2.865%		2/13/54		12-Month		USD	1,400,000		151,635			27,102			124,533
Pay	SOFR		3.085%		2/13/34		12-Month		USD	3,100,000		(158,842	)		(23,830	)		(135,012	)
Receive	SOFR		4.250%		12/20/25		12-Month		USD	14,300,000		59,979			15,466			44,513

											$	794,980		$	35,321		$	759,659

At August 31, 2023, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	2-Year EUR Inflation Linked		3.520%		9/15/24		EUR	200,000	$	(2,903	)	$	(516	)	$	(2,387	)
Pay	2-Year EUR Inflation Linked		3.720%		9/15/24		EUR	300,000		(3,055	)		(654	)		(2,401	)
Pay	2-Year EUR Inflation Linked		3.850%		9/15/24		EUR	400,000		(2,945	)		—			(2,945	)
Receive	5-Year EUR Inflation Linked		2.260%		3/15/28		EUR	600,000		13,953			—			13,953
Receive	5-Year EUR Inflation Linked		1.030%		3/15/24		EUR	1,000,000		98,490			(37,985	)		136,475
Receive	5-Year EUR Inflation Linked		3.000%		5/15/27		EUR	200,000		7,780			100			7,680
Receive	8-Year EUR Inflation Linked		2.359%		8/15/30		EUR	200,000		10,718			—			10,718
Pay	10-Year EUR Inflation Linked		1.380%		3/15/31		EUR	1,300,000		(304,508	)		(9,569	)		(294,939	)
Pay	10-Year EUR Inflation Linked		1.620%		5/15/28		EUR	910,000		(148,134	)		93,051			(241,185	)
Receive	10-Year EUR Inflation Linked		2.470%		7/15/32		EUR	200,000		10,562			—			10,562
Receive	10-Year EUR Inflation Linked		2.570%		6/15/32		EUR	300,000		12,763			—			12,763
Receive	10-Year EUR Inflation Linked		2.600%		5/15/32		EUR	400,000		22,454			2,060			20,394
Receive	10-Year EUR Inflation Linked		2.720%		6/15/32		EUR	500,000		13,238			(4,228	)		17,466
Receive	15-Year EUR Inflation Linked		1.710%		3/15/33		EUR	100,000		19,201			(15,114	)		34,315
Pay	15-Year EUR Inflation Linked		2.488%		5/15/37		EUR	200,000		(15,499	)		201			(15,700	)
Pay	30-Year EUR Inflation Linked		2.700%		4/15/53		EUR	200,000		(1,857	)		1,337			(3,194	)
Pay	30-Year EUR Inflation Linked		2.421%		5/15/52		EUR	30,000		(4,729	)		—			(4,729	)
Pay	30-Year EUR Inflation Linked		2.590%		12/15/52		EUR	100,000		(5,631	)		—			(5,631	)
Pay	30-Year EUR Inflation Linked		2.590%		3/15/52		EUR	200,000		(24,696	)		(2,478	)		(22,218	)
Receive	5-Year USD Inflation Linked		2.703%		5/25/26		USD	510,000		38,678			80			38,598
Receive	5-Year USD Inflation Linked		2.768%		5/13/26		USD	500,000		36,803			—			36,803
Receive	5-Year USD Inflation Linked		2.813%		5/14/26		USD	300,000		21,382			—			21,382
Receive	7-Year USD Inflation Linked		1.798%		8/25/27		USD	600,000		87,647			5,868			81,779
Receive	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		97,768			1,693			96,075
Receive	7-Year USD Inflation Linked		2.573%		8/26/28		USD	100,000		6,331			—			6,331
Receive	7-Year USD Inflation Linked		2.645%		9/10/28		USD	100,000		5,583			—			5,583
Pay	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(158,679	)		(50,027	)		(108,652	)
Pay	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(183,576	)		(8,764	)		(174,812	)
Pay	10-Year USD Inflation Linked		1.883%		11/20/29		USD	1,500,000		(212,908	)		9,233			(222,141	)
Receive	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		249,783			1,035			248,748
Pay	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		(87,907	)		59,292			(147,199	)

See Notes to Financial Statements.

284



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Pay	10-Year USD Inflation Linked		2.353%		5/9/28		USD	360,000	$	(31,866	)	$	24,122	$	(55,988	)
Pay	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		(47,385	)		36,670		(84,055	)
Pay	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		(48,083	)		37,569		(85,652	)

									$	(531,227	)	$	142,976	$	(674,203	)

At August 31, 2023, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

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


Reference Obligation & Rating†	Fixed Deal Receive Rate	Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/23(2)	Notional Amount (3)			Market Value		Upfront Payment Paid		Unrealized Appreciation
General Electric Co., BBB+	1.000%		12/20/23		3-Month	0.219%		USD	100,000	$	439	$	425	$	14

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

(1)

(2)

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

At August 31, 2023, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $379,000 for open centrally cleared swap contracts.

At August 31, 2023, Inflation-Linked Fixed Income Fund had cash collateral from brokers in the amount of $210,000 for open OTC swap contracts.


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

See pages 300-301 for definitions of ratings.

See Notes to Financial Statements.

285



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

CORPORATE BONDS & NOTES — 42.0%

Agriculture — 1.0%
				Imperial Brands Finance PLC, Company Guaranteed Notes:
$	2,000,000		BBB	3.125% due 7/26/24(a)	$	1,947,481
	700,000		BBB	3.500% due 7/26/26(a)		658,001
	372,000		BBB+	Reynolds American Inc., Company Guaranteed Notes, 4.450% due 6/12/25		364,131

				Total Agriculture		2,969,613


Auto Manufacturers — 1.9%
	2,000,000		BBB+	Hyundai Capital America, Senior Unsecured Notes, 6.485% (SOFR + 1.150%) due 8/4/25(a)(b)(c)		2,008,578
	1,000,000		BB+	Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes, 3.875% due 9/21/23(a)		999,356
	2,800,000		BB+	Nissan Motor Co., Ltd., Senior Unsecured Notes, 3.043% due 9/15/23(a)		2,797,532

				Total Auto Manufacturers		5,805,466


Banks — 18.4%
	1,000,000		BBB+	Aozora Bank Ltd., Senior Unsecured Notes, 1.050% due 9/9/24		947,904
	150,000		A+	Banco Santander SA, Senior Unsecured Notes, 3.892% due 5/24/24		147,717
	3,400,000		A-	Bank of America Corp., Senior Unsecured Notes, 0.976% (SOFR + 0.690%) due 4/22/25(b)		3,285,261
	3,100,000		BBB+	Barclays PLC, Senior Unsecured Notes, 3.932% (3-Month USD-LIBOR + 1.610%) due 5/7/25(b)		3,055,421
				BNP Paribas SA, Senior Unsecured Notes:
	400,000	^AUD	A-	5.888% (3-Month Australian Bank Bill + 1.750%) due 2/28/24(b)		259,850
	2,325,000		A-	3.375% due 1/9/25(a)		2,249,037
	760,000	^AUD	BBB+	Citigroup Inc., Senior Unsecured Notes, 5.996% (3-Month Australian Bank Bill + 1.720%) due 10/27/23(b)		493,144
	500,000		A	Credit Suisse AG, Senior Unsecured Notes, 4.750% due 8/9/24		493,270
				Danske Bank AS, Senior Unsecured Notes:
	1,000,000		BBB+	3.875% due 9/12/23(a)		999,553
	200,000		BBB+	5.375% due 1/12/24(a)		199,274
				Deutsche Bank AG, Senior Unsecured Notes:
	400,000		BBB-	3.700% due 5/30/24		392,299
	2,100,000		BBB-	2.222% (SOFR + 2.159%) due 9/18/24(b)		2,096,740
	1,237,000		A-	Deutsche Bank AG, (Cost — $1,214,205, acquired 3/31/22), Senior Unsecured Notes, 0.898% due 5/28/24(d)		1,193,149
	400,000		AA-	DNB Bank ASA, Senior Unsecured Notes, 2.968% (SOFR + 0.810%) due 3/28/25(a)(b)		393,239
	1,700,000	^AUD	AA-	First Abu Dhabi Bank PJSC, Senior Unsecured Notes, 5.250% (3-Month Australian Bank Bill + 1.100%) due 2/18/25(b)		1,098,863
				Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	1,000,000	^AUD	BBB+	5.738% (3-Month Australian Bank Bill + 1.550%) due 5/2/24(b)		649,452
	2,000,000		BBB+	5.700% due 11/1/24		1,996,255
	5,900,000		A-	HSBC Holdings PLC, Senior Unsecured Notes, 6.770% (3-Month USD-LIBOR + 1.230%) due 3/11/25(b)		5,913,379
	1,900,000		A-	ING Groep NV, Senior Unsecured Notes, 6.262% (SOFR + 1.010%) due 4/1/27(b)		1,883,185
	2,300,000		A-	JPMorgan Chase & Co., Senior Unsecured Notes, 3.220% (3-Month Term SOFR + 1.417%) due 3/1/25(b)		2,268,566
	3,700,000	^AUD	BBB+	Lloyds Banking Group PLC, Senior Unsecured Notes, 5.579% (3-Month Australian Bank Bill + 1.400%) due 3/7/25(b)		2,403,468
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	100,000		A-	0.849% (0.872% — 3-Month Term SOFR) due 9/8/24(e)		99,966
	1,800,000		A-	3.922% (3-Month Term SOFR + 1.262%) due 9/11/24(b)		1,799,151
	1,300,000		BBB+	NatWest Group PLC, Senior Unsecured Notes, 4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(b)		1,285,590
	1,000,000		A	NatWest Markets PLC, Senior Unsecured Notes, 6.687% (SOFR + 1.450%) due 3/22/25(a)(b)		1,007,346
	600,000		AA-	Nordea Bank Abp, Senior Unsecured Notes, 6.146% (SOFR + 0.960%) due 6/6/25(a)(b)		601,759

See Notes to Financial Statements.

286



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Banks — 18.4% — (continued)
$	2,900,000		BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(b)	$	2,891,574
				Societe Generale SA, Senior Unsecured Notes:
	800,000		BBB	3.875% due 3/28/24(a)		788,931
	2,300,000		BBB	2.625% due 1/22/25(a)		2,189,081
				Standard Chartered PLC, Senior Unsecured Notes:
	1,700,000		BBB+	3.785% (3-Month USD-LIBOR + 1.560%) due 5/21/25(a)(b)		1,668,697
	1,400,000		BBB+	6.998% (SOFR + 1.740%) due 3/30/26(a)(b)		1,407,572
	7,700,000	^AUD	A-	Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 5.537% (3-Month Australian Bank Bill + 1.250%) due 10/16/24(b)		4,997,766
	5,600,000	^AUD	A+	UBS AG, Senior Unsecured Notes, 5.127% (3-Month Australian Bank Bill + 0.870%) due 7/30/25(b)		3,618,332
	2,100,000		BBB+	Wells Fargo & Co., Senior Unsecured Notes, 2.406% (3-Month Term SOFR + 1.087%) due 10/30/25(b)		2,015,105

				Total Banks		56,789,896


Beverages — 0.6%
	2,100,000		BBB-	JDE Peet’s NV, Company Guaranteed Notes, 0.800% due 9/24/24(a)		1,980,116


Commercial Services — 1.1%
	5,000,000	^AUD	BBB	Transurban Queensland Finance Pty Ltd., Senior Secured Notes, 6.352% (3-Month Australian Bank Bill + 2.050%) due 12/16/24(b)		3,273,750


Diversified Financial Services — 3.8%
	3,000,000		BBB	AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 4.875% due 1/16/24		2,985,662
	900,000		BBB-	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 5.125% due 10/1/23(a)		898,573
	400,000		A-	BOC Aviation Ltd., Senior Unsecured Notes, 6.667% (3-Month USD-LIBOR + 1.125%) due 9/26/23(a)(b)		400,000
	2,500,000		BBB-	Cantor Fitzgerald LP, Senior Unsecured Notes, 4.875% due 5/1/24(a)		2,463,093
	800,000		A-	LeasePlan Corp. NV, Senior Unsecured Notes, 2.875% due 10/24/24(a)		769,007
	2,700,000		BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 2.648% due 1/16/25		2,578,174
	500,000		BBB-	Park Aerospace Holdings Ltd., Company Guaranteed Notes, 5.500% due 2/15/24(a)		496,785
				Synchrony Financial, Senior Unsecured Notes:
	400,000		BBB-	4.375% due 3/19/24		395,336
	900,000		BBB-	4.250% due 8/15/24		878,778

				Total Diversified Financial Services		11,865,408


Electric — 4.6%
				Ausgrid Finance Pty Ltd., Senior Secured Notes:
	1,000,000	^AUD	Baa1(f)	3.750% due 10/30/24		639,674
	1,200,000	^AUD	Baa1(f)	5.477% (3-Month Australian Bank Bill + 1.220%) due 10/30/24(b)		780,531
				Enel Finance International NV:
				Company Guaranteed Notes:
	1,000,000		BBB+	2.650% due 9/10/24(a)		967,811
	1,000,000		BBB+	2.650% due 9/10/24		967,811
	921,000		BBB+	Senior Unsecured Notes, 4.250% due 6/15/25(a)		896,540
	1,600,000		BBB+	Israel Electric Corp., Ltd., Senior Secured Notes, 5.000% due 11/12/24(a)		1,581,672
	2,900,000	^AUD	Aa2(f)	Korea Southern Power Co., Ltd., Senior Unsecured Notes, 5.227% (3-Month Australian Bank Bill + 0.970%) due 10/30/24(b)		1,876,426
				Pacific Gas & Electric Co., 1st Mortgage Notes:
	300,000		BBB-	1.700% due 11/15/23		297,259
	500,000		BBB-	3.850% due 11/15/23		497,811
	300,000		BBB-	3.750% due 2/15/24		296,644
	100,000		BBB-	3.400% due 8/15/24		97,498
	2,000,000		A-	Southern California Edison Co., 1st Mortgage Notes, 1.100% due 4/1/24		1,945,969

See Notes to Financial Statements.

287



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Electric — 4.6% — (continued)
	5,000,000	^AUD	A-	Victoria Power Networks Finance Pty Ltd., Company Guaranteed Notes, 4.645% (3-Month Australian Bank Bill + 0.500%) due 8/23/24(b)	$	3,227,331

				Total Electric		14,072,977


Electronics — 0.5%
$	1,500,000		BBB-	TD SYNNEX Corp., Senior Unsecured Notes, 1.250% due 8/9/24		1,430,561


Healthcare — Products — 0.3%
	1,000,000		BBB	Baxter International Inc., Senior Unsecured Notes, 5.595% (SOFR + 0.260%) due 12/1/23(b)		998,685


Healthcare — Services — 1.3%
	4,100,000		BBB-	HCA Inc., Company Guaranteed Notes, 5.000% due 3/15/24		4,077,583


Insurance — 2.3%
				Athene Global Funding:
				Secured Notes:
	600,000		A+	6.273% (3-Month USD-LIBOR + 0.730%) due 1/8/24(a)(b)		598,206
	400,000		A+	2.514% due 3/8/24(a)		392,327
	1,400,000		A+	1.000% due 4/16/24(a)		1,354,757
	800,000		A+	Senior Secured Notes, 6.035% (SOFR + 0.700%) due 5/24/24(a)(b)		794,249
	200,000		A-	CNO Global Funding, Secured Notes, 1.650% due 1/6/25(a)		187,511
	2,400,000		A-	GA Global Funding Trust, Senior Secured Notes, 1.250% due 12/8/23(a)		2,368,297
	1,400,000		A	Jackson National Life Global Funding, Secured Notes, 6.403% (SOFR + 1.150%) due 6/28/24(a)(b)		1,400,836

				Total Insurance		7,096,183


Investment Companies — 0.1%
	400,000		Baa3(f)	FS KKR Capital Corp., Senior Unsecured Notes, 1.650% due 10/12/24		377,382


Media — 1.9%
	5,464,000		BBB-	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 7.284% (3-Month Term SOFR + 1.912%) due 2/1/24(b)		5,486,782
	300,000		BBB	Fox Corp., Senior Unsecured Notes, 4.030% due 1/25/24		297,686

				Total Media		5,784,468


Packaging & Containers — 0.3%
	1,114,000		BBB-	Berry Global Inc., Senior Secured Notes, 4.875% due 7/15/26(a)		1,076,233


Pharmaceuticals — 0.7%
	2,225,000		BBB	Bayer US Finance II LLC, Company Guaranteed Notes, 6.562% (3-Month USD-LIBOR + 1.010%) due 12/15/23(a)(b)		2,226,464


Pipelines — 0.6%
				Energy Transfer LP, Senior Unsecured Notes:
	900,000		BBB	4.250% due 4/1/24		890,688
	600,000		BBB	4.500% due 4/15/24		594,373
	281,000		BBB+	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.750% due 5/15/24		280,674

				Total Pipelines		1,765,735


Retail — 0.8%
	2,500,000		A	7-Eleven Inc., Senior Unsecured Notes, 0.800% due 2/10/24(a)		2,443,839


Semiconductors — 0.8%
	200,000		BBB	Renesas Electronics Corp., Senior Unsecured Notes, 1.543% due 11/26/24		188,370
	200,000		BBB	Renesas Electronics Corp., Senior Unsecured Notes, 1.543% due 11/26/24(a)		188,370
	2,100,000		BBB-	SK Hynix Inc., Senior Unsecured Notes, 1.000% due 1/19/24(a)		2,059,328

				Total Semiconductors		2,436,068

See Notes to Financial Statements.

288



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Telecommunications — 0.8%
	3,900,000	^AUD	BBB	AT&T Inc., Senior Unsecured Notes, 5.568% (3-Month Australian Bank Bill + 1.250%) due 9/19/23(b)	$	2,527,348


Trucking & Leasing — 0.2%
$	700,000		A-	SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 3.550% due 4/15/24(a)		689,560

				TOTAL CORPORATE BONDS & NOTES (Cost — $134,324,246)		129,687,335


COLLATERALIZED MORTGAGE OBLIGATIONS — 31.5%
	375,666		CCC	ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M1, 6.209% (1-Month Term SOFR + 0.894%) due 4/25/34(b)		348,865
	500,000		Aaa(f)	ACREC LLC, Series 2023-FL2, Class A, 7.540% (1-Month Term SOFR + 2.230%) due 2/19/38(a)(b)		500,911
	1,573,440		Aaa(f)	Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class ARR, 6.620% (3-Month Term SOFR + 1.312%) due 7/15/30(a)(b)		1,568,009
	2,086,500		Aaa(f)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 6.495% (1-Month Term SOFR + 1.184%) due 8/15/34(a)(b)		2,047,430
	300,000		Aaa(f)	ARES L CLO Ltd., Series 2018-50A, Class AR, 6.620% (3-Month Term SOFR + 1.312%) due 1/15/32(a)(b)		298,710
	700,000		AAA	Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class A, 6.558% (1-Month Term SOFR + 1.247%) due 6/15/35(a)(b)		690,034
	1,078,035	^GBP	AAA	Avon Finance No 2 PLC, Series 2A, Class A, 5.925% (Sterling Overnight Index Average + 0.900%) due 9/20/48(a)(b)		1,366,186
	1,192,999	^EUR	Aaa(f)	Bain Capital Euro CLO DAC, Series 2018-2A, Class AR, 4.445% (3-Month EURIBOR + 0.740%) due 1/20/32(a)(b)		1,268,302
				BAMLL Commercial Mortgage Securities Trust:
	500,000		AAA	Series 2019-AHT, Class A, 6.558% (1-Month Term SOFR + 1.247%) due 3/15/34(a)(b)		494,655
	400,000		Aaa(f)	Series 2019-RLJ, Class A, 6.408% (1-Month Term SOFR + 1.097%) due 4/15/36(a)(b)		396,998
	300,368		BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 3.646% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		291,298
	1,200,000		Aaa(f)	Birch Grove CLO Ltd., Series 19A, Class AR, 6.682% (3-Month USD-LIBOR + 1.130%) due 6/15/31(a)(b)		1,195,804
	742,360	^EUR	AAA	Black Diamond CLO DAC, Series 2017-2A, Class A1, 4.565% (3-Month EURIBOR + 0.860%) due 1/20/32(a)(b)		799,024
	1,943,037	^EUR	AAA	Bruegel DAC, Series 2021-1A, Class A, 4.616% (3-Month EURIBOR + 0.800%) due 5/22/31(a)(b)		1,989,103
	1,600,000		NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 6.675% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)		1,503,874
	1,236,286		Aaa(f)	BXMT Ltd., Series 2020-FL3, Class A, 6.828% (1-Month Term SOFR + 1.514%) due 11/15/37(a)(b)		1,190,858
	416,495		A-1+	CCG Receivables Trust, Series 2023-1, Class A1, 5.395% due 3/14/24(a)		416,516
	2,700,000		AAA	Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, 6.605% (1-Month Term SOFR + 1.294%) due 10/15/36(a)(b)		2,668,328
	1,551,485		Aaa(f)	Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 5/25/51(a)(b)		1,421,151
	1,600,000		NR	COMM Mortgage Trust, Series 2021-2400, Class A, 6.725% (1-Month Term SOFR + 1.414%) due 12/15/38(a)(b)		1,496,951
				Credit Suisse Commercial Mortgage Capital Trust:
	243,932		AAA	Series 2021-INV1, Class A11, 5.000% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		223,836
	739,958		NR	Series 2021-RPL4, Class A1, 1.796% due 12/27/60(a)(b)		699,869
	181,512		AAA(g)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		169,579
	121,978		B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 6.284% (1-Month Term SOFR + 0.969%) due 8/25/34(b)		121,896
	400,000		Aaa(f)	DLLAA LLC, Series 2023-1A, Class A2, 5.930% due 7/20/26(a)		402,045
	1,295,324	^EUR	AAA	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 4.323% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(b)		1,379,910

See Notes to Financial Statements.

289



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 31.5% — (continued)
$	2,004,048		Aaa(f)	Extended Stay America Trust, Series 2021-ESH, Class A, 6.504% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(b)	$	1,986,599
				Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	478,538		NR	Series 4344, Class FA, 4.610% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		463,667
	670,443		NR	Series 4351, Class FA, 4.630% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		652,956
	1,134,097		NR	Series 4906, Class WF, 4.735% (30-Day Average SOFR + 0.514%) due 12/15/38(b)		1,095,600
	867,264		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2017-108, Class AF, 5.702% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		838,506
	151,509		BBB+	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 6.254% (1-Month Term SOFR + 0.939%) due 8/25/34(b)		142,352
	1,848,826	^GBP	AAA	Finsbury Square PLC, Series 2021-1GRA, Class AGRN, 5.868% (Sterling Overnight Index Average + 0.650%) due 12/16/67(a)(b)		2,326,081
	140,415		A	Fremont Home Loan Trust, Series 2005-A, Class M3, 6.164% (1-Month Term SOFR + 0.849%) due 1/25/35(b)		135,865
	600,000		Aaa(f)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 6.660% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		597,369
				GCAT Trust:
	739,207		AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		601,799
	947,098		AAA(g)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		831,404
				Government National Mortgage Association (GNMA):
	1,223,153		NR	Series 2016-H06, Class FD, 6.138% (1-Month Term SOFR + 1.034%) due 7/20/65(b)		1,224,029
	1,075,727		NR	Series 2017-H15, Class FE, 6.525% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		1,080,016
	78,078		NR	Series 2020-17, Class EU, 2.500% due 10/20/49		68,263
	55,041		NR	Series 2020-21, Class AC, 2.500% due 1/20/49		48,149
	3,362,415		NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)		2,857,650
	201,726		NR	Series 2023-H11, Class FC, 6.338% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		203,942
	417,630		Aaa(f)	Greystone CRE Notes Ltd., Series 2019-FL2, Class A, 6.605% (1-Month USD-LIBOR + 1.180%) due 9/15/37(a)(b)		416,123
	2,500,000		Aaa(f)	GS Mortgage Securities Corp. Trust, Series 2022-GTWY, Class A, 8.711% (1-Month Term SOFR + 3.400%) due 8/15/39(a)(b)		2,499,293
	9,649		Aaa(f)	GS Mortgage Securities Trust, Series 2014-GC18, Class AAB, 3.648% due 1/10/47		9,631
	1,367,822		AAA(g)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		1,239,542
				GS Mortgage-Backed Securities Trust:
	755,414		Aaa(f)	Series 2021-GR2, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		691,737
	254,204		Aaa(f)	Series 2021-INV1, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		232,801
	1,596,747	^EUR	Aaa(f)	Harvest CLO XVI DAC, Series 2016-A, Class ARR, 4.303% (3-Month EURIBOR + 0.640%) due 10/15/31(a)(b)		1,695,770
	500,000	^EUR	Aaa(f)	Harvest CLO XXI DAC, Series 2021-A, Class A1R, 4.423% (3-Month EURIBOR + 0.760%) due 7/15/31(a)(b)		531,174
	62,659		CCC	Impac CMB Trust, Series 2004-10, Class 1A1, 6.069% (1-Month Term SOFR + 0.754%) due 3/25/35(b)		56,465
	158,726		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 6.808% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b)		135,738
				JP Morgan Mortgage Trust:
	184,925		Aaa(f)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		163,115
	323,612		Aaa(f)	Series 2021-12, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		297,367
	703,011	^EUR	AAA	Jubilee CLO DAC, Series 2015-16A, Class A1R, 4.326% (3-Month EURIBOR + 0.800%) due 12/15/29(a)(b)		759,224
	663,384	^EUR	AAA	Kinbane DAC, Series 2022-RPL1A, Class A, 4.492% (1-Month EURIBOR + 0.850%) due 9/25/62(a)(b)		714,158
	573,918		Aaa(f)	KKR CLO 11 Ltd., Series 11, Class AR, 6.750% (3-Month Term SOFR + 1.442%) due 1/15/31(a)(b)		573,243
	2,000,000		Aaa(f)	Kubota Credit Owner Trust, Series 2023-1A, Class A2, 5.400% due 2/17/26(a)		1,998,491

See Notes to Financial Statements.

290



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 31.5% — (continued)
	1,700,000	^EUR	Aaa(f)	Laurelin DAC, Series 2016-1A, Class ARR, 4.425% (3-Month EURIBOR + 0.720%) due 10/20/31(a)(b)	$	1,814,640
$	2,028,355		Aaa(f)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 6.618% (3-Month Term SOFR + 1.292%) due 4/20/31(a)(b)		2,018,353
	75,955		AAA	LCM XIII LP, Series 13A, Class AR3, 6.452% (3-Month Term SOFR + 1.132%) due 7/19/27(a)(b)		75,711
				Legacy Mortgage Asset Trust:
	303,431		NR	Series 2021-GS5, Class A1, step bond to yield, 2.250% due 7/25/67(a)		283,819
	285,835		NR	Series 2021-SL2, Class A, step bond to yield, 1.875% due 10/25/68(a)		264,836
	30,393		NR	LL ABS Trust, Series 2021-1A, Class A, 1.070% due 5/15/29(a)		29,862
	1,500,000		Aaa(f)	M&T Equipment 2023-LEAF1 Notes, Series 2023-1A, Class A2, 6.090% due 7/15/30(a)		1,500,645
	2,700,000		Aaa(f)	M360 Ltd., Series 2021-CRE3, Class A, 6.929% (1-Month Term SOFR + 1.614%) due 11/22/38(a)(b)		2,652,686
	152,464		BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 6.129% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		130,076
	571,170		Aaa(f)	MF1 Ltd., Series 2020-FL4, Class A, 7.128% (1-Month Term SOFR + 1.814%) due 11/15/35(a)(b)		569,503
	547,351		Aaa(f)	MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class A, 6.278% (1-Month Term SOFR + 0.964%) due 7/15/36(a)(b)		542,229
				MFA Trust:
	215,039		AAA	Series 2020-NQM1, Class A1, 1.479% due 3/25/65(a)(b)		197,461
	241,379		AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		219,739
	924,553		AAA	MidOcean Credit CLO II, Series 2013-2A, Class ARR, 6.661% (3-Month Term SOFR + 1.292%) due 1/29/30(a)(b)		921,639
				Mill City Mortgage Loan Trust:
	570,725		Aaa(f)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		534,990
	424,395		AAA(g)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		391,797
				MMAF Equipment Finance LLC:
	1,677,632		Aaa(f)	Series 2022-B, Class A2, 5.570% due 9/9/25(a)		1,669,720
	500,000		Aaa(f)	Series 2023-A, Class A2, 5.790% due 11/13/26(a)		501,259
	402,099		B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 6.329% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(h)		391,211
	503,196		Aaa(f)	Mountain View CLO LLC, Series 2017-1A, Class AR, 6.660% (3-Month Term SOFR + 1.352%) due 10/16/29(a)(b)		502,619
	1,600,000		Aaa(f)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 6.375% (1-Month Term SOFR + 1.064%) due 8/15/38(a)(b)		1,500,073
				New Residential Mortgage Loan Trust:
	173,606		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		165,936
	53,756		AAA(g)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		50,593
	111,217		A+	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 6.089% (1-Month Term SOFR + 0.774%) due 1/25/36(b)		108,719
	423,256		NR	NYMT Loan Trust, Series 2021-SP1, Class A1, step bond to yield, 1.670% due 8/25/61(a)		389,849
	1,800,000		AAA(g)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 6.520% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,643,632
	1,800,000	^EUR	AAA	OCP Euro CLO DAC, Series 2020-4A, Class AR, 4.578% (3-Month EURIBOR + 0.880%) due 9/22/34(a)(b)		1,913,924
	2,919,090		AAA(g)	OSD CLO Ltd., Series 2021-23A, Class A, 6.440% (3-Month Term SOFR + 1.132%) due 4/17/31(a)(b)		2,898,000
	1,000,000		Aaa(f)	OZLM IX Ltd., Series 2014-9A, Class A1A3, 6.688% (3-Month Term SOFR + 1.362%) due 10/20/31(a)(b)		991,293
	393,760	^EUR	Aaa(f)	Palmer Square European Loan Funding DAC, Series 2021-1A, Class A, 4.443% (3-Month EURIBOR + 0.780%) due 4/15/31(a)(b)		421,408
	500,873		Aaa(f)	Pawneee Equipment Receivables Series LLC, Series 2022-1, Class A2, 4.840% due 2/15/28(a)		498,633
	398,990		Aaa(f)	PFP Ltd., Series 2021-8, Class A, 6.427% (1-Month Term SOFR + 1.114%) due 8/9/37(a)(b)		391,959

See Notes to Financial Statements.

291



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††		Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 31.5% — (continued)
$	1,500,000		AAA		PFS Financing Corp., Series 2023-D, Class A, 6.310% (30-Day Average SOFR + 1.150%) due 8/16/27(a)(b)	$	1,505,009
	98,047		NR		Pretium Mortgage Credit Partners I LLC, Series 2021-NPL1, Class A1, step bond to yield, 2.240% due 9/27/60(a)		95,016
	1,187,782	^GBP	AAA		Residential Mortgage Securities 32 PLC, Series 32A, Class A, 6.275% (Sterling Overnight Index Average + 1.250%) due 6/20/70(a)(b)		1,511,721
	882,554		AAA		Resimac Bastille Trust, Series 2021-2NCA, Class A1A, 6.082% (1-Month Term SOFR + 0.764%) due 2/3/53(a)(b)		876,724
	240,000	^GBP	AAA		Silverstone Master Issuer PLC, Series 2019-1A, Class 2A, 5.914% (Sterling Overnight Index Average + 0.750%) due 1/21/70(a)(b)		304,338
					SoFi Consumer Loan Program Trust:
	759,675		Aaa(f)		Series 2022-1S, Class A, 6.210% due 4/15/31(a)		760,979
	304,677		AAA		Series 2023-1S, Class A, 5.810% due 5/15/31(a)		305,026
	77,585		Aaa(f)		Sound Point CLO XII Ltd., Series 2016-2A, Class AR2, 6.638% (3-Month Term SOFR + 1.312%) due 10/20/28(a)(b)		77,549
	1,990		Aaa(f)		Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 6.597% (3-Month Term SOFR + 1.252%) due 1/23/29(a)(b)		1,989
	331,230		CCC		Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 6.104% (1-Month Term SOFR + 0.789%) due 6/25/35(b)		321,075
	173,737		NR		Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		157,705
	307,696	^GBP	AAA		Stratton Mortgage Funding, Series 2021-2A, Class A, 6.059% (Sterling Overnight Index Average + 0.900%) due 7/20/60(a)(b)		390,020
	1,200,000		AAA		STWD Mortgage Trust, Series 2021-HTS, Class A, 6.475% (1-Month Term SOFR + 1.164%) due 4/15/34(a)(b)		1,183,353
	568,029		AAA		TCW CLO Ltd., Series 2018-1A, Class A1R, 6.583% (3-Month Term SOFR + 1.232%) due 4/25/31(a)(b)		564,825
	1,215,120		AAA		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 6.481% (1-Month Term SOFR + 1.164%) due 11/11/34(a)(b)		1,203,782
	3,165		NR		Theorem Funding Trust, Series 2021-1A, Class A, 1.210% due 12/15/27(a)		3,158
	664,716	^GBP	AAA		Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 6.509% (Sterling Overnight Index Average + 1.350%) due 7/20/45(a)(b)		842,521
	2,039,400	^GBP	AAA		Towd Point Mortgage Funding Auburn 14 PLC, Series 2020-A14X, Class A, 6.568% (Sterling Overnight Index Average + 1.350%) due 5/20/45(b)		2,583,649
	253,278	^GBP	AAA		Towd Point Mortgage Funding Granite 4 PLC, Series 2019-GR4X, Class A1, 6.304% (Sterling Overnight Index Average + 1.144%) due 10/20/51(b)		321,314
					Towd Point Mortgage Trust:
	145,887		Aaa(f)		Series 2017-5, Class A1, 5.118% (1-Month Term SOFR + 0.714%) due 2/25/57(a)(b)		146,280
	347,970		AAA(g)		Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		331,679
	193,327		Aaa(f)		Series 2019-HY2, Class A1, 6.429% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		194,594
	230,781		Aaa(f)		Series 2019-HY3, Class A1A, 6.429% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		230,368
	597,569		AAA(g)		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		553,919
	1,159,070		AAA(g)		Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		1,062,918
	1,020,630	^GBP	AAA	��	Trinity Square PLC, Series 2021-1A, Class A, 6.000% (Sterling Overnight Index Average + 0.850%) due 7/15/59(a)(b)		1,292,907
	1,000,000		Aaa(f)		Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 6.718% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)		989,958
	309,755		Aaa(f)		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 6.450% (3-Month Term SOFR + 1.142%) due 4/15/27(a)(b)		309,232
	324,868		AA		WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 6.009% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		305,246
	218,317		Aaa(f)		Wellfleet CLO Ltd., Series 2015-1A, Class AR4, 6.478% (3-Month Term SOFR + 1.152%) due 7/20/29(a)(b)		217,651

					TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $101,589,883)		96,949,580

See Notes to Financial Statements.

292



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

ASSET-BACKED SECURITIES — 13.7%

Automobiles — 8.8%
$	700,000		Aaa(f)	Ally Auto Receivables Trust, Series 2023-1, Class A2, 5.760% due 11/15/26	$	701,712
	700,000		Aaa(f)	Bank of America Auto Trust, Series 2023-1A, Class A2, 5.830% due 5/15/26(a)		701,829
				BMW Canada Auto Trust:
	582,797	^CAD	AAA(g)	Series 2022-1A, Class A1, 3.649% due 12/20/24(a)		430,006
	1,652,418	^CAD	AAA(g)	Series 2023-1A, Class A1, 5.430% due 1/20/26(a)		1,219,673
	709,255		AAA	BMW Vehicle Lease Trust, Series 2023-1, Class A2, 5.270% due 2/25/25		708,157
	1,745,198		AAA	Capital One Prime Auto Receivables Trust, Series 2022-2, Class A2A, 3.740% due 9/15/25		1,730,799
	1,706,318		AAA	Carmax Auto Owner Trust, Series 2022-4, Class A2B, 6.089% (30-Day Average SOFR + 0.900%) due 12/15/25(b)		1,709,171
	469,980		AAA	Carvana Auto Receivables Trust, Series 2022-P3, Class A2, 4.420% due 12/10/25		467,739
	600,000		AAA	Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.800% due 11/16/26		600,946
	1,533,746	^CAD	AAA(g)	Ford Auto Securitization Trust, Series 2021-AA, Class A2, 1.162% due 10/15/25(a)		1,115,095
	221,385	^CAD	AAA	Ford Auto Securitization Trust II, Series 2022-AA, Class A1, 4.956% due 10/15/24(a)		162,911
	714,562		Aaa(f)	Ford Credit Auto Owner Trust, Series 2022-D, Class A2B, 5.949% (30-Day Average SOFR + 0.760%) due 8/15/25(b)		715,632
				GM Financial Automobile Leasing Trust:
	986,477		AAA	Series 2022-3, Class A2B, 5.948% (30-Day Average SOFR + 0.710%) due 10/21/24(b)		986,610
	1,329,359		AAA	Series 2023-1, Class A2B, 5.788% (30-Day Average SOFR + 0.550%) due 6/20/25(b)		1,330,124
				GM Financial Consumer Automobile Receivables Trust:
	2,000,000		AAA	Series 2023-2, Class A2B, 5.963% (30-Day Average SOFR + 0.750%) due 5/18/26(b)		2,001,542
	700,000		AAA	Series 2023-3, Class A2A, 5.740% due 9/16/26		702,285
	375,427	^CAD	AAA(g)	GMF Canada Leasing Trust Asset-Backed Notes, Series 2023-1A, Class A1, 5.458% due 4/21/25(a)		281,588
	300,000		Aaa(f)	Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.370% due 3/25/25(a)		297,226
	1,000,000		AAA	Honda Auto Receivables Owner Trust, Series 2023-2, Class A2, 5.410% due 4/15/26		997,046
	862,549		AAA	Hyundai Auto Lease Securitization Trust, Series 2023-A, Class A2B, 5.829% (30-Day Average SOFR + 0.640%) due 4/15/25(a)(b)		863,293
	500,000		AAA	Hyundai Auto Receivables Trust, Series 2023-B, Class A2A, 5.770% due 5/15/26		501,477
				LAD Auto Receivables Trust:
	1,200,000		Aaa(f)	Series 2023-2A, Class A2, 5.930% due 6/15/27(a)		1,197,092
	300,000		Aaa(f)	Series 2023-3A, Class A2, 6.090% due 6/15/26(a)		300,430
				Toyota Auto Receivables Owner Trust:
	1,604,045		AAA	Series 2022-C, Class A2B, 5.783% (30-Day Average SOFR + 0.570%) due 8/15/25(b)		1,604,684
	800,000		AAA	Series 2023-C, Class A2A, 5.600% due 8/17/26		801,465
	2,100,000		AAA	Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A2A, 5.500% due 12/21/26		2,100,628
				World Omni Auto Receivables Trust:
	1,274,348		AAA	Series 2022-C, Class A2, 3.730% due 3/16/26		1,263,086
	785,717		AAA	Series 2023-A, Class A2B, 5.619% (30-Day Average SOFR + 0.430%) due 7/15/26(b)		785,910
	1,000,000		AAA	Series 2023-B, Class A2A, 5.250% due 11/16/26		998,186

				Total Automobiles		27,276,342


Credit Cards — 2.0%
	700,000		Aaa(f)	CARDS II Trust, Series 2023-2A, Class A, 6.131% (SOFR + 0.850%) due 7/17/28(a)(b)		701,548
	3,000,000		Aaa(f)	Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, 6.049% (1-Month Term SOFR + 0.734%) due 4/22/26(b)		3,007,441
	2,300,000		Aaa(f)	Master Credit Card Trust II, Series 2023-2A, Class A, 6.063% (30-Day Average SOFR + 0.850%) due 1/21/27(a)(b)		2,301,012

				Total Credit Cards		6,010,001


Student Loans — 2.9%
				ECMC Group Student Loan Trust:
	512,566		Aaa(f)	Series 2017-2A, Class A, 6.452% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		505,634
	389,932		Aaa(f)	Series 2018-1A, Class A, 6.152% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		382,415
	602,700		Aaa(f)	Series 2019-1A, Class A1B, 6.402% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		593,724

See Notes to Financial Statements.

293



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Student Loans — 2.9% — (continued)
$	28,147		AAA	EFS Volunteer LLC, Series 2010-1, Class A2, 6.166% (90-Day Average SOFR + 1.112%) due 10/25/35(a)(b)	$	28,097
	1,824,340		AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		1,562,460
	732,449		AAA	Navient Private Education Loan Trust, Series 2015-BA, Class A3, 6.875% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)		732,530
	197,112		AAA	Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.170% due 9/16/69(a)		175,303
				Nelnet Student Loan Trust:
	681,175		AA+	Series 2017-3A, Class A, 6.252% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		669,768
	266,784		AAA	Series 2018-3A, Class A2, 5.869% (1-Month Term SOFR + 0.554%) due 9/27/66(a)(b)		265,321
	711,468		AA+	Series 2019-2A, Class A, 6.302% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		701,903
	582,253		AA+	Series 2019-3A, Class A, 6.229% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		575,263
	229,760		AAA	Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class A-3, 5.743% (90-Day Average SOFR + 0.130%) due 10/25/36(b)		228,425
	195,107		AAA	SLC Student Loan Trust, Series 2007-1, Class A4, 5.451% (90-Day Average SOFR + 0.322%) due 5/15/29(b)		194,101
				SLM Student Loan Trust:
	255,923		AAA	Series 2004-10, Class A7B, 5.916% (90-Day Average SOFR + 0.862%) due 10/25/29(a)(b)		255,079
	267,965		D	Series 2008-5, Class A4, 7.016% (90-Day Average SOFR + 1.962%) due 7/25/23(b)		268,312
	447,183		D	Series 2008-7, Class A4, 6.216% (90-Day Average SOFR + 1.162%) due 7/25/23(b)		438,710
				SMB Private Education Loan Trust:
	274,503		AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		244,771
	219,217		AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		193,853
	600,000		Aaa(f)	Series 2023-C, Class A1B, (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		599,340
	593,431		Aaa(f)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 6.128% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		585,037

				Total Student Loans		9,200,046

				TOTAL ASSET-BACKED SECURITIES (Cost — $43,066,735)		42,486,389


U.S. GOVERNMENT AGENCIES — 5.0%
	4,100,000		AA+	Federal Home Loan Banks, 5.650% due 5/28/25		4,079,434
				Federal Home Loan Mortgage Corp.:
	3,700,000		AA+	5.680% due 4/3/25		3,684,379
	4,000,000		AA+	5.375% due 4/24/25		3,972,262
	3,000,000		AA+	5.800% due 7/3/25		2,999,229
	700,000		AA+	5.880% due 8/8/25		700,145

				TOTAL U.S. GOVERNMENT AGENCIES (Cost — $15,500,000)		15,435,449


CERTIFICATE OF DEPOSIT — 0.3%
	1,400,000	^AUD	A	Mizuho Bank Ltd., 4.928% (3-Month Australian Bank Bill + 0.750%) due 8/7/24(b) (Cost — $1,048,188)		908,632


MORTGAGE-BACKED SECURITIES — 0.2%

FHLMC — 0.2%
	830,003			Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 — 9/1/49 (Cost — $870,725)		776,867

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $296,399,777)		286,244,252


SHORT-TERM INVESTMENTS — 22.3%

COMMERCIAL PAPERS — 5.1%
	3,000,000			Amcor Flexibles North America Inc., 5.596% due 9/27/23(a)(i)		2,987,932
	1,100,000			American Electric Power Co., Inc., 5.611% due 10/16/23(a)(i)		1,092,341
	500,000			AT&T Inc., 5.914% due 11/21/23(a)(i)		493,588

See Notes to Financial Statements.

294



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Security	Value

COMMERCIAL PAPERS — 5.1% — (continued)
$	4,600,000		Global Payments Inc., 6.059% due 9/26/23(i)	$	4,580,738
			Targa Resources Corp.:
	1,100,000		6.181% due 9/1/23(a)(i)		1,100,000
	2,400,000		6.185% due 9/5/23(a)(i)		2,398,360
			Walgreens Boots Alliance Inc.:
	1,500,000		6.082% due 10/2/23(a)(i)		1,492,185
	1,500,000		6.083% due 10/3/23(a)(i)		1,491,933

			TOTAL COMMERCIAL PAPERS (Cost — $15,637,077)		15,637,077


TIME DEPOSITS — 0.9%
	238,923	^AUD	ANZ National Bank — Hongkong, 2.860% due 9/1/23		154,799
			BBH — Grand Cayman:
	2,585	^DKK	2.250% due 9/1/23		376
	38,126	^CAD	3.830% due 9/1/23		28,216
	6,285	^NZD	3.850% due 9/1/23		3,747
	94,238	^GBP	4.170% due 9/1/23		119,371
	13,965	^EUR	Citibank — London, 2.630% due 9/1/23		15,142
	1,911,300		Citibank — New York, 4.680% due 9/1/23		1,911,300
	491,348		JPMorgan Chase & Co. — New York, 4.680% due 9/1/23		491,348
	91,557	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, (0.530)% due 9/1/23		629

			TOTAL TIME DEPOSITS (Cost — $2,724,928)		2,724,928


U.S. GOVERNMENT OBLIGATIONS — 16.3%
			U.S. Treasury Bills:
	45,000,000		5.303% due 10/3/23(i)		44,815,165
	2,000,000		5.323% due 10/12/23(i)		1,987,950
	3,600,000		5.410% due 12/26/23(i)		3,538,346

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $50,341,461)		50,341,461

			TOTAL SHORT-TERM INVESTMENTS (Cost — $68,703,466)		68,703,466

			TOTAL INVESTMENTS — 115.0% (Cost — $365,103,243)		354,947,718

			Liabilities in Excess of Other Assets — (15.0)%		(46,195,791	)

			TOTAL NET ASSETS — 100.0%	$	308,751,927

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

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

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2023.

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

(d)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2023, amounts to $1,193,149 and represents 0.4% of net assets.

(e)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of August 31, 2023.

(f)	Rating by Moody’s Investors Service. All ratings are unaudited.

(g)	Rating by Fitch Ratings Service. All ratings are unaudited.

(h)	Affiliated security (See Note 2). As of August 31, 2023, total cost and total market value of affiliated security amounted to $401,014 and $391,211, respectively.

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

See Notes to Financial Statements.

295



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

At August 31, 2023, for Ultra-Short Term Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
Ultra-Short Term Fixed Income Fund	$	364,834,638	$	2,457,033	$	(12,081,829)	$	(9,624,796)


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
CLO		— Collateralized Loan Obligation
DAC		— Designated Activity Company
EURIBOR		— Euro Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
MASTR		— Mortgage Asset Securitization Transactions, Inc.
PJSC		— Public Joint Stock Company
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate


Summary of Investments by Security Type^
Corporate Bonds & Notes	36.5	%
Collateralized Mortgage Obligations	27.4
Asset-Backed Securities	11.9
U.S. Government Agencies	4.3
Certificate of Deposit	0.3
Mortgage-Backed Securities	0.2
Short-Term Investments	19.4

Total Investments	100.0	%

^	As a percentage of total investments.

At August 31, 2023, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR September Futures		43		12/23	$	10,167,619	$	10,168,157	$	538

Contracts to Sell:
3-Month SOFR December Futures		85		3/25		20,346,742		20,363,875		(17,133	)
U.S. Treasury 2-Year Note December Futures		129		12/23		26,270,526		26,290,805		(20,279	)
U.S. Treasury 5-Year Note December Futures		183		12/23		19,445,085		19,566,703		(121,618	)
U.S. Treasury 10-Year Note December Futures		7		12/23		766,500		777,219		(10,719	)
U.S. Treasury Ultra Long Bond December Futures		5		12/23		625,781		647,344		(21,563	)
U.S. Ultra Long Bond December Futures		23		12/23		2,620,023		2,670,515		(50,492	)

									$	(241,804	)

Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(241,266	)

See Notes to Financial Statements.

296



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

At August 31, 2023, Ultra-Short Term Fixed Income Fund had deposited cash of $700,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2023, Ultra-Short Term Fixed Income Fund had open forward foreign currency contracts as described below.

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


Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
British Pound		8,807,000		USD	11,077,756		HSBC	$	11,155,825		9/5/23	$	78,069
Canadian Dollar		616,000		USD	455,319		BNP		455,891		9/5/23		572
Euro		12,254,000		USD	13,230,644		HSBC		13,287,012		9/5/23		56,368
Euro		143,000		USD	156,016		SCB		155,055		9/5/23		(961	)

													134,048

Contracts to Sell:
Australian Dollar		41,650,000		USD	27,355,045		SCB	$	27,055,978		11/15/23		299,067
British Pound		135,000		USD	171,988		BNP		171,005		9/5/23		983
British Pound		8,672,000		USD	11,145,487		BNP		10,984,821		9/5/23		160,666
British Pound		8,807,000		USD	11,079,261		HSBC		11,157,281		10/3/23		(78,020	)
Canadian Dollar		1,000,000		USD	746,643		DUB		741,841		2/8/24		4,802
Canadian Dollar		579,036		USD	440,165		HSBC		428,534		9/5/23		11,631
Canadian Dollar		371,000		USD	279,871		JPM		274,571		9/5/23		5,300
Canadian Dollar		2,000,000		USD	1,472,787		MLP		1,482,156		12/8/23		(9,369	)
Canadian Dollar		1,000,000		USD	746,760		MLP		741,841		2/8/24		4,919
Euro		12,254,000		USD	13,248,902		HSBC		13,304,915		10/3/23		(56,013	)
Euro		12,397,000		USD	13,829,250		JPM		13,442,067		9/5/23		387,183

													731,149

Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	865,197

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


Reference Obligation & Rating	Fixed Deal (Pay) Rate	Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/23 (2)	Notional Amount (3)			Market Value		Upfront Payment (Received)		Unrealized Depreciation
Markit CDX North America Investment Grade Series 40 5-Year Index, NR	(1.000)%		6/20/28		3-Month	0.636%		USD	41,400,000	$	(725,288)	$	(368,233)	$	(357,055	)

(1)

(2)

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

See Notes to Financial Statements.

297



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

At August 31, 2023, Ultra-Short Term Fixed Income Fund deposited cash collateral with brokers in the amount of $766,000 for open centrally cleared swap contracts.

At August 31, 2023, Ultra-Short Term Fixed Income Fund had cash collateral from brokers in the amount of $691,000 for open OTC swap contracts.


Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	BNP	— BNP Paribas SA
CAD	— Canadian Dollar	DUB	— Deutsche Bank AG
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
JPY	— Japanese Yen	SCB	— Standard Chartered Bank
NZD	— New Zealand Dollar
USD	— United States Dollar

See pages 300-301 for definitions of ratings.

See Notes to Financial Statements.

298



Schedules of Investments


(continued)


Alternative Strategies Fund



Units		Security	Value

OPEN END MUTUAL FUND SECURITIES — 98.7%

United States — 98.7%
	1,192,830	American Beacon AHL Managed Futures Strategy Fund, Class Y	$	11,689,730
	786,734	BlackRock Event Driven Equity Fund, Institutional Class		7,757,198
	761,601	BlackRock Global Equity Market Neutral Fund, Institutional Class		9,382,921
	1,593,585	BlackRock Systematic Multi-Strategy Fund, Institutional Class		15,617,132
	838,609	BNY Mellon Global Real Return Fund, Class Y		12,008,880
	538,345	Calamos Market Neutral Income Fund, Class I		7,881,364
	62,446	Cohen & Steers Global Realty Shares Inc., Class I		3,081,696
	240,281	Diamond Hill Long/Short Fund, Class I		6,329,000
	637,226	Driehaus Event Driven Fund, Common Class		7,742,290
	1,152,203	John Hancock Diversified Macro Fund, Class I		10,968,973
	230,996	JPMorgan Hedged Equity Fund, Class I		6,507,164
	607,829	LoCorr Market Trend Fund, Class I		7,707,268
	551,493	Neuberger Berman Long Short Fund, Institutional Class		9,425,013
	224,418	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		3,045,347
	829,426	PIMCO Credit Opportunities Bond Fund, Institutional Class		7,730,254
	1,999,196	PIMCO Mortgage Opportunities and Bond Fund, Class I2		18,712,471
	827,856	Thornburg Strategic Income Fund, Class I		9,247,146
		TOTAL INVESTMENTS — 98.7%
		(Cost — $157,958,198)		154,833,847

		Other Assets in Excess of Liabilities - 1.3%		2,118,108

		TOTAL NET ASSETS —100.0%	$	156,951,955

At August 31, 2023, for Alternative Strategies Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

(Depreciation)

Alternative Strategies Fund

158,443,450

2,457,033

(6,066,636)

(3,609,603)


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

^	As a percentage of total investments.

See Notes to Financial Statements.

299



Ratings

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.


AAA		— Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.

AA		— Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A		— Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB		— Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

BB, B, CCC, CC and C		— Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D		— Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

P		— Preliminary rating.

u		— The upgrade state defines bonds that have recently been upgraded into higher rating categories.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.


Aaa		— Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa		— Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.

A		— Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.

Baa		— Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba		— Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B		— Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa		— Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.

Ca		— Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.

C		— Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

e		— Expected.

u		— Upgraded.

Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.


AAA		— Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.

AAApre		— Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.

AA		— Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A		— Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

300



Ratings


(continued)


BBB		— Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.

BB, B, CCC, CC and C		— Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D		— Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.

NR		— Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.

WD, WR		— Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.

Short-Term Security Ratings


SP-1		— Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

A-1		— Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

VMIG 1		— Moody’s highest rating for issues having a demand feature — VRDO.

MIG1		— Moody’s highest rating for short-term municipal obligations.

P-1		— Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.

F-1		— Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.

F-2		— Fitch’s rating indicating a good capacity for timely payment of financial commitments.

301



Statements of Assets and Liabilities


August 31, 2023


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund
ASSETS:
Unaffiliated investments, at value^1,4	$	1,806,692,116	$	493,870,462	$	1,172,223,026
Affiliated investments, at value²		2,498,471		—		—
Repurchase agreements³		—		—		—
Foreign currency, at value⁵		73		62		343,618
Cash		6,044,360		597,468		98,080
Receivable for securities sold		2,882,937		319,858		5,551,124
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		2,699,157		473,908		9,072,738
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		2,121,314		691,433		1,730,857
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open futures contracts (Note 1)		—		—		3,376
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Unrealized appreciation on open OTC swap contracts		—		—		—
Upfront payment paid on open OTC swap contracts		—		—		—
Deposits for collateral with counterparty		686,984		91,996		124,453
Foreign capital gains tax receivable		—		—		—
Prepaid trustees expenses		26,927		7,364		—
Prepaid expenses		29,279		17,029		13,268

Total Assets		1,823,681,618		496,069,580		1,189,160,540

LIABILITIES:
Reverse repurchase agreements, at value⁸		—		—		—
Payable for collateral received from securities on loan		1,380,572		4,470,501		5,558,829
Payable for Fund shares repurchased		886,072		288,553		591,612
Payable for securities purchased		5,589,035		830,650		6,392,976
Payable for TBA securities purchased		—		—		—
Investment management fee payable		531,625		188,530		490,464
Transfer agent fees payable		21,212		5,702		14,876
Interest expense payable		—		—		—
Custody fee payable		38,234		14,980		47,273
Variation margin on open futures contracts (Note 1)		23,729		2,580		—
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Forward sale commitments, at value⁶ (Note 1)		—		—		—
Options contracts written, at value⁷ (Note 1)		—		—		—
Unrealized depreciation on open OTC swap contracts		—		—		—
Upfront payment received on open OTC swap contracts		—		—		—
Unrealized depreciation on open forward foreign currency contracts (Note 1)		—		—		—
Deposits for collateral from counterparty		—		—		—
Foreign capital gains tax payable		—		—		—
Audit fees payable		—		—		—
Trustee fees payable		—		—		2,365
Accrued expenses		181,228		110,147		464,889

Total Liabilities		8,651,707		5,911,643		13,563,284

Total Net Assets	$	1,815,029,911	$	490,157,937	$	1,175,597,256

NET ASSETS:
Paid-in-capital (Note 4)	$	963,551,109	$	386,284,379	$	1,010,262,560
Total distributable earnings (losses)		851,478,802		103,873,558		165,334,696

Total Net Assets	$	1,815,029,911	$	490,157,937	$	1,175,597,256

Shares Outstanding		82,769,294		30,889,738		90,547,191

Net Asset Value	$	21.93	$	15.87	$	12.98

¹ Unaffiliated investments, at cost	$	1,039,506,644	$	378,233,825	$	975,360,086

² Affiliated investments, at cost	$	777,284	$	—	$	—

³ Repurchase agreements, at cost	$	—	$	—	$	—

⁴ Includes securities on loan	$	1,344,107	$	4,410,085	$	10,025,625

⁵ Foreign currency, at cost	$	693	$	452	$	356,207

⁶ Proceeds received	$	—	$	—	$	—

⁷ Premiums received	$	—	$	—	$	—

⁸ Proceeds of reverse repurchase agreements	$	—	$	—	$	—

See Notes to Financial Statements.

302


Emerging Markets Equity Fund			Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund

$	491,670,389		$	1,966,098,408		$	126,613,993		$	182,352,270		$	97,874,496		$	166,710,821		$	354,556,507		$	154,833,847
	—			978,369			—			—			—			—			391,211			—
	—			—			—			18,900,000			—			—			—			—
	1,374,590			1,272,716			—			123,969			—			187,570			8,014			—
	70,297			539,940			18,858			84,979			3,181			276,950			22,457			2,119,032
	1,659,122			53,402,650			140,283			1,610,240			—			122,356			82,658			—
	—			77,366,663			—			46,885,690			—			2,105,479			—			—
	863,127			10,459,860			1,886,919			679,079			1,006,248			242,617			1,729,913			87,367
	—			3,079			—			—			—			—			495			—
	711,737			2,628,626			207,200			281,953			13,271			64,574			499,145			307,810
	—			148,317			—			3,651,181			—			312,627			1,009,560			—
	—			—			—			52,125			—			—			��			—
	—			—			—			773,083			—			87,456			239,146			—
	—			—			—			68,164			—			—			—			—
	—			—			—			141,152			—			—			—			—
	32,994			11,016,977			—			4,040,000			52,000			1,025,000			1,466,000			—
	60,327			—			—			—			—			—			—			—
	19,808			43,719			1,246			2,743			749			2,714			—			245
	12,390			3,838			7,783			13,960			9,518			16,131			24,228			270

	496,474,781			2,123,963,162			128,876,282			259,660,588			98,959,463			171,154,295			360,029,334			157,348,571
																	��

	—			—			—			—			—			35,574,043			—			—
	404,141			—			—			—			—			—			—			—
	267,914			6,158,988			673,532			54,571			237,134			43,921			201,653			118,259
	2,590,537			60,632,590			—			1,902,283			—			410,663			49,774,041			87,366
	—			255,034,204			—			54,345,396			—			6,784,649			—			—
	241,318			565,549			53,639			68,394			33,552			48,490			117,401			26,572
	6,055			18,940			1,165			2,049			1,097			841			7,072			2,947
	—			—			—			3,186			—			77,261			2,849			—
	69,510			103,276			16,508			31,874			4,332			17,784			21,444			10,902
	13,698			3,049,753			—			—			5,242			72,368			43,198			—
	—			42,651			—			—			—			—			—			—
	—			—			—			15,798,363			—			—			—			—
	—			594,650			—			374,541			—			487,943			—			—
	—			215,986			—			84,967			—			—			—			—
	—			—			—			23,339			—			—			—			—
	—			978,107			—			503,610			—			41,606			144,363			—
	—			—			—			4,282,000			—			210,000			691,000			—
	1,858,242			—			—			—			—			—			—			—
	—			—			142,626			—			107,773			—			—			71,956
	—			—			—			—			—			—			1,253			—
	435,347			323,058			118,196			85,363			13,072			294,013			273,133			78,614

	5,886,762			327,717,752			1,005,666			77,559,936			402,202			44,063,582			51,277,407			396,616

$	490,588,019		$	1,796,245,410		$	127,870,616		$	182,100,652		$	98,557,261		$	127,090,713		$	308,751,927		$	156,951,955


$	502,938,121		$	2,068,844,443		$	155,456,817		$	216,135,554		$	105,695,429		$	145,766,101		$	331,998,899		$	160,021,165
	(12,350,102	)		(272,599,033	)		(27,586,201	)		(34,034,902	)		(7,138,168	)		(18,675,388	)		(23,246,972	)		(3,069,210	)

$	490,588,019		$	1,796,245,410		$	127,870,616		$	182,100,652		$	98,557,261		$	127,090,713		$	308,751,927		$	156,951,955

	38,616,619			265,929,693			40,713,533			28,458,007			11,680,128			15,656,189			32,113,395			15,334,490

$	12.70		$	6.75		$	3.14		$	6.40		$	8.44		$	8.12		$	9.61		$	10.24

$	477,418,041		$	2,093,138,764		$	135,699,579		$	203,408,595		$	101,149,329		$	180,999,823		$	364,702,229		$	157,958,198

$	—		$	1,056,385		$	—		$	—		$	—		$	—		$	401,014		$	—

$	—		$	—		$	—		$	18,900,000		$	—		$	—		$	—		$	—

$	383,209		$	—		$	—		$	—		$	—		$	—		$	—		$	—

$	1,394,775		$	1,353,952		$	—		$	308,744		$	—		$	552,236		$	8,410		$	—

$	—		$	—		$	—		$	15,529,734		$	—		$	—		$	—		$	—

$	—		$	1,077,149		$	—		$	173,649		$	—		$	115,595		$	—		$	—

$	—		$	—		$	—		$	—		$	—		$	35,574,043		$	—		$	—

See Notes to Financial Statements.

303



Statements of Operations


For the Year Ended August 31, 2023


	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund
INVESTMENT INCOME:

Dividends from unaffiliated investments	$	25,225,030		$	7,076,471		$	33,775,766
Dividends from affiliated investments		93,497			—			—
Interest from unaffiliated investments		1,727,469			635,770			1,100,098
Interest from affiliated investments		—			—			—
Income from securities lending		115,326			266,775			191,132
Less: Foreign taxes withheld (see Note 1)		(47,774	)		(22,907	)		(3,309,583	)
Miscellaneous income		—			1,093			3,929

Total Investment Income	��	27,113,548			7,957,202			31,761,342


EXPENSES:

Investment management fee (Note 2)		10,256,062			3,994,207			8,244,843
Transfer agent fees		228,938			66,888			147,016
Custody fees		505,499			199,540			844,870
Trustees’ fees		313,136			93,711			282,883
Shareholder reports		196,478			151,483			152,880
Insurance		85,423			24,434			59,751
Audit and tax		75,567			77,386			191,754
Legal fees		113,699			31,912			58,420
Registration fees		31,794			26,517			33,200
Other expense		115,131			34,876			95,423
Interest expense		—			—			—

Total Expenses		11,921,727			4,700,954			10,111,040
Less: Fee waivers and/or expense reimbursement (Note 2)		(3,869,800	)		(1,699,256	)		(2,062,694	)

Net Expenses		8,051,927			3,001,698			8,048,346

Net Investment Income (Loss)	$	19,061,621		$	4,955,504		$	23,712,996


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SHORT SALES, SWAP CONTRACTS, UNFUNDED LOAN COMMITMENTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):

Net Realized Gain (Loss) from:

Unaffiliated investments	$	81,590,407		$	(4,511,009	)	$	(14,275,006	)
Affiliated investments		151,219			—			—
Futures contracts		1,097,254			(27,583	)		99,526
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency transactions		238			—			(223,434	)
Capital gain distributions received		—			—			—

Net Realized Gain (Loss):		82,839,118			(4,538,592	)		(14,398,914	)

Change in Net Unrealized Appreciation (Depreciation) from:

Unaffiliated investments		136,780,225			29,492,809			224,283,683
Affiliated investments		(154,287	)		—			—
Futures contracts		371,318			55,090			6,668
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Unfunded loan commitments		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(567	)		(401	)		669,746

Change in Net Unrealized Appreciation (Depreciation):		136,996,689			29,547,498			224,960,097

Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Unfunded Loan Commitments, Forward Sale Commitments, Short Sales, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency and Capital Gain Distributions Received		219,835,807			25,008,906			210,561,183

Total Increase (Decrease) in Net Assets from Operations	$	238,897,428		$	29,964,410		$	234,274,179

See Notes to Financial Statements.

304


Emerging Markets Equity Fund			Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund


$	14,117,549		$	—		$	53,760		$	—		$	51,472		$	—		$	—		$	6,355,663
	—			—			—			—			—			—			—			—
	513,120			63,703,070			8,261,228			4,750,173			3,067,852			5,518,440			16,524,254			—
	—			36,953			—			—			—			—			20,264			—
	15,170			—			36			—			—			—			—			—
	(1,656,642	)		—			—			—			—			—			—			—
	—			41,713			—			—			—			1,939			—			—

	12,989,197			63,781,736			8,315,024			4,750,173			3,119,324			5,520,379			16,544,518			6,355,663




	4,341,649			6,112,874			800,530			861,137			362,736			524,804			2,020,892			1,814,769
	56,106			188,579			13,199			23,363			11,408			11,717			49,514			22,279
	571,231			1,219,597			199,564			419,947			123,084			186,818			227,472			123,139
	91,018			276,066			13,740			32,639			21,022			14,905			85,312			38,569
	195,670			87,606			80,281			78,396			10,239			51,600			75,036			41,505
	22,886			32,687			5,825			7,852			4,504			—			6,398			6,919
	189,476			203,977			145,971			137,675			128,643			181,924			164,046			93,705
	32,281			95,880			7,658			11,617		��	1,663			7,053			28,858			12,515
	16,307			118,976			64,978			21,131			27,441			58,179			28,397			9,122
	45,756			119,490			7,048			45,338			7,160			44,539			26,554			105,550
	—			—			—			—			—			1,382,097			554,166			—

	5,562,380			8,455,732			1,338,794			1,639,095			697,900			2,463,636			3,266,645			2,268,072
	(1,591,754	)		(406,588	)		(232,534	)		(91,070	)		—			(54,527	)		(209,336	)		(1,512,307	)

	3,970,626			8,049,144			1,106,260			1,548,025			697,900			2,409,109			3,057,309			755,765

$	9,018,571		$	55,732,592		$	7,208,764		$	3,202,148		$	2,421,424		$	3,111,270		$	13,487,209		$	5,599,898






$	(12,652,850	)	$	(73,799,690	)	$	(3,692,042	)	$	(9,254,822	)	$	(2,262,308	)	$	(3,146,832	)	$	(8,787,552	)	$	(3,529,385	)
	—			—			—			—			—			—			117			—
	26,198			(17,140,605	)		—			747,958			(40,691	)		949,596			4,642,464			—
	—			5,146,284			—			286,461			—			207,396			—			—
	—			215,758			—			1,844,440			—			—			—			—
	—			—			—			—			—			3,051			3,598			—
	—			2,291,650			—			(306,576	)		—			(783,005	)		(677,414	)		—
	—			(1,865,440	)		—			4,072,721			—			(741,213	)		1,498,571			—
	(144,197	)		294,662			—			514,329			—			314,466			672,668			—
	—			—			—			—			—			—			—			3,154,639

	(12,770,849	)		(84,857,381	)		(3,692,042	)		(2,095,489	)		(2,302,999	)		(3,196,541	)		(2,647,548	)		(374,746	)



	25,188,219	^(a)		1,077,134			3,913,294			1,625,358			677,002			(5,535,642	)		11,559,478			(2,080,295	)
	—			(5,624	)		—			—			—			—			6,114			—
	1,376			3,864,473			—			473,693			(30,977	)		12,698			(641,477	)		—
	—			1,778,542			—			259,591			—			451,270			—			—
	—			—			—			(730,027	)		—			—			—			—
	—			(322,008	)		—			(3,021,287	)		—			694,830			(1,154,897	)		—
	—			2,842			—			—			—			—			—			—
	—			(601,634	)		—			(108,739	)		—			(179,239	)		(1,780,884	)		—
	(834	)		(55,799	)		—			242,455			—			(155,065	)		(123,402	)		—

	25,188,761			5,737,926			3,913,294			(1,258,956	)		646,025			(4,711,148	)		7,864,932			(2,080,295	)


	12,417,912			(79,119,455	)		221,252			(3,354,445	)		(1,656,974	)		(7,907,689	)		5,217,384			(2,455,041	)

$	21,436,483		$	(23,386,863	)	$	7,430,016		$	(152,297	)	$	764,450		$	(4,796,419	)	$	18,704,593		$	3,144,857

(a)

Includes net decrease in accrued foreign capital gains taxes of $(424,517) for Emerging Markets Equity Fund.

See Notes to Financial Statements.

305



Statements of Changes in Net Assets


For the Years Ended August 31, 2023 and August 31, 2022


	Large Cap Equity Fund						Small-Mid Cap Equity Fund
	2023			2022			2023			2022
OPERATIONS:

Net investment income (loss)	$	19,061,621		$	15,594,335		$	4,955,504		$	3,736,593
Net realized gain (loss)		82,839,118			172,087,177			(4,538,592	)		62,024,679
Change in unrealized appreciation (depreciation)		136,996,689			(500,847,239	)		29,547,498			(166,489,650	)
													��
Increase (Decrease) in Net Assets from Operations		238,897,428			(313,165,727	)		29,964,410			(100,728,378	)

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(142,132,555	)		(218,376,686	)		(53,167,528	)		(122,000,592	)
Tax return of capital		—			—			—			—

Decrease in Net Assets from Distributions to Shareholders		(142,132,555	)		(218,376,686	)		(53,167,528	)		(122,000,592	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		366,458,168			486,481,852			113,611,726			233,183,806
Reinvestment of distributions		142,130,329			218,373,626			53,166,874			121,999,032
Cost of shares repurchased		(475,179,779	)		(663,173,550	)		(194,969,471	)		(268,172,019	)

Increase (Decrease) in Net Assets from Fund Share Transactions		33,408,718			41,681,928			(28,190,871	)		87,010,819

Increase (Decrease) in Net Assets		130,173,591			(489,860,485	)		(51,393,989	)		(135,718,151	)
NET ASSETS:

Beginning of year		1,684,856,320			2,174,716,805			541,551,926			677,270,077

End of year	$	1,815,029,911		$	1,684,856,320		$	490,157,937		$	541,551,926

See Notes to Financial Statements.

306


International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2023			2022			2023			2022			2023			2022			2023			2022


$	23,712,996		$	26,807,091		$	9,018,571		$	11,007,603		$	55,732,592		$	24,979,012		$	7,208,764		$	7,803,299
	(14,398,914	)		48,710,814			(12,770,849	)		(7,618,582	)		(84,857,381	)		(55,680,835	)		(3,692,042	)		(4,354,537	)
	224,960,097			(389,470,051	)		25,188,761			(160,760,326	)		5,737,926			(156,801,805	)		3,913,294			(20,402,345	)

	234,274,179			(313,952,146	)		21,436,483			(157,371,305	)		(23,386,863	)		(187,503,628	)		7,430,016			(16,953,583	)



	(57,788,263	)		(119,339,071	)		(8,935,779	)		(22,917,354	)		(55,626,492	)		(36,006,413	)		(7,405,135	)		(8,225,582	)
	—			—			—			—			(2,151,201	)		—			—			—

	(57,788,263	)		(119,339,071	)		(8,935,779	)		(22,917,354	)		(57,777,693	)		(36,006,413	)		(7,405,135	)		(8,225,582	)



	197,255,910			416,349,552			99,155,100			201,338,210			761,348,557			521,340,855			34,438,848			36,057,337
	57,786,251			119,336,497			8,935,359			22,916,953			57,776,345			36,008,324			7,404,827			8,226,664
	(403,947,225	)		(412,033,900	)		(111,056,254	)		(125,860,875	)		(293,556,533	)		(293,194,927	)		(26,499,775	)		(119,695,578	)

	(148,905,064	)		123,652,149			(2,965,795	)		98,394,288			525,568,369			264,154,252			15,343,900			(75,411,577	)

	27,580,852			(309,639,068	)		9,534,909			(81,894,371	)		444,403,813			40,644,211			15,368,781			(100,590,742	)


	1,148,016,404			1,457,655,472			481,053,110			562,947,481			1,351,841,597			1,311,197,386			112,501,835			213,092,577

$	1,175,597,256		$	1,148,016,404		$	490,588,019		$	481,053,110		$	1,796,245,410		$	1,351,841,597		$	127,870,616		$	112,501,835

See Notes to Financial Statements.

307



Statements of Changes in Net Assets


For the Years Ended August 31, 2023 and August 31, 2022


	International Fixed Income Fund						Municipal Bond Fund
	2023			2022			2023			2022
OPERATIONS:

Net investment income (loss)	$	3,202,148		$	1,618,829		$	2,421,424		$	1,844,394
Net realized gain (loss)		(2,095,489	)		3,125,431			(2,302,999	)		(1,920,018	)
Change in unrealized appreciation (depreciation)		(1,258,956	)		(25,731,163	)		646,025			(8,616,294	)

Increase (Decrease) in Net Assets from Operations		(152,297	)		(20,986,903	)		764,450			(8,691,918	)

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(14,058,663	)		(4,340,961	)		(2,408,693	)		(2,081,496	)

Decrease in Net Assets from Distributions to Shareholders		(14,058,663	)		(4,340,961	)		(2,408,693	)		(2,081,496	)

FUND SHARE TRANSACTIONS (NOTE 4):

Net proceeds from sale of shares		53,385,637			78,272,934			43,863,636			30,931,405
Reinvestment of distributions		14,057,777			4,340,926			2,408,693			2,082,092
Cost of shares repurchased		(42,557,170	)		(41,589,279	)		(33,021,324	)		(27,058,631	)

Increase (Decrease) in Net Assets from Fund Share Transactions		24,886,244			41,024,581			13,251,005			5,954,866

Increase (Decrease) in Net Assets		10,675,284			15,696,717			11,606,762			(4,818,548	)
NET ASSETS:

Beginning of year		171,425,368			155,728,651			86,950,499			91,769,047

End of year	$	182,100,652		$	171,425,368		$	98,557,261		$	86,950,499

See Notes to Financial Statements.

308


Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2023			2022			2023			2022			2023			2022


$	3,111,270		$	10,838,492		$	13,487,209		$	4,251,886		$	5,599,898		$	2,532,703
	(3,196,541	)		6,584,440			(2,647,548	)		10,934,287			(374,746	)		1,655,063
	(4,711,148	)		(25,115,356	)		7,864,932			(20,741,772	)		(2,080,295	)		(7,019,402	)

	(4,796,419	)		(7,692,424	)		18,704,593			(5,555,599	)		3,144,857			(2,831,636	)



	(7,395,101	)		(16,180,465	)		(22,018,011	)		(6,020,068	)		(9,351,880	)		(926,844	)

	(7,395,101	)		(16,180,465	)		(22,018,011	)		(6,020,068	)		(9,351,880	)		(926,844	)



	52,980,412			27,701,819			111,642,514			264,301,424			54,915,688			69,749,277
	7,394,879			16,181,288			22,016,351			6,020,038			9,351,880			926,844
	(23,359,545	)		(66,020,546	)		(327,380,449	)		(194,914,743	)		(47,873,053	)		(39,018,518	)

	37,015,746			(22,137,439	)		(193,721,584	)		75,406,719			16,394,515			31,657,603

	24,824,226			(46,010,328	)		(197,035,002	)		63,831,052			10,187,492			27,899,123


	102,266,487			148,276,815			505,786,929			441,955,877			146,764,463			118,865,340

$	127,090,713		$	102,266,487		$	308,751,927		$	505,786,929		$	156,951,955		$	146,764,463

See Notes to Financial Statements.

309



Statements of Cash Flows


For the Year Ended August 31, 2023


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund
Cash Flows Provided by/Used in Operating Activities:
Net decrease in net assets resulting from operations	$	(152,297	)	$	(4,796,419	)
Adjustments to reconcile net increase/decrease in net assets from operations to net cash and foreign currency provided by/used in operating activities:
Purchases of long-term investments		(613,200,094	)		(112,775,653	)
Proceeds from the sale and maturity of long-term investments		605,562,988			81,141,730
Proceeds from short-term investments, net		(7,678,933	)		974,947
Decrease to the principal amount of inflation-indexed bonds		(218,335	)		(3,529,788	)
Proceeds from forward sale commitments		218,176,531			—
Payments on forward sale commitments		(231,486,147	)		—
Change in net unrealized depreciation from forward sale commitments		730,027			—
Change in net unrealized appreciation/depreciation from unaffiliated investments		(1,625,358	)		5,535,642
Change in net unrealized appreciation from options contracts written		(259,591	)		(451,270	)
Change in net unrealized depreciation on open OTC swap contracts		889,325			—
Increase/Decrease in variation margin on open centrally cleared swap contracts		(767,303	)		110,231
Net amortization (accretion) of premiums (discounts) of investments		(174,844	)		(186,102	)
Net realized gain from unaffiliated investments		9,254,822			3,146,832
Decrease in premium received on options contracts written		(57,377	)		(96,663	)
Increase/Decrease in variation margin on open futures contracts		(42,111	)		136,222
Increase/Decrease in receivable for securities sold		(373,628	)		1,213,768
Decrease in receivable for TBA securities sold		44,264,841			6,089,381
Increase/Decrease in dividends and interest receivable from unaffiliated investments		(135,391	)		65,222
Increase/Decrease in deposits for collateral from counterparty		(891,000	)		124,000
Increase in net upfront payments received/paid on OTC open swap contracts		(186,373	)		—
Increase/Decrease in prepaid trustee expenses		672			(2,714	)
Increase/Decrease in prepaid expenses		(3,812	)		36,185
Change in net unrealized depreciation on open forward foreign currency contracts		108,739			179,239
Increase/Decrease in payable for securities purchased		1,403,284			(1,294,090	)
Decrease in payable for TBA securities purchased		(33,439,381	)		(4,662,745	)
Increase/Decrease in deposits for collateral from counterparty		682,000			(70,000	)
Increase in investment management fee payable		983			8,526
Increase in interest expense payable		125			59,912
Decrease in custody fee payable		(6,047	)		(1,646	)
Decrease in transfer agent fees payable		(1,085	)		(2,857	)
Decrease in trustees’ fees payable		—			(2,127	)
Increase/Decrease in accrued expenses		(62,167	)		1,808

Net cash and foreign currency used in operating activities		(9,686,937	)		(29,048,429	)


Cash Flows Provided by/Used in Financing Activities:
Proceeds from sale-buyback transactions		—			39,215,342
Payments on sale-buyback transactions		—			(43,251,782	)
Proceeds from reverse repurchase agreements		—			2,987,003
Proceeds from sale of shares		53,260,693			52,987,524
Cost of shares repurchased		(43,681,800	)		(24,766,203	)
Distributions to shareholders, net of reinvestments		(886	)		(269	)

Net cash and foreign currency provided by financing activities		9,578,007			27,171,615

Net decrease in cash and foreign currency^(a)		(108,930	)		(1,876,814	)


Cash and Foreign Currency:
Cash, cash equivalents and foreign cash at the beginning of the year		317,878			2,341,334

Cash, cash equivalents and foreign cash at end of the year		208,948			464,520


Non-Cash Financing Activities:
Reinvestment of distributions		(14,057,777	)		(7,394,879	)

(a)	Includes net change in unrealized depreciation on foreign currency of $(56,683) and $(124,130) for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

See Notes to Financial Statements.

310



Financial Highlights

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



Large Cap Equity Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	20.91			$27.58		$	21.62		$	19.10		$	21.31

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.23			0.20			0.22			0.26			0.27
Net realized and unrealized gain (loss)		2.58			(3.96	)		6.49			3.23			(0.24	)

Total Income (Loss) from Operations		2.81			(3.76	)		6.71			3.49			0.03

Less Distributions from:
Net investment income		(0.18	)		(0.20	)		(0.18	)		(0.20	)		(0.34	)
Net realized gain		(1.61	)		(2.71	)		(0.57	)		(0.77	)		(1.90	)

Total Distributions		(1.79	)		(2.91	)		(0.75	)		(0.97	)		(2.24	)

Net Asset Value, End of Year	$	21.93			$20.91		$	27.58		$	21.62		$	19.10

Total Return†⁽²⁾		14.71	%		(15.44	)%		31.79	%		18.85	%		1.32	%
Net Assets, End of Year (millions)	$	1,815			$1,685		$	2,175		$	1,854		$	1,554
Ratios to Average Net Assets:
Gross expenses		0.70	%		0.69	%		0.68	%		0.70	%		0.69	%
Net expenses⁽³⁾		0.47			0.48			0.47			0.49			0.48
Net investment income		1.12			0.82			0.91			1.33			1.43
Portfolio Turnover Rate		34	%		20	%		15	%		21	%		13	%

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

(2)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. 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.

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

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

See Notes to Financial Statements.

311



Financial Highlights


(continued)

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



Small-Mid Cap Equity Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	16.56			$24.35		$	18.01		$	18.60		$	23.06

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.15			0.12			0.13			0.13			0.12
Net realized and unrealized gain (loss)		0.81			(3.25	)		7.10			1.48			(1.83	)

Total Income (Loss) from Operations		0.96			(3.13	)		7.23			1.61			(1.71	)

Less Distributions from:
Net investment income		(0.11	)		(0.08	)		(0.14	)		(0.10	)		(0.10	)
Net realized gain		(1.54	)		(4.58	)		(0.75	)		(2.10	)		(2.65	)

Total Distributions		(1.65	)		(4.66	)		(0.89	)		(2.20	)		(2.75	)

Net Asset Value, End of Year	$	15.87			$16.56		$	24.35		$	18.01		$	18.60

Total Return†⁽²⁾		6.47	%		(15.89	)%		41.14	%		8.78	%		(6.25	)%
Net Assets, End of Year (millions)	$	490			$ 542		$	677		$	620		$	423
Ratios to Average Net Assets:
Gross expenses		0.94	%		0.93	%		0.92	%		0.96	%		0.98	%
Net expenses⁽³⁾		0.60			0.59			0.58			0.62			0.66
Net investment income		0.99			0.63			0.61			0.77			0.63
Portfolio Turnover Rate		23	%		41	%		29	%		45	%		65	%

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

(2)

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

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

See Notes to Financial Statements.

312



Financial Highlights


(continued)

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



International Equity Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	11.19			$15.54		$	12.27		$	11.59		$	12.64

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.25			0.27			0.21			0.17			0.28
Net realized and unrealized gain (loss)		2.11			(3.34	)		3.30			0.84			(1.09	)

Total Income (Loss) from Operations		2.36			(3.07	)		3.51			1.01			(0.81	)

Less Distributions from:
Net investment income		(0.21	)		(0.33	)		(0.24	)		(0.33	)		(0.24	)
Net realized gain		(0.36	)		(0.95	)		—			—			—

Total Distributions		(0.57	)		(1.28	)		(0.24	)		(0.33	)		(0.24	)

Net Asset Value, End of Year	$	12.98			$11.19		$	15.54		$	12.27		$	11.59

Total Return†⁽²⁾		21.72	%		(21.37	)%		28.93	%		8.64	%		(6.34	)%
Net Assets, End of Year (millions)	$	1,176			$1,148		$	1,458		$	1,254		$	1,311
Ratios to Average Net Assets:
Gross expenses		0.86	%		0.85	%		0.84	%		0.87	%		0.84	%
Net expenses⁽³⁾		0.68			0.67			0.67			0.71			0.68
Net investment income		2.01			2.01			1.50			1.44			2.40
Portfolio Turnover Rate		33	%		38	%		52	%		39	%		28	%

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

(2)

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

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

See Notes to Financial Statements.

313



Financial Highlights


(continued)

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



Emerging Markets Equity Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	12.39			$17.44		$	14.67		$	14.00		$	14.29

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.23			0.30			0.20			0.20			0.27
Net realized and unrealized gain (loss)		0.31			(4.65	)		2.90			0.75			(0.34	)

Total Income (Loss) from Operations		0.54			(4.35	)		3.10			0.95			(0.07	)

Less Distributions from:
Net investment income		(0.23	)		(0.29	)		(0.33	)		(0.28	)		(0.22	)
Net realized gain		—			(0.41	)		—			—			—

Total Distributions		(0.23	)		(0.70	)		(0.33	)		(0.28	)		(0.22	)

Net Asset Value, End of Year	$	12.70			$12.39		$	17.44		$	14.67		$	14.00

Total Return†⁽²⁾		4.64	%		(25.82	)%		21.28	%		6.79	%		(0.40	)%
Net Assets, End of Year (millions)	$	491			$ 481		$	563		$	548		$	493
Ratios to Average Net Assets:
Gross expenses		1.15	%		1.15	%		1.12	%		1.15	%		1.13	%
Net expenses⁽³⁾		0.82			0.81			0.80			0.84			0.82
Net investment income		1.87			2.10			1.18			1.44			1.95
Portfolio Turnover Rate		12	%		14	%		53	%		23	%		22	%

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

(2)

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

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

See Notes to Financial Statements.

314



Financial Highlights


(continued)

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



Core Fixed Income Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	7.12		$	8.39		$	8.79		$	8.42		$	7.86

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.25			0.14			0.13			0.19			0.23
Net realized and unrealized gain (loss)		(0.36	)		(1.20	)		(0.08	)		0.42			0.57

Total Income (Loss) from Operations		(0.11	)		(1.06	)		0.05			0.61			0.80

Less Distributions from:
Net investment income		(0.25	)		(0.16	)		(0.17	)		(0.22	)		(0.24	)
Tax return of capital		(0.01	)		—			—			—			—
Net realized gain		—			(0.05	)		(0.28	)		(0.02	)		—

Total Distributions		(0.26	)		(0.21	)		(0.45	)		(0.24	)		(0.24	)

Net Asset Value, End of Year	$	6.75		$	7.12		$	8.39		$	8.79		$	8.42

Total Return†⁽²⁾		(1.60	)%		(12.86	)%		0.58	%		7.46	%		10.39	%
Net Assets, End of Year (millions)	$	1,796		$	1,352		$	1,311		$	981		$	1,204
Ratios to Average Net Assets:
Gross expenses		0.55	%		0.56	%		0.56	%		0.58	%		0.57	%
Net expenses⁽³⁾		0.52			0.53			0.54			0.56			0.56
Net investment income		3.65			1.85			1.57			2.27			2.85
Portfolio Turnover Rate		254	%		238	%		227	%		216	%		210	%

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

(2)

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

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

See Notes to Financial Statements.

315



Financial Highlights


(continued)

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



High Yield Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	3.14		$	3.72		$	3.61		$	3.76		$	3.77

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.20			0.17			0.18			0.17			0.19
Net realized and unrealized gain (loss)		—			(0.56	)		0.11			(0.15	)		—

Total Income (Loss) from Operations		0.20			(0.39	)		0.29			0.02			0.19

Less Distributions from:
Net investment income		(0.20	)		(0.19	)		(0.18	)		(0.17	)		(0.20	)

Net Asset Value, End of Year	$	3.14		$	3.14		$	3.72		$	3.61		$	3.76

Total Return†⁽²⁾		6.71	%		(10.88	)%		8.61	%		0.14	%		5.58	%
Net Assets, End of Year (millions)	$	128		$	113		$	213		$	282		$	49
Ratios to Average Net Assets:
Gross expenses		1.17	%		1.07	%		0.96	%		1.07	%		1.32	%
Net expenses⁽³⁾		0.97			0.87			0.76			0.86			1.12
Net investment income		6.30			4.88			4.79			4.85			5.09
Portfolio Turnover Rate		25	%		46	%		117	%		84	%		43	%

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

(2)

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

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

See Notes to Financial Statements.

316



Financial Highlights


(continued)

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



International Fixed Income Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	7.00		$	8.12		$	8.03		$	8.35		$	7.86

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.12			0.07			0.07			0.20			0.06
Net realized and unrealized gain (loss)		(0.13	)		(0.98	)		0.08			(0.15	)		0.70

Total Income (Loss) from Operations		(0.01	)		(0.91	)		0.15			0.05			0.76

Less Distributions from:
Net investment income		(0.59	)		(0.12	)		—			(0.35	)		(0.27	)
Net realized gain		—			(0.09	)		(0.06	)		(0.02	)		—

Total Distributions		(0.59	)		(0.21	)		(0.06	)		(0.37	)		(0.27	)

Net Asset Value, End of Year	$	6.40		$	7.00		$	8.12		$	8.03		$	8.35

Total Return†⁽²⁾		(0.15	)%		(11.54	)%		1.86	%		0.75	%		10.01	%
Net Assets, End of Year (millions)	$	182		$	171		$	156		$	135		$	147
Ratios to Average Net Assets:
Gross expenses⁽³⁾		0.95	%		0.93	%		0.97	%		1.16	%		1.24	%
Net expenses⁽³⁾⁽⁴⁾		0.90			0.88			0.92			1.11			1.19
Net investment income		1.86			0.95			0.92			2.49			0.77
Portfolio Turnover Rate		381	%		312	%		402	%		437	%		265	%

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

(2)

(3)	Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.00%, 0.00%, less than 0.005%, 0.09% and 0.15%, respectively.

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

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

See Notes to Financial Statements.

317



Financial Highlights


(continued)

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



Municipal Bond Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	8.55		$	9.60		$	9.53		$	9.61		$	9.11

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.23			0.18			0.17			0.20			0.23
Net realized and unrealized gain (loss)		(0.12	)		(1.03	)		0.12			(0.01	)		0.52

Total Income (Loss) from Operations		0.11			(0.85	)		0.29			0.19			0.75

Less Distributions from:
Net investment income		(0.22	)		(0.18	)		(0.17	)		(0.21	)		(0.22	)
Net realized gain		—			(0.02	)		(0.05	)		(0.06	)		(0.03	)

Total Distributions		(0.22	)		(0.20	)		(0.22	)		(0.27	)		(0.25	)

Net Asset Value, End of Year	$	8.44		$	8.55		$	9.60		$	9.53		$	9.61

Total Return†⁽²⁾		1.35	%		(8.91	)%		3.07	%		1.99	%		8.38	%
Net Assets, End of Year (millions)	$	99		$	87		$	92		$	69		$	86
Ratios to Average Net Assets:
Gross expenses		0.76	%		0.71	%		0.73	%		0.73	%		0.74	%
Net expenses		0.76			0.71			0.73			0.73			0.74
Net investment income		2.66			1.99			1.79			2.16			2.44
Portfolio Turnover Rate		28	%		48	%		7	%		10	%		42	%

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

(2)

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

See Notes to Financial Statements.

318



Financial Highlights


(continued)

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



Inflation-Linked Fixed Income Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	9.17		$	11.16		$	11.13		$	10.19		$	9.79

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.25			0.87			0.56			0.18			0.24
Net realized and unrealized gain (loss)		(0.65	)		(1.54	)		0.07			0.88			0.38

Total Income (Loss) from Operations		(0.40	)		(0.67	)		0.63			1.06			0.62

Less Distributions from:
Net investment income		(0.37	)		(0.93	)		(0.60	)		(0.12	)		(0.22	)
Net realized gain		(0.28	)		(0.39	)		—			—			—

Total Distributions		(0.65	)		(1.32	)		(0.60	)		(0.12	)		(0.22	)

Net Asset Value, End of Year	$	8.12		$	9.17		$	11.16		$	11.13		$	10.19

Total Return†⁽²⁾		(4.51	)%		(6.55	)%		5.87	%		10.38	%		6.42	%
Net Assets, End of Year (millions)	$	127		$	102		$	148		$	156		$	217
Ratios to Average Net Assets:
Gross expenses⁽³⁾		2.35	%		1.08	%		0.93	%		1.27	%		1.35	%
Net expenses⁽³⁾⁽⁴⁾		2.30			1.03			0.88			1.22			1.30
Net investment income		2.96			8.43			5.08			1.76			2.47
Portfolio Turnover Rate		56	%		57	%		104	%		193	%		143	%

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

(2)

(3)	Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 1.32%, 0.17%, 0.03%, 0.35% and 0.55%, respectively.

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

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

See Notes to Financial Statements.

319



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
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	9.69		$	9.89		$	9.99		$	9.90		$	9.97

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.32			0.08			0.05			0.18			0.25
Net realized and unrealized gain (loss)		0.14			(0.17	)		0.01			0.06			(0.06	)

Total Income (Loss) from Operations		0.46			(0.09	)		0.06			0.24			0.19

Less Distributions from:
Net investment income		(0.54	)		(0.11	)		(0.16	)		(0.15	)		(0.26	)

Net Asset Value, End of Year	$	9.61		$	9.69		$	9.89		$	9.99		$	9.90

Total Return†⁽²⁾		4.95	%		(0.92	)%		0.61	%		2.36	%		2.07	%
Net Assets, End of Year (millions)	$	309		$	506		$	442		$	398		$	497
Ratios to Average Net Assets:
Gross expenses⁽³⁾		0.81	%		0.67	%		0.67	%		0.69	%		0.82	%
Net expenses⁽³⁾⁽⁴⁾		0.76			0.62			0.62			0.64			0.77
Net investment income		3.34			0.79			0.50			1.78			2.51
Portfolio Turnover Rate		42	%		86	%		55	%		96	%		97	%

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

(2)

(3)	Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.14%, 0.02%, less than 0.005%, 0.02% and 0.07%, respectively.

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

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

See Notes to Financial Statements.

320



Financial Highlights


(continued)

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



Alternative Strategies Fund
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	10.69		$	10.99		$	10.04		$	10.10		$	9.88

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.38			0.20			0.13			0.15			0.10
Net realized and unrealized gain (loss)		(0.17	)		(0.42	)		0.91			0.10			0.19

Total Income (Loss) from Operations		0.21			(0.22	)		1.04			0.25			0.29

Less Distributions from:
Net investment income		(0.64	)		(0.07	)		(0.09	)		(0.28	)		(0.07	)
Net realized gain		(0.02	)		(0.01	)		—			(0.03	)		—

Total Distributions		(0.66	)		(0.08	)		(0.09	)		(0.31	)		(0.07	)

Net Asset Value, End of Year	$	10.24		$	10.69		$	10.99		$	10.04		$	10.10

Total Return†⁽²⁾		2.14	%		(2.06	)%		10.39	%		2.61	%		2.90	%
Net Assets, End of Year (millions)	$	157		$	147		$	119		$	39		$	27
Ratios to Average Net Assets:
Gross expenses		1.50	%		1.59	%		1.56	%		1.85	%		2.34	%
Net expenses⁽³⁾⁽⁴⁾		0.50			0.59			0.56			0.70			0.88
Net investment income		3.70			1.83			1.24			1.52			1.01
Portfolio Turnover Rate		27	%		18	%		18	%		34	%		16	%

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

(2)

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

(4)	Does not reflect the Fund’s proportionate share of income and expenses from the Underlying Fund.

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

See Notes to Financial Statements.

321



Notes to Financial Statements

1. Organization and Significant Accounting Policies

The Morgan Stanley Pathway Funds (the “Trust”) is organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Large Cap Equity Fund, Small-Mid Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (individually, a “Fund” and collectively, the “Funds”). Alternative Strategies Fund will allocate its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by a third party professional money manager (“Underlying Funds”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

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

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

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

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

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

Overnight repurchase agreements and repurchase agreements maturing in seven days or less are valued at cost. Term repurchase agreements maturing in more than seven days are valued at the average of the bid quotations obtained daily from at least two recognized purchasers of such term repurchase agreements selected by Consulting Group Advisory Services, LLC (“CGAS”) (the “Manager”).

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Manager in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

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

322



Notes to Financial Statements


(continued)

markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2 and 3). The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, senior loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, forward foreign currency contracts, options contracts, or swap contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing 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

323



Notes to Financial Statements


(continued)

inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:


	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Large Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	150,863,795		$	150,863,795	$	—		$	—
Consumer Discretionary		174,849,036			174,849,036		—			—
Consumer Staples		97,169,206			97,169,206		—			—
Energy		71,486,423			71,486,423		—			—
Financials		242,682,565			242,682,565		—			—
Health Care		269,766,238			269,766,238		—			—
Industrials		194,872,010			194,872,010		—			—
Information Technology		424,467,311			424,467,311		—			—
Materials		47,526,092			47,523,190		2,902			—
Real Estate		63,566,028			63,566,028		—			—
Utilities		36,019,614			36,019,614		—			—
Short-Term Investments:
Money Market Fund		1,380,572			1,380,572		—			—
Time Deposits		34,541,697			—		34,541,697			—

Total Investments, at Value	$	1,809,190,587		$	1,774,645,988	$	34,544,599		$	—

Security Lending Transactions — Liabilities	$	(1,380,572	)	$	—	$	(1,380,572	)	$	—

Other Financial Instruments — Assets
Futures Contracts	$	399,752		$	399,752	$	—		$	—

Total Other Financial Instruments — Assets	$	399,752		$	399,752	$	—		$	—

324



Notes to Financial Statements


(continued)


	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Small-Mid Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	8,122,066		$	8,122,066		$	—		$	—
Consumer Discretionary		42,967,678			42,967,678			—			—
Consumer Staples		21,015,569			21,015,569			—			—
Energy		21,171,846			21,171,846			—			—
Financials		63,647,300			63,647,300			—			—
Health Care		72,673,318			72,664,860			8,458			—
Industrials		96,069,963			96,069,963			—			—
Information Technology		74,607,365			74,607,365			—			—
Materials		25,266,738			25,259,849			6,889			—
Real Estate		25,413,604			25,413,604			—			—
Utilities		13,923,945			13,923,945			—			—
Preferred Stocks:
Financials		2,261,598			2,261,598			—			—
Open End Mutual Fund Securities:
Financials		876,349			876,349			—			—
Corporate Bonds & Notes		642,940			—			642,940			—
Short-Term Investments:
Money Market Fund		4,470,501			4,470,501			—			—
Time Deposits		20,739,682			—			20,739,682			—

Total Investments, at Value	$	493,870,462		$	472,472,493		$	21,397,969		$	—

Security Lending Transactions — Liabilities	$	(4,470,501	)	$	—		$	(4,470,501	)	$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(11,094	)	$	(11,094	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(11,094	)	$	(11,094	)	$	—		$	—

International Equity Fund
Investments, at Value
Common Stocks:
France	$	132,475,350		$	351,610		$	132,123,740		$	—
Germany		88,744,761			—			88,744,761			—
Japan		206,593,794			108,553			206,485,241			—
Switzerland		107,683,170			978,750			106,704,420			—
United Kingdom		196,778,453			1,654,056			195,124,397			—
Other Countries**		394,953,769			51,413,613			343,540,156			—
Preferred Stocks:
Germany		3,100,936			—			3,100,936			—
Open End Mutual Fund Security:
United States		1,852,738			1,852,738			—			—
Right:
Sweden		3,803			—			3,803			—

325



Notes to Financial Statements


(continued)


	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Short-Term Investments:
Money Market Fund	$	5,558,829		$	5,558,829		$	—		$	—
Time Deposits		34,477,423			—			34,477,423			—

Total — Investments, at Value	$	1,172,223,026		$	61,918,149		$	1,110,304,877		$	—

Security Lending Transactions — Liabilities	$	(5,558,829	)	$	—		$	(5,558,829	)	$	—

Other Financial Instruments — Assets
Futures Contracts	$	8,176		$	8,176		$	—		$	—

Total Other Financial Instruments — Assets	$	8,176		$	8,176		$	—		$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(9,666	)	$	(9,666	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(9,666	)	$	(9,666	)	$	—		$	—

Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
Brazil	$	32,414,543		$	32,414,543		$	—		$	—
China		114,604,759			11,178,376			103,426,383			—
India		71,729,026			14,216,934			57,512,092			—
South Korea		54,767,897			520,345			54,247,552			—
Taiwan		60,418,234			13,188,926			47,229,308			—
Other Countries**		130,587,873	*		32,380,870			98,166,046			40,957	*
Preferred Stocks:
Brazil		2,684,910			2,684,910			—			—
Chile		204,322			204,322			—			—
Colombia		61,975			61,975			—			—
Mexico		282,791			282,791			—			—
Russia		849			—			—			849
South Korea		4,005,048			—			4,005,048			—
Rights:
Brazil		929			929			—			—
South Korea		2,771			—			2,771			—
Short-Term Investments:
Money Market Fund		404,141			404,141			—			—
Time Deposits		19,500,321			—			19,500,321			—

Total — Investments, at Value	$	491,670,389	*	$	107,539,062		$	384,089,521		$	41,806	*

Security Lending Transactions — Liabilities	$	(404,141	)	$	—		$	(404,141	)	$	—

Other Financial Instruments — Liabilities
Futures Contract	$	(9,966	)	$	(9,966	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(9,966	)	$	(9,966	)	$	—		$	—

326



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(continued)


	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Core Fixed Income Fund
Investments, at Value
Mortgage-Backed Securities	$	561,635,034		$	—		$	561,635,034		$	—
Corporate Bonds & Notes		516,882,695	*		—			516,882,695			—	*
U.S. Government Agencies & Obligations		455,161,734			—			455,161,734			—
Collateralized Mortgage Obligations		217,107,308			—			217,107,308			—
Asset-Backed Securities		46,400,777			—			46,400,777			—
Sovereign Bonds		45,519,447			—			45,519,447			—
Senior Loans		23,842,755			—			23,842,755			—
Municipal Bonds		5,656,444			—			5,656,444			—
Common Stock:
Telecommunications		254,567			—			254,567			—
Right:
Luxembourg		—	*		—			—			—	*
Purchased Options		304,222			272,742			31,480			—
Short-Term Investments:
Time Deposits		39,272,232			—			39,272,232			—
U.S. Government Agency		319,368			—			319,368			—
U.S. Government Obligations		54,720,194			—			54,720,194			—

Total Investments, at Value	$	1,967,076,777	*	$	272,742		$	1,966,804,035		$	—	*

Other Financial Instruments — Assets
Futures Contracts	$	3,313,981		$	3,313,981		$	—		$	—
Forward Foreign Currency Contracts		148,317			—			148,317			—
Centrally Cleared Interest Rate Swaps		4,649,361			—			4,649,361			—
Centrally Cleared Credit Default Swap		401,566			—			401,566			—

Total Other Financial Instruments — Assets	$	8,513,225		$	3,313,981		$	5,199,244		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(594,650	)	$	(594,650	)	$	—		$	—
Futures Contracts		(1,148,991	)		(1,148,991	)		—			—
Forward Foreign Currency Contracts		(978,107	)		—			(978,107	)		—
OTC Interest Rate Swap		(215,986	)		—			(215,986	)		—
Centrally Cleared Credit Default Swap		(117,359	)		—			(117,359	)		—

Total Other Financial Instruments — Liabilities	$	(3,055,093	)	$	(1,743,641	)	$	(1,311,452	)	$	—

High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	113,384,860		$	—		$	113,384,860		$	—
Collateralized Mortgage Obligations		4,236,051			—			4,236,051			—
Senior Loans		3,675,157			—			3,675,157			—
Common Stocks:
Energy		346,713			346,713			—			—

327



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(continued)


	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Convertible Preferred Stocks:
Energy	$	275,118		$	—		$	275,118		$	—
Sovereign Bonds		44,124			—			44,124			—
Short-Term Investments:
Time Deposits		4,651,970			—			4,651,970			—

Total Investments, at Value	$	126,613,993		$	346,713		$	126,267,280		$	—

International Fixed Income Fund
Investments, at Value
Mortgage-Backed Securities	$	38,542,008		$	—		$	38,542,008		$	—
Sovereign Bonds:
Japan		17,332,493			—			17,332,493			—
Other Countries**		22,727,705			—			22,727,705			—
Collateralized Mortgage Obligations		29,625,548			—			29,625,548			—
Corporate Bonds & Notes:
Denmark		11,909,296			—			11,909,296			—
Other Countries**		7,741,193			—			7,741,193			—
U.S. Government Obligations		8,890,174			—			8,890,174			—
Asset-Backed Securities		732,821			—			732,821			—
Purchased Options		218,438			—			218,438			—
Short-Term Investments:
Commercial Papers		1,924,496			—			1,924,496			—
Repurchase Agreement		18,900,000			—			18,900,000			—
Sovereign Bonds:
Japan		37,820,264			—			37,820,264			—
Time Deposits		4,887,834			—			4,887,834			—

Total Investments, at Value	$	201,252,270		$	—		$	201,252,270		$	—

Other Financial Instruments — Assets
Futures Contracts	$	203,537		$	203,537		$	—		$	—
Forward Foreign Currency Contracts		3,651,181			—			3,651,181			—
OTC Total Return Swaps		15,682			—			15,682			—
OTC Interest Rate Swaps		41,089			—			41,089			—
Centrally Cleared Interest Rate Swaps		3,616,946			—			3,616,946			—
OTC Credit Default Swap		11,393			—			11,393			—
Centrally Cleared Credit Default Swaps		200,600			—			200,600			—

Total Other Financial Instruments — Assets	$	7,740,428		$	203,537		$	7,536,891		$	—

Other Financial Instruments — Liabilities
Options Contracts Written	$	(374,541	)	$	(14,400	)	$	(360,141	)	$	—
Forward Sale Commitments		(15,798,363	)		—			(15,798,363	)		—
Futures Contracts		(417,122	)		(417,122	)		—			—
Forward Foreign Currency Contracts		(503,610	)		—			(503,610	)		—
OTC Total Return Swap		(4,126	)		—			(4,126	)		—
Centrally Cleared Interest Rate Swaps		(6,583,798	)		—			(6,583,798	)		—
Centrally Cleared Credit Default Swaps		(185,140	)		—			(185,140	)		—
OTC Cross Currency Swap		(80,841	)		—			(80,841	)		—

Total Other Financial Instruments — Liabilities	$	(23,947,541	)	$	(431,522	)	$	(23,516,019	)	$	—

328



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(continued)


	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	90,594,075		$	—		$	90,594,075		$	—
Open End Mutual Fund Security:
United States		2,636,500			2,636,500			—			—
Short-Term Investments:
Time Deposits		4,643,921			—			4,643,921			—

Total Investments, at Value	$	97,874,496		$	2,636,500		$	95,237,996		$	—

Other Financial Instruments — Liabilities
Futures Contracts	$	(22,255	)	$	(22,255	)	$	—		$	—

Total Other Financial Instruments — Liabilities	$	(22,255	)	$	(22,255	)	$	—		$	—

Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Agencies & Obligations	$	137,146,930		$	—		$	137,146,930		$	—
Collateralized Mortgage Obligations		14,598,154			—			14,598,154			—
Sovereign Bonds		6,968,289			—			6,968,289			—
Mortgage-Backed Securities		5,147,052			—			5,147,052			—
Corporate Bonds & Notes		1,673,209			—			1,673,209			—
Purchased Option		305,047			—			305,047			—
Short-Term Investments:
Time Deposits		872,140			—			872,140			—

Total Investments, at Value	$	166,710,821		$	—		$	166,710,821		$	—

Other Financial Instruments — Assets
Futures Contracts	$	165,887		$	165,887		$	—		$	—
Forward Foreign Currency Contracts		312,627			—			312,627			��
Centrally Cleared Interest Rate Swaps		1,118,854			—			1,118,854			—
Centrally Cleared Inflation Rate Swaps		799,625			—			799,625			—
Centrally Cleared Credit Default Swap		14			—			14			—

Total Other Financial Instruments — Assets	$	2,397,007		$	165,887		$	2,231,120		$	—

Other Financial Instruments — Liabilities
Option Contracts Written	$	(487,943	)	$	—		$	(487,943	)	$	—
Reverse Repurchase Agreements		(35,574,043	)		—			(35,574,043	)		—
Futures Contracts		(239,709	)		(239,709	)		—			—
Forward Foreign Currency Contracts		(41,606	)		—			(41,606	)		—
Centrally Cleared Interest Rate Swaps		(359,195	)		—			(359,195	)		—
Centrally Cleared Inflation Rate Swaps		(1,473,828	)		—			(1,473,828	)		—

Total Other Financial Instruments — Liabilities	$	(38,176,324	)	$	(239,709	)	$	(37,936,615	)	$	—

329



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	Total Fair Value at August 31, 2023			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	129,687,335		$	—		$	129,687,335		$	—
Collateralized Mortgage Obligations		96,949,580			—			96,949,580			—
Asset-Backed Securities		42,486,389			—			42,486,389			—
U.S. Government Agencies		15,435,449			—			15,435,449			—
Certificate of Deposit		908,632			—			908,632			—
Mortgage-Backed Securities		776,867			—			776,867			—
Short-Term Investments:
Commercial Papers		15,637,077			—			15,637,077			—
Time Deposits		2,724,928			—			2,724,928			—
U.S. Government Obligations		50,341,461			—			50,341,461			—

Total Investments, at Value	$	354,947,718		$	—		$	354,947,718		$	—

Other Financial Instruments — Assets
Futures Contract	$	538		$	538		$	—		$	—
Forward Foreign Currency Contracts		1,009,560			—			1,009,560			—

Total Other Financial Instruments — Assets	$	1,010,098		$	538		$	1,009,560		$	—

Other Financial Instruments —Liabilities
Futures Contracts	$	(241,804	)	$	(241,804	)	$	—		$	—
Forward Foreign Currency Contracts		(144,363	)		—			(144,363	)		—
Centrally Cleared Credit Default Swap		(357,055	)		—			(357,055	)		—

Total Other Financial Instruments — Liabilities	$	(743,222	)	$	(241,804	)	$	(501,418	)	$	—

Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	154,833,847		$	154,833,847		$	—		$	—

Total Investments, at Value	$	154,833,847		$	154,833,847		$	—		$	—

*	Includes securities that are fair valued using significant unobservable inputs at $0.

**	Other Countries represents countries that are individually less than 5% of Net Assets.

The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.

Transfer between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.

330



Notes to Financial Statements


(continued)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the year September 1, 2022 through August 31, 2023:


	Total			Common Stocks			Corporate Bonds & Notes			Preferred Stocks			Rights
Small-Mid Cap Equity Fund
Balance as of August 31, 2022	$	—	*	$	—	*	$	—		$	—		$	—
Total realized gain (loss)		4,225			4,225			—			—			—
Accrued discounts (premiums)		—			—			—			—			—
Change in unrealized appreciation (depreciation)		—			—			—			—			—
Purchases		—			—			—			—			—
(Sales)		(4,225	)		(4,225	)		—			—			—
Transfers in		—			—			—			—			—
(Transfers out)		—			—			—			—			—

Balance as of August 31, 2023	$	—		$	—		$	—		$	—		$	—

Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2023	$	—		$	—		$	—		$	—		$	—

Emerging Markets Equity Fund
Balance as of August 31, 2022	$	41,763	*	$	40,927	*	$	—		$	836		$	—	*
Total realized gain (loss)		—	†		—			—			—			—	†
Accrued discounts (premiums)		—			—			—			—			—
Change in unrealized appreciation (depreciation)		—			—			—			—			—
Purchases		—			—			—			—			—
(Sales)		—	*		—			—			—			(—	)*
Transfers in		43	**		30	**		—			13	**		—
(Transfers out)		—			—			—			—			—

Balance as of August 31, 2023	$	41,806	*	$	40,957	*	$	—		$	849		$	—

Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2023	$	(15	)	$	(7	)	$	—		$	(8	)	$	—

Core Fixed Income Fund
Balance as of August 31, 2022	$	324,809	*	$	324,809		$	—	*	$	—		$	—	*
Total realized gain (loss)		—			—			—			—			—
Accrued discounts (premiums)		11,103			—			11,103			—			—
Change in unrealized appreciation (depreciation)		(81,345	)		(70,242	)		(11,103	)		—			—
Purchases		—			—			—			—			—
(Sales)		—			—			—			—			—
Transfers in		—			—			—			—			—
(Transfers out)		(254,567	)**		(254,567	)**		—			—			—

Balance as of August 31, 2023	$	—	*	$	—		$	—	*	$	—		$	—	*

Change in unrealized appreciation (depreciation) from Investments held as of August 31, 2023	$	—		$	—		$	(11,103)		$	—		$	—

†	The value is zero.

*	Includes securities that are valued at $0.

Transfers are calculated on the beginning of period value. For the year ended August 31, 2023, for Emerging Markets Equity Fund, securities with an aggregate fair value of $43 were transferred from Level 2 to Level 3 as there were no longer observable inputs available to determine their fair value. For the year ended August 31, 2023, for Core Fixed Income Fund, securities with an aggregate fair value of $254,567 were transferred from Level 3 to Level 2 as there were observable inputs available to determine their fair value. There were no other transfers in or out of Level 3 for any of the Funds.

331



Notes to Financial Statements


(continued)

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

All open derivative positions at the year-end for each Fund are disclosed in the Fund’s Schedule of Investments.

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(i) Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin, which is included in deposits for collateral with counterparty on the Statements of Assets and Liabilities. Additional securities are also segregated as collateral up to the current market value of the futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the fluctuation in the value of the underlying financial instruments and are reported on the Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund 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

332



Notes to Financial Statements


(continued)

amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. When a Fund purchases an inflation-capped option, the Fund pays a premium which is recorded as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

(v) Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statements of Assets and Liabilities. The Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

(vi) Swaptions. Swaptions contracts entered into by the Funds typically represent an option that gives the purchaser the right, but not the obligation, to enter into a swap contract on a future date. Certain Funds may purchase swaptions to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Changes in the value of purchased swaptions are reported as net change in unrealized appreciation or depreciation on the Statements of Operations and Changes in Net Assets. Gain or loss is recognized when the swaptions contract expires or is closed as net realized gain or loss on the Statements of Operations and Changes in Net Assets. Details of purchased swaptions contracts held at year-end are included on the Fund’s Schedule of Investments under the caption “Purchased Options.”

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by a Fund represent an option that obligates the writer upon exercise by the purchaser, to enter into a previously agreed upon swap contract on a future date. If a written call swaption is exercised, the writer will enter into a swap and is obligated to pay the fixed rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange.

When a Fund writes a swaption, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently adjusted to the current market value of the swaption. Changes in the value of the swaption are reported as unrealized gains or losses in the Statements of Operations. A gain or loss is recognized when the swaption contract expires or is closed. Premiums received from writing swaptions that expire or are exercised are treated by the Fund as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction is also treated as a realized gain or, if the premium received is less than the amount paid for the closing purchase, as a realized loss.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk, associated with both option contracts and swap contracts. To reduce credit risk from potential counterparty default, a Fund only enters into swaption contracts with counterparties that meet certain standards of creditworthiness. A Fund bears the market risk arising from any change in index values or interest rates.

(vii) Swap Contracts. Swaps involve the exchange by a Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. Certain Funds may enter into these transactions to 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

333



Notes to Financial Statements


(continued)

use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms.

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Such amounts are reported on the Statements of Assets and Liabilities as deposits with counterparties.

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

334



Notes to Financial Statements


(continued)

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

(xii) Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

(xiii) Inflation Rate Swap Contracts. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiv) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swap contracts are agreements where the total return of a reference asset is paid in exchange for periodic cash flows. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gains or losses in the Statements of Operations.

335



Notes to Financial Statements


(continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2023:

Large Cap Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	399,752	$	399,752


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	1,097,254	$	1,097,254


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	371,318	$	371,318

Small-Mid Cap Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	11,094	$	11,094


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(27,583	)	$	(27,583	)


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	55,090		$	55,090

336



Notes to Financial Statements


(continued)

International Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	8,176	$	8,176


Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	9,666	$	9,666


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	99,526	$	99,526


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	6,668	$	6,668

Emerging Markets Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	9,966	$	9,966


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	26,198	$	26,198


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	1,376	$	1,376

337



Notes to Financial Statements


(continued)

Core Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	272,742	$	31,480	$	—	$	—	$	304,222
Unrealized appreciation on open futures contracts (b)		3,313,981		—		—		—		3,313,981
Unrealized appreciation on forward foreign currency contracts (c)		—		148,317		—		—		148,317
Unrealized appreciation on centrally cleared swaps (f)		4,649,361		—		401,566		—		5,050,927

	$	8,236,084	$	179,797	$	401,566	$	—	$	8,817,447

Liability derivatives
Options contracts written outstanding (a)	$	594,650	$	—	$	—	$	—	$	594,650
Unrealized depreciation on open futures contracts (b)		1,148,991		—		—		—		1,148,991
Unrealized depreciation on forward foreign currency contracts (a)		—		978,107		—		—		978,107
Unrealized depreciation on centrally cleared swaps (f)		—		—		117,359		—		117,359
Unrealized depreciation on OTC swaps (a)		215,986		—		—		—		215,986

	$	1,959,627	$	978,107	$	117,359	$	—	$	3,055,093


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(4,280,421	)	$	(83,760	)	$	—	$	—	$	(4,364,181	)
Futures contracts		(17,140,605	)		—			—		—		(17,140,605	)
Options contracts written		5,123,855			22,429			—		—		5,146,284
Swap contracts		2,113,361			—			178,289		—		2,291,650
Forward foreign currency contracts		—			(1,865,440	)		—		—		(1,865,440	)

	$	(14,183,810	)	$	(1,926,771	)	$	178,289	$	—	$	(15,932,292	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(79,385	)	$	35,475		$	—	$	—	$	(43,910	)
Futures contracts		3,864,473			—			—		—		3,864,473
Options contracts written		886,367			892,175			—		—		1,778,542
Swap contracts		(542,252	)		—			220,244		—		(322,008	)
Forward foreign currency contracts		—			(601,634	)		—		—		(601,634	)

	$	4,129,203		$	326,016		$	220,244	$	—	$	4,675,463

338



Notes to Financial Statements


(continued)

International Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	218,438	$	—	$	—	$	—	$	218,438
Unrealized appreciation on open futures contracts (b)		203,537		—		—		—		203,537
Unrealized appreciation on forward foreign currency contracts (c)		—		3,651,181		—		—		3,651,181
Unrealized appreciation on centrally cleared swaps (f)		3,616,946		—		200,600		—		3,817,546
Unrealized appreciation on OTC swaps (c)		56,771		—		11,393		—		68,164

	$	4,095,692	$	3,651,181	$	211,993	$	—	$	7,958,866

Liability derivatives
Options contracts written outstanding (a)	$	374,541	$	—	$	—	$	—	$	374,541
Unrealized depreciation on open futures contracts (b)		417,122		—		—		—		417,122
Unrealized depreciation on forward foreign currency contracts (a)		—		503,610		—		—		503,610
Unrealized depreciation on centrally cleared swaps (f)		6,583,798		—		185,140		—		6,768,938
Unrealized depreciation on OTC swaps (a)		4,126		80,841		—		—		84,967

	$	7,379,587	$	584,451	$	185,140	$	—	$	8,149,178


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	747,958		$	—		$	—		$	—	$	747,958
Options contracts written		267,315			10,994			8,152			—		286,461
Swap contracts		(456,122	)		—			149,546			—		(306,576	)
Forward foreign currency contracts		—			4,072,721			—			—		4,072,721

	$	559,151		$	4,083,715		$	157,698		$	—	$	4,800,564

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	60,242		$	—		$	—		$	—	$	60,242
Futures contracts		473,693			—			—			—		473,693
Options contracts written		258,320			—			1,271			—		259,591
Swap contracts		(2,582,096	)		(75,028	)		(364,163	)		—		(3,021,287	)
Forward foreign currency contracts		—			(108,739	)		—			—		(108,739	)

	$	(1,789,841	)	$	(183,767	)	$	(362,892	)	$	—	$	(2,336,500	)

Municipal Bond Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	22,255	$	—	$	—	$	—	$	22,255

339



Notes to Financial Statements


(continued)


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(40,691	)	$	—	$	—	$	—	$	(40,691	)


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(30,977	)	$	—	$	—	$	—	$	(30,977	)

Inflation-Linked Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	305,047	$	—	$	—	$	—	$	305,047
Unrealized appreciation on open futures contracts (b)		165,887		—		—		—		165,887
Unrealized appreciation on forward foreign currency contracts (c)		—		312,627		—		—		312,627
Unrealized appreciation on centrally cleared swaps (f)		1,918,479		—		14		—		1,918,493

	$	2,389,413	$	312,627	$	14	$	—	$	2,702,054

Liability derivatives
Options contracts written outstanding (a)	$	487,943	$	—	$	—	$	—	$	487,943
Unrealized depreciation on open futures contracts (b)		239,709		—		—		—		239,709
Unrealized depreciation on forward foreign currency contracts (a)		—		41,606		—		—		41,606
Unrealized depreciation on centrally cleared swaps (f)		1,833,023		—		—		—		1,833,023

	$	2,560,675	$	41,606	$	—	$	—	$	2,602,281


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(160,242	)	$	—		$	—	$	—	$	(160,242	)
Futures contracts.		949,597			—			—		—		949,597
Options contracts written		206,668			—			728		—		207,396
Swap contracts		(783,464	)		—			459		—		(783,005	)
Forward foreign currency contracts		—			(741,213	)		—		—		(741,213	)

	$	212,559		$	(741,213	)	$	1,187	$	—	$	(527,467	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(291,166	)	$	—		$	—	$	—	$	(291,166	)
Futures contracts		12,698			—			—		—		12,698
Options contracts written		450,899			—			371		—		451,270
Swap contracts		694,490			—			340		—		694,830
Forward foreign currency contracts		—			(179,239	)		—		—		(179,239	)

	$	866,921		$	(179,239	)	$	711	$	—	$	688,393

340



Notes to Financial Statements


(continued)

Ultra-Short Term Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2023:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	538	$	—	$	—	$	—	$	538
Unrealized appreciation on forward foreign currency contracts (c)		—		1,009,560		—		—		1,009,560

	$	538	$	1,009,560	$	—	$	—	$	1,010,098

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	241,804	$	—	$	—	$	—	$	241,804
Unrealized depreciation on forward foreign currency contracts (a)		—		144,363		—		—		144,363
Unrealized depreciation on centrally cleared swaps (f)		—		—		357,055		—		357,055

	$	241,804	$	144,363	$	357,055	$	—	$	743,222


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2023:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	4,642,464		$	—		$	—		$	—	$	4,642,464
Swap contracts		—			—			(677,414	)		—		(677,414	)
Forward foreign currency contracts		—			1,498,571			—			—		1,498,571

	$	4,642,464		$	1,498,571		$	(677,414	)	$	—	$	5,463,621

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(641,477	)	$	—		$	—		$	—	$	(641,477	)
Swap contracts		—			—			(1,154,897	)		—		(1,154,897	)
Forward foreign currency contracts		—			(1,780,884	)		—			—		(1,780,884	)

	$	(641,477	)	$	(1,780,884	)	$	(1,154,897	)	$	—	$	(3,577,258	)

(a)	Statements of Assets and Liabilities location: Unrealized depreciation on open forward foreign currency contracts, unrealized depreciation on OTC swap contracts or options contracts written, at value.

(b)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on futures contracts is reported in the open exchanged-traded futures contracts table in the Fund’s Schedule of Investments.

(c)	Statements of Assets and Liabilities location: Investments, at value or unrealized appreciation on open forward foreign currency contracts or unrealized appreciation on OTC swap contracts.

(d)	Statements of Operations location: Net realized gain (loss) from unaffiliated investments, forward foreign currency contracts, futures contracts, options contracts written or swap contracts.

(e)	Statements of Operations location: Change in net unrealized appreciation (depreciation) from unaffiliated investments, forward foreign currency contracts, futures contracts, options contracts written or swap contracts.

(f)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on centrally cleared swaps is reported in the open swap contracts table in the Fund’s Schedule of Investments.

341



Notes to Financial Statements


(continued)

The average monthly notional amounts of futures contracts, swaps contracts and forward foreign currency contracts, and the monthly average market value of options contracts written and purchased options outstanding during the year ended August 31, 2023 were as follows:

Large Cap Equity Fund


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	12,788,672
Small-Mid Cap Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,834,872
International Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,551,507
Emerging Markets Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	761,509
Core Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	272,600	$	3,241	$	—	$	—
Futures contracts		613,392,404		—		—		—
Option contracts written		806,281		130,793		—		—
Swap contracts		84,113,334		—		40,894,854		—
Forward foreign currency contracts		—		40,785,243		—		—
International Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	144,346	$	—	$	—	$	—
Futures contracts		113,946,873		—		—		—
Option contracts written		450,746		522		1,289		—
Swap contracts		347,339,233		1,400,215		26,587,934		—
Forward foreign currency contracts		—		220,119,946		—		—

342



Notes to Financial Statements


(continued)


Municipal Bond Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	5,052,424	$	—	$	—	$	—
Inflation-Linked Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	375,990	$	—	$	—	$	—
Futures contracts		61,583,892		—		—		—
Option contracts written		565,411		—		160		—
Swap contracts		45,254,015		—		100,000		—
Forward foreign currency contracts		—		35,922,516		—		—
Ultra-Short Term Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	107,602,703	$	—	$	—	$	—
Swap contracts		—		—		77,415,385		—
Forward foreign currency contracts		—		142,864,178		—		—

(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 debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(e) Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(f) Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the

343



Notes to Financial Statements


(continued)

Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2023:


Gross Amounts Not Offset in the Statements of Assets and Liabilities

Fund	Gross Asset Amount Presented in the Statements of Assets and Liabilities (a)		Financial Instrument	Collateral Received (b)(c)			Net Amount (Not Less than $0)
Large Cap Equity Fund	$	1,344,107	$ —	$	(1,344,107	)	$ 0
Small-Mid Cap Equity Fund		4,410,085	—		(4,410,085	)	0
International Equity Fund		10,025,625	—		(10,025,625	)	0
Emerging Markets Equity Fund		383,209	—		(383,209	)	0

(a)	Represents market value of securities on loan at period end.

(b)

The Funds received cash collateral of $1,380,572, $4,470,501, $5,558,829 and $404,141, 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, $61,446, $4,779,698 and $0, respectively, in the form of U.S. Government Obligations, which the Funds cannot sell or repledge, and accordingly are not reflected in the Schedule of Investments.

(c)	The actual collateral received could be greater than the amount shown here due to overcollateralization.

FASB ASC 860, “Transfers & Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”, is intended to provide increased transparency about the types of collateral pledged in securities lending transactions and other similar transactions that are accounted for as secured borrowings.

The following table displays a breakdown of transactions accounted for as secured borrowings, the gross obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2023:


	Remaining Contractual Maturity of the Agreements As of August 31, 2023
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Large Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	1,380,572	$	—	$	—	$	—	$	1,380,572

Total Borrowings	$	1,380,572	$	—	$	—	$	—	$	1,380,572

Gross amount of recognized liabilities for securities lending transactions									$	1,380,572


Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	4,470,501	$	—	$	—	$	—	$	4,470,501

Total Borrowings	$	4,470,501	$	—	$	—	$	—	$	4,470,501

Gross amount of recognized liabilities for securities lending transactions									$	4,470,501

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Notes to Financial Statements


(continued)


	Remaining Contractual Maturity of the Agreements As of August 31, 2023
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
International Equity Fund
Securities Lending Transactions
Common Stocks	$	5,558,829	$	—	$	—	$	—	$	5,558,829

Total Borrowings	$	5,558,829	$	—	$	—	$	—	$	5,558,829

Gross amount of recognized liabilities for securities lending transactions									$	5,558,829


Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	404,141	$	—	$	—	$	—	$	404,141

Total Borrowings	$	404,141	$	—	$	—	$	—	$	404,141

Gross amount of recognized liabilities for securities lending transactions									$	404,141


Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	35,574,043	$	—	$	—	$	35,574,043

Total Borrowings	$	—	$	35,574,043	$	—	$	—	$	35,574,043

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	35,574,043

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount

345



Notes to Financial Statements


(continued)

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. An investment in the Funds is based on the values of the Funds’ investments, which may change due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The risks associated with these developments may be magnified if social, political, economic and other conditions and events (such as war, natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, social unrest, recessions, inflation, rapid interest rate changes and supply chain disruptions) adversely interrupt the global economy and financial markets. It is difficult to predict when events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). These events may negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Funds’ investments, adversely affect and increase the volatility of the Funds’ share prices and exacerbate pre-existing risks to the Funds.

346



Notes to Financial Statements


(continued)

The occurrence, duration and extent of these or other types of adverse economic and market conditions and uncertainty over the long term cannot be reasonably projected or estimated at this time. The ultimate impact of public health emergencies or other adverse economic or market developments and the extent to which the associated conditions impact the Funds and their investments will also depend on other future developments, which are highly uncertain, difficult to accurately predict and subject to change at any time. The financial performance of the Funds’ investments (and, in turn, the Funds’ investment results) as well as their liquidity may be adversely affected because of these and similar types of factors and developments.

(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 Large Cap Equity Fund, Small-Mid Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund, if any, are declared and paid on an annual basis. Distributions from net investment income for Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund, if any, are declared and paid on a monthly basis.

The Funds intend to satisfy conditions that will enable interest from municipal securities, which are exempt from regular federal income tax and from designated state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Funds. Distributions of net realized gains to shareholders of the Funds, if any, are taxable and are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(r) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

347



Notes to Financial Statements


(continued)

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 2022 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.


Fund	Distributable earnings/ (losses)		Paid-in-capital
Large Cap Equity Fund	$	—	$	—
Small-Mid Cap Equity Fund		—		—
International Equity Fund		—		—
Emerging Markets 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		2		(2	)
Alternative Strategies Fund		105,592		(105,592	)

(t) Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

(u) Reverse Repurchase Agreements. Certain Funds may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund’s liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund’s indebtedness and will have the effect of leveraging the Fund’s assets.

(v) Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.

(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

348



Notes to Financial Statements


(continued)

debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Funds based on information available to such managers. The portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Funds. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Funds. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

In connection with bank loan interests, the Funds may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Funds are obligated to fund those commitments at the borrower’s discretion. In connection with these commitments, the Funds earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period.

There were no fully/partially unfunded loan positions as of August 31, 2023.

(x) Sale-Buyback and Buy-Saleback Transactions. A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the year ended August 31, 2023, the Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at August 31, 2023, and the average amount of borrowings, incurred interest expense and a weighted average interest rate related to sale-buyback transactions outstanding during the year ended August 31, 2023, were as following:


	Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Payable for investments purchased	$	—		$	—
Average amount borrowed		416,202			1,009,342
Interest expense		14,923			44,561
Weighted average interest rate		3.57	%		4.41	%

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 year ended August 31, 2023, the Funds did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Schedule of Investments.

(y) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with

349



Notes to Financial Statements


(unaudited) (continued)

its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedules of Investments. The carrying amount of such deposits due to brokers at August 31, 2023 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 1(a)).

Repurchase agreements and reverse repurchase agreements may be entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. The Fund’s repurchase agreements as of August 31, 2023 are shown on a gross basis and the required offsetting disclosures are shown in the Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements as of August 31, 2023.

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 August 31, 2023:


	Assets			Liabilities
Derivative Instruments (a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Core Fixed Income Fund:
Forward foreign currency contracts	$	148,317		$	978,107
Option contracts		31,480	(b)		—
Swap contracts		—			215,986

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	179,797		$	1,194,093

International Fixed Income Fund:
Forward foreign currency contracts	$	3,651,181		$	503,610
Option contracts		218,438	(b)		360,141
Swap contracts		68,164			84,967

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	3,937,783		$	948,718

350



Notes to Financial Statements


(continued)


	Assets			Liabilities
Derivative Instruments (a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	312,627		$	41,606
Option contracts		305,047	(b)		487,943

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	617,674		$	529,549

Ultra-Short Term Fixed Income Fund:
Forward foreign currency contracts	$	1,009,560		$	144,363

Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,009,560		$	144,363

(a)	Excludes exchange-traded derivatives.

(b)	Amounts are included in Unaffiliated Investments in the Statements of Assets and Liabilities.

The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of August 31, 2023:


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received		Net Amount (b) (Not Less than $0)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	179,797	$	(179,797	)	$	—	$	0

Total Over-the-counter derivative instruments	$	179,797	$	(179,797	)	$	—	$	0


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	1,194,093	$	(179,797	)	$	—	$	1,014,296

Total Over-the-counter derivative instruments	$	1,194,093	$	(179,797	)	$	—	$	1,014,296

351



Notes to Financial Statements


(continued)


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received (e)			Net Amount (b) (Not Less than $0)
International Fixed Income Fund
Over-the-counter
Bank of America	$	308,953	$	(280,837	)	$	(28,116	)	$	0
Barclays Bank PLC		770,669		(9,312	)		(761,357	)		0
BNP Paribas SA		365,405		(97,151	)		(268,254	)		0
Deutsche Bank AG		46,967		(43,424	)		—			3,543
Goldman Sachs & Co.		68,159		(68,159	)		—			0
HSBC Bank USA		1,122,282		(194,080	)		(928,202	)		0
JPMorgan Chase & Co.		1,065,619		(25,374	)		(1,040,245	)		0
NatWest Markets PLC		5,162		—			—			5,162
Societe Generale SA		22,022		—			—			22,022
Standard Chartered Bank		77,480		(42,496	)		—			34,984
UBS Securities LLC		85,065		(66,266	)		—			18,799

Total Over-the-counter derivative instruments	$	3,937,783	$	(827,099	)	$	(3,026,174	)	$	84,510


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged			Net Amount (d) (Not Less than $0)
International Fixed Income Fund
Over-the-counter
Bank of America	$	280,837	$	(280,837	)	$	—		$	0
Barclays Bank PLC		9,312		(9,312	)		—			0
BNP Paribas SA		97,151		(97,151	)		—			0
Deutsche Bank AG		43,424		(43,424	)		—			0
Goldman Sachs & Co.		189,778		(68,159	)		—			121,619
HSBC Bank USA		194,080		(194,080	)		—			0
JPMorgan Chase & Co.		25,374		(25,374	)		—			0
Standard Chartered Bank		42,496		(42,496	)		—			0
UBS Securities LLC		66,266		(66,266	)		—			0

Total Over-the-counter derivative instruments	$	948,718	$	(827,099	)	$	—		$	121,619


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received (e)			Net Amount (b) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	1,428	$	(1,428	)	$	—		$	0
BNP Paribas SA		25,345		(25,345	)		—			0
Deutsche Bank AG		305,047		(305,047	)		—			0
HSBC Bank USA		33,917		(33,721	)		—			196
JPMorgan Chase & Co.		218,297		(3	)		(210,000	)		8,294
Merrill Lynch, Pierce, Fenner & Smith Inc.		3,250		(3,248	)		—			2
Standard Chartered Bank		30,390		(375	)		—			30,015

Total Over-the-counter derivative instruments	$	617,674	$	(369,167	)	$	(210,000	)	$	38,507

352



Notes to Financial Statements


(continued)


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged			Net Amount (d) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	1,653	$	(1,428	)	$	—		$	225
BNP Paribas SA		27,331		(25,345	)		—			1,986
Deutsche Bank AG		463,218		(305,047	)		—			158,171
HSBC Bank USA		33,721		(33,721	)		—			0
JPMorgan Chase & Co.		3		(3	)		—			0
Merrill Lynch, Pierce, Fenner & Smith Inc.		3,248		(3,248	)		—			0
Standard Chartered Bank		375		(375	)		—			0

Total Over-the-counter derivative instruments	$	529,549	$	(369,167	)	$	—		$	160,382
						��

Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received (e)			Net Amount (b) (Not Less than $0)
Ultra-Short Term Fixed Income Fund
Over-the-counter
BNP Paribas SA	$	162,221	$	—		$	—		$	162,221
Deutsche Bank AG		4,802		—			—			4,802
HSBC Bank USA		146,068		(134,033	)		—			12,035
JPMorgan Chase & Co.		392,483		—			(301,000	)		91,483
Merrill Lynch, Pierce, Fenner & Smith Inc.		4,919		(4,919	)		—			0
Standard Chartered Bank		299,067		(961	)		(298,106	)		0

Total Over-the-counter derivative instruments	$	1,009,560	$	(139,913	)	$	(599,106	)	$	270,541


Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged			Net Amount (d) (Not Less than $0)
Ultra-Short Term Fixed Income Fund
Over-the-counter
HSBC Bank USA	$	134,033	$	(134,033	)	$	—		$	0
Merrill Lynch, Pierce, Fenner & Smith Inc.		9,369		(4,919	)		—			4,450
Standard Chartered Bank		961		(961	)		—			0

Total Over-the-counter derivative instruments	$	144,363	$	(139,913	)	$	—		$	4,450

(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.

353



Notes to Financial Statements


(continued)

2. Investment Management Agreement and Other Transactions with Affiliates

CGAS, a business of Morgan Stanley Wealth Management, serves as the investment manager to the Funds. The Manager selects and oversees professional money managers who are responsible for investing the assets of the Funds (each a “Sub-adviser,” and collectively the “Sub-advisers”). Each Fund pays the Manager an investment management fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. The Manager pays each Sub-adviser on a monthly basis, a sub-advisory fee from its investment management fees.

CGAS has contractually agreed to waive fees and reimburse expenses in order to keep the Funds’ management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Funds’ total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%, and will not affect the Funds’ total management fees if they are less than such amount. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. These fee waivers and/or reimbursements will continue for at least one year from the date of the Funds’ prospectus or until such time as the Board of Trustees act to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

In addition, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Alternative Strategies Fund’s total annual operating expenses, (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses and other extraordinary expenses not incurred in the ordinary course of the Alternative Strategies Fund’s business), from exceeding 0.70%.

This contractual arrangement shall remain in effect for at least one year from the date of the Fund’s prospectus or until such time as the Board of Trustees act to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

The maximum allowable investment management fees represents the total amount that could be charged to each Fund. The aggregate fees paid by the Manager to each Fund’s Sub-advisers and the fees retained by the Manager for the year ended August 31, 2023 are indicated below:


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Large Cap Equity Fund		0.17	%		0.20	%		0.60	%
Small-Mid Cap Equity Fund		0.26	%		0.20	%		0.80	%
International Equity Fund		0.32	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.37	%		0.20	%		0.90	%
Core Fixed Income Fund		0.17	%		0.20	%		0.40	%
High Yield Fund		0.30	%		0.20	%		0.70	%
International Fixed Income Fund		0.25	%		0.20	%		0.50	%
Municipal Bond Fund		0.20	%		0.20	%		0.40	%
Inflation-Linked Fixed Income Fund		0.25	%		0.20	%		0.50	%
Ultra-Short Term Fixed Income Fund		0.25	%		0.20	%		0.50	%
Alternative Strategies Fund		N/A			0.20	%		1.20	%

The Manager has agreed to waive and/or reimburse a portion of its fee. For the year ended August 31, 2023, the amounts waived and/or reimbursed by the Manager were as follows:


Fund	Amounts Waived and/or Reimbursed
Large Cap Equity Fund	$	3,869,800
Small-Mid Cap Equity Fund		1,699,256
International Equity Fund		2,062,694
Emerging Markets Equity Fund		1,591,754
Core Fixed Income Fund		406,588
High Yield Fund		232,534
International Fixed Income Fund		91,070
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		54,527
Ultra-Short Term Fixed Income Fund		209,336
Alternative Strategies Fund		1,512,307

354



Notes to Financial Statements


(continued)

Brown Brothers Harriman & Co. (“BBH”) serves as the Trust’s administrator. For its administrative services, BBH receives an annual asset based fee of 0.0250% of the Trust’s assets up to $5 billion, 0.02% on assets between $5 billion and $8 billion and 0.0175% on assets in excess of $8 billion, plus out-of-pocket expenses. The fee is calculated and allocated daily based on the relative assets of each Fund.

For the year ended August 31, 2023, Morgan Stanley & Co. Incorporated (“MS&Co.”), and its affiliates, including Morgan Stanley Smith Barney LLC, the Trust’s distributor, received brokerage commissions of:


Fund	Commission Dollars to MS&Co.
Large Cap Equity Fund	$	3,122
Small-Mid Cap Equity Fund		2,320
International Equity Fund		119
Emerging Markets Equity Fund		1,199
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 year ended August 31, 2023, the Funds assume the following to be affiliated issuers:

Large Cap Equity Fund


Underlying Security	Beginning Value as of August 31, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain on Sales		Change in Unrealized Depreciation		Dividend/ Interest Income		Ending Value as of August 31, 2023
Morgan Stanley	$	2,628,440	$	191,873	$	(318,774)	$	151,219	$	(154,287)	$	93,497	$	2,498,471

Core Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)			Dividend/ Interest Income		Ending Value as of August 31, 2023
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C13, Class A4, 4.039% due 11/15/46	$	494,777	$	—	$	—	$	—	$	2,227		$	20,195	$	497,004
Series 2016-C28, Class A3, 3.272% due 1/15/49		489,216		—		—		—		(7,851	)		16,758		481,365

Total	$	983,993	$	—	$	—	$	—	$	(5,624	)	$	36,953	$	978,369

Ultra-Short Term Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain on Sales		Change in Unrealized Depreciation		Accretion of discount		Dividend/ Interest Income		Ending Value as of August 31, 2023
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 6.329% (1-Month Term SOFR + 1.014%) due 5/25/34	$	420,952	$	—	$	(36,445)	$	117	$	6,114	$	473	$	19,791	$	391,211

355



Notes to Financial Statements


(continued)

3. Investments

During the year ended August 31, 2023, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:


	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Large Cap Equity Fund	$	570,010,645	$	659,450,038	$	—	$	—
Small-Mid Cap Equity Fund		112,345,627		183,694,188		—		—
International Equity Fund		375,885,354		559,330,464		—		—
Emerging Markets Fund		54,375,356		58,964,348		—		—
Core Fixed Income Fund		505,698,398		308,383,101		4,429,492,462		4,118,672,675
High Yield Fund		40,265,672		26,832,816		—		—
International Fixed Income Fund		49,506,647		43,540,782		579,808,568		562,572,816
Municipal Bond Fund		35,364,238		23,472,932		—		—
Inflation-Linked Fixed Income Fund		7,406,291		11,209,311		102,646,580		66,016,470
Ultra-Short Term Fixed Income Fund		110,442,799		280,293,499		68,954,331		71,539,254
Alternative Strategies Fund		57,220,636		39,708,919		—		—

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation at August 31, 2023 have been disclosed under the respective schedule of investments.

4. Shares of Beneficial Interest

At August 31, 2023, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At August 31, 2023, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

Transactions in shares of each Fund were as follows:


	Year Ended August 31, 2023			Year Ended August 31, 2022
Large Cap Equity Fund
Shares sold		18,469,176			19,904,526
Shares issued on reinvestment		7,460,910			8,645,037
Shares repurchased		(23,745,026	)		(26,812,574	)

Net Increase		2,185,060			1,736,989


Small-Mid Cap Equity Fund
Shares sold		7,404,122			11,973,855
Shares issued on reinvestment		3,585,089			6,195,989
Shares repurchased		(12,795,923	)		(13,284,349	)

Net Increase (Decrease)		(1,806,712	)		4,885,495


International Equity Fund
Shares sold		16,201,245			30,494,035
Shares issued on reinvestment		5,011,817			8,542,341
Shares repurchased		(33,283,333	)		(30,232,493	)

Net Increase (Decrease)		(12,070,271	)		8,803,883

356



Notes to Financial Statements


(continued)


	Year Ended August 31, 2023			Year Ended August 31, 2022

Emerging Markets Equity Fund
Shares sold		8,015,619			13,449,565
Shares issued on reinvestment		742,139			1,444,042
Shares repurchased		(8,963,635	)		(8,347,559	)

Net Increase (Decrease)		(205,877	)		6,546,048


Core Fixed Income Fund
Shares sold		110,298,590			66,749,282
Shares issued on reinvestment		8,433,319			4,652,186
Shares repurchased		(42,748,179	)		(37,663,106	)

Net Increase		75,983,730			33,738,362


High Yield Fund
Shares sold		11,080,666			10,050,417
Shares issued on reinvestment		2,401,958			2,370,721
Shares repurchased		(8,554,883	)		(33,859,888	)

Net Increase (Decrease)		4,927,741			(21,438,750	)


International Fixed Income Fund
Shares sold		8,325,207			10,232,338
Shares issued on reinvestment		2,189,684			551,579
Shares repurchased		(6,560,659	)		(5,468,504	)

Net Increase		3,954,232			5,315,413


Municipal Bond Fund
Shares sold		5,121,639			3,373,446
Shares issued on reinvestment		284,259			230,070
Shares repurchased		(3,889,936	)		(3,002,986	)

Net Increase		1,515,962			600,530


Inflation-Linked Fixed Income Fund
Shares sold		6,417,650			2,662,178
Shares issued on reinvestment		892,180			1,585,959
Shares repurchased		(2,807,002	)		(6,385,150	)

Net Increase (Decrease)		4,502,828			(2,137,013	)


Ultra-Short Term Fixed Income Fund
Shares sold		11,821,458			26,855,941
Shares issued on reinvestment		2,362,164			616,856
Shares repurchased		(34,280,332	)		(19,947,043	)

Net Increase (Decrease)		(20,096,710	)		7,525,754


Alternative Strategies Fund
Shares sold		5,357,578			6,417,531
Shares issued on reinvestment		938,002			85,188
Shares repurchased		(4,685,445	)		(3,594,275	)

Net Increase		1,610,135			2,908,444

357



Notes to Financial Statements


(continued)

5. Dividend and Tax Components of Capital

The tax character of distributions paid during the fiscal year ended August 31, 2023, were as follows:


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund		Emerging Markets Equity Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	—
Tax Return of Capital		—		—		—		—
Ordinary Income		14,908,275		3,371,402		21,669,734		8,935,779
Net Long-term Capital Gains		127,224,280		49,796,126		36,118,529		—

Total Distributions Paid	$	142,132,555	$	53,167,528	$	57,788,263	$	8,935,779


	Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	2,183,861
Tax Return of Capital		2,151,201		—		—		—
Ordinary Income		55,626,492		7,405,135		14,058,663		224,832
Net Long-term Capital Gains		—		—		—		—

Total Distributions Paid	$	57,777,693	$	7,405,135	$	14,058,663	$	2,408,693


			Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Distributions paid from:
Tax Exempt			$	—	$	—	$	—
Tax Return of Capital				—		—		—
Ordinary Income				5,524,872		22,018,011		8,997,740
Net Long-term Capital Gains				1,870,229		—		354,140

Total Distributions Paid			$	7,395,101	$	22,018,011	$	9,351,880

As of August 31, 2023, the components of accumulated earnings/(losses) - net on a tax basis were as follows:


	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund			Emerging Markets Equity Fund
Undistributed ordinary income - net	$	13,701,407		$	3,532,801		$	22,863,418		$	10,119,136
Undistributed long-term capital gains - net		86,776,800			—			—			—
Undistributed tax-exempt income - net		—			—			—			—

Total Undistributed earnings		100,478,207			3,532,801			22,863,418			10,119,136
Capital loss carryforward		—			(4,402,831	)		(16,241,856	)		(22,483,909	)
Other book/tax temporary differences		(1	)(a)		2	(a)		(242	)(a)		7	(a)
Unrealized appreciation/(depreciation)		751,000,596			104,743,586			158,713,376			14,664

Total accumulated earnings/(losses) - net	$	851,478,802		$	103,873,558		$	165,334,696		$	(12,350,102	)

358



Notes to Financial Statements


(continued)


	Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund
Undistributed ordinary income - net	$	—		$	1,537,727		$	—		$	—
Undistributed long-term capital gains - net		—			—			—			—
Undistributed tax-exempt income - net		—			—			—			423,302

Total Undistributed earnings		—			1,537,727			—			423,302
Capital loss carryforward		(137,288,326	)		(19,224,104	)		—			(4,286,637	)
Other book/tax temporary differences		(1,124,336	)(a)		2	(a)		(3,005,055	)(a)		—
Unrealized appreciation/(depreciation)		(134,186,371	)		(9,899,826	)		(31,029,847	)		(3,274,833	)

Total accumulated earnings/(losses) - net	$	(272,599,033	)	$	(27,586,201	)	$	(34,034,902	)	$	(7,138,168	)


				Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund
Undistributed ordinary income - net				$	239,779		$	27,957		$	1,610,886
Undistributed long-term capital gains - net					—			—			—
Undistributed tax-exempt income - net					—			—			—

Total Undistributed earnings					239,779			27,957			1,610,886
Capital loss carryforward					—			(13,650,133	)		(1,070,493	)
Other book/tax temporary differences					(1,292,194	)(a)		—			—
Unrealized appreciation/(depreciation)					(17,622,973	)		(9,624,796	)		(3,609,603	)

Total accumulated earnings/(losses) - net				$	(18,675,388	)	$	(23,246,972	)	$	(3,069,210	)

(a)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales, tax cost adjustments related to partnerships, forwards, futures, options, swaps, ROC dividends received, real estate investments, interest accrual on defaulted bonds, the difference between book and tax amortization methods for premiums on fixed income securities, and/or the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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.

As of August 31, 2023, the Funds had the following net capital loss carryforwards remaining:


	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund		Emerging Markets Equity Fund		Core Fixed Income Fund		High Yield Fund
Short Term	$	—	$	4,402,831	$	—	$	6,322,316	$	49,183,502	$	2,939,610
Long Term		—		—		16,241,856		16,161,593		88,104,824		16,284,494

Total	$	—	$	4,402,831	$	16,241,856	$	22,483,909	$	137,288,326	$	19,224,104


			International Fixed Income Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short Term			$	—	$	2,295,794	$	—	$	8,149,343	$	204,268
Long Term				—		1,990,843		—		5,500,790		866,225

Total			$	—	$	4,286,637	$	—	$	13,650,133	$	1,070,493

359



Notes to Financial Statements


(continued)

During the year ended August 31, 2023 the following funds utilized capital loss carryforwards:


	International Fixed Income Fund		Ultra-Short Term Fixed Income Fund
Short Term	$	472,646	$	1,197,673
Long Term		2,106,050		—

Total	$	2,578,696	$	1,197,673

Qualified late year losses are capital losses and specified ordinary losses, including currency losses, incurred after October 31 but within the taxable year that, if elected, are deemed to arise on the first day of the Funds’ next taxable year. For the year ended August 31, 2023, the Funds intend to defer to September 1, 2023 for U.S. federal income tax purposes the following losses:


	Core Fixed Income Fund		International Fixed Income Fund		Inflation-Linked Fixed Income Fund
Ordinary Late Year Losses	$	—	$	—	$	—
Short-Term Post-October Loss		—		—		—
Long-Term Post-October Loss		—		—		—
Specified Late Year Loss		1,124,334		3,005,051		1,292,194

Total	$	1,124,334	$	3,005,051	$	1,292,194

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 distribution information below.

Subsequent to August 31, 2023, the Funds made the following distributions per share:


Record Date - Payable Date	Core Fixed Income Fund		High Yield Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund
9/1/23 – 9/30/23	$	0.022538	$	0.017292	$	0.019213	$	0.017158	$	0.031859

360



Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Trustees of

Morgan Stanley Pathway Funds:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Morgan Stanley Pathway Funds (the “Funds”) comprising the Large Cap Equity Fund, Small-Mid Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund, and Alternative Strategies Fund, including the schedules of investments, as of August 31, 2023, the related statements of operations for the year then ended, the related statements of cash flows for International Fixed Income Fund and Inflation-Linked Fixed Income Fund for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds comprising Morgan Stanley Pathway Funds as of August 31, 2023, and the results of their operations for the year then ended, the cash flows for International Fixed Income Fund and Inflation-Linked Fixed Income Fund for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian, brokers, transfer agents, and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

October 27, 2023

We have served as the auditor of one or more Morgan Stanley Pathway Funds investment companies since 2009.

361



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited)

Approval of Advisory Agreements

The Morgan Stanley Pathway Funds (the “Trust,” and each series thereof a “Fund,” and collectively, the “Funds”) and Consulting Group Advisory Services LLC (“Manager”), a business of Morgan Stanley LLC, have entered into an investment management agreement with respect to each Fund, except the Alternative Strategies Fund, dated as of October 28, 2009 (the “Management Agreement”), and an investment advisory agreement with respect to the Alternative Strategies Fund, dated as of December 20, 2017 (the “IM Agreement”). Pursuant to the Management Agreement, other than with respect to the Alternative Strategies Fund, the Manager serves as “manager of managers” for the Trust and selects and oversees professional money managers (each, a “Sub-adviser,” and collectively, the “Sub-advisers”) who are responsible for investing the portion of assets of the Funds allocated to them by the Manager pursuant to investment advisory agreements (the “Subadvisory Agreements” and, together with the Management Agreement and IM Agreement, the “Agreements”) between the Manager and each of the Sub-advisers. Pursuant to the IM Agreement, the Manager serves as the investment adviser for the Alternative Strategies Fund.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreements be approved initially for a two year term, as well as annually thereafter, by the Trust’s Board of Trustees (“Board”) and by a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (“Independent Trustees”), by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of the approval of the Agreements, the Independent Trustees must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to the approval of the Agreements, and the Manager and Sub-advisers are required to provide such information.

****

At an in-person meeting held on May 31 and June 1, 2023 (the “Meeting”), the Board, including a majority of the Independent Trustees, approved the continuance of the Agreements for an additional year. In connection with the Meeting and at other meetings during the course of the year, the Independent Trustees requested and received information from the Manager and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and the performance of the Manager and Sub-advisers under the Agreements. The information received and considered by the Independent Trustees both in conjunction with the Meeting and throughout the year was both written and oral. The Independent Trustees were assisted in their reviews by Fund counsel and independent legal counsel (“Independent Counsel”) and met with Independent Counsel in executive sessions separate from representatives of the Manager and the Sub-advisers. In addition to the Management Agreement and the IM Agreement, the Board approved at the Meeting the Subadvisory Agreements with the following Sub-advisers on behalf of the indicated Fund to continue for another year:


Sub-adviser Name		Fund(s) Serviced

The Consulting Group, Consulting Group Advisory Services LLC		¨ Alternative Strategies Fund

Aristotle Capital Boston, LLC		¨ Small-Mid Cap Equity Fund

BlackRock Financial Management, Inc.		¨ Core Fixed Income Fund ¨ Large Cap Equity Fund ¨ Small-Mid Cap Equity Fund ¨ International Equity Fund ¨ Emerging Markets Equity Fund ¨ Municipal Bond Fund

Causeway Capital Management LLC		¨ International Equity Fund

ClearBridge Investments, LLC		¨ Large Cap Equity Fund

Columbia Management Investment Advisers, LLC		¨ Large Cap Equity Fund

Delaware Investments Fund Advisers (Macquarie Investment Management)		¨ Large Cap Equity Fund

D.F. Dent and Company, Inc.		¨ Small-Mid Cap Equity Fund

362



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)


Sub-adviser Name		Fund(s) Serviced

Great Lakes Advisors, LLC		¨ Large Cap Equity Fund

Lazard Asset Management, LLC		¨ Large Cap Equity Fund ¨ Emerging Markets Equity Fund

Lyrical Asset Management, LLC		¨ Large Cap Equity Fund

Martin Currie Inc.		¨ Emerging Markets Equity Fund

Metropolitan West Asset Management LLC		¨ Core Fixed Income Fund

Neuberger Berman Investment Advisers LLC		¨ Small-Mid Cap Equity Fund

Nuance Investments, LLC		¨ Small-Mid Cap Equity Fund

Pacific Investment Management Company LLC		¨ International Fixed Income Fund ¨ Inflation-Linked Fixed Income Fund ¨ Ultra-Short Term Fixed Income Fund

PineBridge Investments LLC		¨ High Yield Fund

Schroders Investment Management North America Inc.		¨ International Equity Fund

Schroders Investment Management North America Ltd. (delegation agreement)		¨ International Equity Fund

Van Eck Associates Corporation		¨ Emerging Markets Equity Fund

Victory Capital Management, Inc.		¨ International Equity Fund

Walter Scott & Partners Limited		¨ International Equity Fund

Western Asset Management Company		¨ Core Fixed Income Fund ¨ High Yield Fund

Westfield Capital Management Co., L.P.		¨ Small-Mid Cap Equity Fund

In voting to approve the Agreements at the Meeting, the Independent Trustees considered whether the approval of the Agreements would be in the best interests of the respective Fund and its shareholders, an evaluation based on several factors including those discussed below.

Nature, Extent and Quality of the Services Provided Under the Agreements

The Board received and considered information regarding the nature, extent and quality of services provided to the Funds by the Manager and the Sub-advisers under the respective Agreements during the Meeting and during the past year. The Independent Trustees considered information regarding the process by which the Manager selected and recommended the Sub-advisers for Board approval and the Manager’s supervisory activities over the Sub-advisers. The Independent Trustees noted that the Manager monitors and evaluates the performance of each Fund’s Sub-advisers, including the Sub-advisers’ compliance with the investment objective, policies, and restrictions of the relevant Fund. The Board also received a description of the administrative and other services rendered to the Trust and its shareholders during the past year. The Board noted information received at regular meetings throughout the year related to the services rendered by the Manager about the management of the Trust’s affairs and its role in coordinating the activities of the Sub-advisers and the Trust’s other service providers. The Board considered each Sub-adviser’s specific responsibilities in all aspects of the day-to-day management of the portion of the respective Fund’s assets allocated to it, as well as the qualifications, experience and responsibilities of the persons serving as the portfolio managers for the segment of the Fund’s assets managed by the respective Sub-adviser, and other key personnel at the Sub-adviser. The Board specifically considered each Sub-adviser’s investment process and capabilities, evaluating, if applicable, how the Sub-adviser complemented each of the other Sub-advisers, if any, to the respective Fund. With respect to the Alternative Strategies Fund, the Independent Trustees considered the Manager’s investment process and capabilities managing assets and the Manager’s specific responsibilities in all

363



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

aspects of day-to-day management of the Fund’s assets, as well as the qualification, experience and responsibilities of the person who serves as the portfolio manager for the Alternative Strategies Fund.

The Independent Trustees also discussed the acceptability of the terms of the Management Agreement, IM Agreement and Sub-Advisory Agreements. The Independent Trustees considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services provided to the Funds by the Sub-advisers. The Board also reviewed information received from the Manager and the Trust’s Chief Compliance Officer regarding the Trust’s compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, including those specific to the Manager providing day-to-day management of the Alternative Strategies Fund’s assets, and those of each Sub-adviser.

During the course of the year and at the Meeting, the Board reviewed the qualifications, backgrounds and responsibilities of the Manager’s senior personnel and the portfolio management team primarily responsible for the management of the Funds and the selection and evaluation of Sub-Advisers. The Board also considered the Manager’s and the Sub-advisers’ brokerage policies and practices, transaction execution standards, policies and practices regarding soft dollars, and quality controls applicable to brokerage allocation procedures. The Board also considered the risks associated with the Trust borne by the Manager and its affiliates (such as entrepreneurial, operational and regulatory risk), as well as the Manager’s risk management processes.

The Board concluded that, overall, the nature, extent and quality of services provided (and expected to be provided) under the Management Agreement, IM Agreement and Subadvisory Agreements were adequate and appropriate.

Fund Performance

As to each Fund, the Board received and considered performance information for the Fund and for all retail and institutional funds, regardless of asset size or primary channel of distribution, in the Fund’s Lipper category (the “Performance Universe”) selected by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper. As to each Fund, the Board was provided with a description of the methodology Broadridge used to determine the similarity of the Fund with the funds included in the Fund’s Performance Universe. It was noted that, while the Board has found the Broadridge data generally useful, the Trustees recognized the limitations of such data, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the peer group and its composition over time. The Board also noted that it had received and discussed with advisory personnel of the Trust at periodic intervals throughout the year information on the investment performance of each Fund in comparison to similar mutual funds and benchmark performance indices. As to each Sub-adviser, the Board received and considered performance information provided by the Manager for the Sub-adviser managing the portion of the respective Fund’s assets allocated to it. In addition, the Board considered the Funds’ performance in light of overall financial market conditions.

The Board received information from management regarding the Sub-advisers’ historical performance returns managing the Funds (in the case of renewals) and managing investment mandates similar to that of the applicable Funds (in the case of renewals and approvals), with such performance compared to a relevant index. The Board discussed with representatives of the Adviser the investment strategy to be employed by each Sub-adviser in the management of the applicable Funds’ assets. The Board discussed the reputation and experience of the Sub-advisers, their portfolio managers’ experience, and the Adviser’s experience and reputation in selecting, evaluating, and overseeing investment managers, including the process and diligence undertaken by the Adviser in evaluating Sub-Adviser performance. The Board determined that these factors supported a decision to renew or approve, as applicable, the Sub-Advisory Agreements.

The Trustees determined to continue to evaluate the Funds’ performance and that of their respective Sub-advisers, as applicable, and to continue to periodically review Fund performance with the Manager.

Management Fees and Expense Ratios

As to each Fund, the Board reviewed and considered the contractual management fee rate (“Contractual Management Fee”) payable by the Fund to the Manager in light of the nature, extent and quality of the management and sub-advisory services provided by the Manager and the Sub-advisers, respectively. The Board also reviewed and considered the actual management fee rate (“Actual Management Fee”) paid by each Fund over the Fund’s last fiscal year which included reductions for fee waiver and/or

364



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

expense reimbursement arrangements that were in effect for the Fund, which reduced the management fee paid to the Manager. The Board noted that the Manager has contractually agreed to waive fees and reimburse expenses in order to keep each Fund’s management fees from exceeding the total amount of sub-advisory fees, if any, paid by the Manager plus 0.20% based on average net assets of the Fund. The Board also noted that the compensation paid to the Sub-advisers is paid by the Manager, not the applicable Funds, and, accordingly, that the retention of the Sub-advisers does not increase the fees or expenses otherwise incurred by such Funds and their shareholders. The Board also reviewed with management the scope of services provided to the Funds by the Manager, noting that the Funds are provided with regulatory compliance services, office facilities and Trust officers (including the Trust’s chief financial, chief legal and chief compliance officers), and that the Manager coordinates and oversees the provision of services to each Fund by other fund service providers, including the Sub-advisers. The Board considered the amount of the management fee retained by the Manager after payment of sub-advisory fees to the Sub-advisers, in each case in light of the services rendered for those amounts. The Board also considered and discussed information about the Sub-advisers’ fees and comparable information for other sub-advised funds and accounts managed by the Sub-advisers.

Additionally, the Board received and considered information comparing each Fund’s Contractual Management Fee and Actual Management Fee and the Fund’s actual total expenses with those of a group of funds selected by Broadridge as comparable to the particular Fund (the “Expense Group”) and a broader group of retail no-load funds selected by Broadridge (the “Expense Universe”). It was noted that while the Board found the Broadridge data generally useful they recognized its limitations, including that the data may vary depending on the selection of the peer group and the fiscal year ends of the peer group funds.

The Board determined that, as to each Fund, the management fee paid by the Fund to the Manager and the sub-advisory fees paid by the Manager to the Sub-advisers, as applicable, were reasonable in light of comparative performance and expense information and the nature, extent and quality of the services provided to the Fund under the Agreements.

Manager Profitability

The Board received and considered a profitability analysis of the Manager and its affiliates in providing services to the Funds. In addition, the Board received information with respect to the Manager’s allocation methodologies used in preparing this profitability data. To the extent available, the Board also reviewed information provided by the Sub-advisers with respect to the relevant Sub-adviser’s profitability in providing sub-advisory services to the Funds. The Board also noted the profitability percentage ranges determined by appropriate court cases to be reasonable given the services rendered to investment companies. As to each Fund, the Board determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services provided to the Fund.

Economies of Scale

As to each Fund, the Board considered information regarding whether there have been economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. The Board considered the various ways economies of scale could be realized and shared with Fund investors, and whether economies of scale in the provision of services to the Fund were being passed along to the shareholders. As to each Fund, the Board also noted that to the extent the Fund’s assets increase over time, the Fund and its shareholders should realize economies of scale as certain expenses, such as fixed fund fees, become a smaller percentage of overall assets. The Board noted that it appeared that the benefits of any economies of scale also would be appropriately shared with shareholders through increased investment in fund management resources.

Other Benefits to the Manager and the Sub-advisers

As to each Fund, the Board considered other benefits received by the Manager, the Sub-advisers and their affiliates as a result of their relationship with the Funds, including soft dollar arrangements, receipt of brokerage and the opportunity to offer additional products and services to Fund shareholders.

In light of the Manager’s costs of providing investment management and other services to the Funds and the Manager’s ongoing commitment to the Funds and each Sub-adviser’s day-to-day management of the portion of the respective Fund’s assets allocated to it, the profits and ancillary benefits that the Manager, the Sub-advisers and their affiliates received were considered reasonable.

365



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

Based on their discussions and considerations, including those described above, the Board approved the Management Agreement, the IM Agreement and the Subadvisory Agreements to continue for another year. No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Agreements.

*******

Trustees and Officers of the Trust

The Board is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust’s distributor, Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.

In addition to investment management services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agent and the administrator.

366



Additional Information


(unaudited)

Trustees and Officers of the Trust

The names of the Trustees and officers of the Trust, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds.


Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee	Other Board Memberships Held During Past Five Years by Trustee

INDEPENDENT TRUSTEES

Mark J. Reed 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1964	Trustee	Since 2007	Principal and Portfolio Manager, North American Management Corp. (Investment Advisory) (2013-present); and formerly, Managing Director and Chief Compliance Officer, Bush O’Donnell Investment Advisors, Inc. (Registered Investment Advisor) (1988-2013)	11	None

Adela Cepeda 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1958	Chair and Trustee	Since 2008 (Chair since 2021)	Managing Director, PFM Financial Advisors, LLC (Financial Advisory) (2016-December 2019); and formerly, President, A.C. Advisory, Inc. (Financial Advisory) (1995-September 2016)	11	Director, BMO Financial Corp. (2012-present); Trustee, Mercer Funds (2005-present); Trustee, UBS Funds (2004-present); and formerly, Director, Fort Dearborn Income Securities (2000-August 2016)

W. Thomas Matthews 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1949	Trustee	Since 2009 (Interested Trustee from 2006-2009)	Retired; Advisor, Smith Barney (2005-2007)	11	Chairman Emeritus, Congressional Medal of Honor Foundation (2009-present); formerly Treasurer (2009-2016); and Chairman Emeritus, America’s Warrior Partnership (2017-present), formerly, Chairman (2013-2016) and Director (2013-2017)

367



Additional Information


(unaudited) (continued)


Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee	Other Board Memberships Held During Past Five Years by Trustee

Eric T. McKissack, CFA^® 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1953	Vice Chair and Trustee	Since 2013 (Vice Chair since 2021)	Founder and Chief Executive Officer Emeritus, Channing Capital Management, LLC (Investment Management) (2017-December 2019); and formerly, Chief Executive Officer, Channing Capital Management, LLC (2004-2017)	11	Trustee and Chairman, FlexShares Funds (2011-present); Trustee, The Art Institute of Chicago (2001-present); and Director, Urban Gateways (1995-present)

Teresa S. Westbrook 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1959	Trustee	Since 2020	CPA/ Partner, Deloitte & Touche LLP (1999-2015)	11	None

INTERESTED TRUSTEE

Paul Ricciardelli** Morgan Stanley 522 Fifth Avenue, 14th Floor, New York, NY 10036 Birth Year: 1969	Trustee and Chief Executive Officer and President	Since April 2017	Head of Morgan Stanley Portfolio Solutions (formerly Wealth Advisory Solutions), Morgan Stanley (March 2017-present; Head of IAR/GIMA, Morgan Stanley (2011-2018); and formerly, Head of Manager Solutions, Morgan Stanley (2015-March 2017)	11	None

368



Additional Information


(unaudited) (continued)


Name, Address and Year of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years

OFFICERS

Francis Smith Morgan Stanley 522 Fifth Avenue, 9th Floor New York, NY 10036 Birth Year: 1965	Chief Financial Officer and Treasurer	Since 2014	Managing Director, Morgan Stanley (2017-present); formerly Executive Director, Morgan Stanley (2001-2016); and Treasurer and Principal Financial Officer of various Morgan Stanley Funds (2003-present)

Eric Metallo Morgan Stanley 1633 Broadway, 29th Floor New York, NY 10019 Birth Year: 1976	Chief Legal Officer and Secretary	Since August 2015	Executive Director, Morgan Stanley Wealth Management (2014-present); and formerly Senior Vice President and Associate General Counsel, PineBridge Investments (2011-2014)

Joseph Signora Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1977	Chief Compliance Officer	Since December 2017	Executive Director, Morgan Stanley (2017-present); formerly, Senior Director, AXA Equitable (2015-2017); Vice President, EQ Advisors Trust (2015-2017); Vice President, AXA Premier VIP Trust (2015-2017); Vice President, 1290 Funds (2015-2017); Vice President, FMG LLC (2015-2017)

Monica Heanue Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1975	Chief Administrative Officer	Since December 2022	Executive Director, Morgan Stanley (July 2006-Present)

Michael Loewengart Morgan Stanley 2000 Westchester Ave., 3rd Floor Purchase, NY 10577 Birth Year: 1976	Investment Officer	Since May 2022	Head of Portfolio Management, Morgan Stanley Portfolio Solutions (2022-present); Head of Investment Strategy, E*TRADE Financial (2007-2021)

Franceen Jansen Morgan Stanley 522 Fifth Avenue, 12th Floor New York, NY 10036 Birth Year: 1959	Investment Officer	Since August 2015	Executive Director, Morgan Stanley (2010-present)

Andrew Cohen Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1978	Investment Officer	Since May 2022	Portfolio Manager, Morgan Stanley Portfolio Solutions (2022-present); Director of Investment Research, E*TRADE Financial (2015-2021)

369



Additional Information


(unaudited) (continued)


Name, Address and Year of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years

Sukru Saman Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1972	Investment Officer	Since August 2015	Investment Officer, Morgan Stanley Wealth Management (2013-present)

Angela Degis Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1967	Investment Officer	Since May 2022	Portfolio Manager, Morgan Stanley (2020-present)

James Totino Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1970	Investment Officer	Since May 2018	Portfolio Specialist, Investment Officer, Morgan Stanley (2018-present); and formerly Investment Officer, Morgan Stanley (2011-2018)

Mark Nolan Morgan Stanley 1633 Broadway, New York, NY 10019 Birth Year: 1981	AML Officer	Since March 2023	Executive Director of GFC WM Advisory, Morgan Stanley (2022-present); Vice President Anti-Financial Crimes Origination and Advisory; Deputy MLRO Cayman Islands of Deutsche Bank (2017-2023)

James J. Tracy Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1957	Product Management Officer Trustee Chief Executive Officer and President	Since May 2016 2013-2015 2013-2015	Managing Director, Head of Consulting Group and Graystone Consulting (2018-present); Managing Director, Director of Consulting Group and Practice Management (2016-2018); Managing Director, Vice Chairman of Wealth Management (2015); and Managing Director, Director of Consulting Group Wealth Advisory Solutions (2012-2015)

Steven Ross Morgan Stanley 522 Fifth Avenue, 9th Floor New York, NY 10036 Birth Year: 1971	Assistant Treasurer	Since 2014	Executive Director, Morgan Stanley (2013-present)

Suzan M. Barron Brown Brothers Harriman & Co. (“BBH&Co.”) 50 Post Office Square Boston, MA 02110 Birth Year: 1964	Assistant Secretary	Since 2011	Senior Vice President and Senior Investor Services Counsel, Corporate Secretary Legal Administration Practice of Fund Administration, BBH&Co. (2005-present); Secretary, BBH Trust (2009-present)

The Fund’s statement of additional information includes further information about the Fund’s Trustees and Officers, and is available without charge by visiting www.morganstanley.com/wealth-investmentsolutions/cgcm or upon request by calling 1 (800) 869-3326.

*	Each Trustee remains in office until he or she resigns, retires or is removed.

**	Mr. Ricciardelli is an “interested person” of the Trust as defined in the 1940 Act because of his position with Morgan Stanley.

***	The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

370



Additional Information


(unaudited) (continued)

Board Composition and Leadership Structure

Currently, five of the six Trustees on the Board (83.33%) are not “interested persons” (as defined in the 1940 Act) of the Trust and as such are not affiliated with the Manager or any Sub-adviser (“Independent Trustees”). The Board has appointed Ms. Cepeda, an Independent Trustee, to serve as Chairperson of the Board. There are two primary committees of the Board: the Audit Committee and the Corporate Governance and Nominating Committee. Each Committee is chaired by an Independent Trustee and comprised solely of Independent Trustees. The Board has determined that this leadership structure is appropriate given the specific characteristics and circumstances of the Trust and in light of the services that the Manager and its affiliates and the Sub-advisers provide to the Trust and potential conflicts of interest that could arise from these relationships. The Board believes that the existing Board structure is appropriate because, among other things, it allows the Independent Trustees to exercise independent business judgment in evaluating the Trust’s management and service providers.

Board Oversight of Risk Management

The Board considers risk management issues as part of its general oversight responsibilities. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Manager and its affiliates and the Sub-advisers, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings, or the Chairman of the Board or the appropriate Committee, acting between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including the Manager’s investment officers, the Trust’s and the Manager’s Chief Compliance Officer (“CCO”) and the Sub-advisers’ portfolio management personnel. The Board’s Audit Committee meets during its scheduled meetings, and between meetings the Audit Committee chair maintains contact, with the Trust’s independent registered public accounting firm and the Trust’s Chief Financial Officer. The Board receives periodic presentations from senior personnel of the Manager or its affiliates regarding investment performance of the Funds and the applicable investment risk management process. The Board also receives periodic presentations from senior personnel of the Manager or its affiliates and the Sub-advisers regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, anti-money laundering, cybersecurity, personal trading, valuation, credit, investment research, portfolio trading and transactions, and securities lending. The Board has adopted policies and procedures designed to address certain risks to the Funds. In addition, the Manager and other service providers to the Trust have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Funds. The Board also receives reports from counsel to the Trust or counsel to the Manager and the Independent Trustees’ own independent legal counsel regarding regulatory compliance and governance matters. The Board’s oversight role does not make the Board a guarantor of the Funds’ investments or activities.

Individual Trustee Qualifications

The Board believes that each Trustee’s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that the Board possesses the requisite attributes and skills to effectively oversee the management of the Trust and the interests of Fund shareholders. The Board believes that the significance of each Trustee’s experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. However, the Board believes that Trustees must have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that the Trustees satisfy this standard. Experience relevant to having this ability may be achieved through a Trustee’s educational background; business, professional training or practice (e.g., accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. The charter for the Board’s Corporate Governance and Nominating Committee contains certain other factors considered by the Committee in identifying and evaluating potential nominees to the Board. The Board noted that most of the Trustees had experience serving as

371



Additional Information


(unaudited) (continued)

directors on the boards of operating companies and/or other investment companies. The Board considered that Mses. Cepeda and Westbrook and Messrs. Matthews, McKissack and Reed have or had careers in the financial services or investment management industries, including holding executive positions in companies engaged in these industries, which allows these Trustees to bring valuable, relevant experience as members of the Board. Mr. Ricciardelli has substantial experience as an executive and financial officer in leadership roles with Morgan Stanley and affiliated entities.

Board Committees

The Trust has an Audit Committee and a Corporate Governance and Nominating Committee. The members of the Audit Committee and the Corporate Governance and Nominating Committee consist of all the Independent Trustees of the Trust, namely Mses. Cepeda and Westbrook, and Messrs. Matthews, McKissack and Reed. The Board also at times may constitute other committees of the Board to assist in the evaluation of specific matters.

The Audit Committee oversees each Fund’s audit, accounting and financial reporting policies and practices and its internal controls. The Audit Committee approves, and recommends to the Board for its ratification, the selection, appointment, retention or termination of the Trust’s independent registered public accounting firm and approves the compensation of the independent registered public accounting firm. The Audit Committee also approves all audit and permissible non-audit services provided to each Fund by the independent registered public accounting firm and all permissible non-audit services provided by the Trust’s independent registered public accounting firm to the Manager and any affiliated service providers if the engagement relates directly to Fund operations and financial reporting. The Audit Committee met two times during the Trust’s most recent fiscal year.

The Corporate Governance and Nominating Committee is charged with overseeing the Board governance matters and related Trustee practices, including selecting and nominating persons for election or appointment by the Board as Independent Trustees of the Trust. The Corporate Governance and Nominating Committee will consider nominees recommended by the Funds’ shareholders if a vacancy occurs. Shareholders who wish to recommend a nominee should send nominations to the Trust’s Secretary. The Corporate Governance and Nominating Committee also considers and recommends to the Board the appropriate compensation for serving as a Trustee on the Board. The Corporate Governance and Nominating Committee did not meet during the Trust’s most recent fiscal year.

Review of Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by the Liquidity Risk Management Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on May 31 and June 1, 2023, the Trustees received a report from the Liquidity Risk Management Committee addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The Liquidity Risk Management Committee determined, and reported to the Board, that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on May 14, 2019. The Liquidity Risk Management Committee reported that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Risk Management Committee further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

372



Important Tax Information


(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended August 31, 2023:


	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund			Emerging Markets Equity Fund			Core Fixed Income Fund
Record Date		12/6/2022			12/6/2022			12/6/2022			12/6/2022			Monthly
Payable Date		12/7/2022			12/7/2022			12/7/2022			12/7/2022			Monthly
Ordinary Income:														—
Qualified Dividend Income for Individuals		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		100.00	%		98.15	%		0.00	%		0.00	%		0.00	%
Foreign Source Income		—			—			19.96	%*		27.70	%*		—
Foreign Tax Paid par Share		—			—			0.029853			0.034005			—
Long-term Capital Gain Dividend		1.598100			1.539499			0.355914			—			—

	High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Record Date		Monthly			12/6/2022			Monthly			Monthly			Monthly
Payable Date		Monthly			12/7/2022			Monthly			Monthly			Monthly
Ordinary Income:		—			—			—			—			—
Qualified Dividend Income for Individuals		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Foreign Source Income		—			—			—			—			—
Foreign Tax Paid par Share		—			—			—			—			—
Long-term Capital Gain Dividend		—			—			—			0.186476			—

	Alternative Strategies Fund
Record Date		12/30/2022
Payable Date		12/30/2022
Ordinary Income:
Qualified Dividend Income for Individuals		6.67	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0.90	%
Foreign Source Income		—
Foreign Tax Paid par Share		—
Long-term Capital Gain Dividend		0.024602

*	Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

373

MORGAN STANLEY SMITH BARNEY LLC

Distributor

CONSULTING GROUP ADVISORY SERVICES LLC

Investment Adviser

This report is submitted for the general information of the shareholders of Morgan Stanley Pathway Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus for the Trust which contains information concerning the Trust’s Investment policies, charges and expenses as well as other pertinent information.

The Funds provide a complete schedule of portfolio holdings in its semi-annual and annual reports within 60 days of the end of the funds’ second and fourth quarters. The semi-annual and annual reports are filed electronically with the Securities and Exchange Commission (“SEC”) on Form N-CSRS and Form N-CSR, respectively. These reports are available on its public website. The Funds also file their complete schedule of portfolio holdings with the SEC for the first and third quarters as an attachment to Form N-Port. Morgan Stanley does not deliver the reports for the first and third fiscal quarters to shareholders, but makes the complete schedule of portfolio holdings for the funds’ first and third quarters available on its public website. You may obtain the Form N-PORT filings by accessing the SEC’s website, www.sec.gov. For additional information, shareholders can call 1-888-454-3965 (“ask for Consulting Group”).

Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling 1-888-454-3965 (ask for “Consulting Group”), (2) on the Funds’ website at www.morganstanley.com/wealth-investmentsolutions/cgcm and (3) on the SEC’s website at www.sec.gov.

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

ITEM 2. CODE OF ETHICS.

As of the period ended August 31, 2023 (“Reporting Period”), the Registrant has adopted a code of ethics (“Code”) that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. The Registrant has not amended any provision in its Code that relates to an element of the Code’s definitions enumerated in paragraph (b) of Item 2 of this Form N-CSR. A copy of this Code is filed as an Exhibit to this Form N-CSR pursuant to Item 13(a)(1).

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

AUDIT FEES –

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2023 and August 31, 2022 for professional services rendered by the Registrant’s principal accountant (“Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for each of the last two fiscal years, were $688,350 in 2023 and $663,650 in 2022.

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2023, and August 31, 2022, for assurance and related services by the Auditor that were reasonably related to the performance of the audit of the Registrant’s financial statements and were not reported under paragraph (a) of this Item 4, were $0 in 2023 and $0 in 2022

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2023 and August 31, 2022 for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in 2023 and $0 in 2022. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

(d) All Other Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2023, and August 31, 2022, for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this Item 4, were $0 for 2023 and $0 for 2022.

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

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(c) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees were 0% for 2023 and 0% for 2022; Tax Fees were 0% for 2023 and 0% for 2022; and Other Fees were 0% for 2023 and 0% for 2022.

(f) Not Applicable.

(g) Aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management as is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant of each of the last two fiscal years of the Registrant (“Service Affiliates”) were $0 for 2023 and $0 in 2022.

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

(i) Not Applicable.

(j) Not Applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not Applicable.

ITEM 6. INVESTMENTS.

A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not Applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)) were effective, as of a date within 90 days of the filing date of this report, based on his evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(b)), and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(d)), that occurred during the Registrant’s period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) are attached hereto.

(b) Certifications pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.


Morgan Stanley Pathway Funds

By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		November 7, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Paul Ricciardelli
		Paul Ricciardelli
		Chief Executive Officer
		Morgan Stanley Pathway Funds

Date:		November 7, 2023

Morgan Stanley Pathway Funds

By:		/s/ Francis Smith
		Francis Smith
		Chief Financial Officer
		Morgan Stanley Pathway Funds

Date:		November 7, 2023

Morgan Stanley Pathway Funds N-CSRCertified annual shareholder report (management investment company)