N-CSR

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

MSLC | NYSE Arca

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Large Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Morgan Stanley Pathway Large Cap Equity ETF	$42	0.39%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Russell 1000^® Index:

Contributors:

o Overweight Financials as sector outperformed the index.

o Positioning within the Consumer Services sector.
Detractors:

o Underweight Information Technology as sector outperformed the index.

o Positioning within the Energy sector.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

A line chart as described in the following paragraph.

	Morgan Stanley Pathway Large Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	Morgan Stanley Pathway Large Cap Equity ETF - NAV (With Annual Advisory Program Fee^{Footnote Reference2})	Russell 1000^® Index
8/15	$10,000	$10,000	$10,000
8/16	$10,708	$10,445	$11,169
8/17	$12,192	$11,601	$12,974
8/18	$14,495	$13,460	$15,546
8/19	$14,687	$13,370	$15,933
8/20	$17,455	$15,606	$19,518
8/21	$23,003	$20,168	$25,813
8/22	$19,452	$16,712	$22,466
8/23	$22,313	$18,793	$25,927
8/24	$27,795	$22,945	$32,822
8/25	$31,879	$25,796	$38,151

Average Annual Total Returns (%)^{Footnote
Reference1}

	1 Year	5 Years	10 Years
Morgan Stanley Pathway Large Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	14.69%	12.80%	12.29%
Morgan Stanley Pathway Large Cap Equity ETF - NAV (With Annual Advisory Program Fee)^{Footnote Reference2}	12.42%	10.46%	9.74%
Russell 1000^® Index	16.24%	14.34%	14.33%

Footnote	Description
Footnote¹	Performance prior to December 9, 2024 is that of Large Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place on December 9, 2024.
Footnote²	The Morgan Stanley Annual Advisory Program Fees are only applicable to shareholders who own shares of the Fund through a Morgan Stanley-sponsored investment advisory program. These programs charge an annual fee, which may be up to 2.00%.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. For more performance information, visit www.morganstanley.com/wealth-investmentsolutions/cgcm.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$3,292,785,710
# of Portfolio Holdings	1,018
Portfolio Turnover Rate	13%
Advisory Fees Paid	$8,889,105

What did the Fund invest in?

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

Sector Allocation (% of Investments)

A graphical representation of Investments made.

Value	Value
Short-Term Investments	1.5%
Utilities	1.9%
Real Estate	2.3%
Materials	2.7%
Energy	3.0%
Consumer Staples	4.1%
Health Care	9.4%
Communication Services	9.5%
Industrials	10.0%
Consumer Discretionary	11.4%
Financials	16.3%
Information Technology	27.9%

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

Microsoft Corp.	6.3%
NVIDIA Corp.	5.5%
Amazon.com Inc.	4.8%
Apple Inc.	4.1%
Meta Platforms Inc., Class A Shares	2.7%
Broadcom Inc.	2.2%
Alphabet Inc., Class A Shares	2.1%
JPMorgan Chase & Co.	1.6%
Visa Inc., Class A Shares	1.5%
Berkshire Hathaway Inc., Class B Shares	1.3%
Total	32.1%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2026 at www.morganstanley.com/wealth-investmentsolutions/cgcm or upon request by contacting us at 1-800-869-3326.

Morgan Stanley Pathway Large Cap Equity ETF converted from Large Cap Equity Fund on December 9, 2024. The conversion, approved by the Board of Trustees in August 2024, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have the same investment objectives and principal investment strategies. Returns prior to the conversion are those of the former corresponding fund.

Additional Information

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

Householding

To reduce expense the Fund may mail only one copy of the prospectus, statement of additional information and each annual & semi-annual tailored shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Trust at

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

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

Annual Shareholder Report August 31, 2025

MSLC-TSR-AR

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

MSSM | NYSE Arca

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Small-Mid Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$64	0.62%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Russell 2500^® Index:

Contributors:

o Overweight Information Technology as the sector outperformed the index.

o Positioning within the Industrials sector.
Detractors:

o Underweight Financials as sector outperformed the index.

o Positioning within the Communication Services sector.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (With Annual Advisory Program Fee^{Footnote Reference2})	Russell 3000^® Index	Russell 2500^® Index
8/15	$10,000	$10,000	$10,000	$10,000
8/16	$9,449	$9,213	$11,144	$10,879
8/17	$10,819	$10,287	$12,934	$12,318
8/18	$13,217	$12,262	$15,553	$15,192
8/19	$12,391	$11,269	$15,757	$14,106
8/20	$13,478	$12,038	$19,135	$15,064
8/21	$19,023	$16,663	$25,458	$21,974
8/22	$16,000	$13,732	$22,076	$18,558
8/23	$17,035	$14,332	$25,334	$19,790
8/24	$19,623	$16,182	$31,958	$23,229
8/25	$21,128	$17,078	$37,020	$25,560

Average Annual Total Returns (%)^{Footnote
Reference1}

	1 Year	5 Years	10 Years
Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (Without Annual Advisory Program Fee)	7.67%	9.41%	7.77%
Morgan Stanley Pathway Small-Mid Cap Equity ETF - NAV (With Annual Advisory Program Fee)^{Footnote Reference2}	5.54%	7.13%	5.31%
Russell 3000^® Index	15.84%	14.11%	13.98%
Russell 2500^® Index	10.04%	11.15%	9.84%

Footnote	Description
Footnote¹	Performance prior to December 9, 2024 is that of Small-Mid Cap Equity Fund (the Predecessor Fund). The Fund acquired the performance history of the Predecessor Fund as part of a reorganization that took place on December 9, 2024.
Footnote²	The Morgan Stanley Annual Advisory Program Fees are only applicable to shareholders who own shares of the Fund through a Morgan Stanley-sponsored investment advisory program. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$673,930,502
# of Portfolio Holdings	2,324
Portfolio Turnover Rate	45%
Advisory Fees Paid	$2,759,271

What did the Fund invest in?

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

Sector Allocation (% of Investments)

Value	Value
Short-Term Investments	2.7%
Communication Services	2.5%
Consumer Staples	3.2%
Energy	3.6%
Utilities	3.7%
Materials	4.2%
Real Estate	4.5%
Consumer Discretionary	10.2%
Health Care	12.4%
Financials	14.8%
Information Technology	17.3%
Industrials	20.9%

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

Royal Bank of Canada - Toronto	1.8%
Comfort Systems USA Inc.	1.1%
Ascendis Pharma AS, ADR	1.0%
ViaSat Inc.	0.7%
FTAI Aviation Ltd.	0.7%
Rambus Inc.	0.7%
Kyndryl Holdings Inc.	0.6%
Regal Rexnord Corp.	0.6%
Resideo Technologies Inc.	0.6%
TechnipFMC PLC	0.6%
Total	8.4%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

Morgan Stanley Pathway Small-Mid Cap Equity ETF converted from Small-Mid Cap Equity Fund on December 9, 2024. The conversion, approved by the Board of Trustees in August 2024, was deemed in the best interest of shareholders. The new ETF and its former corresponding fund have the same investment objectives and principal investment strategies. Returns prior to the conversion are those of the former corresponding fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

MSSM-TSR-AR

Morgan Stanley Pathway Funds - International Equity Fund

TIEUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Equity Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
International Equity Fund	$63	0.60%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the MSCI EAFE^® Index (Net):

Contributors:

o Positioning within Materials, Communication Services, and Consumer Staples sectors.

o Positioning within France, United Kingdom, and Italy.
Detractors:

o Underweight Financials as sector outperformed the index.

o Positioning within Japan, Germany, and Spain.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	International Equity Fund (Without Annual Advisory Program Fee)	International Equity Fund (With Annual Advisory Program Fee^{Footnote Reference1})	MSCI EAFE^® Index (Net)
8/15	$10,000	$10,000	$10,000
8/16	$10,096	$9,850	$9,988
8/17	$11,826	$11,257	$11,750
8/18	$12,317	$11,441	$12,266
8/19	$11,537	$10,502	$11,866
8/20	$12,534	$11,207	$12,594
8/21	$16,160	$14,168	$15,884
8/22	$12,707	$10,915	$12,739
8/23	$15,467	$13,027	$15,022
8/24	$18,307	$15,112	$17,936
8/25	$20,418	$16,521	$20,424

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
International Equity Fund (Without Annual Advisory Program Fee)	11.53%	10.25%	7.40%
International Equity Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	9.33%	7.96%	4.96%
MSCI EAFE^® Index (Net)	13.87%	10.15%	7.40%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$1,194,401,638
# of Portfolio Holdings	943
Portfolio Turnover Rate	29%
Advisory Fees Paid	$5,626,911

What did the Fund invest in?

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

Country Allocation (% of Investments)

Value	Value
Short-Term Investments	1.5%
Other Countries	17.6%
Sweden	2.5%
Spain	2.9%
Italy	3.0%
Australia	3.8%
Netherlands	5.1%
Switzerland	7.5%
Germany	9.0%
France	11.7%
United Kingdom	16.7%
Japan	18.7%

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

SAP SE	1.6%
Roche Holding AG	1.6%
AstraZeneca PLC	1.5%
ASML Holding NV	1.3%
Kering SA	1.1%
Novo Nordisk AS, Class B Shares	1.1%
Infineon Technologies AG	1.1%
Reckitt Benckiser Group PLC	1.0%
Rolls-Royce Holdings PLC	1.0%
Alstom SA	0.9%
Total	12.2%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TIEUX-TSR-AR

Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

TEMUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Emerging Markets Equity Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Emerging Markets Equity Fund	$81	0.75%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the MSCI Emerging Markets Index (Net):

Contributors:

o Overweight Financials as the sector outperformed the index.

o Positioning within India, Saudia Arabia, and Hungary.
Detractors:

o Underweight Communication Services as sector outperformed the index.

o Positioning within China, Argentina, and South Africa.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Emerging Markets Equity Fund (Without Annual Advisory Program Fee)	Emerging Markets Equity Fund (With Annual Advisory Program Fee^{Footnote Reference1})	MSCI Emerging Markets Index (Net)
8/15	$10,000	$10,000	$10,000
8/16	$11,531	$11,252	$11,183
8/17	$14,470	$13,783	$13,926
8/18	$13,658	$12,694	$13,832
8/19	$13,603	$12,394	$13,229
8/20	$14,528	$12,994	$15,145
8/21	$17,620	$15,452	$18,344
8/22	$13,050	$11,212	$14,344
8/23	$13,655	$11,500	$14,524
8/24	$15,467	$12,767	$16,713
8/25	$17,877	$14,464	$19,520

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Emerging Markets Equity Fund (Without Annual Advisory Program Fee)	15.58%	4.24%	5.98%
Emerging Markets Equity Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	13.29%	2.07%	3.57%
MSCI Emerging Markets Index (Net)	16.80%	5.21%	6.92%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$655,820,870
# of Portfolio Holdings	1,224
Portfolio Turnover Rate	20%
Advisory Fees Paid	$3,070,521

What did the Fund invest in?

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

Country Allocation (% of Investments)

Value	Value
Short-Term Investments	2.2%
Other Countries	12.9%
Indonesia	1.5%
Mexico	2.7%
Saudi Arabia	2.8%
South Africa	3.1%
Hong Kong	4.5%
Brazil	5.3%
South Korea	10.1%
India	15.9%
Taiwan	17.0%
China	22.0%

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

Taiwan Semiconductor Manufacturing Co., Ltd.	9.3%
Tencent Holdings Ltd.	5.6%
Samsung Electronics Co., Ltd.	2.5%
SK Hynix Inc.	2.1%
Alibaba Group Holding Ltd.	2.0%
Reliance Industries Ltd.	1.6%
HDFC Bank Ltd., ADR	1.5%
Citibank - New York	1.1%
Alibaba Group Holding Ltd., ADR	1.1%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	1.0%
Total	27.8%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TEMUX-TSR-AR

Morgan Stanley Pathway Funds - Core Fixed Income Fund

TIIUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Core Fixed Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Core Fixed Income Fund	$48	0.47%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Aggregate Bond™ Index:

Contributors:

o Credit quality allocation.

o Security selection.
Detractors:

o Allocations to nonagency collateralized mortgage obligations.

o Interest rate positioning.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Core Fixed Income Fund (Without Annual Advisory Program Fee)	Core Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Aggregate Bond™ Index
8/15	$10,000	$10,000	$10,000
8/16	$10,584	$10,324	$10,597
8/17	$10,697	$10,176	$10,649
8/18	$10,553	$9,789	$10,537
8/19	$11,649	$10,592	$11,609
8/20	$12,518	$11,182	$12,360
8/21	$12,591	$11,024	$12,350
8/22	$10,972	$9,414	$10,928
8/23	$10,797	$9,079	$10,797
8/24	$11,549	$9,519	$11,585
8/25	$11,899	$9,614	$11,948

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Core Fixed Income Fund (Without Annual Advisory Program Fee)	3.03%	-1.01%	1.75%
Core Fixed Income Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	0.99%	-3.07%	-0.56%
Bloomberg U.S. Aggregate Bond™ Index	3.14%	-0.68%	1.80%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$1,656,284,291
# of Portfolio Holdings	3,238
Portfolio Turnover Rate	136%
Advisory Fees Paid	$5,559,545

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	6.5%
Right	0.0%^{Footnote Referencea}
Common Stock	0.0%^{Footnote Referencea}
Open End Mutual Fund Security	0.0%^{Footnote Referencea}
Senior Loans	0.1%
Municipal Bonds	0.2%
Asset-Backed Securities	1.9%
Sovereign Bonds	3.0%
Collateralized Mortgage Obligations	13.4%
U.S. Government Obligations	17.7%
Mortgage-Backed Securities	28.2%
Corporate Bonds & Notes	29.0%

Footnote	Description
Footnote^a	Less than 0.05%.

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

Value	Value
Cash & Short-Term Investments	6.6%
Not Rated	8.6%
CCC or Lower	0.1%
B	1.5%
BB	5.3%
BBB	15.6%
A	10.9%
AA	50.4%
AAA	3.0%

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

Footnote

Description

Footnote^*

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

Material Fund Changes

Effective March 28, 2025, Western Asset Management Company was no longer a sub-adviser to the Fund and J.P. Morgan Investment Management Inc. began serving as a sub-adviser to the Fund. Consulting Group Advisory Services, LLC continues to serve as the adviser to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TIIUX-TSR-AR

Morgan Stanley Pathway Funds - High Yield Fund

THYUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - High Yield Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
High Yield Fund	$85	0.82%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Corporate High Yield Bond Index:

Contributors:

o Security selection among Consumer Non-Cyclicals.

o Overweight to REITS.
Detractors:

o Overweight Electric Utilities.

o Security selection within Insurance credits.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	High Yield Fund (Without Annual Advisory Program Fee)	High Yield Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Universal Bond™ Index	Bloomberg U.S. Corporate High Yield Bond Index
8/15	$10,000	$10,000	$10,000	$10,000
8/16	$10,402	$10,147	$10,650	$10,907
8/17	$11,273	$10,728	$10,793	$11,849
8/18	$11,664	$10,827	$10,693	$12,251
8/19	$12,315	$11,207	$11,770	$13,055
8/20	$12,332	$11,015	$12,525	$13,669
8/21	$13,393	$11,727	$12,636	$15,056
8/22	$11,936	$10,242	$11,138	$13,461
8/23	$12,737	$10,714	$11,094	$14,425
8/24	$14,133	$11,653	$11,973	$16,236
8/25	$15,244	$12,319	$12,419	$17,577

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
High Yield Fund (Without Annual Advisory Program Fee)	7.86%	4.33%	4.31%
High Yield Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	5.72%	2.16%	1.93%
Bloomberg U.S. Universal Bond™ Index	3.72%	-0.17%	2.19%
Bloomberg U.S. Corporate High Yield Bond Index	8.26%	5.16%	5.80%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$141,721,826
# of Portfolio Holdings	300
Portfolio Turnover Rate	76%
Advisory Fees Paid	$682,144

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	2.8%
Senior Loans	0.3%
Corporate Bonds & Notes	96.9%

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

Value	Value
Cash & Short-Term Investments	2.8%
Not Rated	0.3%
CCC or Lower	6.3%
B	36.2%
BB	50.9%
BBB	2.5%

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

Footnote

Description

Footnote^*

Material Fund Changes

Effective March 28, 2025, Western Asset Management Company was no longer a sub-adviser to the Fund. Consulting Group Advisory Services, LLC continues to serve as the adviser to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

THYUX-TSR-AR

Morgan Stanley Pathway Funds - International Fixed Income Fund

TIFUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - International Fixed Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

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

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
International Fixed Income Fund	$120	1.18%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the FTSE Non-U.S. WGBI (USD) - Hedged:

Contributors:

o Positioning within US rates and euro bloc rates.

o Positions within EM currencies including long exposure to the Turkish Lira.
Detractors:

o Positioning within Chinese interest rate strategies.

o Short exposure to select EM Asia currencies, including the Taiwanese dollar.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	International Fixed Income Fund (Without Annual Advisory Program Fee)	International Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	FTSE Non-U.S. WGBI (USD) - Hedged
8/15	$10,000	$10,000	$10,000
8/16	$10,970	$10,698	$10,900
8/17	$11,078	$10,536	$10,814
8/18	$11,327	$10,508	$11,025
8/19	$12,461	$11,274	$12,443
8/20	$12,555	$11,078	$12,478
8/21	$12,788	$11,005	$12,584
8/22	$11,312	$9,542	$11,230
8/23	$11,295	$9,339	$11,192
8/24	$12,068	$9,781	$11,922
8/25	$12,520	$9,947	$12,200

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
International Fixed Income Fund (Without Annual Advisory Program Fee)	3.75%	-0.05%	2.27%
International Fixed Income Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	1.70%	-2.13%	-0.05%
FTSE Non-U.S. WGBI (USD) - Hedged	2.33%	-0.45%	2.01%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$180,348,965
# of Portfolio Holdings	436
Portfolio Turnover Rate	280%
Advisory Fees Paid	$803,399

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	6.1%
Purchased Options	0.0%^{Footnote Referencea}
Municipal Bond	0.1%
Asset-Backed Securities	0.1%
U.S. Government Obligations	6.3%
Corporate Bonds & Notes	10.2%
Collateralized Mortgage Obligations	12.9%
Mortgage-Backed Securities	31.5%
Sovereign Bonds	32.8%

Footnote	Description
Footnote^a	Less than 0.05%.

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

Value	Value
Cash & Short-Term Investments	7.5%
Not Rated	20.8%
CCC or Lower	1.5%
B	0.3%
BB	3.0%
BBB	8.2%
A	15.1%
AA	57.2%
AAA	9.5%

Footnote

Description

Footnote^*

Material Fund Changes

The net expense ratio increased from the prior fiscal year primarily due to an increase in expenses related to financing activities.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TIFUX-TSR-AR

Morgan Stanley Pathway Funds - Municipal Bond Fund

TMUUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Municipal Bond Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Municipal Bond Fund	$70	0.70%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Municipal Bond™ Index:

Contributors:

o Overweight pre-paid gas bonds.

o Overweight the very front of the curve, i.e., maturities less than one year.
Detractors:

o Longer duration stance and overweight maturities dated 15-20 years.

o Overweight non-rated bonds.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Municipal Bond Fund (Without Annual Advisory Program Fee)	Municipal Bond Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Municipal Bond™ Index
8/15	$10,000	$10,000	$10,000
8/16	$10,614	$10,352	$10,688
8/17	$10,590	$10,073	$10,782
8/18	$10,567	$9,802	$10,835
8/19	$11,452	$10,412	$11,779
8/20	$11,680	$10,428	$12,160
8/21	$12,039	$10,536	$12,573
8/22	$10,966	$9,405	$11,488
8/23	$11,114	$9,344	$11,684
8/24	$11,783	$9,709	$12,395
8/25	$11,672	$9,427	$12,405

Average Annual Total Returns (%)

	1 Year	5 Years	10 Years
Municipal Bond Fund (Without Annual Advisory Program Fee)	-0.94%	-0.01%	1.56%
Municipal Bond Fund (With Annual Advisory Program Fee)^{Footnote Reference1}	-2.90%	-2.09%	-0.75%
Bloomberg U.S. Municipal Bond™ Index	0.08%	0.40%	2.18%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$76,905,555
# of Portfolio Holdings	123
Portfolio Turnover Rate	68%
Advisory Fees Paid	$340,447

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	6.4%
Municipal Bonds	93.6%

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

Value	Value
Cash & Short-Term Investments	6.4%
Not Rated	4.9%
BB	0.6%
BBB	2.7%
A	20.6%
AA	46.2%
AAA	17.9%

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TMUUX-TSR-AR

Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund

TILUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Inflation-Linked Fixed Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Inflation-Linked Fixed Income Fund	$233	2.27%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index:

Contributors:

o Interest rate strategies in the US and Europe.

o Breakeven inflation strategies in the US, Europe, and Japan.
Detractors:

o Active currency strategies.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Inflation-Linked Fixed Income Fund (Without Annual Advisory Program Fee)	Inflation-Linked Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Aggregate Bond™ Index	Bloomberg U.S. TIPS Index
3/16	$10,000	$10,000	$10,000	$10,000
8/16	$10,459	$10,335	$10,397	$10,425
8/17	$10,569	$10,186	$10,448	$10,473
8/18	$10,627	$9,988	$10,339	$10,560
8/19	$11,310	$10,418	$11,390	$11,348
8/20	$12,484	$11,286	$12,128	$12,368
8/21	$13,216	$11,712	$12,117	$13,055
8/22	$12,374	$10,748	$10,722	$12,274
8/23	$11,816	$10,059	$10,594	$11,823
8/24	$12,577	$10,494	$11,367	$12,553
8/25	$12,577	$10,494	$11,367	$12,553

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception
Inflation-Linked Fixed Income Fund (Inception: March 9, 2016) (Without Annual Advisory Program Fee)	5.29%	1.19%	3.01%
Inflation-Linked Fixed Income Fund (Inception: March 9, 2016) (With Annual Advisory Program Fee)^{Footnote Reference1}	3.21%	-0.92%	0.67%
Bloomberg U.S. Aggregate Bond™ Index	3.14%	-0.68%	1.66%
Bloomberg U.S. TIPS Index	4.89%	1.26%	2.98%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$138,487,144
# of Portfolio Holdings	160
Portfolio Turnover Rate	112%
Advisory Fees Paid	$639,184

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	0.6%
Corporate Bonds & Notes	0.1%
Sovereign Bonds	1.9%
Collateralized Mortgage Obligations	8.8%
Mortgage-Backed Securities	10.2%
U.S. Government Obligations	78.4%

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

Value	Value
Cash & Short-Term Investments	2.0%
Not Rated	5.3%
CCC or Lower	1.7%
B	0.0%^{Footnote Reference**}
BB	0.3%
BBB	0.4%
A	1.1%
AA	127.3%
AAA	5.5%

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

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TILUX-TSR-AR

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

TSDUX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Ultra-Short Term Fixed Income Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Ultra-Short Term Fixed Income Fund	$54	0.53%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the FTSE 3-Month U.S. Treasury Bill Index:

Contributors:

o US duration positioning.

o Holdings of Investment Grade Credit, specifically in financials.
Detractors:

o No notable detractors.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Ultra-Short Term Fixed Income Fund (Without Annual Advisory Program Fee)	Ultra-Short Term Fixed Income Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Aggregate Bond™ Index	FTSE 3-Month U.S. Treasury Bill Index
3/16	$10,000	$10,000	$10,000	$10,000
8/16	$10,089	$9,968	$10,397	$10,013
8/17	$10,305	$9,931	$10,448	$10,072
8/18	$10,520	$9,888	$10,339	$10,222
8/19	$10,738	$9,893	$11,390	$10,462
8/20	$10,991	$9,950	$12,128	$10,586
8/21	$11,058	$9,813	$12,117	$10,593
8/22	$10,956	$9,529	$10,722	$10,640
8/23	$11,499	$9,803	$10,594	$11,112
8/24	$12,220	$10,212	$11,367	$11,740
8/25	$12,860	$10,533	$11,724	$12,290

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception
Ultra-Short Term Fixed Income Fund (Inception: March 9, 2016) (Without Annual Advisory Program Fee)	5.23%	3.19%	2.69%
Ultra-Short Term Fixed Income Fund (Inception: March 9, 2016) (With Annual Advisory Program Fee)^{Footnote Reference1}	3.15%	1.04%	0.36%
Bloomberg U.S. Aggregate Bond™ Index	3.14%	-0.68%	1.66%
FTSE 3-Month U.S. Treasury Bill Index	4.69%	3.03%	2.19%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$409,856,436
# of Portfolio Holdings	397
Portfolio Turnover Rate	123%
Advisory Fees Paid	$1,130,407

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Short-Term Investments	15.5%
U.S. Government Obligation	0.2%
Mortgage-Backed Securities	1.8%
Asset-Backed Securities	9.4%
Collateralized Mortgage Obligations	21.5%
Corporate Bonds & Notes	51.6%

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

Value	Value
Cash & Short-Term Investments	17.0%
Not Rated	11.4%
B	0.1%
BB	0.4%
BBB	33.8%
A	22.1%
AA	3.4%
AAA	21.7%

Footnote

Description

Footnote^*

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TSDUX-TSR-AR

Morgan Stanley Pathway Funds - Alternative Strategies Fund

TALTX

Annual Shareholder Report August 31, 2025

This annual shareholder report contains important information about Morgan Stanley Pathway Funds - Alternative Strategies Fund for the period of September 1, 2024 to August 31, 2025. You can find additional information about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm. You can also request this information by contacting us at 1-800-869-3326.

What were the Fund costs for the last year?

(based on hypothetical $10,000 investment)

Fund name	Cost of a $10,000 investment	Cost paid as a % of a $10,000 investment
Alternative Strategies Fund	$39	0.38%

How did the fund perform last year?

Key contributors to and detractors from performance relative to the HFRX Global Hedge Fund Index:

Contributors:

o Positioning in Market Neutral Equity.

o Positioning in Commodities.
Detractors:

o Positioning in Managed Futures.

o Positioning in certain macro strategies.

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

	Alternative Strategies Fund (Without Annual Advisory Program Fee)	Alternative Strategies Fund (With Annual Advisory Program Fee^{Footnote Reference1})	Bloomberg U.S. Universal Bond™ Index	HFRX Global Hedge Fund Index
2/18	$10,000	$10,000	$10,000	$10,000
8/18	$9,880	$9,748	$10,099	$9,810
8/19	$10,167	$9,833	$11,116	$9,700
8/20	$10,432	$9,905	$11,829	$10,173
8/21	$11,516	$10,719	$11,934	$11,099
8/22	$11,268	$10,292	$10,519	$10,663
8/23	$11,509	$10,304	$10,478	$10,734
8/24	$12,505	$10,973	$11,308	$11,351
8/25	$12,918	$11,112	$11,729	$11,953

Average Annual Total Returns (%)

	1 Year	5 Years	Since Inception
Alternative Strategies Fund (Inception: February 16, 2018) (Without Annual Advisory Program Fee)	3.31%	4.37%	3.46%
Alternative Strategies Fund (Inception: February 16, 2018) (With Annual Advisory Program Fee)^{Footnote Reference1}	1.26%	2.20%	1.17%
Bloomberg U.S. Universal Bond™ Index	3.72%	-0.17%	1.99%
HFRX Global Hedge Fund Index	5.30%	3.28%	2.41%

Footnote	Description
Footnote¹	The Funds are available only to investors participating in Morgan Stanley approved advisory programs. These programs charge an annual fee, which may be up to 2.00%.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$186,031,245
# of Portfolio Holdings	16
Portfolio Turnover Rate	29%
Advisory Fees Paid	$355,863

What did the Fund invest in?

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

Asset Allocation (% of Investments)

Value	Value
Open End Mutual Fund Securities	100.0%

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

PIMCO Mortgage Opportunities and Bond Fund, Class I2	10.0%
BlackRock Systematic Multi-Strategy Fund, Institutional Class	9.8%
Abbey Capital Futures Strategy Fund, Class I	8.9%
BlackRock Event Driven Equity Fund, Institutional Class	8.0%
John Hancock Diversified Macro Fund, Class I	7.7%
BNY Mellon Global Real Return Fund, Class Y	7.2%
PIMCO Credit Opportunities Bond Fund, Institutional Class	7.0%
Neuberger Berman Long Short Fund, Institutional Class	7.0%
Touchstone Flexible Income Fund, Institutional Class	6.0%
Calamos Market Neutral Income Fund, Class I	6.0%
Total	77.6%

Footnote	Description
Footnote^a	Excludes cash equivalents.

Material Fund Changes

There were no material changes to the Fund.

Additional Information

Householding

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

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

Annual Shareholder Report August 31, 2025

TALTX-TSR-AR

Item 2. Code of Ethics.

As of the period ended August 31, 2025 (“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 19(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, 2025 and August 31, 2024, 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 $709,800 in 2025 and $697,100 in 2024.

(b) Audit-Related Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2025 and August 31, 2024, 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 2025 and $0 in 2024.

(c) Tax Fees. The aggregate fees billed for each of the last two fiscal years ended August 31, 2025 and August 31, 2024, for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $0 in 2025 and $0 in 2024. 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, 2025 and August 31, 2024, 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 2025 and $0 for 2024.

(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 2025 and 0% for 2024; Tax Fees were 0% for 2025 and 0% for 2024; and Other Fees were 0% for 2025 and 0% for 2024.

(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 2025 and $0 in 2024.

(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.

(a)	Not Applicable.

(b)	Not Applicable.

Item 6. Investments.

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

(b)	Not Applicable.

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

LOGO

Morgan Stanley

Pathway Funds

Annual Financial Statements and Additional Information

August 31, 2025

•

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

•

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

•

International Equity Fund (TIEUX)

•

Emerging Markets Equity Fund (TEMUX)

•

Core Fixed Income Fund (TIIUX)

•

High Yield Fund (THYUX)

•

International Fixed Income Fund (TIFUX)

•

Municipal Bond Fund (TMUUX)

•

Inflation-Linked Fixed Income Fund (TILUX)

•

Ultra-Short Term Fixed Income Fund (TSDUX)

•

Alternative Strategies Fund (TALTX)

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

Table of Contents



ITEMS 6 AND 7 OF FORM N-CSR:

SCHEDULES OF INVESTMENTS

MORGAN STANLEY PATHWAY LARGE CAP EQUITY ETF			1

MORGAN STANLEY PATHWAY SMALL-MID CAP EQUITY ETF			25

INTERNATIONAL EQUITY FUND			74

EMERGING MARKETS EQUITY FUND			95

CORE FIXED INCOME FUND			121

HIGH YIELD FUND			193

INTERNATIONAL FIXED INCOME FUND			204

MUNICIPAL BOND FUND			235

INFLATION-LINKED FIXED INCOME FUND			241

ULTRA-SHORT TERM FIXED INCOME FUND			255

ALTERNATIVE STRATEGIES FUND			269

STATEMENTS OF ASSETS AND LIABILITIES			272

STATEMENTS OF OPERATIONS			274

STATEMENTS OF CHANGES IN NET ASSETS			276

STATEMENTS OF CASH FLOWS			280

FINANCIAL HIGHLIGHTS			281

NOTES TO FINANCIAL STATEMENTS			292

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			329

IMPORTANT TAX INFORMATION			330

ITEM 11 OF FORM N-CSR:

BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS			331

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



Schedules of Investments


August 31, 2025


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	COMMON STOCKS — 98.4%

	COMMUNICATION SERVICES — 9.5%

	Diversified Telecommunication Services — 0.6%
	6,163	AST SpaceMobile Inc., Class A Shares*	$	301,617
	250,866	AT&T Inc.		7,347,865
	8,663	Frontier Communications Parent Inc.*		321,224
	2,850	GCI Liberty Inc.*(a)#		—
	104	GCI Liberty Inc., Class A Shares*		3,882
	771	GCI Liberty Inc., Class C Shares*		28,250
	3,860	Iridium Communications Inc.		96,076
	5,122	Liberty Global Ltd., Class A Shares*		60,132
	5,313	Liberty Global Ltd., Class C Shares*		63,490
	262,951	Verizon Communications Inc.		11,630,323

		Total Diversified Telecommunication Services		19,852,859


	Entertainment — 2.2%
	9,479	Electronic Arts Inc.		1,629,914
	795	Liberty Media Corp.-Liberty Formula One, Class A Shares*		71,645
	7,421	Liberty Media Corp.-Liberty Formula One, Class C Shares*		741,358
	640	Liberty Media Corp.-Liberty Live, Class A Shares*		60,557
	1,689	Liberty Media Corp.-Liberty Live, Class C Shares*		164,475
	5,722	Live Nation Entertainment Inc.*		952,656
	665	Madison Square Garden Sports Corp., Class A Shares*		131,564
	33,431	Netflix Inc.*		40,393,006
	20,150	ROBLOX Corp., Class A Shares*		2,510,488
	4,620	Roku Inc., Class A Shares*		446,107
	5,501	Spotify Technology SA*		3,751,022
	6,348	Take-Two Interactive Software Inc.*		1,480,798
	2,458	TKO Group Holdings Inc., Class A Shares		465,938
	145,691	Walt Disney Co. (The)		17,246,901
	79,771	Warner Bros Discovery Inc.*		928,534

		Total Entertainment		70,974,963


	Interactive Media & Services — 6.0%
	317,952	Alphabet Inc., Class A Shares		67,695,160
	187,649	Alphabet Inc., Class C Shares		40,068,691
	2,896	IAC Inc.*		106,052
	8,847	Match Group Inc.		330,347
	119,165	Meta Platforms Inc., Class A Shares		88,027,185
	20,984	Pinterest Inc., Class A Shares*		768,644
	4,169	Reddit Inc., Class A Shares*		938,359
	2,448	Trump Media & Technology Group Corp.*		42,913
	11,141	ZoomInfo Technologies Inc., Class A Shares*		121,437

		Total Interactive Media & Services		198,098,788


	Media — 0.6%
	3,243	Charter Communications Inc., Class A Shares*		861,276
	266,746	Comcast Corp., Class A Shares		9,061,362
	5,680	DoubleVerify Holdings Inc.*		92,413
	116,393	Fox Corp., Class A Shares		6,948,662
	4,803	Fox Corp., Class B Shares		262,004
	13,512	Interpublic Group of Cos., Inc. (The)		362,662
	524	Liberty Broadband Corp., Class A Shares*		31,791
	3,856	Liberty Broadband Corp., Class C Shares*		234,676
	5,714	New York Times Co. (The), Class A Shares		341,926
	14,000	News Corp., Class A Shares		411,740
	4,125	News Corp., Class B Shares		139,714
	1,000	Nexstar Media Group Inc., Class A Shares		204,530

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	COMMUNICATION SERVICES — 9.5% — (continued)

	Media — 0.6% — (continued)
	6,893	Omnicom Group Inc.	$	539,929
	7,377	Sirius XM Holdings Inc.		174,392
	16,066	Trade Desk Inc. (The), Class A Shares*		878,167

		Total Media		20,545,244


	Wireless Telecommunication Services — 0.1%
	3,674	Millicom International Cellular SA		177,491
	16,241	T-Mobile US Inc.		4,092,570

		Total Wireless Telecommunication Services		4,270,061

		TOTAL COMMUNICATION SERVICES		313,741,915


	CONSUMER DISCRETIONARY — 11.4%

	Automobile Components — 0.0%@
	8,880	Aptiv PLC*		706,226
	7,673	BorgWarner Inc.		328,098
	8,290	Gentex Corp.		232,203
	1,991	Lear Corp.		219,010
	11,275	QuantumScape Corp., Class A Shares*		89,411

		Total Automobile Components		1,574,948


	Automobiles — 1.5%
	140,645	Ford Motor Co.		1,655,392
	123,874	General Motors Co.		7,257,778
	3,886	Harley-Davidson Inc.		113,160
	3,223	Lucid Group Inc.*		63,815
	29,968	Rivian Automotive Inc., Class A Shares*		406,666
	113,897	Tesla Inc.*		38,026,791
	1,917	Thor Industries Inc.		210,103

		Total Automobiles		47,733,705


	Broadline Retail — 4.9%
	686,805	Amazon.com Inc.*		157,278,345
	41,660	Coupang Inc., Class A Shares*		1,190,643
	100	Dillard’s Inc., Class A Shares		53,288
	16,471	eBay Inc.		1,492,437
	4,119	Etsy Inc.*		218,348
	9,402	Macy’s Inc.		124,388
	2,159	Ollie’s Bargain Outlet Holdings Inc.*		273,848

		Total Broadline Retail		160,631,297


	Distributors — 0.0%@
	4,932	Genuine Parts Co.		687,175
	9,324	LKQ Corp.		304,149
	1,355	Pool Corp.		421,012

		Total Distributors		1,412,336


	Diversified Consumer Services — 0.1%
	13,589	ADT Inc.		118,360
	2,034	Bright Horizons Family Solutions Inc.*		240,093
	1,346	Duolingo Inc., Class A Shares*		400,920
	1,014	Grand Canyon Education Inc.*		204,392
	4,988	H&R Block Inc.		251,146
	4,964	Service Corp. International		393,397

		Total Diversified Consumer Services		1,608,308

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 11.4% — (continued)

	Hotels, Restaurants & Leisure — 2.4%
	99,519	Airbnb Inc., Class A Shares*	$	12,990,215
	9,547	Aramark		373,383
	1,163	Booking Holdings Inc.		6,511,695
	2,182	Boyd Gaming Corp.		187,347
	7,303	Caesars Entertainment Inc.*		195,501
	37,104	Carnival Corp.*		1,183,247
	2,742	Cava Group Inc.*		185,222
	47,970	Chipotle Mexican Grill Inc., Class A Shares*		2,021,456
	1,046	Choice Hotels International Inc.		125,081
	2,408	Churchill Downs Inc.		249,782
	34,835	Darden Restaurants Inc.		7,208,755
	1,233	Domino’s Pizza Inc.		565,084
	12,689	DoorDash Inc., Class A Shares*		3,111,977
	16,477	DraftKings Inc., Class A Shares*		790,567
	3,845	Dutch Bros Inc., Class A Shares*		276,186
	4,345	Expedia Group Inc.		933,306
	6,266	Flutter Entertainment PLC*		1,924,727
	48,885	Hilton Worldwide Holdings Inc.		13,495,193
	1,464	Hyatt Hotels Corp., Class A Shares		211,226
	12,510	Las Vegas Sands Corp.		720,951
	3,159	Light & Wonder Inc., Class A Shares*		292,113
	8,085	Marriott International Inc., Class A Shares		2,165,648
	25,565	McDonald’s Corp.		8,015,650
	8,632	MGM Resorts International*		342,604
	16,118	Norwegian Cruise Line Holdings Ltd.*		400,371
	5,004	Penn Entertainment Inc.*		101,231
	3,015	Planet Fitness Inc., Class A Shares*		315,972
	11,570	Restaurant Brands International Inc.		732,728
	9,061	Royal Caribbean Cruises Ltd.		3,291,136
	70,614	Starbucks Corp.		6,227,449
	2,407	Texas Roadhouse Inc., Class A Shares		415,328
	2,199	Travel + Leisure Co.		138,999
	1,378	Vail Resorts Inc.		225,716
	7,269	Viking Holdings Ltd.*		462,454
	6,650	Wendy’s Co. (The)		70,557
	1,061	Wingstop Inc.		348,135
	2,642	Wyndham Hotels & Resorts Inc.		228,824
	2,987	Wynn Resorts Ltd.		378,602
	10,086	Yum! Brands Inc.		1,482,339

		Total Hotels, Restaurants & Leisure		78,896,757


	Household Durables — 0.3%
	9,812	DR Horton Inc.		1,662,938
	5,476	Garmin Ltd.		1,324,206
	8,316	Lennar Corp., Class A Shares		1,107,192
	406	Lennar Corp., Class B Shares		51,635
	1,806	Mohawk Industries Inc.*		239,638
	13,920	Newell Brands Inc.		82,407
	103	NVR Inc.*		836,118
	7,387	PulteGroup Inc.		975,232
	2,444	SharkNinja Inc.*		285,850
	6,564	Somnigroup International Inc.		551,048
	3,604	Toll Brothers Inc.		500,956
	1,048	TopBuild Corp.*		440,957

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 11.4% — (continued)

	Household Durables — 0.3% — (continued)
	1,876	Whirlpool Corp.	$	174,749

		Total Household Durables		8,232,926


	Leisure Products — 0.0%@
	2,400	Brunswick Corp.		152,616
	5,125	Hasbro Inc.		415,996
	11,757	Mattel Inc.*		215,153
	3,374	YETI Holdings Inc.*		118,630

		Total Leisure Products		902,395


	Specialty Retail — 2.0%
	922	AutoNation Inc.*		201,992
	602	AutoZone Inc.*		2,527,515
	7,710	Bath & Body Works Inc.		225,209
	6,912	Best Buy Co., Inc.		509,000
	2,255	Burlington Stores Inc.*		655,483
	5,429	CarMax Inc.*		333,069
	4,592	Carvana Co., Class A Shares*		1,707,857
	7,479	Chewy Inc., Class A Shares*		306,340
	2,026	Dick’s Sporting Goods Inc.		431,133
	1,964	Five Below Inc.*		284,977
	3,670	Floor & Decor Holdings Inc., Class A Shares*		300,646
	13,657	GameStop Corp., Class A Shares*		306,053
	6,927	Gap Inc. (The)		152,463
	35,564	Home Depot Inc. (The)		14,466,368
	934	Lithia Motors Inc., Class A Shares		314,459
	56,937	Lowe’s Cos., Inc.		14,693,162
	681	Murphy USA Inc.		256,397
	111,432	O’Reilly Automotive Inc.*		11,553,270
	712	Penske Automotive Group Inc.		131,300
	497	RH*		112,158
	11,667	Ross Stores Inc.		1,716,916
	89,925	TJX Cos., Inc. (The)		12,284,654
	19,024	Tractor Supply Co.		1,174,922
	1,658	Ulta Beauty Inc.*		816,946
	4,520	Valvoline Inc.*		175,286
	3,494	Wayfair Inc., Class A Shares*		260,652
	4,382	Williams-Sonoma Inc.		824,649

		Total Specialty Retail		66,722,876


	Textiles, Apparel & Luxury Goods — 0.2%
	3,511	Amer Sports Inc.*		138,053
	1,870	Birkenstock Holding PLC*		97,483
	1,025	Columbia Sportswear Co.		57,113
	2,006	Crocs Inc.*		174,923
	5,379	Deckers Outdoor Corp.*		643,490
	3,764	lululemon athletica Inc.*		761,081
	41,378	NIKE Inc., Class B Shares		3,201,416
	7,877	On Holding AG, Class A Shares*		355,095
	2,042	PVH Corp.		172,181
	1,439	Ralph Lauren Corp., Class A Shares		427,282
	4,640	Skechers USA Inc., Class A Shares*		292,691
	7,396	Tapestry Inc.		753,061
	5,673	Under Armour Inc., Class A Shares*		28,365
	7,178	Under Armour Inc., Class C Shares*		35,316

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER DISCRETIONARY — 11.4% — (continued)

	Textiles, Apparel & Luxury Goods — 0.2% — (continued)
	12,593	V.F. Corp.	$	190,532

		Total Textiles, Apparel & Luxury Goods		7,328,082

		TOTAL CONSUMER DISCRETIONARY		375,043,630


	CONSUMER STAPLES — 4.1%

	Beverages — 0.9%
	309	Boston Beer Co., Inc. (The), Class A Shares*		68,317
	1,581	Brown-Forman Corp., Class A Shares		47,983
	6,307	Brown-Forman Corp., Class B Shares		188,832
	5,879	Celsius Holdings Inc.*		369,672
	139,187	Coca-Cola Co. (The)		9,602,511
	2,120	Coca-Cola Consolidated Inc.		248,549
	4,673	Constellation Brands Inc., Class A Shares		756,746
	45,705	Keurig Dr Pepper Inc.		1,329,558
	6,164	Molson Coors Beverage Co., Class B Shares		311,220
	72,776	Monster Beverage Corp.*		4,541,950
	85,711	PepsiCo Inc.		12,740,940
	9,181	Primo Brands Corp., Class A Shares		230,535

		Total Beverages		30,436,813


	Consumer Staples Distribution & Retail — 1.3%
	14,857	Albertsons Cos., Inc., Class A Shares		289,117
	4,680	BJ’s Wholesale Club Holdings Inc.*		457,142
	1,310	Casey’s General Stores Inc.		647,821
	19,638	Costco Wholesale Corp.		18,524,918
	7,944	Dollar General Corp.		863,990
	7,183	Dollar Tree Inc.*		784,168
	21,687	Kroger Co. (The)		1,471,246
	6,192	Maplebear Inc.*		268,547
	5,483	Performance Food Group Co.*		555,976
	3,501	Sprouts Farmers Market Inc.*		492,031
	17,648	Sysco Corp.		1,420,135
	16,554	Target Corp.		1,588,853
	7,749	US Foods Holding Corp.*		601,322
	155,615	Walmart Inc.		15,091,543

		Total Consumer Staples Distribution & Retail		43,056,809


	Food Products — 0.6%
	16,863	Archer-Daniels-Midland Co.		1,056,298
	4,714	Bunge Global SA		397,013
	17,062	Conagra Brands Inc.		326,396
	5,914	Darling Ingredients Inc.*		200,839
	6,582	Flowers Foods Inc.		98,993
	1,731	Freshpet Inc.*		96,624
	19,911	General Mills Inc.		982,210
	5,217	Hershey Co. (The)		958,624
	10,329	Hormel Foods Corp.		262,770
	2,412	Ingredion Inc.		312,451
	3,695	J.M. Smucker Co. (The)		408,334
	9,512	Kellanova		756,204
	30,533	Kraft Heinz Co. (The)		854,008
	5,238	Lamb Weston Holdings Inc.		301,342
	9,146	McCormick & Co., Inc., Class VTG Shares		643,604
	158,242	Mondelez International Inc., Class A Shares		9,722,389
	1,496	Pilgrim’s Pride Corp.		66,497

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	CONSUMER STAPLES — 4.1% — (continued)

	Food Products — 0.6% — (continued)
	1,884	Post Holdings Inc.*	$	213,175
	8	Seaboard Corp.		31,754
	875	Smithfield Foods Inc.		22,251
	6,999	The Campbell’s Co.		223,478
	59,605	Tyson Foods Inc., Class A Shares		3,384,372

		Total Food Products		21,319,626


	Household Products — 0.8%
	8,727	Church & Dwight Co., Inc.		813,007
	4,392	Clorox Co. (The)		519,134
	29,161	Colgate-Palmolive Co.		2,451,565
	11,857	Kimberly-Clark Corp.		1,531,213
	124,286	Procter & Gamble Co. (The)		19,517,874
	1,594	Reynolds Consumer Products Inc.		36,997

		Total Household Products		24,869,790


	Personal Care Products — 0.1%
	4,497	BellRing Brands Inc.*		184,602
	14,270	Coty Inc., Class A Shares*		61,075
	1,988	elf Beauty Inc.*		248,500
	8,248	Estee Lauder Cos., Inc. (The), Class A Shares		756,589
	68,511	Kenvue Inc.		1,418,863

		Total Personal Care Products		2,669,629


	Tobacco — 0.4%
	60,800	Altria Group Inc.		4,086,368
	55,736	Philip Morris International Inc.		9,315,158

		Total Tobacco		13,401,526

		TOTAL CONSUMER STAPLES		135,754,193


	ENERGY — 3.0%

	Energy Equipment & Services — 0.3%
	35,820	Baker Hughes Co., Class A Shares		1,626,228
	32,072	Halliburton Co.		728,996
	14,547	NOV Inc.		193,330
	210,422	Schlumberger NV		7,751,946
	14,546	TechnipFMC PLC		534,711
	2,560	Weatherford International PLC		163,085

		Total Energy Equipment & Services		10,998,296


	Oil, Gas & Consumable Fuels — 2.7%
	12,240	Antero Midstream Corp.		217,750
	10,477	Antero Resources Corp.*		334,426
	13,386	APA Corp.		310,823
	8,006	Cheniere Energy Inc.		1,936,011
	68,608	Chevron Corp.		11,018,445
	2,273	Chord Energy Corp.		249,780
	3,597	Civitas Resources Inc.		132,298
	114,040	ConocoPhillips		11,286,539
	25,814	Coterra Energy Inc.		630,894
	22,027	Devon Energy Corp.		795,175
	6,750	Diamondback Energy Inc.		1,004,130
	3,571	DT Midstream Inc.		372,027
	64,722	EOG Resources Inc.		8,078,600
	21,285	EQT Corp.		1,103,414

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	ENERGY — 3.0% — (continued)

	Oil, Gas & Consumable Fuels — 2.7% — (continued)
	43,541	Expand Energy Corp.	$	4,213,898
	250,694	Exxon Mobil Corp.		28,651,817
	5,364	HF Sinclair Corp.		272,920
	69,479	Kinder Morgan Inc.		1,874,543
	11,144	Marathon Petroleum Corp.		2,002,688
	4,386	Matador Resources Co.		220,879
	24,298	Occidental Petroleum Corp.		1,156,828
	22,138	ONEOK Inc.		1,690,900
	9,551	Ovintiv Inc.		402,288
	24,076	Permian Resources Corp., Class A Shares		344,046
	14,771	Phillips 66		1,973,110
	8,391	Range Resources Corp.		287,560
	7,769	Targa Resources Corp.		1,303,327
	673	Texas Pacific Land Corp.		628,232
	11,319	Valero Energy Corp.		1,720,601
	4,588	Viper Energy Inc., Class A Shares		182,809
	43,669	Williams Cos., Inc. (The)		2,527,562

		Total Oil, Gas & Consumable Fuels		86,924,320

		TOTAL ENERGY		97,922,616


	FINANCIALS — 16.2%

	Banks — 3.9%
	469,870	Bank of America Corp.		23,841,204
	3,644	Bank OZK		191,201
	792	BOK Financial Corp.		88,237
	66,249	Citigroup Inc.		6,397,666
	15,748	Citizens Financial Group Inc.		823,305
	7,661	Columbia Banking System Inc.		205,085
	4,678	Comerica Inc.		330,173
	4,469	Commerce Bancshares Inc.		276,810
	2,106	Cullen/Frost Bankers Inc.		271,737
	5,026	East West Bancorp Inc.		528,434
	24,173	Fifth Third Bancorp		1,106,398
	353	First Citizens BancShares Inc., Class A Shares		700,320
	4,299	First Hawaiian Inc.		111,559
	18,612	First Horizon Corp.		420,631
	12,979	FNB Corp.		216,620
	52,021	Huntington Bancshares Inc.		926,494
	175,288	JPMorgan Chase & Co.		52,835,309
	33,018	KeyCorp		639,228
	5,919	M&T Bank Corp.		1,193,626
	115,360	NU Holdings Ltd., Class A Shares*		1,707,328
	2,692	Pinnacle Financial Partners Inc.		261,716
	14,270	PNC Financial Services Group Inc. (The)		2,960,169
	2,519	Popular Inc.		316,487
	3,260	Prosperity Bancshares Inc.		225,364
	32,445	Regions Financial Corp.		888,669
	3,586	SouthState Corp.		365,987
	4,953	Synovus Financial Corp.		255,624
	1,501	TFS Financial Corp.		21,104
	93,222	Truist Financial Corp.		4,364,654
	56,043	US Bancorp		2,736,580
	6,280	Webster Financial Corp.		390,742
	251,516	Wells Fargo & Co.		20,669,585

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 16.2% — (continued)

	Banks — 3.9% — (continued)
	4,000	Western Alliance Bancorp	$	358,200
	2,274	Wintrust Financial Corp.		312,197
	5,113	Zions Bancorp NA		296,605

		Total Banks		127,235,048


	Capital Markets — 5.0%
	1,040	Affiliated Managers Group Inc.		233,813
	3,448	Ameriprise Financial Inc.		1,775,065
	6,598	Ares Management Corp., Class A Shares		1,182,362
	25,758	Bank of New York Mellon Corp. (The)		2,720,045
	15,591	Blackrock Inc.		17,573,240
	25,868	Blackstone Inc.		4,433,775
	19,025	Blue Owl Capital Inc., Class A Shares		352,343
	34,031	Brookfield Asset Management Ltd., Class A Shares		2,047,305
	338,566	Brookfield Corp.		22,250,557
	8,010	Carlyle Group Inc. (The)		517,126
	3,730	Cboe Global Markets Inc.		880,093
	158,158	Charles Schwab Corp. (The)		15,157,863
	12,887	CME Group Inc., Class A Shares		3,434,514
	7,261	Coinbase Global Inc., Class A Shares*		2,211,265
	1,260	Evercore Inc., Class A Shares		405,153
	1,362	FactSet Research Systems Inc.		508,462
	11,198	Franklin Resources Inc.		287,341
	632	Freedom Holding Corp./NV*		108,021
	21,444	Goldman Sachs Group Inc. (The)		15,981,141
	1,428	Hamilton Lane Inc., Class A Shares		220,397
	1,936	Houlihan Lokey Inc., Class A Shares		385,748
	15,128	Interactive Brokers Group Inc., Class A Shares		941,567
	73,264	Intercontinental Exchange Inc.		12,938,422
	11,914	Invesco Ltd.		260,797
	4,721	Janus Henderson Group PLC		209,235
	5,475	Jefferies Financial Group Inc.		355,054
	87,775	KKR & Co., Inc., Class Miscella Shares		12,243,735
	4,154	Lazard Inc., Class A Shares		237,443
	2,848	LPL Financial Holdings Inc.		1,038,039
	1,358	MarketAxess Holdings Inc.		249,655
	8,939	Moody’s Corp.		4,556,745
	41,117	Morgan Stanley(b)		6,187,286
	930	Morningstar Inc.		244,050
	6,669	MSCI Inc., Class A Shares		3,786,125
	14,861	Nasdaq Inc.		1,407,931
	6,879	Northern Trust Corp.		903,075
	6,538	Raymond James Financial Inc.		1,107,799
	26,467	Robinhood Markets Inc., Class A Shares*		2,753,362
	28,583	S&P Global Inc.		15,676,060
	3,532	SEI Investments Co.		311,805
	38,141	State Street Corp.		4,385,071
	3,482	Stifel Financial Corp.		401,440
	7,756	T. Rowe Price Group Inc.		834,701
	3,926	TPG Inc., Class A Shares		236,934
	4,109	Tradeweb Markets Inc., Class A Shares		506,886
	2,820	Virtu Financial Inc., Class A Shares		118,214
	16,067	XP Inc., Class A Shares		291,455

		Total Capital Markets		164,848,515

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 16.2% — (continued)

	Consumer Finance — 0.6%
	9,430	Ally Financial Inc.	$	387,102
	39,125	American Express Co.		12,961,330
	22,705	Capital One Financial Corp.		5,159,030
	232	Credit Acceptance Corp.*		119,417
	3,921	OneMain Holdings Inc., Class A Shares		242,553
	7,454	SLM Corp.		233,161
	40,500	SoFi Technologies Inc.*		1,034,370
	14,032	Synchrony Financial		1,071,203

		Total Consumer Finance		21,208,166


	Financial Services — 4.6%
	9,330	Affirm Holdings Inc., Class A Shares*		825,332
	14,743	Apollo Global Management Inc.		2,008,439
	86,706	Berkshire Hathaway Inc., Class B Shares*		43,611,384
	20,043	Block Inc., Class A Shares*		1,596,225
	2,427	Corpay Inc.*		790,401
	9,550	Equitable Holdings Inc.		508,633
	1,549	Euronet Worldwide Inc.*		144,351
	18,831	Fidelity National Information Services Inc.		1,314,592
	19,731	Fiserv Inc.*		2,726,430
	9,134	Global Payments Inc.		811,282
	2,592	Jack Henry & Associates Inc.		423,170
	58,605	MasterCard Inc., Class A Shares		34,886,970
	9,252	MGIC Investment Corp.		257,483
	2,244	Mr Cooper Group Inc.*		423,061
	148,877	PayPal Holdings Inc.*		10,449,677
	6,037	Rocket Cos., Inc., Class A Shares		107,277
	2,207	Shift4 Payments Inc., Class A Shares*		199,579
	16,545	Toast Inc., Class A Shares*		746,179
	6,999	UWM Holdings Corp.		39,894
	136,702	Visa Inc., Class A Shares		48,089,030
	3,608	Voya Financial Inc.		270,925
	6,495	Western Union Co. (The)		56,312
	1,283	WEX Inc.*		219,842

		Total Financial Services		150,506,468


	Insurance — 2.1%
	17,420	Aflac Inc.		1,861,501
	9,382	Allstate Corp. (The)		1,908,768
	2,542	American Financial Group Inc.		345,356
	20,871	American International Group Inc.		1,697,230
	7,508	Aon PLC, Class A Shares		2,755,436
	12,965	Arch Capital Group Ltd.		1,186,686
	19,785	Arthur J. Gallagher & Co.		5,989,909
	1,872	Assurant Inc.		403,622
	1,699	Assured Guaranty Ltd.		139,658
	2,705	Axis Capital Holdings Ltd.		266,659
	2,242	Brighthouse Financial Inc.*		105,957
	9,855	Brown & Brown Inc.		955,442
	13,309	Chubb Ltd.		3,660,907
	5,515	Cincinnati Financial Corp.		847,104
	929	CNA Financial Corp.		46,032
	1,510	Everest Group Ltd.		516,239
	9,224	Fidelity National Financial Inc.		552,241
	3,281	First American Financial Corp.		216,546

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	FINANCIALS — 16.2% — (continued)

	Insurance — 2.1% — (continued)
	2,997	Globe Life Inc.	$	419,430
	1,262	Hanover Insurance Group Inc. (The)		218,932
	80,195	Hartford Insurance Group Inc. (The)		10,610,600
	2,288	Kemper Corp.		122,751
	811	Kinsale Capital Group Inc.		370,992
	4,059	Lincoln National Corp.		174,253
	6,353	Loews Corp.		614,970
	455	Markel Group Inc.*		891,372
	30,393	Marsh & McLennan Cos., Inc.		6,255,183
	20,120	MetLife Inc.		1,636,963
	8,207	Old Republic International Corp.		328,034
	1,226	Primerica Inc.		330,211
	8,268	Principal Financial Group Inc.		665,657
	20,958	Progressive Corp. (The)		5,177,884
	38,071	Prudential Financial Inc.		4,174,866
	2,351	Reinsurance Group of America Inc., Class A Shares		457,951
	1,835	RenaissanceRe Holdings Ltd.		445,887
	3,004	RLI Corp.		203,461
	3,867	Ryan Specialty Holdings Inc., Class A Shares		218,602
	36,370	Travelers Cos., Inc. (The)		9,874,819
	6,319	Unum Group		441,445
	91	White Mountains Insurance Group Ltd.		166,546
	3,561	Willis Towers Watson PLC		1,163,699
	10,657	WR Berkley Corp.		764,000

		Total Insurance		69,183,801


	Mortgage Real Estate Investment Trusts (REITs) — 0.0%@
	30,570	AGNC Investment Corp.		298,363
	20,276	Annaly Capital Management Inc.		429,648
	18,626	Rithm Capital Corp.		230,590
	11,133	Starwood Property Trust Inc.		225,666

		Total Mortgage Real Estate Investment Trusts (REITs)		1,184,267

		TOTAL FINANCIALS		534,166,265


	HEALTH CARE — 9.4%

	Biotechnology — 1.8%
	90,537	AbbVie Inc.		19,048,985
	4,464	Alnylam Pharmaceuticals Inc.*		1,993,221
	34,412	Amgen Inc.		9,900,677
	4,310	Apellis Pharmaceuticals Inc.*		118,827
	5,155	Biogen Inc.*		681,594
	6,779	BioMarin Pharmaceutical Inc.*		395,012
	6,661	Exact Sciences Corp.*		315,865
	10,184	Exelixis Inc.*		381,085
	114,734	Gilead Sciences Inc.		12,961,500
	4,382	Halozyme Therapeutics Inc.*		320,543
	5,793	Incyte Corp.*		490,146
	6,384	Insmed Inc.*		868,862
	5,703	Ionis Pharmaceuticals Inc.*		243,147
	11,397	Moderna Inc.*		274,554
	4,049	Natera Inc.*		681,244
	3,820	Neurocrine Biosciences Inc.*		533,272
	3,727	Regeneron Pharmaceuticals Inc.		2,164,269
	6,198	Revolution Medicines Inc.*		235,338

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 9.4% — (continued)

	Biotechnology — 1.8% — (continued)
	18,681	Roivant Sciences Ltd.*	$	222,864
	3,228	Sarepta Therapeutics Inc.*		58,750
	4,253	Summit Therapeutics Inc.*		100,796
	2,939	Ultragenyx Pharmaceutical Inc.*		88,053
	1,561	United Therapeutics Corp.*		475,730
	13,670	Vertex Pharmaceuticals Inc.*		5,345,243
	3,987	Viking Therapeutics Inc.*		107,848

		Total Biotechnology		58,007,425


	Health Care Equipment & Supplies — 2.6%
	156,511	Abbott Laboratories		20,762,749
	2,678	Align Technology Inc.*		380,169
	18,115	Baxter International Inc.		447,259
	37,522	Becton Dickinson & Co.		7,240,996
	153,165	Boston Scientific Corp.*		16,158,907
	6,926	Cooper Cos Inc. (The)*		466,778
	7,759	DENTSPLY SIRONA Inc.		110,954
	13,959	DexCom Inc.*		1,051,671
	20,932	Edwards Lifesciences Corp.*		1,702,609
	6,110	Envista Holdings Corp.*		129,410
	16,403	GE HealthCare Technologies Inc.		1,209,393
	3,942	Globus Medical Inc., Class A Shares*		241,526
	8,113	Hologic Inc.*		544,545
	8,695	IDEXX Laboratories Inc.*		5,626,448
	1,041	Inspire Medical Systems Inc.*		97,531
	2,534	Insulet Corp.*		861,256
	24,818	Intuitive Surgical Inc.*		11,746,235
	1,569	Masimo Corp.*		219,205
	46,023	Medtronic PLC		4,271,395
	1,330	Penumbra Inc.*		362,611
	5,238	ResMed Inc.		1,437,883
	5,024	Solventum Corp.*		367,204
	3,490	STERIS PLC		855,259
	23,844	Stryker Corp.		9,332,780
	1,609	Teleflex Inc.		203,394
	7,005	Zimmer Biomet Holdings Inc.		743,231

		Total Health Care Equipment & Supplies		86,571,398


	Health Care Providers & Services — 1.4%
	3,355	Acadia Healthcare Co., Inc.*		77,031
	8,754	Cardinal Health Inc.		1,302,420
	27,779	Cencora Inc.		8,100,634
	18,207	Centene Corp.*		528,731
	538	Chemed Corp.		246,377
	9,645	Cigna Group (The)		2,901,891
	45,221	CVS Health Corp.		3,307,916
	1,368	DaVita Inc.*		188,456
	8,088	Elevance Health Inc.		2,577,241
	3,569	Encompass Health Corp.		434,562
	6,254	HCA Healthcare Inc.		2,526,366
	4,390	Henry Schein Inc.*		305,456
	4,350	Humana Inc.		1,320,921
	3,042	Labcorp Holdings Inc.		845,646
	4,488	McKesson Corp.		3,081,640
	2,004	Molina Healthcare Inc.*		362,383

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	HEALTH CARE — 9.4% — (continued)

	Health Care Providers & Services — 1.4% — (continued)
	4,031	Quest Diagnostics Inc.	$	732,191
	3,421	Tenet Healthcare Corp.*		630,593
	54,903	UnitedHealth Group Inc.		17,012,793
	2,069	Universal Health Services Inc., Class B Shares		375,689

		Total Health Care Providers & Services		46,858,937


	Health Care Technology — 0.2%
	4,732	Certara Inc.*		51,295
	4,670	Doximity Inc., Class A Shares*		317,280
	15,307	Veeva Systems Inc., Class A Shares*		4,120,644

		Total Health Care Technology		4,489,219


	Life Sciences Tools & Services — 1.3%
	10,371	Agilent Technologies Inc.		1,303,220
	178,603	Avantor Inc.*		2,405,782
	655	Bio-Rad Laboratories Inc., Class A Shares*		195,111
	5,825	Bio-Techne Corp.		318,220
	3,694	Bruker Corp.		125,522
	1,812	Charles River Laboratories International Inc.*		295,918
	78,966	Danaher Corp.		16,252,782
	5,707	Illumina Inc.*		570,472
	6,265	IQVIA Holdings Inc.*		1,195,425
	886	Medpace Holdings Inc.*		421,302
	748	Mettler-Toledo International Inc.*		973,178
	7,584	QIAGEN NV		352,656
	2,038	Repligen Corp.*		249,288
	4,400	Revvity Inc.		396,484
	4,951	Sotera Health Co.*		81,048
	2,943	Tempus AI Inc., Class A Shares*		223,256
	34,441	Thermo Fisher Scientific Inc.		16,969,769
	2,134	Waters Corp.*		644,041
	2,577	West Pharmaceutical Services Inc.		636,390

		Total Life Sciences Tools & Services		43,609,864


	Pharmaceuticals — 2.1%
	72,721	Bristol-Myers Squibb Co.		3,430,977
	3,361	Corcept Therapeutics Inc.*		234,329
	18,591	Elanco Animal Health Inc.*		341,145
	28,651	Eli Lilly & Co.		20,989,150
	1,996	Jazz Pharmaceuticals PLC*		254,989
	86,061	Johnson & Johnson		15,247,427
	178,750	Merck & Co., Inc.		15,036,450
	8,895	Organon & Co.		83,791
	4,681	Perrigo Co. PLC		111,127
	203,276	Pfizer Inc.		5,033,114
	13,934	Royalty Pharma PLC, Class A Shares		501,345
	43,270	Viatris Inc.		456,498
	54,615	Zoetis Inc., Class A Shares		8,541,786

		Total Pharmaceuticals		70,262,128

		TOTAL HEALTH CARE		309,798,971


	INDUSTRIALS — 10.0%

	Aerospace & Defense — 3.1%
	53,839	Airbus SE, ADR		2,807,704
	4,456	ATI Inc.*		345,518

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Aerospace & Defense — 3.1% — (continued)
	2,600	Axon Enterprise Inc.*	$	1,942,954
	49,015	Boeing Co. (The)*		11,502,840
	3,245	BWX Technologies Inc.		525,820
	1,365	Curtiss-Wright Corp.		652,675
	9,037	General Dynamics Corp.		2,933,139
	37,607	General Electric Co.		10,349,446
	1,584	HEICO Corp.		494,240
	29,920	HEICO Corp., Class A Shares		7,330,699
	2,991	Hexcel Corp.		188,882
	14,465	Howmet Aerospace Inc.		2,518,357
	1,400	Huntington Ingalls Industries Inc.		379,106
	1,234	Karman Holdings Inc.*		65,908
	6,787	L3Harris Technologies Inc.		1,884,207
	2,704	Leonardo DRS Inc.		112,649
	1,515	Loar Holdings Inc.*		107,050
	7,561	Lockheed Martin Corp.		3,445,018
	4,910	Northrop Grumman Corp.		2,897,096
	13,999	Rocket Lab Corp.*		680,351
	139,263	RTX Corp.		22,087,112
	4,309	Spirit AeroSystems Holdings Inc., Class A Shares*		179,211
	4,559	StandardAero Inc.*		120,768
	69,991	Textron Inc.		5,610,479
	15,209	TransDigm Group Inc.		21,275,566
	2,154	Woodward Inc.		531,650

		Total Aerospace & Defense		100,968,445


	Air Freight & Logistics — 0.2%
	4,181	CH Robinson Worldwide Inc.		538,095
	4,959	Expeditors International of Washington Inc.		597,758
	7,785	FedEx Corp.		1,798,880
	4,137	GXO Logistics Inc.*		217,813
	26,173	United Parcel Service Inc., Class B Shares		2,288,567

		Total Air Freight & Logistics		5,441,113


	Building Products — 0.7%
	2,335	AAON Inc.		193,688
	2,449	Advanced Drainage Systems Inc.		352,583
	3,169	Allegion PLC		538,096
	4,397	AO Smith Corp.		313,462
	1,581	Armstrong World Industries Inc.		309,512
	4,066	Builders FirstSource Inc.*		563,873
	1,604	Carlisle Cos., Inc.		618,968
	122,625	Carrier Global Corp.		7,995,150
	4,311	Fortune Brands Innovations Inc.		252,280
	4,481	Hayward Holdings Inc.*		72,054
	23,551	Johnson Controls International PLC		2,517,366
	1,168	Lennox International Inc.		651,581
	7,758	Masco Corp.		569,360
	37,151	Owens Corning		5,578,966
	1,529	Simpson Manufacturing Co., Inc.		292,222
	7,972	Trane Technologies PLC		3,313,163
	3,751	Trex Co., Inc.*		231,174

		Total Building Products		24,363,498

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Commercial Services & Supplies — 0.6%
	12,403	Cintas Corp.	$	2,605,002
	1,849	Clean Harbors Inc.*		447,846
	157,490	Copart Inc.*		7,687,087
	1,363	MSA Safety Inc.		232,528
	6,474	RB Global Inc.		741,532
	7,356	Republic Services Inc., Class A Shares		1,721,083
	10,428	Rollins Inc.		589,599
	9,363	Tetra Tech Inc.		341,001
	8,526	Veralto Corp.		905,376
	13,230	Waste Management Inc.		2,995,140

		Total Commercial Services & Supplies		18,266,194


	Construction & Engineering — 0.4%
	4,732	AECOM		590,980
	12,709	API Group Corp.*		453,457
	1,258	Comfort Systems USA Inc.		884,852
	1,582	EMCOR Group Inc.		980,840
	1,961	Everus Construction Group Inc.*		153,821
	2,234	MasTec Inc.*		405,895
	21,337	Quanta Services Inc.		8,064,533
	733	Valmont Industries Inc.		269,099
	6,243	WillScot Holdings Corp.		151,330

		Total Construction & Engineering		11,954,807


	Electrical Equipment — 1.1%
	1,072	Acuity Inc.		349,976
	8,275	AMETEK Inc.		1,529,220
	27,883	Eaton Corp. PLC		9,735,071
	20,156	Emerson Electric Co.		2,660,592
	16,546	GE Vernova Inc.		10,142,202
	2,096	Generac Holdings Inc.*		388,284
	1,944	Hubbell Inc., Class B Shares		837,844
	5,727	nVent Electric PLC		517,663
	2,364	Regal Rexnord Corp.		353,016
	25,221	Rockwell Automation Inc.		8,661,648
	5,484	Sensata Technologies Holding PLC		178,449
	13,605	Vertiv Holdings Co., Class A Shares		1,735,318

		Total Electrical Equipment		37,089,283


	Ground Transportation — 0.9%
	546	Avis Budget Group Inc.*		86,394
	249,327	CSX Corp.		8,105,621
	2,932	JB Hunt Transport Services Inc.		425,111
	5,507	Knight-Swift Transportation Holdings Inc., Class A Shares		241,757
	1,229	Landstar System Inc.		162,634
	13,731	Lyft Inc., Class A Shares*		222,717
	8,100	Norfolk Southern Corp.		2,267,838
	6,664	Old Dominion Freight Line Inc.		1,006,064
	1,439	Ryder System Inc.		269,841
	920	Saia Inc.*		272,743
	1,934	Schneider National Inc., Class B Shares		47,808
	111,494	Uber Technologies Inc.*		10,452,563
	219	U-Haul Holding Co.*		12,603
	3,719	U-Haul Holding Co.-Non Voting		194,281
	30,749	Union Pacific Corp.		6,874,554

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Ground Transportation — 0.9% — (continued)
	4,112	XPO Inc.*	$	533,326

		Total Ground Transportation		31,175,855


	Industrial Conglomerates — 0.3%
	19,502	3M Co.		3,033,146
	34,797	Honeywell International Inc.		7,637,941

		Total Industrial Conglomerates		10,671,087


	Machinery — 1.4%
	2,303	AGCO Corp.		249,162
	3,034	Allison Transmission Holdings Inc.		264,899
	16,559	Caterpillar Inc.		6,938,883
	30,818	CNH Industrial NV		352,866
	1,766	Crane Co.		327,240
	4,897	Cummins Inc.		1,951,161
	8,738	Deere & Co.		4,182,356
	4,399	Donaldson Co., Inc.		350,468
	4,960	Dover Corp.		887,146
	2,059	Esab Corp.		237,547
	4,792	Flowserve Corp.		257,139
	12,535	Fortive Corp.		599,925
	8,769	Gates Industrial Corp. PLC*		224,136
	5,966	Graco Inc.		509,437
	2,708	IDEX Corp.		445,466
	10,508	Illinois Tool Works Inc.		2,780,942
	14,344	Ingersoll Rand Inc.		1,139,344
	2,992	ITT Inc.		509,388
	1,945	Lincoln Electric Holdings Inc.		471,915
	1,852	Middleby Corp. (The)*		253,446
	3,878	Mueller Industries Inc.		372,055
	2,051	Nordson Corp.		461,660
	2,343	Oshkosh Corp.		326,544
	14,321	Otis Worldwide Corp.		1,237,048
	18,435	PACCAR Inc.		1,843,131
	20,261	Parker-Hannifin Corp.		15,385,190
	5,916	Pentair PLC		636,147
	1,037	RBC Bearings Inc.*		404,389
	1,830	Snap-on Inc.		595,189
	5,571	Stanley Black & Decker Inc.		413,870
	2,356	Timken Co. (The)		181,954
	3,557	Toro Co. (The)		288,330
	6,059	Westinghouse Air Brake Technologies Corp.		1,172,416
	8,731	Xylem Inc.		1,235,960

		Total Machinery		47,486,749


	Marine Transportation — 0.0%@
	2,033	Kirby Corp.*		197,608


	Passenger Airlines — 0.3%
	4,475	Alaska Air Group Inc.*		280,940
	23,742	American Airlines Group Inc.*		317,431
	142,790	Delta Air Lines Inc.		8,821,566
	18,281	Southwest Airlines Co.		601,445
	11,811	United Airlines Holdings Inc.*		1,240,155

		Total Passenger Airlines		11,261,537

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INDUSTRIALS — 10.0% — (continued)

	Professional Services — 0.5%
	6,065	Amentum Holdings Inc.*	$	151,322
	14,573	Automatic Data Processing Inc.		4,430,921
	4,498	Booz Allen Hamilton Holding Corp., Class A Shares		489,023
	4,170	Broadridge Financial Solutions Inc.		1,065,935
	813	CACI International Inc., Class A Shares*		390,012
	12,941	Clarivate PLC*		56,293
	1,844	Concentrix Corp.		97,289
	5,397	Dayforce Inc.*		376,549
	4,424	Equifax Inc.		1,089,631
	5,659	ExlService Holdings Inc.*		247,751
	1,256	FTI Consulting Inc.*		211,812
	6,058	Genpact Ltd.		274,670
	4,383	Jacobs Solutions Inc.		640,926
	4,700	KBR Inc.		237,162
	4,827	Leidos Holdings Inc.		873,301
	1,598	ManpowerGroup Inc.		67,755
	1,715	Parsons Corp.*		137,372
	11,526	Paychex Inc.		1,607,358
	1,830	Paycom Software Inc.		415,684
	1,524	Paylocity Holding Corp.*		273,147
	3,512	Robert Half Inc.		131,068
	1,713	Science Applications International Corp.		201,620
	7,609	SS&C Technologies Holdings Inc.		674,614
	6,901	TransUnion		610,048
	5,046	Verisk Analytics Inc., Class A Shares		1,352,934

		Total Professional Services		16,104,197


	Trading Companies & Distributors — 0.5%
	3,876	Air Lease Corp., Class A Shares		233,374
	1,362	Applied Industrial Technologies Inc.		358,996
	6,952	Core & Main Inc., Class A Shares*		449,933
	41,029	Fastenal Co.		2,037,500
	6,926	Ferguson Enterprises Inc.		1,600,945
	3,643	FTAI Aviation Ltd.		560,476
	1,600	MSC Industrial Direct Co., Inc., Class A Shares		144,368
	18,354	QXO Inc.*		369,466
	1,601	SiteOne Landscape Supply Inc.*		229,327
	2,347	United Rentals Inc.		2,244,530
	1,306	Watsco Inc.		525,508
	1,464	WESCO International Inc.		321,846
	5,802	WW Grainger Inc.		5,880,327

		Total Trading Companies & Distributors		14,956,596

		TOTAL INDUSTRIALS		329,936,969


	INFORMATION TECHNOLOGY — 27.9%

	Communications Equipment — 1.1%
	36,936	Arista Networks Inc.*		5,043,611
	4,980	Ciena Corp.*		467,971
	278,823	Cisco Systems Inc.		19,263,881
	2,063	F5 Inc.*		646,008
	2,561	Lumentum Holdings Inc.*		340,126
	21,558	Motorola Solutions Inc.		10,185,293
	142	Ubiquiti Inc.		74,994

		Total Communications Equipment		36,021,884

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 27.9% — (continued)

	Electronic Equipment, Instruments & Components — 0.5%
	71,165	Amphenol Corp., Class A Shares	$	7,747,022
	1,814	Arrow Electronics Inc.*		229,163
	3,107	Avnet Inc.		169,549
	4,862	CDW Corp.		801,063
	5,859	Cognex Corp.		257,445
	4,560	Coherent Corp.*		412,543
	27,560	Corning Inc.		1,847,347
	1,921	Crane NXT Co.		114,741
	13,631	Flex Ltd.*		730,894
	898	Ingram Micro Holding Corp.		17,574
	1,005	IPG Photonics Corp.*		82,229
	3,877	Jabil Inc.		794,126
	6,240	Keysight Technologies Inc.*		1,019,803
	852	Littelfuse Inc.		221,375
	4,178	Ralliant Corp.*		174,682
	2,673	TD SYNNEX Corp.		395,791
	1,677	Teledyne Technologies Inc.*		902,511
	8,662	Trimble Inc.*		700,063
	5,348	Vontier Corp.		229,483
	1,834	Zebra Technologies Corp., Class A Shares*		581,543

		Total Electronic Equipment, Instruments & Components		17,428,947


	IT Services — 0.9%
	32,264	Accenture PLC, Class A Shares		8,387,672
	5,362	Akamai Technologies Inc.*		424,295
	4,062	Amdocs Ltd.		347,585
	10,913	Cloudflare Inc., Class A Shares*		2,277,652
	17,849	Cognizant Technology Solutions Corp., Class A Shares		1,289,590
	6,133	DXC Technology Co.*		88,622
	1,990	EPAM Systems Inc.*		350,956
	2,676	Gartner Inc.*		672,185
	1,523	Globant SA*		102,437
	5,005	GoDaddy Inc., Class A Shares*		742,292
	33,274	International Business Machines Corp.		8,101,886
	8,104	Kyndryl Holdings Inc.*		257,626
	2,571	MongoDB Inc., Class A Shares*		811,433
	5,734	Okta Inc., Class A Shares*		531,943
	11,192	Snowflake Inc., Class A Shares*		2,671,083
	5,056	Twilio Inc., Class A Shares*		533,964
	2,861	VeriSign Inc.		782,112

		Total IT Services		28,373,333


	Semiconductors & Semiconductor Equipment — 10.1%
	57,717	Advanced Micro Devices Inc.*		9,386,516
	3,886	Allegro MicroSystems Inc.*		119,883
	4,511	Amkor Technology Inc.		109,121
	17,765	Analog Devices Inc.		4,464,522
	29,176	Applied Materials Inc.		4,690,334
	4,044	ASML Holding NV, Class REG Shares, ADR		3,003,155
	4,062	Astera Labs Inc.*		740,096
	245,944	Broadcom Inc.		73,141,286
	1,813	Cirrus Logic Inc.*		207,026
	4,697	Enphase Energy Inc.*		177,077
	5,428	Entegris Inc.		454,541
	3,802	First Solar Inc.*		742,112

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 27.9% — (continued)

	Semiconductors & Semiconductor Equipment — 10.1% — (continued)
	3,375	GLOBALFOUNDRIES Inc.*	$	112,691
	155,404	Intel Corp.*		3,784,087
	4,766	KLA Corp.		4,155,952
	46,085	Lam Research Corp.		4,615,413
	5,007	Lattice Semiconductor Corp.*		332,365
	2,243	MACOM Technology Solutions Holdings Inc.*		287,440
	53,598	Marvell Technology Inc.		3,369,438
	19,056	Microchip Technology Inc.		1,238,640
	94,272	Micron Technology Inc.		11,219,311
	2,338	MKS Inc.		241,609
	1,677	Monolithic Power Systems Inc.		1,401,570
	1,048,793	NVIDIA Corp.		182,678,765
	52,504	ON Semiconductor Corp.*		2,603,673
	1,764	Onto Innovation Inc.*		186,984
	3,341	Qorvo Inc.*		303,029
	39,315	QUALCOMM Inc.		6,319,100
	5,826	Skyworks Solutions Inc.		436,600
	13,965	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		3,224,100
	5,608	Teradyne Inc.		663,090
	32,634	Texas Instruments Inc.		6,607,732
	1,662	Universal Display Corp.		230,337

		Total Semiconductors & Semiconductor Equipment		331,247,595


	Software — 11.0%
	15,220	Adobe Inc.*		5,428,974
	836	Appfolio Inc., Class A Shares*		231,890
	8,526	AppLovin Corp., Class A Shares*		4,080,458
	5,714	Atlassian Corp., Class A Shares*		1,015,835
	35,225	Aurora Innovation Inc., Class A Shares*		198,317
	7,686	Autodesk Inc.*		2,418,784
	5,213	Bentley Systems Inc., Class B Shares		290,103
	3,636	BILL Holdings Inc.*		168,783
	51,314	Cadence Design Systems Inc.*		17,981,965
	16,717	CCC Intelligent Solutions Holdings Inc.*		165,498
	8,797	Confluent Inc., Class A Shares*		174,708
	726	Constellation Software Inc.		2,404,719
	8,734	Crowdstrike Holdings Inc., Class A Shares*		3,700,596
	19,318	Datadog Inc., Class A Shares*		2,640,384
	7,112	Docusign Inc., Class A Shares*		545,206
	2,232	Dolby Laboratories Inc., Class A Shares		159,990
	8,161	Dropbox Inc., Class A Shares*		237,159
	10,840	Dynatrace Inc.*		548,504
	3,062	Elastic NV*		260,454
	851	Fair Isaac Corp.*		1,294,916
	22,688	Fortinet Inc.*		1,787,134
	19,385	Gen Digital Inc.		585,427
	5,397	Gitlab Inc., Class A Shares*		259,164
	2,902	Guidewire Software Inc.*		629,792
	1,766	HubSpot Inc.*		853,278
	2,632	Informatica Inc., Class A Shares*		65,616
	16,801	Intuit Inc.		11,206,267
	2,202	Manhattan Associates Inc.*		474,399
	410,660	Microsoft Corp.		208,077,315
	2,741	nCino Inc.*		88,013
	8,876	Nutanix Inc., Class A Shares*		596,556

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	INFORMATION TECHNOLOGY — 27.9% — (continued)

	Software — 11.0% — (continued)
	92,124	Oracle Corp.	$	20,832,000
	78,117	Palantir Technologies Inc., Class A Shares*		12,241,715
	53,109	Palo Alto Networks Inc.*		10,118,327
	3,302	Pegasystems Inc.		179,001
	4,460	Procore Technologies Inc.*		310,015
	4,187	PTC Inc.*		893,924
	2,788	RingCentral Inc., Class A Shares*		85,062
	17,563	Roper Technologies Inc.		9,243,582
	3,472	Rubrik Inc., Class A Shares*		310,397
	2,601	SailPoint Inc.*		53,685
	41,658	Salesforce Inc.		10,674,862
	9,594	Samsara Inc., Class A Shares*		346,727
	9,896	SentinelOne Inc., Class A Shares*		186,639
	8,971	ServiceNow Inc.*		8,230,534
	8,933	Strategy Inc., Class A Shares*		2,987,285
	13,369	Synopsys Inc.*		8,068,459
	3,069	Teradata Corp.*		64,388
	1,522	Tyler Technologies Inc.*		856,703
	15,976	UiPath Inc., Class A Shares*		177,653
	11,139	Unity Software Inc.*		438,988
	28,619	Workday Inc., Class A Shares*		6,605,838
	9,324	Zoom Communications Inc., Class A Shares*		759,160
	3,369	Zscaler Inc.*		933,381

		Total Software		363,168,529


	Technology Hardware, Storage & Peripherals — 4.3%
	578,342	Apple Inc.		134,256,312
	11,371	Dell Technologies Inc., Class C Shares		1,388,968
	47,518	Hewlett Packard Enterprise Co.		1,072,481
	33,273	HP Inc.		949,612
	7,186	NetApp Inc.		810,509
	11,472	Pure Storage Inc., Class A Shares*		890,342
	4,160	Sandisk Corp.*		218,275
	17,613	Super Micro Computer Inc.*		731,644
	12,354	Western Digital Corp.		992,520

		Total Technology Hardware, Storage & Peripherals		141,310,663

		TOTAL INFORMATION TECHNOLOGY		917,550,951


	MATERIALS — 2.7%

	Chemicals — 1.5%
	26,583	Air Products & Chemicals Inc.		7,818,326
	4,069	Albemarle Corp.		345,539
	1,606	Ashland Inc.		90,177
	7,792	Axalta Coating Systems Ltd.*		243,578
	3,767	Celanese Corp., Class A Shares		179,422
	6,204	CF Industries Holdings Inc.		537,453
	24,619	Corteva Inc.		1,826,484
	25,583	Dow Inc.		630,109
	77,775	DuPont de Nemours Inc.		5,982,453
	4,100	Eastman Chemical Co.		288,394
	8,981	Ecolab Inc.		2,488,096
	8,379	Element Solutions Inc.		215,508
	4,625	FMC Corp.		180,837
	5,197	Huntsman Corp.		57,998
	9,280	International Flavors & Fragrances Inc.		626,493

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	MATERIALS — 2.7% — (continued)

	Chemicals — 1.5% — (continued)
	33,252	Linde PLC	$	15,904,099
	9,329	LyondellBasell Industries NV, Class A Shares		525,689
	11,554	Mosaic Co. (The)		385,904
	236	NewMarket Corp.		195,163
	4,515	Olin Corp.		106,825
	8,288	PPG Industries Inc.		921,874
	4,535	RPM International Inc.		568,281
	1,413	Scotts Miracle-Gro Co. (The)		86,504
	24,601	Sherwin-Williams Co. (The)		8,999,784
	1,167	Westlake Corp.		102,486

		Total Chemicals		49,307,476


	Construction Materials — 0.5%
	24,626	CRH PLC		2,781,507
	1,171	Eagle Materials Inc.		270,384
	5,440	James Hardie Industries PLC*		109,507
	13,885	Martin Marietta Materials Inc.		8,558,714
	19,937	Vulcan Materials Co.		5,804,857

		Total Construction Materials		17,524,969


	Containers & Packaging — 0.2%
	80,152	Amcor PLC		691,712
	2,417	AptarGroup Inc.		336,615
	2,855	Avery Dennison Corp.		490,061
	10,723	Ball Corp.		564,459
	4,221	Crown Holdings Inc.		419,483
	10,358	Graphic Packaging Holding Co.		230,673
	18,720	International Paper Co.		930,010
	3,239	Packaging Corp. of America.		705,972
	3,841	Sealed Air Corp.		124,717
	3,002	Silgan Holdings Inc.		140,854
	18,358	Smurfit WestRock PLC		869,435
	3,505	Sonoco Products Co.		165,611

		Total Containers & Packaging		5,669,602


	Metals & Mining — 0.5%
	9,226	Alcoa Corp.		296,985
	18,013	Anglogold Ashanti PLC		1,020,617
	1,721	Carpenter Technology Corp.		414,554
	18,130	Cleveland-Cliffs Inc.*		194,898
	167,990	Freeport-McMoRan Inc.		7,458,756
	4,777	MP Materials Corp.*		339,836
	39,810	Newmont Corp.		2,961,864
	8,372	Nucor Corp.		1,245,168
	1,925	Reliance Inc.		569,145
	2,316	Royal Gold Inc.		415,907
	3,113	Southern Copper Corp.		299,128
	5,069	Steel Dynamics Inc.		663,633

		Total Metals & Mining		15,880,491


	Paper & Forest Products — 0.0%@
	2,196	Louisiana-Pacific Corp.		208,861

		TOTAL MATERIALS		88,591,399

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 2.3%

	Diversified REITs — 0.0%@
	7,725	WP Carey Inc.	$	518,347


	Health Care REITs — 0.2%
	6,113	Alexandria Real Estate Equities Inc.		503,956
	13,397	Healthcare Realty Trust Inc., Class A Shares		232,840
	24,931	Healthpeak Properties Inc.		447,262
	21,700	Medical Properties Trust Inc.		97,650
	9,802	Omega Healthcare Investors Inc.		417,271
	14,893	Ventas Inc.		1,013,915
	23,431	Welltower Inc.		3,942,969

		Total Health Care REITs		6,655,863


	Hotel & Resort REITs — 0.0%@
	25,319	Host Hotels & Resorts Inc.		435,740
	7,686	Park Hotels & Resorts Inc.		90,387

		Total Hotel & Resort REITs		526,127


	Industrial REITs — 0.3%
	9,865	Americold Realty Trust Inc.		142,451
	1,804	EastGroup Properties Inc.		305,886
	4,785	First Industrial Realty Trust Inc.		251,691
	2,986	Lineage Inc.		125,143
	78,255	Prologis Inc.		8,903,854
	7,688	Rexford Industrial Realty Inc.		318,360
	6,589	STAG Industrial Inc.		242,805

		Total Industrial REITs		10,290,190


	Office REITs — 0.0%@
	5,731	BXP Inc.		415,555
	5,895	Cousins Properties Inc.		173,844
	3,477	Highwoods Properties Inc.		109,630
	4,190	Kilroy Realty Corp.		174,262
	6,345	Vornado Realty Trust		241,300

		Total Office REITs		1,114,591


	Real Estate Management & Development — 0.3%
	10,633	CBRE Group Inc., Class A Shares*		1,723,822
	95,855	CoStar Group Inc.*		8,578,064
	1,100	Howard Hughes Holdings Inc.*		83,897
	1,719	Jones Lang LaSalle Inc.*		525,275
	1,770	Zillow Group Inc., Class A Shares*		144,220
	5,605	Zillow Group Inc., Class C Shares*		472,557

		Total Real Estate Management & Development		11,527,835


	Residential REITs — 0.3%
	12,072	American Homes 4 Rent, Class A Shares		432,419
	5,047	AvalonBay Communities Inc.		988,455
	3,716	Camden Property Trust		416,118
	50,256	Equity LifeStyle Properties Inc.		3,029,934
	13,497	Equity Residential		892,422
	2,262	Essex Property Trust Inc.		611,215
	22,235	Invitation Homes Inc.		695,733
	4,232	Mid-America Apartment Communities Inc.		617,110
	4,472	Sun Communities Inc.		567,363
	11,699	UDR Inc.		462,929

		Total Residential REITs		8,713,698

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units		Security	Value

	REAL ESTATE — 2.3% — (continued)

	Retail REITs — 0.2%
	3,747	Agree Realty Corp.	$	272,557
	10,566	Brixmor Property Group Inc.		295,742
	2,957	Federal Realty Investment Trust		297,327
	23,484	Kimco Realty Corp.		528,155
	6,409	NNN REIT Inc.		275,010
	31,237	Realty Income Corp.		1,835,486
	6,480	Regency Centers Corp.		469,800
	11,595	Simon Property Group Inc.		2,094,753

		Total Retail REITs		6,068,830


	Specialized REITs — 1.0%
	44,474	American Tower Corp.		9,066,025
	15,553	Crown Castle Inc.		1,541,924
	7,927	CubeSmart		324,373
	11,876	Digital Realty Trust Inc.		1,990,893
	2,805	EPR Properties		152,171
	7,098	Equinix Inc.		5,580,377
	7,437	Extra Space Storage Inc.		1,067,804
	9,298	Gaming & Leisure Properties Inc.		446,397
	10,420	Iron Mountain Inc.		962,079
	3,205	Lamar Advertising Co., Class A Shares		407,836
	4,085	Millrose Properties Inc.		144,241
	2,458	National Storage Affiliates Trust		79,221
	23,584	Public Storage		6,947,611
	5,193	Rayonier Inc.		136,472
	3,846	SBA Communications Corp., Class A Shares		787,853
	37,915	VICI Properties Inc., Class A Shares		1,280,769
	26,450	Weyerhaeuser Co.		684,261

		Total Specialized REITs		31,600,307

		TOTAL REAL ESTATE		77,015,788


	UTILITIES — 1.9%

	Electric Utilities — 1.3%
	9,088	Alliant Energy Corp.		591,356
	19,013	American Electric Power Co., Inc.		2,110,823
	11,289	Constellation Energy Corp.		3,476,786
	86,162	Duke Energy Corp.		10,553,983
	13,821	Edison International		775,773
	15,318	Entergy Corp.		1,349,363
	7,906	Evergy Inc.		563,382
	13,277	Eversource Energy		850,657
	35,860	Exelon Corp.		1,566,365
	19,623	FirstEnergy Corp.		855,955
	1,900	IDACORP Inc.		237,690
	158,604	NextEra Energy Inc.		11,427,418
	7,262	NRG Energy Inc.		1,057,057
	6,978	OGE Energy Corp.		311,638
	78,483	PG&E Corp.		1,199,220
	3,987	Pinnacle West Capital Corp.		356,278
	26,361	PPL Corp.		961,386
	39,259	Southern Co. (The)		3,623,606
	20,583	Xcel Energy Inc.		1,490,003

		Total Electric Utilities		43,358,739

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

Shares/Units			Security	Value

	UTILITIES — 1.9% — (continued)

	Gas Utilities — 0.1%
	5,545		Atmos Energy Corp.	$	921,191
	7,585		MDU Resources Group Inc.		123,560
	3,115		National Fuel Gas Co.		270,195
	7,601		UGI Corp.		263,298

			Total Gas Utilities		1,578,244


	Independent Power & Renewable Electricity Producers — 0.1%
	26,360		AES Corp. (The)		356,915
	4,816		Brookfield Renewable Corp.		162,299
	1,465		Clearway Energy Inc., Class A Shares		41,298
	2,939		Clearway Energy Inc., Class C Shares		87,612
	1,622		Talen Energy Corp.*		614,608
	12,143		Vistra Corp.		2,296,363

			Total Independent Power & Renewable Electricity Producers		3,559,095


	Multi-Utilities — 0.4%
	9,500		Ameren Corp.		947,910
	23,113		CenterPoint Energy Inc.		871,591
	10,807		CMS Energy Corp.		773,457
	12,443		Consolidated Edison Inc.		1,222,276
	30,037		Dominion Energy Inc.		1,799,216
	7,364		DTE Energy Co.		1,006,291
	16,703		NiSource Inc.		706,036
	17,855		Public Service Enterprise Group Inc.		1,470,002
	22,707		Sempra		1,874,690
	11,376		WEC Energy Group Inc.		1,211,658

			Total Multi-Utilities		11,883,127


	Water Utilities — 0.0%@
	6,936		American Water Works Co., Inc.		995,385
	9,088		Essential Utilities Inc.		359,067

			Total Water Utilities		1,354,452

			TOTAL UTILITIES		61,733,657

			TOTAL COMMON STOCKS (Cost — $1,732,450,401)		3,241,256,354


Face Amount†

	SHORT-TERM INVESTMENTS — 1.5%

	TIME DEPOSITS — 1.5%
	37,732	^CAD	BBH — Grand Cayman, 1.590% due 9/2/25		27,478
$	22,456,806		Citibank — New York, 3.680% due 9/2/25		22,456,806
	15,294,567		JPMorgan Chase & Co. — New York, 3.680% due 9/2/25		15,294,567
	10,716,672		Royal Bank of Canada — Toronto, 3.680% due 9/2/25		10,716,672

			TOTAL SHORT-TERM INVESTMENTS (Cost — $48,495,523)		48,495,523

			TOTAL INVESTMENTS — 99.9% (Cost — $1,780,945,924)		3,289,751,877

			Other Assets in Excess of Liabilities — 0.1%		3,033,833

			TOTAL NET ASSETS — 100.0%	$	3,292,785,710

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

*	Non-income producing security.

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Large Cap Equity ETF

@	The amount is less than 0.05%.

(a)	Illiquid security.

(b)	Affiliated security (See Note 2). As of August 31, 2025, total cost and total value of affiliated security amounted to $1,958,582 and $6,187,286, respectively.

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2025, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

At August 31, 2025, for Morgan Stanley Pathway Large Cap Equity ETF the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Morgan Stanley Pathway Large Cap Equity ETF	$	1,801,055,896	$	1,546,645,125	$	(57,279,863)	$	1,489,365,262


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


Summary of Investments by Security Sector^
Information Technology	27.9	%
Financials	16.3
Consumer Discretionary	11.4
Industrials	10.0
Communication Services	9.5
Health Care	9.4
Consumer Staples	4.1
Energy	3.0
Materials	2.7
Real Estate	2.3
Utilities	1.9
Short-Term Investments	1.5

Total Investments	100.0	%

^	As a percentage of total investments.

At August 31, 2025, Morgan Stanley Pathway Large Cap Equity ETF 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		Value		Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index Futures		50		9/25	$	15,544,941	$	16,181,875	$	636,934
S&P MidCap 400 E-mini Index Futures		3		9/25		944,495		977,550		33,055

									$	669,989

At August 31, 2025, Morgan Stanley Pathway Large Cap Equity ETF had deposited cash of $1,121,984 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)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

COMMON STOCKS — 97.2%

COMMUNICATION SERVICES — 2.4%

Diversified Telecommunication Services — 0.2%
	368	Anterix Inc.*	$	8,736
	7,685	AST SpaceMobile Inc., Class A Shares*		376,104
	382	ATN International Inc.		6,494
	997	Bandwidth Inc., Class A Shares*		14,955
	1,959	Cogent Communications Holdings Inc.		74,892
	10,550	Frontier Communications Parent Inc.*		391,194
	5,412	GCI Liberty Inc.*#		—
	148	GCI Liberty Inc., Class A Shares*		5,525
	1,003	GCI Liberty Inc., Class C Shares*		36,750
	2,185	Globalstar Inc.*		65,397
	719	IDT Corp., Class B Shares		46,066
	4,346	Iridium Communications Inc.		108,172
	7,854	Liberty Global Ltd., Class A Shares*		92,206
	6,728	Liberty Global Ltd., Class C Shares*		80,400
	2,029	Liberty Latin America Ltd., Class A Shares*		16,354
	4,976	Liberty Latin America Ltd., Class C Shares*		41,002
	44,025	Lumen Technologies Inc.*		218,804
	1,859	Shenandoah Telecommunications Co.		24,632
	6,299	Uniti Group Inc.*		39,684

		Total Diversified Telecommunication Services		1,647,367


Entertainment — 0.5%
	17,450	AMC Entertainment Holdings Inc., Class A Shares*		49,035
	409	Atlanta Braves Holdings Inc., Class A Shares*		19,430
	2,116	Atlanta Braves Holdings Inc., Class C Shares*		95,178
	4,749	Cinemark Holdings Inc.		122,524
	2,993	Eventbrite Inc., Class A Shares*		7,931
	28,596	IMAX Corp.*		816,702
	863	Liberty Media Corp.-Liberty Live, Class A Shares*		81,657
	2,130	Liberty Media Corp.-Liberty Live, Class C Shares*		207,419
	152,597	Lionsgate Studios Corp.*		981,199
	1,664	Madison Square Garden Entertainment Corp., Class A Shares*		67,741
	693	Madison Square Garden Sports Corp., Class A Shares*		137,103
	924	Marcus Corp. (The)		14,267
	3,300	Playstudios Inc.*		3,190
	2,726	Playtika Holding Corp.		10,113
	697	Reservoir Media Inc.*		5,492
	5,815	Roku Inc., Class A Shares*		561,496
	1,283	Sphere Entertainment Co.*		58,133
	10,172	Starz Entertainment Corp.*		129,896
	141	Vivid Seats Inc., Class A Shares*		2,503

		Total Entertainment		3,371,009


Interactive Media & Services — 0.2%
	2,127	Angi Inc., Class A Shares*		37,690
	3,543	Bumble Inc., Class A Shares*		21,860
	3,737	Cargurus Inc., Class A Shares*		129,300
	2,485	Cars.com Inc.*		32,429
	1,212	EverQuote Inc., Class A Shares*		28,179
	14,529	fuboTV Inc.*		51,287
	3,599	Getty Images Holdings Inc.*		6,622
	1,860	Grindr Inc.*		29,090
	3,108	IAC Inc.*		113,815
	11,092	Match Group Inc.		414,175

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

COMMUNICATION SERVICES — 2.4% — (continued)

Interactive Media & Services — 0.2% — (continued)
	1,244	MediaAlpha Inc., Class A Shares*	$	13,149
	7,146	Nextdoor Holdings Inc.*		14,649
	2,451	QuinStreet Inc.*		38,432
	4,016	Rumble Inc.*		29,277
	947	Shutterstock Inc.		19,821
	1,421	Teads Holding Co.*		2,487
	4,675	TripAdvisor Inc.*		81,439
	3,373	TrueCar Inc.*		7,421
	4,818	Trump Media & Technology Group Corp.*		84,460
	7,031	Vimeo Inc.*		29,530
	654	Webtoon Entertainment Inc.*		9,463
	2,830	Yelp Inc., Class A Shares*		89,485
	1,812	Ziff Davis Inc.*		69,237
	2,653	ZipRecruiter Inc., Class A Shares*		13,265
	13,594	ZoomInfo Technologies Inc., Class A Shares*		148,175

		Total Interactive Media & Services		1,514,737


Media — 1.4%
	3,912	Advantage Solutions Inc.*		7,120
	13,780	Altice USA Inc., Class A Shares*		32,245
	1,217	AMC Networks Inc., Class A Shares*		8,592
	862	Boston Omaha Corp., Class A Shares*		11,499
	244	Cable One Inc.		39,401
	125,891	Criteo SA, ADR*		3,125,874
	6,196	DoubleVerify Holdings Inc.*		100,809
	5,990	EchoStar Corp., Class A Shares*		370,122
	2,331	Entravision Communications Corp., Class A Shares		6,037
	2,008	EW Scripps Co. (The), Class A Shares*		6,004
	711	Gambling.com Group Ltd.*		6,207
	7,620	Gannett Co., Inc.*		31,318
	5,110	Gray Media Inc.		31,324
	737	Ibotta Inc., Class A Shares*		19,855
	4,494	iHeartMedia Inc., Class A Shares*		9,572
	3,575	Integral Ad Science Holding Corp.*		32,139
	16,227	Interpublic Group of Cos., Inc. (The)		435,533
	1,701	John Wiley & Sons Inc., Class A Shares		69,027
	741	Liberty Broadband Corp., Class A Shares*		44,956
	5,018	Liberty Broadband Corp., Class C Shares*		305,395
	6,360	Magnite Inc.*		165,042
	2,565	National CineMedia Inc.		11,260
	6,975	New York Times Co. (The), Class A Shares		417,384
	16,663	News Corp., Class A Shares		490,059
	5,368	News Corp., Class B Shares		181,814
	9,120	Nexstar Media Group Inc., Class A Shares		1,865,314
	2,126	Nexxen International Ltd., ADR*		21,324
	71,580	NIQ Global Intelligence PLC*		1,219,723
	1,595	PubMatic Inc., Class A Shares*		13,829
	869	Scholastic Corp.		22,299
	1,759	Sinclair Inc.		25,453
	8,569	Sirius XM Holdings Inc.		202,571
	6,609	Stagwell Inc., Class A Shares*		37,275
	978	TechTarget Inc.*		5,770
	7,319	TEGNA Inc.		155,163
	1,624	Thryv Holdings Inc.*		20,885
	2,259	WideOpenWest Inc.*		11,498

		Total Media		9,559,692

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

COMMUNICATION SERVICES — 2.4% — (continued)

Wireless Telecommunication Services — 0.1%
	2,955	Gogo Inc.*	$	32,446
	4,645	Millicom International Cellular SA		224,400
	602	Spok Holdings Inc.		10,932
	4,212	Telephone & Data Systems Inc.		168,859

		Total Wireless Telecommunication Services		436,637

		TOTAL COMMUNICATION SERVICES		16,529,442


CONSUMER DISCRETIONARY — 10.1%

Automobile Components — 0.9%
	3,372	Adient PLC*		83,626
	4,445	American Axle & Manufacturing Holdings Inc.*		25,870
	53,091	BorgWarner Inc.		2,270,171
	593	Cooper-Standard Holdings Inc.*		21,834
	6,122	Dana Inc.		123,420
	1,278	Dorman Products Inc.*		206,768
	1,945	Fox Factory Holding Corp.*		56,269
	6,145	Garrett Motion Inc.		79,824
	10,111	Gentex Corp.		283,209
	1,451	Gentherm Inc.*		53,353
	12,257	Goodyear Tire & Rubber Co. (The)*		103,939
	2,083	Holley Inc.*		8,478
	1,046	LCI Industries		110,269
	12,719	Lear Corp.		1,399,090
	1,084	Luminar Technologies Inc., Class A Shares*		1,843
	2,287	Modine Manufacturing Co.*		311,329
	1,431	Patrick Industries Inc.		160,057
	1,984	Phinia Inc.		116,024
	19,170	QuantumScape Corp., Class A Shares*		152,018
	5,627	Solid Power Inc.*		24,365
	836	Standard Motor Products Inc.		32,445
	1,261	Visteon Corp.		156,314
	1,212	XPEL Inc.*		45,038

		Total Automobile Components		5,825,553


Automobiles — 0.2%
	4,900	Harley-Davidson Inc.		142,688
	5,756	Lucid Group Inc., Class A Shares*(a)		113,969
	35,076	Rivian Automotive Inc., Class A Shares*		475,981
	2,219	Thor Industries Inc.		243,203
	1,288	Winnebago Industries Inc.		46,342

		Total Automobiles		1,022,183


Broadline Retail — 0.1%
	140	Dillard’s Inc., Class A Shares		74,603
	4,625	Etsy Inc.*		245,171
	1,215	Groupon Inc., Class A Shares*		31,712
	5,057	Kohl’s Corp.		76,159
	13,029	Macy’s Inc.		172,374
	2,685	Ollie’s Bargain Outlet Holdings Inc.*		340,565
	946	Savers Value Village Inc.*		11,437

		Total Broadline Retail		952,021


Distributors — 0.1%
	652	A-Mark Precious Metals Inc.		15,263
	869	GigaCloud Technology Inc., Class A Shares*		23,003

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 10.1% — (continued)

Distributors — 0.1% — (continued)
	11,537	LKQ Corp.	$	376,337
	1,602	Pool Corp.		497,757
	209	Weyco Group Inc.		6,333

		Total Distributors		918,693


Diversified Consumer Services — 1.1%
	204,140	ADT Inc.		1,778,059
	1,661	Adtalem Global Education Inc.*		217,508
	581	American Public Education Inc.*		17,535
	2,524	Bright Horizons Family Solutions Inc.*		297,933
	504	Carriage Services Inc., Class A Shares		22,065
	6,131	Coursera Inc.*		70,507
	1,660	Duolingo Inc., Class A Shares*		494,448
	1,392	European Wax Center Inc., Class A Shares*		5,972
	3,358	Frontdoor Inc.*		203,998
	140	Graham Holdings Co., Class B Shares		152,047
	1,250	Grand Canyon Education Inc.*		251,962
	5,968	H&R Block Inc.		300,489
	1,046	KinderCare Learning Cos Inc.*		7,521
	57,556	Laureate Education Inc., Class A Shares*		1,581,639
	1,290	Lincoln Educational Services Corp.*		24,265
	1,140	Matthews International Corp., Class A Shares		28,010
	4,478	Mister Car Wash Inc.*		25,569
	2,768	Nerdy Inc.*		3,764
	4,240	OneSpaWorld Holdings Ltd.		95,697
	2,713	Perdoceo Education Corp.		88,824
	6,222	Service Corp. International		493,093
	1,119	Strategic Education Inc.		91,031
	7,549	Stride Inc.*		1,231,921
	3,512	Udemy Inc.*		24,092
	2,070	Universal Technical Institute Inc.*		55,041

		Total Diversified Consumer Services		7,562,990


Hotels, Restaurants & Leisure — 2.8%
	2,476	Accel Entertainment Inc., Class A Shares*		28,697
	11,599	Aramark		453,637
	26	Biglari Holdings Inc., Class B Shares*		8,083
	1,067	BJ’s Restaurants Inc.*		35,809
	3,877	Bloomin’ Brands Inc.		28,496
	2,591	Boyd Gaming Corp.		222,463
	157,061	Brightstar Lottery PLC		2,613,495
	16,421	Brinker International Inc.*		2,561,348
	9,319	Caesars Entertainment Inc.*		249,470
	4,480	Cava Group Inc.*		302,624
	2,124	Cheesecake Factory Inc. (The)		130,541
	1,170	Choice Hotels International Inc.		139,909
	2,883	Churchill Downs Inc.		299,054
	15,803	Cracker Barrel Old Country Store Inc.		945,335
	1,210	Dave & Buster’s Entertainment Inc.*		31,061
	1,906	Denny’s Corp.*		8,710
	1,006	Dine Brands Global Inc.		24,094
	5,192	Dutch Bros Inc., Class A Shares*		372,941
	962	El Pollo Loco Holdings Inc.*		10,226
	1,501	First Watch Restaurant Group Inc.*		28,279
	175,225	Genius Sports Ltd.*		2,241,128

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 10.1% — (continued)

Hotels, Restaurants & Leisure — 2.8% — (continued)
	5,798	Global Business Travel Group I*	$	48,355
	752	Golden Entertainment Inc.		18,702
	2,743	Hilton Grand Vacations Inc.*		130,347
	1,783	Hyatt Hotels Corp., Class A Shares		257,251
	771	Inspired Entertainment Inc.*		7,170
	736	Jack in the Box Inc.		14,205
	3,158	Krispy Kreme Inc.		11,211
	358	Kura Sushi USA Inc., Class A Shares*		30,360
	6,086	Life Time Group Holdings Inc.*		169,921
	3,690	Light & Wonder Inc., Class A Shares*		341,214
	1,374	Lindblad Expeditions Holdings Inc.*		20,033
	1,514	Marriott Vacations Worldwide Corp.		118,319
	9,186	MGM Resorts International*		364,592
	565	Monarch Casino & Resort Inc.		58,946
	79	Nathan’s Famous Inc.		8,271
	19,570	Norwegian Cruise Line Holdings Ltd.*		486,119
	1,518	Papa John’s International Inc.		73,942
	6,706	Penn Entertainment Inc.*		135,662
	3,713	Planet Fitness Inc., Class A Shares*		389,122
	2,153	Portillo’s Inc., Class A Shares*		15,243
	1,154	Potbelly Corp.*		14,933
	764	Pursuit Attractions & Hospitality Inc.*		28,497
	318	RCI Hospitality Holdings Inc.		11,833
	2,200	Red Rock Resorts Inc., Class A Shares		136,114
	3,483	Rush Street Interactive Inc.*		77,671
	18,221	Sabre Corp.*		32,616
	2,545	Serve Robotics Inc.*		28,249
	1,686	Shake Shack Inc., Class A Shares*		178,716
	4,350	Six Flags Entertainment Corp.*		98,701
	6,982	Super Group SGHC Ltd.		81,201
	4,379	Sweetgreen Inc., Class A Shares*		39,849
	1,370	Target Hospitality Corp.*		12,426
	11,821	Texas Roadhouse Inc., Class A Shares		2,039,714
	2,829	Travel + Leisure Co.		178,821
	14,570	United Parks & Resorts Inc.*		766,091
	1,620	Vail Resorts Inc.		265,356
	7,866	Wendy’s Co. (The)		83,458
	1,239	Wingstop Inc.		406,541
	3,398	Wyndham Hotels & Resorts Inc.		294,301
	3,724	Wynn Resorts Ltd.		472,017
	901	Xponential Fitness Inc., Class A Shares*		7,577

		Total Hotels, Restaurants & Leisure		18,689,067


Household Durables — 1.6%
	1,728	Beazer Homes USA Inc.*		43,476
	344	Cavco Industries Inc.*		182,489
	1,185	Century Communities Inc.		78,068
	2,350	Champion Homes Inc.*		177,331
	3,402	Cricut Inc., Class A Shares		19,391
	1,378	Dream Finders Homes Inc., Class A Shares*		38,295
	1,105	Ethan Allen Interiors Inc.		32,608
	214	Flexsteel Industries Inc.		9,925
	1,330	Green Brick Partners Inc.*		92,887
	417	Hamilton Beach Brands Holding Co., Class A Shares		6,147
	892	Helen of Troy Ltd.*		21,899

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 10.1% — (continued)

Household Durables — 1.6% — (continued)
	189	Hovnanian Enterprises Inc., Class A Shares*	$	26,528
	1,023	Installed Building Products Inc.		267,842
	3,150	KB Home		200,182
	1,821	La-Z-Boy Inc.		67,322
	368	Legacy Housing Corp.*		10,284
	6,080	Leggett & Platt Inc.		58,429
	977	LGI Homes Inc.*		60,486
	551	Lovesac Co. (The)*		10,541
	1,149	M/I Homes Inc.*		169,202
	3,124	Meritage Homes Corp.		242,704
	2,330	Mohawk Industries Inc.*		309,168
	17,983	Newell Brands Inc.		106,459
	3,335	SharkNinja Inc.*		390,062
	30,130	Somnigroup International Inc.		2,529,413
	5,708	Sonos Inc.*		79,455
	4,266	Taylor Morrison Home Corp., Class A Shares*		287,400
	4,388	Toll Brothers Inc.		609,932
	7,610	TopBuild Corp.*		3,201,984
	3,105	Traeger Inc.*		3,912
	3,969	Tri Pointe Homes Inc.*		140,225
	13,419	Whirlpool Corp.		1,249,980

		Total Household Durables		10,724,026


Leisure Products — 0.4%
	1,195	Acushnet Holdings Corp.		91,597
	23,784	Brunswick Corp.		1,512,425
	970	Clarus Corp.		3,521
	445	Escalade Inc.		5,607
	1,150	Funko Inc., Class A Shares*		3,979
	5,853	Hasbro Inc.		475,088
	271	JAKKS Pacific Inc.		4,816
	182	Johnson Outdoors Inc., Class A Shares		7,338
	1,748	Latham Group Inc.*		14,036
	752	Malibu Boats Inc., Class A Shares*		24,966
	338	Marine Products Corp.		2,951
	691	MasterCraft Boat Holdings Inc.*		15,161
	14,412	Mattel Inc.*		263,740
	4,531	Outdoor Holding Co.*		6,479
	15,544	Peloton Interactive Inc., Class A Shares*		118,134
	2,334	Polaris Inc.		132,058
	1,808	Smith & Wesson Brands Inc.		14,771
	758	Sturm Ruger & Co., Inc.		26,280
	6,437	Topgolf Callaway Brands Corp.*		61,538
	3,745	YETI Holdings Inc.*		131,674

		Total Leisure Products		2,916,159


Specialty Retail — 1.7%
	932	1-800-Flowers.com Inc., Class A Shares*		5,219
	2,109	Abercrombie & Fitch Co., Class A Shares*		197,255
	2,935	Academy Sports & Outdoors Inc.		157,169
	2,494	Advance Auto Parts Inc.		152,109
	7,900	American Eagle Outfitters Inc.		102,226
	370	America’s Car-Mart Inc.*		16,580
	1,871	Arhaus Inc., Class A Shares*		21,947
	4,597	Arko Corp.		22,985

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 10.1% — (continued)

Specialty Retail — 1.7% — (continued)
	872	Asbury Automotive Group Inc.*	$	219,343
	5,561	AutoNation Inc.*		1,218,304
	5,855	BARK Inc.*		5,283
	63,107	Bath & Body Works Inc.		1,843,355
	2,025	Bed Bath & Beyond Inc.*		18,245
	1,371	Boot Barn Holdings Inc.*		243,723
	1,398	Buckle Inc. (The)		79,113
	660	Build-A-Bear Workshop Inc.		40,135
	21,646	Caleres Inc.		324,690
	2,946	Camping World Holdings Inc., Class A Shares		51,584
	6,740	CarMax Inc.*		413,499
	307	Citi Trends Inc.*		10,938
	1,844	Designer Brands Inc., Class A Shares		6,841
	2,450	Dick’s Sporting Goods Inc.		521,360
	6,611	EVgo Inc., Class A Shares*		25,585
	2,363	Five Below Inc.*		342,871
	4,816	Floor & Decor Holdings Inc., Class A Shares*		394,527
	3,769	Foot Locker Inc.*		93,094
	18,268	GameStop Corp., Class A Shares*		409,386
	10,366	Gap Inc. (The)		228,156
	395	Genesco Inc.*		12,632
	2,422	Group 1 Automotive Inc.		1,125,697
	560	Haverty Furniture Cos., Inc.		12,628
	264	J Jill Inc.		4,425
	617	Lands’ End Inc.*		8,860
	1,155	Lithia Motors Inc., Class A Shares		388,865
	808	MarineMax Inc.*		21,291
	1,104	Monro Inc.		18,304
	817	Murphy USA Inc.		307,601
	3,546	National Vision Holdings Inc.*		81,345
	21,929	ODP Corp. (The)*		444,282
	338	OneWater Marine Inc., Class A Shares*		5,689
	806	Penske Automotive Group Inc.		148,634
	3,269	Petco Health & Wellness Co., Inc., Class A Shares*		13,043
	3,897	RealReal Inc. (The)*		29,734
	1,515	Revolve Group Inc., Class A Shares*		33,891
	646	RH*		145,783
	4,697	Sally Beauty Holdings Inc.*		65,100
	715	Shoe Carnival Inc.		14,944
	1,855	Signet Jewelers Ltd.		163,333
	800	Sleep Number Corp.*		8,424
	675	Sonic Automotive Inc., Class A Shares		55,478
	3,632	Stitch Fix Inc., Class A Shares*		19,213
	4,700	ThredUp Inc., Class A Shares*		50,854
	958	Tile Shop Holdings Inc.*		5,949
	1,045	Torrid Holdings Inc.*		2,278
	2,471	Upbound Group Inc.		62,788
	2,719	Urban Outfitters Inc.*		182,391
	5,749	Valvoline Inc.*		222,946
	3,164	Victoria’s Secret & Co.*		72,835
	4,705	Warby Parker Inc., Class A Shares*		123,271
	4,342	Wayfair Inc., Class A Shares*		323,913
	125	Winmark Corp.		57,980
	661	Zumiez Inc.*		11,363

		Total Specialty Retail		11,411,286

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER DISCRETIONARY — 10.1% — (continued)

Textiles, Apparel & Luxury Goods — 1.2%
	6,780	Amer Sports Inc.*	$	266,590
	55,330	Birkenstock Holding PLC*		2,884,353
	5,171	Capri Holdings Ltd.*		106,471
	1,594	Carter’s Inc.		45,525
	1,373	Columbia Sportswear Co.		76,503
	17,539	Crocs Inc.*		1,529,401
	3,378	Ermenegildo Zegna NV		28,510
	4,601	Figs Inc., Class A Shares*		32,437
	1,761	G-III Apparel Group Ltd.*		47,547
	14,751	Hanesbrands Inc.*		93,079
	2,373	Kontoor Brands Inc.		183,314
	555	Movado Group Inc.		10,140
	746	Oxford Industries Inc.		32,861
	2,371	PVH Corp.		199,923
	1,748	Ralph Lauren Corp., Class A Shares		519,034
	279	Rocky Brands Inc.		8,490
	5,820	Skechers USA Inc., Class A Shares*		367,126
	3,111	Steven Madden Ltd.		90,343
	481	Superior Group of Cos., Inc.		6,320
	9,262	Tapestry Inc.		943,057
	8,509	Under Armour Inc., Class A Shares*		42,545
	100,094	Under Armour Inc., Class C Shares*		492,462
	15,604	V.F. Corp.		236,088
	3,800	Wolverine World Wide Inc.		121,372

		Total Textiles, Apparel & Luxury Goods		8,363,491

		TOTAL CONSUMER DISCRETIONARY		68,385,469


CONSUMER STAPLES — 3.2%

Beverages — 0.3%
	394	Boston Beer Co., Inc. (The), Class A Shares*		87,109
	7,351	Celsius Holdings Inc.*		462,231
	2,295	Coca-Cola Consolidated Inc.		269,066
	530	MGP Ingredients Inc.		15,672
	993	National Beverage Corp.*		41,756
	11,527	Primo Brands Corp., Class A Shares		289,443
	30,714	Vita Coco Co., Inc. (The)*		1,097,718

		Total Beverages		2,262,995


Consumer Staples Distribution & Retail — 1.8%
	18,696	Albertsons Cos., Inc., Class A Shares		363,824
	1,483	Andersons Inc. (The)		60,655
	26,706	BJ’s Wholesale Club Holdings Inc.*		2,608,642
	1,643	Casey’s General Stores Inc.		812,496
	1,589	Chefs’ Warehouse Inc. (The)*		100,330
	15,325	Dollar Tree Inc.*		1,673,030
	4,097	Grocery Outlet Holding Corp.*		74,197
	1,410	HF Foods Group Inc.*		4,625
	648	Ingles Markets Inc., Class A Shares		43,863
	52,284	Maplebear Inc.*		2,267,557
	679	Natural Grocers by Vitamin Cottage Inc.		26,108
	6,866	Performance Food Group Co.*		696,212
	1,134	PriceSmart Inc.		121,633
	1,338	SpartanNash Co.		35,858
	16,123	Sprouts Farmers Market Inc.*		2,265,926
	2,473	United Natural Foods Inc.*		69,936

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER STAPLES — 3.2% — (continued)

Consumer Staples Distribution & Retail — 1.8% — (continued)
	10,292	US Foods Holding Corp.*	$	798,659
	334	Village Super Market Inc., Class A Shares		12,118
	724	Weis Markets Inc.		51,875

		Total Consumer Staples Distribution & Retail		12,087,544


Food Products — 0.7%
	284	Alico Inc.		9,611
	2,868	B&G Foods Inc.		12,935
	2,282	Beyond Meat Inc.*(a)		5,705
	2,297	BRC Inc., Class A Shares*		3,560
	610	Calavo Growers Inc.		16,683
	1,958	Cal-Maine Foods Inc.		226,423
	7,028	Darling Ingredients Inc.*		238,671
	3,769	Dole PLC		55,480
	8,289	Flowers Foods Inc.		124,667
	1,530	Fresh Del Monte Produce Inc.		55,508
	2,202	Freshpet Inc.*		122,916
	60,590	Hain Celestial Group Inc. (The)*		109,062
	2,808	Ingredion Inc.		363,748
	635	J&J Snack Foods Corp.		70,847
	421	John B Sanfilippo & Son Inc.		27,323
	6,043	Lamb Weston Holdings Inc.		347,654
	163	Lifeway Foods Inc.*		4,967
	630	Limoneira Co.		9,929
	1,209	Mama’s Creations Inc.*		9,648
	870	Marzetti Co. (The)		158,862
	1,596	Mission Produce Inc.*		19,966
	87,692	Nomad Foods Ltd.		1,362,734
	1,852	Pilgrim’s Pride Corp.		82,321
	2,201	Post Holdings Inc.*		249,043
	13	Seaboard Corp.		51,600
	167	Seneca Foods Corp., Class A Shares*		18,904
	3,938	Simply Good Foods Co. (The)*		112,745
	1,364	Smithfield Foods Inc.		34,686
	3,519	SunOpta Inc.*		22,064
	954	Tootsie Roll Industries Inc.		38,360
	32,012	TreeHouse Foods Inc.*		587,100
	2,930	Utz Brands Inc.		39,321
	1,383	Vital Farms Inc.*		70,657
	1,319	Westrock Coffee Co.*		7,136
	2,923	WK Kellogg Co.		66,995

		Total Food Products		4,737,831


Household Products — 0.3%
	448	Central Garden & Pet Co.*		16,320
	2,228	Central Garden & Pet Co., Class A Shares*		73,591
	3,098	Energizer Holdings Inc.		85,381
	400	Oil-Dri Corp. of America		23,752
	2,451	Reynolds Consumer Products Inc.		56,888
	1,314	Spectrum Brands Holdings Inc.		74,885
	6,613	WD-40 Co.		1,428,672

		Total Household Products		1,759,489


Personal Care Products — 0.1%
	3,042	Beauty Health Co. (The)*		6,327
	5,596	BellRing Brands Inc.*		229,716

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

CONSUMER STAPLES — 3.2% — (continued)

Personal Care Products — 0.1% — (continued)
	16,031	Coty Inc., Class A Shares*	$	68,613
	2,085	Edgewell Personal Care Co.		50,082
	2,398	elf Beauty Inc.*		299,750
	4,000	Herbalife Ltd.*		39,120
	3,123	Honest Co., Inc. (The)*		12,367
	770	Interparfums Inc.		88,504
	412	Medifast Inc.*		5,780
	462	Nature’s Sunshine Products Inc.*		7,785
	1,812	Nu Skin Enterprises Inc., Class A Shares		22,052
	5,174	Olaplex Holdings Inc.*		7,399
	416	USANA Health Sciences Inc.*		13,274
	1,477	Waldencast PLC, Class A Shares*		2,304

		Total Personal Care Products		853,073


Tobacco — 0.0%@
	2,958	Ispire Technology Inc.*		9,406
	772	Turning Point Brands Inc.		76,814
	1,051	Universal Corp.		58,804

		Total Tobacco		145,024

		TOTAL CONSUMER STAPLES		21,845,956


ENERGY — 3.6%

Energy Equipment & Services — 1.2%
	7,135	Archrock Inc.		176,663
	1,200	Aris Water Solutions Inc., Class A Shares		29,124
	2,951	Atlas Energy Solutions Inc., Class A Shares		34,556
	8,774	Borr Drilling Ltd.*		25,532
	1,190	Bristow Group Inc.*		45,827
	3,029	Cactus Inc., Class A Shares		127,067
	1,752	Core Laboratories Inc.		20,166
	699	DMC Global Inc.*		4,683
	4,363	Expro Group Holdings NV*		54,407
	767	Flowco Holdings Inc., Class A Shares		12,517
	302	Forum Energy Technologies Inc.*		7,988
	6,400	Helix Energy Solutions Group Inc.*		42,176
	4,282	Helmerich & Payne Inc.		89,451
	19,382	Innovex International Inc.*		334,533
	6,678	ION Geophysical Corp.*(b)#		—
	2,553	Kodiak Gas Services Inc.		91,372
	6,700	Liberty Energy Inc., Class A Shares		75,375
	1,296	Mammoth Energy Services Inc.*		3,072
	720	Nabors Industries Ltd.*		26,842
	3,226	National Energy Services Reunited Corp.*		30,195
	395	Natural Gas Services Group Inc.		10,333
	5,773	Noble Corp. PLC		166,378
	16,943	NOV Inc.		225,172
	4,472	Oceaneering International Inc.*		109,117
	2,491	Oil States International Inc.*		13,950
	78,686	Patterson-UTI Energy Inc.		457,166
	852	ProFrac Holding Corp., Class A Shares*		3,408
	3,269	ProPetro Holding Corp.*		16,672
	585	Ranger Energy Services Inc., Class A Shares		8,348
	3,435	RPC Inc.		16,385
	769	SEACOR Marine Holdings Inc.*		4,929
	3,019	Seadrill Ltd.*		96,336

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

ENERGY — 3.6% — (continued)

Energy Equipment & Services — 1.2% — (continued)
	4,498	Select Water Solutions Inc., Class A Shares	$	38,323
	1,448	Solaris Energy Infrastructure Inc., Class A Shares		45,742
	103,724	TechnipFMC PLC		3,812,894
	219,661	TETRA Technologies Inc.*		1,032,407
	2,190	Tidewater Inc.*		131,838
	31,438	Transocean Ltd.*		95,257
	2,796	Valaris Ltd.*		138,877
	3,130	Weatherford International PLC		199,397

		Total Energy Equipment & Services		7,854,475


Oil, Gas & Consumable Fuels — 2.4%
	14,986	Antero Midstream Corp.		266,601
	13,037	Antero Resources Corp.*		416,141
	16,079	APA Corp.		373,354
	1,636	Ardmore Shipping Corp.		19,010
	3,004	Berry Corp.		10,033
	556	BKV Corp.*		12,960
	2,961	California Resources Corp.		147,103
	3,144	Calumet Inc.*		51,247
	7,045	Cameco Corp.		545,213
	670	Centrus Energy Corp., Class A Shares*		135,159
	2,644	Chord Energy Corp.		290,549
	4,168	Civitas Resources Inc.		153,299
	6,419	Clean Energy Fuels Corp.*		16,882
	47,295	CNX Resources Corp.*		1,381,014
	3,409	Comstock Resources Inc.*		54,987
	2,282	Core Natural Resources Inc.		169,461
	8,326	Crescent Energy Co., Class A Shares		79,430
	1,379	CVR Energy Inc.		42,046
	2,890	Delek US Holdings Inc.		80,082
	36,220	Devon Energy Corp.		1,307,542
	5,653	DHT Holdings Inc.		66,253
	2,432	Diversified Energy Co. PLC		40,055
	1,683	Dorian LPG Ltd.		53,822
	4,434	DT Midstream Inc.		461,934
	7,149	Encore Energy Corp.*		17,015
	8,492	Energy Fuels Inc.*		98,168
	1,066	Evolution Petroleum Corp.		5,501
	1,267	Excelerate Energy Inc., Class A Shares		30,940
	1,152	FLEX LNG Ltd.		31,392
	1,005	FutureFuel Corp.		3,899
	4,407	Golar LNG Ltd.		193,115
	1,949	Granite Ridge Resources Inc.		10,836
	2,112	Green Plains Inc.*		23,464
	696	Gulfport Energy Corp.*		121,125
	18,583	HF Sinclair Corp.		945,503
	455	HighPeak Energy Inc.		3,504
	529	Infinity Natural Resources Inc., Class A Shares*		7,882
	1,726	International Seaways Inc.		78,395
	2,092	Kinetik Holdings Inc., Class A Shares		87,508
	21,548	Kosmos Energy Ltd.*		38,571
	58,927	Magnolia Oil & Gas Corp., Class A Shares		1,466,104
	32,300	Matador Resources Co.		1,626,628
	6,379	Murphy Oil Corp.		158,582
	101	NACCO Industries Inc., Class A Shares		3,951

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

ENERGY — 3.6% — (continued)

Oil, Gas & Consumable Fuels — 2.4% — (continued)
	1,753	Navigator Holdings Ltd.	$	28,206
	8,812	New Fortress Energy Inc., Class A Shares		21,678
	6,331	NextDecade Corp.*		67,868
	8,222	Nordic American Tankers Ltd.		25,570
	90,672	Northern Oil & Gas Inc.		2,371,980
	11,488	Ovintiv Inc.		483,875
	2,535	Par Pacific Holdings Inc.*		87,812
	3,895	PBF Energy Inc., Class A Shares		106,411
	5,366	Peabody Energy Corp.		93,368
	29,424	Permian Resources Corp., Class A Shares		420,469
	47	PrimeEnergy Resources Corp.*		7,110
	10,377	Range Resources Corp.		355,620
	731	REX American Resources Corp.*		45,739
	422	Riley Exploration Permian Inc.		12,348
	3,181	Sable Offshore Corp.*		85,823
	1,525	SandRidge Energy Inc.		18,056
	2,049	Scorpio Tankers Inc.		103,270
	5,641	SFL Corp., Ltd., Class B Shares		45,861
	5,281	SM Energy Co.		150,773
	6,507	Talos Energy Inc.*		64,289
	2,973	Teekay Corp., Ltd.		24,379
	1,075	Teekay Tankers Ltd., Class A Shares		52,858
	18,073	Uranium Energy Corp.*		193,200
	4,067	VAALCO Energy Inc.		15,780
	7,308	Viper Energy Inc., Class A Shares		291,187
	1,070	Vital Energy Inc.*		19,067
	1,234	Vitesse Energy Inc.		32,837
	3,524	W&T Offshore Inc.		6,414
	2,493	World Kinect Corp.		66,837

		Total Oil, Gas & Consumable Fuels		16,424,945

		TOTAL ENERGY		24,279,420


FINANCIALS — 14.9%

Banks — 6.4%
	1,015	1st Source Corp.		65,386
	385	ACNB Corp.		17,448
	1,579	Amalgamated Financial Corp.		45,617
	1,512	Amerant Bancorp Inc., Class A Shares		32,508
	2,811	Ameris Bancorp		205,990
	326	Ames National Corp.		6,513
	663	Arrow Financial Corp.		19,711
	7,500	Associated Banc-Corp.		202,275
	6,208	Atlantic Union Bankshares Corp.		221,812
	2,333	Axos Financial Inc.*		212,793
	77,881	Banc of California Inc.		1,317,747
	902	BancFirst Corp.		119,939
	1,972	Bancorp Inc. (The)*		150,345
	432	Bank First Corp.		56,125
	1,669	Bank of Hawaii Corp.		113,692
	650	Bank of Marin Bancorp		15,951
	2,051	Bank of NT Butterfield & Son Ltd. (The)		92,541
	4,854	Bank OZK		254,689
	194	Bank7 Corp.		9,624
	3,184	BankUnited Inc.		124,781
	327	Bankwell Financial Group Inc.		13,826

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Banks — 6.4% — (continued)
	1,483	Banner Corp.	$	99,405
	1,023	Bar Harbor Bankshares		33,012
	427	Baycom Corp.		12,921
	798	BCB Bancorp Inc.		7,102
	1,648	Berkshire Hills Bancorp Inc.		43,062
	936	Blue Foundry Bancorp*		8,695
	1,118	BOK Financial Corp.		124,556
	835	Bridgewater Bancshares Inc.*		13,677
	3,809	Brookline Bancorp Inc.		41,709
	516	Burke & Herbert Financial Services Corp.		32,797
	2,156	Business First Bancshares Inc.		53,922
	1,350	Byline Bancorp Inc.		39,029
	5,119	Cadence Bank		192,679
	853	California BanCorp*		14,365
	1,129	Camden National Corp.		46,165
	378	Capital Bancorp Inc.		12,848
	618	Capital City Bank Group Inc.		27,105
	4,622	Capitol Federal Financial Inc.		29,951
	965	Carter Bankshares Inc.*		18,779
	2,971	Cathay General Bancorp		148,283
	770	Central Pacific Financial Corp.		24,116
	154	Chemung Financial Corp.		8,304
	1,115	ChoiceOne Financial Services Inc.		34,409
	635	Citizens & Northern Corp.		12,827
	177	Citizens Financial Services Inc.		10,613
	619	City Holding Co.		79,529
	679	Civista Bancshares Inc.		14,388
	1,233	CNB Financial Corp.		32,440
	535	Coastal Financial Corp.*		61,258
	731	Colony Bankcorp Inc.		12,559
	9,234	Columbia Banking System Inc.		247,194
	1,021	Columbia Financial Inc.*		15,346
	21,077	Comerica Inc.		1,487,615
	5,762	Commerce Bancshares Inc.		356,898
	2,234	Community Financial System Inc.		133,794
	876	Community Trust Bancorp Inc.		51,176
	743	Community West Bancshares		15,841
	1,971	ConnectOne Bancorp Inc.		50,458
	2,608	Cullen/Frost Bankers Inc.		336,510
	1,278	Customers Bancorp Inc.*		91,620
	5,720	CVB Financial Corp.		115,144
	2,364	Dime Community Bancshares Inc.		72,717
	1,275	Eagle Bancorp Inc.		24,760
	19,556	East West Bancorp Inc.		2,056,118
	11,168	Eastern Bankshares Inc.		191,084
	1,759	Enterprise Financial Services Corp.		107,721
	1,021	Equity Bancshares Inc., Class A Shares		41,381
	286	Esquire Financial Holdings Inc.		28,057
	525	Farmers & Merchants Bancorp Inc.		13,892
	1,573	Farmers National Banc Corp.		23,878
	2,183	FB Financial Corp.		117,183
	186	Fidelity D&D Bancorp Inc.		8,119
	811	Financial Institutions Inc.		22,440
	57,664	First Bancorp		1,337,821
	868	First Bancorp Inc. (The)		23,592

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Banks — 6.4% — (continued)
	1,230	First Bank	$	20,689
	3,826	First Busey Corp.		94,502
	294	First Business Financial Services Inc.		15,382
	788	First Citizens BancShares Inc., Class A Shares		1,563,321
	6,808	First Commonwealth Financial Corp.		120,842
	849	First Community Bankshares Inc.		32,245
	4,032	First Financial Bancorp		106,767
	6,264	First Financial Bankshares Inc.		232,833
	613	First Financial Corp.		36,167
	2,380	First Foundation Inc.*		14,161
	48,096	First Hawaiian Inc.		1,248,091
	23,177	First Horizon Corp.		523,800
	310	First Internet Bancorp		7,786
	4,405	First Interstate BancSystem Inc., Class A Shares		144,132
	2,648	First Merchants Corp.		109,945
	1,237	First Mid Bancshares Inc.		50,024
	320	First Western Financial Inc.*		7,475
	693	Firstsun Capital Bancorp*		26,341
	742	Five Star Bancorp		24,315
	76,065	Flagstar Financial Inc.		975,153
	1,038	Flushing Financial Corp.		14,283
	98,011	FNB Corp.		1,635,804
	280	FS Bancorp Inc.		11,959
	7,749	Fulton Financial Corp.		152,345
	686	FVCBankcorp Inc.		9,306
	397	GBank Financial Holdings Inc.*		15,771
	2,354	German American Bancorp Inc.		98,350
	17,789	Glacier Bancorp Inc.		874,329
	351	Great Southern Bancorp Inc.		22,215
	266	Greene County Bancorp Inc.		6,381
	344	Guaranty Bancshares Inc.		16,904
	4,018	Hancock Whitney Corp.		252,813
	1,315	Hanmi Financial Corp.		33,085
	1,488	HarborOne Bancorp Inc.		19,136
	644	HBT Financial Inc.		17,060
	3,032	Heritage Commerce Corp.		31,321
	1,343	Heritage Financial Corp.		32,823
	2,064	Hilltop Holdings Inc.		72,405
	65	Hingham Institution For Savings The		18,469
	295	Home Bancorp Inc.		16,598
	9,622	Home BancShares Inc.		286,351
	720	HomeStreet Inc.*		9,986
	1,286	HomeTrust Bancshares Inc.		53,189
	5,260	Hope Bancorp Inc.		58,544
	4,375	Horizon Bancorp Inc.		73,763
	141,019	Huntington Bancshares Inc.		2,511,548
	20,624	Independent Bank Corp.		1,439,640
	2,478	International Bancshares Corp.		177,276
	433	Investar Holding Corp.		10,150
	587	John Marshall Bancorp Inc.		11,628
	2,369	Kearny Financial Corp.		15,991
	1,074	Lakeland Financial Corp.		73,515
	564	LCNB Corp.		9,126
	1,077	LINKBANCORP Inc.		7,841
	1,667	Live Oak Bancshares Inc.		64,496

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Banks — 6.4% — (continued)
	830	Mercantile Bank Corp.	$	40,877
	818	Metrocity Bankshares Inc.		24,491
	409	Metropolitan Bank Holding Corp.		32,471
	1,080	Mid Penn Bancorp Inc.		32,551
	304	Middlefield Banc Corp.		9,333
	719	Midland States Bancorp Inc.		13,244
	852	MidWestOne Financial Group Inc.		25,764
	430	MVB Financial Corp.		10,492
	1,593	National Bank Holdings Corp., Class A Shares		62,477
	273	National Bankshares Inc.		8,556
	1,488	NB Bancorp Inc.		28,108
	2,224	NBT Bancorp Inc.		98,456
	594	Nicolet Bankshares Inc.		82,144
	274	Northeast Bank		30,293
	533	Northeast Community Bancorp Inc.		12,019
	1,560	Northfield Bancorp Inc.		18,486
	230	Northrim BanCorp Inc.		21,627
	5,501	Northwest Bancshares Inc.		69,588
	297	Norwood Financial Corp.		8,037
	236	Oak Valley Bancorp		6,724
	2,595	OceanFirst Financial Corp.		47,722
	1,820	OFG Bancorp		81,445
	14,229	Old National Bancorp		325,702
	2,497	Old Second Bancorp Inc.		46,095
	452	Orange County Bancorp Inc.		12,059
	1,327	Origin Bancorp Inc.		51,607
	770	Orrstown Financial Services Inc.		26,834
	4,091	Pacific Premier Bancorp Inc.		100,189
	665	Park National Corp.		114,227
	952	Parke Bancorp Inc.		21,468
	914	Pathward Financial Inc.		72,636
	540	PCB Bancorp		11,934
	660	Peapack Gladstone Financial Corp.		19,147
	1,928	Peoples Bancorp Inc.		59,652
	222	Peoples Bancorp of North Carolina Inc.		7,033
	386	Peoples Financial Services Corp.		20,230
	3,527	Pinnacle Financial Partners Inc.		342,895
	545	Pioneer Bancorp Inc.*		7,145
	238	Plumas Bancorp		10,327
	668	Ponce Financial Group Inc.*		9,913
	3,097	Popular Inc.		389,107
	386	Preferred Bank		36,438
	950	Primis Financial Corp.		10,878
	209	Princeton Bancorp Inc.		7,139
	4,109	Prosperity Bancshares Inc.		284,055
	668	Provident Bancorp Inc.*		8,597
	4,359	Provident Financial Services Inc.		86,483
	976	QCR Holdings Inc.		76,499
	762	RBB Bancorp		15,415
	182	Red River Bancshares Inc.		11,903
	4,346	Renasant Corp.		170,059
	365	Republic Bancorp Inc., Class A Shares		28,010
	1,645	S&T Bancorp Inc.		64,994
	3,607	Seacoast Banking Corp. of Florida		112,214
	2,279	ServisFirst Bancshares Inc.		200,894

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Banks — 6.4% — (continued)
	2,645	Shore Bancshares Inc.	$	45,468
	564	Sierra Bancorp		17,292
	6,252	Simmons First National Corp., Class A Shares		129,917
	657	SmartFinancial Inc.		24,210
	524	South Plains Financial Inc.		21,290
	313	Southern First Bancshares Inc.*		14,116
	384	Southern Missouri Bancorp Inc.		22,093
	1,226	Southside Bancshares Inc.		38,300
	4,496	SouthState Corp.		458,862
	2,259	Stellar Bancorp Inc.		69,848
	1,036	Sterling Bancorp Inc.*(b)		—
	1,121	Stock Yards Bancorp Inc.		90,476
	6,429	Synovus Financial Corp.		331,801
	36,897	Texas Capital Bancshares Inc.*		3,194,173
	2,858	TFS Financial Corp.		40,183
	458	Third Coast Bancshares Inc.*		18,242
	317	Timberland Bancorp Inc.		10,604
	684	Tompkins Financial Corp.		47,976
	3,227	Towne Bank		118,399
	1,724	TriCo Bancshares		78,304
	972	Triumph Financial Inc.*		59,768
	802	TrustCo. Bank Corp. NY		31,912
	2,629	Trustmark Corp.		105,870
	17,175	UMB Financial Corp.		2,093,632
	6,250	United Bankshares Inc.		239,625
	5,107	United Community Banks Inc.		170,574
	317	Unity Bancorp Inc.		16,595
	1,520	Univest Financial Corp.		48,138
	482	USCB Financial Holdings Inc.		8,382
	22,438	Valley National Bancorp		234,701
	2,113	Veritex Holdings Inc.		72,582
	198	Virginia National Bankshares Corp.		8,239
	3,548	WaFd Inc.		111,585
	851	Washington Trust Bancorp Inc.		25,811
	26,686	Webster Financial Corp.		1,660,403
	4,166	WesBanco Inc.		136,645
	761	West BanCorp Inc.		15,190
	1,109	Westamerica BanCorp		55,461
	4,839	Western Alliance Bancorp		433,332
	23,486	Wintrust Financial Corp.		3,224,393
	2,558	WSFS Financial Corp.		149,106
	6,466	Zions Bancorp NA		375,093

		Total Banks		42,643,823


Capital Markets — 2.5%
	1,314	Acadian Asset Management Inc.		66,975
	1,219	Affiliated Managers Group Inc.		274,056
	1,313	AlTi Global Inc.*		5,685
	2,690	Artisan Partners Asset Management Inc., Class A Shares		125,865
	16,535	BGC Group Inc., Class A Shares		162,208
	11,815	Carlyle Group Inc. (The)		762,776
	4,248	Cboe Global Markets Inc.		1,002,316
	1,255	Cohen & Steers Inc.		92,694
	170	Diamond Hill Investment Group Inc.		24,779
	8,123	DigitalBridge Group Inc.		92,684

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Capital Markets — 2.5% — (continued)
	1,248	Donnelley Financial Solutions Inc.*	$	70,849
	1,643	Evercore Inc., Class A Shares		528,307
	1,688	FactSet Research Systems Inc.		630,164
	395	Forge Global Holdings Inc.*		7,446
	13,662	Franklin Resources Inc.		350,567
	849	Freedom Holding Corp.*		145,111
	2,296	GCM Grosvenor Inc., Class A Shares		29,756
	1,782	Hamilton Lane Inc., Class A Shares		275,034
	13,849	Houlihan Lokey Inc., Class A Shares		2,759,413
	94,645	Invesco Ltd.		2,071,779
	5,876	Janus Henderson Group PLC		260,424
	6,845	Jefferies Financial Group Inc.		443,898
	5,081	Lazard Inc., Class A Shares		290,430
	1,620	Marex Group PLC		57,283
	1,628	MarketAxess Holdings Inc.		299,292
	2,335	Moelis & Co., Class A Shares		168,377
	1,037	Morningstar Inc.		272,130
	3,688	Open Lending Corp.*		7,782
	1,947	P10 Inc., Class A Shares		24,026
	3,329	Patria Investments Ltd., Class A Shares		45,075
	3,538	Perella Weinberg Partners, Class A Shares		78,296
	813	Piper Sandler Cos.		271,371
	1,036	PJT Partners Inc., Class A Shares		185,444
	4,608	SEI Investments Co.		406,794
	575	Silvercrest Asset Management Group Inc., Class A Shares		9,424
	24,101	StepStone Group Inc., Class A Shares		1,495,708
	16,060	Stifel Financial Corp.		1,851,558
	1,974	StoneX Group Inc.*		201,684
	6,018	TPG Inc., Class A Shares		363,186
	2,230	Victory Capital Holdings Inc., Class A Shares		158,954
	3,546	Virtu Financial Inc., Class A Shares		148,648
	305	Virtus Investment Partners Inc.		61,436
	5,433	WisdomTree Inc.		73,943
	18,113	XP Inc., Class A Shares		328,570

		Total Capital Markets		16,982,197


Consumer Finance — 0.9%
	12,341	Ally Financial Inc.		506,598
	210	Atlanticus Holdings Corp.*		14,007
	11,372	Bread Financial Holdings Inc.		752,713
	440	Consumer Portfolio Services Inc.*		3,516
	310	Credit Acceptance Corp.*		159,566
	422	Dave Inc.*		89,979
	996	Encore Capital Group Inc.*		41,673
	1,138	Enova International Inc.*		138,039
	11,043	FirstCash Holdings Inc.		1,626,303
	2,490	Green Dot Corp., Class A Shares*		34,661
	4,738	LendingClub Corp.*		81,399
	553	LendingTree Inc.*		37,576
	944	Medallion Financial Corp.		9,969
	3,873	Navient Corp.		53,099
	691	Nelnet Inc., Class A Shares		88,869
	1,345	NerdWallet Inc., Class A Shares*		13,907
	5,315	OneMain Holdings Inc., Class A Shares		328,786
	717	OppFi Inc.		7,321

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Consumer Finance — 0.9% — (continued)
	2,016	PRA Group Inc.*	$	34,453
	1,846	PROG Holdings Inc.		65,053
	351	Regional Management Corp.		15,388
	9,328	SLM Corp.		291,780
	50,475	SoFi Technologies Inc.*		1,289,131
	3,762	Upstart Holdings Inc.*		275,679
	182	World Acceptance Corp.*		31,200

		Total Consumer Finance		5,990,665


Financial Services — 2.0%
	1,324	Acacia Research Corp.*		4,515
	11,992	Affirm Holdings Inc., Class A Shares*		1,060,812
	875	Alerus Financial Corp.		19,486
	7,487	AvidXchange Holdings Inc.*		74,421
	1,317	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		60,753
	8,708	Burford Capital Ltd.		121,912
	2,626	Cannae Holdings Inc.		49,106
	2,353	Cantaloupe Inc.*		25,577
	573	Cass Information Systems Inc.		24,708
	2,987	Compass Diversified Holdings		22,402
	1,453	Enact Holdings Inc.		54,705
	11,532	Equitable Holdings Inc.		614,194
	4,301	Essent Group Ltd.		269,845
	1,806	Euronet Worldwide Inc.*		168,301
	2,788	EVERTEC Inc.		99,476
	425	Federal Agricultural Mortgage Corp., Class C Shares		89,067
	5,669	Flywire Corp.*		74,547
	52,344	HA Sustainable Infrastructure Capital Inc.		1,478,195
	1,192	International Money Express Inc.*		17,284
	3,214	Jack Henry & Associates Inc.		524,718
	2,657	Jackson Financial Inc., Class A Shares		262,512
	17,718	Marqeta Inc., Class A Shares*		112,775
	1,312	Merchants Bancorp		42,535
	10,214	MGIC Investment Corp.		284,256
	2,795	Mr Cooper Group Inc.*		526,941
	54,092	NCR Atleos Corp.*		2,143,125
	1,765	NewtekOne Inc.		21,833
	3,516	NMI Holdings Inc., Class A Shares*		138,355
	214	Onity Group Inc.*		8,853
	8,048	Pagseguro Digital Ltd., Class A Shares		72,110
	11,857	Payoneer Global Inc.*		82,406
	1,252	Paysafe Ltd.*		17,666
	1,759	Paysign Inc.*		9,112
	1,290	PennyMac Financial Services Inc.		142,029
	1,787	Priority Technology Holdings Inc.*		14,957
	6,276	Radian Group Inc.		218,907
	7,243	Remitly Global Inc.*		134,213
	3,464	Repay Holdings Corp., Class A Shares*		20,507
	664	Sezzle Inc.*		62,814
	24,436	Shift4 Payments Inc., Class A Shares*		2,209,747
	10,862	StoneCo Ltd., Class A Shares*		178,897
	8,345	UWM Holdings Corp.		47,567
	342	Velocity Financial Inc.*		6,525
	4,351	Voya Financial Inc.		326,717
	14,413	Walker & Dunlop Inc.		1,225,826

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Financial Services — 2.0% — (continued)
	713	Waterstone Financial Inc.	$	10,688
	13,206	Western Union Co. (The)		114,496
	1,514	WEX Inc.*		259,424

		Total Financial Services		13,549,817


Insurance — 2.7%
	1,747	Ambac Financial Group Inc.*		15,775
	930	American Coastal Insurance Corp.		10,276
	15,032	American Financial Group Inc.		2,042,248
	872	AMERISAFE Inc.		40,269
	2,437	Assurant Inc.		525,442
	2,256	Assured Guaranty Ltd.		185,443
	3,738	Axis Capital Holdings Ltd.		368,492
	43,888	Baldwin Insurance Group Inc. (The), Class A Shares*		1,389,933
	619	Bowhead Specialty Holdings Inc.*		19,226
	2,887	Brighthouse Financial Inc.*		136,440
	4,484	CNO Financial Group Inc.		176,983
	1,901	Crawford & Co., Class A Shares		20,607
	1,238	Donegal Group Inc., Class A Shares		22,148
	812	Employers Holdings Inc.		35,127
	1,858	Everest Group Ltd.		635,213
	1,268	F&G Annuities & Life Inc.		43,835
	2,591	Fidelis Insurance Holdings Ltd.		45,291
	4,298	First American Financial Corp.		283,668
	18,166	Genworth Financial Inc., Class A Shares*		155,683
	3,907	Globe Life Inc.		546,785
	1,309	GoHealth Inc., Class A Shares*		6,689
	1,111	Goosehead Insurance Inc., Class A Shares		94,113
	2,130	Greenlight Capital Re Ltd., Class A Shares*		27,456
	2,042	Hamilton Insurance Group Ltd., Class B Shares*		48,681
	12,136	Hanover Insurance Group Inc. (The)		2,105,353
	365	HCI Group Inc.		60,849
	1,264	Heritage Insurance Holdings Inc.*		28,781
	1,039	Hippo Holdings Inc.*		35,129
	1,798	Horace Mann Educators Corp.		82,672
	61	Investors Title Co.		15,144
	1,534	James River Group Holdings Ltd.		8,621
	2,897	Kemper Corp.		155,424
	161	Kestrel Group Ltd.*		4,339
	681	Kingsway Financial Services Inc.*		9,772
	981	Kinsale Capital Group Inc.		448,758
	2,564	Lemonade Inc.*		135,636
	6,224	Lincoln National Corp.		267,196
	1,651	MBIA Inc.*		13,142
	1,181	Mercury General Corp.		91,327
	380	NI Holdings Inc.*		5,088
	10,815	Old Republic International Corp.		432,276
	8,295	Oscar Health Inc., Class A Shares*		138,195
	17,991	Palomar Holdings Inc.*		2,213,253
	7,768	Primerica Inc.		2,092,233
	2,037	ProAssurance Corp.*		48,501
	2,937	Reinsurance Group of America Inc., Class A Shares		572,098
	2,118	RenaissanceRe Holdings Ltd.		514,653
	3,714	RLI Corp.		251,549
	502	Root Inc., Class A Shares*		46,294

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

FINANCIALS — 14.9% — (continued)

Insurance — 2.7% — (continued)
	4,765	Ryan Specialty Holdings Inc., Class A Shares	$	269,365
	673	Safety Insurance Group Inc.		49,809
	2,708	Selective Insurance Group Inc.		211,847
	9,663	Selectquote Inc.*		21,838
	2,721	SiriusPoint Ltd.*		50,937
	1,595	Skyward Specialty Insurance Group Inc.*		77,038
	1,335	Stewart Information Services Corp.		97,241
	1,016	Tiptree Inc.		23,825
	1,782	Trupanion Inc.*		82,614
	790	United Fire Group Inc.		24,285
	1,277	Universal Insurance Holdings Inc.		31,146
	8,002	Unum Group		559,020
	117	White Mountains Insurance Group Ltd.		214,131

		Total Insurance		18,365,202


	Mortgage Real Estate Investment Trusts (REITs) — 0.4%
	773	Advanced Flower Capital Inc.		3,602
	958	AG Mortgage Investment Trust Inc.		7,243
	41,678	AGNC Investment Corp.		406,777
	560	Angel Oak Mortgage REIT Inc.		5,522
	26,383	Annaly Capital Management Inc.		559,056
	6,248	Apollo Commercial Real Estate Finance Inc.		66,166
	5,912	Arbor Realty Trust Inc.		70,589
	1,995	Ares Commercial Real Estate Corp.		9,416
	4,447	ARMOUR Residential REIT Inc.		68,084
	6,931	Blackstone Mortgage Trust Inc., Class A Shares		135,570
	7,148	BrightSpire Capital Inc., Class A Shares		41,458
	619	Chicago Atlantic Real Estate Finance Inc.		8,815
	3,594	Chimera Investment Corp.		50,927
	3,170	Claros Mortgage Trust Inc.		11,729
	5,129	Dynex Capital Inc.		64,728
	3,649	Ellington Financial Inc.		49,772
	3,528	Franklin BSP Realty Trust Inc.		40,748
	3,910	Invesco Mortgage Capital Inc.		30,576
	2,073	KKR Real Estate Finance Trust Inc.		19,963
	5,133	Ladder Capital Corp., Class A Shares		59,646
	4,624	MFA Financial Inc.		47,165
	4,100	New York Mortgage Trust Inc.		29,602
	287	Nexpoint Real Estate Finance Inc.		4,305
	5,424	Orchid Island Capital Inc.		38,293
	3,855	PennyMac Mortgage Investment Trust		47,455
	6,373	Ready Capital Corp.		27,149
	7,680	Redwood Trust Inc.		47,002
	23,603	Rithm Capital Corp.		292,205
	763	Seven Hills Realty Trust		8,256
	14,986	Starwood Property Trust Inc.		303,766
	1,096	Sunrise Realty Trust Inc.		12,122
	3,289	TPG RE Finance Trust Inc.		30,752
	4,906	Two Harbors Investment Corp.		49,060

		Total Mortgage Real Estate Investment Trusts (REITs)		2,647,519

		TOTAL FINANCIALS		100,179,223


HEALTH CARE — 12.4%

Biotechnology — 4.8%
	1,849	4D Molecular Therapeutics Inc.*		11,390
	95,412	89bio Inc.*		861,570

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Biotechnology — 4.8% — (continued)
	3,015	Absci Corp.*	$	7,206
	5,356	ACADIA Pharmaceuticals Inc.*		139,202
	2,666	ADC Therapeutics SA*		8,185
	69,944	ADMA Biologics Inc.*		1,207,233
	870	Aduro Biotech Holdings Europe BV*(b)(f)		435
	2,454	Agios Pharmaceuticals Inc.*		92,540
	12,413	Akebia Therapeutics Inc.*		38,977
	3,155	Akero Therapeutics Inc.*		147,433
	2,197	Aldeyra Therapeutics Inc.*		12,830
	2,467	Alector Inc.*		5,797
	7,053	Alkermes PLC*		204,325
	5,063	Allogene Therapeutics Inc.*		5,721
	2,654	Altimmune Inc.*		10,165
	12,243	Amicus Therapeutics Inc.*		92,924
	1,154	AnaptysBio Inc.*		23,461
	3,701	Anavex Life Sciences Corp.*		35,678
	530	Anika Therapeutics Inc.*		4,971
	3,983	Annexon Inc.*		8,205
	4,700	Apellis Pharmaceuticals Inc.*		129,579
	1,509	Apogee Therapeutics Inc.*		54,882
	5,603	Arbutus Biopharma Corp.*		20,787
	1,747	Arcellx Inc.*		121,224
	772	Arcturus Therapeutics Holdings Inc.*		13,132
	4,193	Arcus Biosciences Inc.*		44,404
	4,665	Arcutis Biotherapeutics Inc.*		72,401
	10,244	Ardelyx Inc.*		65,152
	1,107	ArriVent Biopharma Inc.*		21,166
	5,214	Arrowhead Pharmaceuticals Inc.*		114,864
	2,715	ARS Pharmaceuticals Inc.*		31,548
	35,152	Ascendis Pharma AS, ADR*		6,828,979
	1,743	Astria Therapeutics Inc.*		10,772
	4,788	aTyr Pharma Inc.*		25,759
	1,893	Aura Biosciences Inc.*		11,850
	5,904	Aurinia Pharmaceuticals Inc.*		70,789
	4,898	Avidity Biosciences Inc.*		228,149
	894	Avita Medical Inc.*		3,880
	3,978	Beam Therapeutics Inc.*		65,080
	750	Bicara Therapeutics Inc.*		8,955
	63,680	Bicycle Therapeutics PLC, ADR*		469,958
	9,033	BioCryst Pharmaceuticals Inc.*		75,064
	4,503	Biohaven Ltd.*		69,301
	7,022	Bridgebio Pharma Inc.*		363,459
	820	Candel Therapeutics Inc.*		4,748
	1,420	Capricor Therapeutics Inc.*		8,918
	1,647	Cardiff Oncology Inc.*		3,459
	2,288	CareDx Inc.*		31,254
	301	Cartesian Therapeutics Inc.*		3,025
	5,491	Catalyst Pharmaceuticals Inc.*		113,060
	1,284	Celcuity Inc.*		65,779
	2,808	Celldex Therapeutics Inc.*		62,001
	2,454	CG oncology Inc.*		65,816
	848	Cidara Therapeutics Inc.*		55,451
	5,395	Cogent Biosciences Inc.*		65,172
	4,788	Coherus Oncology Inc.*		5,554

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Biotechnology — 4.8% — (continued)
	3,100	Compass Therapeutics Inc.*	$	10,819
	1,253	Contra Inhibrx Inc.*(b)(f)		1,441
	3,760	CRISPR Therapeutics AG*(a)		194,881
	1,892	Cullinan Therapeutics Inc.*		14,266
	5,311	Cytokinetics Inc.*		187,638
	4,806	Day One Biopharmaceuticals Inc.*		36,093
	6,386	Denali Therapeutics Inc.*		97,514
	1,220	Design Therapeutics Inc.*		6,747
	884	Dianthus Therapeutics Inc.*		20,836
	1,064	Discount Medicine Inc., Class A Shares*		63,462
	5,433	Dynavax Technologies Corp.*		54,982
	4,037	Dyne Therapeutics Inc.*		54,459
	3,076	Editas Medicine Inc.*		7,905
	2,996	Emergent BioSolutions Inc.*		24,867
	712	Enanta Pharmaceuticals Inc.*		5,981
	930	Entrada Therapeutics Inc.*		5,087
	6,356	Erasca Inc.*		9,979
	8,375	Exact Sciences Corp.*		397,143
	12,084	Exelixis Inc.*		452,183
	4,506	Fate Therapeutics Inc.*		4,686
	629	Fennec Pharmaceuticals Inc.*		5,579
	784	Foghorn Therapeutics Inc.*		3,967
	24,594	Geron Corp.*		34,432
	1,424	GRAIL Inc.*		46,693
	420	Greenwich Lifesciences Inc.*		4,822
	5,412	Halozyme Therapeutics Inc.*		395,888
	4,418	Heron Therapeutics Inc.*		5,964
	3,532	Humacyte Inc.*		5,475
	3,879	Ideaya Biosciences Inc.*		95,229
	12,180	ImmunityBio Inc.*		28,501
	2,771	Immunome Inc.*		26,352
	4,170	Immunovant Inc.*		61,257
	483	Inhibrx Biosciences Inc.*		13,621
	904	Inmune Bio Inc.*		1,835
	7,969	Insmed Inc.*		1,084,581
	5,095	Intellia Therapeutics Inc.*		57,854
	7,094	Ionis Pharmaceuticals Inc.*		302,453
	12,703	Iovance Biotherapeutics Inc.*		28,328
	5,272	Ironwood Pharmaceuticals Inc., Class A Shares*		6,959
	1,839	Jade Biosciences Inc.		14,528
	1,925	Janux Therapeutics Inc.*		43,736
	1,371	KalVista Pharmaceuticals Inc.*		18,454
	1,624	Keros Therapeutics Inc.*		24,701
	1,361	Kodiak Sciences Inc.*		12,303
	230	Korro Bio Inc.*		5,308
	1,103	Krystal Biotech Inc.*		162,913
	2,800	Kura Oncology Inc.*		22,120
	2,073	Kymera Therapeutics Inc.*		85,408
	1,886	Larimar Therapeutics Inc.*		6,827
	36,502	Legend Biotech Corp., ADR*		1,267,714
	1,199	Lexeo Therapeutics Inc.*		5,743
	762	Madrigal Pharmaceuticals Inc.*		333,642
	15,760	MannKind Corp.*		72,338
	1,516	MeiraGTx Holdings PLC*		11,067
	28,566	Merus NV*		1,880,785

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Biotechnology — 4.8% — (continued)
	603	Metsera Inc.*	$	21,280
	5,419	MiMedx Group Inc.*		38,475
	2,066	Mineralys Therapeutics Inc.*		31,982
	2,114	Mirum Pharmaceuticals Inc.*		156,161
	1,545	Monte Rosa Therapeutics Inc.*		7,416
	21,198	MoonLake Immunotherapeutics, Class A Shares*		1,181,789
	3,344	Myriad Genetics Inc.*		21,301
	4,318	Neurocrine Biosciences Inc.*		602,793
	386	Neurogene Inc.*		7,133
	2,097	Nkarta Inc.*		4,446
	7,011	Novavax Inc.*		52,372
	3,388	Nurix Therapeutics Inc.*		31,644
	2,046	Nuvalent Inc., Class A Shares*		156,683
	1,468	Olema Pharmaceuticals Inc.*		8,015
	19	Oncternal Therapeutics Inc.*(f)		19
	2,782	Organogenesis Holdings Inc., Class A Shares*		14,327
	2,472	ORIC Pharmaceuticals Inc.*		25,289
	1,572	Oruka Therapeutics Inc.*		23,266
	2,248	Perspective Therapeutics Inc.*		7,553
	650	Praxis Precision Medicines Inc.*		29,601
	7,302	Precigen Inc.*		32,932
	2,474	Prime Medicine Inc.*		8,016
	2,523	Protagonist Therapeutics Inc.*		148,983
	1,505	Prothena Corp. PLC*		12,341
	3,519	PTC Therapeutics Inc.*		173,592
	2,183	Puma Biotechnology Inc.*		11,002
	15,795	Recursion Pharmaceuticals Inc., Class A Shares*(a)		74,237
	1,711	REGENXBIO Inc.*		15,279
	4,704	Relay Therapeutics Inc.*		16,887
	2,834	Replimune Group Inc.*		15,304
	40,676	Revolution Medicines Inc.*		1,544,468
	16,527	Rhythm Pharmaceuticals Inc.*		1,704,760
	719	Rigel Pharmaceuticals Inc.*		27,933
	3,318	Rocket Pharmaceuticals Inc.*		10,883
	17,851	Roivant Sciences Ltd.*		212,962
	4,931	Sana Biotechnology Inc.*		15,089
	3,913	Sarepta Therapeutics Inc.*		71,217
	4,448	Savara Inc.*		14,589
	3,724	Scholar Rock Holding Corp.*		121,589
	15,165	Soleno Therapeutics Inc.*		1,026,216
	3,981	Solid Biosciences Inc.*		21,816
	2,539	Spyre Therapeutics Inc.*		41,868
	1,333	Stoke Therapeutics Inc.*		26,340
	5,441	Summit Therapeutics Inc.*		128,952
	3,718	Syndax Pharmaceuticals Inc.*		60,715
	4,383	Tango Therapeutics Inc.*		29,410
	5,968	Taysha Gene Therapies Inc.*		17,427
	6,478	TG Therapeutics Inc.*		190,000
	850	Tourmaline Bio Inc.*		19,890
	3,539	Travere Therapeutics Inc., Class Preferred Shares*		61,933
	2,510	Twist Bioscience Corp.*		67,695
	760	Tyra Biosciences Inc.*		9,629
	4,643	Ultragenyx Pharmaceutical Inc.*		139,104
	1,980	United Therapeutics Corp.*		603,425
	1,880	Upstream Bio Inc.*		32,204

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Biotechnology — 4.8% — (continued)
	1,388	UroGen Pharma Ltd.*	$	26,997
	2,203	Vanda Pharmaceuticals Inc.*		10,420
	54,073	Vaxcyte Inc.*		1,664,908
	2,020	Vera Therapeutics Inc., Class A Shares*		43,713
	3,260	Veracyte Inc.*		98,908
	1,389	Verastem Inc.*		12,848
	2,124	Vericel Corp.*		77,229
	5,015	Viking Therapeutics Inc.*		135,656
	4,601	Vir Biotechnology Inc.*		22,729
	3,337	Viridian Therapeutics Inc.*		61,334
	1,953	Voyager Therapeutics Inc.*		6,562
	2,574	Xencor Inc.*		20,927
	20,311	Xenon Pharmaceuticals Inc.*		786,239
	322	XOMA Royalty Corp.*		10,455
	1,519	Y-mAbs Therapeutics Inc.*		12,987
	623	Zenas Biopharma Inc.*		9,968
	2,037	Zymeworks Inc.*		30,168

		Total Biotechnology		32,314,245


Health Care Equipment & Supplies — 3.0%
	140,903	Accuray Inc.*		214,173
	5,555	Alphatec Holdings Inc.*		88,325
	1,510	AngioDynamics Inc.*		15,493
	1,753	Artivion Inc.*		77,009
	24,770	AtriCure Inc.*		916,242
	1,628	Avanos Medical Inc.*		19,438
	1,622	AxoGen Inc.*		26,179
	596	Beta Bionics Inc.*		11,229
	1,374	Bioventus Inc., Class A Shares*		10,168
	8,604	Butterfly Network Inc., Class A Shares*		13,852
	1,376	Ceribell Inc.*		16,278
	6,314	Cerus Corp.*		8,271
	8,942	CONMED Corp.		486,087
	605	CVRx Inc.*		4,749
	23,142	CytoSorbents Corp.*		21,832
	1,722	Delcath Systems Inc.*		18,976
	8,965	DENTSPLY SIRONA Inc.		128,199
	2,956	Embecta Corp.		42,803
	2,437	Enovis Corp.*		75,303
	77,700	Envista Holdings Corp.*		1,645,686
	19,869	Glaukos Corp.*		1,903,848
	28,740	Globus Medical Inc., Class A Shares*		1,760,900
	22,277	Haemonetics Corp.*		1,214,988
	1,121	ICU Medical Inc.*		143,107
	990	Inogen Inc.*		7,910
	1,304	Inspire Medical Systems Inc.*		122,172
	15,106	Integer Holdings Corp.*		1,629,484
	41,462	Integra LifeSciences Holdings Corp.*		627,320
	370	iRadimed Corp.		26,803
	10,096	iRhythm Technologies Inc.*		1,716,118
	3,039	Lantheus Holdings Inc.*		166,841
	853	LeMaitre Vascular Inc.		81,346
	2,458	LivaNova PLC*		138,557
	17,081	Masimo Corp.*		2,386,387
	2,529	Merit Medical Systems Inc.*		228,976

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Health Care Equipment & Supplies — 3.0% — (continued)
	36,569	Neogen Corp.*	$	210,272
	507	NeuroPace Inc.*		4,639
	4,752	Novocure Ltd.*		58,592
	1,891	Omnicell Inc.*		61,628
	95,382	OraSure Technologies Inc.*		315,714
	1,312	Orthofix Medical Inc.*		19,654
	682	OrthoPediatrics Corp.*		14,568
	1,008	Outset Medical Inc.*		14,021
	1,695	Penumbra Inc.*		462,125
	28,141	PROCEPT BioRobotics Corp.*		1,130,424
	1,660	Pulmonx Corp.*		2,839
	793	Pulse Biosciences Inc.*(a)		12,323
	10,603	QuidelOrtho Corp.*		304,200
	1,838	RxSight Inc.*		16,616
	143	Sanara Medtech Inc.*		4,813
	362	Semler Scientific Inc.*		10,730
	1,976	SI-BONE Inc.*		32,940
	1,632	Sight Sciences Inc.*		6,626
	2,279	STAAR Surgical Co.*		62,353
	1,944	Stereotaxis Inc.*		5,599
	560	Surmodics Inc.*		19,062
	906	Tactile Systems Technology Inc.*		12,059
	2,843	Tandem Diabetes Care Inc.*		35,566
	2,036	Teleflex Inc.		257,371
	1,471	TransMedics Group Inc.*		169,106
	1,716	Treace Medical Concepts Inc.*		12,595
	308	UFP Technologies Inc.*		64,729
	72	Utah Medical Products Inc.		4,479
	39,099	Varex Imaging Corp.*		451,593
	33,092	Zimvie Inc.*		624,777

		Total Health Care Equipment & Supplies		20,397,062


Health Care Providers & Services — 2.5%
	37,020	Acadia Healthcare Co., Inc.*		849,979
	4,424	AdaptHealth Corp., Class A Shares*		41,984
	834	Addus HomeCare Corp.*		96,052
	12,962	agilon health Inc.*		16,591
	6,052	Alignment Healthcare Inc.*		99,011
	1,780	AMN Healthcare Services Inc.*		36,988
	1,054	Ardent Health Inc.*		13,375
	1,839	Astrana Health Inc.*		58,774
	2,000	Aveanna Healthcare Holdings Inc.*		16,000
	3,899	BrightSpring Health Services Inc.*		92,367
	10,830	Brookdale Senior Living Inc.*		83,391
	1,005	Castle Biosciences Inc.*		24,130
	631	Chemed Corp.		288,966
	17,895	Clover Health Investments Corp., Class A Shares*		46,885
	5,286	Community Health Systems Inc.*		14,589
	5,474	Concentra Group Holdings Parent Inc.		130,281
	1,311	CorVel Corp.*		116,745
	1,226	Cross Country Healthcare Inc.*		16,404
	1,684	DaVita Inc.*		231,988
	3,686	DocGo Inc.*		5,750
	20,132	Encompass Health Corp.		2,451,272
	2,014	Enhabit Inc.*		15,870

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Health Care Providers & Services — 2.5% — (continued)
	2,458	Ensign Group Inc. (The)	$	422,235
	726	Fulgent Genetics Inc.*		16,095
	15,095	GeneDx Holdings Corp., Class A Shares*		1,954,652
	5,288	Guardant Health Inc.*		356,517
	24,608	HealthEquity Inc.*		2,198,233
	4,841	Henry Schein Inc.*		336,837
	8,439	Hims & Hers Health Inc.*		357,392
	2,995	Innovage Holding Corp.*		11,471
	424	Joint Corp. (The)*		4,554
	6,022	LifeStance Health Group Inc.*		33,001
	2,009	Nano-X Imaging Ltd.*		7,775
	550	National HealthCare Corp.		62,414
	496	National Research Corp.		7,286
	5,513	NeoGenomics Inc.*		48,404
	183	Nutex Health Inc.*		15,334
	13,691	OPKO Health Inc.*		18,894
	48,299	Option Care Health Inc.*		1,385,215
	2,933	Owens & Minor Inc.*		14,372
	1,605	PACS Group Inc.*		18,682
	3,715	Pediatrix Medical Group Inc.*		63,935
	1,488	Pennant Group Inc. (The)*		35,727
	2,933	Performant Healthcare Inc.*		22,379
	4,424	Premier Inc., Class A Shares		114,582
	5,534	Privia Health Group Inc.*		127,503
	3,324	Progyny Inc.*		78,679
	16,366	RadNet Inc.*		1,174,424
	4,537	Select Medical Holdings Corp.		59,026
	183	Sonida Senior Living Inc.*		4,740
	3,238	Surgery Partners Inc.*		73,470
	4,583	Talkspace Inc.*		12,191
	14,658	Tenet Healthcare Corp.*		2,701,909
	2,494	Universal Health Services Inc., Class B Shares		452,861
	657	US Physical Therapy Inc.		54,459
	1,122	Viemed Healthcare Inc.*		8,269

		Total Health Care Providers & Services		17,000,909


	Health Care Technology — 0.2%
	5,075	Certara Inc.*		55,013
	409	Claritev Corp.*		28,184
	2,148	Definitive Healthcare Corp., Class A Shares*		8,656
	5,828	Doximity Inc., Class A Shares*		395,954
	4,973	Evolent Health Inc., Class A Shares*		47,989
	2,001	Health Catalyst Inc.*		6,783
	1,106	HealthStream Inc.		31,057
	1,315	LifeMD Inc.*		8,140
	765	OptimizeRx Corp.*		13,824
	2,350	Phreesia Inc.*		74,401
	2,367	Schrodinger Inc.*		46,180
	763	Simulations Plus Inc.*		10,812
	7,241	Teladoc Health Inc.*		55,973
	3,995	Waystar Holding Corp.*		151,331

		Total Health Care Technology		934,297


Life Sciences Tools & Services — 1.1%
	4,801	10X Genomics Inc., Class A Shares*		67,262
	7,177	Adaptive Biotechnologies Corp.*		94,593

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Life Sciences Tools & Services — 1.1% — (continued)
	29,552	Avantor Inc.*	$	398,065
	1,860	Azenta Inc.*		56,804
	1,699	BioLife Solutions Inc.*		42,560
	4,866	Bio-Rad Laboratories Inc., Class A Shares*		1,449,484
	6,978	Bio-Techne Corp.		381,208
	4,850	Bruker Corp.		164,803
	6,618	Charles River Laboratories International Inc.*		1,080,786
	2,694	Codexis Inc.*		7,355
	1,543	CryoPort Inc.*		13,671
	4,520	Cytek Biosciences Inc.*		18,713
	3,388	Fortrea Holdings Inc.*		33,372
	2,193	Ginkgo Bioworks Holdings Inc.*		27,785
	9,452	ICON PLC, ADR*		1,681,889
	789	Lifecore Biomedical Inc.*		6,004
	4,400	Maravai LifeSciences Holdings Inc., Class A Shares*		10,648
	3,837	MaxCyte Inc.*		5,333
	1,023	Medpace Holdings Inc.*		486,447
	208	Mesa Laboratories Inc.		14,092
	2,063	Niagen Bioscience Inc.*		20,424
	2,956	OmniAb Inc.*		4,730
	234	OmniAb Inc., (Cost — $0, acquired 11/3/22), Class CR3 Shares*(b)(c)(f)		—
	234	OmniAb Inc., (Cost — $0, acquired 11/3/22), Class CR4 Shares*(b)(c)(f)		—
	10,144	Pacific Biosciences of California Inc.*		13,289
	2,210	Personalis Inc.*		10,807
	9,629	QIAGEN NV		447,748
	1,361	Quanterix Corp.*		6,192
	4,548	Quantum-Si Inc.*		5,094
	2,377	Repligen Corp.*		290,755
	7,433	Sotera Health Co.*		121,678
	149,384	Standard BioTools Inc.*		188,224
	3,734	Tempus AI Inc., Class A Shares*		283,261

		Total Life Sciences Tools & Services		7,433,076


Pharmaceuticals — 0.8%
	2,077	Alumis Inc.*		9,637
	99,705	Amneal Pharmaceuticals Inc.*		953,180
	1,780	Amphastar Pharmaceuticals Inc.*		54,504
	3,961	Amylyx Pharmaceuticals Inc.*		37,154
	780	ANI Pharmaceuticals Inc.*		72,930
	2,797	Aquestive Therapeutics Inc.*		10,545
	2,409	Arvinas Inc.*		18,622
	3,220	Atea Pharmaceuticals Inc.*		10,819
	4,495	Avadel Pharmaceuticals PLC, ADR*		66,346
	1,880	Axsome Therapeutics Inc.*		228,006
	813	Biote Corp., Class A Shares*		2,797
	1,004	CinCor Pharma Inc.*(f)		7,540
	1,493	Collegium Pharmaceutical Inc.*		57,928
	4,228	Corcept Therapeutics Inc.*		294,776
	2,788	CorMedix Inc.*		41,346
	4,067	Crinetics Pharmaceuticals Inc.*		126,036
	3,359	Edgewise Therapeutics Inc.*		48,202
	21,753	Elanco Animal Health Inc.*		399,168
	1,733	Enliven Therapeutics Inc.*		35,128
	6,941	Esperion Therapeutics Inc.*		15,409
	1,548	Eton Pharmaceuticals Inc.*		26,796

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

HEALTH CARE — 12.4% — (continued)

Pharmaceuticals — 0.8% — (continued)
	2,092	Evolus Inc.*	$	15,962
	2,520	EyePoint Pharmaceuticals Inc.*		29,156
	2,335	Fulcrum Therapeutics Inc.*		15,131
	2,176	Harmony Biosciences Holdings Inc.*		80,273
	1,464	Harrow Inc.*		57,096
	5,465	Indivior PLC*		132,690
	2,707	Innoviva Inc.*		55,304
	2,621	Jazz Pharmaceuticals PLC*		334,833
	961	LENZ Therapeutics Inc.*		37,123
	940	Ligand Pharmaceuticals Inc.*		152,007
	2,788	Liquidia Corp.*		77,172
	447	MBX Biosciences Inc.*		6,745
	442	MediWound Ltd.*		7,381
	3,086	Mind Medicine MindMed Inc.*		27,404
	14,062	Nuvation Bio Inc.*		41,764
	6,870	Ocular Therapeutix Inc.*		83,883
	2,109	Omeros Corp.*		8,773
	11,469	Organon & Co.		108,038
	2,002	Pacira BioSciences Inc.*		53,393
	5,944	Perrigo Co. PLC		141,111
	1,403	Phathom Pharmaceuticals Inc.*		17,088
	789	Phibro Animal Health Corp., Class A Shares		29,248
	2,282	Prestige Consumer Healthcare Inc.*		155,267
	1,078	Rapport Therapeutics Inc.*		19,005
	717	Septerna Inc.*		8,676
	1,907	SIGA Technologies Inc.		16,000
	2,647	Supernus Pharmaceuticals Inc.*		119,433
	1,674	Tarsus Pharmaceuticals Inc.*		98,063
	2,404	Terns Pharmaceuticals Inc.*		16,732
	1,412	Theravance Biopharma Inc.*		19,599
	866	Third Harmonic Bio Inc.*		4,659
	3,255	Trevi Therapeutics Inc.*		23,615
	53,048	Viatris Inc.		559,656
	4,719	WaVe Life Sciences Ltd.*		45,302
	6,967	Xeris Biopharma Holdings Inc.*		54,552
	2,080	Zevra Therapeutics Inc.*		18,866

		Total Pharmaceuticals		5,187,869


	Pharmaceuticals, Biotechnology & Life Sciences — 0.0%@
	1,045	AstraZeneca PLC*(b)(f)		324
	2,089	Novartis AG*(b)(f)		355

		Total Pharmaceuticals, Biotechnology & Life Sciences		679

		TOTAL HEALTH CARE		83,268,137


INDUSTRIALS — 21.0%

Aerospace & Defense — 2.0%
	1,624	AAR Corp.*		122,872
	1,380	Aerovironment Inc.*		333,063
	1,142	AerSale Corp.*		9,855
	24,469	Archer Aviation Inc., Class A Shares*		218,998
	1,333	Astronics Corp.*		48,481
	6,264	ATI Inc.*		485,711
	4,056	BWX Technologies Inc.		657,234
	693	Byrna Technologies Inc.*		14,137
	1,167	Cadre Holdings Inc.		35,955

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Aerospace & Defense — 2.0% — (continued)
	1,693	Curtiss-Wright Corp.	$	809,508
	613	Ducommun Inc.*		55,918
	1,989	Eve Holding Inc.*		7,817
	23,927	Hexcel Corp.		1,510,990
	1,730	Huntington Ingalls Industries Inc.		468,467
	5,351	Intuitive Machines Inc., Class A Shares*		46,928
	30,506	Karman Holdings Inc.*(a)		1,629,325
	7,152	Kratos Defense & Security Solutions Inc.*		470,888
	3,240	Leonardo DRS Inc.		134,978
	1,857	Loar Holdings Inc.*		131,216
	27,902	Mercury Systems Inc.*		1,884,780
	1,241	Moog Inc., Class A Shares		243,050
	266	National Presto Industries Inc.		27,882
	809	Park Aerospace Corp.		15,161
	1,742	Redwire Corp.*		15,521
	44,588	Rocket Lab Corp.*		2,166,977
	5,186	Spirit AeroSystems Holdings Inc., Class A Shares*		215,686
	6,439	StandardAero Inc.*		170,569
	8,028	Textron Inc.		643,524
	668	V2X Inc.*		38,410
	930	VSE Corp.		151,032
	2,638	Woodward Inc.		651,111

		Total Aerospace & Defense		13,416,044


	Air Freight & Logistics — 0.6%
	17,444	CH Robinson Worldwide Inc.		2,245,043
	941	Forward Air Corp.*		28,258
	34,383	GXO Logistics Inc.*		1,810,265
	3,061	Hub Group Inc., Class A Shares		114,543
	1,467	Radiant Logistics Inc.*		9,491

		Total Air Freight & Logistics		4,207,600


Building Products — 1.4%
	2,962	AAON Inc.		245,698
	3,174	Advanced Drainage Systems Inc.		456,961
	3,828	Allegion PLC		649,994
	582	American Woodmark Corp.*		37,580
	5,171	AO Smith Corp.		368,641
	989	Apogee Enterprises Inc.		43,491
	1,912	Armstrong World Industries Inc.		374,312
	1,323	AZZ Inc.		149,353
	733	CSW Industrials Inc.		200,505
	5,494	Fortune Brands Innovations Inc.		321,509
	1,305	Gibraltar Industries Inc.*		81,680
	1,696	Griffon Corp.		129,167
	9,721	Hayward Holdings Inc.*		156,314
	902	Insteel Industries Inc.		34,619
	5,582	Janus International Group Inc.*		57,774
	3,402	JELD-WEN Holding Inc.*		21,739
	5,199	Masterbrand Inc.*		66,079
	3,752	Owens Corning		563,438
	2,313	Quanex Building Products Corp.		49,197
	115,527	Resideo Technologies Inc.*		3,933,694
	1,850	Simpson Manufacturing Co., Inc.		353,572
	1,178	Tecnoglass Inc.		85,499
	4,666	Trex Co., Inc.*		287,566

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Building Products — 1.4% — (continued)
	2,632	UFP Industries Inc.	$	265,753
	7,036	Zurn Elkay Water Solutions Corp.		319,153

		Total Building Products		9,253,288


	Commercial Services & Supplies — 1.8%
	2,796	ABM Industries Inc.		137,479
	3,556	ACCO Brands Corp.		14,295
	7,953	ACV Auctions Inc., Class A Shares*		92,732
	2,732	BrightView Holdings Inc.*		39,341
	1,891	Brink’s Co. (The)		211,868
	27,475	Casella Waste Systems Inc., Class A Shares*		2,707,936
	1,131	CECO Environmental Corp.*		51,562
	813	Cimpress PLC*		51,312
	6,331	Clean Harbors Inc.*		1,533,432
	4,902	CoreCivic Inc.*		99,413
	1,777	Deluxe Corp.		34,936
	2,666	Driven Brands Holdings Inc.*		49,108
	939	Ennis Inc.		17,156
	163,065	Enviri Corp.*		1,842,635
	6,145	GEO Group Inc. (The)*		127,447
	3,446	Healthcare Services Group Inc.*		53,792
	2,098	HNI Corp.		94,284
	2,521	Interface Inc., Class A Shares		67,361
	1,006	Liquidity Services Inc.*		26,750
	63,384	MillerKnoll Inc.		1,338,036
	1,202	Montrose Environmental Group Inc.*		37,334
	1,612	MSA Safety Inc.		275,007
	477	NL Industries Inc.		3,120
	96,087	OPENLANE Inc.*		2,778,836
	698	Perma-Fix Environmental Services Inc.*		8,299
	4,876	Pitney Bowes Inc.		59,097
	1,177	Quad/Graphics Inc.		7,839
	4,264	Steelcase Inc., Class A Shares		71,379
	11,874	Tetra Tech Inc.		432,451
	644	UniFirst Corp.		114,516
	5,470	Vestis Corp.		25,600
	459	Virco Mfg. Corp.		3,952

		Total Commercial Services & Supplies		12,408,305


Construction & Engineering — 3.3%
	5,886	AECOM		735,103
	1,214	Ameresco Inc., Class A Shares*		30,872
	16,459	API Group Corp.*		587,257
	21,774	Arcosa Inc.		2,154,537
	570	Argan Inc.		130,085
	487	Bowman Consulting Group Ltd.*		20,810
	888	Centuri Holdings Inc.*		18,861
	10,832	Comfort Systems USA Inc.		7,619,012
	834	Concrete Pumping Holdings Inc.		5,805
	2,137	Construction Partners Inc., Class A Shares*		256,226
	1,262	Dycom Industries Inc.*		318,617
	1,961	EMCOR Group Inc.		1,215,820
	2,227	Everus Construction Group Inc.*		174,686
	35,702	Fluor Corp.*		1,464,496
	1,927	Granite Construction Inc.		207,634
	3,339	Great Lakes Dredge & Dock Corp.*		38,933

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Construction & Engineering — 3.3% — (continued)
	382	IES Holdings Inc.*	$	133,436
	469	Limbach Holdings Inc.*		53,729
	2,766	MasTec Inc.*		502,555
	966	Matrix Service Co.*		14,616
	679	MYR Group Inc.*		127,156
	345	NWPX Infrastructure Inc.*		18,271
	2,083	Orion Group Holdings Inc.*		15,414
	21,999	Primoris Services Corp.		2,607,981
	1,319	Sterling Infrastructure Inc.*		367,381
	2,070	Tutor Perini Corp.*		122,006
	883	Valmont Industries Inc.		324,167
	106,370	WillScot Holdings Corp.		2,578,409

		Total Construction & Engineering		21,843,875


	Electrical Equipment — 2.0%
	1,363	Acuity Inc.		444,979
	552	Allient Inc.		25,050
	1,703	American Superconductor Corp.*		84,980
	5,455	Amprius Technologies Inc.*		38,676
	6,896	Array Technologies Inc.*		62,133
	1,513	Atkore Inc.		88,041
	158,173	Babcock & Wilcox Enterprises Inc.*		352,726
	57,190	Bloom Energy Corp., Class A Shares*		3,027,639
	1,696	EnerSys		174,094
	7,433	Enovix Corp.*		71,505
	11,233	Eos Energy Enterprises Inc.*(a)		77,508
	2,291	Fluence Energy Inc., Class A Shares*		16,953
	2,656	Generac Holdings Inc.*		492,024
	5,642	Hyliion Holdings Corp.*		9,478
	1,058	LSI Industries Inc.		24,260
	958	NANO Nuclear Energy Inc.*		31,173
	3,716	Net Power Inc.*		9,476
	45,155	NEXTracker Inc., Class A Shares*		3,037,125
	5,595	NuScale Power Corp.*		193,867
	7,279	nVent Electric PLC		657,949
	35,487	Plug Power Inc.*		55,715
	405	Powell Industries Inc.		107,795
	332	Power Solutions International Inc.*		27,519
	90	Preformed Line Products Co.		17,196
	27,518	Regal Rexnord Corp.		4,109,263
	6,680	Sensata Technologies Holding PLC		217,367
	6,364	Shoals Technologies Group Inc., Class A Shares*		41,430
	9,883	Sunrun Inc.*		157,831
	4,089	T1 Energy Inc.*		6,747
	1,536	Thermon Group Holdings Inc.*		40,735
	997	Vicor Corp.*		50,957

		Total Electrical Equipment		13,752,191


Ground Transportation — 0.9%
	18,340	ArcBest Corp.		1,352,758
	754	Avis Budget Group Inc.*		119,305
	636	Covenant Logistics Group Inc., Class A Shares		15,347
	3,808	FTAI Infrastructure Inc.		18,278
	3,656	Heartland Express Inc.		31,405
	6,024	Hertz Global Holdings Inc.*		34,518
	6,939	Knight-Swift Transportation Holdings Inc., Class A Shares		304,622

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Ground Transportation — 0.9% — (continued)
	1,517	Landstar System Inc.	$	200,745
	17,946	Lyft Inc., Class A Shares*		291,084
	2,604	Marten Transport Ltd.		30,831
	234	PAMT CORP*		2,867
	511	Proficient Auto Logistics Inc.*		4,037
	7,059	RXO Inc.*		115,273
	1,837	Ryder System Inc.		344,474
	7,024	Saia Inc.*		2,082,335
	2,157	Schneider National Inc., Class B Shares		53,321
	4,379	U-Haul Holding Co.		228,759
	412	U-Haul Holding Co.*		23,711
	261	Universal Logistics Holdings Inc.		6,770
	2,582	Werner Enterprises Inc.		74,491
	5,071	XPO Inc.*		657,709

		Total Ground Transportation		5,992,640


	Industrial Conglomerates — 0.0%@
	1,332	Brookfield Business Corp., Class A Shares		43,956


Machinery — 3.8%
	4,809	3D Systems Corp.*		11,061
	1,362	Aebi Schmidt Holding AG		16,739
	2,739	AGCO Corp.		296,332
	460	Alamo Group Inc.		97,272
	1,318	Albany International Corp., Class A Shares		83,706
	3,842	Allison Transmission Holdings Inc.		335,445
	1,055	Astec Industries Inc.		48,836
	3,595	Atmus Filtration Technologies Inc.		160,049
	1,420	Blue Bird Corp.*		82,914
	2,034	Chart Industries Inc.*		405,498
	94,572	CNH Industrial NV		1,082,849
	1,561	Columbus McKinnon Corp.		23,384
	2,209	Crane Co.		409,328
	5,327	Donaldson Co., Inc.		424,402
	1,132	Douglas Dynamics Inc.		38,114
	273	Eastern Co. (The)		6,486
	2,593	Energy Recovery Inc.*		36,847
	2,426	Enerpac Tool Group Corp., Class A Shares		102,717
	973	Enpro Inc.		212,863
	2,492	Esab Corp.		287,502
	1,150	ESCO Technologies Inc.		231,047
	2,631	Federal Signal Corp.		323,587
	5,853	Flowserve Corp.		314,072
	1,818	Franklin Electric Co., Inc.		177,909
	11,482	Gates Industrial Corp. PLC*		293,480
	401	Gencor Industries Inc.*		6,520
	917	Gorman-Rupp Co. (The)		39,220
	7,325	Graco Inc.		625,482
	421	Graham Corp.*		20,650
	1,467	Greenbrier Cos., Inc. (The)		68,406
	17,430	Helios Technologies Inc.		945,403
	3,074	Hillenbrand Inc.		78,049
	8,182	Hillman Solutions Corp.*		80,838
	635	Hyster-Yale Inc.		23,813
	19,730	ITT Inc.		3,359,033
	13,089	JBT Marel Corp.		1,875,523

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Machinery — 3.8% — (continued)
	505	Kadant Inc.	$	163,256
	3,688	Kennametal Inc.		79,034
	327	LB Foster Co., Class A Shares*		8,512
	2,448	Lincoln Electric Holdings Inc.		593,958
	453	Lindsay Corp.		62,165
	1,171	Luxfer Holdings PLC, ADR		15,715
	1,152	Manitowoc Co., Inc. (The)*		11,405
	556	Mayville Engineering Co., Inc.*		8,118
	10,071	Microvast Holdings Inc.*		26,890
	2,255	Middleby Corp. (The)*		308,597
	420	Miller Industries Inc.		17,678
	4,885	Mueller Industries Inc.		468,667
	6,661	Mueller Water Products Inc., Class A Shares		175,584
	2,404	Nordson Corp.		541,116
	108	Omega Flex Inc.		3,812
	14,233	Oshkosh Corp.		1,983,653
	333	Park-Ohio Holdings Corp.		6,727
	22,833	Pentair PLC		2,455,233
	1,146	Proto Labs Inc.*		57,082
	1,392	RBC Bearings Inc.*		542,824
	2,400	REV Group Inc.		127,704
	2,287	Snap-on Inc.		743,824
	6,232	SPX Technologies Inc.*		1,166,070
	503	Standex International Corp.		102,647
	6,916	Stanley Black & Decker Inc.		513,790
	112,935	Stratasys Ltd.*		1,202,758
	851	Tennant Co.		69,816
	2,949	Terex Corp.		147,273
	2,796	Timken Co. (The)		215,935
	1,948	Titan International Inc.*		17,181
	4,448	Toro Co. (The)		360,555
	3,602	Trinity Industries Inc.		102,369
	1,794	Wabash National Corp.		19,895
	1,196	Watts Water Technologies Inc., Class A Shares		331,172
	1,348	Worthington Enterprises Inc.		88,698

		Total Machinery		25,365,089


	Marine Transportation — 0.5%
	328	Costamare Bulkers Holdings Ltd.*		3,464
	1,644	Costamare Inc.		18,807
	2,187	Genco Shipping & Trading Ltd.		36,829
	1,059	Himalaya Shipping Ltd.*		8,017
	15,678	Kirby Corp.*		1,523,902
	1,421	Matson Inc.		147,855
	1,037	Pangaea Logistics Solutions Ltd.		5,527
	2,124	Safe Bulkers Inc.		9,027
	66,697	Star Bulk Carriers Corp.		1,243,899

		Total Marine Transportation		2,997,327


Passenger Airlines — 0.2%
	5,429	Alaska Air Group Inc.*		340,833
	743	Allegiant Travel Co.*		46,556
	29,075	American Airlines Group Inc.*		388,733
	12,963	JetBlue Airways Corp.*		69,352
	20,757	Joby Aviation Inc.*		293,711
	1,925	SkyWest Inc.*		233,695

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Passenger Airlines — 0.2% — (continued)
	2,589	Strata Critical Medical Inc.*	$	11,314
	2,695	Sun Country Airlines Holdings Inc.*		35,709

		Total Passenger Airlines		1,419,903


Professional Services — 1.9%
	8,167	Acuren Corp.*		92,042
	193,407	Alight Inc., Class A Shares		750,419
	7,116	Amentum Holdings Inc.*		177,544
	986	Asure Software Inc.*		8,282
	1,114	Barrett Business Services Inc.		54,363
	942	BlackSky Technology Inc., Class A Shares*		16,541
	4,329	CACI International Inc., Class A Shares*		2,076,708
	2,333	CBIZ Inc.*		150,572
	17,951	Clarivate PLC*		78,087
	2,001	Concentrix Corp.		105,573
	311,078	Conduent Inc.*		864,797
	293	CRA International Inc.		56,772
	1,280	CSG Systems International Inc.		82,125
	6,861	Dayforce Inc.*		478,692
	7,203	ExlService Holdings Inc.*		315,347
	2,202	Exponent Inc.		157,179
	71,043	First Advantage Corp.*		1,162,263
	386	Forrester Research Inc.*		3,760
	392	Franklin Covey Co.*		7,667
	1,459	FTI Consulting Inc.*		246,046
	7,141	Genpact Ltd.		323,773
	946	Heidrick & Struggles International Inc.		48,066
	853	HireQuest Inc.		8,325
	758	Huron Consulting Group Inc.*		103,816
	603	IBEX Holdings Ltd.*		17,807
	809	ICF International Inc.		79,460
	1,237	Innodata Inc.*		46,981
	1,550	Insperity Inc.		85,591
	62,887	KBR Inc.		3,173,278
	1,238	Kelly Services Inc., Class A Shares		17,617
	823	Kforce Inc.		26,830
	2,220	Korn Ferry		164,591
	5,156	Legalzoom.com Inc.*		57,128
	2,132	ManpowerGroup Inc.		90,397
	2,486	Maximus Inc.		218,569
	777	Mistras Group Inc.*		7,428
	2,377	Parsons Corp.*		190,398
	2,014	Paylocity Holding Corp.*		360,969
	10,001	Planet Labs PBC*		70,907
	347	Resolute Holdings Management Inc.*(a)		22,933
	1,137	Resources Connection Inc.		5,810
	4,518	Robert Half Inc.		168,612
	2,111	Science Applications International Corp.		248,465
	793	Spire Global Inc.*		7,169
	1,404	TriNet Group Inc.		101,678
	920	TrueBlue Inc.*		5,492
	988	TTEC Holdings Inc.*		3,744
	5,380	Upwork Inc.*		82,798
	7,355	Verra Mobility Corp., Class A Shares*		182,772
	657	Willdan Group Inc.*		72,178

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INDUSTRIALS — 21.0% — (continued)

Professional Services — 1.9% — (continued)
	1,855	WNS Holdings Ltd.*	$	139,960

		Total Professional Services		13,018,321


Trading Companies & Distributors — 2.6%
	29,682	AerCap Holdings NV		3,665,727
	4,748	Air Lease Corp., Class A Shares		285,877
	1,046	Alta Equipment Group Inc.		8,724
	8,231	Applied Industrial Technologies Inc.		2,169,527
	316	BlueLinx Holdings Inc.*		26,105
	1,657	Boise Cascade Co.		144,159
	30,902	Core & Main Inc., Class A Shares*		1,999,977
	1,832	Custom Truck One Source Inc.*		11,249
	434	Distribution Solutions Group Inc.*		13,979
	4,884	DNOW Inc.*		78,144
	564	DXP Enterprises Inc.*		70,432
	261	EVI Industries Inc.		7,240
	29,568	FTAI Aviation Ltd.		4,549,037
	1,573	GATX Corp.		264,752
	459	Global Industrial Co.		17,135
	1,693	GMS Inc.*		186,112
	10,690	Herc Holdings Inc.		1,398,145
	1,643	Hudson Technologies Inc.*		16,693
	224	Karat Packaging Inc.		5,663
	1,041	McGrath RentCorp		126,471
	3,818	MRC Global Inc.*		57,575
	1,983	MSC Industrial Direct Co., Inc., Class A Shares		178,926
	4,000	NPK International Inc.*		41,600
	26,623	QXO Inc.*		535,921
	2,665	Rush Enterprises Inc., Class A Shares		152,971
	410	Rush Enterprises Inc., Class B Shares		23,796
	1,966	SiteOne Landscape Supply Inc.*		281,610
	751	Titan Machinery Inc.*		15,020
	420	Transcat Inc.*		35,259
	1,550	Watsco Inc.		623,689
	2,155	WESCO International Inc.		473,755
	183	Willis Lease Finance Corp.		27,208
	1,809	Xometry Inc., Class A Shares*		89,509

		Total Trading Companies & Distributors		17,581,987


	Transportation Infrastructure — 0.0%@
	429	Sky Harbour Group Corp., Class A Shares*		4,522

		TOTAL INDUSTRIALS		141,305,048


INFORMATION TECHNOLOGY — 17.3%

Communications Equipment — 2.4%
	3,184	ADTRAN Holdings Inc.*		29,866
	2,211	Applied Optoelectronics Inc.*		53,506
	458	Aviat Networks Inc.*		10,516
	38,281	Calix Inc.*		2,275,805
	33,019	Ciena Corp.*		3,102,795
	426	Clearfield Inc.*		13,896
	9,445	CommScope Holding Co., Inc.*		151,498
	1,584	Digi International Inc.*		54,997
	6,268	Extreme Networks Inc.*		134,010
	5,604	F5 Inc.*		1,754,837

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.3% — (continued)

Communications Equipment — 2.4% — (continued)
	16,084	Harmonic Inc.*	$	154,728
	15,878	Lumentum Holdings Inc.*		2,108,757
	1,371	NETGEAR Inc.*		37,250
	2,911	NetScout Systems Inc.*		72,455
	362,072	Ribbon Communications Inc.*		1,477,254
	144,283	ViaSat Inc.*		4,664,669
	9,690	Viavi Solutions Inc.*		109,303

		Total Communications Equipment		16,206,142


Electronic Equipment, Instruments & Components — 3.9%
	1,798	908 Devices Inc.*		11,238
	1,702	Advanced Energy Industries Inc.		254,755
	1,534	Aeva Technologies Inc.*		22,711
	4,325	Arlo Technologies Inc.*		75,298
	2,343	Arrow Electronics Inc.*		295,991
	23,517	Avnet Inc.		1,283,323
	13,256	Badger Meter Inc.		2,424,788
	83	Bel Fuse Inc., Class A Shares		9,498
	487	Bel Fuse Inc., Class B Shares		65,531
	4,366	Belden Inc.		568,453
	1,573	Benchmark Electronics Inc.		63,848
	168	Climb Global Solutions Inc.		20,758
	7,596	Cognex Corp.		333,768
	18,942	Coherent Corp.*		1,713,683
	22,515	Crane NXT Co.		1,344,821
	1,303	CTS Corp.		55,364
	1,966	Daktronics Inc.*		34,110
	1,102	ePlus Inc.		79,752
	4,863	Evolv Technologies Holdings Inc.*		40,071
	7,591	Fabrinet*		2,514,822
	16,981	Flex Ltd.*		910,521
	1,142	Ingram Micro Holding Corp.		22,349
	76,374	Innoviz Technologies Ltd.*		127,545
	1,180	Insight Enterprises Inc.*		153,589
	32,984	IPG Photonics Corp.*		2,698,751
	10,658	Itron Inc.*		1,310,295
	4,733	Jabil Inc.		969,460
	875	Kimball Electronics Inc.*		25,261
	3,827	Knowles Corp.*		81,706
	1,080	Littelfuse Inc.		280,616
	1,435	Methode Electronics Inc.		11,093
	8,847	MicroVision Inc.*		10,174
	9,726	Mirion Technologies Inc., Class A Shares*		199,383
	1,636	Napco Security Technologies Inc.		62,250
	34,698	nLight Inc.*		999,302
	1,598	Novanta Inc.*		186,023
	8,781	OSI Systems Inc.*		2,020,069
	2,302	Ouster Inc.*		65,676
	1,962	PAR Technology Corp.*		100,415
	553	PC Connection Inc.		35,508
	1,152	Plexus Corp.*		157,836
	5,191	Powerfleet Inc.*		24,242
	3,983	Red Cat Holdings Inc.*		35,608
	409	Richardson Electronics Ltd.		4,020
	4,354	Rogers Corp.*		341,615

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.3% — (continued)

Electronic Equipment, Instruments & Components — 3.9% — (continued)
	2,314	Sanmina Corp.*	$	271,941
	954	ScanSource Inc.*		41,642
	13,570	TD SYNNEX Corp.		2,009,310
	1,864	Teledyne Technologies Inc.*		1,003,149
	4,529	TTM Technologies Inc.*		201,858
	5,247	Vishay Intertechnology Inc.		81,119
	436	Vishay Precision Group Inc.*		12,391
	6,646	Vontier Corp.		285,180

		Total Electronic Equipment, Instruments & Components		25,952,480


IT Services — 1.2%
	4,929	Amdocs Ltd.		421,775
	8,600	Applied Digital Corp.*		137,428
	1,900	ASGN Inc.*		103,075
	1,475	Backblaze Inc., Class A Shares*		12,316
	13,588	BigBear.ai Holdings Inc.*(a)		68,891
	2,700	Commerce.com Inc.*		12,555
	2,015	Couchbase Inc.*		49,146
	3,091	DigitalOcean Holdings Inc.*		100,828
	7,901	DXC Technology Co.*		114,170
	2,450	EPAM Systems Inc.*		432,082
	5,564	Fastly Inc., Class A Shares*		42,342
	14,517	Globant SA*		976,413
	2,908	Grid Dynamics Holdings Inc.*		24,107
	959	Hackett Group Inc. (The)		19,966
	1,768	Information Services Group Inc.		9,141
	137,100	Kyndryl Holdings Inc.*		4,358,409
	2,984	Rackspace Technology Inc.*		3,760
	879	TSS Inc.*		12,240
	342	Tucows Inc., Class A Shares*		6,252
	122,921	Unisys Corp.*		480,621
	3,278	VTEX, Class A Shares*		13,374
	6,294	Wix.com Ltd.*		887,958

		Total IT Services		8,286,849


Semiconductors & Semiconductor Equipment — 3.9%
	2,256	ACM Research Inc., Class A Shares*		63,664
	1,161	Aehr Test Systems*		28,967
	5,289	Allegro MicroSystems Inc.*		163,166
	889	Alpha & Omega Semiconductor Ltd.*		25,576
	1,812	Ambarella Inc.*		149,454
	5,318	Amkor Technology Inc.		128,642
	6,419	Astera Labs Inc.*		1,169,542
	1,430	Axcelis Technologies Inc.*		114,457
	18,488	CEVA Inc.*		410,803
	2,363	Cirrus Logic Inc.*		269,831
	1,822	Cohu Inc.*		36,258
	22,246	Credo Technology Group Holding Ltd.*		2,737,481
	1,958	Diodes Inc.*		106,584
	5,727	Enphase Energy Inc.*		215,908
	50,272	FormFactor Inc.*		1,467,440
	1,236	Ichor Holdings Ltd.*		20,827
	1,191	Impinj Inc.*		223,277
	139,713	indie Semiconductor Inc., Class A Shares*		632,900
	2,290	Kulicke & Soffa Industries Inc.		85,875

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.3% — (continued)

Semiconductors & Semiconductor Equipment — 3.9% — (continued)
	5,982	Lattice Semiconductor Corp.*	$	397,085
	18,417	MACOM Technology Solutions Holdings Inc.*		2,360,139
	3,682	MaxLinear Inc., Class A Shares*		57,881
	2,947	MKS Inc.		304,543
	6,463	Navitas Semiconductor Corp., Class A Shares*		37,873
	165	NVE Corp.		10,656
	22,020	ON Semiconductor Corp.*		1,091,972
	15,020	Onto Innovation Inc.*		1,592,120
	1,170	PDF Solutions Inc.*		23,926
	2,394	Penguin Solutions Inc.*		57,767
	2,695	Photronics Inc.*		61,096
	2,466	Power Integrations Inc.		111,217
	4,107	Qorvo Inc.*		372,505
	61,111	Rambus Inc.*		4,508,158
	12,501	Rigetti Computing Inc.*		202,891
	63,328	Semtech Corp.*		3,678,723
	1,483	Silicon Laboratories Inc.*		199,241
	893	SiTime Corp.*		215,811
	1,020	SkyWater Technology Inc.*		12,230
	6,825	Skyworks Solutions Inc.		511,465
	1,700	Synaptics Inc.*		118,762
	2,035	Ultra Clean Holdings Inc.*		48,881
	1,968	Universal Display Corp.		272,745
	92,032	Veeco Instruments Inc.*		2,256,625

		Total Semiconductors & Semiconductor Equipment		26,554,964


Software — 5.4%
	4,737	8x8 Inc.*		9,379
	3,026	A10 Networks Inc.		53,590
	28,996	ACI Worldwide Inc.*		1,430,953
	78,673	Adeia Inc.		1,183,242
	1,146	Agilysys Inc.*		125,052
	2,252	Alarm.com Holdings Inc.*		132,035
	61,211	Alkami Technology Inc.*		1,567,002
	3,725	Amplitude Inc., Class A Shares*		42,577
	958	Appfolio Inc., Class A Shares*		265,730
	1,783	Appian Corp., Class A Shares*		54,881
	996	Arteris Inc.*		9,382
	3,638	Asana Inc., Class A Shares*		53,115
	270	AudioEye Inc.*		3,469
	44,573	Aurora Innovation Inc., Class A Shares*		250,946
	5,581	AvePoint Inc.*		91,305
	6,919	Bentley Systems Inc., Class B Shares		385,042
	4,169	BILL Holdings Inc.*		193,525
	9,713	Bit Digital Inc.*		24,962
	4,375	Bitdeer Technologies Group, Class A Shares*		62,519
	1,758	Blackbaud Inc.*		117,276
	2,345	BlackLine Inc.*		127,498
	10,436	Blend Labs Inc., Class A Shares*		37,778
	6,060	Box Inc., Class A Shares*		197,738
	62,444	Braze Inc., Class A Shares*		1,729,699
	5,578	C3.ai Inc., Class A Shares*		94,324
	24,219	CCC Intelligent Solutions Holdings Inc.*		239,768
	2,375	Cerence Inc.*		25,009
	12,727	Cipher Mining Inc.*		97,234

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.3% — (continued)

Software — 5.4% — (continued)
	11,741	Cleanspark Inc.*	$	111,187
	3,698	Clear Secure Inc., Class A Shares		134,274
	10,818	Clearwater Analytics Holdings Inc., Class A Shares*		223,608
	129,936	Cognyte Software Ltd.*		1,160,328
	20,059	Commvault Systems Inc.*		3,743,912
	12,460	Confluent Inc., Class A Shares*		247,456
	750	Consensus Cloud Solutions Inc.*		19,927
	12,194	Core Scientific Inc.*		174,984
	934	CS Disco Inc.*		5,109
	72	Daily Journal Corp.*		33,638
	621	Digimarc Corp.*		5,378
	3,618	Digital Turbine Inc.*		15,196
	2,624	Dolby Laboratories Inc., Class A Shares		188,088
	1,305	Domo Inc., Class B Shares*		19,157
	8,942	Dropbox Inc., Class A Shares*		259,855
	12,721	D-Wave Quantum Inc.*		198,702
	63,047	Dynatrace Inc.*		3,190,178
	816	eGain Corp.*		5,133
	4,092	Elastic NV*		348,066
	901	EverCommerce Inc.*		10,407
	3,156	Five9 Inc.*		84,960
	9,268	Freshworks Inc., Class A Shares*		124,840
	24,190	Gen Digital Inc.		730,538
	6,020	Gitlab Inc., Class A Shares*		289,080
	3,727	Guidewire Software Inc.*		808,834
	4,347	Hut 8 Corp.*		116,195
	825	I3 Verticals Inc., Class A Shares*		25,946
	4,637	Informatica Inc., Class A Shares*		115,600
	2,606	Intapp Inc.*		119,850
	1,121	InterDigital Inc.		304,587
	3,703	Jamf Holding Corp.*		34,512
	4,119	Kaltura Inc.*		6,549
	770	Life360 Inc.*		69,643
	2,822	LiveRamp Holdings Inc.*		78,790
	2,685	Manhattan Associates Inc.*		578,456
	15,062	MARA Holdings Inc.*		240,691
	1,249	Meridianlink Inc.*		24,843
	1,693	Mitek Systems Inc.*		17,218
	2,661	N-able Inc.*		21,448
	5,036	nCino Inc.*		161,706
	6,704	NCR Voyix Corp.*		88,359
	4,128	NextNav Inc.*		73,520
	5,582	Nice Ltd., ADR*		789,016
	11,397	Nutanix Inc., Class A Shares*		765,992
	4,835	Olo Inc., Class A Shares*		49,559
	1,099	ON24 Inc.*		6,286
	40,313	OneSpan Inc.		609,734
	898	Ooma Inc.*		11,602
	1,992	Pagaya Technologies Ltd., Class A Shares*		73,465
	4,303	PagerDuty Inc.*		72,032
	3,850	Pegasystems Inc.		208,708
	3,901	Porch Group Inc.*		66,200
	35,276	Procore Technologies Inc.*		2,452,035
	1,865	Progress Software Corp.*		86,331
	2,142	PROS Holdings Inc.*		33,201

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

INFORMATION TECHNOLOGY — 17.3% — (continued)

Software — 5.4% — (continued)
	2,824	Q2 Holdings Inc.*	$	222,334
	1,637	Qualys Inc.*		222,321
	24,639	Radware Ltd.*		621,888
	2,706	Rapid7 Inc.*		56,041
	591	Red Violet Inc.		29,692
	440	ReposiTrak Inc.		7,128
	4,006	Rezolve AI PLC*(a)		14,982
	1,777	Rimini Street Inc.*		7,694
	3,501	RingCentral Inc., Class A Shares*		106,816
	65,681	Riot Platforms Inc.*		903,771
	4,360	Rubrik Inc., Class A Shares*		389,784
	2,749	SailPoint Inc.*		56,739
	1,437	Sapiens International Corp. NV		61,647
	2,088	SEMrush Holdings Inc., Class A Shares*		16,495
	13,575	SentinelOne Inc., Class A Shares*		256,024
	16,593	SoundHound AI Inc., Class A Shares*		216,041
	355	SoundThinking Inc.*		4,519
	5,526	Sprinklr Inc., Class A Shares*		47,745
	2,096	Sprout Social Inc., Class A Shares*		33,096
	1,654	SPS Commerce Inc.*		182,436
	2,026	Telos Corp.*		12,521
	5,117	Tenable Holdings Inc.*		158,218
	4,074	Teradata Corp.*		85,473
	12,483	Terawulf Inc.*		117,964
	79,534	UiPath Inc., Class A Shares*		884,418
	14,175	Unity Software Inc.*		558,637
	29,607	Varonis Systems Inc., Class B Shares*		1,747,405
	32,667	Verint Systems Inc.*		666,080
	2,904	Vertex Inc., Class A Shares*		74,981
	609	Viant Technology Inc., Class A Shares*		6,334
	3,561	Weave Communications Inc.*		27,705
	2,734	WM Technology Inc.*		3,390
	2,189	Workiva Inc., Class A Shares*		180,023
	61,229	Xperi Inc.*		367,374
	4,069	Yext Inc.*		36,987
	7,963	Zeta Global Holdings Corp., Class A Shares*		156,393

		Total Software		36,581,035


	Technology Hardware, Storage & Peripherals — 0.5%
	2,396	CompoSecure Inc., Class A Shares*		45,811
	1,757	Corsair Gaming Inc.*		15,690
	236	CPI Card Group Inc.*		3,677
	1,149	Diebold Nixdorf Inc.*		70,215
	3,641	Eastman Kodak Co.*		21,482
	1,164	Immersion Corp.		8,218
	30,884	IonQ Inc.*		1,319,982
	13,965	Pure Storage Inc., Class A Shares*		1,083,824
	5,098	Quantum Computing Inc.*		80,446
	6,066	Sandisk Corp.*		318,283
	747	Turtle Beach Corp.*		11,818
	5,815	Xerox Holdings Corp.		23,144

		Total Technology Hardware, Storage & Peripherals		3,002,590

		TOTAL INFORMATION TECHNOLOGY		116,584,060

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

MATERIALS — 4.2%

Chemicals — 1.6%
	969	AdvanSix Inc.	$	20,795
	5,365	Albemarle Corp.		455,596
	1,145	American Vanguard Corp.*		6,183
	1,211	Arq Inc.*		9,349
	2,279	Ashland Inc.		127,966
	2,111	ASP Isotopes Inc.*		19,590
	2,841	Aspen Aerogels Inc.*		19,432
	82,737	Avient Corp.		3,094,364
	9,673	Axalta Coating Systems Ltd.*		302,378
	1,412	Balchem Corp.		228,871
	2,504	Cabot Corp.		204,226
	4,991	Celanese Corp., Class A Shares		237,721
	6,448	Chemours Co. (The)		99,299
	310	Core Molding Technologies Inc.*		5,952
	5,114	Eastman Chemical Co.		359,719
	4,544	Ecovyst Inc.*		41,305
	9,984	Element Solutions Inc.		256,789
	5,632	FMC Corp.		220,211
	855	Hawkins Inc.		143,067
	2,627	HB Fuller Co.		160,378
	8,872	Huntsman Corp.		99,012
	1,588	Ingevity Corp.*		92,707
	1,121	Innospec Inc.		98,188
	416	Intrepid Potash Inc.*		12,659
	761	Koppers Holdings Inc.		22,054
	772	Kronos Worldwide Inc.		4,925
	1,941	LSB Industries Inc.*		16,149
	2,095	Mativ Holdings Inc.		26,334
	1,604	Minerals Technologies Inc.		104,982
	14,035	Mosaic Co. (The)		468,769
	262	NewMarket Corp.		216,664
	5,244	Olin Corp.		124,073
	2,147	Orion SA		22,651
	5,779	Perimeter Solutions Inc.*		129,392
	5,882	PureCycle Technologies Inc.*		84,054
	652	Quaker Chemical Corp.		94,586
	2,465	Rayonier Advanced Materials Inc.*		13,730
	20,348	RPM International Inc.		2,549,808
	2,053	Scotts Miracle-Gro Co. (The)		125,685
	1,814	Sensient Technologies Corp.		205,816
	940	Stepan Co.		47,028
	4,487	Tronox Holdings PLC		19,204
	465	Valhi Inc.		7,584

		Total Chemicals		10,599,245


	Construction Materials — 0.1%
	1,460	Eagle Materials Inc.		337,114
	6,428	James Hardie Industries PLC*		129,396
	2,501	Knife River Corp.*		202,581
	164	Smith-Midland Corp.*		7,080
	1,071	Titan America SA*		16,611
	472	United States Lime & Minerals Inc.		59,434

		Total Construction Materials		752,216

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

MATERIALS — 4.2% — (continued)

	Containers & Packaging — 1.2%
	2,886	AptarGroup Inc.	$	401,933
	5,350	Ardagh Metal Packaging SA		19,741
	14,193	Avery Dennison Corp.		2,436,228
	5,198	Crown Holdings Inc.		516,577
	82,448	Graphic Packaging Holding Co.		1,836,117
	1,247	Greif Inc., Class A Shares		81,442
	197	Greif Inc., Class B Shares		13,451
	1,358	Myers Industries Inc.		22,733
	84,934	O-I Glass Inc.*		1,103,293
	3,931	Packaging Corp. of America		856,801
	1,818	Ranpak Holdings Corp., Class A Shares*		9,599
	13,515	Sealed Air Corp.		438,832
	3,901	Silgan Holdings Inc.		183,035
	4,377	Sonoco Products Co.		206,813
	1,759	TriMas Corp.		68,021

		Total Containers & Packaging		8,194,616


Metals & Mining — 1.2%
	23,058	Alcoa Corp.		742,237
	473	Alpha Metallurgical Resources Inc.*		70,567
	681	Caledonia Mining Corp. PLC		17,420
	2,173	Carpenter Technology Corp.		523,432
	2,422	Century Aluminum Co.*		54,083
	140,241	Cleveland-Cliffs Inc.*		1,507,591
	27,643	Coeur Mining Inc.*		363,505
	4,987	Commercial Metals Co.		287,600
	1,691	Compass Minerals International Inc.*		32,214
	6,560	Constellium SE, Class A Shares*		95,054
	491	Contango ORE Inc.*		10,817
	2,810	Dakota Gold Corp.*		11,718
	10,470	Ferroglobe PLC		43,765
	26,766	Hecla Mining Co.		227,779
	4,553	Ivanhoe Electric Inc.*		40,613
	730	Kaiser Aluminum Corp.		56,845
	1,234	Lifezone Metals Ltd.*		5,528
	3,565	MAC Copper Ltd.*		43,279
	886	Materion Corp.		98,169
	1,617	Metallus Inc.*		26,567
	5,764	MP Materials Corp.*		410,051
	11,172	Novagold Resources Inc.*		76,417
	372	Olympic Steel Inc.		12,540
	2,098	Perpetua Resources Corp.*		39,589
	611	Piedmont Lithium Inc.*		4,430
	945	Ramaco Resources Inc., Class A Shares*		24,504
	8,549	Reliance Inc.		2,527,597
	2,887	Royal Gold Inc.		518,447
	1,136	Ryerson Holding Corp.		25,901
	8,658	SSR Mining Inc.*		167,186
	3,909	SunCoke Energy Inc.		30,178
	1,116	Tredegar Corp.*		8,738
	2,325	Warrior Met Coal Inc.		142,151
	1,528	Worthington Steel Inc.		50,882

		Total Metals & Mining		8,297,394

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

MATERIALS — 4.2% — (continued)

	Paper & Forest Products — 0.1%
	630	Clearwater Paper Corp.*	$	13,589
	2,763	Louisiana-Pacific Corp.		262,789
	1,725	Magnera Corp.*		21,390
	1,860	Resolute Forest Products Inc.*(f)		1,730
	1,532	Sylvamo Corp.		70,671

		Total Paper & Forest Products		370,169

		TOTAL MATERIALS		28,213,640


REAL ESTATE — 4.5%

	Diversified REITs — 0.2%
	3,143	Alexander & Baldwin Inc.		60,786
	375	Alpine Income Property Trust Inc.		5,726
	3,000	American Assets Trust Inc.		62,700
	2,878	Armada Hoffler Properties Inc.		20,952
	48,447	Broadstone Net Lease Inc., Class A Shares		900,630
	1,352	CTO Realty Growth Inc.		23,362
	8,607	Essential Properties Realty Trust Inc.		269,571
	2,000	Gladstone Commercial Corp.		26,900
	8,279	Global Net Lease Inc.		65,156
	1,092	NexPoint Diversified Real Estate Trust		4,291
	640	One Liberty Properties Inc.		15,290

		Total Diversified REITs		1,455,364


Health Care REITs — 0.6%
	47,733	American Healthcare REIT Inc.		2,042,495
	9,095	CareTrust REIT Inc.		312,959
	1,317	Community Healthcare Trust Inc.		20,295
	11,541	Diversified Healthcare Trust		43,971
	2,614	Global Medical REIT Inc.		19,605
	15,027	Healthcare Realty Trust Inc., Class A Shares		261,169
	1,871	LTC Properties Inc.		68,292
	22,946	Medical Properties Trust Inc.(a)		103,257
	2,067	National Health Investors Inc.		161,825
	12,802	Omega Healthcare Investors Inc.		544,981
	10,682	Sabra Health Care REIT Inc.		204,133
	2,470	Sila Realty Trust Inc.		61,602
	587	Strawberry Fields REIT Inc.		6,844
	455	Universal Health Realty Income Trust		18,469

		Total Health Care REITs		3,869,897


	Hotel & Resort REITs — 0.4%
	9,845	Apple Hospitality REIT Inc.		128,576
	3,087	Braemar Hotels & Resorts Inc.		8,520
	1,734	Chatham Lodging Trust		13,230
	11,921	DiamondRock Hospitality Co.		102,044
	31,143	Host Hotels & Resorts Inc.		535,971
	9,186	Park Hotels & Resorts Inc.		108,027
	5,255	Pebblebrook Hotel Trust		58,541
	7,029	RLJ Lodging Trust		54,123
	11,352	Ryman Hospitality Properties Inc.		1,121,464
	6,311	Service Properties Trust		17,040
	4,049	Summit Hotel Properties Inc.		22,189
	8,558	Sunstone Hotel Investors Inc.		81,130
	4,755	Xenia Hotels & Resorts Inc.		67,188

		Total Hotel & Resort REITs		2,318,043

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

REAL ESTATE — 4.5% — (continued)

	Industrial REITs — 0.5%
	12,607	Americold Realty Trust Inc.	$	182,045
	2,293	EastGroup Properties Inc.		388,801
	5,825	First Industrial Realty Trust Inc.		306,395
	2,292	Industrial Logistics Properties Trust		14,119
	1,194	Innovative Industrial Properties Inc., Class A Shares		67,652
	12,606	LXP Industrial Trust		114,462
	2,302	Plymouth Industrial REIT Inc.		50,644
	10,634	Rexford Industrial Realty Inc.		440,354
	39,434	STAG Industrial Inc.		1,453,143
	4,425	Terreno Realty Corp.		255,632

		Total Industrial REITs		3,273,247


Office REITs — 0.6%
	8,393	Brandywine Realty Trust		35,754
	6,958	BXP Inc.		504,525
	1,288	City Office REIT Inc.		8,926
	59,506	COPT Defense Properties		1,712,583
	7,226	Cousins Properties Inc.		213,095
	5,637	Douglas Emmett Inc.		91,376
	1,701	Easterly Government Properties Inc., Class A Shares		38,936
	5,830	Empire State Realty Trust Inc., Class A Shares		44,600
	4,278	Franklin Street Properties Corp.		7,101
	4,691	Highwoods Properties Inc.		147,907
	13,941	Hudson Pacific Properties Inc.*		39,174
	3,129	JBG SMITH Properties		67,086
	5,084	Kilroy Realty Corp.		211,444
	540	NET Lease Office Properties		15,995
	8,235	Paramount Group Inc.*		59,292
	1,310	Peakstone Realty Trust		16,663
	6,735	Piedmont Realty Trust Inc., Class A Shares		57,045
	905	Postal Realty Trust Inc., Class A Shares		14,335
	3,323	SL Green Realty Corp.		189,045
	7,866	Vornado Realty Trust		299,144

		Total Office REITs		3,774,026


Real Estate Management & Development — 0.6%
	3,619	Anywhere Real Estate Inc.*		22,112
	20,694	Compass Inc., Class A Shares*		187,902
	5,997	Cushman & Wakefield PLC*		94,573
	3,891	eXp World Holdings Inc.		42,140
	669	Forestar Group Inc.*		18,511
	506	FRP Holdings Inc.*		13,004
	1,303	Howard Hughes Holdings Inc.*		99,380
	8,599	Jones Lang LaSalle Inc.*		2,627,596
	6,548	Kennedy-Wilson Holdings Inc.		57,622
	1,563	Marcus & Millichap Inc.		50,938
	426	Maui Land & Pineapple Co., Inc.*		7,404
	5,814	Newmark Group Inc., Class A Shares		105,873
	623	RE/MAX Holdings Inc., Class A Shares*		5,869
	5,460	Real Brokerage Inc. (The)*		29,375
	604	RMR Group Inc. (The), Class A Shares		10,195
	249	Seaport Entertainment Group Inc.*		6,215
	1,888	St Joe Co. (The)		95,268
	298	Stratus Properties Inc.*		5,799
	758	Tejon Ranch Co.*		13,197

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

REAL ESTATE — 4.5% — (continued)

Real Estate Management & Development — 0.6% — (continued)
	2,379	Zillow Group Inc., Class A Shares*	$	193,841
	7,172	Zillow Group Inc., Class C Shares*		604,671

		Total Real Estate Management & Development		4,291,485


	Residential REITs — 0.5%
	15,084	American Homes 4 Rent, Class A Shares		540,309
	5,752	Apartment Investment & Management Co., Class A Shares		45,038
	474	BRT Apartments Corp.		7,584
	4,745	Camden Property Trust		531,345
	799	Centerspace		47,541
	3,718	Elme Communities		63,503
	8,244	Equity LifeStyle Properties Inc.		497,031
	91,516	Independence Realty Trust Inc.		1,657,355
	1,018	NexPoint Residential Trust Inc.		35,131
	4,696	UMH Properties Inc.		73,680
	5,483	Veris Residential Inc.		86,248

		Total Residential REITs		3,584,765


Retail REITs — 0.6%
	7,282	Acadia Realty Trust		145,713
	4,755	Agree Realty Corp.		345,879
	89	Alexander’s Inc.		20,500
	13,557	Brixmor Property Group Inc.		379,460
	1,274	CBL & Associates Properties Inc.		40,577
	4,222	Curbline Properties Corp.		95,122
	3,729	Federal Realty Investment Trust		374,951
	558	FrontView REIT Inc.		7,460
	2,128	Getty Realty Corp.		60,840
	3,385	InvenTrust Properties Corp.		100,771
	30,058	Kimco Realty Corp.		676,004
	9,676	Kite Realty Group Trust		220,806
	11,853	Macerich Co. (The)		218,095
	3,695	NETSTREIT Corp.		67,582
	8,221	NNN REIT Inc.		352,763
	5,732	Phillips Edison & Co., Inc.		201,709
	8,045	Regency Centers Corp.		583,263
	421	Saul Centers Inc.		14,386
	2,400	SITE Centers Corp.		29,472
	5,167	Tanger Inc.		176,608
	5,778	Urban Edge Properties		119,547
	2,581	Whitestone REIT, Class B Shares		33,966

		Total Retail REITs		4,265,474


Specialized REITs — 0.5%
	26,377	CubeSmart		1,079,347
	3,283	EPR Properties		178,103
	1,538	Farmland Partners Inc.		16,949
	4,323	Four Corners Property Trust Inc.		111,922
	11,636	Gaming & Leisure Properties Inc.		558,644
	1,177	Gladstone Land Corp.		10,828
	3,864	Lamar Advertising Co., Class A Shares		491,694
	5,657	Millrose Properties Inc.		199,749
	3,059	National Storage Affiliates Trust		98,592
	6,912	Outfront Media Inc.		129,116
	3,429	PotlatchDeltic Corp.		144,121
	6,703	Rayonier Inc.		176,155

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units		Security	Value

REAL ESTATE — 4.5% — (continued)

Specialized REITs — 0.5% — (continued)
	2,440	Safehold Inc.	$	40,162
	1,513	Smartstop Self Storage REIT Inc.		55,058

		Total Specialized REITs		3,290,440

		TOTAL REAL ESTATE		30,122,741


UTILITIES — 3.6%

	Electric Utilities — 1.1%
	18,332	ALLETE Inc.		1,175,998
	1,009	Genie Energy Ltd., Class B Shares		15,438
	7,866	Hawaiian Electric Industries Inc.*		101,943
	17,960	IDACORP Inc.		2,246,796
	1,577	MGE Energy Inc.		134,281
	8,877	OGE Energy Corp.		396,447
	4,578	Oklo Inc., Class A Shares*		337,124
	1,764	Otter Tail Corp.		148,158
	5,252	Pinnacle West Capital Corp.		469,319
	46,460	Portland General Electric Co.		1,987,559
	3,979	TXNM Energy Inc.		225,371

		Total Electric Utilities		7,238,434


Gas Utilities — 1.0%
	11,438	Atmos Energy Corp.		1,900,195
	5,308	Brookfield Infrastructure Corp., Class A Shares		213,488
	1,114	Chesapeake Utilities Corp.		137,668
	9,097	MDU Resources Group Inc.		148,190
	3,950	National Fuel Gas Co.		342,623
	42,818	New Jersey Resources Corp.		2,024,863
	1,760	Northwest Natural Holding Co.		73,093
	18,829	ONE Gas Inc.		1,440,419
	281	RGC Resources Inc.		6,249
	2,790	Southwest Gas Holdings Inc.		222,865
	2,556	Spire Inc.		195,790
	9,555	UGI Corp.		330,985

		Total Gas Utilities		7,036,428


	Independent Power & Renewable Electricity Producers — 0.9%
	31,668	AES Corp. (The)		428,785
	5,931	Brookfield Renewable Corp.		199,875
	1,696	Clearway Energy Inc., Class A Shares		47,810
	3,609	Clearway Energy Inc., Class C Shares		107,584
	1,024	Hallador Energy Co.*		16,701
	2,632	Montauk Renewables Inc.*		5,659
	38,517	Ormat Technologies Inc.		3,539,327
	2,026	Talen Energy Corp.*		767,692
	5,230	Vistra Corp.		989,045

		Total Independent Power & Renewable Electricity Producers		6,102,478


	Multi-Utilities — 0.5%
	3,997	Avista Corp.		146,050
	3,197	Black Hills Corp.		191,213
	21,022	NiSource Inc.		888,600
	35,836	Northwestern Energy Group Inc.		2,060,928
	701	Unitil Corp.		32,919

		Total Multi-Utilities		3,319,710

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

Shares/Units			Security	Value

UTILITIES — 3.6% — (continued)

	Water Utilities — 0.1%
	1,650		American States Water Co.	$	122,974
	1,459		Cadiz Inc.*		5,223
	2,592		California Water Service Group		121,643
	513		Consolidated Water Co., Ltd.		17,068
	12,296		Essential Utilities Inc.		485,815
	397		Global Water Resources Inc.		3,835
	1,464		H2O America		73,742
	732		Middlesex Water Co.		39,191
	734		Pure Cycle Corp.*		7,413
	643		York Water Co. (The)		19,978

			Total Water Utilities		896,882

			TOTAL UTILITIES		24,593,932

			TOTAL COMMON STOCKS (Cost — $497,816,565)		655,307,068


	WARRANT — 0.0%@

	HEALTH CARE — 0.0%@

	Health Care Equipment & Supplies — 0.0%@
	107		Pulse Biosciences Inc., expires 6/27/29*(b)(f) (Cost — $0)		243

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $497,816,565)		655,307,311


Face Amount†

	SHORT-TERM INVESTMENTS(d) — 2.8%

	MONEY MARKET FUND — 0.1%
$	479,999		Invesco STIT — Government & Agency Portfolio, Institutional Class, 4.196%(e) (Cost — $479,999)		479,999


TIME DEPOSITS — 2.7%
	3,077,758		ANZ National Bank — London, 3.680% due 9/2/25		3,077,758
	29,749	^CAD	BBH — New York, 1.590% due 9/2/25		21,664
	2,726,602		Citibank — New York, 3.680% due 9/2/25		2,726,602
	12,371,004		Royal Bank of Canada — Toronto, 3.680% due 9/2/25		12,371,004

			TOTAL TIME DEPOSITS (Cost — $18,197,028)		18,197,028

			TOTAL SHORT-TERM INVESTMENTS (Cost — $18,677,027)		18,677,027

			TOTAL INVESTMENTS — 100.0% (Cost — $516,493,592)		673,984,338

			Liabilities in Excess of Other Assets — 0.0%		(53,836	)

			TOTAL NET ASSETS — 100.0%	$	673,930,502

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

*	Non-income producing security.

@	The amount is less than 0.05%.

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

(b)	Illiquid security.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2025, amounts to $0 and represents 0.0% of net assets.

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

(d)	Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 2.7%.

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

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2025, the Fund held Level 3 securities with a value of $0, representing 0.0% of net assets.

At August 31, 2025, for Morgan Stanley Pathway Small-Mid Cap Equity ETF the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$	530,026,284	$	194,097,448	$	(49,693,716)	$	144,403,732


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


Summary of Investments by Security Sector^
Industrials	21.0	%
Information Technology	17.3
Financials	14.9
Health Care	12.4
Consumer Discretionary	10.2
Real Estate	4.5
Materials	4.2
Utilities	3.6
Energy	3.6
Consumer Staples	3.2
Communication Services	2.4
Short-Term Investments	2.7

Total Investments	100.0	%+

^	As a percentage of total investments.

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

At August 31, 2025, Morgan Stanley Pathway Small-Mid Cap Equity ETF 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		Value		Unrealized Appreciation
Contracts to Buy:
E-mini Russell 2000 Index Futures		34		9/25	$	3,743,960	$	4,028,660	$	284,700
S&P MidCap 400 E-mini Index Futures		13		9/25		4,074,474		4,236,049		161,575

									$	446,275

See Notes to Financial Statements.



Schedules of Investments


(continued)


Morgan Stanley Pathway Small-Mid Cap Equity ETF

At August 31, 2025, Morgan Stanley Pathway Small-Mid Cap Equity ETF had deposited cash of $575,996 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


Currency abbreviation used in this schedule:
CAD		— Canadian Dollar

See pages 270-271 for definitions of ratings.

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 97.5%

Australia — 3.7%
	408,713	AMP Ltd.	$	457,398
	75,925	ANZ Group Holdings Ltd.		1,668,930
	36,370	APA Group		209,728
	14,423	Aristocrat Leisure Ltd.		685,829
	5,159	ASX Ltd.		211,202
	50,771	Bendigo & Adelaide Bank Ltd.		442,414
	131,255	BHP Group Ltd.		3,667,968
	11,582	BlueScope Steel Ltd.		173,376
	35,024	Brambles Ltd.		594,205
	9,765	CAR Group Ltd.		257,859
	40,206	Charter Hall Group, REIT		616,269
	11,082	Cochlear Ltd.		2,186,620
	34,339	Coles Group Ltd.		536,698
	43,238	Commonwealth Bank of Australia		4,811,605
	13,812	Computershare Ltd.		344,101
	27,164	CSL Ltd.		3,790,385
	51,666	Evolution Mining Ltd.		298,290
	43,110	Fortescue Ltd.		544,258
	51,934	Goodman Group, REIT		1,166,930
	61,980	Insurance Australia Group Ltd.		353,163
	9,580	JB Hi-Fi Ltd.		732,732
	55,040	Lottery Corp., Ltd. (The)		211,512
	9,274	Macquarie Group Ltd.		1,362,379
	81,136	Magellan Financial Group Ltd.		542,320
	76,612	Medibank Pvt Ltd.		255,711
	79,209	National Australia Bank Ltd.		2,212,410
	34,395	Northern Star Resources Ltd.		433,916
	39,234	Orica Ltd.		563,036
	44,429	Origin Energy Ltd.		375,642
	55,522	Paladin Energy Ltd.*		281,481
	1,471	Pro Medicus Ltd.		286,658
	18,585	Qantas Airways Ltd.		142,401
	38,637	QBE Insurance Group Ltd.		547,235
	439,338	Ramelius Resources Ltd.		931,107
	1,392	REA Group Ltd.		228,685
	23,359	Rio Tinto Ltd.		1,761,349
	59,428	Sandfire Resources Ltd.*		485,388
	85,353	Santos Ltd.		448,826
	131,226	Scentre Group, REIT		350,365
	5,204	SGH Ltd.		171,950
	125,283	Sigma Healthcare Ltd.		255,394
	11,934	Sonic Healthcare Ltd.		187,903
	105,397	South32 Ltd.		186,925
	60,665	Stockland, REIT		245,705
	27,801	Suncorp Group Ltd.		387,042
	15,001	Technology One Ltd.		392,098
	106,770	Telstra Group Ltd.		341,685
	80,166	Transurban Group		764,855
	147,609	Ventia Services Group Pty Ltd.		524,851
	93,895	Vicinity Ltd., REIT		159,492
	5,834	Washington H Soul Pattinson & Co., Ltd.		167,061
	29,500	Wesfarmers Ltd.		1,767,560
	88,604	Westpac Banking Corp.		2,236,823
	5,137	WiseTech Global Ltd.		340,599
	48,247	Woodside Energy Group Ltd.		831,937

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Australia — 3.7% — (continued)
	31,230	Woolworths Group Ltd.	$	588,151

		Total Australia		44,720,412


	Austria — 0.3%
	1,498	DO & CO AG		397,703
	29,162	Erste Group Bank AG		2,771,484
	3,973	OMV AG		218,710
	1,904	Verbund AG		135,778

		Total Austria		3,523,675


	Belgium — 1.0%
	3,770	Ageas SA/NV		265,595
	85,314	Anheuser-Busch InBev SA/NV		5,339,569
	8,278	Colruyt Group NV		363,929
	580	D'ieteren Group		125,719
	1,307	Elia Group SA/NV, Class B Shares		149,513
	1,946	Groupe Bruxelles Lambert NV		170,891
	6,028	KBC Group NV		710,086
	9	Lotus Bakeries NV		88,071
	403	Sofina SA		121,846
	29,148	Syensqo SA		2,571,829
	9,355	UCB SA		2,193,103

		Total Belgium		12,100,151


	Brazil — 0.0%@
	33,626	NU Holdings Ltd., Class A Shares*		497,665


	Canada — 2.5%
	86,602	Algonquin Power & Utilities Corp.		502,004
	63,135	Alimentation Couche-Tard Inc.		3,200,428
	7,430	Aritzia Inc.*		444,869
	5,810	AtkinsRealis Group Inc.		399,575
	104,400	Barrick Mining Corp.		2,784,862
	10,152	Boardwalk Real Estate Investment Trust, Class Trust Un Shares		520,612
	4,735	Bombardier Inc., Class B Shares*		553,635
	14,796	Boralex Inc., Class A Shares		311,177
	23,700	Canadian National Railway Co.		2,294,578
	79,759	Canadian Pacific Kansas City Ltd.		6,076,019
	9,548	Celestica Inc.*		1,859,955
	64,515	Dundee Precious Metals Inc.		1,196,149
	17,513	Finning International Inc.		726,180
	6,909	Gildan Activewear Inc., Class A Shares		377,248
	81,777	Headwater Exploration Inc.		405,550
	19,058	IMAX Corp.*		544,296
	3,288	Kinaxis Inc.*		453,908
	9,093	Lundin Gold Inc.		559,208
	13,942	MDA Space Ltd.*		450,891
	12,407	Methanex Corp.		440,732
	15,351	Nutrien Ltd.		884,818
	37,708	NuVista Energy Ltd.*		400,915
	59,345	OceanaGold Corp.		1,084,736
	33,775	Secure Waste Infrastructure Corp.		403,126
	18,102	Toronto-Dominion Bank (The)		1,359,364
	47,537	Vermilion Energy Inc.		358,985
	111,497	Whitecap Resources Inc., Class Common S Shares		839,556

		Total Canada		29,433,376

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Chile — 0.1%
	51,982	Antofagasta PLC	$	1,506,280


	China — 0.5%
	15,100	Contemporary Amperex Technology Co., Ltd., Class A Shares		647,648
	49,000	Tencent Holdings Ltd.		3,789,105
	39,329	Tencent Music Entertainment Group, ADR		964,347
	67,800	Yangzijiang Shipbuilding Holdings Ltd.		153,406

		Total China		5,554,506


	Denmark — 2.2%
	58	AP Moller — Maersk AS, Class A Shares		119,069
	119	AP Moller — Maersk AS, Class B Shares		244,948
	2,223	Ascendis Pharma AS, ADR*		431,862
	14,633	Bavarian Nordic AS*		541,727
	2,358	Carlsberg AS, Class B Shares		288,383
	29,237	Coloplast AS, Class B Shares		2,810,737
	16,977	Danske Bank AS		696,583
	2,123	Demant AS*		81,218
	5,230	DSV AS		1,158,048
	6,171	FLSmidth & Co. AS		421,258
	1,644	Genmab AS*		409,615
	15,125	ISS AS		441,839
	5,263	Jyske Bank AS, Class Registered Shares		564,210
	6,987	Netcompany Group AS*(a)		266,583
	225,290	Novo Nordisk AS, Class B Shares		12,716,446
	8,952	Novonesis (Novozymes) B, Class B Shares		568,888
	4,312	Orsted AS*(a)		133,131
	11,127	Pandora AS		1,536,241
	11,407	Rockwool AS, Class B Shares		431,533
	8,742	Tryg AS		229,790
	91,727	Vestas Wind Systems AS		1,817,899

		Total Denmark		25,910,008


	Finland — 0.8%
	3,767	Elisa OYJ		200,879
	12,358	Fortum OYJ		213,843
	6,901	Kesko OYJ, Class B Shares		153,049
	55,910	Kone OYJ, Class B Shares		3,513,474
	9,619	Konecranes OYJ		792,984
	17,656	Metso OYJ		228,286
	10,312	Neste OYJ		189,409
	130,674	Nokia OYJ		561,784
	79,925	Nordea Bank Abp		1,218,959
	10,740	Orion OYJ, Class B Shares		857,072
	63,775	Sampo OYJ, Class A Shares		731,599
	13,354	Stora Enso OYJ, Class R Shares		157,094
	14,072	UPM-Kymmene OYJ		400,365
	13,097	Wartsila OYJ Abp		383,448

		Total Finland		9,602,245


France — 11.6%
	5,144	Accor SA		254,728
	880	Aeroports de Paris SA		115,676
	33,091	Air Liquide SA		6,827,687
	25,019	Airbus SE		5,245,806
	435,274	Alstom SA*		10,470,305
	1,837	Amundi SA(a)		135,792
	7,877	Arkema SA		557,954

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

France — 11.6% — (continued)
	45,349	AXA SA	$	2,109,944
	1,043	BioMerieux		144,799
	111,024	BNP Paribas SA		9,971,699
	18,376	Bollore SE		107,299
	4,643	Bouygues SA		199,098
	8,130	Bureau Veritas SA		245,179
	32,397	Capgemini SE		4,599,423
	14,321	Carrefour SA		207,491
	65,554	Cie de Saint-Gobain SA		7,077,655
	17,169	Cie Generale des Etablissements Michelin SCA		621,005
	8,831	Covivio SA, REIT		578,005
	27,021	Credit Agricole SA		493,903
	16,561	Danone SA		1,379,023
	516	Dassault Aviation SA		163,035
	87,223	Dassault Systemes SE		2,713,086
	6,543	Edenred SE		189,311
	7,088	Eiffage SA		891,914
	23,156	Elis SA		633,700
	46,941	Engie SA		971,425
	12,862	EssilorLuxottica SA		3,918,489
	2,622	FDJ United		84,513
	1,165	Gecina SA, REIT		114,357
	8,457	Getlink SE		159,779
	1,772	Hermes International SCA		4,331,843
	3,733	Ipsen SA		506,885
	49,317	Kering SA		13,208,161
	25,768	Klepierre SA, REIT		1,005,023
	21,960	Legrand SA		3,350,755
	14,659	L'Oréal SA		6,823,462
	14,702	LVMH Moët Hennessy Louis Vuitton SE		8,663,394
	47,678	Orange SA		776,437
	5,175	Pernod Ricard SA		588,148
	5,883	Publicis Groupe SA		542,170
	5,060	Renault SA		198,887
	5,845	Rexel SA		189,111
	9,275	Safran SA		3,071,409
	95,977	Sanofi SA		9,536,401
	773	Sartorius Stedim Biotech		158,080
	33,031	Schneider Electric SE		8,107,180
	71,006	Societe Generale SA		4,375,144
	2,351	Sodexo SA		141,066
	2,531	Sopra Steria Group		469,375
	15,434	SPIE SA		854,558
	15,960	Technip Energies NV		736,945
	1,401	Teleperformance SE		107,754
	2,365	Thales SA		623,173
	95,999	TotalEnergies SE		6,025,066
	3,339	Unibail-Rodamco-Westfield, REIT		346,800
	16,245	Veolia Environnement SA		535,997
	12,665	Vinci SA		1,718,027
	735	Virbac SACA		287,954
	193,157	Worldline SA*(a)		641,538

		Total France		139,102,823


Germany — 8.8%
	13,511	adidas AG		2,634,031
	17,465	Allianz SE, Class Registered Shares		7,381,024

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Germany — 8.8% — (continued)
	23,100	BASF SE	$	1,228,079
	25,064	Bayer AG, Class Registered Shares		822,600
	28,623	Bayerische Motoren Werke AG		3,002,261
	8,011	Bechtle AG		365,025
	16,089	Beiersdorf AG		1,851,465
	4,648	Bilfinger SE		482,684
	2,986	Brenntag SE		184,794
	19,830	Commerzbank AG		758,621
	2,940	Continental AG		257,911
	4,720	Covestro AG*		328,107
	5,816	CTS Eventim AG & Co. KGaA		545,319
	12,057	Daimler Truck Holding AG		567,838
	5,031	Delivery Hero SE, Class A Shares*(a)		133,916
	142,405	Deutsche Bank AG, Class Registered Shares		5,001,769
	4,893	Deutsche Boerse AG		1,440,141
	14,471	Deutsche Lufthansa AG, Class Registered Shares		135,016
	24,570	Deutsche Post AG		1,118,730
	213,246	Deutsche Telekom AG, Class Registered Shares		7,799,652
	141,695	E.ON SE		2,526,700
	19,362	Evonik Industries AG		374,301
	16,386	Freenet AG		547,343
	5,600	Fresenius Medical Care AG		287,186
	10,718	Fresenius SE & Co. KGaA		581,852
	3,945	GEA Group AG		287,044
	1,514	Hannover Rueck SE		441,211
	5,121	Heidelberg Materials AG		1,213,897
	2,833	Henkel AG & Co. KGaA		217,779
	1,624	Hensoldt AG		168,631
	309,112	Infineon Technologies AG		12,674,055
	5,256	KION Group AG		342,894
	1,890	Knorr-Bremse AG		197,270
	107,500	Lanxess AG		3,055,259
	1,990	LEG Immobilien SE		166,673
	18,444	Mercedes-Benz Group AG		1,150,800
	21,803	Merck KGaA		2,762,089
	1,423	MTU Aero Engines AG		635,702
	3,363	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		2,145,368
	1,510	Nemetschek SE		209,044
	17,383	Nordex SE*		425,459
	137	Rational AG		102,311
	1,182	Rheinmetall AG		2,336,789
	16,178	RWE AG		648,193
	72,014	SAP SE		19,581,280
	7,570	Scout24 SE(a)		980,879
	28,192	Siemens AG, Class Registered Shares		7,806,056
	17,607	Siemens Energy AG*		1,869,070
	24,605	Siemens Healthineers AG(a)		1,362,985
	7,148	SUSS MicroTec SE		212,582
	3,366	Symrise AG, Class A Shares		326,227
	39,299	TAG Immobilien AG		703,602
	1,647	Talanx AG		226,951
	27,201	TeamViewer SE*(a)		289,184
	67,938	TUI AG*		697,491
	19,616	Vonovia SE		634,217
	17,393	Zalando SE*(a)		484,191

		Total Germany		104,711,548

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	Greece — 0.0%@
	168,641	Eurobank Ergasias Services & Holdings SA	$	614,759


	Hong Kong — 2.1%
	761,400	AIA Group Ltd.		7,205,137
	307,000	BOC Hong Kong Holdings Ltd.		1,387,925
	51,500	CK Asset Holdings Ltd.		242,744
	69,500	CK Hutchison Holdings Ltd.		461,589
	15,500	CK Infrastructure Holdings Ltd.		103,479
	42,500	CLP Holdings Ltd.		358,910
	1,480	Futu Holdings Ltd., ADR		274,688
	60,000	Galaxy Entertainment Group Ltd.		313,588
	19,600	Hang Seng Bank Ltd.		279,930
	38,894	Henderson Land Development Co., Ltd.		134,698
	96,000	HKT Trust & HKT Ltd., Class Miscella Shares		145,194
	271,380	Hong Kong & China Gas Co., Ltd.		243,915
	30,799	Hong Kong Exchanges & Clearing Ltd.		1,806,079
	28,900	Hongkong Land Holdings Ltd.		179,117
	39,200	Jardine Matheson Holdings Ltd.		2,372,280
	67,000	Kerry Properties Ltd.		172,143
	66,780	Link REIT		354,669
	36,500	MTR Corp., Ltd.		122,954
	36,500	Power Assets Holdings Ltd.		237,586
	388,581	Prudential PLC		5,194,114
	86,646	Sino Land Co., Ltd.		102,931
	35,000	SITC International Holdings Co., Ltd.		123,496
	37,500	Sun Hung Kai Properties Ltd.		440,258
	10,000	Swire Pacific Ltd., Class A Shares		85,746
	88,000	Techtronic Industries Co., Ltd.		1,127,476
	320,000	United Laboratories International Holdings Ltd. (The)		629,231
	219,500	WH Group Ltd.(a)		234,052
	27,000	Wharf Holdings Ltd. (The)		77,250
	46,000	Wharf Real Estate Investment Co., Ltd.		133,237

		Total Hong Kong		24,544,416


	Hungary — 0.0%@
	24,887	Wizz Air Holdings PLC*(a)		457,099


	India — 0.0%@
	8,889	HDFC Bank Ltd., ADR		632,541


	Indonesia — 0.1%
	1,321,100	Bank Central Asia Tbk PT		646,644


	Ireland — 1.0%
	4,665	AerCap Holdings NV		576,127
	56,349	AIB Group PLC		459,496
	26,748	Bank of Ireland Group PLC		395,760
	125,508	Cairn Homes PLC		323,891
	2,506	DCC PLC		159,418
	89,412	Experian PLC		4,633,092
	14,804	James Hardie Industries PLC, CDI*		300,796
	4,138	Kerry Group PLC, Class A Shares		378,717
	21,550	Kingspan Group PLC		1,662,520
	21,918	Ryanair Holdings PLC		647,943
	42,910	Smurfit WestRock PLC		2,032,218

		Total Ireland		11,569,978


Israel — 0.6%
	1,102	Azrieli Group Ltd.		105,887
	31,324	Bank Hapoalim BM		613,179

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Israel — 0.6% — (continued)
	37,933	Bank Leumi Le-Israel BM	$	729,999
	6,936	Check Point Software Technologies Ltd.*		1,339,619
	1,248	CyberArk Software Ltd.*		565,668
	732	Elbit Systems Ltd.		354,391
	20,044	ICL Group Ltd.		130,368
	31,906	Israel Discount Bank Ltd., Class A Shares		316,439
	4,203	Mizrahi Tefahot Bank Ltd.		275,240
	1,092	Monday.com Ltd.*		210,756
	1,783	Nice Ltd.*		252,180
	752	Nova Ltd.*		202,242
	5,633	Phoenix Financial Ltd.		200,300
	83,727	Teva Pharmaceutical Industries Ltd., ADR*		1,538,902
	1,388	Wix.com Ltd.*		195,819

		Total Israel		7,030,989


	Italy — 3.0%
	13,557	Azimut Holding SpA		487,426
	5,106	Banca Mediolanum SpA		103,465
	62,996	Banca Monte dei Paschi di Siena SpA		579,875
	28,959	Banco BPM SpA		398,192
	99,987	BPER Banca SPA		1,041,572
	2,425	Brunello Cucinelli SpA		280,820
	15,743	Buzzi SpA		800,943
	16,935	Davide Campari-Milano NV		127,329
	9,919	De'Longhi SpA		347,866
	532,663	Enel SpA		4,912,780
	52,934	Eni SpA		945,390
	10,371	Ferrari NV		4,945,512
	99,953	FinecoBank Banca Fineco SpA		2,197,835
	21,985	Generali		859,415
	8,271	Infrastrutture Wireless Italiane SpA(a)		100,235
	367,597	Intesa Sanpaolo SpA		2,319,089
	128,948	Iren SpA		389,404
	10,313	Leonardo SpA		587,782
	18,518	Lottomatica Group SpA		503,931
	28,025	Maire SpA		404,478
	14,337	Mediobanca Banca di Credito Finanziario SpA		348,227
	5,977	Moncler SpA		347,168
	14,610	Nexi SpA(a)		92,856
	11,513	Poste Italiane SpA(a)		269,800
	7,170	Prysmian SpA		627,548
	38,114	Recordati Industria Chimica e Farmaceutica SpA		2,353,908
	3,057	Reply SpA		440,579
	51,626	Snam SpA		314,286
	303,640	Telecom Italia SpA*		145,698
	36,350	Terna — Rete Elettrica Nazionale		365,531
	100,334	UniCredit SpA		7,765,427
	9,377	Unipol Assicurazioni SpA		196,168
	78,639	Webuild SpA		355,021

		Total Italy		35,955,556


Japan — 18.6%
	17,500	ABC-Mart Inc.		348,310
	19,600	Advantest Corp.		1,522,831
	57,000	Aeon Co., Ltd.		692,970
	4,400	AGC Inc.		138,520
	13,000	Aisin Corp.		213,762

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	24,200	Ajinomoto Co., Inc.	$	654,242
	3,900	ANA Holdings Inc.		78,783
	29,900	Anritsu Corp.		349,969
	15,200	Anycolor Inc.		492,637
	37,400	Asahi Group Holdings Ltd.		472,285
	108,300	Asahi Intecc Co., Ltd.		1,849,298
	30,500	Asahi Kasei Corp.		248,786
	18,000	Asics Corp.		487,888
	46,800	Astellas Pharma Inc.		517,767
	41,000	Azbil Corp.		410,890
	15,300	Bandai Namco Holdings Inc.		525,893
	9,600	BIPROGY Inc.		415,325
	40,800	Bridgestone Corp.		1,844,138
	22,400	Canon Inc.		654,934
	9,000	Capcom Co., Ltd.		244,822
	19,200	Central Japan Railway Co.		511,900
	13,100	Chiba Bank Ltd. (The)		133,896
	17,400	Chubu Electric Power Co., Inc.		240,777
	17,800	Chugai Pharmaceutical Co., Ltd.		787,884
	26,600	Concordia Financial Group Ltd.		203,435
	27,200	Credit Saison Co., Ltd.		695,647
	9,200	Dai Nippon Printing Co., Ltd.		153,648
	47,500	Daicel Corp.		435,927
	7,900	Daifuku Co., Ltd.		250,471
	90,200	Dai-ichi Life Holdings Inc.		740,179
	81,300	Daiichi Sankyo Co., Ltd.		1,940,298
	31,000	Daikin Industries Ltd.		3,904,838
	1,500	Daito Trust Construction Co., Ltd.		160,188
	14,500	Daiwa House Industry Co., Ltd.		515,557
	32,200	Daiwa Securities Group Inc.		249,721
	45,500	Denso Corp.		650,239
	6,900	Dentsu Soken Inc.		310,310
	2,400	Disco Corp.		666,436
	24,800	East Japan Railway Co.		610,151
	24,700	Ebara Corp.		508,112
	6,200	Eisai Co., Ltd.		189,831
	66,250	ENEOS Holdings Inc.		396,221
	227,900	FANUC Corp.		6,335,910
	9,800	Fast Retailing Co., Ltd.		3,055,325
	10,600	Food & Life Cos., Ltd.		613,561
	19,800	Fuji Corp.		367,747
	3,500	Fuji Electric Co., Ltd.		223,371
	96,500	FUJIFILM Holdings Corp.		2,283,918
	6,600	Fujikura Ltd.		558,551
	46,400	Fujitsu Ltd.		1,126,706
	25,100	GS Yuasa Corp.		563,318
	5,900	Hankyu Hanshin Holdings Inc.		175,107
	400	Hikari Tsushin Inc.		107,108
	201,000	Hitachi Ltd.		5,415,740
	102,300	Honda Motor Co., Ltd.		1,126,469
	4,200	Horiba Ltd.		311,881
	40,400	Hoya Corp.		5,222,705
	12,100	Hulic Co., Ltd.		130,062
	11,400	Ibiden Co., Ltd.		547,255
	17,185	Idemitsu Kosan Co., Ltd.		113,886
	3,600	IHI Corp.		373,556

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	38,200	INFRONEER Holdings Inc.	$	380,322
	22,800	Inpex Corp.		388,929
	828	Invincible Investment Corp., REIT		376,261
	12,500	Isuzu Motors Ltd.		163,831
	60,200	ITOCHU Corp.		3,411,639
	3,700	Japan Airlines Co., Ltd.		78,908
	140,500	Japan Exchange Group Inc.		1,475,282
	44,700	Japan Post Bank Co., Ltd.		561,686
	45,800	Japan Post Holdings Co., Ltd.		466,762
	5,000	Japan Post Insurance Co., Ltd.		140,653
	30,900	Japan Tobacco Inc.		985,526
	14,700	JFE Holdings Inc.		182,084
	10,700	Kajima Corp.		320,621
	23,400	Kandenko Co., Ltd.		633,750
	8,700	Kaneka Corp.		255,504
	25,600	Kansai Electric Power Co., Inc. (The)		360,715
	12,000	Kao Corp.		544,089
	3,900	Kawasaki Heavy Industries Ltd.		238,666
	10,200	Kawasaki Kisen Kaisha Ltd.		155,939
	174,500	KDDI Corp.		3,023,516
	16,700	Keyence Corp.		6,375,849
	18,400	Kikkoman Corp.		158,277
	13,200	Kinden Corp.		472,806
	20,000	Kirin Holdings Co., Ltd.		290,480
	3,800	Kobe Bussan Co., Ltd.		107,788
	24,500	Komatsu Ltd.		826,001
	2,600	Konami Group Corp.		396,061
	23,500	Kubota Corp.		275,066
	33,300	Kyocera Corp.		446,868
	13,300	Kyoritsu Maintenance Co., Ltd.		302,976
	5,300	Kyowa Kirin Co., Ltd.		91,884
	8,800	Lasertec Corp.		919,141
	22,400	Lion Corp.		239,606
	66,000	LY Corp.		210,540
	10,400	M3 Inc.		154,379
	5,400	Makita Corp.		181,510
	37,400	Marubeni Corp.		850,149
	8,300	MatsukiyoCocokara & Co.		171,955
	136,800	Mebuki Financial Group Inc.		848,670
	8,700	Meidensha Corp.		342,574
	6,300	MEIJI Holdings Co., Ltd.		131,168
	8,500	MINEBEA MITSUMI Inc.		144,466
	23,100	MISUMI Group Inc.		350,276
	30,700	Mitsubishi Chemical Group Corp.		174,953
	83,200	Mitsubishi Corp.		1,882,816
	49,700	Mitsubishi Electric Corp.		1,197,429
	76,700	Mitsubishi Estate Co., Ltd.		1,646,740
	23,200	Mitsubishi HC Capital Inc.		190,966
	82,000	Mitsubishi Heavy Industries Ltd.		2,061,396
	296,900	Mitsubishi UFJ Financial Group Inc.		4,487,801
	64,500	Mitsui & Co., Ltd.		1,485,952
	9,500	Mitsui E&S Co., Ltd.		293,277
	70,200	Mitsui Fudosan Co., Ltd.		751,741
	10,500	Mitsui Mining & Smelting Co., Ltd.		739,797
	8,900	Mitsui OSK Lines Ltd.		285,115
	64,790	Mizuho Financial Group Inc.		2,119,833

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	6,000	MonotaRO Co., Ltd.	$	103,998
	14,900	Morinaga Milk Industry Co., Ltd.		334,574
	129,500	MS&AD Insurance Group Holdings Inc.		3,012,311
	315,200	Murata Manufacturing Co., Ltd.		5,126,902
	33,400	NEC Corp.		1,026,894
	8,100	Nexon Co., Ltd.		183,999
	37,100	NHK Spring Co., Ltd.		462,859
	20,500	Nidec Corp.		440,244
	65,800	Nintendo Co., Ltd.		5,880,834
	213	Nippon Building Fund Inc., REIT		206,037
	14,300	Nippon Electric Glass Co., Ltd.		436,267
	19,400	Nippon Express Holdings Inc.		425,558
	26,100	Nippon Paint Holdings Co., Ltd.		190,173
	5,100	Nippon Sanso Holdings Corp.		185,511
	25,000	Nippon Steel Corp.		529,513
	10,600	Nippon Yusen KK		381,775
	13,600	Nissan Chemical Corp.		479,879
	64,300	Nissan Motor Co., Ltd.*		142,687
	5,300	Nissin Foods Holdings Co., Ltd.		99,949
	72,000	Nissui Corp.		490,852
	2,000	Nitori Holdings Co., Ltd.		184,646
	11,700	Nitto Boseki Co., Ltd.		415,626
	18,300	Nitto Denko Corp.		411,226
	77,400	Nomura Holdings Inc.		549,393
	46,380	Nomura Research Institute Ltd.		1,832,067
	7,300	NTT Data Group Corp.		195,073
	768,600	NTT Inc.		809,948
	17,000	Obayashi Corp.		277,135
	94,200	Obic Co., Ltd.		3,328,682
	29,600	Olympus Corp.		344,198
	6,900	Open House Group Co., Ltd.		354,904
	1,000	Oracle Corp. Japan		103,930
	27,700	Oriental Land Co., Ltd.		662,467
	29,800	ORIX Corp.		772,875
	9,400	Osaka Gas Co., Ltd.		268,301
	5,900	Otsuka Corp.		121,750
	11,300	Otsuka Holdings Co., Ltd.		592,176
	12,400	PAL Group Holdings Co., Ltd.		434,049
	10,100	Pan Pacific International Holdings Corp.		364,934
	62,400	Panasonic Holdings Corp.		632,629
	28,900	Park24 Co., Ltd.		395,702
	37,200	Rakuten Group Inc.*		229,469
	56,500	Recruit Holdings Co., Ltd.		3,220,290
	695,200	Renesas Electronics Corp.		8,162,871
	53,200	Resona Holdings Inc.		530,100
	34,200	Resorttrust Inc.		438,026
	56,100	Round One Corp.		577,624
	13,200	Ryohin Keikaku Co., Ltd.		286,616
	40,200	Sankyo Co., Ltd.		812,386
	6,300	Sankyu Inc.		349,374
	4,300	Sanrio Co., Ltd.		221,853
	35,000	Santen Pharmaceutical Co., Ltd.		372,460
	25,400	Sanwa Holdings Corp.		824,721
	28,200	Sawai Group Holdings Co., Ltd.		358,248
	7,000	SBI Holdings Inc.		327,937
	2,000	SCREEN Holdings Co., Ltd.		151,781

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	4,000	SCSK Corp.	$	127,951
	10,900	Secom Co., Ltd.		403,620
	10,300	Sekisui Chemical Co., Ltd.		195,133
	14,800	Sekisui House Ltd.		334,908
	53,700	Seven & i Holdings Co., Ltd.		693,545
	9,300	SG Holdings Co., Ltd.		100,446
	66,100	Shimadzu Corp.		1,617,054
	7,500	Shimano Inc.		834,952
	136,900	Shin-Etsu Chemical Co., Ltd.		4,241,642
	19,700	Shionogi & Co., Ltd.		342,393
	9,800	Shiseido Co., Ltd.		160,592
	25,000	SMC Corp.		7,691,524
	754,500	Softbank Corp.		1,165,064
	40,900	SoftBank Group Corp.		4,429,211
	109,600	Sompo Holdings Inc.		3,543,832
	275,300	Sony Group Corp.		7,598,123
	15,200	Subaru Corp.		296,499
	12,400	Sugi Holdings Co., Ltd.		313,266
	11,400	Sumitomo Bakelite Co., Ltd.		380,617
	28,100	Sumitomo Corp.		783,731
	17,600	Sumitomo Electric Industries Ltd.		496,198
	5,700	Sumitomo Metal Mining Co., Ltd.		156,278
	292,200	Sumitomo Mitsui Financial Group Inc.		7,912,583
	16,900	Sumitomo Mitsui Trust Group Inc.		483,172
	7,900	Sumitomo Realty & Development Co., Ltd.		325,720
	4,200	Suntory Beverage & Food Ltd.		130,068
	40,600	Suzuki Motor Corp.		535,942
	7,800	SWCC Corp.		434,812
	137,700	Sysmex Corp.		1,743,697
	12,700	T&D Holdings Inc.		328,488
	12,800	Taiheiyo Cement Corp.		347,195
	3,800	Taisei Corp.		257,342
	41,954	Takeda Pharmaceutical Co., Ltd.		1,263,425
	51,900	TDK Corp.		667,973
	14,500	TechnoPro Holdings Inc.		475,142
	218,900	Terumo Corp.		3,976,692
	5,400	TIS Inc.		179,809
	2,800	Toho Co., Ltd.		177,785
	35,000	Tohoku Electric Power Co., Inc.		270,705
	47,700	Tokio Marine Holdings Inc.		2,052,906
	11,500	Tokyo Electron Ltd.		1,569,999
	8,500	Tokyo Gas Co., Ltd.		325,656
	9,400	Tokyo Metro Co., Ltd.		109,440
	16,300	Tokyo Ohka Kogyo Co., Ltd.		517,871
	7,900	Tokyo Seimitsu Co., Ltd.		441,590
	22,700	Tokyo Tatemono Co., Ltd.		427,716
	13,300	Tokyu Corp.		168,045
	65,200	Tokyu Fudosan Holdings Corp.		527,359
	6,200	TOPPAN Holdings Inc.		159,801
	38,200	Toray Industries Inc.		255,632
	7,300	Toyo Suisan Kaisha Ltd.		501,529
	23,000	Toyo Tire Corp.		584,502
	20,600	Toyoda Gosei Co., Ltd.		499,340
	4,100	Toyota Industries Corp.		455,266
	244,100	Toyota Motor Corp.		4,761,395
	17,800	Toyota Tsusho Corp.		474,270

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Japan — 18.6% — (continued)
	3,300	Trend Micro Inc.	$	174,929
	12,100	Tsumura & Co.		291,020
	28,300	Unicharm Corp.		189,338
	10,500	West Japan Railway Co.		235,350
	5,700	Yakult Honsha Co., Ltd.		93,150
	47,100	Yamaguchi Financial Group Inc.		568,423
	22,000	Yamaha Motor Co., Ltd.		159,260
	6,600	Yokogawa Electric Corp.		192,739
	2,300	Zensho Holdings Co., Ltd.		144,888
	10,300	ZOZO Inc.		95,754

		Total Japan		222,273,461


	Luxembourg — 0.3%
	70,493	ArcelorMittal SA		2,352,349
	4,755	CVC Capital Partners PLC(a)		95,812
	3,222	Eurofins Scientific SE		244,467
	13,409	Millicom International Cellular SA		647,789
	9,399	Tenaris SA		170,378

		Total Luxembourg		3,510,795


	Macau — 0.1%
	250,800	MGM China Holdings Ltd.		512,709
	58,400	Sands China Ltd.		151,929

		Total Macau		664,638


	Mexico — 0.0%@
	5,521	Fresnillo PLC		133,406


	Netherlands — 5.1%
	14,656	ABN AMRO Bank NV, Dutch Certificate, GDR(a)		422,075
	659	Adyen NV*(a)		1,104,377
	33,272	Aegon Ltd.		261,516
	96,730	Akzo Nobel NV		6,664,400
	1,599	Argenx SE*		1,137,258
	2,363	ASM International NV		1,134,057
	20,421	ASML Holding NV		15,170,333
	13,391	ASR Nederland NV		928,382
	5,348	BE Semiconductor Industries NV		719,635
	6,942	Euronext NV(a)		1,145,580
	2,338	EXOR NV		233,966
	13,063	Ferrovial SE		713,888
	3,388	Heineken Holding NV		240,135
	91,135	Heineken NV		7,362,966
	1,577	IMCD NV		176,878
	234,827	ING Groep NV		5,589,975
	4,317	JDE Peet's NV		157,716
	23,173	Koninklijke Ahold Delhaize NV		928,710
	4,595	Koninklijke Heijmans NV		315,735
	98,104	Koninklijke KPN NV		468,547
	208,651	Koninklijke Philips NV*		5,760,565
	6,785	NN Group NV		466,735
	33,857	Prosus NV*		2,087,884
	5,579	QIAGEN NV		259,445
	3,029	Randstad NV		143,245
	51,539	Stellantis NV		495,101
	130,087	Universal Music Group NV		3,677,690
	25,453	Wolters Kluwer NV		3,205,467

		Total Netherlands		60,972,261

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	New Zealand — 0.2%
	40,319	Auckland International Airport Ltd.	$	179,262
	20,347	Contact Energy Ltd.		108,505
	15,038	Fisher & Paykel Healthcare Corp., Ltd.		323,387
	24,727	Infratil Ltd.		165,452
	33,439	Meridian Energy Ltd.		112,632
	9,034	Xero Ltd.*		966,899

		Total New Zealand		1,856,137


	Norway — 0.5%
	8,552	Aker BP ASA		216,464
	95,398	DNB Bank ASA		2,512,703
	19,673	Equinor ASA		485,089
	5,008	Gjensidige Forsikring ASA		139,147
	11,344	Kongsberg Gruppen ASA		338,521
	11,779	Mowi ASA		242,018
	134,594	Norsk Hydro ASA		872,486
	19,166	Orkla ASA		214,151
	1,761	Salmar ASA		90,172
	8,092	Scatec ASA*(a)		85,098
	15,077	Telenor ASA		251,381
	3,984	Yara International ASA		144,899

		Total Norway		5,592,129


	Poland — 0.0%@
	5,502	InPost SA*		79,806


	Portugal — 0.2%
	205,700	Banco Comercial Portugues SA, Class R Shares		174,193
	81,309	EDP SA		360,296
	10,576	Galp Energia SGPS SA		205,606
	62,199	Jeronimo Martins SGPS SA		1,538,109

		Total Portugal		2,278,204


	Singapore — 1.5%
	1,188,758	CapitaLand Ascendas REIT		2,518,556
	144,528	CapitaLand Integrated Commercial Trust, REIT(b)		256,840
	57,700	CapitaLand Investment Ltd.		124,015
	94,940	DBS Group Holdings Ltd.		3,742,278
	188,800	Genting Singapore Ltd.		105,890
	61,024	Grab Holdings Ltd., Class A Shares*		304,510
	257,200	Keppel DC REIT		473,201
	39,000	Keppel Ltd.(b)		266,093
	86,400	Oversea-Chinese Banking Corp., Ltd.		1,126,719
	15,816	Sea Ltd., ADR*		2,950,317
	22,300	Sembcorp Industries Ltd.		105,436
	39,350	Singapore Airlines Ltd.		201,567
	20,400	Singapore Exchange Ltd.		263,521
	43,500	Singapore Technologies Engineering Ltd.		259,972
	389,300	Singapore Telecommunications Ltd.		1,308,116
	135,103	United Overseas Bank Ltd.		3,701,420
	44,700	UOL Group Ltd.		259,861
	56,800	Wilmar International Ltd.		130,488

		Total Singapore		18,098,800


	South Africa — 0.0%@
	57,442	Investec PLC		420,329

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

	South Korea — 1.8%
	13,034	Classys Inc.	$	489,680
	972	E-MART Inc.		49,948
	1,564	Hugel Inc.*		355,042
	1,210	Hyosung Heavy Industries Corp.		1,069,494
	4,061	Hyundai Rotem Co., Ltd.		561,817
	9,267	IsuPetasys Co., Ltd.		439,662
	12,538	JB Financial Group Co., Ltd.		212,010
	14,075	Kia Corp.		1,068,471
	2,276	KIWOOM Securities Co., Ltd.		335,760
	5,400	Kolmar Korea Co., Ltd.*		302,271
	8,505	Korea Electric Power Corp.		223,498
	11,225	LEENO Industrial Inc.		378,969
	7,943	Netmarble Corp.(a)		341,773
	1,897	PharmaResearch Co., Ltd.		927,514
	8,436	Poongsan Corp.		720,126
	15,639	Samsung E&A Co., Ltd.		327,404
	203,428	Samsung Electronics Co., Ltd.		10,192,119
	4,074	Samsung Fire & Marine Insurance Co., Ltd.		1,300,350
	2,693	Samsung SDI Co., Ltd.		399,902
	45,426	Shinhan Financial Group Co., Ltd.		2,133,163
	9,819	Silicon2 Co., Ltd.*		316,584

		Total South Korea		22,145,557


	Spain — 2.9%
	624	Acciona SA		123,629
	4,654	ACS Actividades de Construccion y Servicios SA		351,307
	19,490	Aena SME SA(a)		563,937
	47,085	Amadeus IT Group SA		3,952,696
	314,057	Banco Bilbao Vizcaya Argentaria SA		5,687,442
	129,320	Banco de Sabadell SA		490,657
	384,869	Banco Santander SA		3,671,303
	188,230	Bankinter SA		2,805,190
	100,880	CaixaBank SA		1,006,075
	12,691	Cellnex Telecom SA(a)		451,380
	8,492	EDP Renovaveis SA		99,809
	8,539	Endesa SA		260,091
	7,354	Grifols SA		103,790
	278,784	Iberdrola SA		5,243,181
	20,767	Indra Sistemas SA		837,498
	125,220	Industria de Diseno Textil SA		6,180,283
	10,500	Logista Integral SA		343,892
	172,080	Mapfre SA		753,418
	49,264	Merlin Properties Socimi SA, REIT		734,315
	6,811	Redeia Corp. SA		132,356
	30,651	Repsol SA		502,723
	94,491	Telefonica SA		506,056

		Total Spain		34,801,028


Sweden — 2.5%
	6,878	AddTech AB, Class B Shares		241,189
	7,301	Alfa Laval AB		332,385
	26,150	Assa Abloy AB, Class B Shares		924,172
	68,857	Atlas Copco AB, Class A Shares		1,099,665
	204,812	Atlas Copco AB, Class B Shares		2,912,211
	19,076	Avanza Bank Holding AB		720,521
	9,523	Beijer Ref AB, Class B Shares		162,025
	7,156	Boliden AB*		246,850

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Sweden — 2.5% — (continued)
	279,425	Electrolux AB, Class B Shares*	$	1,658,047
	17,088	Epiroc AB, Class A Shares		357,287
	9,702	Epiroc AB, Class B Shares		180,618
	9,540	EQT AB		343,321
	15,963	Essity AB, Class B Shares		431,293
	3,685	Evolution AB(a)		319,062
	16,569	Fastighets AB Balder, Class B Shares*		118,068
	14,644	H & M Hennes & Mauritz AB, Class B Shares		215,063
	261,025	Hexagon AB, Class B Shares		2,910,073
	1,892	Holmen AB, Class B Shares		73,612
	2,076	Industrivarden AB, Class A Shares		82,657
	4,846	Industrivarden AB, Class C Shares		192,955
	6,879	Indutrade AB		171,281
	4,075	Investment AB Latour, Class B Shares		103,449
	44,439	Investor AB, Class B Shares		1,369,591
	1,894	L E Lundbergforetagen AB, Class B Shares		95,907
	6,350	Lifco AB, Class B Shares		225,609
	10,403	Loomis AB, Class B Shares		461,583
	19,246	NCC AB, Class B Shares		394,965
	39,580	Nibe Industrier AB, Class B Shares		162,500
	8,173	Saab AB, Class B Shares		463,595
	5,522	Sagax AB, Class B Shares		119,678
	27,030	Sandvik AB		683,481
	12,710	Securitas AB, Class B Shares		194,453
	38,509	Skandinaviska Enskilda Banken AB, Class A Shares		712,967
	8,894	Skanska AB, Class B Shares		220,873
	9,099	SKF AB, Class B Shares		233,551
	6,640	Spotify Technology SA*		4,527,683
	252,642	Storskogen Group AB, Class B Shares		263,356
	15,280	Svenska Cellulosa AB SCA, Class B Shares		207,739
	120,521	Svenska Handelsbanken AB, Class A Shares		1,550,454
	22,432	Swedbank AB, Class A Shares		631,513
	5,394	Swedish Orphan Biovitrum AB*		163,832
	13,860	Tele2 AB, Class B Shares		243,932
	71,390	Telefonaktiebolaget LM Ericsson, Class B Shares		568,578
	61,275	Telia Co. AB		228,631
	5,823	Trelleborg AB, Class B Shares		225,474
	41,325	Volvo AB, Class B Shares		1,271,291
	44,405	Wihlborgs Fastigheter AB		441,013

		Total Sweden		29,458,053


Switzerland — 7.5%
	67,048	ABB Ltd., Class Registered Shares		4,492,754
	8,872	Accelleron Industries AG		763,090
	32,051	Alcon AG		2,554,003
	9,362	Avolta AG		538,847
	1,036	Baloise Holding AG, Class Registered Shares		268,653
	842	Banque Cantonale Vaudoise, Class Registered Shares		97,903
	106	Barry Callebaut AG, Class Registered Shares		143,496
	612	Belimo Holding AG, Class Registered Shares		673,944
	2,061	BKW AG		429,248
	114	Bucher Industries AG, Class Registered Shares		54,096
	127	Chocoladefabriken Lindt & Spruengli AG		1,935,861
	3	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		449,381
	28,364	Cie Financiere Richemont SA, Class Registered Shares		4,964,106
	21,933	Coca-Cola HBC AG*		1,107,755

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

Switzerland — 7.5% — (continued)
	4,669	DKSH Holding AG	$	343,597
	4,731	DSM-Firmenich AG		461,813
	176	EMS-Chemie Holding AG, Class Registered Shares		135,077
	3,346	Galderma Group AG		584,185
	5,737	Galenica AG(a)		614,626
	883	Geberit AG, Class Registered Shares		647,598
	241	Givaudan SA, Class Registered Shares		1,014,709
	785,668	Glencore PLC*		3,104,946
	938	Helvetia Holding AG, Class Registered Shares		241,355
	13,157	Holcim AG*		1,103,131
	5,260	Julius Baer Group Ltd.		380,282
	777	Kardex Holding AG, Class Registered Shares		325,065
	1,246	Kuehne + Nagel International AG, Class Registered Shares		253,271
	6,667	Logitech International SA, Class Registered Shares		687,522
	8,749	Lonza Group AG, Class Registered Shares		6,208,250
	66,492	Nestlé SA, Class Registered Shares		6,264,110
	48,967	Novartis AG, Class Registered Shares		6,197,226
	580	Partners Group Holding AG		796,724
	4,530	PSP Swiss Property AG, Class Registered Shares		753,675
	58,800	Roche Holding AG		19,210,830
	10,685	Sandoz Group AG		670,149
	1,043	Schindler Holding AG		387,704
	580	Schindler Holding AG, Class Registered Shares		207,462
	32,804	SGS SA, Class Registered Shares		3,345,879
	8,596	SIG Group AG*		136,065
	3,978	Sika AG, Class Registered Shares		923,873
	1,295	Sonova Holding AG, Class Registered Shares		377,559
	11,634	Sportradar Group AG, Class A Shares*		359,956
	17,361	STMicroelectronics NV		469,428
	2,852	Straumann Holding AG, Class Registered Shares		334,799
	4,133	Sulzer AG, Class Registered Shares		774,519
	755	Swatch Group AG (The)		136,711
	743	Swiss Life Holding AG, Class Registered Shares		802,806
	2,152	Swiss Prime Site AG, Class Registered Shares		299,091
	7,713	Swiss Re AG		1,397,675
	657	Swisscom AG, Class Registered Shares		475,568
	2,153	Swissquote Group Holding SA, Class Registered Shares		1,410,831
	4,362	Temenos AG, Class Registered Shares		388,051
	81,846	UBS Group AG, Class Registered Shares		3,309,491
	6,805	VAT Group AG(a)		2,221,786
	698	Ypsomed Holding AG, Class Registered Shares		342,174
	3,770	Zurich Insurance Group AG		2,754,880

		Total Switzerland		89,327,586


	Taiwan — 0.6%
	29,000	Taiwan Semiconductor Manufacturing Co., Ltd.		1,091,884
	26,700	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,164,229

		Total Taiwan		7,256,113


United Kingdom — 16.6%
	24,959	3i Group PLC		1,356,266
	6,701	Admiral Group PLC		328,483
	28,616	Anglo American PLC		880,562
	3,391	ARM Holdings PLC, ADR*		469,009
	11,036	Ashtead Group PLC		811,650
	8,690	Associated British Foods PLC		253,595
	114,357	AstraZeneca PLC		18,281,773

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

United Kingdom — 16.6% — (continued)
	22,761	Auto Trader Group PLC(a)	$	247,105
	77,999	Aviva PLC		687,415
	50,581	Babcock International Group PLC		694,313
	163,443	BAE Systems PLC		3,884,547
	79,665	Balfour Beatty PLC		639,407
	2,030,100	Barclays PLC		9,882,419
	103,154	Barratt Redrow PLC		501,729
	63,368	Beazley PLC		670,791
	38,949	Berkeley Group Holdings PLC		1,896,353
	1,350,567	BP PLC		7,926,103
	103,728	British American Tobacco PLC		5,883,729
	87,339	British Land Co. PLC (The), REIT		397,067
	153,536	BT Group PLC		449,325
	39,997	Bunzl PLC		1,353,406
	124,971	Centrica PLC		271,828
	5,836	Coca-Cola Europacific Partners PLC		518,587
	148,478	Compass Group PLC		5,048,095
	8,173	Computacenter PLC		254,129
	132,534	ConvaTec Group PLC(a)		423,656
	5,700	Cranswick PLC		392,888
	266,652	Currys PLC		404,907
	294,780	Diageo PLC		8,200,711
	54,996	Drax Group PLC		483,024
	41,352	easyJet PLC		274,049
	19,564	Endeavour Mining PLC		680,295
	46,850	Entain PLC		556,524
	402,926	GSK PLC		7,944,807
	652,896	Haleon PLC		3,210,262
	47,585	Halma PLC		2,115,728
	174,153	Harbour Energy PLC		536,589
	23,123	Hikma Pharmaceuticals PLC		558,281
	452,228	HSBC Holdings PLC		5,795,276
	16,412	ICG PLC		484,437
	13,786	IMI PLC		423,979
	20,055	Imperial Brands PLC		846,773
	38,993	Inchcape PLC		352,202
	14,706	Indivior PLC*		357,062
	33,720	Informa PLC		397,359
	3,788	InterContinental Hotels Group PLC		459,743
	31,896	International Consolidated Airlines Group SA		164,474
	4,193	Intertek Group PLC		265,987
	41,434	J Sainsbury PLC		167,747
	64,950	JD Sports Fashion PLC		84,219
	17,484	JET2 PLC		384,867
	569,111	Kingfisher PLC		1,979,095
	17,188	Land Securities Group PLC, REIT		128,643
	151,154	Legal & General Group PLC		505,470
	3,855,777	Lloyds Banking Group PLC		4,139,646
	22,442	London Stock Exchange Group PLC		2,781,477
	204,399	LondonMetric Property PLC, REIT		509,941
	55,092	M&G PLC		197,478
	53,416	Marks & Spencer Group PLC		249,335
	34,070	Melrose Industries PLC		270,907
	10,089	Mondi PLC		141,964
	666,998	National Grid PLC		9,380,814
	329,500	NatWest Group PLC		2,279,612

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units		Security	Value

United Kingdom — 16.6% — (continued)
	2,993	Next PLC	$	483,788
	18,301	Nomad Foods Ltd.		284,397
	55,594	OSB Group PLC		396,494
	15,717	Pearson PLC		228,728
	18,824	Phoenix Group Holdings PLC		173,425
	163,154	Reckitt Benckiser Group PLC		12,205,929
	169,606	RELX PLC		7,901,872
	64,583	Rentokil Initial PLC		319,625
	42,771	Rightmove PLC		429,823
	29,136	Rio Tinto PLC		1,820,363
	787,024	Rolls-Royce Holdings PLC		11,373,385
	275,137	Sage Group PLC (The)		4,040,913
	19,403	Schroders PLC		99,726
	348,724	Segro PLC, REIT		2,961,142
	7,093	Severn Trent PLC		247,860
	258,294	Shell PLC		9,524,209
	193,171	Smith & Nephew PLC		3,614,412
	32,308	Smiths Group PLC		1,029,450
	16,863	Softcat PLC		367,270
	1,975	Spirax Group PLC		194,838
	28,517	SSE PLC		666,629
	38,814	St. James's Place PLC		666,234
	183,995	Standard Chartered PLC		3,444,415
	172,040	Tesco PLC		983,367
	83,681	Trainline PLC*(a)		303,966
	210,310	Tritax Big Box REIT PLC		394,726
	107,920	Unilever PLC		6,792,383
	17,837	United Utilities Group PLC		277,159
	510,381	Vodafone Group PLC		610,498
	9,926	Weir Group PLC (The)		330,727
	196,632	WH Smith PLC		1,839,255
	29,312	Whitbread PLC		1,249,882
	15,902	Wise PLC, Class A Shares*		226,599
	28,652	WPP PLC		151,890

		Total United Kingdom		197,753,293


	United States — 0.8%
	13,256	Amrize Ltd.*		692,261
	258	Booking Holdings Inc.		1,444,555
	180,490	Carnival Corp.*		5,755,826
	12,310	Liberty Media Corp.-Liberty Formula One, Class C Shares*		1,229,769
	526,000	Nexteer Automotive Group Ltd.		461,283

		Total United States		9,583,694


	Uruguay — 0.0%@
	228	MercadoLibre Inc.*		563,823

		TOTAL COMMON STOCKS (Cost — $786,670,934)		1,164,883,784


PREFERRED STOCKS — 0.2%

Germany — 0.2%
	1,209	Bayerische Motoren Werke AG, Class Preferred Shares		115,919
	3,180	Dr ING hc F Porsche AG, Class Preferred Shares(a)		169,074
	4,164	Henkel AG & Co. KGaA, Class Preferred Shares		351,439
	4,147	Porsche Automobil Holding SE, Class Preferred Shares		176,820
	710	Sartorius AG, Class Preferred Shares		165,001

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

Shares/Units			Security	Value

Germany — 0.2% — (continued)
	5,246		Volkswagen AG, Class Preferred Shares	$	610,982

			TOTAL PREFERRED STOCKS (Cost — $1,668,064)		1,589,235


	OPEN END MUTUAL FUND SECURITY — 0.1%

	United States — 0.1%
	22,380		Vanguard FTSE Developed Markets ETF, Common Class Shares (Cost — $1,017,246)		1,313,930


	RIGHT — 0.0%@

	Italy — 0.0%@
	257,419		Telecom Italia SpA expires 9/12/25*(b)(c) (Cost — $0)		3

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $789,356,244)		1,167,786,952


Face Amount†

	SHORT-TERM INVESTMENTS — 1.5%

	TIME DEPOSITS — 1.5%
	52,581	^AUD	ANZ National Bank — Hong Kong, 2.270% due 9/1/25		34,422
$	2,696,631		ANZ National Bank — London, 3.680% due 9/2/25		2,696,631
			BBH — New York:
	496,087	^CHF	(0.370)% due 9/1/25		620,031
	689,827	^DKK	0.650% due 9/1/25		108,113
	623,941	^SEK	0.820% due 9/1/25		65,937
	2,422	^CAD	1.590% due 9/2/25		1,764
	16,393	^NZD	1.700% due 9/1/25		9,672
	72,466	^GBP	2.920% due 9/1/25		97,945
	857,262	^NOK	2.980% due 9/1/25		85,281
	1,465	^ZAR	4.980% due 9/1/25		83
	1,076,244	^EUR	Citibank — London, 0.870% due 9/1/25		1,259,152
	10,070,048		Citibank — New York, 3.680% due 9/2/25		10,070,048
	1,082,515	^HKD	HSBC Bank — Hong Kong, 2.020% due 9/1/25		138,864
	435,150	^SGD	HSBC Bank — Singapore, 0.230% due 9/1/25		339,166
	2,139,476		JPMorgan Chase & Co. — New York, 3.680% due 9/2/25		2,139,476
	257,187		Royal Bank of Canada — Toronto, 3.680% due 9/2/25		257,187
	19,657,055	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, 0.120% due 9/1/25		133,776

			TOTAL SHORT-TERM INVESTMENTS (Cost — $18,057,548)		18,057,548

			TOTAL INVESTMENTS — 99.3% (Cost — $807,413,792)		1,185,844,500

			Other Assets in Excess of Liabilities — 0.7%		8,557,138

			TOTAL NET ASSETS — 100.0%	$	1,194,401,638

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

Restricted security that may be sold to “qualified institutional buyers” pursuant to the conditions of Rule 144A under the Securities Act of 1933, as amended. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees, unless otherwise noted. The aggregate value of restricted 144A holdings at August 31, 2025, amounts to $14,091,548 and represents 1.2% of net assets.

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

(c)	Illiquid security.

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

At August 31, 2025, for International Equity Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

International Equity Fund

858,840,436

427,090,284

(99,465,885)

327,624,399


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^
Financials	18.9	%
Industrials	18.4
Health Care	12.9
Information Technology	11.8
Consumer Discretionary	11.1
Consumer Staples	7.5
Materials	6.0
Communication Services	4.4
Utilities	2.8
Energy	2.7
Real Estate	2.0
Short-Term Investments	1.5

Total Investments	100.0	%

^	As a percentage of total investments.

At August 31, 2025, International Equity Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro STOXX 50 Futures		17		9/25	$	1,067,586	$	1,066,456	$	(1,130)
FTSE 100 Index Futures		3		9/25		361,776		373,792		12,016
SPI 200 Index Futures		2		9/25		284,085		292,530		8,445
TOPIX Index Futures		1		9/25		189,816		209,099		19,283

									$	38,614

See Notes to Financial Statements.



Schedules of Investments


(continued)


International Equity Fund

At August 31, 2025, International Equity Fund had deposited cash of $133,182 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	COMMON STOCKS — 97.0%

Argentina — 0.1%
	11,000	Grupo Financiero Galicia SA, ADR*	$	432,080


Australia — 0.0%@
	128,000	MMG Ltd.*		84,621


Brazil — 4.6%
	145,586	Ambev SA		331,640
	868,160	B3 SA — Brasil Bolsa Balcao		2,078,524
	42,982	Banco Bradesco SA		114,481
	37,550	Banco BTG Pactual SA		310,706
	445,408	Banco do Brasil SA		1,757,314
	284,682	BB Seguridade Participacoes SA		1,723,372
	15,753	BRF SA		59,944
	15,025	Caixa Seguridade Participacoes SA		39,076
	35,249	Centrais Eletricas Brasileiras SA		292,707
	14,731	Cia de Saneamento Basico do Estado de Sao Paulo SABESP		332,823
	7,096	CPFL Energia SA		51,530
	20,881	Embraer SA		293,486
	8,764	Energisa SA		78,903
	32,080	Eneva SA*		89,409
	108,078	Engie Brasil Energia SA		796,207
	33,487	Equatorial Energia SA		225,882
	157,205	Inter & Co., Inc., Class A Shares		1,350,391
	10,747	JBS NV*		172,967
	1,869	JBS NV, Class A Shares*		30,296
	550,000	JSL SA		576,224
	29,631	Klabin SA		101,165
	333,183	Localiza Rent a Car SA		2,202,578
	383,616	Motiva Infraestrutura de Mobilidade SA		1,018,919
	142,482	NU Holdings Ltd., Class A Shares*		2,108,734
	114,570	Petroleo Brasileiro SA — Petrobras		713,223
	88,012	Petroleo Brasileiro SA — Petrobras, ADR		1,091,349
	146,161	PRIO SA*		1,020,957
	39,751	Raia Drogasil SA		128,678
	350,517	Rede D'Or Sao Luiz SA(a)		2,544,748
	40,743	Rumo SA		109,344
	195,596	Smartfit Escola de Ginastica e Danca SA		880,660
	97,425	Suzano SA		942,533
	23,500	TIM SA		98,612
	17,165	TOTVS SA		136,459
	21,149	Ultrapar Participações SA		76,693
	111,801	Vale SA		1,145,746
	110,105	Vale SA, Class B Shares, ADR		1,131,879
	343,535	Vibra Energia SA		1,523,302
	352,493	WEG SA		2,448,563
	13,807	XP Inc., Class A Shares		250,459

		Total Brazil		30,380,483


	Chile — 0.5%
	80,068	Antofagasta PLC		2,320,126
	1,266,261	Banco de Chile		181,484
	2,818	Banco de Credito e Inversiones SA		113,991
	2,141,522	Banco Santander Chile		128,718
	25,605	Cencosud SA		81,159
	32,401	Empresas CMPC SA		50,816
	9,413	Empresas COPEC SA		70,113

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

Chile — 0.5% — (continued)
	741,374	Enel Americas SA	$	77,080
	917,604	Enel Chile SA		64,361
	23,830	Falabella SA		135,664
	6,671,962	Latam Airlines Group SA		168,002

		Total Chile		3,391,514


	China — 22.2%
	9,300	360 Security Technology Inc., Class A Shares		15,132
	3,900	37 Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		10,761
	55,500	3SBio Inc.*(a)		206,859
	24,000	AAC Technologies Holdings Inc.		132,779
	3,600	Accelink Technologies Co., Ltd., Class A Shares		34,618
	794	Advanced Micro-Fabrication Equipment Inc., Class A Shares		23,860
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		17,035
	154,700	Agricultural Bank of China Ltd., Class A Shares		152,492
	852,000	Agricultural Bank of China Ltd., Class H Shares(b)		573,919
	11,877	Aier Eye Hospital Group Co., Ltd., Class A Shares		22,307
	13,600	Air China Ltd., Class A Shares*		14,442
	18,000	Akeso Inc.*(a)		358,968
	31,400	Aluminum Corp. of China Ltd., Class A Shares		34,485
	146,000	Aluminum Corp. of China Ltd., Class H Shares(b)		129,625
	351	Amlogic Shanghai Co., Ltd., Class A Shares*		4,921
	2,500	Angel Yeast Co., Ltd., Class A Shares		13,900
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		20,862
	390,837	Anhui Conch Cement Co., Ltd., Class H Shares(b)		1,226,824
	1,000	Anhui Gujing Distillery Co., Ltd., Class A Shares		24,033
	3,700	Anhui Gujing Distillery Co., Ltd., Class B Shares		52,780
	3,500	Anhui Jianghuai Automobile Group Corp., Ltd., Class A Shares*		26,749
	1,900	Anker Innovations Technology Co., Ltd., Class A Shares		37,211
	95,800	ANTA Sports Products Ltd.		1,174,665
	1,759	Autohome Inc., ADR		50,800
	3,600	Avary Holding Shenzhen Co., Ltd., Class A Shares		30,130
	44,000	AviChina Industry & Technology Co., Ltd., Class H Shares(b)		24,940
	2,200	AVICOPTER PLC, Class A Shares		12,492
	16,800	BAIC BluePark New Energy Technology Co., Ltd., Class A Shares*		20,813
	68,518	Baidu Inc., Class A Shares*		811,579
	47,000	Bank of Beijing Co., Ltd., Class A Shares		39,596
	16,600	Bank of Changsha Co., Ltd., Class A Shares		22,397
	4,000	Bank of Chengdu Co., Ltd., Class A Shares		10,370
	54,930	Bank of China Ltd., Class A Shares		42,586
	2,188,000	Bank of China Ltd., Class H Shares(b)		1,194,743
	72,500	Bank of Communications Co., Ltd., Class A Shares		73,995
	259,000	Bank of Communications Co., Ltd., Class H Shares(b)		223,619
	14,800	Bank of Hangzhou Co., Ltd., Class A Shares		32,983
	35,590	Bank of Jiangsu Co., Ltd., Class A Shares		54,125
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		25,923
	14,790	Bank of Ningbo Co., Ltd., Class A Shares		58,584
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		39,700
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		29,360
	1,300	Beijing Compass Technology Development Co., Ltd., Class A Shares*		27,605
	9,900	Beijing Enlight Media Co., Ltd., Class A Shares		27,509
	1,303	Beijing Kingsoft Office Software Inc., Class A Shares		61,116
	2,000	Beijing New Building Materials PLC, Class A Shares		7,500
	760	Beijing Roborock Technology Co., Ltd., Class A Shares		22,869
	5,880	Beijing Tiantan Biological Products Corp., Ltd., Class A Shares		16,567
	2,600	Beijing Tong Ren Tang Co., Ltd., Class A Shares		13,021

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	4,318	Beijing Wantai Biological Pharmacy Enterprise Co., Ltd., Class A Shares*	$	35,608
	79,200	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		59,371
	7,647	Bilibili Inc., Class Z Shares*		178,602
	68,500	BOE Technology Group Co., Ltd., Class A Shares		40,639
	9,900	BYD Co., Ltd., Class A Shares		159,183
	367,000	BYD Co., Ltd., Class H Shares(b)		5,335,977
	22,500	BYD Electronic International Co., Ltd.		118,463
	907	Cambricon Technologies Corp., Ltd., Class A Shares*		189,914
	32,800	CGN Power Co., Ltd., Class A Shares		17,680
	318,000	CGN Power Co., Ltd., Class H Shares(a)(b)		119,847
	2,400	Changchun High-Tech Industry Group Co., Ltd., Class A Shares		34,709
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		24,295
	6,800	Chifeng Jilong Gold Mining Co., Ltd., Class A Shares		25,077
	267,000	China CITIC Bank Corp., Ltd., Class H Shares(b)		238,405
	61,000	China Coal Energy Co., Ltd., Class H Shares(b)		74,021
	54,000	China Communications Services Corp., Ltd., Class H Shares(b)		32,051
	21,100	China Construction Bank Corp., Class A Shares		26,669
	5,424,224	China Construction Bank Corp., Class H Shares(b)		5,201,771
	9,900	China CSSC Holdings Ltd., Class A Shares(c)		51,937
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		15,586
	47,400	China Energy Engineering Corp., Ltd., Class A Shares		16,337
	91,612	China Everbright Bank Co., Ltd., Class A Shares		48,603
	114,000	China Everbright Bank Co., Ltd., Class H Shares(b)		51,169
	127,000	China Feihe Ltd.(a)		71,355
	12,000	China Galaxy Securities Co., Ltd., Class A Shares		31,114
	124,500	China Galaxy Securities Co., Ltd., Class H Shares(b)		176,421
	10,800	China Greatwall Technology Group Co., Ltd., Class A Shares*		27,230
	85,000	China Hongqiao Group Ltd.		275,379
	5,400	China International Capital Corp., Ltd., Class A Shares		29,195
	46,400	China International Capital Corp., Ltd., Class H Shares(a)(b)		125,733
	7,200	China Jushi Co., Ltd., Class A Shares		15,758
	5,300	China Life Insurance Co., Ltd., Class A Shares		31,285
	229,000	China Life Insurance Co., Ltd., Class H Shares(b)		704,247
	16,200	China Literature Ltd.*(a)		84,164
	111,000	China Longyuan Power Group Corp., Ltd., Class H Shares(b)		95,635
	101,000	China Mengniu Dairy Co., Ltd.		196,021
	39,900	China Merchants Bank Co., Ltd., Class A Shares		240,474
	1,065,391	China Merchants Bank Co., Ltd., Class H Shares(b)		6,553,575
	17,000	China Merchants Energy Shipping Co., Ltd., Class A Shares		15,483
	13,200	China Merchants Expressway Network & Technology Holdings Co., Ltd., Class A Shares		19,281
	9,230	China Merchants Securities Co., Ltd., Class A Shares		24,570
	6,520	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		8,373
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		36,109
	216,700	China Minsheng Banking Corp., Ltd., Class H Shares(b)		123,438
	152,000	China National Building Material Co., Ltd., Class H Shares(b)		109,891
	19,300	China National Chemical Engineering Co., Ltd., Class A Shares		21,295
	34,000	China National Nuclear Power Co., Ltd., Class A Shares		42,522
	2,470	China National Software & Service Co., Ltd., Class A Shares*		18,624
	5,200	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares		41,691
	44,000	China Oilfield Services Ltd., Class H Shares(b)		39,886
	12,500	China Pacific Insurance Group Co., Ltd., Class A Shares		70,668
	84,200	China Pacific Insurance Group Co., Ltd., Class H Shares(b)		382,289
	43,800	China Petroleum & Chemical Corp., Class A Shares		35,119
	762,000	China Petroleum & Chemical Corp., Class H Shares(b)		420,961
	27,800	China Railway Group Ltd., Class A Shares		22,160
	138,000	China Railway Group Ltd., Class H Shares(b)		69,855

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	22,980	China Railway Signal & Communication Corp., Ltd., Class A Shares	$	17,991
	4,498	China Resources Microelectronics Ltd., Class A Shares		33,057
	165,800	China Resources Mixc Lifestyle Services Ltd.(a)		820,248
	44,500	China Resources Pharmaceutical Group Ltd.(a)		27,828
	4,836	China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A Shares		20,673
	13,299	China Shenhua Energy Co., Ltd., Class A Shares(c)		69,967
	104,000	China Shenhua Energy Co., Ltd., Class H Shares(b)		464,975
	20,400	China Southern Airlines Co., Ltd., Class A Shares*		17,327
	90,040	China State Construction Engineering Corp., Ltd., Class A Shares		70,689
	41,600	China Three Gorges Renewables Group Co., Ltd., Class A Shares		24,820
	5,735	China Tourism Group Duty Free Corp., Ltd., Class A Shares		55,766
	143,600	China Tower Corp., Ltd., Class H Shares(a)(b)		216,184
	74,800	China United Network Communications Ltd., Class A Shares		59,798
	15,600	China Vanke Co., Ltd., Class A Shares*		14,864
	43,500	China Vanke Co., Ltd., Class H Shares*(b)		29,456
	41,900	China Yangtze Power Co., Ltd., Class A Shares		165,238
	52,390	China Zheshang Bank Co., Ltd., Class A Shares		23,821
	16,182	Chongqing Changan Automobile Co., Ltd., Class A Shares		28,538
	28,000	Chongqing Rural Commercial Bank Co., Ltd., Class A Shares		24,733
	70,000	Chongqing Rural Commercial Bank Co., Ltd., Class H Shares(b)		51,731
	3,000	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		9,455
	120,000	CITIC Ltd.		171,047
	22,565	CITIC Securities Co., Ltd., Class A Shares		99,636
	47,925	CITIC Securities Co., Ltd., Class H Shares(b)		174,289
	26,600	CMOC Group Ltd., Class A Shares		46,324
	123,000	CMOC Group Ltd., Class H Shares(b)		186,239
	1,820	CNGR Advanced Material Co., Ltd., Class A Shares		9,539
	16,100	CNPC Capital Co., Ltd., Class A Shares		28,654
	89,680	Contemporary Amperex Technology Co., Ltd., Class A Shares		3,846,426
	2,600	Contemporary Amperex Technology Co., Ltd., Class H Shares(b)		141,164
	5,300	COSCO Shipping Energy Transportation Co., Ltd., Class A Shares		7,695
	20,320	COSCO SHIPPING Holdings Co., Ltd., Class A Shares		43,485
	80,750	COSCO SHIPPING Holdings Co., Ltd., Class H Shares(b)		140,315
	51,400	CRRC Corp., Ltd., Class A Shares		55,311
	150,000	CRRC Corp., Ltd., Class H Shares(b)		120,527
	8,700	CSC Financial Co., Ltd., Class A Shares		34,739
	2,880	CSPC Innovation Pharmaceutical Co., Ltd., Class A Shares		21,630
	255,120	CSPC Pharmaceutical Group Ltd.		327,340
	49,700	Daqin Railway Co., Ltd., Class A Shares		44,031
	342,200	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		810,389
	2,100	Dong-E-E-Jiao Co., Ltd., Class A Shares		15,292
	600	Dongfang Electric Corp., Ltd., Class A Shares		1,666
	27,025	East Money Information Co., Ltd., Class A Shares		109,532
	33,480	Eastroc Beverage Group Co., Ltd., Class A Shares		1,451,446
	900	Ecovacs Robotics Co., Ltd., Class A Shares		12,219
	1,300	Empyrean Technology Co., Ltd., Class A Shares		22,324
	23,900	ENN Energy Holdings Ltd.		190,820
	377,843	ENN Natural Gas Co., Ltd., Class A Shares		997,168
	2,800	Eoptolink Technology Inc. Ltd., Class A Shares		138,795
	2,581	Eve Energy Co., Ltd., Class A Shares		20,669
	7,300	Everbright Securities Co., Ltd., Class A Shares		20,529
	4,000	Flat Glass Group Co., Ltd., Class A Shares		9,962
	20,800	Focus Media Information Technology Co., Ltd., Class A Shares		24,297
	9,186	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		53,450
	99,000	Fosun International Ltd.		67,214
	17,700	Founder Securities Co., Ltd., Class A Shares		21,453

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	25,800	Foxconn Industrial Internet Co., Ltd., Class A Shares	$	193,881
	150,000	Full Truck Alliance Co., Ltd., ADR		1,957,500
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		37,821
	20,800	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(b)		183,080
	3,220	Ganfeng Lithium Group Co., Ltd., Class A Shares		18,037
	21,800	GD Power Development Co., Ltd., Class A Shares		14,658
	32,200	GDS Holdings Ltd., Class A Shares*		139,332
	15,100	GEM Co., Ltd., Class A Shares		15,761
	42,000	Genscript Biotech Corp.*		91,972
	9,000	GF Securities Co., Ltd., Class A Shares		27,613
	10,400	Giant Biogene Holding Co., Ltd.(a)		71,963
	924	Gigadevice Semiconductor Inc., Class A Shares		20,596
	4,300	GoerTek Inc., Class A Shares		22,053
	2,700	Goldwind Science & Technology Co., Ltd., Class A Shares		4,326
	2,233	Goneo Group Co., Ltd., Class A Shares		14,775
	2,000	Gotion High-tech Co., Ltd., Class A Shares		10,293
	4,100	Great Wall Motor Co., Ltd., Class A Shares		14,862
	68,500	Great Wall Motor Co., Ltd., Class H Shares(b)		163,150
	7,800	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		46,610
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		19,012
	7,700	Guanghui Energy Co., Ltd., Class A Shares		5,730
	15,100	Guangzhou Automobile Group Co., Ltd., Class A Shares		16,619
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		9,686
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		16,196
	3,220	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		9,716
	3,800	Guolian Minsheng Securities Co., Ltd., Class A Shares		6,522
	9,400	Guosen Securities Co., Ltd., Class A Shares		19,574
	30,178	Guotai Haitong Securities Co., Ltd., Class A Shares		89,156
	60,864	Guotai Haitong Securities Co., Ltd., Class H Shares(a)(b)		127,193
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		7,648
	17,542	H World Group Ltd., ADR		646,423
	58,000	Haidilao International Holding Ltd.(a)		102,170
	13,300	Haier Smart Home Co., Ltd., Class A Shares		48,959
	76,800	Haier Smart Home Co., Ltd., Class H Shares(b)		259,734
	70,600	Hainan Airlines Holding Co., Ltd., Class A Shares*		15,717
	29,200	Hainan Airport Infrastructure Co., Ltd., Class A Shares		16,047
	16,000	Haitian International Holdings Ltd.		45,063
	4,939	Hangzhou First Applied Material Co., Ltd., Class A Shares		10,402
	2,700	Hangzhou Silan Microelectronics Co., Ltd., Class A Shares		12,295
	400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		3,555
	38,000	Hansoh Pharmaceutical Group Co., Ltd.(a)		174,538
	1,600	Henan Shenhuo Coal Industry & Electricity Power Co., Ltd., Class A Shares		4,349
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		18,773
	256,000	Hengan International Group Co., Ltd.		814,168
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares		26,644
	8,200	Hengtong Optic-electric Co., Ltd., Class A Shares		23,549
	1,399	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		81,024
	14,100	HLA Group Corp., Ltd., Class A Shares		13,780
	104,400	Horizon Robotics, Class B Shares*		128,133
	900	Hoshine Silicon Industry Co., Ltd., Class A Shares		6,646
	21,000	Hua Hong Semiconductor Ltd., Class H Shares*(a)		144,638
	18,400	Huadian Power International Corp., Ltd., Class A Shares		13,698
	1,694	Huadong Medicine Co., Ltd., Class A Shares		10,519
	15,100	Huafon Chemical Co., Ltd., Class A Shares		17,031
	3,500	Huagong Tech Co., Ltd., Class A Shares		33,513
	7,500	Huaibei Mining Holdings Co., Ltd., Class A Shares		13,129

See Notes to Financial Statements.



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	2,260	Hualan Biological Engineering Inc., Class A Shares	$	5,425
	22,500	Huaneng Power International Inc., Class A Shares		23,315
	114,000	Huaneng Power International Inc., Class H Shares(b)		81,722
	2,600	Huaqin Technology Co., Ltd., Class A Shares		35,704
	16,000	Huatai Securities Co., Ltd., Class A Shares		48,619
	35,800	Huatai Securitiies Co., Ltd., Class H Shares(a)(b)		90,468
	30,500	Huaxia Bank Co., Ltd., Class A Shares		32,395
	289,199	Huayu Automotive Systems Co., Ltd., Class A Shares		776,406
	1,000	Huizhou Desay Sv Automotive Co., Ltd., Class A Shares		17,825
	3,200	Humanwell Healthcare Group Co., Ltd., Class A Shares		9,171
	3,785	Hundsun Technologies Inc., Class A Shares		19,892
	4,476	Hygon Information Technology Co., Ltd., Class A Shares		122,189
	4,600	IEIT Systems Co., Ltd., Class A Shares		43,285
	8,100	Iflytek Co., Ltd., Class A Shares		60,630
	560	Imeik Technology Development Co., Ltd., Class A Shares		15,246
	111,300	Industrial & Commercial Bank of China Ltd., Class A Shares		116,135
	2,007,000	Industrial & Commercial Bank of China Ltd., Class H Shares(b)		1,480,662
	39,200	Industrial Bank Co., Ltd., Class A Shares		123,462
	19,760	Industrial Securities Co., Ltd., Class A Shares		18,971
	800	Ingenic Semiconductor Co., Ltd., Class A Shares		8,426
	62,900	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares		24,616
	7,700	Inner Mongolia Dian Tou Energy Corp., Ltd., Class A Shares		22,414
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		12,764
	13,600	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		54,574
	43,900	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		88,836
	45,000	Innovent Biologics Inc.*(a)		557,772
	2,200	Isoftstone Information Technology Group Co., Ltd., Class A Shares		18,478
	66,200	J&T Global Express Ltd.*		87,959
	4,116	JA Solar Technology Co., Ltd., Class A Shares*		7,297
	4,000	JCET Group Co., Ltd., Class A Shares		22,362
	31,900	JD Health International Inc.*(a)		256,456
	57,000	JD Logistics Inc.*(a)		93,645
	57,819	JD.com Inc., ADR		1,796,436
	93,206	JD.com Inc., Class A Shares		1,434,706
	7,400	Jiangsu Eastern Shenghong Co., Ltd., Class A Shares*		10,211
	46,000	Jiangsu Expressway Co., Ltd., Class H Shares(b)		54,321
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		24,533
	14,001	Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class A Shares		130,420
	3,000	Jiangsu King's Luck Brewery JSC Ltd., Class A Shares		18,250
	1,800	Jiangsu Yanghe Distillery Co., Ltd., Class A Shares		18,676
	3,200	Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A Shares		16,799
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		14,126
	5,300	Jiangxi Copper Co., Ltd., Class A Shares		20,822
	29,000	Jiangxi Copper Co., Ltd., Class H Shares(b)		84,804
	9,597	Jinko Solar Co., Ltd., Class A Shares*		7,624
	1,217	Kangmei Pharmaceutical Co., Ltd., Class A Shares*(d)#		2
	10,693	Kanzhun Ltd., ADR*		252,569
	84,000	KE Holdings Inc., ADR		1,476,720
	64,204	KE Holdings Inc., Class A Shares		377,404
	89,000	Kingdee International Software Group Co., Ltd.*		184,536
	27,800	Kingsoft Corp., Ltd.		121,109
	82,500	Kuaishou Technology, Class B Shares*(a)		791,590
	3,200	Kuang-Chi Technologies Co., Ltd., Class A Shares		24,350
	2,800	Kunlun Tech Co., Ltd., Class A Shares*		16,479
	2,388	Kweichow Moutai Co., Ltd., Class A Shares		496,345
	900	Laopu Gold Co., Ltd., Class H Shares(b)		82,066

See Notes to Financial Statements.

100



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	6,600	LB Group Co., Ltd., Class A Shares	$	17,215
	876,000	Lenovo Group Ltd.		1,233,526
	9,000	Lens Technology Co., Ltd., Class A Shares		39,137
	38,506	Li Auto Inc., Class A Shares*		450,463
	66,500	Li Ning Co., Ltd.		160,946
	14,500	Lingyi iTech Guangdong Co., Class A Shares		31,567
	51,500	Longfor Group Holdings Ltd.(a)		69,764
	9,072	LONGi Green Energy Technology Co., Ltd., Class A Shares*		21,823
	1,012	Loongson Technology Corp., Ltd., Class A Shares*		20,269
	16,738	Luxshare Precision Industry Co., Ltd., Class A Shares		107,632
	4,500	Luzhou Laojiao Co., Ltd., Class A Shares		86,630
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		12,423
	864	Maxscend Microelectronics Co., Ltd., Class A Shares		10,020
	11,300	Meihua Holdings Group Co., Ltd., Class A Shares		17,546
	105,500	Meitu Inc.*(a)		159,239
	344,543	Meituan, Class B Shares*(a)		4,576,313
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		17,640
	108,200	Midea Group Co., Ltd., Class A Shares		1,119,044
	12,100	Midea Group Co., Ltd., Class H Shares(b)		126,310
	12,516	MINISO Group Holding Ltd.		77,041
	54,000	MINISO Group Holding Ltd., ADR		1,341,900
	1,749	Montage Technology Co., Ltd., Class A Shares		30,145
	10,086	Muyuan Foods Co., Ltd., Class A Shares		77,841
	16,595	NARI Technology Co., Ltd., Class A Shares		50,676
	5,493	National Silicon Industry Group Co., Ltd., Class A Shares*		16,038
	1,680	NAURA Technology Group Co., Ltd., Class A Shares		87,841
	141,925	NetEase Inc.		3,880,481
	5,400	New China Life Insurance Co., Ltd., Class A Shares		51,648
	28,000	New China Life Insurance Co., Ltd., Class H Shares(b)		172,645
	6,400	New Hope Liuhe Co., Ltd., Class A Shares		8,890
	40,810	New Oriental Education & Technology Group Inc.		193,958
	3,400	Ninestar Corp., Class A Shares*		11,886
	3,488	Ningbo Deye Technology Co., Ltd., Class A Shares		31,775
	2,100	Ningbo Orient Wires & Cables Co., Ltd., Class A Shares		15,582
	4,500	Ningbo Sanxing Medical Electric Co., Ltd., Class A Shares		14,515
	4,160	Ningbo Tuopu Group Co., Ltd., Class A Shares		36,442
	10,200	Ningxia Baofeng Energy Group Co., Ltd., Class A Shares		24,861
	47,113	NIO Inc., Class A Shares*		301,342
	62,000	Nongfu Spring Co., Ltd., Class H Shares(a)(b)		395,516
	9,000	OFILM Group Co., Ltd., Class A Shares*		16,691
	3,220	OmniVision Integrated Circuits Group Inc., Class A Shares		64,651
	1,000	Oppein Home Group Inc., Class A Shares		7,766
	14,464	Orient Securities Co., Ltd., Class A Shares		23,334
	24,800	People's Insurance Co. Group of China Ltd. (The), Class A Shares		31,226
	282,000	People's Insurance Co. Group of China Ltd. (The), Class H Shares(b)		252,550
	21,700	PetroChina Co., Ltd., Class A Shares		26,579
	648,000	PetroChina Co., Ltd., Class H Shares(b)		623,838
	2,025	Pharmaron Beijing Co., Ltd., Class A Shares		8,565
	204,000	PICC Property & Casualty Co., Ltd., Class H Shares(b)		491,064
	602,580	Ping An Bank Co., Ltd., Class A Shares		1,019,422
	23,000	Ping An Insurance Group Co. of China Ltd., Class A Shares		193,187
	816,500	Ping An Insurance Group Co. of China Ltd., Class H Shares(b)		5,904,458
	850	Piotech Inc., Class A Shares		22,726
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		20,110
	16,600	Pop Mart International Group Ltd.(a)		684,122
	45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		38,427

See Notes to Financial Statements.

101



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	258,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(b)	$	179,116
	22,300	Power Construction Corp. of China Ltd., Class A Shares		18,585
	75,400	Proya Cosmetics Co., Ltd., Class A Shares		887,551
	3,759	Qfin Holdings Inc., ADR		109,462
	8,300	Qinghai Salt Lake Industry Co., Ltd., Class A Shares*		23,558
	4,000	Range Intelligent Computing Technology Group Co., Ltd., Class A Shares		32,946
	1,100	Rockchip Electronics Co., Ltd., Class A Shares		38,129
	11,850	Rongsheng Petrochemical Co., Ltd., Class A Shares		16,671
	11,800	SAIC Motor Corp., Ltd., Class A Shares		31,129
	9,500	Sailun Group Co., Ltd., Class A Shares		18,924
	6,100	Sanan Optoelectronics Co., Ltd., Class A Shares		12,966
	18,900	Sany Heavy Industry Co., Ltd., Class A Shares		55,868
	7,247	Satellite Chemical Co., Ltd., Class A Shares		20,361
	20,600	SDIC Capital Co., Ltd., Class A Shares		24,106
	14,700	SDIC Power Holdings Co., Ltd., Class A Shares		29,560
	2,700	Seres Group Co., Ltd., Class A Shares		51,909
	7,700	SF Holding Co., Ltd., Class A Shares		48,150
	1,267	SG Micro Corp., Class A Shares		13,811
	16,700	Shaanxi Coal Industry Co., Ltd., Class A Shares		47,787
	5,500	Shandong Gold Mining Co., Ltd., Class A Shares		25,965
	28,500	Shandong Gold Mining Co., Ltd., Class H Shares(a)(b)		108,303
	3,000	Shandong Himile Mechanical Science & Technology Co., Ltd., Class A Shares		25,266
	2,250	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		8,661
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		8,491
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		14,660
	62,400	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(b)		46,930
	1,987	Shanghai Baosight Software Co., Ltd., Class A Shares		7,052
	891	Shanghai BOCHU Electronic Technology Corp., Ltd., Class A Shares		19,147
	23,700	Shanghai Electric Group Co., Ltd., Class A Shares*		29,584
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		16,169
	2,000	Shanghai International Airport Co., Ltd., Class A Shares		9,072
	2,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		7,079
	56,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		107,611
	5,102	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		16,032
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		15,264
	19,600	Shanghai Rural Commercial Bank Co., Ltd., Class A Shares		23,940
	1,498	Shanghai United Imaging Healthcare Co., Ltd., Class A Shares		29,852
	7,100	Shanjin International Gold Co., Ltd., Class A Shares		19,596
	6,100	Shanxi Coking Coal Energy Group Co., Ltd., Class A Shares		6,047
	7,400	Shanxi Lu'an Environmental Energy Development Co., Ltd., Class A Shares		13,478
	2,140	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		60,807
	18,000	Shenergy Co., Ltd., Class A Shares		20,412
	4,400	Shengyi Technology Co., Ltd., Class A Shares		32,748
	1,638	Shennan Circuits Co., Ltd., Class A Shares		45,293
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		37,299
	309,800	Shenzhen Inovance Technology Co., Ltd., Class A Shares		3,259,893
	21,800	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		742,545
	1,900	Shenzhen New Industries Biomedical Engineering Co., Ltd., Class A Shares		16,627
	3,900	Shenzhen Salubris Pharmaceuticals Co., Ltd., Class A Shares		27,515
	1,359	Shenzhen Transsion Holdings Co., Ltd., Class A Shares		17,189
	24,200	Shenzhou International Group Holdings Ltd.		189,356
	609	Sichuan Biokin Pharmaceutical Co., Ltd., Class A Shares*		28,604
	12,000	Sichuan Chuantou Energy Co., Ltd., Class A Shares		25,078
	4,400	Sichuan Kelun Pharmaceutical Co., Ltd., Class A Shares		22,496
	1,500	Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd., Class H Shares*(b)		87,232
	17,860	Sichuan Road & Bridge Group Co., Ltd., Class A Shares		21,716

See Notes to Financial Statements.

102



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	119,800	Sieyuan Electric Co., Ltd., Class A Shares	$	1,473,613
	12,000	Silergy Corp.		120,401
	603,772	Sinopharm Group Co., Ltd., Class H Shares(b)		1,443,554
	27,000	Sinotruk Hong Kong Ltd.		78,427
	55,000	Smoore International Holdings Ltd.(a)		132,707
	2,000	Spring Airlines Co., Ltd., Class A Shares		15,002
	3,640	Sungrow Power Supply Co., Ltd., Class A Shares		50,842
	23,600	Sunny Optical Technology Group Co., Ltd.		249,305
	2,800	Sunwoda Electronic Co., Ltd., Class A Shares		9,620
	1,653	SUPCON Technology Co., Ltd., Class A Shares		12,052
	5,100	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares		47,148
	1,960	Suzhou TFC Optical Communication Co., Ltd., Class A Shares		54,332
	53,074	TAL Education Group, ADR*		563,646
	8,060	TBEA Co., Ltd., Class A Shares		16,046
	20,020	TCL Technology Group Corp., Class A Shares		13,030
	4,875	TCL Zhonghuan Renewable Energy Technology Co., Ltd., Class A Shares*		5,731
	478,531	Tencent Holdings Ltd.		37,004,172
	17,714	Tencent Music Entertainment Group, ADR		434,347
	4,300	Tianqi Lithium Corp., Class A Shares*		26,534
	782,000	Tingyi Cayman Islands Holding Corp.		1,104,817
	41,200	Tongcheng Travel Holdings Ltd.		115,993
	31,900	Tongling Nonferrous Metals Group Co., Ltd., Class A Shares		20,169
	10,300	Tongwei Co., Ltd., Class A Shares*		31,710
	25,000	TravelSky Technology Ltd., Class H Shares(b)		34,818
	6,575	Trina Solar Co., Ltd., Class A Shares*		15,272
	3,000	Tsingtao Brewery Co., Ltd., Class A Shares		29,254
	18,000	Tsingtao Brewery Co., Ltd., Class H Shares(b)		116,626
	979	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		11,199
	8,160	Unisplendour Corp., Ltd., Class A Shares		31,902
	1,418	Verisilicon Microelectronics Shanghai Co., Ltd., Class A Shares*(c)		30,289
	3,400	Victory Giant Technology Huizhou Co., Ltd., Class A Shares		126,394
	10,720	Vipshop Holdings Ltd., ADR		179,453
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		45,208
	12,400	Weichai Power Co., Ltd., Class A Shares		26,339
	685,200	Weichai Power Co., Ltd., Class H Shares(b)		1,427,819
	7,640	Wens Foodstuff Group Co., Ltd., Class A Shares		19,533
	8,300	Western Mining Co., Ltd., Class A Shares		21,781
	11,400	Western Securities Co., Ltd., Class A Shares		14,303
	2,442	Western Superconducting Technologies Co., Ltd., Class A Shares		21,447
	1,600	Wingtech Technology Co., Ltd., Class A Shares*		9,743
	2,038	Wuhan Guide Infrared Co., Ltd., Class A Shares*		3,591
	8,500	Wuliangye Yibin Co., Ltd., Class A Shares		154,490
	6,260	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		60,059
	6,764	WuXi AppTec Co., Ltd., Class A Shares		98,541
	8,748	WuXi AppTec Co., Ltd., Class H Shares(a)(b)		120,895
	107,500	Wuxi Biologics Cayman Inc.*(a)		453,769
	4,000	WuXi XDC Cayman Inc.*		28,689
	22,000	XCMG Construction Machinery Co., Ltd., Class A Shares		29,512
	700,200	Xiaomi Corp., Class B Shares*(a)		4,774,015
	2,778	Xinjiang Daqo New Energy Co., Ltd., Class A Shares*		12,567
	112,000	Xinyi Solar Holdings Ltd.		48,327
	39,022	XPeng Inc., Class A Shares*		412,408
	42,000	Yadea Group Holdings Ltd.(a)		72,865
	10,660	Yankuang Energy Group Co., Ltd., Class A Shares		19,387
	96,700	Yankuang Energy Group Co., Ltd., Class H Shares(b)		111,867
	3,700	Yantai Jereh Oilfield Services Group Co., Ltd., Class A Shares		24,628

See Notes to Financial Statements.

103



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

China — 22.2% — (continued)
	1,470	Yealink Network Technology Corp., Ltd., Class A Shares	$	7,786
	3,480	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		11,599
	5,300	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares		25,080
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares*		12,308
	8,200	YTO Express Group Co., Ltd., Class A Shares		19,500
	22,584	Yum China Holdings Inc.		1,009,956
	7,900	Yunnan Aluminium Co., Ltd., Class A Shares		21,560
	5,000	Yunnan Baiyao Group Co., Ltd., Class A Shares		40,423
	7,400	Yunnan Yuntianhua Co., Ltd., Class A Shares		28,263
	6,100	Yutong Bus Co., Ltd., Class A Shares		23,659
	4,000	Zangge Mining Co., Ltd., Class A Shares		30,272
	1,600	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		47,004
	59,000	Zhaojin Mining Industry Co., Ltd., Class H Shares(b)		185,528
	10,200	Zhejiang China Commodities City Group Co., Ltd., Class A Shares		32,211
	2,100	Zhejiang Chint Electrics Co., Ltd., Class A Shares		8,076
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		17,431
	61,680	Zhejiang Expressway Co., Ltd., Class H Shares(b)		54,275
	2,158	Zhejiang Huayou Cobalt Co., Ltd., Class A Shares		14,556
	1,900	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A Shares		8,036
	5,900	Zhejiang Juhua Co., Ltd., Class A Shares		32,138
	14,782	Zhejiang Leapmotor Technology Co., Ltd., Class H Shares*(a)(b)		121,860
	7,200	Zhejiang NHU Co., Ltd., Class A Shares		25,158
	5,500	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		24,731
	7,000	Zhejiang Wanfeng Auto Wheel Co., Ltd., Class A Shares		18,512
	23,800	Zhejiang Zheneng Electric Power Co., Ltd., Class A Shares		16,992
	7,900	Zheshang Securities Co., Ltd., Class A Shares		13,385
	1,820	Zhongji Innolight Co., Ltd., Class A Shares		89,710
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		26,266
	2,300	Zhongtai Securities Co., Ltd., Class A Shares		2,327
	7,397	Zhuzhou CRRC Times Electric Co., Ltd., Class A Shares		50,234
	11,200	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(b)		56,886
	33,400	Zijin Mining Group Co., Ltd., Class A Shares		108,419
	176,000	Zijin Mining Group Co., Ltd., Class H Shares(b)		575,226
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		13,613
	3,100	ZTE Corp., Class A Shares		19,768
	18,000	ZTE Corp., Class H Shares(b)		80,781
	12,405	ZTO Express Cayman Inc.		224,797

		Total China		145,233,848


	Colombia — 0.0%@
	6,956	Grupo Cibest SA		102,345
	12,422	Interconexion Electrica SA ESP		67,531

		Total Colombia		169,876


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


	Czech Republic — 0.1%
	4,157	CEZ AS		259,851
	2,012	Komercni Banka AS		98,234
	10,147	Moneta Money Bank AS(a)		74,349

		Total Czech Republic		432,434


	Egypt — 0.3%
	55,480	Commercial International Bank — Egypt (CIB)		110,949
	819,550	Commercial International Bank — Egypt (CIB), Class Registered Shares, GDR		1,589,951
	30,598	Eastern Co. SAE		24,380

		Total Egypt		1,725,280

See Notes to Financial Statements.

104



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Greece — 0.9%
	75,290	Alpha Bank SA	$	295,495
	391,242	Eurobank Ergasias Services & Holdings SA		1,426,222
	1,594	FF Group*(d)#		—
	5,468	Hellenic Telecommunications Organization SA		101,476
	3,520	JUMBO SA		124,987
	125,902	National Bank of Greece SA		1,728,228
	33,688	OPAP SA		755,214
	202,101	Piraeus Financial Holdings SA*		1,548,460
	5,371	Public Power Corp. SA		89,711

		Total Greece		6,069,793


	Hong Kong — 4.5%
	273,400	AIA Group Ltd.		2,587,187
	798,776	Alibaba Group Holding Ltd.		13,366,979
	52,315	Alibaba Group Holding Ltd., ADR		7,062,525
	164,000	Alibaba Health Information Technology Ltd.*		114,163
	17,500	Beijing Enterprises Holdings Ltd.		72,623
	158,000	Beijing Enterprises Water Group Ltd.		52,617
	158,000	Bosideng International Holdings Ltd.		90,919
	28,000	C&D International Investment Group Ltd.		66,519
	92,800	China Gas Holdings Ltd.		92,631
	617,000	China Medical System Holdings Ltd.		1,034,136
	43,538	China Merchants Port Holdings Co., Ltd.		83,608
	110,500	China Overseas Land & Investment Ltd.		196,329
	131,000	China Power International Development Ltd.		52,560
	54,500	China Resources Beer Holdings Co., Ltd.		194,836
	27,600	China Resources Gas Group Ltd.		70,905
	98,500	China Resources Land Ltd.		384,363
	64,000	China Resources Power Holdings Co., Ltd.		147,201
	308,000	China Ruyi Holdings Ltd.*		113,625
	58,000	China State Construction International Holdings Ltd.		79,417
	52,400	China Taiping Insurance Holdings Co., Ltd.		108,776
	68,200	Chow Tai Fook Jewellery Group Ltd.		127,298
	50,000	Far East Horizon Ltd.		47,717
	180,000	Galaxy Entertainment Group Ltd.		940,765
	707,000	GCL Technology Holdings Ltd.*		112,712
	187,000	Geely Automobile Holdings Ltd.		466,751
	96,000	Guangdong Investment Ltd.		89,933
	116,000	Kunlun Energy Co., Ltd.		107,771
	2,700	NetEase Cloud Music Inc.*(a)		95,833
	5,000	Orient Overseas International Ltd.		87,370
	297,750	Sino Biopharmaceutical Ltd.		309,549
	1,495,000	Want Want China Holdings Ltd.		1,034,032

		Total Hong Kong		29,391,650


	Hungary — 0.8%
	125,718	MOL Hungarian Oil & Gas PLC		1,081,243
	48,410	OTP Bank Nyrt		4,219,214
	4,894	Richter Gedeon Nyrt		148,345

		Total Hungary		5,448,802


	India — 16.0%
	1,569	ABB India Ltd.		88,970
	4,372	Adani Enterprises Ltd.		111,318
	16,627	Adani Ports & Special Economic Zone Ltd.		247,547
	19,316	Adani Power Ltd.*		131,283
	405,000	Aditya Birla Capital Ltd.*		1,277,112

See Notes to Financial Statements.

105



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 16.0% — (continued)
	1,166	Alkem Laboratories Ltd.	$	70,102
	18,959	Ambuja Cements Ltd.		121,118
	6,170	APL Apollo Tubes Ltd.		111,980
	52,719	Apollo Hospitals Enterprise Ltd.		4,550,548
	97,870	Ashok Leyland Ltd.		140,929
	11,889	Asian Paints Ltd.		339,665
	3,407	Astral Ltd.		52,544
	10,537	AU Small Finance Bank Ltd.(a)		85,825
	7,814	Aurobindo Pharma Ltd.		91,024
	5,094	Avenue Supermarts Ltd.*(a)		274,609
	127,490	Axis Bank Ltd.		1,511,531
	2,130	Bajaj Auto Ltd.		208,512
	85,880	Bajaj Finance Ltd.		856,087
	12,041	Bajaj Finserv Ltd.		261,663
	806	Bajaj Holdings & Investment Ltd.		116,486
	2,232	Balkrishna Industries Ltd.		57,953
	28,101	Bank of Baroda		74,173
	112,530	Bharat Electronics Ltd.		471,326
	8,960	Bharat Forge Ltd.		112,429
	34,919	Bharat Heavy Electricals Ltd.		82,370
	48,812	Bharat Petroleum Corp., Ltd.		170,431
	79,003	Bharti Airtel Ltd.		1,692,137
	198	Bosch Ltd.		89,657
	3,526	Britannia Industries Ltd.		232,735
	3,360	BSE Ltd.		79,782
	47,609	Canara Bank		56,028
	18,240	CG Power & Industrial Solutions Ltd.		143,546
	84,701	Cholamandalam Investment & Finance Co., Ltd.		1,367,609
	17,406	Cipla Ltd.		313,846
	58,999	Coal India Ltd.		250,838
	4,130	Colgate-Palmolive India Ltd.		109,236
	11,071	Container Corp. Of India Ltd.		66,161
	4,058	Coromandel International Ltd.		106,585
	4,282	Cummins India Ltd.		186,142
	16,912	Dabur India Ltd.		99,972
	130,000	Delhivery Ltd.*		690,188
	3,468	Divi’s Laboratories Ltd.		241,254
	1,166	Dixon Technologies India Ltd.		220,469
	23,744	DLF Ltd.		199,638
	17,745	Dr Reddy's Laboratories Ltd.		252,757
	4,353	Eicher Motors Ltd.		301,353
	74,316	Eternal Ltd.*		264,592
	35,213	FSN E-Commerce Ventures Ltd.*		91,925
	73,376	GAIL India Ltd.		144,153
	94,009	GMR Airports Ltd.*		91,766
	12,040	Godrej Consumer Products Ltd.		169,700
	4,526	Godrej Properties Ltd.*		99,826
	8,058	Grasim Industries Ltd.		253,905
	7,976	Havells India Ltd.		138,033
	29,243	HCL Technologies Ltd.		482,106
	2,494	HDFC Asset Management Co., Ltd.(a)		154,559
	455,454	HDFC Bank Ltd.		4,913,402
	140,153	HDFC Bank Ltd., ADR		9,973,287
	27,988	HDFC Life Insurance Co., Ltd.(a)		245,138
	3,472	Hero MotoCorp Ltd.		201,192
	42,524	Hindalco Industries Ltd.		339,532

See Notes to Financial Statements.

106



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 16.0% — (continued)
	6,177	Hindustan Aeronautics Ltd.	$	303,581
	30,725	Hindustan Petroleum Corp., Ltd.		131,050
	25,320	Hindustan Unilever Ltd.		763,975
	412	Hitachi Energy India Ltd.		88,784
	4,546	Hyundai Motor India Ltd.		126,642
	162,288	ICICI Bank Ltd.		2,571,055
	202,725	ICICI Bank Ltd., ADR		6,434,491
	7,010	ICICI Lombard General Insurance Co., Ltd.(a)		146,489
	10,058	ICICI Prudential Life Insurance Co., Ltd.(a)		68,444
	119,973	IDFC First Bank Ltd.		92,560
	26,754	Indian Hotels Co., Ltd. (The), Class A Shares		230,008
	91,112	Indian Oil Corp., Ltd.		141,472
	7,982	Indian Railway Catering & Tourism Corp., Ltd.		62,605
	443,329	Indus Towers Ltd.*		1,713,414
	16,128	IndusInd Bank Ltd.*		134,999
	11,501	Info Edge India Ltd.		176,911
	102,300	Infosys Ltd.		1,716,268
	6,087	InterGlobe Aviation Ltd.(a)		389,726
	93,819	ITC Ltd.		435,827
	8,783	Jindal Stainless Ltd.		76,007
	13,506	Jindal Steel Ltd.		145,196
	462,232	Jio Financial Services Ltd.		1,632,825
	12,171	JSW Energy Ltd.		67,291
	19,467	JSW Steel Ltd.		226,746
	11,798	Jubilant Foodworks Ltd.		83,767
	11,490	Kalyan Jewellers India Ltd.*		65,547
	21,500	KEI Industries Ltd.		927,159
	155,166	Kotak Mahindra Bank Ltd.		3,450,422
	37,747	Larsen & Toubro Ltd.		1,543,109
	512,000	Lemon Tree Hotels Ltd.*(a)		960,946
	9,826	Lodha Developers Ltd.(a)		132,808
	2,225	LTIMindtree Ltd.(a)		129,410
	7,627	Lupin Ltd.		164,308
	120,386	Mahindra & Mahindra Ltd.		4,368,420
	11,851	MakeMyTrip Ltd.*		1,170,286
	3,608	Mankind Pharma Ltd.		101,164
	14,859	Marico Ltd.		122,340
	3,872	Maruti Suzuki India Ltd.		648,639
	24,037	Max Healthcare Institute Ltd.		315,452
	3,048	Mphasis Ltd.		96,140
	71	MRF Ltd.		113,427
	4,182	Muthoot Finance Ltd.		125,218
	21,354	Nestle India Ltd.		280,042
	103,946	NHPC Ltd.		91,008
	106,309	NMDC Ltd.		83,007
	134,348	NTPC Ltd.		499,174
	78,545	Oberoi Realty Ltd.		1,430,961
	101,874	Oil & Natural Gas Corp., Ltd.		270,347
	13,625	Oil India Ltd.		60,332
	553	Oracle Financial Services Software Ltd.		52,132
	185	Page Industries Ltd.		92,544
	10,276	PB Fintech Ltd.*		206,564
	3,171	Persistent Systems Ltd.		191,319
	23,014	Petronet LNG Ltd.		70,746
	111,085	Phoenix Mills Ltd. (The)*		1,895,030
	2,152	PI Industries Ltd.		90,191

See Notes to Financial Statements.

107



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

India — 16.0% — (continued)
	4,399	Pidilite Industries Ltd.	$	152,112
	1,802	Polycab India Ltd.		144,930
	47,872	Power Finance Corp., Ltd.		206,289
	143,178	Power Grid Corp. of India Ltd.		447,008
	6,043	Prestige Estates Projects Ltd.		107,125
	76,677	Punjab National Bank		87,792
	12,011	Rail Vikas Nigam Ltd.		41,209
	42,628	REC Ltd.		169,045
	677,128	Reliance Industries Ltd.		10,423,018
	154,138	Samvardhana Motherson International Ltd.		162,122
	10,224	SBI Cards & Payment Services Ltd.		93,243
	14,004	SBI Life Insurance Co., Ltd.(a)		286,827
	275	Shree Cement Ltd.		91,422
	45,684	Shriram Finance Ltd.		300,228
	2,571	Siemens Ltd.		89,297
	790	Solar Industries India Ltd.		123,588
	3,892	SRF Ltd.		125,911
	55,059	State Bank of India		501,144
	29,618	Sun Pharmaceutical Industries Ltd.		535,825
	2,112	Sundaram Finance Ltd.		107,633
	1,866	Supreme Industries Ltd.		94,885
	288,923	Suzlon Energy Ltd.*		184,902
	26,885	Swiggy Ltd.*		124,922
	3,941	Tata Communications Ltd.		69,253
	101,989	Tata Consultancy Services Ltd.		3,568,477
	18,832	Tata Consumer Products Ltd.		226,899
	1,210	Tata Elxsi Ltd.		71,826
	62,340	Tata Motors Ltd.		472,997
	49,837	Tata Power Co., Ltd. (The)		211,641
	223,618	Tata Steel Ltd.		391,757
	16,578	Tech Mahindra Ltd.		279,435
	114,753	Titan Co., Ltd.		4,712,888
	3,612	Torrent Pharmaceuticals Ltd.		146,026
	5,829	Torrent Power Ltd.		81,904
	5,738	Trent Ltd.		344,363
	3,306	Tube Investments of India Ltd.		111,051
	7,490	TVS Motor Co., Ltd.		278,311
	23,019	UltraTech Cement Ltd.		3,299,016
	51,638	Union Bank of India Ltd.		73,205
	9,159	United Spirits Ltd.		136,162
	156,978	UPL Ltd.		1,269,593
	42,592	Varun Beverages Ltd.		235,324
	41,844	Vedanta Ltd.		199,321
	64,656	Vishal Mega Mart Ltd.*		109,291
	683,511	Vodafone Idea Ltd.*		50,295
	7,259	Voltas Ltd.		113,122
	2,657	WAAREE Energies Ltd.*		102,436
	81,568	Wipro Ltd.		230,635
	394,970	Yes Bank Ltd.*		85,717
	7,268	Zydus Lifesciences Ltd.		81,052

		Total India		105,141,383


	Indonesia — 1.5%
	361,200	Amman Mineral Internasional PT*		171,909
	3,469,200	Astra International Tbk PT		1,154,624
	1,708,000	Bank Central Asia Tbk PT		836,022

See Notes to Financial Statements.

108



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Indonesia — 1.5% — (continued)
	4,551,348	Bank Mandiri Persero Tbk PT	$	1,303,712
	494,700	Bank Negara Indonesia Persero Tbk PT		131,555
	11,717,024	Bank Rakyat Indonesia Persero Tbk PT		2,873,882
	560,447	Barito Pacific Tbk PT*		74,062
	266,300	Chandra Asri Pacific Tbk PT		133,020
	243,100	Charoen Pokphand Indonesia Tbk PT		62,903
	14,800	Dian Swastatika Sentosa Tbk PT*		88,843
	27,884,300	GoTo Gojek Tokopedia Tbk PT, Class A Shares*		97,602
	74,900	Indofood CBP Sukses Makmur Tbk PT		40,660
	162,900	Indofood Sukses Makmur Tbk PT		73,622
	727,000	Kalbe Farma Tbk PT		53,394
	391,500	Petrindo Jaya Kreasi Tbk PT		36,630
	564,000	Sumber Alfaria Trijaya Tbk PT		75,158
	1,529,187	Telkom Indonesia Persero Tbk PT		289,192
	78,356	Telkom Indonesia Persero Tbk PT, ADR		1,519,323
	476,400	United Tractors Tbk PT		705,124

		Total Indonesia		9,721,237


	Ireland — 0.6%
	29,925	PDD Holdings Inc., ADR*		3,597,583


	Kazakhstan — 0.3%
	18,000	Kaspi.KZ JSC, ADR		1,691,280


	Kuwait — 0.3%
	45,974	Boubyan Bank KSCP		104,126
	51,115	Gulf Bank KSCP		57,023
	341,336	Kuwait Finance House KSCP		862,541
	31,451	Mabanee Co., KPSC		98,557
	62,567	Mobile Telecommunications Co., KSCP		104,809
	255,722	National Bank of Kuwait SAKP		855,810

		Total Kuwait		2,082,866


	Luxembourg — 0.2%
	7,411	Globant SA*		498,464
	4,054	Reinet Investments SCA		123,072
	21,284	Ternium SA, ADR		705,777
	8,392	Zabka Group SA*		50,205

		Total Luxembourg		1,377,518


	Malaysia — 0.5%
	66,500	AMMB Holdings Bhd		84,808
	59,300	Axiata Group Bhd		33,988
	114,300	CELCOMDIGI BHD		99,433
	248,107	CIMB Group Holdings Bhd		436,114
	135,700	Gamuda Bhd		178,395
	21,400	Hong Leong Bank Bhd		101,666
	64,800	IHH Healthcare Bhd		104,119
	87,500	IOI Corp. Bhd		79,741
	16,400	Kuala Lumpur Kepong Bhd		76,144
	168,609	Malayan Banking Bhd		394,849
	57,900	Maxis Bhd		48,024
	66,300	MISC Bhd		116,259
	103,300	MR DIY Group M Bhd(a)		36,165
	3,100	Nestle Malaysia Bhd		69,663
	72,100	Petronas Chemicals Group Bhd		73,867
	8,600	Petronas Dagangan Bhd		43,083
	23,900	Petronas Gas Bhd		105,402

See Notes to Financial Statements.

109



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Malaysia — 0.5% — (continued)
	115,400	Press Metal Aluminium Holdings Bhd	$	151,878
	448,200	Public Bank Bhd		453,066
	47,250	QL Resources Bhd		45,843
	55,600	RHB Bank Bhd		86,037
	56,800	SD Guthrie Bhd		67,890
	81,500	Sunway Bhd		94,859
	31,400	Telekom Malaysia Bhd		52,156
	81,000	Tenaga Nasional Bhd		252,892
	99,360	YTL Corp. Bhd		59,805
	73,560	YTL Power International Bhd		69,890

		Total Malaysia		3,416,036


	Mexico — 2.6%
	109,459	Alfa SAB de CV, Class A Shares		82,321
	67,295	America Movil SAB de CV, ADR		1,345,227
	588,900	America Movil SAB de CV, Series B		588,001
	16,111	Arca Continental SAB de CV		164,584
	24,500	BBB Foods Inc., Class A Shares*		659,050
	81,718	Cemex SAB de CV, ADR		742,817
	14,849	Coca-Cola Femsa SAB de CV		125,841
	94,286	Fibra Uno Administracion SA de CV, REIT		132,880
	53,713	Fomento Economico Mexicano SAB de CV		465,819
	5,792	Gruma SAB de CV, Class B Shares		99,548
	7,753	Grupo Aeroportuario del Centro Norte SAB de CV, Class B Shares		98,758
	5,393	Grupo Aeroportuario del Pacifico SAB de CV, ADR		1,299,713
	12,114	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares		290,162
	5,233	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		170,155
	34,834	Grupo Bimbo SAB de CV, Series A		108,373
	18,121	Grupo Carso SAB de CV, Series A1		120,460
	10,056	Grupo Comercial Chedraui SA de CV		80,961
	504,972	Grupo Financiero Banorte SAB de CV, Class O Shares		4,598,671
	55,152	Grupo Financiero Inbursa SAB de CV, Class O Shares		144,996
	235,090	Grupo México SAB de CV, Series B		1,541,745
	6,671	Industrias Peñoles SAB de CV*		216,448
	486,757	Kimberly-Clark de México SAB de CV, Class A Shares		916,230
	28,252	Prologis Property Mexico SA de CV, REIT		103,997
	5,386	Promotora y Operadora de Infraestructura SAB de CV		67,583
	5,595	Qualitas Controladora SAB de CV		50,413
	114,000	Regional SAB de CV		885,449
	711,956	Wal-Mart de Mexico SAB de CV		2,126,505

		Total Mexico		17,226,707


	Netherlands — 0.5%
	16,911	NEPI Rockcastle NV*		140,486
	48,000	Prosus NV*		2,960,051

		Total Netherlands		3,100,537


	Peru — 0.4%
	4,250	Cia de Minas Buenaventura SAA, ADR		81,345
	9,352	Credicorp Ltd.		2,405,334

		Total Peru		2,486,679


	Philippines — 0.6%
	7,250	Ayala Corp.		68,971
	939,160	Ayala Land Inc.		462,259
	62,306	Bank of the Philippine Islands		123,316
	77,190	BDO Unibank Inc.		182,524

See Notes to Financial Statements.

110



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Philippines — 0.6% — (continued)
	336,280	International Container Terminal Services Inc.	$	2,837,743
	14,290	Jollibee Foods Corp.		57,979
	9,080	Manila Electric Co.		84,976
	55,726	Metropolitan Bank & Trust Co.		68,237
	2,295	PLDT Inc.		46,662
	7,820	SM Investments Corp.		103,220
	322,400	SM Prime Holdings Inc.		130,147

		Total Philippines		4,166,034


	Poland — 1.4%
	19,525	Allegro.eu SA*(a)		196,011
	18,675	Bank Millennium SA*		72,335
	5,322	Bank Polska Kasa Opieki SA		267,096
	324	Budimex SA		47,358
	1,660	CCC SA*		76,029
	2,099	CD Projekt SA		145,060
	10,200	Diagnostyka SA		566,853
	143,840	Dino Polska SA*(a)		1,791,877
	77,500	InPost SA*		1,124,133
	4,925	KGHM Polska Miedz SA*		172,988
	37	LPP SA		175,150
	494	mBank SA*		119,043
	19,144	ORLEN SA		408,392
	32,962	PGE Polska Grupa Energetyczna SA*		102,733
	168,078	Powszechna Kasa Oszczednosci Bank Polski SA		3,267,997
	17,818	Powszechny Zaklad Ubezpieczen SA		296,113
	1,270	Santander Bank Polska SA		176,041

		Total Poland		9,005,209


	Qatar — 0.3%
	185,855	Al Rayan Bank		122,585
	58,133	Barwa Real Estate Co.		43,545
	109,122	Commercial Bank PSQC (The)		140,435
	50,646	Dukhan Bank		50,836
	44,158	Industries Qatar QSC		155,350
	113,710	Mesaieed Petrochemical Holding Co.		42,337
	27,407	Ooredoo QPSC		96,670
	14,392	Qatar Electricity & Water Co. QSC		62,282
	16,292	Qatar Fuel QSC		66,649
	82,215	Qatar Gas Transport Co., Ltd.		106,500
	35,539	Qatar International Islamic Bank QSC		109,930
	54,564	Qatar Islamic Bank QPSC		366,537
	142,190	Qatar National Bank QPSC		739,649

		Total Qatar		2,103,305


	Russia — 0.0%@
	64,081	Alrosa PJSC(d)#		641
	24,130	Mobile TeleSystems PJSC*(d)#		241
	135,663	Mobile TeleSystems PJSC, ADR*(d)#		1,357
	39,065	Moscow Exchange MICEX-RTS PJSC*(d)#		391
	1,593	Ozon Holdings PLC, ADR*(d)#		—
	19	PhosAgro PJSC, Class Registered Shares, GDR*(d)#		—
	8,690	Polyus PJSC*(d)#		87
	28,885	Rosneft Oil Co. PJSC*(d)#		289
	891,342	Sberbank of Russia PJSC, (Cost — $1,699,436, acquired 8/10/15)*(d)(e)#		8,914
	5,523	Severstal PAO(d)#		55
	88,972	United Co. RUSAL International PJSC*(d)#		11

See Notes to Financial Statements.

111



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Russia — 0.0%@ — (continued)
	2,330	VK IPJSC, GDR*(d)#	$	—
	12,017	VTB Bank PJSC*(d)#		2
	3,377	X5 Retail Group NV, Class Registered Shares, GDR*(d)#		—

		Total Russia		11,988


	Saudi Arabia — 2.8%
	4,812	ACWA Power Co.*		272,191
	8,788	Ades Holding Co.		34,947
	229,668	Al Rajhi Bank		5,770,075
	1,669	Al Rajhi Co. for Co.-operative Insurance*		52,035
	35,531	Alinma Bank		239,009
	16,061	Almarai Co. JSC		203,566
	29,885	Arab National Bank		186,953
	773	Arabian Internet & Communications Services Co.		49,510
	21,510	Bank AlBilad		150,068
	18,653	Bank Al-Jazira*		60,461
	36,408	Banque Saudi Fransi		157,246
	2,413	Bupa Arabia for Cooperative Insurance Co.		94,440
	2,530	Co. for Cooperative Insurance (The)		78,900
	891	Dallah Healthcare Co.		30,817
	15,526	Dar Al Arkan Real Estate Development Co.*		77,411
	36,693	Dr Sulaiman Al Habib Medical Services Group Co.		2,354,504
	700	Elm Co.		159,197
	110,168	Etihad Etisalat Co.		1,874,438
	17,803	Jabal Omar Development Co.*		90,730
	15,972	Jarir Marketing Co.		54,251
	3,017	Makkah Construction & Development Co.		60,351
	3,443	Mouwasat Medical Services Co.		66,609
	1,521	Nahdi Medical Co.		46,726
	46,515	Riyad Bank		321,398
	6,876	SABIC Agri-Nutrients Co.		221,685
	8,982	Sahara International Petrochemical Co.		48,228
	1,358	SAL Saudi Logistics Services		61,128
	40,979	Saudi Arabian Mining Co.*		569,350
	186,274	Saudi Arabian Oil Co.(a)		1,181,584
	1,248	Saudi Aramco Base Oil Co.		28,679
	29,646	Saudi Awwal Bank		238,023
	27,710	Saudi Basic Industries Corp.		449,120
	25,347	Saudi Electricity Co.		98,107
	18,780	Saudi Investment Bank (The)		67,942
	142,520	Saudi National Bank (The)		1,320,948
	874	Saudi Research & Media Group*		40,365
	1,501	Saudi Tadawul Group Holding Co.		68,318
	61,578	Saudi Telecom Co.		688,859
	36,000	United International Transportation Co.		663,941
	8,700	Yanbu National Petrochemical Co.		76,137

		Total Saudi Arabia		18,308,247


	Singapore — 0.8%
	84,300	ASMPT Ltd.		757,469
	8,100	BOC Aviation Ltd.(a)		72,294
	140,000	Grab Holdings Ltd., Class A Shares*		698,600
	19,114	Trip.com Group Ltd.		1,416,126
	34,248	Trip.com Group Ltd., ADR		2,525,790

		Total Singapore		5,470,279

See Notes to Financial Statements.

112



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Africa — 3.1%
	26,792	Absa Group Ltd.	$	287,140
	10,373	Bid Corp., Ltd.		271,399
	81,241	Bidvest Group Ltd.		1,094,100
	20,998	Capitec Bank Holdings Ltd.		4,254,584
	90,635	Clicks Group Ltd.		1,921,709
	17,443	Discovery Ltd.		214,701
	155,440	FirstRand Ltd.		655,822
	27,557	Gold Fields Ltd.		913,542
	16,967	Harmony Gold Mining Co., Ltd.		225,791
	29,625	Impala Platinum Holdings Ltd.*		267,806
	846,291	Life Healthcare Group Holdings Ltd.		653,501
	52,213	MTN Group Ltd.		443,818
	4,828	Naspers Ltd., Class N Shares		1,589,874
	106,303	Nedbank Group Ltd.		1,365,232
	139,431	Old Mutual Ltd.		109,941
	23,929	OUTsurance Group Ltd.		103,042
	74,307	Pepkor Holdings Ltd.(a)		106,998
	17,307	Remgro Ltd.		166,407
	292,432	Sanlam Ltd.		1,513,378
	17,899	Sasol Ltd.*		120,755
	15,414	Shoprite Holdings Ltd.		230,197
	87,192	Sibanye Stillwater Ltd.*		165,568
	138,187	Standard Bank Group Ltd.		1,950,758
	6,534	Valterra Platinum Ltd.		299,787
	179,957	Vodacom Group Ltd.		1,451,013

		Total South Africa		20,376,863


	South Korea — 9.6%
	1,267	Alteogen Inc.*		400,718
	963	Amorepacific Corp.		83,370
	4,832	Celltrion Inc.		582,859
	15,896	Coway Co., Ltd.		1,182,763
	1,381	DB Insurance Co., Ltd.		131,077
	1,978	Doosan Bobcat Inc.		75,963
	229	Doosan Co., Ltd.		90,177
	13,806	Doosan Enerbility Co., Ltd.*		604,486
	1,334	Ecopro BM Co., Ltd.*		116,126
	2,991	Ecopro Co., Ltd.		108,690
	8,489	Hana Financial Group Inc.		501,659
	699	Hanjin Kal Corp.		56,413
	1,886	Hankook Tire & Technology Co., Ltd.		54,440
	1,525	Hanmi Semiconductor Co., Ltd.		94,851
	1,053	Hanwha Aerospace Co., Ltd.		670,049
	3,537	Hanwha Ocean Co., Ltd.*		285,333
	2,327	Hanwha Systems Co., Ltd.		85,354
	1,395	HD Hyundai Co., Ltd.		137,279
	5,667	HD Hyundai Electric Co., Ltd.		2,005,901
	669	HD Hyundai Heavy Industries Co., Ltd.		250,226
	1,254	HD Korea Shipbuilding & Offshore Engineering Co., Ltd.		366,501
	3,423	HLB Inc.*		93,035
	7,877	HMM Co., Ltd.		125,071
	734	HYBE Co., Ltd.*		151,616
	172	Hyosung Heavy Industries Corp.		152,027
	1,125	Hyundai Glovis Co., Ltd.		149,217
	5,877	Hyundai Mobis Co., Ltd.		1,345,029
	4,124	Hyundai Motor Co.		652,187

See Notes to Financial Statements.

113



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	South Korea — 9.6% — (continued)
	2,356	Hyundai Rotem Co., Ltd.	$	325,940
	9,629	Industrial Bank of Korea		131,707
	9,820	Kakao Corp.		440,961
	5,216	KakaoBank Corp.		92,342
	32,317	KB Financial Group Inc.		2,513,951
	23,074	Kia Corp.		1,751,609
	2,324	Korea Aerospace Industries Ltd.		159,358
	7,152	Korea Electric Power Corp.		187,944
	1,350	Korea Investment Holdings Co., Ltd.		130,265
	147	Korea Zinc Co., Ltd.		86,819
	6,427	Korean Air Lines Co., Ltd.		109,760
	897	Krafton Inc.*		211,412
	25,138	KT Corp.		979,137
	10,645	KT&G Corp.		1,032,631
	1,594	LG Chem Ltd.		318,009
	2,541	LG Corp.		136,080
	7,553	LG Display Co., Ltd.*		65,080
	3,313	LG Electronics Inc.		176,077
	1,441	LG Energy Solution Ltd.*		364,804
	326	LG H&H Co., Ltd.		69,298
	8,928	LG Uplus Corp.		95,445
	407	LIG Nex1 Co., Ltd.		143,672
	400	LS Electric Co., Ltd.		81,609
	2,851	Meritz Financial Group Inc.		259,536
	7,677	Mirae Asset Securities Co., Ltd.		105,532
	4,390	NAVER Corp.		676,663
	5,554	NH Investment & Securities Co., Ltd.		77,527
	638	Orion Corp.		49,529
	929	POSCO Future M Co., Ltd.*		94,374
	2,243	POSCO Holdings Inc.		462,117
	1,906	Posco International Corp.		65,762
	1,802	Samsung Biologics Co., Ltd.*(a)		1,298,238
	2,522	Samsung C&T Corp.		304,110
	1,588	Samsung Electro-Mechanics Co., Ltd.		183,106
	336,038	Samsung Electronics Co., Ltd.		16,836,126
	955	Samsung Fire & Marine Insurance Co., Ltd.		304,819
	21,675	Samsung Heavy Industries Co., Ltd.*		332,138
	2,330	Samsung Life Insurance Co., Ltd.		239,634
	1,875	Samsung SDI Co., Ltd.		278,431
	1,283	Samsung SDS Co., Ltd.		135,992
	128	Samyang Foods Co., Ltd.		143,588
	129,377	Shinhan Financial Group Co., Ltd.		6,075,424
	946	SK Biopharmaceuticals Co., Ltd.*		66,945
	71,649	SK Hynix Inc.		13,734,658
	1,081	SK Inc.		160,649
	2,022	SK Innovation Co., Ltd.		146,721
	2,816	SK Square Co., Ltd.*		300,933
	2,136	SK Telecom Co., Ltd.		83,351
	1,576	S-Oil Corp.*		68,420
	20,676	Woori Financial Group Inc.		368,515
	1,615	Yuhan Corp.		132,086

		Total South Korea		63,141,251


	Taiwan — 17.1%
	16,000	Accton Technology Corp.		526,354
	80,000	Acer Inc.		77,140

See Notes to Financial Statements.

114



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Taiwan — 17.1% — (continued)
	15,753	Advantech Co., Ltd.	$	176,638
	4,139	Airtac International Group		105,983
	2,000	Alchip Technologies Ltd.		262,762
	435,498	ASE Technology Holding Co., Ltd.		2,145,470
	78,000	Asia Cement Corp.		94,456
	11,000	Asia Vital Components Co., Ltd.		359,556
	20,000	Asustek Computer Inc.		412,381
	163,800	AUO Corp.*		68,549
	31,000	Caliway Biopharmaceuticals Co., Ltd.*		203,992
	20,000	Catcher Technology Co., Ltd.		123,158
	293,550	Cathay Financial Holding Co., Ltd.		589,783
	47,988	Chailease Holding Co., Ltd.		182,356
	183,361	Chang Hwa Commercial Bank Ltd.		115,077
	49,000	Cheng Shin Rubber Industry Co., Ltd.		60,880
	71,000	China Airlines Ltd.		49,113
	372,000	China Steel Corp.		244,178
	88,000	Chroma ATE Inc.		1,663,815
	117,000	Chunghwa Telecom Co., Ltd.		507,101
	117,000	Compal Electronics Inc.		105,540
	513,880	CTBC Financial Holding Co., Ltd.		690,683
	215,000	Delta Electronics Inc.		4,963,198
	24,000	E Ink Holdings Inc.		204,651
	447,228	E.Sun Financial Holding Co., Ltd.		489,124
	6,100	Eclat Textile Co., Ltd.		79,757
	9,000	Elite Material Co., Ltd.		356,087
	2,000	eMemory Technology Inc.		133,558
	80,000	Eva Airways Corp.		101,434
	34,791	Evergreen Marine Corp. Taiwan Ltd.		210,011
	89,000	Far Eastern New Century Corp.		80,226
	53,000	Far EasTone Telecommunications Co., Ltd.		145,943
	12,230	Feng TAY Enterprise Co., Ltd.		46,952
	353,674	First Financial Holding Co., Ltd.		327,896
	116,000	Formosa Chemicals & Fibre Corp.		113,871
	138,000	Formosa Plastics Corp.		175,389
	5,830	Fortune Electric Co., Ltd.		122,791
	252,781	Fubon Financial Holding Co., Ltd.		692,217
	15,000	Gigabyte Technology Co., Ltd.		135,134
	3,000	Global Unichip Corp.		129,435
	88,000	Globalwafers Co., Ltd.		1,064,054
	384,480	Hon Hai Precision Industry Co., Ltd.		2,543,477
	9,140	Hotai Motor Co., Ltd.		164,400
	278,872	Hua Nan Financial Holdings Co., Ltd.		254,507
	255,164	Innolux Corp.		117,070
	8,000	International Games System Co., Ltd.		199,769
	72,000	Inventec Corp.		96,551
	3,000	Jentech Precision Industrial Co., Ltd.		204,056
	497,033	KGI Financial Holding Co., Ltd.		247,653
	2,000	King Slide Works Co., Ltd.		196,645
	3,541	Largan Precision Co., Ltd.		277,123
	59,264	Lite-On Technology Corp., ADR		251,302
	3,000	Lotes Co., Ltd.		141,711
	144,000	MediaTek Inc.		6,430,002
	364,889	Mega Financial Holding Co., Ltd.		477,880
	22,000	Micro-Star International Co., Ltd.		96,694
	167,000	Nan Ya Plastics Corp.		235,188
	5,000	Nien Made Enterprise Co., Ltd.		70,551

See Notes to Financial Statements.

115



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Taiwan — 17.1% — (continued)
	83,000	Novatek Microelectronics Corp.	$	1,179,163
	59,000	Pegatron Corp.		135,017
	7,000	PharmaEssentia Corp.		113,466
	42,646	Poya International Co., Ltd.		651,179
	19,539	President Chain Store Corp.		162,607
	428,000	Quanta Computer Inc.		3,657,547
	15,000	Realtek Semiconductor Corp.		261,660
	114,598	Shanghai Commercial & Savings Bank Ltd. (The)		153,775
	333,538	SinoPac Financial Holdings Co., Ltd.		255,062
	32,700	Synnex Technology International Corp.		70,228
	655,455	Taishin Financial Holding Co., Ltd.		348,305
	242,560	Taiwan Business Bank		119,588
	339,274	Taiwan Cooperative Financial Holding Co., Ltd.		262,895
	56,000	Taiwan High Speed Rail Corp.		50,550
	53,000	Taiwan Mobile Co., Ltd.		184,516
	1,633,507	Taiwan Semiconductor Manufacturing Co., Ltd.		61,503,449
	28,523	Taiwan Semiconductor Manufacturing Co., Ltd., ADR		6,585,105
	194,668	TCC Group Holdings Co., Ltd.(c)		142,674
	43,000	Unimicron Technology Corp.		201,743
	150,000	Uni-President Enterprises Corp.		379,631
	348,000	United Microelectronics Corp.		460,371
	32,013	Vanguard International Semiconductor Corp.		95,474
	3,000	Voltronic Power Technology Corp.		96,593
	19,630	Wan Hai Lines Ltd.		52,902
	85,000	Wistron Corp.		312,372
	24,000	Wiwynn Corp.		2,304,797
	53,760	WPG Holdings Ltd.		117,647
	289,428	Yageo Corp.(c)		1,314,773
	48,000	Yang Ming Marine Transport Corp.		90,167
	319,292	Yuanta Financial Holding Co., Ltd.		338,869
	16,000	Zhen Ding Technology Holding Ltd.		102,454

		Total Taiwan		112,045,851


	Thailand — 0.7%
	40,200	Advanced Info Service PCL, NVDR		365,981
	138,700	Airports of Thailand PCL, NVDR		154,053
	342,200	Bangkok Dusit Medical Services PCL, NVDR		219,133
	15,000	Bumrungrad Hospital PCL, NVDR		82,674
	60,900	Central Pattana PCL, NVDR		97,114
	118,200	Charoen Pokphand Foods PCL, NVDR		80,180
	186,200	CP ALL PCL, NVDR		253,496
	46,716	CP AXTRA PCL		25,890
	95,400	Delta Electronics Thailand PCL, NVDR		440,001
	129,100	Gulf Development PCL*		187,563
	168,200	Kasikornbank PCL		875,463
	27,100	Kasikornbank PCL, NVDR		141,414
	159,000	Krung Thai Bank PCL, NVDR		120,957
	91,300	Minor International PCL, NVDR		66,116
	165,700	PTT Exploration & Production PCL		572,353
	40,800	PTT Exploration & Production PCL, NVDR		141,720
	332,800	PTT PCL, NVDR		319,439
	40,500	SCB X PCL, NVDR		161,199
	23,000	Siam Cement PCL (The), NVDR		153,069
	1,277,200	TMBThanachart Bank PCL, NVDR		75,149
	272,121	True Corp. PCL, NVDR*		96,029

		Total Thailand		4,628,993

See Notes to Financial Statements.

116



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units		Security	Value

	Turkey — 0.6%
	96,369	Akbank TAS	$	160,033
	39,612	Aselsan Elektronik Sanayi Ve Ticaret AS		176,339
	89,752	BIM Birlesik Magazalar AS		1,157,096
	69,832	Eregli Demir ve Celik Fabrikalari TAS		50,702
	17,990	Ford Otomotiv Sanayi AS		48,890
	25,546	Haci Ömer Sabanci Holding AS		58,553
	19,638	KOC Holding AS		87,594
	193,258	MLP Saglik Hizmetleri AS, Class B Shares*(a)		1,682,879
	19,506	Sasa Polyester Sanayi AS*		2,225
	13,822	Turk Hava Yollari AO		112,664
	31,232	Turkcell Iletisim Hizmetleri AS		72,025
	204,992	Turkiye Is Bankasi AS, Class C Shares		75,063
	26,836	Turkiye Petrol Rafinerileri AS		112,353
	81,036	Yapi ve Kredi Bankasi AS*		64,830

		Total Turkey		3,861,246


	United Arab Emirates — 0.9%
	84,338	Abu Dhabi Commercial Bank PJSC		347,363
	45,936	Abu Dhabi Islamic Bank PJSC		266,554
	128,791	Abu Dhabi National Oil Co. for Distribution PJSC		131,742
	96,553	ADNOC Drilling Co. PJSC		144,766
	189,048	Adnoc Gas PLC		171,288
	123,986	Aldar Properties PJSC		324,346
	80,135	Americana Restaurants International PLC — Foreign Co.		42,296
	184,734	Dubai Electricity & Water Authority PJSC		138,240
	87,314	Dubai Islamic Bank PJSC		229,693
	35,287	Emaar Development PJSC		141,496
	391,103	Emaar Properties PJSC		1,531,350
	58,345	Emirates NBD Bank PJSC		401,115
	107,106	Emirates Telecommunications Group Co. PJSC		527,007
	136,058	First Abu Dhabi Bank PJSC		614,375
	114,981	Multiply Group PJSC*		93,982
	57,729	Salik Co. PJSC		103,711
	2,400,000	Talabat Holding PLC		770,114

		Total United Arab Emirates		5,979,438


	United Kingdom — 0.8%
	15,503	Anglogold Ashanti PLC		872,595
	600,959	Helios Towers PLC*		1,064,865
	24,000	Lion Finance Group PLC		2,378,046
	3,287	Metlen Energy & Metals PLC*		210,740
	15,725	Unilever PLC		988,587

		Total United Kingdom		5,514,833


	United States — 0.5%
	24,562	BeOne Medicines Ltd., Class H Shares*		579,469
	4,299	EPAM Systems Inc.*		758,171
	2,342	Legend Biotech Corp., ADR*		81,338
	34,213	Schlumberger NV		1,260,407
	3,369	Southern Copper Corp.		323,727

		Total United States		3,003,112


	Uruguay — 0.9%
	80,299	Arcos Dorados Holdings Inc., Class A Shares		562,093
	2,231	MercadoLibre Inc.*		5,517,062

		Total Uruguay		6,079,155

		TOTAL COMMON STOCKS (Cost — $460,139,672)		636,298,011

See Notes to Financial Statements.

117



Schedules of Investments


(continued)


Emerging Markets Equity Fund

Shares/Units			Security	Value

	PREFERRED STOCKS — 1.3%

	Brazil — 0.7%
	162,817		Banco Bradesco SA, Class Preferred Shares	$	505,434
	5,428		Centrais Eletricas Brasileiras SA, Class Preferred B Shares		47,777
	48,798		Cia Energetica de Minas Gerais, Class Preferred Shares		99,999
	41,489		Cia Paranaense de Energia — Copel, Class Preferred B Shares		91,985
	46,607		Gerdau SA, Class Preferred Shares		143,221
	333,286		Itau Unibanco Holding SA, Class Preferred Shares		2,366,168
	177,732		Itausa SA, Class Preferred Shares		367,823
	142,539		Petroleo Brasileiro SA — Petrobras, Class Preferred Shares		817,664
	24,800		Telefonica Brasil SA, Class Preferred Shares		154,934

			Total Brazil		4,595,005


	Chile — 0.0%@
	4,284		Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares*		195,424


	Colombia — 0.0%@
	13,920		Grupo Cibest SA		174,608


	India — 0.0%@
	29,960		TVS Motor Co., Ltd.,*(c)		3,400


	Mexico — 0.1%
	500,833		Cemex SAB de CV, Class Preferred Shares		453,925


	South Korea — 0.5%
	1,176		Hyundai Motor Co., Class Preferred 2nd Shares		143,698
	802		Hyundai Motor Co., Class Preferred Shares		95,099
	77,123		Samsung Electronics Co., Ltd., Class Preferred Shares		3,138,979

			Total South Korea		3,377,776

			TOTAL PREFERRED STOCKS (Cost — $7,310,138)		8,800,138

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $467,449,810)		645,098,149


Face Amount†

	SHORT-TERM INVESTMENTS — 2.2%

	TIME DEPOSITS — 2.2%
	112,184	^ZAR	BBH — New York, 4.980% due 9/1/25		6,361
	683,934	^HKD	BNP Paribas — Paris, 2.020% due 9/1/25		87,734
	13,704	^EUR	Citibank — London, 0.870% due 9/1/25		16,033
$	7,088,104		Citibank — New York, 3.680% due 9/2/25		7,088,104
	28	^EUR	DNB — Oslo, 0.870% due 9/1/25		33
	22,012	^HKD	HSBC Bank — Hong Kong, 2.020% due 9/1/25		2,824
	202	^GBP	HSBC Bank — London, 2.920% due 9/1/25		273
	4,870,275		Royal Bank of Canada — Toronto, 3.680% due 9/2/25		4,870,275
	39,530	^ZAR	Standard Chartered Bank — Johannesburg, 4.980% due 9/1/25		2,241
	2,169,979		Sumitomo Mitsui Banking Corp. — Tokyo, 3.680% due 9/2/25		2,169,979

			TOTAL SHORT-TERM INVESTMENTS (Cost — $14,243,857)		14,243,857

			TOTAL INVESTMENTS — 100.5% (Cost — $481,693,667)		659,342,006

			Liabilities in Excess of Other Assets — (0.5)%		(3,521,136	)

			TOTAL NET ASSETS — 100.0%	$	655,820,870

See Notes to Financial Statements.

118



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

(d)	Illiquid security.

(e)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2025, amounts to $8,914 and represents less than 0.05% of net assets.

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2025, the Fund held Level 3 securities with a value of $11,990, representing less than 0.05% of net assets.

At August 31, 2025, for Emerging Markets Equity Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For

Federal Income

Tax Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

Emerging Markets Equity Fund

501,975,795

217,157,130

(65,300,700)

151,856,430


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	19.3	%
Insurance	2.8
Financial Services	0.8
Other	1.4
Information Technology
Semiconductors & Semiconductor Equipment	14.6
Technology Hardware, Storage & Peripherals	5.2
Electronic Equipment, Instruments & Components	2.2
Other	1.6
Consumer Discretionary	14.0
Communication Services	9.5
Industrials	7.4
Materials	4.4
Consumer Staples	4.1
Health Care	3.9
Energy	3.7
Real Estate	1.6
Utilities	1.3
Short-Term Investments	2.2

Total Investments	100.0	%

^	As a percentage of total investments.

See Notes to Financial Statements.

119



Schedules of Investments


(continued)


Emerging Markets Equity Fund

At August 31, 2025, Emerging Markets Equity Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation
Contracts to Buy:
E-mini MSCI Emerging Markets Index Futures		15		9/25	$	942,710	$	948,675	$	5,965

At August 31, 2025, Emerging Markets Equity Fund had deposited cash of $37,994 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See Notes to Financial Statements.

120



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 29.6%

	Advertising — 0.0%@
$	160,000	BB	Lamar Media Corp., Company Guaranteed Notes, 4.000% due 2/15/30	$	152,230
			Outfront Media Capital LLC/Outfront Media Capital Corp.:
	10,000	BB	Senior Secured Notes, 7.375% due 2/15/31(a)		10,558
	115,000	B	Senior Unsecured Notes, 4.250% due 1/15/29(a)		110,622
	125,000	BB-	Stagwell Global LLC, Company Guaranteed Notes, 5.625% due 8/15/29(a)		120,654

			Total Advertising		394,064


	Aerospace/Defense — 0.4%
	150,000	BB-	ATI Inc., Senior Unsecured Notes, 5.875% due 12/1/27		150,269
			Boeing Co. (The), Senior Unsecured Notes:
	70,000	BBB-	2.700% due 2/1/27		68,456
	200,000	BBB-	2.800% due 3/1/27		195,698
	130,000	BBB-	3.200% due 3/1/29		125,168
	100,000	BBB-	5.150% due 5/1/30		102,588
	50,000	BBB-	3.625% due 2/1/31		47,744
	100,000	BBB-	3.600% due 5/1/34		89,186
	50,000	BBB-	6.528% due 5/1/34		54,765
	40,000	BBB-	3.550% due 3/1/38		32,843
	25,000	BBB-	3.500% due 3/1/39		19,847
	40,000	BBB-	3.750% due 2/1/50		28,439
	630,000	BBB-	5.805% due 5/1/50		606,573
	100,000	BBB-	3.950% due 8/1/59		68,976
	331,000	BBB-	5.930% due 5/1/60		318,519
	175,000	BB-	Bombardier Inc., Senior Unsecured Notes, 6.000% due 2/15/28(a)		175,354
			General Dynamics Corp., Company Guaranteed Notes:
	25,000	A	2.850% due 6/1/41		18,357
	25,000	A	4.250% due 4/1/50		20,757
	50,000	A-	General Electric Co., Senior Unsecured Notes, 5.875% due 1/14/38		53,655
			L3Harris Technologies Inc., Senior Unsecured Notes:
	50,000	BBB	3.850% due 12/15/26		49,765
	100,000	BBB	5.400% due 1/15/27		101,607
	261,000	BBB	4.400% due 6/15/28		262,472
	50,000	BBB	5.600% due 7/31/53		48,707
			Lockheed Martin Corp., Senior Unsecured Notes:
	50,000	A-	4.070% due 12/15/42		42,035
	50,000	A-	3.800% due 3/1/45		39,656
	50,000	A-	4.700% due 5/15/46		44,651
	25,000	A-	2.800% due 6/15/50		15,608
	50,000	A-	4.090% due 9/15/52		39,143
	24,000	A-	4.150% due 6/15/53		18,860
	25,000	A-	5.700% due 11/15/54		24,974
			Northrop Grumman Corp., Senior Unsecured Notes:
	600,000	BBB+	3.250% due 1/15/28		589,372
	334,000	BBB+	4.700% due 3/15/33		334,250
	64,000	BBB+	4.750% due 6/1/43		57,733
	51,000	BBB+	4.030% due 10/15/47		40,511
	280,000	BBB+	5.250% due 5/1/50		261,428
			RTX Corp., Senior Unsecured Notes:
	50,000	BBB+	5.750% due 11/8/26		50,842
	150,000	BBB+	3.500% due 3/15/27		148,714
	100,000	BBB+	4.125% due 11/16/28		100,099
	140,000	BBB+	5.750% due 1/15/29		147,004
	116,000	BBB+	2.375% due 3/15/32		101,705
	164,000	BBB+	6.100% due 3/15/34		178,086

See Notes to Financial Statements.

121



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Aerospace/Defense — 0.4% — (continued)
$	25,000	BBB+	6.125% due 7/15/38	$	27,120
	25,000	BBB+	4.450% due 11/16/38		23,153
	430,000	BBB+	4.500% due 6/1/42		379,284
	76,000	BBB+	3.750% due 11/1/46		57,747
	177,000	BBB+	2.820% due 9/1/51		107,963
	100,000	BBB+	5.375% due 2/27/53		94,792
	340,000	B-	Spirit AeroSystems Inc., Secured Notes, 9.750% due 11/15/30(a)		374,862
			TransDigm Inc., Senior Secured Notes:
	240,000	BB-	7.125% due 12/1/31(a)		250,477
	10,000	BB-	6.625% due 3/1/32(a)		10,310

			Total Aerospace/Defense		6,200,124


	Agriculture — 0.6%
			Altria Group Inc., Company Guaranteed Notes:
	210,000	BBB+	6.200% due 11/1/28		222,145
	300,000	BBB+	4.800% due 2/14/29		304,793
	1,290,000	BBB+	2.450% due 2/4/32		1,123,300
	669,000	BBB+	6.875% due 11/1/33		748,467
	50,000	BBB+	5.800% due 2/14/39		51,038
	320,000	BBB+	5.950% due 2/14/49		318,708
	25,000	A	Archer-Daniels-Midland Co., Senior Unsecured Notes, 3.250% due 3/27/30		24,046
			BAT Capital Corp., Company Guaranteed Notes:
	50,000	BBB+	3.215% due 9/6/26		49,465
	224,000	BBB+	3.557% due 8/15/27		221,126
	148,000	BBB+	2.259% due 3/25/28		140,995
	105,000	BBB+	5.834% due 2/20/31		111,057
	90,000	BBB+	6.000% due 2/20/34		95,549
	1,445,000	BBB+	5.625% due 8/15/35		1,481,047
	50,000	BBB+	4.390% due 8/15/37		45,209
	791,000	BBB+	4.540% due 8/15/47		641,546
	368,000	BBB+	4.758% due 9/6/49		303,817
	183,000	BBB+	7.081% due 8/2/53		203,623
	770,000	BBB+	6.250% due 8/15/55		778,588
			BAT International Finance PLC, Company Guaranteed Notes:
	110,000	BBB+	4.448% due 3/16/28		110,412
	50,000	BBB+	5.931% due 2/2/29		52,566
	130,000	BB+	Darling Ingredients Inc., Company Guaranteed Notes, 5.250% due 4/15/27(a)		129,802
	690,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 5.875% due 7/1/34(a)		713,230
	1,225,000	A+	Japan Tobacco Inc., Senior Unsecured Notes, 5.850% due 6/15/35(a)		1,294,087
			Philip Morris International Inc., Senior Unsecured Notes:
	100,000	A-	4.750% due 2/12/27		100,938
	234,000	A-	5.125% due 11/17/27		239,007
	180,000	A-	4.875% due 2/13/29		183,896
	210,000	A-	2.100% due 5/1/30		191,100
	40,000	A-	5.125% due 2/13/31		41,336
	50,000	A-	5.375% due 2/15/33		51,770
	25,000	A-	5.625% due 9/7/33		26,240
	190,000	A-	5.250% due 2/13/34		194,200
	25,000	A-	6.375% due 5/16/38		27,692
	25,000	A-	3.875% due 8/21/42		20,274
	25,000	A-	4.125% due 3/4/43		20,964
	25,000	A-	4.250% due 11/10/44		21,145
			Reynolds American Inc., Company Guaranteed Notes:
	25,000	BBB+	5.700% due 8/15/35		25,746
	89,000	BBB+	5.850% due 8/15/45		85,916

			Total Agriculture		10,394,840

See Notes to Financial Statements.

122



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Airlines — 0.3%
$	641,883	A-	American Airlines Class A Pass-Through Trust, Pass-Thru Certificates, 3.375% due 5/1/27	$	630,219
	250,000	BB	American Airlines Inc., Senior Secured Notes, 8.500% due 5/15/29(a)		262,143
	107,500	Ba1(b)	American Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.500% due 4/20/26(a)		107,781
	1,235,614	AA	British Airways Class AA Pass Through Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a)		1,163,203
	350,515	AA	Delta Air Lines Class AA Pass Through Trust, Pass-Thru Certificates, 2.000% due 6/10/28		332,835
	2,295,000	A3(b)	Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes, 4.750% due 10/20/28(a)		2,308,164
	85,000	B+	JetBlue Airways Corp./JetBlue Loyalty LP, Senior Secured Notes, 9.875% due 9/20/31(a)		84,424
	41,240	Aa3(b)	United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates, 4.150% due 8/25/31		39,972
	407,088	A+	United Airlines Class B Pass-Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		406,995
	195,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.625% due 4/15/29(a)		192,059

			Total Airlines		5,527,795


	Apparel — 0.0%@
			NIKE Inc., Senior Unsecured Notes:
	25,000	A+	3.250% due 3/27/40		19,895
	25,000	A+	3.875% due 11/1/45		19,858
	50,000	A+	3.375% due 3/27/50		35,143
	80,000	BB+	William Carter Co. (The), Company Guaranteed Notes, 5.625% due 3/15/27(a)		80,037

			Total Apparel		154,933


	Auto Manufacturers — 0.6%
	170,000	Ba2(b)	Allison Transmission Inc., Senior Unsecured Notes, 5.875% due 6/1/29(a)		171,425
			American Honda Finance Corp., Senior Unsecured Notes:
	200,000	A-	1.300% due 9/9/26		194,223
	100,000	A-	2.300% due 9/9/26		98,078
	100,000	A-	4.900% due 3/12/27		101,079
	25,000	A	Cummins Inc., Senior Unsecured Notes, 2.600% due 9/1/50		14,877
	750,000	A-	Daimler Truck Finance North America LLC, Company Guaranteed Notes, 4.650% due 10/12/30(a)		751,410
			Ford Motor Co., Senior Unsecured Notes:
	50,000	BBB-	4.750% due 1/15/43		38,754
	50,000	BBB-	5.291% due 12/8/46		40,628
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	890,000	BBB-	5.125% due 11/5/26		891,733
	200,000	BBB-	5.800% due 3/5/27		201,603
	460,000	BBB-	2.900% due 2/16/28		436,337
	220,000	BBB-	2.900% due 2/10/29		202,551
	230,000	BBB-	7.122% due 11/7/33		240,517
			General Motors Co., Senior Unsecured Notes:
	50,000	BBB	5.600% due 10/15/32		51,371
	50,000	BBB	6.600% due 4/1/36		53,070
	50,000	BBB	5.150% due 4/1/38		46,774
	260,000	BBB	6.250% due 10/2/43		256,662
	25,000	BBB	5.200% due 4/1/45		21,768
	25,000	BBB	6.750% due 4/1/46		25,911
	25,000	BBB	5.400% due 4/1/48		21,959
			General Motors Financial Co., Inc.:
	100,000	BBB	Company Guaranteed Notes, 4.350% due 1/17/27		99,940
			Senior Unsecured Notes:
	100,000	BBB	2.350% due 2/26/27		97,166
	765,000	BBB	5.850% due 4/6/30		799,901
	50,000	BBB	5.950% due 4/4/34		51,265
	50,000	BBB	5.900% due 1/7/35		50,789
	50,000	BBB	6.150% due 7/15/35		51,373

See Notes to Financial Statements.

123



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Auto Manufacturers — 0.6% — (continued)
$	100,000		A-	Honda Motor Co., Ltd., Senior Unsecured Notes, 2.534% due 3/10/27	$	97,692
				Hyundai Capital America, Senior Unsecured Notes:
	700,000		A-	5.650% due 6/26/26(a)		707,119
	305,000		A-	5.300% due 3/19/27(a)		309,185
	750,000		A-	5.800% due 4/1/30(a)		785,743
	184,000		A-	5.400% due 3/29/32(a)		189,222
	1,470,000		A-	5.400% due 6/23/32(a)		1,510,753
				Toyota Motor Credit Corp., Senior Unsecured Notes:
	100,000		A+	5.400% due 11/20/26		101,672
	50,000		A+	3.200% due 1/11/27		49,508
	100,000		A+	1.900% due 1/13/27		97,295
	100,000		A+	3.050% due 3/22/27		98,634
	100,000		A+	5.550% due 11/20/30		105,925
				Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	260,000		BBB+	4.750% due 11/13/28(a)		261,470
	580,000		BBB+	5.350% due 3/27/30(a)		595,964

				Total Auto Manufacturers		9,921,346


	Auto Parts & Equipment — 0.1%
	180,000		BBB-	Adient Global Holdings Ltd., Senior Secured Notes, 7.000% due 4/15/28(a)		185,585
	100,000		B+	American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.500% due 4/1/27		100,706
				Aptiv Swiss Holdings Ltd., Company Guaranteed Notes:
	25,000		BBB	3.100% due 12/1/51		15,055
	25,000		BBB	4.150% due 5/1/52		18,082
	130,000		BB-	Dana Inc., Senior Unsecured Notes, 5.625% due 6/15/28		130,015
	230,000		B+	Goodyear Tire & Rubber Co. (The), Company Guaranteed Notes, 5.000% due 7/15/29		223,150
	40,000		BB+	Qnity Electronics Inc., Senior Secured Notes, 5.750% due 8/15/32(a)		40,698

				Total Auto Parts & Equipment		713,291


	Banks — 7.4%
				ABN AMRO Bank NV:
	600,000	^EUR	Ba1u(b)	Junior Subordinated Notes, (Cost — $619,353, acquired 3/7/24), 4.750% (5-Year EUR Swap Rate + 3.898%)(c)(d)(e)		704,044
	800,000		BBB	Senior Non-Preferred Notes, 2.470% (1-Year CMT Index + 1.100%) due 12/13/29(a)(d)		755,626
				AIB Group PLC, Senior Unsecured Notes:
	525,000		BBB	5.320% (SOFR + 1.650%) due 5/15/31(a)(d)		539,157
	200,000		BBB	5.871% (SOFR + 1.910%) due 3/28/35(a)(d)		207,954
	800,000		A	Banco Bilbao Vizcaya Argentaria SA, Senior Preferred Notes, 5.381% due 3/13/29		827,665
	1,000,000		BB-	Banco Mercantil del Norte SA, Junior Subordinated Notes, 5.875% (5-Year CMT Index + 4.643%)(a)(d)(e)		986,325
	200,000		Ba1(b)	Banco Nacional de Comercio Exterior SNC, Subordinated Notes, 2.720% (5-Year CMT Index + 2.000%) due 8/11/31(a)(d)		194,937
	800,000		Baa2(b)	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander, Subordinated Notes, 7.525% (5-Year CMT Index + 2.995%) due 10/1/28(a)(d)		856,082
				Banco Santander SA:
	400,000		BBB-	Junior Subordinated Notes, 9.625% (5-Year CMT Index + 5.306%)(d)(e)		444,646
				Senior Preferred Notes:
	800,000		A+	5.588% due 8/8/28		831,924
	200,000		A+	6.938% due 11/7/33		227,016
				Bank of America Corp.:
				Junior Subordinated Notes:
	240,000		BBB-	6.250% (5-Year CMT Index + 2.351%)(d)(e)		240,814
	841,000		BBB-	6.625% (5-Year CMT Index + 2.684%)(d)(e)		867,831
				Senior Unsecured Notes:
	740,000		A-	1.658% (SOFR + 0.910%) due 3/11/27(d)		729,565

See Notes to Financial Statements.

124



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Banks — 7.4% — (continued)
$	50,000		A-	5.933% (SOFR + 1.340%) due 9/15/27(d)	$	50,815
	100,000		A-	3.824% (3-Month Term SOFR + 1.837%) due 1/20/28(d)		99,442
	100,000		A-	2.551% (SOFR + 1.050%) due 2/4/28(d)		97,730
	230,000		A-	4.376% (SOFR + 1.580%) due 4/27/28(d)		230,530
	150,000		A-	3.593% (3-Month Term SOFR + 1.632%) due 7/21/28(d)		148,388
	100,000		A-	4.948% (SOFR + 2.040%) due 7/22/28(d)		101,332
	100,000		A-	6.204% (SOFR + 1.990%) due 11/10/28(d)		104,220
	435,000		A-	3.419% (3-Month Term SOFR + 1.302%) due 12/20/28(d)		427,438
	3,850,000		A-	3.970% (3-Month Term SOFR + 1.332%) due 3/5/29(d)		3,826,542
	100,000		A-	2.087% (SOFR + 1.060%) due 6/14/29(d)		94,476
	100,000		A-	4.271% (3-Month Term SOFR + 1.572%) due 7/23/29(d)		100,207
	141,000		A-	5.819% (SOFR + 1.570%) due 9/15/29(d)		147,380
	659,000		A-	3.974% (3-Month Term SOFR + 1.472%) due 2/7/30(d)		653,478
	383,000		A-	2.592% (SOFR + 2.150%) due 4/29/31(d)		354,191
	585,000		A-	1.922% (SOFR + 1.370%) due 10/24/31(d)		516,586
	690,000		A-	2.687% (SOFR + 1.320%) due 4/22/32(d)		625,886
	600,000		A-	2.572% (SOFR + 1.210%) due 10/20/32(d)		535,412
	752,000		A-	2.972% (SOFR + 1.330%) due 2/4/33(d)		679,407
	1,490,000		A-	4.571% (SOFR + 1.830%) due 4/27/33(d)		1,474,660
	411,000		A-	5.872% (SOFR + 1.840%) due 9/15/34(d)		436,170
	555,000		A-	5.468% (SOFR + 1.650%) due 1/23/35(d)		573,542
	250,000		A-	4.244% (3-Month Term SOFR + 2.076%) due 4/24/38(d)		229,424
	250,000		A-	2.676% (SOFR + 1.930%) due 6/19/41(d)		180,230
	200,000		A-	5.000% due 1/21/44		189,819
	360,000		A-	4.330% (3-Month Term SOFR + 1.782%) due 3/15/50(d)		297,035
	260,000		A-	4.083% (3-Month Term SOFR + 3.412%) due 3/20/51(d)		204,883
	50,000		A-	2.831% (SOFR + 1.880%) due 10/24/51(d)		31,125
				Subordinated Notes:
	120,000		BBB+	4.250% due 10/22/26		120,086
	100,000		BBB+	4.183% due 11/25/27		99,940
	790,000		BBB+	5.425% (SOFR + 1.913%) due 8/15/35(d)		795,082
	1,130,000		BBB+	5.518% (SOFR + 1.738%) due 10/25/35(d)		1,140,167
	680,000		BBB+	3.846% (5-Year CMT Index + 2.000%) due 3/8/37(d)		628,149
	100,000		A-	Bank of Montreal, Senior Unsecured Notes, 2.650% due 3/8/27		98,078
				Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	50,000		A	1.050% due 10/15/26		48,403
	390,000		A	4.289% (SOFR + 1.418%) due 6/13/33(d)		381,067
	50,000		A	4.967% (SOFR + 1.606%) due 4/26/34(d)		50,488
	100,000		A	5.188% (SOFR + 1.418%) due 3/14/35(d)		102,029
				Bank of Nova Scotia (The):
				Senior Unsecured Notes:
	100,000		A-	1.950% due 2/2/27		97,370
	50,000		A-	2.951% due 3/11/27		49,238
	180,000		BBB+	Subordinated Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(d)		172,733
				Barclays PLC, Senior Unsecured Notes:
	820,000		BBB+	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(d)		832,242
	200,000		BBB+	6.490% (SOFR + 2.220%) due 9/13/29(d)		212,170
	2,305,000		BBB+	5.367% (SOFR + 1.230%) due 2/25/31(d)		2,377,457
	200,000		BBB+	2.894% (1-Year CMT Index + 1.300%) due 11/24/32(d)		179,130
	200,000		BBB+	6.224% (SOFR + 2.980%) due 5/9/34(d)		213,528
	730,000		BBB+	5.785% (SOFR + 1.590%) due 2/25/36(d)		753,107
	600,000	^EUR	Ba1(b)	BAWAG Group AG, Junior Subordinated Notes, (Cost — $659,155, acquired 12/9/24), 7.250% (5-Year EURIBOR ICE Swap + 5.052%)(c)(d)(e)		746,352

See Notes to Financial Statements.

125



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Banks — 7.4% — (continued)
				BNP Paribas SA:
				Junior Subordinated Notes:
$	550,000		BBB-	7.750% (5-Year CMT Index + 4.899%)(a)(d)(e)	$	579,000
	200,000		BBB-	8.000% (5-Year CMT Index + 3.727%)(a)(d)(e)		212,847
				Senior Non-Preferred Notes:
	950,000		A-	4.400% due 8/14/28(a)		951,962
	200,000		A-	2.871% (3-Month Term SOFR + 1.387%) due 4/19/32(a)(d)		181,331
				Senior Preferred Notes:
	650,000		A+	5.125% (1-Year CMT Index + 1.450%) due 1/13/29(a)(d)		662,321
	600,000		A+	5.894% (SOFR + 1.866%) due 12/5/34(a)(d)		632,217
	200,000		BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(d)		197,447
				BPCE SA, Senior Non-Preferred Notes:
	1,120,000		BBB+	6.714% (SOFR + 2.270%) due 10/19/29(a)(d)		1,188,937
	530,000		BBB+	5.936% (SOFR + 1.850%) due 5/30/35(a)(d)		548,056
				CaixaBank SA:
	200,000		BBB+	Senior Non-Preferred Notes, 5.581% (SOFR + 1.790%) due 7/3/36(a)(d)		202,215
	900,000	^EUR	BBB	Subordinated Notes, (Cost — $1,036,823, acquired 3/7/24), 6.250% (5-Year EUR Swap Rate + 3.550%) due 2/23/33(c)(d)		1,127,003
	100,000		A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.926% due 10/2/26		101,875
				Citigroup Inc.:
				Junior Subordinated Notes:
	210,000		BB+	6.950% (5-Year CMT Index + 2.726%)(d)(e)		213,766
	700,000		BB+	7.125% (5-Year CMT Index + 2.693%)(d)(e)		718,420
				Senior Unsecured Notes:
	70,000		BBB+	4.658% (SOFR + 1.887%) due 5/24/28(d)		70,439
	2,540,000		BBB+	3.520% (3-Month Term SOFR + 1.413%) due 10/27/28(d)		2,501,294
	100,000		BBB+	3.980% (3-Month Term SOFR + 1.600%) due 3/20/30(d)		98,736
	550,000		BBB+	4.412% (SOFR + 3.914%) due 3/31/31(d)		548,808
	70,000		BBB+	2.572% (SOFR + 2.107%) due 6/3/31(d)		64,259
	690,000		BBB+	2.561% (SOFR + 1.167%) due 5/1/32(d)		619,544
	160,000		BBB+	2.520% (SOFR + 1.177%) due 11/3/32(d)		141,623
	250,000		BBB+	3.785% (SOFR + 1.939%) due 3/17/33(d)		234,855
	220,000		BBB+	4.910% (SOFR + 2.086%) due 5/24/33(d)		221,004
	76,000		BBB+	4.650% due 7/30/45		66,582
	70,000		BBB+	4.650% due 7/23/48		60,714
				Subordinated Notes:
	890,000		BBB	4.300% due 11/20/26		890,403
	30,000		BBB	6.625% due 6/15/32		33,091
	100,000		BBB	6.675% due 9/13/43		110,777
	286,000		BBB	5.300% due 5/6/44		271,625
				Commonwealth Bank of Australia:
	8,000		AA-	Senior Unsecured Notes, 3.900% due 7/12/47(a)		6,448
	1,945,000		A-	Subordinated Notes, 5.929% (1-Year CMT Index + 1.320%) due 3/14/46(a)(d)		1,971,584
	270,000		A-	Cooperatieve Rabobank UA, Senior Non-Preferred Notes, 3.758% (1-Year CMT Index + 1.420%) due 4/6/33(a)(d)		254,499
				Credit Agricole SA:
	1,000,000	^EUR	BBB-	Junior Subordinated Notes, (Cost — $1,147,706, acquired 3/6/24), 7.250% (5-Year EURIBOR ICE Swap + 4.441%)(c)(d)(e)		1,256,427
				Senior Non-Preferred Notes:
	865,000		A-	5.222% (SOFR + 1.460%) due 5/27/31(a)(d)		884,990
	490,000		A-	5.862% (SOFR + 1.740%) due 1/9/36(a)(d)		509,125
				Danske Bank AS, Senior Non-Preferred Notes:
	2,100,000		A-	4.298% (1-Year CMT Index + 1.750%) due 4/1/28(a)(d)		2,100,695
	1,250,000		A-	5.705% (1-Year CMT Index + 1.400%) due 3/1/30(a)(d)		1,304,883
	310,000		A-	4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(d)		312,269

See Notes to Financial Statements.

126



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Banks — 7.4% — (continued)
				Deutsche Bank AG:
				Senior Non-Preferred Notes:
	200,000	^EUR	BBB	(Cost — $226,274, acquired 12/4/24), 5.000% (3-Month EURIBOR + 2.950%) due 9/5/30(c)(d)	$	249,801
$	150,000		BBB	5.297% (SOFR + 1.720%) due 5/9/31(d)		153,683
				Subordinated Notes:
	400,000		BBB-	3.742% (SOFR + 2.257%) due 1/7/33(d)		366,439
	310,000		BBB-	7.079% (SOFR + 3.650%) due 2/10/34(d)		336,713
	300,000		AA-	DNB Bank ASA, Senior Preferred Notes, 4.853% (SOFR + 1.050%) due 11/5/30(a)(d)		306,387
	100,000		BBB+	Fifth Third Bancorp, Senior Unsecured Notes, 2.550% due 5/5/27		97,529
				Goldman Sachs Group Inc. (The):
	590,000		BB+	Junior Subordinated Notes, 7.500% (5-Year CMT Index + 2.809%)(d)(e)		620,770
				Senior Unsecured Notes:
	250,000		BBB+	3.500% due 11/16/26		247,971
	100,000		BBB+	3.850% due 1/26/27		99,549
	170,000		BBB+	1.542% (SOFR + 0.818%) due 9/10/27(d)		165,189
	70,000		BBB+	3.615% (SOFR + 1.846%) due 3/15/28(d)		69,282
	791,000		BBB+	3.814% (3-Month Term SOFR + 1.420%) due 4/23/29(d)		782,744
	2,394,000		BBB+	4.223% (3-Month Term SOFR + 1.563%) due 5/1/29(d)		2,395,517
	174,000		BBB+	6.484% (SOFR + 1.770%) due 10/24/29(d)		185,158
	57,000		BBB+	1.992% (SOFR + 1.090%) due 1/27/32(d)		50,060
	984,000		BBB+	2.615% (SOFR + 1.281%) due 4/22/32(d)		888,153
	1,600,000		BBB+	2.383% (SOFR + 1.248%) due 7/21/32(d)		1,417,290
	1,238,000		BBB+	2.650% (SOFR + 1.264%) due 10/21/32(d)		1,106,738
	284,000		BBB+	6.561% (SOFR + 1.950%) due 10/24/34(d)		315,094
	340,000		BBB+	5.330% (SOFR + 1.550%) due 7/23/35(d)		345,807
	50,000		BBB+	4.017% (3-Month Term SOFR + 1.635%) due 10/31/38(d)		43,985
	50,000		BBB+	4.411% (3-Month Term SOFR + 1.692%) due 4/23/39(d)		45,529
	210,000		BBB+	6.250% due 2/1/41		225,517
	330,000		BBB+	3.210% (SOFR + 1.513%) due 4/22/42(d)		248,429
	10,000		BBB+	2.908% (SOFR + 1.472%) due 7/21/42(d)		7,188
	300,000		BBB+	3.436% (SOFR + 1.632%) due 2/24/43(d)		229,729
	10,000		BBB+	4.750% due 10/21/45		8,886
	100,000		BBB+	5.734% (SOFR + 1.696%) due 1/28/56(d)		99,851
	290,000		BBB	Subordinated Notes, 5.150% due 5/22/45		264,398
				HSBC Holdings PLC:
				Senior Unsecured Notes:
	200,000		A-	4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(d)		199,264
	200,000		A-	4.583% (3-Month Term SOFR + 1.796%) due 6/19/29(d)		201,408
	900,000		A-	5.286% (SOFR + 1.290%) due 11/19/30(d)		928,087
	1,845,000		A-	5.240% (SOFR + 1.570%) due 5/13/31(d)		1,896,565
	1,030,000		A-	2.804% (SOFR + 1.187%) due 5/24/32(d)		930,805
	200,000		A-	5.402% (SOFR + 2.870%) due 8/11/33(d)		206,425
	200,000		A-	6.254% (SOFR + 2.390%) due 3/9/34(d)		216,014
	200,000		A-	6.332% (SOFR + 2.650%) due 3/9/44(d)		214,672
				Subordinated Notes:
	220,000		BBB	4.762% (SOFR + 2.530%) due 3/29/33(d)		217,236
	200,000		BBB	6.547% (SOFR + 2.980%) due 6/20/34(d)		214,683
	100,000		BBB	6.500% due 9/15/37		105,942
	200,000		A-	HSBC USA Inc., Senior Unsecured Notes, 5.294% due 3/4/27		203,614
				Intesa Sanpaolo SpA:
	340,000		BBB+	Senior Preferred Notes, 7.200% due 11/28/33(a)		384,746
	350,000		BBB-	Subordinated Notes, 4.950% (1-Year CMT Index + 2.750%) due 6/1/42(a)(d)		287,885

See Notes to Financial Statements.

127



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Banks — 7.4% — (continued)
				JPMorgan Chase & Co.:
				Senior Unsecured Notes:
$	200,000		A	1.470% (SOFR + 0.765%) due 9/22/27(d)	$	194,248
	464,000		A	6.070% (SOFR + 1.330%) due 10/22/27(d)		473,207
	53,000		A	5.299% (SOFR + 1.450%) due 7/24/29(d)		54,592
	2,082,000		A	5.012% (SOFR + 1.310%) due 1/23/30(d)		2,132,307
	1,406,000		A	4.565% (SOFR + 1.750%) due 6/14/30(d)		1,421,505
	1,330,000		A	2.739% (3-Month Term SOFR + 1.510%) due 10/15/30(d)		1,252,803
	1,955,000		A	2.580% (3-Month Term SOFR + 1.250%) due 4/22/32(d)		1,767,681
	772,000		A	5.350% (SOFR + 1.845%) due 6/1/34(d)		797,268
	100,000		A	5.502% (SOFR + 1.315%) due 1/24/36(d)		103,328
	50,000		A	3.882% (3-Month Term SOFR + 1.622%) due 7/24/38(d)		44,239
	150,000		A	3.109% (SOFR + 2.440%) due 4/22/51(d)		100,450
	200,000		A	3.328% (SOFR + 1.580%) due 4/22/52(d)		138,578
	2,985,000		A-	Subordinated Notes, 5.576% (SOFR + 1.635%) due 7/23/36(d)		3,052,548
	800,000	^EUR	BB+	KBC Group NV, Junior Subordinated Notes, (Cost — $940,004, acquired 3/8/24), 8.000% (5-Year EURIBOR ICE Swap + 4.928%)(c)(d)(e)		1,046,436
	366,000		BBB	KeyCorp, Senior Unsecured Notes, 6.401% (SOFR + 2.420%) due 3/6/35(d)		393,241
				Kreditanstalt fuer Wiederaufbau, Government Guaranteed Notes:
	400,000		AAA	4.375% due 3/1/27		403,897
	200,000		AAA	3.750% due 2/15/28		200,914
	200,000		AAA	4.625% due 3/18/30		208,003
				Lloyds Banking Group PLC:
	665,000		BB-	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 4.815%)(d)(e)		672,072
				Senior Unsecured Notes:
	200,000		BBB+	3.750% due 1/11/27		198,988
	200,000		BBB+	4.375% due 3/22/28		200,825
	400,000		BBB+	5.679% (1-Year CMT Index + 1.750%) due 1/5/35(d)		414,734
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	200,000		A-	2.839% due 9/13/26		197,353
	200,000		A-	2.201% (3-Month Term SOFR + 1.772%) due 7/10/31(d)		180,357
	200,000		A-	5.748% (1-Year CMT Index + 1.900%) due 7/6/34(d)		210,857
	1,500,000		A-	National Australia Bank Ltd., Subordinated Notes, 3.347% (5-Year CMT Index + 1.700%) due 1/12/37(a)(d)		1,348,740
				NatWest Group PLC, Senior Unsecured Notes:
	400,000		BBB+	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(d)		408,770
	2,500,000		BBB+	5.115% (1-Year CMT Index + 1.050%) due 5/23/31(d)		2,561,393
	1,820,000		BBB+	5.778% (1-Year CMT Index + 1.500%) due 3/1/35(d)		1,903,461
	500,000		A	NatWest Markets PLC, Senior Unsecured Notes, 1.600% due 9/29/26(a)		486,639
				PNC Financial Services Group Inc. (The), Senior Unsecured Notes:
	420,000		A-	5.582% (SOFR + 1.841%) due 6/12/29(d)		435,619
	50,000		A-	2.550% due 1/22/30		46,758
	100,000		A-	5.222% (SOFR + 1.072%) due 1/29/31(d)		103,337
	50,000		A-	6.037% (SOFR + 2.140%) due 10/28/33(d)		53,564
	50,000		A-	5.068% (SOFR + 1.933%) due 1/24/34(d)		50,581
	50,000		A-	5.676% (SOFR + 1.902%) due 1/22/35(d)		52,134
	25,000		A-	5.401% (SOFR + 1.599%) due 7/23/35(d)		25,551
	160,000		A-	5.373% (SOFR + 1.417%) due 7/21/36(d)		162,581
	800,000	^EUR	Baa2(b)	Raiffeisen Bank International AG, Subordinated Notes, (Cost — $909,316, acquired 5/30/24), 7.375% (5-Year EURIBOR ICE Swap + 5.200%) due 12/20/32(c)(d)		1,010,005
				Royal Bank of Canada, Senior Unsecured Notes:
	100,000		A	1.400% due 11/2/26		96,999
	100,000		A	4.875% due 1/19/27		101,219
	100,000		A	4.950% due 2/1/29		102,944

See Notes to Financial Statements.

128



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.4% — (continued)
			Santander Holdings USA Inc., Senior Unsecured Notes:
$	89,000	BBB+	6.174% (SOFR + 2.500%) due 1/9/30(d)	$	93,464
	1,155,000	BBB+	5.741% (SOFR + 1.878%) due 3/20/31(d)		1,200,485
	915,000	BBB+	7.660% (SOFR + 3.280%) due 11/9/31(d)		1,030,840
	950,000	BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 4.858% (SOFR + 1.554%) due 9/11/30(d)		962,551
			Societe Generale SA, Senior Non-Preferred Notes:
	1,080,000	BBB	5.512% (SOFR + 1.650%) due 5/22/31(a)(d)		1,104,567
	540,000	BBB	6.066% (1-Year CMT Index + 2.100%) due 1/19/35(a)(d)		558,108
			State Street Corp.:
	62,000	BBB	Junior Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(d)(e)		64,315
			Senior Unsecured Notes:
	100,000	A	4.530% (SOFR + 1.018%) due 2/20/29(d)		101,059
	100,000	A	5.684% (SOFR + 1.484%) due 11/21/29(d)		104,952
	50,000	A	4.164% (SOFR + 1.726%) due 8/4/33(d)		48,498
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	200,000	A-	3.446% due 1/11/27		198,367
	200,000	A-	2.174% due 1/14/27		194,942
	200,000	A-	2.130% due 7/8/30		180,594
	200,000	A-	5.808% due 9/14/33		214,072
			Toronto-Dominion Bank (The), Senior Unsecured Notes:
	100,000	A-	1.250% due 9/10/26		97,177
	100,000	A-	1.950% due 1/12/27		97,205
	100,000	A-	2.800% due 3/10/27		98,166
	100,000	A-	5.298% due 1/30/32		104,018
	300,000	A-	4.456% due 6/8/32		297,349
			Truist Financial Corp., Senior Unsecured Notes:
	50,000	A-	5.122% (SOFR + 1.852%) due 1/26/34(d)		50,380
	25,000	A-	5.867% (SOFR + 2.361%) due 6/8/34(d)		26,282
	800,000	A-	5.711% (SOFR + 1.922%) due 1/24/35(d)		833,568
	735,000	A+	UBS AG, Senior Unsecured Notes, 7.500% due 2/15/28		793,210
			UBS Group AG:
			Junior Subordinated Notes:
	250,000	BB	4.875% (5-Year CMT Index + 3.404%)(a)(d)(e)		246,534
	795,000	BB	6.850% (5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(d)(e)		814,595
	200,000	BB	9.250% (5-Year CMT Index + 4.745%)(a)(d)(e)		219,694
			Senior Unsecured Notes:
	1,500,000	A-	1.494% (1-Year CMT Index + 0.850%) due 8/10/27(a)(d)		1,460,163
	500,000	A-	4.751% (1-Year CMT Index + 1.750%) due 5/12/28(a)(d)		503,737
	1,415,000	A-	3.091% (SOFR + 1.730%) due 5/14/32(a)(d)		1,302,524
	250,000	A-	9.016% (SOFR + 5.020%) due 11/15/33(a)(d)		311,407
			US Bancorp, Senior Unsecured Notes:
	200,000	A	4.548% (SOFR + 1.660%) due 7/22/28(d)		201,394
	155,000	A	5.083% (SOFR + 1.296%) due 5/15/31(d)		159,253
	50,000	A	5.850% (SOFR + 2.090%) due 10/21/33(d)		52,866
	1,415,000	A	4.839% (SOFR + 1.600%) due 2/1/34(d)		1,406,566
	1,315,000	A	5.836% (SOFR + 2.260%) due 6/12/34(d)		1,387,039
	1,595,000	A	5.678% (SOFR + 1.860%) due 1/23/35(d)		1,662,557
			Wells Fargo & Co.:
	150,000	BB+	Junior Subordinated Notes, 6.850% (5-Year CMT Index + 2.767%)(d)(e)		157,501
			Senior Unsecured Notes:
	750,000	BBB+	3.000% due 10/23/26		740,333
	300,000	BBB+	5.707% (SOFR + 1.070%) due 4/22/28(d)		306,862
	510,000	BBB+	2.393% (SOFR + 2.100%) due 6/2/28(d)		494,289
	490,000	BBB+	4.150% due 1/24/29		489,756

See Notes to Financial Statements.

129



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 7.4% — (continued)
$	510,000	BBB+	5.574% (SOFR + 1.740%) due 7/25/29(d)	$	528,682
	111,000	BBB+	6.303% (SOFR + 1.790%) due 10/23/29(d)		117,667
	103,000	BBB+	2.572% (3-Month Term SOFR + 1.262%) due 2/11/31(d)		95,463
	100,000	BBB+	4.478% (3-Month Term SOFR + 4.032%) due 4/4/31(d)		100,352
	480,000	BBB+	5.150% (SOFR + 1.500%) due 4/23/31(d)		494,360
	2,460,000	BBB+	3.350% (SOFR + 1.500%) due 3/2/33(d)		2,268,478
	325,000	BBB+	5.389% (SOFR + 2.020%) due 4/24/34(d)		334,439
	863,000	BBB+	5.557% (SOFR + 1.990%) due 7/25/34(d)		896,205
	140,000	BBB+	6.491% (SOFR + 2.060%) due 10/23/34(d)		153,960
	200,000	BBB+	3.068% (SOFR + 2.530%) due 4/30/41(d)		152,273
	1,240,000	BBB+	5.013% (3-Month Term SOFR + 4.502%) due 4/4/51(d)		1,122,337
	200,000	BBB+	4.611% (SOFR + 2.130%) due 4/25/53(d)		169,837
			Subordinated Notes:
	200,000	BBB	5.375% due 11/2/43		190,786
	20,000	BBB	4.650% due 11/4/44		17,329
	20,000	BBB	4.900% due 11/17/45		17,723
	10,000	BBB	4.750% due 12/7/46		8,630
	250,000	A+	Wells Fargo Bank NA, Senior Unsecured Notes, 5.254% due 12/11/26		253,529
			Westpac Banking Corp., Senior Unsecured Notes:
	100,000	AA-	3.350% due 3/8/27		99,205
	50,000	AA-	2.150% due 6/3/31		44,967

			Total Banks		121,801,740


	Beverages — 0.2%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	125,000	A-	4.700% due 2/1/36		122,193
	924,000	A-	4.900% due 2/1/46		844,070
	50,000	A-	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 4.900% due 2/1/46		45,545
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	260,000	A-	3.500% due 6/1/30		252,972
	50,000	A-	4.375% due 4/15/38		47,036
	50,000	A-	5.450% due 1/23/39		51,049
	25,000	A-	4.950% due 1/15/42		23,570
	50,000	A-	4.439% due 10/6/48		42,188
	210,000	A-	5.550% due 1/23/49		206,625
	50,000	A-	4.750% due 4/15/58		43,126
	50,000	A-	5.800% due 1/23/59		50,455
			Coca-Cola Co. (The), Senior Unsecured Notes:
	100,000	A+	3.375% due 3/25/27		99,347
	50,000	A+	5.000% due 5/13/34		51,668
	240,000	A+	2.500% due 6/1/40		175,761
	85,000	A+	2.600% due 6/1/50		52,053
	25,000	A+	3.000% due 3/5/51		16,559
	50,000	A+	2.500% due 3/15/51		29,659
	50,000	A+	5.300% due 5/13/54		48,282
	25,000	A+	5.400% due 5/13/64		24,084
			Constellation Brands Inc.:
			Company Guaranteed Notes:
	100,000	BBB	3.700% due 12/6/26		99,322
	25,000	BBB	5.250% due 11/15/48		22,664
	30,000	BBB	Senior Unsecured Notes, 2.250% due 8/1/31		26,347
			Keurig Dr Pepper Inc., Company Guaranteed Notes:
	195,000	BBB	4.600% due 5/15/30		195,154
	25,000	BBB	3.800% due 5/1/50		17,708
	25,000	BBB	3.350% due 3/15/51		16,233
	50,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 4.200% due 7/15/46		39,560

See Notes to Financial Statements.

130



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Beverages — 0.2% — (continued)
			PepsiCo Inc., Senior Unsecured Notes:
$	100,000	A+	2.375% due 10/6/26	$	98,394
	100,000	A+	2.625% due 3/19/27		98,139
	50,000	A+	4.800% due 7/17/34		50,415
	25,000	A+	2.625% due 10/21/41		17,737
	25,000	A+	4.450% due 4/14/46		22,016
	25,000	A+	2.875% due 10/15/49		16,203
	25,000	A+	3.625% due 3/19/50		18,652
	50,000	A+	2.750% due 10/21/51		30,925
	25,000	A+	4.200% due 7/18/52		20,378
	25,000	A+	3.875% due 3/19/60		18,698

			Total Beverages		3,034,787


	Biotechnology — 0.2%
			Amgen Inc., Senior Unsecured Notes:
	100,000	BBB+	2.200% due 2/21/27		97,359
	171,000	BBB+	5.150% due 3/2/28		174,978
	180,000	BBB+	4.050% due 8/18/29		179,107
	221,000	BBB+	2.450% due 2/21/30		204,468
	25,000	BBB+	6.375% due 6/1/37		27,557
	100,000	BBB+	3.150% due 2/21/40		77,483
	43,000	BBB+	3.375% due 2/21/50		30,179
	50,000	BBB+	4.663% due 6/15/51		42,522
	69,000	BBB+	4.200% due 2/22/52		53,838
	50,000	BBB+	4.875% due 3/1/53		43,274
	50,000	BBB+	5.650% due 3/2/53		48,438
	50,000	BBB+	2.770% due 9/1/53		29,241
	38,000	BBB+	4.400% due 2/22/62		29,365
	67,000	BBB+	5.750% due 3/2/63		64,475
			Biogen Inc., Senior Unsecured Notes:
	50,000	BBB+	3.150% due 5/1/50		31,231
	665,000	BBB+	6.450% due 5/15/55		678,859
			Gilead Sciences Inc., Senior Unsecured Notes:
	474,000	A-	1.650% due 10/1/30		418,733
	90,000	A-	4.000% due 9/1/36		82,559
	100,000	A-	2.600% due 10/1/40		72,076
	142,000	A-	4.800% due 4/1/44		129,735
	99,000	A-	4.500% due 2/1/45		86,535
	70,000	A-	4.750% due 3/1/46		62,799
	100,000	BBB-	Royalty Pharma PLC, Company Guaranteed Notes, 5.400% due 9/2/34		101,284

			Total Biotechnology		2,766,095


	Building Materials — 0.2%
	305,000	BB-	Builders FirstSource Inc., Company Guaranteed Notes, 4.250% due 2/1/32(a)		286,856
	660,000	B-	Camelot Return Merger Sub Inc., Senior Secured Notes, 8.750% due 8/1/28(a)		635,719
			Carrier Global Corp., Senior Unsecured Notes:
	50,000	BBB+	2.493% due 2/15/27		48,938
	50,000	BBB+	3.377% due 4/5/40		39,969
	50,000	BBB+	3.577% due 4/5/50		36,555
	480,000	BB-	EMRLD Borrower LP/Emerald Co.-Issuer Inc., Senior Secured Notes, 6.625% due 12/15/30(a)		493,564
	155,000	B+	Griffon Corp., Company Guaranteed Notes, 5.750% due 3/1/28		154,889
	110,000	BB	Knife River Corp., Senior Unsecured Notes, 7.750% due 5/1/31(a)		115,454
			Martin Marietta Materials Inc., Senior Unsecured Notes:
	25,000	BBB+	4.250% due 12/15/47		20,428
	25,000	BBB+	3.200% due 7/15/51		16,679
	115,000	BB	Masterbrand Inc., Company Guaranteed Notes, 7.000% due 7/15/32(a)		119,251

See Notes to Financial Statements.

131



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Building Materials — 0.2% — (continued)
$	175,000	BB-	Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes, 6.750% due 4/1/32(a)	$	180,510
	25,000	BBB	Owens Corning, Senior Unsecured Notes, 4.400% due 1/30/48		20,326
	290,000	BB	Quikrete Holdings Inc., Senior Secured Notes, 6.375% due 3/1/32(a)		299,263
	185,000	BB-	Smyrna Ready Mix Concrete LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		185,554
			Standard Industries Inc., Senior Unsecured Notes:
	100,000	BB+	4.750% due 1/15/28(a)		99,137
	305,000	BB+	4.375% due 7/15/30(a)		292,388

			Total Building Materials		3,045,480


	Chemicals — 0.3%
			Air Products & Chemicals Inc., Senior Unsecured Notes:
	25,000	A	4.850% due 2/8/34		25,145
	25,000	A	2.700% due 5/15/40		18,296
	50,000	A	2.800% due 5/15/50		31,275
	25,000	BBB-	Albemarle Corp., Senior Unsecured Notes, 5.650% due 6/1/52		21,416
	110,000	BB-	Avient Corp., Senior Unsecured Notes, 7.125% due 8/1/30(a)		113,747
	190,000	BB	Axalta Coating Systems LLC, Company Guaranteed Notes, 3.375% due 2/15/29(a)		179,629
			Braskem Netherlands Finance BV, Company Guaranteed Notes:
	200,000	BB	4.500% due 1/31/30(a)		141,463
	500,000	BB-	7.250% due 2/13/33(a)		356,233
	25,000	BBB	Cabot Corp., Senior Unsecured Notes, 5.000% due 6/30/32		25,210
	25,000	BBB	CF Industries Inc., Company Guaranteed Notes, 5.375% due 3/15/44		23,402
	235,000	BB-	Chemours Co. (The), Company Guaranteed Notes, 5.750% due 11/15/28(a)		226,478
			Dow Chemical Co. (The), Senior Unsecured Notes:
	25,000	BBB	5.150% due 2/15/34		24,865
	25,000	BBB	5.250% due 11/15/41		22,590
	25,000	BBB	4.625% due 10/1/44		20,295
	25,000	BBB	4.800% due 5/15/49		19,962
	25,000	BBB	6.900% due 5/15/53		26,306
	25,000	BBB	5.600% due 2/15/54		22,281
			DuPont de Nemours Inc., Senior Unsecured Notes:
	50,000	BBB+	4.725% due 11/15/28		51,014
	32,000	BBB+	5.319% due 11/15/38		33,368
	50,000	BBB+	5.419% due 11/15/48		50,269
			Eastman Chemical Co., Senior Unsecured Notes:
	176,000	BBB	4.500% due 12/1/28		176,929
	25,000	BBB	5.625% due 2/20/34		25,436
			Ecolab Inc., Senior Unsecured Notes:
	25,000	A-	3.950% due 12/1/47		20,076
	25,000	A-	2.125% due 8/15/50		13,469
	25,000	A-	2.700% due 12/15/51		15,303
	25,000	A-	2.750% due 8/18/55		14,891
	25,000	A-	EIDP Inc., Senior Unsecured Notes, 4.800% due 5/15/33		25,022
	65,000	BB	Element Solutions Inc., Company Guaranteed Notes, 3.875% due 9/1/28(a)		63,046
	25,000	BBB-	FMC Corp., Senior Unsecured Notes, 6.375% due 5/18/53		24,082
	200,000	BB-	INEOS Finance PLC, Senior Secured Notes, 7.500% due 4/15/29(a)		200,719
	25,000	BBB-	International Flavors & Fragrances Inc., Senior Unsecured Notes, 4.375% due 6/1/47		19,583
	25,000	A	Linde Inc., Company Guaranteed Notes, 3.550% due 11/7/42		19,970
	25,000	BBB	LYB International Finance BV, Company Guaranteed Notes, 4.875% due 3/15/44		21,116
			LYB International Finance III LLC, Company Guaranteed Notes:
	370,000	BBB	5.500% due 3/1/34		368,303
	25,000	BBB	4.200% due 10/15/49		18,026
	50,000	BBB	4.200% due 5/1/50		36,301
	25,000	BBB	3.800% due 10/1/60		15,748
	25,000	BBB	Mosaic Co. (The), Senior Unsecured Notes, 5.625% due 11/15/43		24,060

See Notes to Financial Statements.

132



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Chemicals — 0.3% — (continued)
				NOVA Chemicals Corp.:
$	150,000		BB+	Senior Secured Notes, 8.500% due 11/15/28(a)	$	157,321
	150,000		BB-	Senior Unsecured Notes, 9.000% due 2/15/30(a)		161,303
				Nutrien Ltd., Senior Unsecured Notes:
	25,000		BBB	4.900% due 6/1/43		22,415
	25,000		BBB	5.000% due 4/1/49		22,179
	25,000		BBB	3.950% due 5/13/50		18,767
				OCP SA, Senior Unsecured Notes:
	400,000		BB+	6.750% due 5/2/34(a)		422,771
	400,000		BB+	5.125% due 6/23/51(a)		316,998
	530,000		Baa3(b)	Orbia Advance Corp. SAB de CV, Company Guaranteed Notes, 7.500% due 5/13/35(a)		547,029
	163,000		BBB	RPM International Inc., Senior Unsecured Notes, 3.750% due 3/15/27		161,745
				Sherwin-Williams Co. (The), Senior Unsecured Notes:
	25,000		BBB	3.800% due 8/15/49		18,607
	25,000		BBB	3.300% due 5/15/50		16,893
	25,000		BBB	2.900% due 3/15/52		15,193
				Westlake Corp., Senior Unsecured Notes:
	50,000		BBB+	3.125% due 8/15/51		30,614
	25,000		BBB+	3.375% due 8/15/61		14,866
				WR Grace Holdings LLC, Senior Secured Notes:
	115,000		B-	4.875% due 6/15/27(a)		114,271
	75,000		B-	6.625% due 8/15/32(a)		74,847

				Total Chemicals		4,651,143


	Commercial Services — 0.5%
	185,000		BB+	ADT Security Corp. (The), Senior Secured Notes, 4.875% due 7/15/32(a)		178,154
	213,000		B+	Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes, 5.750% due 7/15/27(a)		212,289
	225,000		BB+	Block Inc., Senior Unsecured Notes, 6.500% due 5/15/32		233,204
	200,000		BB	Boost Newco Borrower LLC, Senior Secured Notes, 7.500% due 1/15/31(a)		212,324
	130,000		BB-	Clarivate Science Holdings Corp., Senior Secured Notes, 3.875% due 7/1/28(a)		125,488
	25,000		BBB	Equifax Inc., Senior Unsecured Notes, 5.100% due 6/1/28		25,576
	105,000		B	EquipmentShare.com Inc., Secured Notes, 8.625% due 5/15/32(a)		113,234
	105,000		B	Garda World Security Corp., Senior Secured Notes, 4.625% due 2/15/27(a)		104,324
				GEO Group Inc. (The):
	270,000		BB-	Company Guaranteed Notes, 10.250% due 4/15/31		297,824
	400,000		BB+	Senior Secured Notes, 8.625% due 4/15/29		423,545
				Global Payments Inc., Senior Unsecured Notes:
	176,000		BBB-	4.450% due 6/1/28		176,452
	44,000		BBB-	3.200% due 8/15/29		41,791
	100,000	^EUR	BBB-	4.875% due 3/17/31		122,479
	97,000		BBB-	2.900% due 11/15/31		86,726
	915,000		BBB-	5.950% due 8/15/52		872,687
				Herc Holdings Inc.:
	185,000		BB-	Company Guaranteed Notes, 5.500% due 7/15/27(a)		184,913
	50,000		BB-	Senior Unsecured Notes, 7.000% due 6/15/30(a)		52,070
				Moody’s Corp., Senior Unsecured Notes:
	245,000		BBB+	4.250% due 2/1/29		246,199
	42,000		BBB+	2.000% due 8/19/31		36,902
				PayPal Holdings Inc., Senior Unsecured Notes:
	25,000		A-	2.650% due 10/1/26		24,621
	50,000		A-	2.850% due 10/1/29		47,685
	240,000		A-	2.300% due 6/1/30		220,347
	25,000		A-	5.150% due 6/1/34		25,581
	25,000		A-	3.250% due 6/1/50		17,014
	25,000		A-	5.050% due 6/1/52		22,902

See Notes to Financial Statements.

133



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Commercial Services — 0.5% — (continued)
$	140,000		BB+	Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 3.375% due 8/31/27(a)	$	135,751
	285,000		BBB	Quanta Services Inc., Senior Unsecured Notes, 4.500% due 1/15/31		284,787
	118,000		A-	RELX Capital Inc., Company Guaranteed Notes, 4.000% due 3/18/29		117,603
				S&P Global Inc., Company Guaranteed Notes:
	50,000		A3(b)	2.450% due 3/1/27		48,846
	230,000		A3(b)	3.250% due 12/1/49		159,933
	25,000		A3(b)	3.700% due 3/1/52		18,723
	25,000		A3(b)	2.300% due 8/15/60		12,543
	25,000		A3(b)	3.900% due 3/1/62		18,613
	200,000		BB	Service Corp. International, Senior Unsecured Notes, 5.125% due 6/1/29		198,996
	240,000		BB-	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		248,993
	200,000	^EUR	BBB+	Transurban Finance Co. Pty Ltd., Senior Secured Notes, (Cost — $226,368, acquired 3/6/24), 4.225% due 4/26/33(c)		244,200
				United Rentals North America Inc., Company Guaranteed Notes:
	50,000		BB+	3.875% due 2/15/31		47,030
	120,000		BB+	3.750% due 1/15/32		110,675
	320,000		BB+	6.125% due 3/15/34(a)		331,865
	670,000		B	Upbound Group Inc., Company Guaranteed Notes, 6.375% due 2/15/29(a)		657,660
	25,000		BBB	Verisk Analytics Inc., Senior Unsecured Notes, 4.125% due 3/15/29		25,000
	480,000	^EUR	B+	Verisure Holding AB, Senior Secured Notes, (Cost — $526,371, acquired 12/3/24), 5.500% due 5/15/30(c)		584,378
	170,000		B	Wand NewCo 3 Inc., Senior Secured Notes, 7.625% due 1/30/32(a)		180,322
	125,000		BB-	Williams Scotsman Inc., Senior Secured Notes, 7.375% due 10/1/31(a)		130,827
	200,000	^EUR	BB	Worldline SA, Senior Unsecured Notes, (Cost — $209,855, acquired 12/3/24), 4.125% due 9/12/28(c)		207,320

				Total Commercial Services		7,868,396


	Computers — 0.3%
	100,000		AA-	Accenture Capital Inc., Company Guaranteed Notes, 4.250% due 10/4/31		99,716
	405,000	^EUR	BB-	Almaviva-The Italian Innovation Co. SpA, Senior Secured Notes, 5.000% due 10/30/30(a)		480,410
				Apple Inc., Senior Unsecured Notes:
	100,000		AA+	3.350% due 2/9/27		99,323
	100,000		AA+	4.000% due 5/12/28		100,732
	50,000		AA+	2.200% due 9/11/29		46,831
	100,000		AA+	4.300% due 5/10/33		100,778
	100,000		AA+	4.750% due 5/12/35		101,567
	25,000		AA+	4.500% due 2/23/36		25,111
	50,000		AA+	2.375% due 2/8/41		35,067
	50,000		AA+	3.850% due 5/4/43		41,796
	100,000		AA+	3.450% due 2/9/45		77,551
	50,000		AA+	4.375% due 5/13/45		44,184
	25,000		AA+	3.750% due 9/12/47		19,624
	50,000		AA+	2.650% due 5/11/50		31,116
	100,000		AA+	2.650% due 2/8/51		61,454
	50,000		AA+	2.700% due 8/5/51		30,956
	50,000		AA+	3.950% due 8/8/52		39,410
	50,000		AA+	2.800% due 2/8/61		29,323
	25,000		AA+	2.850% due 8/5/61		14,755
	50,000		AA+	4.100% due 8/8/62		39,229
	1,205,000		BBB-	Booz Allen Hamilton Inc., Company Guaranteed Notes, 5.950% due 4/15/35		1,242,741
				Dell International LLC/EMC Corp.:
				Company Guaranteed Notes:
	100,000		BBB	5.300% due 4/1/32		103,078
	50,000		BBB	3.450% due 12/15/51		34,153

See Notes to Financial Statements.

134



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Computers — 0.3% — (continued)
$	23,000	BBB	Senior Unsecured Notes, 8.350% due 7/15/46	$	29,287
			DXC Technology Co., Senior Unsecured Notes:
	25,000	BBB-	1.800% due 9/15/26		24,338
	88,000	BBB-	2.375% due 9/15/28		82,752
			Hewlett Packard Enterprise Co., Senior Unsecured Notes:
	248,000	BBB	5.250% due 7/1/28		255,251
	25,000	BBB	5.000% due 10/15/34		24,581
			HP Inc., Senior Unsecured Notes:
	25,000	BBB	4.750% due 1/15/28		25,330
	25,000	BBB	6.000% due 9/15/41		25,328
	120,000	BB+	Insight Enterprises Inc., Company Guaranteed Notes, 6.625% due 5/15/32(a)		123,666
			International Business Machines Corp., Senior Unsecured Notes:
	100,000	A-	3.300% due 1/27/27		99,014
	100,000	A-	1.700% due 5/15/27		96,264
	100,000	A-	4.150% due 5/15/39		88,172
	100,000	A-	4.000% due 6/20/42		82,915
	100,000	A-	4.250% due 5/15/49		80,244
			Kyndryl Holdings Inc., Senior Unsecured Notes:
	460,000	BBB-	2.050% due 10/15/26		447,805
	25,000	BBB-	2.700% due 10/15/28		23,771
	25,000	BBB	Leidos Inc., Company Guaranteed Notes, 2.300% due 2/15/31		22,230
	175,000	B+	NCR Atleos Corp., Senior Secured Notes, 9.500% due 4/1/29(a)		189,875
	225,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.000% due 10/1/28(a)		222,109
			Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes:
	120,000	BB	3.125% due 7/15/29(a)		107,947
	200,000	BB	8.250% due 12/15/29(a)		212,939

			Total Computers		5,162,723


	Cosmetics/Personal Care — 0.1%
	115,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 5.500% due 6/1/28(a)		114,545
			Estee Lauder Cos Inc. (The), Senior Unsecured Notes:
	25,000	A-	4.150% due 3/15/47		19,785
	25,000	A-	3.125% due 12/1/49		16,037
	25,000	A-	5.150% due 5/15/53		23,677
			Kenvue Inc., Company Guaranteed Notes:
	540,000	A	4.900% due 3/22/33		548,845
	50,000	A	5.050% due 3/22/53		45,876
	25,000	A	5.200% due 3/22/63		22,797
			Procter & Gamble Co. (The), Senior Unsecured Notes:
	100,000	AA-	3.950% due 1/26/28		100,620
	100,000	AA-	4.050% due 5/1/30		100,554
	25,000	AA-	3.600% due 3/25/50		18,877

			Total Cosmetics/Personal Care		1,011,613


	Distribution/Wholesale — 0.0%@
	110,000	BBB-	American Builders & Contractors Supply Co., Inc., Senior Secured Notes, 4.000% due 1/15/28(a)		107,690
	75,000	BB-	RB Global Holdings Inc., Company Guaranteed Notes, 7.750% due 3/15/31(a)		78,798
	110,000	BB	Resideo Funding Inc., Company Guaranteed Notes, 6.500% due 7/15/32(a)		112,459

			Total Distribution/Wholesale		298,947


	Diversified Financial Services — 1.0%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	2,560,000	BBB+	2.450% due 10/29/26		2,507,929
	150,000	BBB+	6.450% due 4/15/27		154,891
	340,000	BBB+	3.000% due 10/29/28		327,120

See Notes to Financial Statements.

135



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Diversified Financial Services — 1.0% — (continued)
$	150,000	BBB+	3.400% due 10/29/33	$	133,433
	655,000	BBB-	6.950% (5-Year CMT Index + 2.720%) due 3/10/55(d)		686,578
			Air Lease Corp., Senior Unsecured Notes:
	50,000	BBB	2.200% due 1/15/27		48,674
	25,000	BBB	5.850% due 12/15/27		25,894
	50,000	BBB	5.300% due 2/1/28		51,196
	50,000	BBB	2.100% due 9/1/28		47,060
	25,000	BBB	3.000% due 2/1/30		23,628
	25,000	BBB	3.125% due 12/1/30		23,342
	1,325,000	BBB	Aircastle Ltd., Company Guaranteed Notes, 5.950% due 2/15/29(a)		1,382,777
	670,000	BBB	Aircastle Ltd./Aircastle Ireland DAC, Company Guaranteed Notes, 5.250% due 3/15/30(a)		683,972
			Ally Financial Inc.:
	25,000	BBB-	Senior Unsecured Notes, 6.184% (SOFR + 2.290%) due 7/26/35(d)		25,709
	95,000	BB+	Subordinated Notes, 6.700% due 2/14/33		98,713
			American Express Co., Senior Unsecured Notes:
	100,000	A-	2.550% due 3/4/27		97,833
	220,000	A-	4.050% due 5/3/29		220,593
	100,000	A-	5.085% (SOFR + 1.020%) due 1/30/31(d)		103,070
	345,000	A-	5.016% (SOFR + 1.440%) due 4/25/31(d)		354,429
	380,000	A-	4.918% (SOFR + 1.220%) due 7/20/33(d)		384,894
	100,000	A-	5.043% (SOFR + 1.835%) due 5/1/34(d)		101,596
	100,000	A-	5.442% (SOFR + 1.320%) due 1/30/36(d)		102,798
	110,000	A-	5.667% (SOFR + 1.790%) due 4/25/36(d)		114,956
	100,000	A-	4.050% due 12/3/42		84,591
	1,005,000	BBB+	Ares Finance Co. II LLC, Company Guaranteed Notes, 3.250% due 6/15/30(a)		951,253
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	953,000	BBB-	2.528% due 11/18/27(a)		915,080
	1,790,000	BBB-	5.150% due 1/15/30(a)		1,821,628
	500,000	BBB-	Senior Unsecured Notes, 2.750% due 2/21/28(a)		479,338
			Capital One Financial Corp.:
			Senior Unsecured Notes:
	50,000	BBB	4.100% due 2/9/27		49,897
	100,000	BBB	3.750% due 3/9/27		99,411
	50,000	BBB	5.817% (SOFR + 2.600%) due 2/1/34(d)		52,051
	50,000	BBB	6.377% (SOFR + 2.860%) due 6/8/34(d)		53,778
			Subordinated Notes:
	27,000	BBB-	2.359% (SOFR + 1.337%) due 7/29/32(d)		23,230
	10,000	BBB-	6.183% (SOFR + 2.036%) due 1/30/36(d)		10,318
			Charles Schwab Corp. (The), Senior Unsecured Notes:
	50,000	A-	2.450% due 3/3/27		48,883
	25,000	A-	3.300% due 4/1/27		24,733
	50,000	A-	2.000% due 3/20/28		47,662
	25,000	A-	4.000% due 2/1/29		25,011
	50,000	A-	5.643% (SOFR + 2.210%) due 5/19/29(d)		52,005
	50,000	A-	6.196% (SOFR + 1.878%) due 11/17/29(d)		53,219
	25,000	A-	2.900% due 3/3/32		22,671
	1,000,000	BBB-	Citadel Finance LLC, Company Guaranteed Notes, 5.900% due 2/10/30(a)		1,014,798
	559,000	A+	Credit Suisse USA LLC, Company Guaranteed Notes, 7.125% due 7/15/32		639,124
			Intercontinental Exchange Inc., Senior Unsecured Notes:
	50,000	A-	4.000% due 9/15/27		49,941
	50,000	A-	4.350% due 6/15/29		50,334
	13,000	A-	2.100% due 6/15/30		11,814
	25,000	A-	2.650% due 9/15/40		18,221
	25,000	A-	4.250% due 9/21/48		20,609

See Notes to Financial Statements.

136



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Diversified Financial Services — 1.0% — (continued)
$	50,000		A-	3.000% due 6/15/50	$	32,556
	50,000		A-	4.950% due 6/15/52		45,087
	50,000		A-	3.000% due 9/15/60		30,018
				Jefferies Financial Group Inc., Senior Unsecured Notes:
	50,000		BBB	4.850% due 1/15/27		50,374
	50,000		BBB	5.875% due 7/21/28		52,164
	50,000		BBB	4.150% due 1/23/30		49,362
	650,000		NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17*(f)(g)#		–
				Mastercard Inc., Senior Unsecured Notes:
	25,000		A+	3.650% due 6/1/49		18,845
	50,000		A+	3.850% due 3/26/50		38,827
	25,000		A+	2.950% due 3/15/51		16,225
	232,000		BBB+	Nasdaq Inc., Senior Unsecured Notes, 5.550% due 2/15/34		242,001
	175,000		B	Nationstar Mortgage Holdings Inc., Company Guaranteed Notes, 5.500% due 8/15/28(a)		174,781
	200,000		BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 6.070% due 7/12/28		209,524
	250,000		BB	OneMain Finance Corp., Company Guaranteed Notes, 6.625% due 5/15/29		257,377
	90,000		BB	PRA Group Inc., Company Guaranteed Notes, 5.000% due 10/1/29(a)		84,655
	25,000		BBB-	Radian Group Inc., Senior Unsecured Notes, 4.875% due 3/15/27		25,048
	305,000		BB	Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes, 3.625% due 3/1/29(a)		290,950
	760,000	^EUR	B	Sherwood Financing PLC, Senior Secured Notes, (Cost — $805,182, acquired 3/8/24), 4.500% due 11/15/26(c)		892,475
	95,000		Ba3(b)	United Wholesale Mortgage LLC, Senior Unsecured Notes, 5.500% due 4/15/29(a)		93,626
				Visa Inc., Senior Unsecured Notes:
	25,000		AA-	2.700% due 4/15/40		18,988
	25,000		AA-	3.650% due 9/15/47		19,322
	50,000		AA-	2.000% due 8/15/50		26,790

				Total Diversified Financial Services		16,989,680


	Electric — 2.5%
				AEP Texas Inc., Senior Unsecured Notes:
	43,000		BBB+	5.400% due 6/1/33		43,850
	82,000		BBB+	3.450% due 1/15/50		55,529
	41,000		BBB+	3.450% due 5/15/51		27,405
				AEP Transmission Co. LLC, Senior Unsecured Notes:
	70,000		BBB+	3.750% due 12/1/47		53,101
	59,000		BBB+	3.150% due 9/15/49		39,465
	45,000		BBB+	2.750% due 8/15/51		27,647
	40,000		BBB+	4.500% due 6/15/52		33,555
	80,000		BB	AES Corp. (The), Junior Subordinated Notes, 7.600% (5-Year CMT Index + 3.201%) due 1/15/55(d)		82,402
				Alabama Power Co., Senior Unsecured Notes:
	64,000		A	3.700% due 12/1/47		48,572
	60,000		A	3.450% due 10/1/49		42,515
	116,000		A	3.125% due 7/15/51		76,421
	111,000		A	3.000% due 3/15/52		71,306
				Ameren Illinois Co., 1st Mortgage Notes:
	43,000		A	3.250% due 3/15/50		29,053
	95,000		A	2.900% due 6/15/51		59,361
	170,000		A	5.550% due 7/1/54		167,102
	150,000		A-	American Transmission Systems Inc., Senior Unsecured Notes, 2.650% due 1/15/32(a)		133,389
				Arizona Public Service Co., Senior Unsecured Notes:
	25,000		BBB+	5.550% due 8/1/33		25,945
	25,000		BBB+	3.350% due 5/15/50		17,083

See Notes to Financial Statements.

137



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Electric — 2.5% — (continued)
				Baltimore Gas & Electric Co., Senior Unsecured Notes:
$	914,000		A	5.450% due 6/1/35	$	942,194
	6,000		A	3.500% due 8/15/46		4,406
	50,000		A	3.750% due 8/15/47		37,933
	80,000		A	3.200% due 9/15/49		53,709
	67,000		A	2.900% due 6/15/50		42,248
	54,000		A	4.550% due 6/1/52		45,625
	65,000		A	5.400% due 6/1/53		61,575
	25,000		A-	Berkshire Hathaway Energy Co., Senior Unsecured Notes, 6.125% due 4/1/36		26,966
				Calpine Corp., Senior Unsecured Notes:
	310,000		B+	5.125% due 3/15/28(a)		309,998
	350,000		B+	4.625% due 2/1/29(a)		346,054
				CenterPoint Energy Houston Electric LLC:
	118,000		A	1st Mortgage Notes, 3.600% due 3/1/52		85,259
	129,000		A	General Refinance Mortgage, 4.450% due 10/1/32		127,579
				Comision Federal de Electricidad, Company Guaranteed Notes:
	1,500,000		BBB	3.348% due 2/9/31(a)		1,339,103
	1,000,000		BBB	3.875% due 7/26/33(a)		866,204
				Commonwealth Edison Co., 1st Mortgage Notes:
	25,000		A	5.900% due 3/15/36		26,824
	71,000		A	5.950% due 6/1/55		73,173
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	40,000		A-	3.950% due 4/1/50		30,979
	134,000		A-	5.900% due 11/15/53		136,984
	100,000		A-	5.700% due 5/15/54		99,034
	25,000		A-	4.625% due 12/1/54		20,977
	174,000		BBB+	Constellation Energy Generation LLC, Senior Unsecured Notes, 5.600% due 6/15/42		171,032
				Consumers Energy Co., 1st Mortgage Notes:
	56,000		A	3.500% due 8/1/51		40,806
	53,000		A	2.650% due 8/15/52		32,087
	113,000		A	4.200% due 9/1/52		91,019
				Dominion Energy Inc., Junior Subordinated Notes:
	1,600,000		BBB-	6.625% (5-Year CMT Index + 2.207%) due 5/15/55(d)		1,643,118
	193,000		BBB-	6.000% (5-Year CMT Index + 2.262%) due 2/15/56(d)		194,861
				Dominion Energy South Carolina Inc., 1st Mortgage Notes:
	50,000		A	5.300% due 1/15/35		51,288
	83,000		A	6.250% due 10/15/53		89,342
				DTE Electric Co., General Refinance Mortgage:
	350,000		A	5.200% due 3/1/34		360,661
	180,000		A	3.250% due 4/1/51		123,138
				Duke Energy Carolinas LLC, 1st Mortgage Notes:
	104,000		A	3.950% due 11/15/28		103,955
	100,000		A	4.950% due 1/15/33		102,309
	25,000		A	6.050% due 4/15/38		26,918
	500,000		A	4.250% due 12/15/41		431,852
	105,000		A	3.200% due 8/15/49		70,841
	80,000		A	3.550% due 3/15/52		56,963
	202,000		A	5.350% due 1/15/53		191,911
				Duke Energy Corp., Senior Unsecured Notes:
	50,000		BBB	2.650% due 9/1/26		49,261
	50,000		BBB	4.850% due 1/5/27		50,447
	700,000	^EUR	BBB	3.100% due 6/15/28		826,199
				Duke Energy Florida LLC, 1st Mortgage Notes:
	145,000		A	2.500% due 12/1/29		136,194
	133,000		A	1.750% due 6/15/30		118,848

See Notes to Financial Statements.

138



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Electric — 2.5% — (continued)
$	25,000		A	6.400% due 6/15/38	$	27,715
	24,000		A	4.200% due 7/15/48		19,267
	26,000		A	5.950% due 11/15/52		26,743
	350,000		A	6.200% due 11/15/53		371,989
	380,000		A	Duke Energy Indiana LLC, 1st Mortgage Notes, 2.750% due 4/1/50		233,558
				Duke Energy Ohio Inc., 1st Mortgage Notes:
	529,000		A	3.650% due 2/1/29		520,763
	20,000		A	5.650% due 4/1/53		19,690
				Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000		A	3.450% due 3/15/29		127,368
	43,000		A	5.250% due 3/15/33		44,468
	81,000		A	4.150% due 12/1/44		66,912
	67,000		A	2.900% due 8/15/51		41,615
				Edison International:
	390,000		BB+	Junior Subordinated Notes, 8.125% (5-Year CMT Index + 3.864%) due 6/15/53(d)		391,114
	180,000		BBB-	Senior Unsecured Notes, 6.950% due 11/15/29		191,084
	878,000		BB+	Emera Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%) due 6/15/76(d)		885,693
	770,000		BBB-	Emera US Finance LP, Company Guaranteed Notes, 2.639% due 6/15/31		685,494
				Entergy Arkansas LLC, 1st Mortgage Notes:
	87,000		A	3.350% due 6/15/52		59,256
	350,000		A	5.750% due 6/1/54		349,469
	320,000		BBB-	Entergy Corp., Junior Subordinated Notes, 7.125% (5-Year CMT Index + 2.670%) due 12/1/54(d)		334,901
				Entergy Louisiana LLC:
				1st Mortgage Notes:
	25,000		A	5.150% due 9/15/34		25,308
	25,000		A	2.900% due 3/15/51		15,549
	25,000		A	Collateral Trust, 4.200% due 9/1/48		20,105
				Entergy Mississippi LLC, 1st Mortgage Notes:
	370,000		A	5.000% due 9/1/33		374,696
	525,000		A	5.800% due 4/15/55		524,318
				Entergy Texas Inc., 1st Mortgage Notes:
	50,000		A	5.250% due 4/15/35		50,918
	565,000		A	5.550% due 9/15/54		540,139
	200,000	^EUR	A-	ESB Finance DAC, Company Guaranteed Notes, (Cost — $222,761, acquired 3/6/24), 4.000% due 10/3/28(c)		242,240
	855,000		BB+	EUSHI Finance Inc., Company Guaranteed Notes, 7.625% (5-Year CMT Index + 3.136%) due 12/15/54(d)		896,256
	725,000		BBB-	Evergy Inc., Junior Subordinated Notes, 6.650% (5-Year CMT Index + 2.558%) due 6/1/55(d)		737,410
	128,000		BBB	Eversource Energy, Senior Unsecured Notes, 5.450% due 3/1/28		131,719
	170,000		BBB	Exelon Corp., Junior Subordinated Notes, 6.500% (5-Year CMT Index + 1.975%) due 3/15/55(d)		175,654
	198,101		BBB	FIEMEX Energia — Banco Actinver SA Institucion de Banca Multiple, Senior Secured Notes, 7.250% due 1/31/41		203,743
				FirstEnergy Corp., Senior Unsecured Notes:
	470,000		BBB-	3.900% due 7/15/27		466,736
	240,000		BBB-	4.850% due 7/15/47		206,570
				Florida Power & Light Co., 1st Mortgage Notes:
	25,000		A+	5.650% due 2/1/37		26,110
	251,000		A+	3.950% due 3/1/48		199,084
	122,000		A+	2.875% due 12/4/51		76,453
	230,000		A+	5.700% due 3/15/55		230,737
				Georgia Power Co., Senior Unsecured Notes:
	50,000		A	5.004% due 2/23/27		50,719

See Notes to Financial Statements.

139



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 2.5% — (continued)
$	278,000	A	4.950% due 5/17/33	$	281,496
	430,000	A	5.250% due 3/15/34		440,856
	520,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 5.650% due 5/9/34(a)		539,261
			MidAmerican Energy Co., 1st Mortgage Notes:
	47,000	A	3.100% due 5/1/27		46,423
	141,000	A	5.850% due 9/15/54		145,033
	167,000	A	5.300% due 2/1/55		157,626
	100,000	A-	National Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850% due 2/7/29		102,412
			NextEra Energy Capital Holdings Inc., Company Guaranteed Notes:
	250,000	BBB+	1.875% due 1/15/27		242,369
	50,000	BBB+	2.250% due 6/1/30		45,527
	50,000	BBB+	5.050% due 2/28/33		50,745
	50,000	BBB+	5.250% due 3/15/34		50,897
	160,000	BBB	6.500% (5-Year CMT Index + 1.979%) due 8/15/55(d)		168,100
	750,000	BBB+	Niagara Mohawk Power Corp., Senior Unsecured Notes, 5.996% due 7/3/55(a)		746,947
			Northern States Power Co., 1st Mortgage Notes:
	211,000	A	2.900% due 3/1/50		136,675
	136,000	A	2.600% due 6/1/51		81,895
	62,000	A	5.100% due 5/15/53		57,017
			NRG Energy Inc., Company Guaranteed Notes:
	205,000	BB	5.750% due 1/15/28		205,785
	345,000	BB	5.250% due 6/15/29(a)		344,235
			Ohio Power Co., Senior Unsecured Notes:
	113,000	BBB+	2.600% due 4/1/30		105,196
	89,000	BBB+	5.000% due 6/1/33		89,646
	66,000	BBB+	4.000% due 6/1/49		49,653
	438,000	BBB+	2.900% due 10/1/51		263,927
			Oncor Electric Delivery Co. LLC:
	25,000	A	1st Mortgage Notes, 2.700% due 11/15/51		14,825
			Senior Secured Notes:
	50,000	A	4.550% due 9/15/32		49,691
	50,000	A	5.650% due 11/15/33		52,944
	50,000	A	4.950% due 9/15/52		44,497
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	500,000	BBB	5.450% due 6/15/27		507,770
	124,000	BBB	5.000% due 6/4/28		125,976
	2,090,000	BBB	4.550% due 7/1/30		2,070,355
	89,000	BBB	2.500% due 2/1/31		78,927
	136,000	BBB	6.150% due 1/15/33		142,955
	179,000	BBB	6.400% due 6/15/33		190,231
	111,000	BBB	6.950% due 3/15/34		121,650
	100,000	BBB	4.500% due 7/1/40		85,434
	50,000	BBB	3.300% due 8/1/40		37,024
	50,000	BBB	4.950% due 7/1/50		41,456
	90,000	BBB	3.500% due 8/1/50		59,147
	28,000	BBB	6.750% due 1/15/53		28,968
	55,000	BBB	6.700% due 4/1/53		56,932
			PacifiCorp, 1st Mortgage Notes:
	50,000	A-	5.450% due 2/15/34		50,838
	25,000	A-	5.750% due 4/1/37		25,624
			PECO Energy Co., 1st Mortgage Notes:
	46,000	A	3.050% due 3/15/51		29,547
	74,000	A	4.600% due 5/15/52		63,746
	91,000	A	4.375% due 8/15/52		74,702

See Notes to Financial Statements.

140



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 2.5% — (continued)
			PG&E Corp.:
$	1,435,000	B	Junior Subordinated Notes, 7.375% (5-Year CMT Index + 3.883%) due 3/15/55(d)	$	1,427,869
			Senior Secured Notes:
	145,000	BB	5.000% due 7/1/28		143,253
	180,000	BB	5.250% due 7/1/30		175,501
	100,000	AAA	PG&E Recovery Funding LLC, Senior Secured Notes, 5.231% due 6/1/42		99,887
			PPL Electric Utilities Corp., 1st Mortgage Notes:
	25,000	A+	5.000% due 5/15/33		25,540
	25,000	A+	4.850% due 2/15/34		25,208
	25,000	A+	5.250% due 5/15/53		23,730
	860,000	BBB	PSEG Power LLC, Senior Unsecured Notes, 5.750% due 5/15/35(a)		890,680
	270,000	A	Public Service Co. of Colorado, 1st Mortgage Notes, 2.700% due 1/15/51		158,111
	102,000	A	Public Service Co. of New Hampshire, 1st Mortgage Notes, 5.150% due 1/15/53		94,590
			Public Service Electric & Gas Co., 1st Mortgage Notes:
	199,000	A	3.200% due 5/15/29		193,316
	185,000	A	4.900% due 12/15/32		188,341
	350,000	A-	Puget Sound Energy Inc., Senior Secured Notes, 5.685% due 6/15/54		346,009
	200,000	Ba2(b)	Saavi Energia Sarl, Senior Unsecured Notes, 8.875% due 2/10/35		212,250
			San Diego Gas & Electric Co., 1st Mortgage Notes:
	370,000	A	3.320% due 4/15/50		249,690
	120,000	A	5.350% due 4/1/53		112,054
			Sempra:
			Junior Subordinated Notes:
	230,000	BBB-	6.875% (5-Year CMT Index + 2.789%) due 10/1/54(d)		233,967
	905,000	BBB-	6.625% (5-Year CMT Index + 2.354%) due 4/1/55(d)		909,743
	61,000	BBB-	6.375% (5-Year CMT Index + 2.632%) due 4/1/56(d)		61,620
	25,000	BBB	Senior Unsecured Notes, 3.800% due 2/1/38		21,083
			Southern California Edison Co.:
			1st Mortgage Notes:
	310,000	A-	5.300% due 3/1/28		317,037
	208,000	A-	5.650% due 10/1/28		215,430
	199,000	A-	5.950% due 11/1/32		209,453
	619,000	A-	5.200% due 6/1/34		615,987
	660,000	A-	5.450% due 3/1/35		664,968
	60,000	A-	3.650% due 6/1/51		40,905
	30,000	A-	5.875% due 12/1/53		28,583
	850,000	A-	5.750% due 4/15/54		797,397
	370,000	A-	5.900% due 3/1/55		354,264
	25,000	A-	1st Refinanced Mortgage Notes, 5.950% due 2/1/38		25,585
	550,000	A-	Southwestern Public Service Co., 1st Mortgage Notes, 6.000% due 6/1/54		551,680
	50,000	BBB+	System Energy Resources Inc., 1st Refinanced Mortgage Notes, 5.300% due 12/15/34		49,846
			Union Electric Co., 1st Mortgage Notes:
	350,000	A	5.200% due 4/1/34		358,544
	51,000	A	5.450% due 3/15/53		48,961
			Virginia Electric & Power Co., Senior Unsecured Notes:
	25,000	BBB+	6.000% due 5/15/37		26,681
	52,000	BBB+	2.950% due 11/15/51		32,482
	126,000	BBB+	5.700% due 8/15/53		124,028
	15,000	BBB+	5.350% due 1/15/54		14,030
			Vistra Operations Co. LLC:
			Company Guaranteed Notes:
	1,390,000	BB+	5.000% due 7/31/27(a)		1,387,115
	105,000	BB+	7.750% due 10/15/31(a)		111,624
			Senior Secured Notes:
	117,000	BBB-	3.700% due 1/30/27(a)		115,880

See Notes to Financial Statements.

141



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Electric — 2.5% — (continued)
$	710,000		BBB-	6.000% due 4/15/34(a)	$	740,464
				Wisconsin Power & Light Co., Senior Unsecured Notes:
	25,000		A-	5.375% due 3/30/34		25,831
	25,000		A-	3.650% due 4/1/50		17,783

				Total Electric		41,037,098


	Electrical Components & Equipment — 0.0%@
				Emerson Electric Co., Senior Unsecured Notes:
	25,000		A	2.750% due 10/15/50		15,758
	25,000		A	2.800% due 12/21/51		15,649
	110,000		B	Energizer Holdings Inc., Company Guaranteed Notes, 4.750% due 6/15/28(a)		108,264
	85,000		BB+	EnerSys, Company Guaranteed Notes, 6.625% due 1/15/32(a)		87,657
	300,000		BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.625% due 3/15/32(a)		311,481

				Total Electrical Components & Equipment		538,809


	Electronics — 0.1%
	140,000		B+	Coherent Corp., Company Guaranteed Notes, 5.000% due 12/15/29(a)		137,676
				Honeywell International Inc., Senior Unsecured Notes:
	100,000		A	2.500% due 11/1/26		98,253
	100,000		A	1.100% due 3/1/27		95,712
	220,000		A	5.000% due 3/1/35		221,551
	25,000		A	3.812% due 11/21/47		19,095
	50,000		A	2.800% due 6/1/50		31,326
	25,000		A	5.250% due 3/1/54		23,283
	25,000		A	5.350% due 3/1/64		23,308
	190,000		BB	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		185,379
	185,000		BB+	Sensata Technologies Inc., Company Guaranteed Notes, 4.375% due 2/15/30(a)		178,240

				Total Electronics		1,013,823


	Energy — Alternate Sources — 0.0%@
	200,000		Ba3(b)	FS Luxembourg Sarl, Company Guaranteed Notes, 8.625% due 6/25/33(a)		204,386
	85,000		BB-	TerraForm Power Operating LLC, Company Guaranteed Notes, 4.750% due 1/15/30(a)		82,066

				Total Energy — Alternate Sources		286,452


	Engineering & Construction — 0.0%@
	290,000		BBB-	CIMIC Finance USA Pty Ltd., Company Guaranteed Notes, 7.000% due 3/25/34(a)		313,036
	120,000		BB+	Dycom Industries Inc., Company Guaranteed Notes, 4.500% due 4/15/29(a)		117,154
	220,000		BB	Global Infrastructure Solutions Inc., Company Guaranteed Notes, 5.625% due 6/1/29(a)		221,406

				Total Engineering & Construction		651,596


	Entertainment — 0.3%
	450,000	^EUR	B-	888 Acquisitions Ltd., Senior Secured Notes, 7.558% due 7/15/27(a)		527,171
	120,000		B	Boyne USA Inc., Senior Unsecured Notes, 4.750% due 5/15/29(a)		117,901
				Caesars Entertainment Inc., Senior Secured Notes:
	90,000		BB-	7.000% due 2/15/30(a)		93,115
	250,000		BB-	6.500% due 2/15/32(a)		256,461
	65,000		BB	Cinemark USA Inc., Company Guaranteed Notes, 5.250% due 7/15/28(a)		64,645
	330,000		B+	Live Nation Entertainment Inc., Company Guaranteed Notes, 4.750% due 10/15/27(a)		327,531
	400,000	^EUR	B-	Motion Finco Sarl, Senior Secured Notes, (Cost — $441,229, acquired 3/21/25), 7.375% due 6/15/30(c)		415,581
	45,000		B+	Six Flags Entertainment Corp., Company Guaranteed Notes, 7.250% due 5/15/31(a)		45,249
	270,000		B+	Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management Corp., Company Guaranteed Notes, 5.250% due 7/15/29		261,589
	700,000	^EUR	BBB+	Universal Music Group NV, Senior Unsecured Notes, (Cost — $780,944, acquired 12/3/24), 4.000% due 6/13/31(c)		850,534
	165,000		BB-	Vail Resorts Inc., Company Guaranteed Notes, 6.500% due 5/15/32(a)		171,056

See Notes to Financial Statements.

142



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Entertainment — 0.3% — (continued)
				Warnermedia Holdings Inc., Company Guaranteed Notes:
$	270,000		BB	4.279% due 3/15/32	$	233,179
	1,470,000		BB	5.050% due 3/15/42		991,611
	317,000		BB	5.141% due 3/15/52		197,669
	310,000		BB-	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 7.125% due 2/15/31(a)		333,873

				Total Entertainment		4,887,165


	Environmental Control — 0.1%
	305,000		BB	GFL Environmental Inc., Senior Secured Notes, 6.750% due 1/15/31(a)		318,702
				Republic Services Inc., Senior Unsecured Notes:
	66,000		A-	3.375% due 11/15/27		65,275
	260,000		A-	4.875% due 4/1/29		266,704
				Waste Connections Inc., Senior Unsecured Notes:
	25,000		BBB+	3.050% due 4/1/50		16,378
	25,000		BBB+	2.950% due 1/15/52		15,786
				Waste Management Inc., Company Guaranteed Notes:
	100,000		A-	3.875% due 1/15/29		99,232
	100,000		A-	4.950% due 3/15/35		100,538
	50,000		A-	2.950% due 6/1/41		37,168
	285,000		BB	Wrangler Holdco Corp., Company Guaranteed Notes, 6.625% due 4/1/32(a)		297,267

				Total Environmental Control		1,217,050


	Food — 0.6%
	500,000		BB+	Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes, 5.875% due 2/15/28(a)		500,323
	100,000		BBB-	Conagra Brands Inc., Senior Unsecured Notes, 5.300% due 10/1/26		100,962
	400,000	^EUR	B	Flora Food Management BV, Senior Secured Notes, (Cost — $445,166, acquired 3/21/25), 6.875% due 7/2/29(c)		468,832
				General Mills Inc., Senior Unsecured Notes:
	50,000		BBB	3.200% due 2/10/27		49,341
	25,000		BBB	3.000% due 2/1/51		15,845
	200,000		Baa3(b)	Grupo Nutresa SA, Company Guaranteed Notes, 9.000% due 5/12/35(a)		221,398
	597,000	^GBP	B	Iceland Bondsco PLC, Senior Secured Notes, (Cost — $794,419, acquired 5/29/24), 10.875% due 12/15/27(c)		856,296
				J.M. Smucker Co. (The), Senior Unsecured Notes:
	25,000		BBB	4.250% due 3/15/35		23,264
	25,000		BBB	6.500% due 11/15/53		26,615
				JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, Company Guaranteed Notes:
	370,000		BBB-	3.625% due 1/15/32		341,470
	50,000		BBB-	4.375% due 2/2/52		38,042
	50,000		BBB-	6.500% due 12/1/52		51,150
				JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings Inc./JBS USA Food Co., Company Guaranteed Notes:
	750,000		BBB-	5.500% due 1/15/36(a)		752,998
	80,000		BBB-	6.375% due 4/15/66(a)		79,177
				Kraft Heinz Foods Co., Company Guaranteed Notes:
	25,000		BBB	6.875% due 1/26/39		27,214
	25,000		BBB	6.500% due 2/9/40		26,389
	50,000		BBB	5.200% due 7/15/45		44,568
	75,000		BBB	4.375% due 6/1/46		59,773
	50,000		BBB	4.875% due 10/1/49		41,846
				Kroger Co. (The), Senior Unsecured Notes:
	290,000		BBB	5.000% due 9/15/34		289,367
	25,000		BBB	3.875% due 10/15/46		19,027
	25,000		BBB	4.450% due 2/1/47		20,722

See Notes to Financial Statements.

143



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Food — 0.6% — (continued)
$	25,000		BBB	5.400% due 1/15/49	$	23,454
	25,000		BBB	3.950% due 1/15/50		18,723
	1,370,000		BBB	5.500% due 9/15/54		1,284,455
	70,000		BB+	Lamb Weston Holdings Inc., Company Guaranteed Notes, 4.125% due 1/31/30(a)		67,162
				Mars Inc.:
	230,000		A	Company Guaranteed Notes, 3.200% due 4/1/30(a)		219,909
				Senior Unsecured Notes:
	70,000		A	5.000% due 3/1/32(a)		71,462
	1,325,000		A	5.200% due 3/1/35(a)		1,337,633
	1,845,000		A	5.700% due 5/1/55(a)		1,804,357
	175,000		BB	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		174,869
	215,000		BB	Post Holdings Inc., Senior Secured Notes, 6.250% due 2/15/32(a)		221,153
				Sysco Corp., Company Guaranteed Notes:
	25,000		BBB	5.950% due 4/1/30		26,594
	25,000		BBB	4.450% due 3/15/48		20,800
	25,000		BBB	3.150% due 12/14/51		16,068
	25,000		BBB	Tyson Foods Inc., Senior Unsecured Notes, 5.100% due 9/28/48		22,444

				Total Food		9,363,702


	Forest Products & Paper — 0.0%@
				International Paper Co., Senior Unsecured Notes:
	25,000		BBB	6.000% due 11/15/41		25,480
	25,000		BBB	4.800% due 6/15/44		21,985
	25,000		BBB	4.350% due 8/15/48		20,131
	50,000		BBB-	Suzano Austria GmbH, Company Guaranteed Notes, 3.750% due 1/15/31		46,988

				Total Forest Products & Paper		114,584


	Gas — 0.2%
	1,000,000	^EUR	BBB	APA Infrastructure Ltd., (Cost — $994,634, acquired 5/31/24), Company Guaranteed Notes, 2.000% due 7/15/30(c)		1,109,805
	92,000		A-	Atmos Energy Corp., Senior Unsecured Notes, 4.125% due 10/15/44		76,539
	790,000		BBB+	Brooklyn Union Gas Co. (The), Senior Unsecured Notes, 6.388% due 9/15/33(a)		842,582
				CenterPoint Energy Resources Corp., Senior Unsecured Notes:
	108,000		BBB+	5.250% due 3/1/28		110,900
	52,000		BBB+	1.750% due 10/1/30		45,811
	25,000		BBB-	National Fuel Gas Co., Senior Unsecured Notes, 5.500% due 3/15/30		25,841
				NiSource Inc., Senior Unsecured Notes:
	75,000		BBB+	3.490% due 5/15/27		74,239
	61,000		BBB+	5.250% due 3/30/28		62,684
	153,000		BBB+	3.600% due 5/1/30		148,315
				Piedmont Natural Gas Co., Inc., Senior Unsecured Notes:
	90,000		BBB+	3.500% due 6/1/29		87,922
	96,000		BBB+	2.500% due 3/15/31		86,483
	109,000		BBB+	3.350% due 6/1/50		73,368
	55,000		BBB	Southwest Gas Corp., Senior Unsecured Notes, 5.450% due 3/23/28		56,614
	75,000		A	Spire Missouri Inc., 1st Mortgage Notes, 4.800% due 2/15/33		75,251

				Total Gas		2,876,354


	Healthcare — Products — 0.2%
				Abbott Laboratories, Senior Unsecured Notes:
	50,000		AA-	4.750% due 11/30/36		49,699
	75,000		AA-	4.900% due 11/30/46		70,171
	60,000		BBB+	Agilent Technologies Inc., Senior Unsecured Notes, 2.300% due 3/12/31		53,845
	145,000		BB	Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(a)		142,794
				Baxter International Inc., Senior Unsecured Notes:
	50,000		BBB	1.915% due 2/1/27		48,379

See Notes to Financial Statements.

144



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Products — 0.2% — (continued)
$	25,000	BBB	3.132% due 12/1/51	$	15,398
	25,000	A-	Boston Scientific Corp., Senior Unsecured Notes, 4.700% due 3/1/49		22,197
			Danaher Corp., Senior Unsecured Notes:
	25,000	A-	2.600% due 10/1/50		15,095
	25,000	A-	2.800% due 12/10/51		15,554
	25,000	A-	DH Europe Finance II Sarl, Company Guaranteed Notes, 3.400% due 11/15/49		17,756
	140,000	BB+	Hologic Inc., Company Guaranteed Notes, 3.250% due 2/15/29(a)		133,831
	525,000	BB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		540,001
			Medtronic Inc., Company Guaranteed Notes:
	50,000	A	4.375% due 3/15/35		48,648
	50,000	A	4.625% due 3/15/45		44,862
			Solventum Corp., Company Guaranteed Notes:
	430,000	BBB-	5.450% due 3/13/31		450,102
	590,000	BBB-	5.600% due 3/23/34		612,394
	465,000	BBB-	5.900% due 4/30/54		466,107
			Stryker Corp., Senior Unsecured Notes:
	25,000	BBB+	4.625% due 3/15/46		22,161
	25,000	BBB+	2.900% due 6/15/50		16,292
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	164,000	A-	2.000% due 10/15/31		144,663
	200,000	A-	5.086% due 8/10/33		205,811

			Total Healthcare — Products		3,135,760


	Healthcare — Services — 0.7%
	175,000	B+	Acadia Healthcare Co., Inc., Company Guaranteed Notes, 5.500% due 7/1/28(a)		174,241
			Aetna Inc., Senior Unsecured Notes:
	25,000	BBB	6.625% due 6/15/36		27,151
	25,000	BBB	4.750% due 3/15/44		21,067
			Centene Corp., Senior Unsecured Notes:
	50,000	BBB-	4.250% due 12/15/27		48,848
	50,000	BBB-	2.450% due 7/15/28		46,211
	100,000	BBB-	4.625% due 12/15/29		96,343
	50,000	BBB-	3.375% due 2/15/30		45,593
	50,000	BBB-	3.000% due 10/15/30		44,217
	50,000	BBB-	2.500% due 3/1/31		42,628
	100,000	BB	Charles River Laboratories International Inc., Company Guaranteed Notes, 3.750% due 3/15/29(a)		94,887
			Cigna Group (The):
			Company Guaranteed Notes:
	100,000	A-	3.400% due 3/1/27		98,959
	930,000	A-	4.375% due 10/15/28		934,978
	50,000	A-	4.800% due 8/15/38		46,956
	50,000	A-	4.800% due 7/15/46		43,514
	25,000	A-	3.875% due 10/15/47		18,785
	25,000	A-	4.900% due 12/15/48		21,737
			Senior Unsecured Notes:
	50,000	A-	3.400% due 3/15/50		33,597
	50,000	A-	3.400% due 3/15/51		33,465
	25,000	A-	5.600% due 2/15/54		23,680
	100,000	A-	City of Hope, Senior Secured Notes, 5.623% due 11/15/43		97,486
			CommonSpirit Health, Senior Secured Notes:
	50,000	AA	3.817% due 10/1/49		36,713
	95,000	A-	3.910% due 10/1/50		69,368
	100,000	AA	Corewell Health Obligated Group, Senior Unsecured Notes, 3.487% due 7/15/49		71,984
	255,000	BB-	DaVita Inc., Company Guaranteed Notes, 4.625% due 6/1/30(a)		245,689
	50,000	AA-	Duke University Health System Inc., Senior Unsecured Notes, 3.920% due 6/1/47		39,389

See Notes to Financial Statements.

145



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Services — 0.7% — (continued)
			Elevance Health Inc., Senior Unsecured Notes:
$	97,000	A	4.550% due 3/1/48	$	79,978
	25,000	A	3.125% due 5/15/50		16,021
	25,000	A	3.600% due 3/15/51		17,344
	25,000	A	4.550% due 5/15/52		20,206
	66,000	A	6.100% due 10/15/52		66,576
	180,000	BB-	Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30		177,565
	140,000	A	Franciscan Missionaries of Our Lady Health System Inc., Secured Notes, 3.914% due 7/1/49		103,622
			HCA Inc., Company Guaranteed Notes:
	200,000	BBB-	5.200% due 6/1/28		204,834
	90,000	BBB-	5.875% due 2/1/29		93,810
	104,000	BBB-	4.125% due 6/15/29		103,001
	805,000	BBB-	3.500% due 9/1/30		767,626
	25,000	BBB-	5.125% due 6/15/39		23,598
	178,000	BBB-	3.500% due 7/15/51		117,009
	150,000	BBB-	6.000% due 4/1/54		145,217
	830,000	BBB-	5.950% due 9/15/54		796,553
	185,000	A-	Highmark Inc., Senior Unsecured Notes, 2.550% due 5/10/31(a)		161,590
	41,000	AA	Hoag Memorial Hospital Presbyterian, Unsecured Notes, 3.803% due 7/15/52		30,792
			Humana Inc., Senior Unsecured Notes:
	57,000	BBB	1.350% due 2/3/27		54,768
	50,000	BBB	3.950% due 3/15/27		49,864
	25,000	BBB	5.875% due 3/1/33		26,140
	25,000	BBB	5.950% due 3/15/34		26,179
	25,000	BBB	3.950% due 8/15/49		18,017
	25,000	BBB	5.500% due 3/15/53		22,512
	100,000	BB	IQVIA Inc., Company Guaranteed Notes, 6.250% due 6/1/32(a)		103,141
	100,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 4.875% due 4/1/42		93,433
	88,000	A+	Mount Nittany Medical Center Obligated Group, Unsecured Notes, 3.799% due 11/15/52		64,590
	90,000	Aa2(b)	Nationwide Children’s Hospital Inc., Unsecured Notes, 4.556% due 11/1/52		76,713
	90,000	AA-	Presbyterian Healthcare Services, Unsecured Notes, 4.875% due 8/1/52		79,183
	110,000	AA-	Queen’s Health Systems (The), Secured Notes, 4.810% due 7/1/52		96,245
	240,000	AA	Roche Holdings Inc., Company Guaranteed Notes, 2.607% due 12/13/51(a)		143,999
	65,000	Aa2(b)	Seattle Children’s Hospital, Unsecured Notes, 2.719% due 10/1/50		39,694
			Tenet Healthcare Corp., Senior Secured Notes:
	555,000	BB	4.625% due 6/15/28		549,160
	430,000	BB	6.125% due 6/15/30		437,105
			UnitedHealth Group Inc., Senior Unsecured Notes:
	100,000	A+	3.450% due 1/15/27		99,197
	50,000	A+	2.950% due 10/15/27		48,898
	100,000	A+	3.850% due 6/15/28		99,572
	100,000	A+	4.250% due 1/15/29		100,412
	1,675,000	A+	4.650% due 1/15/31		1,697,746
	100,000	A+	2.300% due 5/15/31		89,318
	50,000	A+	4.500% due 4/15/33		49,013
	165,000	A+	5.300% due 6/15/35		168,680
	25,000	A+	5.800% due 3/15/36		26,316
	50,000	A+	3.500% due 8/15/39		40,584
	25,000	A+	2.750% due 5/15/40		18,148
	153,000	A+	3.750% due 10/15/47		113,824
	25,000	A+	4.250% due 6/15/48		20,010
	375,000	A+	3.700% due 8/15/49		270,230
	224,000	A+	3.250% due 5/15/51		146,493
	50,000	A+	4.750% due 5/15/52		42,104
	885,000	A+	5.050% due 4/15/53		779,552

See Notes to Financial Statements.

146



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Healthcare — Services — 0.7% — (continued)
$	850,000	A+	5.625% due 7/15/54	$	811,390
	85,000	A+	5.950% due 6/15/55		85,049
	120,000	A+	3.875% due 8/15/59		83,853
	50,000	A+	3.125% due 5/15/60		29,562
	65,000	A+	4.950% due 5/15/62		55,013
	53,000	A+	5.200% due 4/15/63		46,654

			Total Healthcare — Services		12,185,189


	Home Builders — 0.0%@
	10,000	BBB	Lennar Corp., Company Guaranteed Notes, 4.750% due 11/29/27		10,079
	60,000	BB-	LGI Homes Inc., Company Guaranteed Notes, 8.750% due 12/15/28(a)		62,883
	35,000	BBB	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		32,074

			Total Home Builders		105,036


	Home Furnishings — 0.0%@
	220,000	BB-	Somnigroup International Inc., Company Guaranteed Notes, 4.000% due 4/15/29(a)		211,683


	Household Products/Wares — 0.0%@
	165,000	B	ACCO Brands Corp., Company Guaranteed Notes, 4.250% due 3/15/29(a)		148,245
	95,000	BB	Central Garden & Pet Co., Company Guaranteed Notes, 4.125% due 10/15/30		89,927
	25,000	A	Kimberly-Clark Corp., Senior Unsecured Notes, 3.200% due 7/30/46		17,857

			Total Household Products/Wares		256,029


	Housewares — 0.0%@
			Newell Brands Inc., Senior Unsecured Notes:
	340,000	B+	6.625% due 9/15/29		342,245
	105,000	B+	6.375% due 5/15/30		103,882
	230,000	B-	Scotts Miracle-Gro Co. (The), Company Guaranteed Notes, 4.500% due 10/15/29		222,423

			Total Housewares		668,550


	Insurance — 1.7%
	2,055,000	A-	200 Park Funding Trust, Senior Unsecured Notes, 5.740% due 2/15/55(a)		2,016,978
			Aflac Inc., Senior Unsecured Notes:
	25,000	A-	3.600% due 4/1/30		24,436
	25,000	A-	4.750% due 1/15/49		21,674
			Allianz SE, Subordinated Notes:
	1,000,000	A+	6.350% (5-Year CMT Index + 3.232%) due 9/6/53(a)(d)		1,063,787
	1,000,000	A+	5.600% (5-Year CMT Index + 2.771%) due 9/3/54(a)(d)		1,018,697
			Allstate Corp. (The), Senior Unsecured Notes:
	25,000	BBB+	1.450% due 12/15/30		21,531
	25,000	BBB+	5.250% due 3/30/33		25,758
	25,000	BBB+	4.200% due 12/15/46		20,424
	25,000	BBB+	3.850% due 8/10/49		18,833
			American International Group Inc., Senior Unsecured Notes:
	50,000	A-	5.125% due 3/27/33		51,048
	83,000	A-	4.750% due 4/1/48		72,994
			Aon Corp., Company Guaranteed Notes:
	22,000	A-	4.500% due 12/15/28		22,214
	49,000	A-	3.750% due 5/2/29		48,327
	38,000	A-	2.800% due 5/15/30		35,655
	50,000	A-	Aon Corp./Aon Global Holdings PLC, Company Guaranteed Notes, 5.350% due 2/28/33		51,833
			Aon North America Inc., Company Guaranteed Notes:
	50,000	A-	5.450% due 3/1/34		51,635
	50,000	A-	5.750% due 3/1/54		49,046
	25,000	A-	Arch Capital Group Ltd., Senior Unsecured Notes, 3.635% due 6/30/50		18,104
			Arthur J. Gallagher & Co., Senior Unsecured Notes:
	25,000	BBB	5.450% due 7/15/34		25,731

See Notes to Financial Statements.

147



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Insurance — 1.7% — (continued)
$	25,000	BBB	3.500% due 5/20/51	$	17,248
	25,000	BBB	5.750% due 3/2/53		24,194
	25,000	BBB	5.750% due 7/15/54		24,098
	805,000	BBB-	Aspen Insurance Holdings Ltd., Senior Unsecured Notes, 5.750% due 7/1/30		836,139
	25,000	A	Assured Guaranty US Holdings Inc., Company Guaranteed Notes, 3.150% due 6/15/31		23,427
			Athene Global Funding:
	1,065,000	A+	Secured Notes, 5.033% due 7/17/30(a)		1,082,100
	1,150,000	A+	Senior Secured Notes, 5.543% due 8/22/35(a)		1,145,141
			Athene Holding Ltd., Senior Unsecured Notes:
	25,000	A-	6.150% due 4/3/30		26,692
	25,000	A-	3.500% due 1/15/31		23,678
	25,000	A-	5.875% due 1/15/34		25,918
	50,000	A-	6.250% due 4/1/54		49,439
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	25,000	AA	1.450% due 10/15/30		22,090
	50,000	AA	2.875% due 3/15/32		46,463
	25,000	AA	5.750% due 1/15/40		27,083
	25,000	AA	4.400% due 5/15/42		22,883
	50,000	AA	4.200% due 8/15/48		41,638
	460,000	AA	4.250% due 1/15/49		383,950
	50,000	AA	2.850% due 10/15/50		31,799
	25,000	AA	2.500% due 1/15/51		14,782
	75,000	AA	3.850% due 3/15/52		57,103
	25,000	AA	Berkshire Hathaway Inc., Senior Unsecured Notes, 4.500% due 2/11/43		23,192
	25,000	BBB	Brighthouse Financial Inc., Senior Unsecured Notes, 5.625% due 5/15/30		25,586
			Brown & Brown Inc., Senior Unsecured Notes:
	25,000	BBB-	4.500% due 3/15/29		25,111
	535,000	BBB-	4.900% due 6/23/30		541,805
	25,000	BBB-	2.375% due 3/15/31		22,221
	50,000	BBB-	6.250% due 6/23/55		51,249
			Chubb INA Holdings LLC, Company Guaranteed Notes:
	25,000	A	1.375% due 9/15/30		21,898
	25,000	A	4.150% due 3/13/43		21,457
	50,000	A	3.050% due 12/15/61		30,337
	600,000	BBB+	Cincinnati Financial Corp., Senior Unsecured Notes, 6.125% due 11/1/34		642,047
	25,000	A-	CNA Financial Corp., Senior Unsecured Notes, 5.500% due 6/15/33		25,794
			Corebridge Financial Inc.:
	25,000	BBB-	Junior Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due 12/15/52(d)		25,864
			Senior Unsecured Notes:
	50,000	BBB+	3.650% due 4/5/27		49,552
	50,000	BBB+	3.850% due 4/5/29		49,299
	25,000	BBB+	6.050% due 9/15/33		26,533
	25,000	BBB+	5.750% due 1/15/34		26,130
	25,000	BBB+	4.350% due 4/5/42		21,058
	25,000	BBB+	4.400% due 4/5/52		20,007
	106,000	A+	Corebridge Global Funding, Senior Secured Notes, 4.900% due 8/21/32(a)		106,371
	1,520,000	A-	Dai-ichi Life Insurance Co., Ltd. (The), Subordinated Notes, 6.200% (5-Year CMT Index + 2.515%)(a)(d)(e)		1,579,795
	1,525,000	A+	Equitable America Global Funding, Secured Notes, 4.950% due 6/9/30(a)		1,556,988
			Equitable Holdings Inc., Senior Unsecured Notes:
	25,000	A-	4.350% due 4/20/28		25,100
	25,000	A-	5.594% due 1/11/33		26,026
	17,000	A-	5.000% due 4/20/48		15,217
			Everest Reinsurance Holdings Inc., Senior Unsecured Notes:
	25,000	BBB+	3.500% due 10/15/50		16,963
	25,000	BBB+	3.125% due 10/15/52		15,539

See Notes to Financial Statements.

148



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Insurance — 1.7% — (continued)
			Fairfax Financial Holdings Ltd., Senior Unsecured Notes:
$	25,000	A-	6.000% due 12/7/33	$	26,373
	25,000	A-	6.350% due 3/22/54		25,502
	25,000	BBB	Fidelity National Financial Inc., Senior Unsecured Notes, 3.400% due 6/15/30		23,753
	615,000	AA-	Guardian Life Insurance Co. of America (The), Subordinated Notes, 4.850% due 1/24/77(a)		506,603
			Hartford Insurance Group Inc. (The), Senior Unsecured Notes:
	98,000	A-	5.950% due 10/15/36		104,798
	4,000	A-	4.300% due 4/15/43		3,401
	110,000	B+	HUB International Ltd., Senior Secured Notes, 7.250% due 6/15/30(a)		115,131
	1,625,000	A3(b)	Intact Financial Corp., Senior Unsecured Notes, 5.459% due 9/22/32(a)		1,661,634
			Jackson Financial Inc., Senior Unsecured Notes:
	25,000	BBB	3.125% due 11/23/31		22,615
	640,000	BBB	4.000% due 11/23/51		443,223
	25,000	BBB-	Kemper Corp., Senior Unsecured Notes, 3.800% due 2/23/32		22,894
			Lincoln National Corp., Senior Unsecured Notes:
	25,000	BBB+	3.625% due 12/12/26		24,829
	25,000	BBB+	3.800% due 3/1/28		24,718
	25,000	BBB+	3.050% due 1/15/30		23,810
	25,000	A	Loews Corp., Senior Unsecured Notes, 3.200% due 5/15/30		23,892
	25,000	A	Manulife Financial Corp., Senior Unsecured Notes, 5.375% due 3/4/46		24,632
			Markel Group Inc., Senior Unsecured Notes:
	25,000	BBB	3.350% due 9/17/29		24,215
	25,000	BBB	5.000% due 4/5/46		22,273
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	290,000	A-	2.250% due 11/15/30		263,085
	25,000	A-	5.450% due 3/15/53		24,009
	25,000	A-	5.700% due 9/15/53		24,825
	400,000	A-	Meiji Yasuda Life Insurance Co., Subordinated Notes, 6.100% (5-Year CMT Index + 2.911%) due 6/11/55(a)(d)		412,834
			MetLife Inc.:
			Junior Subordinated Notes:
	1,200,000	BBB	3.850% (5-Year CMT Index + 3.576%)(d)(e)		1,197,966
	540,000	BBB	6.400% due 12/15/36		566,228
			Senior Unsecured Notes:
	50,000	A-	5.375% due 7/15/33		52,347
	25,000	A-	6.375% due 6/15/34		27,742
	25,000	A-	5.700% due 6/15/35		26,497
	25,000	A-	4.125% due 8/13/42		21,004
	25,000	A-	4.875% due 11/13/43		22,902
	25,000	A-	4.050% due 3/1/45		20,384
	25,000	A-	5.000% due 7/15/52		22,598
	25,000	A-	5.250% due 1/15/54		23,544
	930,000	AA-	New York Life Insurance Co., Subordinated Notes, 5.875% due 5/15/33(a)		978,989
	550,000	A-	Nippon Life Insurance Co., Subordinated Notes, 2.900% (5-Year CMT Index + 2.600%) due 9/16/51(a)(d)		486,599
	530,000	Baa3(b)	NMI Holdings Inc., Senior Unsecured Notes, 6.000% due 8/15/29		544,792
			Northwestern Mutual Life Insurance Co. (The), Subordinated Notes:
	510,000	AA-	6.170% due 5/29/55(a)		532,942
	500,000	AA-	3.625% due 9/30/59(a)		337,055
	25,000	BBB+	Old Republic International Corp., Senior Unsecured Notes, 3.850% due 6/11/51		17,522
	1,330,000	A	Omnis Funding Trust, Senior Unsecured Notes, 6.722% due 5/15/55(a)		1,376,018
	610,000	BBB+	PartnerRe Finance B LLC, Company Guaranteed Notes, 4.500% (5-Year CMT Index + 3.815%) due 10/1/50(d)		571,808
			Principal Financial Group Inc., Company Guaranteed Notes:
	25,000	A-	3.700% due 5/15/29		24,553

See Notes to Financial Statements.

149



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Insurance — 1.7% — (continued)
$	25,000	A-	2.125% due 6/15/30	$	22,654
	25,000	A-	5.375% due 3/15/33		25,849
	25,000	A-	5.500% due 3/15/53		24,034
			Progressive Corp. (The), Senior Unsecured Notes:
	25,000	A	3.200% due 3/26/30		24,104
	50,000	A	3.000% due 3/15/32		45,973
	25,000	A	4.950% due 6/15/33		25,524
	25,000	A	4.200% due 3/15/48		20,669
	25,000	A	3.950% due 3/26/50		19,466
	25,000	A	3.700% due 3/15/52		18,583
			Prudential Financial Inc.:
	600,000	BBB+	Junior Subordinated Notes, 3.700% (5-Year CMT Index + 3.035%) due 10/1/50(d)		555,097
			Senior Unsecured Notes:
	25,000	A	3.878% due 3/27/28		24,999
	25,000	A	2.100% due 3/10/30		23,046
	50,000	A	5.750% due 7/15/33		53,785
	25,000	A	5.700% due 12/14/36		26,366
	25,000	A	3.000% due 3/10/40		19,185
	50,000	A	3.905% due 12/7/47		38,993
	25,000	A	3.935% due 12/7/49		19,061
	50,000	A	4.350% due 2/25/50		41,062
	50,000	A	3.700% due 3/13/51		36,584
	25,000	A	Reinsurance Group of America Inc., Senior Unsecured Notes, 6.000% due 9/15/33		26,444
	600,000	BBB+	RenaissanceRe Holdings Ltd., Senior Unsecured Notes, 5.750% due 6/5/33		623,471
	915,000	AA-	RGA Global Funding, Secured Notes, 5.050% due 12/6/31(a)		932,070
	300,000	AA-	Teachers Insurance & Annuity Association of America, Subordinated Notes, 4.900% due 9/15/44(a)		269,783
	555,000	AA	Transatlantic Holdings Inc., Senior Unsecured Notes, 8.000% due 11/30/39		699,513
	25,000	BBB	Unum Group, Senior Unsecured Notes, 4.125% due 6/15/51		18,488
			Willis North America Inc., Company Guaranteed Notes:
	25,000	BBB+	4.500% due 9/15/28		25,226
	25,000	BBB+	2.950% due 9/15/29		23,681
	25,000	BBB+	5.900% due 3/5/54		24,727
	25,000	BBB+	WR Berkley Corp., Senior Unsecured Notes, 3.550% due 3/30/52		17,268

			Total Insurance		28,001,953


	Internet — 0.2%
	200,000	A+	Alibaba Group Holding Ltd., Senior Unsecured Notes, 5.250% due 5/26/35(a)		207,235
			Alphabet Inc., Senior Unsecured Notes:
	80,000	AA+	1.100% due 8/15/30		69,960
	90,000	AA+	1.900% due 8/15/40		60,230
	100,000	AA+	2.050% due 8/15/50		54,680
	50,000	AA+	2.250% due 8/15/60		25,973
			Amazon.com Inc., Senior Unsecured Notes:
	200,000	AA	3.300% due 4/13/27		198,429
	50,000	AA	3.875% due 8/22/37		45,465
	50,000	AA	2.875% due 5/12/41		37,534
	50,000	AA	4.950% due 12/5/44		48,422
	200,000	AA	2.500% due 6/3/50		119,268
	75,000	AA	3.100% due 5/12/51		50,417
	75,000	AA	3.950% due 4/13/52		58,858
	50,000	AA	2.700% due 6/3/60		28,627
	50,000	AA	3.250% due 5/12/61		32,290
	25,000	AA	4.100% due 4/13/62		19,490
	25,000	BBB+	eBay Inc., Senior Unsecured Notes, 3.650% due 5/10/51		18,093

See Notes to Financial Statements.

150



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Internet — 0.2% — (continued)
				Meta Platforms Inc., Senior Unsecured Notes:
$	450,000		AA-	4.750% due 8/15/34	$	452,238
	225,000		AA-	4.450% due 8/15/52		187,745
	260,000		AA-	5.400% due 8/15/54		249,695
	115,000		AA-	4.650% due 8/15/62		95,929
	25,000		A	Netflix Inc., Senior Unsecured Notes, 4.900% due 8/15/34		25,562
	650,000		BBB	Uber Technologies Inc., Senior Unsecured Notes, 4.800% due 9/15/34		642,998
	450,000	^EUR	B	United Group BV, Senior Secured Notes, 6.500% due 10/31/31(a)		537,206
	110,000		BB	Wayfair LLC, Senior Secured Notes, 7.250% due 10/31/29(a)		112,333

				Total Internet		3,378,677


	Investment Companies — 0.2%
				Ares Capital Corp., Senior Unsecured Notes:
	25,000		BBB	7.000% due 1/15/27		25,772
	50,000		BBB	2.875% due 6/15/28		47,724
	320,000		BBB	5.875% due 3/1/29		329,341
	845,000		BBB	5.500% due 9/1/30		855,892
	865,000		BBB-	Ares Strategic Income Fund, Senior Unsecured Notes, 5.700% due 3/15/28		877,012
				Blackstone Private Credit Fund, Senior Unsecured Notes:
	50,000		BBB-	2.625% due 12/15/26		48,774
	50,000		BBB-	3.250% due 3/15/27		48,968
	25,000		BBB-	6.250% due 1/25/31(a)		26,096
				Blackstone Secured Lending Fund, Senior Unsecured Notes:
	25,000		Baa2(b)	2.750% due 9/16/26		24,541
	25,000		Baa2(b)	2.850% due 9/30/28		23,623
	1,045,000		BBB-	Blue Owl Capital Corp., Senior Unsecured Notes, 5.950% due 3/15/29		1,061,235
				Blue Owl Credit Income Corp., Senior Unsecured Notes:
	25,000		BBB-	4.700% due 2/8/27		24,938
	25,000		BBB-	7.750% due 9/16/27		26,257
	25,000		BBB-	7.750% due 1/15/29		26,773
	25,000		Baa3(b)	FS KKR Capital Corp., Senior Unsecured Notes, 3.125% due 10/12/28		22,986
	200,000		Aa3(b)	Gaci First Investment Co., Company Guaranteed Notes, (Cost — $204,022, acquired 3/14/23), 5.250% due 10/13/32(c)		206,734
	25,000		BBB-	Golub Capital BDC Inc., Senior Unsecured Notes, 6.000% due 7/15/29		25,596
	75,000		BB-	Icahn Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes, 5.250% due 5/15/27		73,216

				Total Investment Companies		3,775,478


	Iron/Steel — 0.1%
	25,000		BBB	ArcelorMittal SA, Senior Unsecured Notes, 6.750% due 3/1/41		26,612
	60,000		BB+	Big River Steel LLC/BRS Finance Corp., Senior Secured Notes, 6.625% due 1/31/29(a)		60,040
	75,000		BB+	Carpenter Technology Corp., Senior Unsecured Notes, 6.375% due 7/15/28		75,382
				Cleveland-Cliffs Inc., Company Guaranteed Notes:
	175,000		BB-	5.875% due 6/1/27		174,884
	55,000		BB-	6.750% due 4/15/30(a)		55,689
	135,000		Ba3(b)	4.875% due 3/1/31(a)		123,487
				Nucor Corp., Senior Unsecured Notes:
	485,000		A-	5.100% due 6/1/35		488,673
	25,000		A-	6.400% due 12/1/37		27,545
	25,000		A-	3.850% due 4/1/52		18,778
	25,000		A-	2.979% due 12/15/55		15,195
	25,000		BBB+	Reliance Inc., Senior Unsecured Notes, 2.150% due 8/15/30		22,413
	25,000		BBB	Steel Dynamics Inc., Senior Unsecured Notes, 3.250% due 10/15/50		16,495
	60,000		BB+	United States Steel Corp., Senior Unsecured Notes, 6.875% due 3/1/29		60,494
				Vale Overseas Ltd., Company Guaranteed Notes:
	25,000		BBB-	6.875% due 11/21/36		27,564

See Notes to Financial Statements.

151



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Iron/Steel — 0.1% — (continued)
$	13,000		BBB-	6.875% due 11/10/39	$	14,351
	25,000		BBB-	Vale SA, Senior Unsecured Notes, 5.625% due 9/11/42		25,015

				Total Iron/Steel		1,232,617


	Leisure Time — 0.4%
	120,000		BB	Acushnet Co., Company Guaranteed Notes, 7.375% due 10/15/28(a)		125,748
	105,000		BBB-	Amer Sports Co., Senior Secured Notes, 6.750% due 2/16/31(a)		109,535
	2,715,000		BB+	Carnival Corp., Company Guaranteed Notes, 6.125% due 2/15/33(a)		2,789,700
				Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	130,000		BBB-	5.625% due 9/30/31(a)		132,155
	320,000		BBB-	6.250% due 3/15/32(a)		330,465
	1,950,000		BBB-	6.000% due 2/1/33(a)		2,004,680
	1,205,000		B-	Sabre GLBL Inc., Senior Secured Notes, 10.750% due 11/15/29(a)		1,169,443
	406,000	^EUR	B+	TUI Cruises GmbH, Senior Unsecured Notes, 5.000% due 5/15/30(a)		488,106

				Total Leisure Time		7,149,832


	Lodging — 0.2%
				Hilton Domestic Operating Co., Inc., Company Guaranteed Notes:
	80,000		BB+	5.750% due 5/1/28(a)		80,201
	245,000		BB+	3.625% due 2/15/32(a)		223,792
	215,000		BB+	5.875% due 3/15/33(a)		219,654
				Las Vegas Sands Corp., Senior Unsecured Notes:
	525,000		BB+	5.625% due 6/15/28		537,478
	705,000		BB+	6.000% due 6/14/30		735,867
	685,000		BB+	6.200% due 8/15/34		708,879
	155,000		BBB	Marriott International Inc., Senior Unsecured Notes, 5.300% due 5/15/34		157,466
	280,000		BB-	MGM Resorts International, Company Guaranteed Notes, 6.125% due 9/15/29		286,222
	200,000		BBB-	Sands China Ltd., Senior Unsecured Notes, 2.300% due 3/8/27		193,768
	145,000		B	Station Casinos LLC, Company Guaranteed Notes, 4.500% due 2/15/28(a)		143,014

				Total Lodging		3,286,341


	Machinery — Construction & Mining — 0.0%@
	45,000		BB-	BWX Technologies Inc., Company Guaranteed Notes, 4.125% due 6/30/28(a)		43,989
				Caterpillar Financial Services Corp., Senior Unsecured Notes:
	200,000		A	1.700% due 1/8/27		194,317
	50,000		A	4.500% due 1/8/27		50,396
				Caterpillar Inc., Senior Unsecured Notes:
	50,000		A	3.803% due 8/15/42		41,246
	50,000		A	3.250% due 4/9/50		35,013
	155,000		BB-	Terex Corp., Company Guaranteed Notes, 5.000% due 5/15/29(a)		152,638

				Total Machinery — Construction & Mining		517,599


	Machinery — Diversified — 0.1%
	220,000		BB-	Chart Industries Inc., Senior Secured Notes, 7.500% due 1/1/30(a)		230,842
	185,000		BBB+	CNH Industrial Capital LLC, Company Guaranteed Notes, 4.550% due 4/10/28		186,697
				Deere & Co., Senior Unsecured Notes:
	50,000		A	5.450% due 1/16/35		52,139
	25,000		A	3.900% due 6/9/42		21,195
	25,000		A	3.750% due 4/15/50		19,204
	90,000		BB+	Esab Corp., Company Guaranteed Notes, 6.250% due 4/15/29(a)		92,646
				John Deere Capital Corp., Senior Unsecured Notes:
	100,000		A	1.700% due 1/11/27		97,182
	100,000		A	1.750% due 3/9/27		96,759
	100,000		A	4.550% due 6/5/30		101,583
				Otis Worldwide Corp., Senior Unsecured Notes:
	29,000		BBB	5.250% due 8/16/28		29,904

See Notes to Financial Statements.

152



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Machinery — Diversified — 0.1% — (continued)
$	210,000	BBB	2.565% due 2/15/30	$	195,813

			Total Machinery — Diversified		1,123,964


	Media — 1.0%
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	590,000	BB-	4.500% due 8/15/30(a)		559,094
	150,000	BB-	4.750% due 2/1/32(a)		139,248
	740,000	BB-	4.500% due 5/1/32		677,069
	370,000	BB-	4.500% due 6/1/33(a)		330,322
	1,320,000	BB-	4.250% due 1/15/34(a)		1,147,184
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	100,000	BBB-	6.150% due 11/10/26		101,546
	175,000	BBB-	4.200% due 3/15/28		173,955
	1,425,000	BBB-	6.100% due 6/1/29		1,498,178
	280,000	BBB-	6.550% due 6/1/34		297,028
	25,000	BBB-	6.384% due 10/23/35		26,097
	50,000	BBB-	5.850% due 12/1/35		50,130
	50,000	BBB-	3.500% due 3/1/42		35,514
	92,000	BBB-	5.750% due 4/1/48		82,079
	315,000	BBB-	4.800% due 3/1/50		244,070
	451,000	BBB-	3.900% due 6/1/52		299,287
	718,000	BBB-	3.850% due 4/1/61		438,903
	101,000	BBB-	3.950% due 6/30/62		62,981
			Comcast Corp., Company Guaranteed Notes:
	100,000	A-	2.350% due 1/15/27		97,767
	45,000	A-	1.950% due 1/15/31		39,873
	188,000	A-	1.500% due 2/15/31		162,151
	182,000	A-	4.800% due 5/15/33		182,451
	25,000	A-	3.200% due 7/15/36		21,074
	365,000	A-	3.900% due 3/1/38		317,734
	20,000	A-	3.250% due 11/1/39		15,749
	27,000	A-	4.750% due 3/1/44		23,853
	153,000	A-	3.969% due 11/1/47		117,155
	20,000	A-	4.000% due 3/1/48		15,311
	43,000	A-	3.999% due 11/1/49		32,424
	60,000	A-	3.450% due 2/1/50		40,858
	570,000	A-	2.800% due 1/15/51		338,556
	149,000	A-	2.887% due 11/1/51		89,364
	1,051,000	A-	4.049% due 11/1/52		784,137
	889,000	A-	2.937% due 11/1/56		512,682
	79,000	A-	2.650% due 8/15/62		40,684
	400,000	A-	2.987% due 11/1/63		222,702
	110,000	B+	Directv Financing LLC/Directv Financing Co.-Obligor Inc., Senior Secured Notes, 5.875% due 8/15/27(a)		109,535
	100,000	CCC+	DISH DBS Corp., Senior Secured Notes, 5.250% due 12/1/26(a)		97,086
	205,000	B	DISH Network Corp., Senior Secured Notes, 11.750% due 11/15/27(a)		216,868
	321,000	Baa3(b)	FactSet Research Systems Inc., Senior Unsecured Notes, 3.450% due 3/1/32		295,553
			Gray Media Inc., Senior Secured Notes:
	105,000	B+	10.500% due 7/15/29(a)		114,371
	65,000	B+	7.250% due 8/15/33(a)		64,054
			iHeartCommunications Inc., Senior Secured Notes:
	65,000	CCC+	9.125% due 5/1/29(a)		55,935
	70,000	CCC+	7.750% due 8/15/30(a)		55,804

See Notes to Financial Statements.

153



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Media — 1.0% — (continued)
			News Corp.:
$	335,000	BBB-	Company Guaranteed Notes, 5.125% due 2/15/32(a)	$	331,377
	2,207,000	BBB-	Senior Unsecured Notes, 3.875% due 5/15/29(a)		2,133,141
	220,000	BB+	Nexstar Media Inc., Company Guaranteed Notes, 5.625% due 7/15/27(a)		219,886
			Paramount Global:
			Company Guaranteed Notes:
	42,000	BB+	5.850% due 9/1/43		37,812
	43,000	BB+	5.250% due 4/1/44		35,361
			Senior Unsecured Notes:
	34,000	BB+	4.900% due 8/15/44		27,256
	50,000	BB+	4.600% due 1/15/45		38,545
	48,000	BB+	4.950% due 5/19/50		37,620
	60,000	B-	Sinclair Television Group Inc., Senior Secured Notes, 4.375% due 12/31/32(a)		42,860
			Sirius XM Radio LLC, Company Guaranteed Notes:
	345,000	BB+	4.000% due 7/15/28(a)		333,333
	290,000	BB+	4.125% due 7/1/30(a)		269,926
			TEGNA Inc., Company Guaranteed Notes:
	135,000	BB+	4.625% due 3/15/28		134,410
	140,000	BB+	5.000% due 9/15/29		140,233
	50,000	BBB-	Time Warner Cable Enterprises LLC, Senior Secured Notes, 8.375% due 7/15/33		58,324
			Time Warner Cable LLC, Senior Secured Notes:
	25,000	BBB-	6.550% due 5/1/37		25,924
	25,000	BBB-	7.300% due 7/1/38		27,238
	25,000	BBB-	6.750% due 6/15/39		25,903
	1,577,000	BBB-	5.500% due 9/1/41		1,425,854
	90,000	B+	Univision Communications Inc., Senior Secured Notes, 7.375% due 6/30/30(a)		90,563
	115,000	B+	Virgin Media Secured Finance PLC, Senior Secured Notes, 4.500% due 8/15/30(a)		108,034
			Walt Disney Co. (The), Company Guaranteed Notes:
	200,000	A	3.700% due 3/23/27		199,531
	100,000	A	2.200% due 1/13/28		96,375
	100,000	A	2.650% due 1/13/31		92,960
	50,000	A	6.200% due 12/15/34		56,092
	25,000	A	6.400% due 12/15/35		28,192
	30,000	A	6.650% due 11/15/37		34,412
	50,000	A	3.500% due 5/13/40		41,308
	50,000	A	2.750% due 9/1/49		31,236
	100,000	A	3.600% due 1/13/51		73,513

			Total Media		16,423,635


	Mining — 0.2%
			Barrick North America Finance LLC, Company Guaranteed Notes:
	25,000	BBB+	5.700% due 5/30/41		25,234
	25,000	BBB+	5.750% due 5/1/43		25,451
			BHP Billsiton Finance USA Ltd., Company Guaranteed Notes:
	25,000	A-	5.250% due 9/8/30		26,097
	50,000	A-	5.250% due 9/8/33		51,598
	25,000	A-	4.125% due 2/24/42		21,504
	25,000	A-	5.000% due 9/30/43		23,756
	25,000	A-	5.500% due 9/8/53		24,748
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	25,000	BBB-	4.125% due 3/1/28		24,928
	290,000	BBB-	4.625% due 8/1/30		290,858
	25,000	BBB-	5.450% due 3/15/43		23,664
	890,000	BBB+	Glencore Funding LLC, Company Guaranteed Notes, 5.634% due 4/4/34(a)		913,353
	35,000	BB-	Kaiser Aluminum Corp., Company Guaranteed Notes, 4.625% due 3/1/28(a)		34,441
	25,000	BBB-	Kinross Gold Corp., Senior Unsecured Notes, 6.250% due 7/15/33		27,061

See Notes to Financial Statements.

154



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Mining — 0.2% — (continued)
				Newmont Corp., Company Guaranteed Notes:
$	61,000		BBB+	2.600% due 7/15/32	$	54,556
	108,000		BBB+	5.875% due 4/1/35		115,605
	25,000		A	Rio Tinto Finance USA Ltd., Company Guaranteed Notes, 2.750% due 11/2/51		15,201
				Rio Tinto Finance USA PLC, Company Guaranteed Notes:
	50,000		A	5.000% due 3/9/33		51,148
	25,000		A	4.750% due 3/22/42		22,849
	25,000		A	4.125% due 8/21/42		21,213
	25,000		A	5.125% due 3/9/53		22,968
	1,370,000		A	5.750% due 3/14/55		1,373,058
				Southern Copper Corp., Senior Unsecured Notes:
	25,000		BBB+	6.750% due 4/16/40		27,604
	25,000		BBB+	5.250% due 11/8/42		23,476
	25,000		BBB-	Yamana Gold Inc., Company Guaranteed Notes, 2.630% due 8/15/31		22,245

				Total Mining		3,262,616


	Miscellaneous Manufacturers — 0.0%@
				3M Co., Senior Unsecured Notes:
	50,000		BBB+	2.250% due 9/19/26		49,039
	25,000		BBB+	4.000% due 9/14/48		19,701
	50,000		BBB+	3.250% due 8/26/49		33,998
	25,000		BBB+	3.700% due 4/15/50		18,202
				Eaton Corp., Company Guaranteed Notes:
	115,000		A-	4.150% due 11/2/42		98,735
	25,000		A-	4.700% due 8/23/52		22,230
	105,000		BB	Hillenbrand Inc., Company Guaranteed Notes, 3.750% due 3/1/31		96,605
	25,000		BBB+	Parker-Hannifin Corp., Senior Unsecured Notes, 4.000% due 6/14/49		19,716
	218,000		BBB	Textron Inc., Senior Unsecured Notes, 3.900% due 9/17/29		215,093
	120,000		BB+	Trinity Industries Inc., Company Guaranteed Notes, 7.750% due 7/15/28(a)		124,252

				Total Miscellaneous Manufacturers		697,571


	Multi-National — 0.4%
	200,000		AAA	African Development Bank, Senior Unsecured Notes, 4.625% due 1/4/27		202,102
	1,145,000		Baa2(b)	African Export-Import Bank (The), Senior Unsecured Notes, 3.798% due 5/17/31(a)		1,013,982
				Asian Development Bank, Senior Unsecured Notes:
	200,000		AAA	4.125% due 1/12/27		200,870
	200,000		AAA	2.500% due 11/2/27		195,200
	100,000		AAA	4.375% due 1/14/28		101,690
	200,000		AAA	3.750% due 4/25/28		200,631
	200,000		AAA	3.625% due 8/28/29		199,708
	200,000		AAA	3.875% due 9/28/32		198,637
	200,000		AAA	Asian Infrastructure Investment Bank (The), Senior Unsecured Notes, 4.500% due 1/16/30		206,299
				Banque Ouest Africaine de Developpement, Senior Unsecured Notes:
	1,100,000		Baa1(b)	4.700% due 10/22/31(a)		1,021,883
	1,000,000	^EUR	Baa1(b)	(Cost — $888,181, acquired 5/30/24), 2.750% due 1/22/33(c)		994,946
				European Investment Bank, Senior Unsecured Notes:
	200,000		AAA	4.375% due 3/19/27		201,927
	400,000		AAA	3.750% due 11/15/29		401,267
	200,000		AAA	4.500% due 3/14/30		206,699
	300,000		AAA	4.125% due 2/13/34		299,707
	200,000		AAA	4.625% due 2/12/35		206,209
				Inter-American Development Bank, Senior Unsecured Notes:
	200,000		AAA	1.500% due 1/13/27		193,927
	200,000		AAA	4.375% due 2/1/27		201,580
	400,000		AAA	4.375% due 7/17/34		405,187

				Total Multi-National		6,652,451

See Notes to Financial Statements.

155



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Office/Business Equipment — 0.0%@
$	25,000		BBB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 3.250% due 2/15/29	$	23,923


	Oil & Gas — 2.0%
				Aker BP ASA, Senior Unsecured Notes:
	600,000	^EUR	BBB	(Cost — $600,978, acquired 3/7/24), 1.125% due 5/12/29(c)		655,870
	1,340,000		BBB	5.125% due 10/1/34(a)		1,300,311
	215,000		BBB-	Antero Resources Corp., Company Guaranteed Notes, 7.625% due 2/1/29(a)		219,434
				APA Corp., Senior Unsecured Notes:
	159,000		BBB-	4.250% due 1/15/30(a)		153,811
	720,000		BBB-	5.350% due 7/1/49(a)		574,254
	175,000		BB-	Baytex Energy Corp., Company Guaranteed Notes, 8.500% due 4/30/30(a)		178,785
	267,073		BB-	Borr IHC Ltd./Borr Finance LLC, Senior Secured Notes, 10.000% due 11/15/28(a)		272,352
				BP Capital Markets America Inc., Company Guaranteed Notes:
	250,000		A-	3.017% due 1/16/27		247,083
	110,000		A-	3.633% due 4/6/30		107,610
	50,000		A-	4.812% due 2/13/33		50,167
	93,000		A-	4.989% due 4/10/34		93,969
	1,920,000		A-	5.227% due 11/17/34		1,959,387
	50,000		A-	2.772% due 11/10/50		30,210
	100,000		A-	2.939% due 6/4/51		62,061
	50,000		A-	3.001% due 3/17/52		31,349
	50,000		A-	3.379% due 2/8/61		32,010
				BP Capital Markets PLC, Company Guaranteed Notes:
	1,000,000		BBB	4.875% (5-Year CMT Index + 4.398%)(d)(e)		993,584
	1,000,000		BBB	6.450% (5-Year CMT Index + 2.153%)(d)(e)		1,053,870
	50,000		Baa1(b)	Canadian Natural Resources Ltd., Senior Unsecured Notes, 4.950% due 6/1/47		43,291
				Chevron USA Inc., Company Guaranteed Notes:
	10,000		AA-	3.850% due 1/15/28		10,020
	100,000		AA-	4.687% due 4/15/30		102,224
	100,000		AA-	4.300% due 10/15/30		100,545
	25,000		AA-	2.343% due 8/12/50		14,289
	65,000		BB	Chord Energy Corp., Company Guaranteed Notes, 6.750% due 3/15/33(a)		66,702
				Civitas Resources Inc., Company Guaranteed Notes:
	250,000		BB-	8.375% due 7/1/28(a)		259,951
	250,000		BB-	8.750% due 7/1/31(a)		257,551
	25,000		A+	CNOOC Petroleum North America ULC, Company Guaranteed Notes, 6.400% due 5/15/37		29,393
	135,000		B	Comstock Resources Inc., Company Guaranteed Notes, 6.750% due 3/1/29(a)		133,205
				ConocoPhillips Co., Company Guaranteed Notes:
	25,000		A-	5.050% due 9/15/33		25,530
	25,000		A-	6.500% due 2/1/39		27,903
	25,000		A-	3.800% due 3/15/52		18,107
	50,000		A-	5.300% due 5/15/53		45,917
	25,000		A-	5.550% due 3/15/54		23,784
	1,570,000		A-	5.500% due 1/15/55		1,481,479
	50,000		A-	4.025% due 3/15/62		35,908
	25,000		A-	5.700% due 9/15/63		23,823
	340,000		A-	5.650% due 1/15/65		321,420
				Continental Resources Inc., Company Guaranteed Notes:
	180,000		BBB-	2.268% due 11/15/26(a)		175,159
	580,000		BBB-	4.375% due 1/15/28		576,578
	80,000		BBB-	5.750% due 1/15/31(a)		82,143
				Coterra Energy Inc., Senior Unsecured Notes:
	950,000		BBB	3.900% due 5/15/27		943,965
	150,000		BBB	4.375% due 3/15/29		149,797
	590,000		BBB	5.400% due 2/15/35		588,395

See Notes to Financial Statements.

156



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Oil & Gas — 2.0% — (continued)
$	445,000	BBB	5.900% due 2/15/55	$	415,712
	180,000	BB-	Crescent Energy Finance LLC, Company Guaranteed Notes, 9.250% due 2/15/28(a)		187,399
			Devon Energy Corp., Senior Unsecured Notes:
	92,000	BBB	5.875% due 6/15/28		92,004
	129,000	BBB	4.500% due 1/15/30		129,083
	25,000	BBB	5.200% due 9/15/34		24,508
	485,000	BBB	5.600% due 7/15/41		454,945
	10,000	BBB	4.750% due 5/15/42		8,448
	640,000	BBB	5.000% due 6/15/45		539,078
	95,000	BB+	Diamond Foreign Asset Co./Diamond Finance LLC, Secured Notes, 8.500% due 10/1/30(a)		100,830
			Diamondback Energy Inc., Company Guaranteed Notes:
	114,000	BBB	3.250% due 12/1/26		112,682
	694,000	BBB	3.500% due 12/1/29		669,105
	200,000	BBB	3.125% due 3/24/31		184,950
	330,000	BBB	4.400% due 3/24/51		256,642
	2,000,000	NR	Diversified Gas & Oil Corp., Senior Secured Notes, 9.750% due 4/9/29(a)		1,950,592
	100,000	BB	Ecopetrol SA, Senior Unsecured Notes, 8.375% due 1/19/36		101,364
			Eni SpA, Senior Unsecured Notes:
	380,000	A-	5.750% due 5/19/35(a)		392,381
	1,290,000	A-	5.950% due 5/15/54(a)		1,255,118
	190,000	A-	EOG Resources Inc., Senior Unsecured Notes, 4.375% due 4/15/30		191,120
			EQT Corp., Senior Unsecured Notes:
	236,000	BBB-	3.900% due 10/1/27		233,846
	52,000	BBB-	5.700% due 4/1/28		53,755
	201,000	BBB-	5.000% due 1/15/29		203,372
	462,000	BBB-	4.750% due 1/15/31(a)		458,734
	200,000	BBB-	3.625% due 5/15/31(a)		187,045
	128,000	BBB-	5.750% due 2/1/34		132,534
			Equinor ASA, Company Guaranteed Notes:
	50,000	AA-	3.625% due 9/10/28		49,602
	50,000	AA-	3.250% due 11/18/49		34,937
	25,000	AA-	3.700% due 4/6/50		18,945
			Expand Energy Corp., Company Guaranteed Notes:
	10,000	BBB-	5.375% due 2/1/29		10,030
	105,000	BBB-	6.750% due 4/15/29(a)		106,415
	2,025,000	BBB-	5.375% due 3/15/30		2,045,963
	295,000	BBB-	4.750% due 2/1/32		287,325
			Exxon Mobil Corp., Senior Unsecured Notes:
	180,000	AA-	3.482% due 3/19/30		176,115
	460,000	AA-	4.227% due 3/19/40		414,212
	75,000	AA-	4.114% due 3/1/46		61,784
	185,000	AA-	4.327% due 3/19/50		153,393
	200,000	AA-	3.452% due 4/15/51		141,239
	125,000	BB-	Gulfport Energy Operating Corp., Company Guaranteed Notes, 6.750% due 9/1/29(a)		128,077
	75,000	AA-	Hess Corp., Senior Unsecured Notes, 5.800% due 4/1/47		75,870
	210,000	BB+	Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes, 5.750% due 2/1/29(a)		207,458
			Marathon Petroleum Corp., Senior Unsecured Notes:
	25,000	BBB	5.150% due 3/1/30		25,713
	25,000	BBB	6.500% due 3/1/41		26,301
	235,000	BB-	Matador Resources Co., Company Guaranteed Notes, 6.500% due 4/15/32(a)		238,609
	65,000	B-	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		66,127
	60,000	BB-	Noble Finance II LLC, Company Guaranteed Notes, 8.000% due 4/15/30(a)		62,185
			Occidental Petroleum Corp., Senior Unsecured Notes:
	50,000	BB+	5.550% due 10/1/34		49,792
	50,000	BB+	6.450% due 9/15/36		51,757

See Notes to Financial Statements.

157



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Oil & Gas — 2.0% — (continued)
$	25,000		BB+	6.200% due 3/15/40	$	24,711
	50,000		BB+	6.600% due 3/15/46		50,248
	177,000		BBB-	Ovintiv Inc., Company Guaranteed Notes, 6.250% due 7/15/33		184,031
				Permian Resources Operating LLC, Company Guaranteed Notes:
	175,000		BB+	5.875% due 7/1/29(a)		175,176
	140,000		BB+	6.250% due 2/1/33(a)		142,706
				Petroleos Mexicanos, Company Guaranteed Notes:
	100,000		BBB	5.350% due 2/12/28		98,105
	300,000		BBB	6.840% due 1/23/30		299,948
	100,000		BBB	6.700% due 2/16/32		95,963
	100,000		BBB	10.000% due 2/7/33		112,093
	300,000		BBB	7.690% due 1/23/50		256,705
	50,000		BBB+	Phillips 66 Co., Company Guaranteed Notes, 5.500% due 3/15/55		45,712
				Pioneer Natural Resources Co., Senior Unsecured Notes:
	50,000		AA-	1.900% due 8/15/30		44,747
	330,000		AA-	2.150% due 1/15/31		296,108
				Saudi Arabian Oil Co., Senior Unsecured Notes:
	655,000		Aa3(b)	5.375% due 6/2/35(a)		672,969
	730,000		Aa3(b)	6.375% due 6/2/55(a)		752,495
				Shell Finance US Inc., Company Guaranteed Notes:
	25,000		A+	4.125% due 5/11/35		23,762
	90,000		A+	4.550% due 8/12/43		79,555
	140,000		A+	4.375% due 5/11/45		119,464
	340,000		A+	4.000% due 5/10/46		271,299
	480,000		A+	3.250% due 4/6/50		329,039
				Shell International Finance BV, Company Guaranteed Notes:
	220,000		A+	3.875% due 11/13/28		219,746
	50,000		A+	3.000% due 11/26/51		32,121
	215,000		BB-	SM Energy Co., Senior Unsecured Notes, 6.625% due 1/15/27		215,290
	110,000		BB+	Sunoco LP, Company Guaranteed Notes, 7.250% due 5/1/32(a)		116,442
	185,000		BB+	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 6.000% due 4/15/27		185,258
	50,000		A+	TotalEnergies Capital International SA, Company Guaranteed Notes, 3.127% due 5/29/50		32,894
				TotalEnergies Capital SA, Company Guaranteed Notes:
	50,000		A+	5.150% due 4/5/34		51,561
	100,000		A+	4.724% due 9/10/34		100,011
	740,000		A+	5.425% due 9/10/64		684,830
	25,000		BBB	Valero Energy Corp., Senior Unsecured Notes, 6.625% due 6/15/37		27,281
	380,000		BBB	Var Energi ASA, Senior Unsecured Notes, 6.500% due 5/22/35(a)		398,130
	115,000		B	Vital Energy Inc., Company Guaranteed Notes, 7.875% due 4/15/32(a)		113,392
	700,000	^EUR	Ba1(b)	Wintershall Dea Finance 2 BV, Company Guaranteed Notes, (Cost — $689,991, acquired 12/10/24), 3.000% (3.319% — 5-Year EUR Swap Rate)(c)(e)(h)		786,434

				Total Oil & Gas		33,358,518


	Oil & Gas Services — 0.1%
	85,000		BB-	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)		85,324
				Halliburton Co., Senior Unsecured Notes:
	20,000		BBB+	4.850% due 11/15/35		19,496
	100,000		BBB+	5.000% due 11/15/45		88,308
	100,000		BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(a)		103,497
	400,000	^EUR	B1(b)	OEG Finance PLC, Senior Secured Notes, (Cost — $437,741, acquired 12/11/24), 7.250% due 9/27/29(c)		489,354
				Schlumberger Holdings Corp.:
	910,000		A	Company Guaranteed Notes, 4.850% due 5/15/33(a)		908,064
	171,000		A	Senior Unsecured Notes, 3.900% due 5/17/28(a)		170,569

				Total Oil & Gas Services		1,864,612

See Notes to Financial Statements.

158



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Packaging & Containers — 0.1%
				Amcor Flexibles North America Inc. North America Inc., Company Guaranteed Notes:
$	94,000		BBB	2.690% due 5/25/31	$	85,110
	570,000		BBB+(i)	5.100% due 3/17/30		583,836
				Ball Corp., Company Guaranteed Notes:
	95,000		BB+	6.000% due 6/15/29		97,332
	50,000		BB+	5.500% due 9/15/33		50,631
	25,000		BBB	Berry Global Inc., Senior Secured Notes, 5.650% due 1/15/34		25,999
	170,000		BB	Graphic Packaging International LLC, Company Guaranteed Notes, 6.375% due 7/15/32(a)		172,975
	160,000		B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 4/15/27(a)		162,105
	430,000	^EUR	BB-	OI European Group BV, Senior Unsecured Notes, (Cost — $495,178, acquired 9/6/24), 6.250% due 5/15/28(c)		516,800
	85,000		B+	Owens-Brockway Glass Container Inc., Company Guaranteed Notes, 6.625% due 5/13/27(a)		85,010
				Packaging Corp. of America, Senior Unsecured Notes:
	25,000		BBB	5.700% due 12/1/33		26,313
	25,000		BBB	3.050% due 10/1/51		15,705
	135,000		BB+	Sealed Air Corp., Company Guaranteed Notes, 4.000% due 12/1/27(a)		132,271
	239,000		BBB-	Sonoco Products Co., Senior Unsecured Notes, 3.125% due 5/1/30		224,984
	100,000		BB-	TriMas Corp., Company Guaranteed Notes, 4.125% due 4/15/29(a)		96,311
				WRKCo Inc., Company Guaranteed Notes:
	50,000		BBB	3.900% due 6/1/28		49,651
	25,000		BBB	4.900% due 3/15/29		25,538

				Total Packaging & Containers		2,350,571


	Pharmaceuticals — 0.8%
	255,000		B	1261229 BC Ltd., Senior Secured Notes, 10.000% due 4/15/32(a)		265,003
				AbbVie Inc., Senior Unsecured Notes:
	300,000		A-	2.950% due 11/21/26		296,127
	100,000		A-	4.800% due 3/15/27		101,059
	400,000		A-	4.800% due 3/15/29		409,543
	1,430,000		A-	3.200% due 11/21/29		1,377,935
	180,000		A-	4.950% due 3/15/31		185,861
	240,000		A-	5.050% due 3/15/34		244,524
	200,000		A-	4.550% due 3/15/35		195,918
	200,000		A-	4.500% due 5/14/35		193,909
	10,000		A-	4.875% due 11/14/48		9,029
	355,000		A-	4.250% due 11/21/49		289,644
	75,000		A-	5.400% due 3/15/54		72,102
	500,000		A-	5.600% due 3/15/55		495,035
	45,000		B+	AdaptHealth LLC, Company Guaranteed Notes, 4.625% due 8/1/29(a)		42,586
	50,000		A+	Astrazeneca Finance LLC, Company Guaranteed Notes, 5.000% due 2/26/34		51,085
				AstraZeneca PLC, Senior Unsecured Notes:
	25,000		A+	4.000% due 9/18/42		21,253
	25,000		A+	4.375% due 11/16/45		21,811
	25,000		A+	4.375% due 8/17/48		21,501
	25,000		A+	2.125% due 8/6/50		13,789
	25,000		A+	3.000% due 5/28/51		16,649
				Becton Dickinson & Co., Senior Unsecured Notes:
	243,000		BBB	4.693% due 2/13/28		246,425
	27,000		BBB	4.685% due 12/15/44		23,627
	25,000		BBB	4.669% due 6/6/47		21,597
	25,000		BBB	3.794% due 5/20/50		18,517
				Bristol-Myers Squibb Co., Senior Unsecured Notes:
	100,000		A	4.900% due 2/22/27		101,266
	41,000		A	3.400% due 7/26/29		39,973
	273,000		A	5.100% due 2/22/31		283,937

See Notes to Financial Statements.

159



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pharmaceuticals — 0.8% — (continued)
$	770,000	A	5.200% due 2/22/34	$	790,661
	98,000	A	4.125% due 6/15/39		87,287
	50,000	A	3.550% due 3/15/42		39,487
	50,000	A	4.350% due 11/15/47		41,520
	50,000	A	4.550% due 2/20/48		42,563
	50,000	A	4.250% due 10/26/49		40,067
	50,000	A	2.550% due 11/13/50		29,105
	50,000	A	3.700% due 3/15/52		36,185
	939,000	A	5.550% due 2/22/54		906,823
	50,000	A	3.900% due 3/15/62		35,531
	90,000	A	5.650% due 2/22/64		86,362
			CVS Health Corp., Senior Unsecured Notes:
	150,000	BBB	4.300% due 3/25/28		149,904
	150,000	BBB	5.000% due 1/30/29		152,840
	394,000	BBB	2.125% due 9/15/31		340,148
	100,000	BBB	4.780% due 3/25/38		92,018
	100,000	BBB	5.125% due 7/20/45		88,192
	200,000	BBB	5.050% due 3/25/48		171,858
			Eli Lilly & Co., Senior Unsecured Notes:
	100,000	A+	4.500% due 2/9/27		100,858
	595,000	A+	4.700% due 2/9/34		596,018
	200,000	A+	4.600% due 8/14/34		198,870
	100,000	A+	4.900% due 10/15/35		100,589
	25,000	A+	3.950% due 3/15/49		19,770
	25,000	A+	4.875% due 2/27/53		22,624
	110,000	A+	5.000% due 2/9/54		101,065
	100,000	A+	5.550% due 10/15/55		99,508
	25,000	A+	4.150% due 3/15/59		19,548
	25,000	A+	4.950% due 2/27/63		22,284
	475,000	A+	5.100% due 2/9/64		433,314
	750,000	A+	5.650% due 10/15/65		745,843
	50,000	A	GlaxoSmithKline Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/38		55,674
			Johnson & Johnson, Senior Unsecured Notes:
	100,000	AAA	4.550% due 3/1/28		101,980
	50,000	AAA	4.950% due 6/1/34		52,265
	50,000	AAA	5.000% due 3/1/35		51,420
	50,000	AAA	3.625% due 3/3/37		44,906
	50,000	AAA	3.700% due 3/1/46		40,049
	50,000	AAA	5.250% due 6/1/54		49,433
	25,000	AAA	2.450% due 9/1/60		13,738
			Merck & Co., Inc., Senior Unsecured Notes:
	25,000	A+	3.900% due 3/7/39		22,059
	25,000	A+	3.600% due 9/15/42		19,877
	50,000	A+	4.150% due 5/18/43		42,455
	50,000	A+	3.700% due 2/10/45		39,179
	50,000	A+	4.000% due 3/7/49		39,448
	50,000	A+	2.450% due 6/24/50		28,947
	390,000	A+	2.750% due 12/10/51		237,102
	100,000	AA-	Novartis Capital Corp., Company Guaranteed Notes, 3.800% due 9/18/29		99,587
	255,000	BB	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125% due 4/30/28(a)		244,384
			Pfizer Inc., Senior Unsecured Notes:
	160,000	A	2.625% due 4/1/30		150,194
	140,000	A	1.700% due 5/28/30		125,340
	25,000	A	4.000% due 12/15/36		23,042
	25,000	A	3.900% due 3/15/39		21,823

See Notes to Financial Statements.

160



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pharmaceuticals — 0.8% — (continued)
			Pfizer Investment Enterprises Pte Ltd., Company Guaranteed Notes:
$	200,000	A	4.750% due 5/19/33	$	200,433
	200,000	A	5.300% due 5/19/53		186,639
	158,000	A	5.340% due 5/19/63		144,764
	256,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 2.050% due 3/31/30		232,374
	175,000	BB	Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes, 8.125% due 9/15/31		199,014
	25,000	BB+	Utah Acquisition Sub Inc., Company Guaranteed Notes, 5.250% due 6/15/46		20,416
	50,000	BB+	Viatris Inc., Company Guaranteed Notes, 4.000% due 6/22/50		33,010
	50,000	A	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		53,509
			Zoetis Inc., Senior Unsecured Notes:
	160,000	BBB+	5.000% due 8/17/35		159,375
	25,000	BBB+	4.700% due 2/1/43		22,680
	25,000	BBB+	3.950% due 9/12/47		19,727

			Total Pharmaceuticals		13,425,390


	Pipelines — 1.4%
	215,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		215,709
	140,000	B+	Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes, 7.250% due 7/15/32(a)		148,699
			Buckeye Partners LP, Senior Unsecured Notes:
	130,000	BB-	4.125% due 12/1/27		127,967
	125,000	BB-	6.875% due 7/1/29(a)		129,628
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	72,000	BBB	5.125% due 6/30/27		72,810
	199,000	BBB	3.700% due 11/15/29		193,319
	260,000	BBB-	Cheniere Energy Inc., Senior Unsecured Notes, 4.625% due 10/15/28		259,838
			Cheniere Energy Partners LP, Company Guaranteed Notes:
	72,000	BBB	4.500% due 10/1/29		71,860
	143,000	BBB	4.000% due 3/1/31		137,805
	436,000	BBB	3.250% due 1/31/32		394,819
	105,000	BBB	5.950% due 6/30/33		110,111
	600,000	Baa1(b)	Columbia Pipelines Operating Co. LLC, Senior Unsecured Notes, 6.036% due 11/15/33(a)		635,332
			DT Midstream Inc., Company Guaranteed Notes:
	180,000	BBB-	4.125% due 6/15/29(a)		175,051
	55,000	BBB-	4.375% due 6/15/31(a)		52,948
	50,000	A-	Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 6.200% due 1/15/55		51,243
			Enbridge Inc.:
			Company Guaranteed Notes:
	100,000	BBB+	5.900% due 11/15/26		101,778
	50,000	BBB+	2.500% due 8/1/33		42,140
	25,000	BBB+	5.625% due 4/5/34		25,815
	50,000	BBB+	3.400% due 8/1/51		33,112
	50,000	BBB+	6.700% due 11/15/53		53,948
	450,000	BBB+	5.950% due 4/5/54		444,844
	725,000	BBB-	Subordinated Notes, 5.750% (5-Year CMT Index + 5.314%) due 7/15/80(d)		726,503
			Energy Transfer LP:
	240,000	BBB	Company Guaranteed Notes, 5.250% due 4/15/29		246,858
			Junior Subordinated Notes:
	405,000	BB+	8.000% (5-Year CMT Index + 4.020%) due 5/15/54(d)		431,753
	380,000	BB+	6.500% (5-Year CMT Index + 2.676%) due 2/15/56(d)		378,461
			Senior Unsecured Notes:
	49,000	BBB	5.500% due 6/1/27		49,846
	76,000	BBB	5.550% due 2/15/28		78,266

See Notes to Financial Statements.

161



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 1.4% — (continued)
$	30,000	BBB	4.950% due 6/15/28	$	30,467
	800,000	BBB	3.750% due 5/15/30		775,493
	280,000	BBB	5.550% due 5/15/34		284,396
	25,000	BBB	5.800% due 6/15/38		25,310
	340,000	BBB	5.300% due 4/1/44		304,850
	18,000	BBB	5.300% due 4/15/47		15,886
	750,000	BBB	6.250% due 4/15/49		736,965
	147,000	BBB	5.000% due 5/15/50		122,330
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	100,000	A-	4.600% due 1/11/27		100,645
	100,000	A-	3.950% due 2/15/27		99,838
	660,000	A-	4.150% due 10/16/28		662,892
	50,000	A-	4.850% due 1/31/34		49,995
	150,000	A-	6.650% due 10/15/34		169,316
	50,000	A-	4.950% due 2/15/35		49,917
	250,000	A-	4.850% due 3/15/44		226,020
	25,000	A-	5.100% due 2/15/45		23,151
	25,000	A-	4.250% due 2/15/48		20,198
	50,000	A-	4.800% due 2/1/49		43,277
	50,000	A-	4.200% due 1/31/50		39,391
	130,000	A-	3.700% due 1/31/51		93,253
	25,000	A-	3.200% due 2/15/52		16,287
	25,000	A-	3.300% due 2/15/53		16,430
	670,000	A-	5.550% due 2/16/55		640,277
	180,000	A-	3.950% due 1/31/60		129,806
	60,000	BBB	5.375% (3-Month Term SOFR + 2.832%) due 2/15/78(d)		59,513
	105,000	B	Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 7.750% due 2/1/28		106,218
	90,000	BB-	Harvest Midstream I LP, Senior Unsecured Notes, 7.500% due 5/15/32(a)		92,773
	130,000	BBB-	Hess Midstream Operations LP, Company Guaranteed Notes, 5.875% due 3/1/28(a)		132,255
	65,000	BB-	Howard Midstream Energy Partners LLC, Senior Unsecured Notes, 7.375% due 7/15/32(a)		67,817
	25,000	BBB	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 6.950% due 1/15/38		27,849
			Kinder Morgan Inc., Company Guaranteed Notes:
	110,000	BBB	5.000% due 2/1/29		112,326
	170,000	BBB	5.150% due 6/1/30		174,814
	50,000	BBB	5.550% due 6/1/45		47,264
	25,000	BBB	5.200% due 3/1/48		22,235
	55,000	BBB	3.250% due 8/1/50		35,089
	82,000	BBB	3.600% due 2/15/51		55,863
	25,000	BBB	5.450% due 8/1/52		22,769
	685,000	BB+	Kinetik Holdings LP, Company Guaranteed Notes, 5.875% due 6/15/30(a)		691,248
			MPLX LP, Senior Unsecured Notes:
	100,000	BBB	4.125% due 3/1/27		99,824
	850,000	BBB	4.800% due 2/15/29		861,175
	180,000	BBB	4.800% due 2/15/31		180,126
	130,000	BBB	4.500% due 4/15/38		116,021
	140,000	BBB	4.700% due 4/15/48		113,680
	50,000	BBB	5.500% due 2/15/49		45,095
	50,000	BBB	4.950% due 3/14/52		41,245
	515,000	BBB	6.200% due 9/15/55		501,616
	100,000	B+	NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes, 8.125% due 2/15/29(a)		102,084
	100,000	BB	Northriver Midstream Finance LP, Senior Secured Notes, 6.750% due 7/15/32(a)		102,914
	74,000	BBB+	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		73,801
	85,000	Ba1(b)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		88,068

See Notes to Financial Statements.

162



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Pipelines — 1.4% — (continued)
			ONEOK Inc., Company Guaranteed Notes:
$	200,000	BBB	5.800% due 11/1/30	$	210,644
	165,000	BBB	6.050% due 9/1/33		173,547
	25,000	BBB	5.050% due 11/1/34		24,379
	25,000	BBB	5.150% due 10/15/43		22,194
	100,000	BBB	5.200% due 7/15/48		87,235
	25,000	BBB	4.850% due 2/1/49		20,420
	50,000	BBB	3.950% due 3/1/50		35,551
	25,000	BBB	4.500% due 3/15/50		19,548
	105,000	BBB	6.625% due 9/1/53		107,977
	25,000	BBB	ONEOK Partners LP, Company Guaranteed Notes, 6.650% due 10/1/36		27,097
	166,680	B2(b)	Peru LNG Srl, Senior Unsecured Notes, 5.375% due 3/22/30(a)		158,654
	150,000	BBB	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.500% due 12/15/26		150,149
	500,000	B-	Prairie Acquiror LP, Senior Secured Notes, 9.000% due 8/1/29(a)		521,887
	180,000	BB	Rockies Express Pipeline LLC, Senior Unsecured Notes, 4.950% due 7/15/29(a)		177,215
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	46,000	BBB+	5.000% due 3/15/27		46,273
	40,000	BBB+	4.200% due 3/15/28		39,994
	134,000	BBB+	5.900% due 9/15/37		141,220
	1,120,000	BBB-	South Bow USA Infrastructure Holdings LLC, Company Guaranteed Notes, 5.026% due 10/1/29		1,134,062
	25,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 4.500% due 3/15/45		20,937
			Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes:
	150,000	B+	6.000% due 3/1/27(a)		149,912
	890,000	B+	6.000% due 12/31/30(a)		878,251
			Targa Resources Corp., Company Guaranteed Notes:
	72,000	BBB	6.150% due 3/1/29		76,000
	130,000	BBB	4.200% due 2/1/33		122,638
	50,000	BBB	6.500% due 2/15/53		51,171
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	100,000	BBB	5.000% due 1/15/28		100,107
	20,000	BBB	6.875% due 1/15/29		20,392
	113,000	BBB	5.500% due 3/1/30		115,160
	489,000	BBB	4.875% due 2/1/31		487,159
	40,000	BBB	4.000% due 1/15/32		37,636
	25,000	BBB+	TransCanada PipeLines Ltd., Senior Unsecured Notes, 5.100% due 3/15/49		22,557
	420,000	BBB-	Transcanada Trust, Company Guaranteed Notes, 5.500% (SOFR + 4.416%) due 9/15/79(d)		415,264
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	137,000	BBB+	4.000% due 3/15/28		136,773
	138,000	BBB+	4.600% due 3/15/48		116,291
			Venture Global Calcasieu Pass LLC, Senior Secured Notes:
	200,000	BBB-	3.875% due 8/15/29(a)		191,855
	110,000	BBB-	3.875% due 11/1/33(a)		98,055
			Venture Global LNG Inc.:
	380,000	B-	Junior Subordinated Notes, 9.000% (5-Year CMT Index + 5.440%)(a)(d)(e)		377,595
			Senior Secured Notes:
	200,000	BB	8.125% due 6/1/28(a)		207,358
	725,000	BB	9.500% due 2/1/29(a)		797,604
	330,000	BB	7.000% due 1/15/30(a)		340,312
	85,000	BB+	Venture Global Plaquemines LNG LLC, Senior Secured Notes, 6.500% due 1/15/34(a)		88,791
			Western Midstream Operating LP, Senior Unsecured Notes:
	630,000	BBB-	4.050% due 2/1/30		612,557
	115,000	BBB-	5.250% due 2/1/50		96,254

See Notes to Financial Statements.

163



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Pipelines — 1.4% — (continued)
$	50,000		BBB+	Williams Cos., Inc. (The), Senior Unsecured Notes, 6.000% due 3/15/55	$	49,809

				Total Pipelines		22,749,019


	Private Equity — 0.0%@
				Brookfield Finance Inc., Company Guaranteed Notes:
	50,000		A-	3.900% due 1/25/28		49,656
	25,000		A-	4.850% due 3/29/29		25,420
	50,000		A-	5.968% due 3/4/54		50,171
	25,000		A-	Brookfield Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450% due 4/15/50		17,023

				Total Private Equity		142,270


	Real Estate — 0.0%@
	490,000	^EUR	Ba1(b)	Castellum AB, Junior Subordinated Notes, (Cost — $494,515, acquired 12/4/24), 3.125% (3.454% — 5-Year EUR Swap Rate)(c)(e)(h)		566,909


	Real Estate Investment Trusts (REITs) — 0.8%
				Alexandria Real Estate Equities Inc., Company Guaranteed Notes:
	25,000		BBB+	3.950% due 1/15/27		24,893
	25,000		BBB+	3.950% due 1/15/28		24,844
	25,000		BBB+	4.500% due 7/30/29		25,109
	25,000		BBB+	1.875% due 2/1/33		20,289
	25,000		BBB+	4.750% due 4/15/35		24,139
	50,000		BBB+	3.550% due 3/15/52		33,941
	25,000		BBB+	5.625% due 5/15/54		23,513
				American Homes 4 Rent LP, Senior Unsecured Notes:
	25,000		BBB	4.250% due 2/15/28		24,939
	25,000		BBB	3.625% due 4/15/32		23,270
	25,000		BBB	5.500% due 2/1/34		25,682
				American Tower Corp., Senior Unsecured Notes:
	50,000		BBB+	3.650% due 3/15/27		49,628
	100,000		BBB+	5.800% due 11/15/28		104,550
	86,000		BBB+	3.800% due 8/15/29		84,276
	100,000		BBB+	2.100% due 6/15/30		89,965
	112,000		BBB+	1.875% due 10/15/30		98,764
	106,000		BBB+	2.700% due 4/15/31		96,157
	47,000		BBB+	2.300% due 9/15/31		41,390
	1,865,000		NR	Arbor Realty SR Inc., Company Guaranteed Notes, 5.000% due 12/30/28(a)		1,658,509
				AvalonBay Communities Inc., Senior Unsecured Notes:
	25,000		A-	3.300% due 6/1/29		24,280
	25,000		A-	2.300% due 3/1/30		23,022
	25,000		A-	5.000% due 2/15/33		25,505
	25,000		A-	5.300% due 12/7/33		25,817
				Boston Properties LP, Senior Unsecured Notes:
	25,000		BBB	4.500% due 12/1/28		25,020
	25,000		BBB	3.400% due 6/21/29		23,966
	25,000		BBB	3.250% due 1/30/31		23,236
	25,000		BBB	2.450% due 10/1/33		20,297
	25,000		BBB	6.500% due 1/15/34		26,835
	80,000		BB+	Brandywine Operating Partnership LP, Company Guaranteed Notes, 8.875% due 4/12/29		87,056
	25,000		BBB	Brixmor Operating Partnership LP, Senior Unsecured Notes, 5.500% due 2/15/34		25,491
	25,000		A-	Camden Property Trust, Senior Unsecured Notes, 4.900% due 1/15/34		25,124
				Crown Castle Inc., Senior Unsecured Notes:
	109,000		BBB	5.000% due 1/11/28		110,506
	113,000		BBB	3.800% due 2/15/28		111,555
	69,000		BBB	3.100% due 11/15/29		65,473

See Notes to Financial Statements.

164



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Real Estate Investment Trusts (REITs) — 0.8% — (continued)
$	83,000		BBB	2.250% due 1/15/31	$	73,528
	66,000		BBB	2.100% due 4/1/31		57,558
	80,000		BBB	2.500% due 7/15/31		70,934
				CubeSmart LP, Company Guaranteed Notes:
	25,000		BBB	3.125% due 9/1/26		24,650
	25,000		BBB	2.500% due 2/15/32		21,802
	300,000	^EUR	BBB+	Digital Intrepid Holding BV, Company Guaranteed Notes, (Cost — $247,527, acquired 5/30/23), 0.625% due 7/15/31(c)		300,327
	25,000		BBB+	Digital Realty Trust LP, Company Guaranteed Notes, 5.550% due 1/15/28		25,758
				EPR Properties, Senior Unsecured Notes:
	25,000		BBB-	3.750% due 8/15/29		24,014
	305,000		BBB-	3.600% due 11/15/31		279,319
				Equinix Inc., Senior Unsecured Notes:
	130,000		BBB+	1.550% due 3/15/28		121,986
	183,000		BBB+	2.000% due 5/15/28		172,991
	183,000		BBB+	3.200% due 11/18/29		174,872
	170,000		BBB+	2.500% due 5/15/31		152,509
				ERP Operating LP, Senior Unsecured Notes:
	25,000		A-	3.500% due 3/1/28		24,658
	25,000		A-	4.150% due 12/1/28		25,073
	25,000		A-	3.000% due 7/1/29		23,994
	25,000		A-	2.500% due 2/15/30		23,296
	25,000		A-	1.850% due 8/1/31		21,855
	1,331,000		BBB-	Essential Properties LP, Company Guaranteed Notes, 2.950% due 7/15/31		1,199,738
				Essex Portfolio LP, Company Guaranteed Notes:
	25,000		BBB+	3.625% due 5/1/27		24,794
	25,000		BBB+	4.000% due 3/1/29		24,735
	170,000		BBB+	5.500% due 4/1/34		175,583
	106,000		BBB+	Extra Space Storage LP, Company Guaranteed Notes, 5.700% due 4/1/28		109,583
				GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	87,000		BBB-	5.300% due 1/15/29		88,618
	267,000		BBB-	4.000% due 1/15/30		258,439
	65,000		BBB-	4.000% due 1/15/31		61,923
	86,000		BBB-	3.250% due 1/15/32		76,812
	25,000		BBB+	Healthpeak OP LLC, Company Guaranteed Notes, 2.875% due 1/15/31		23,027
	25,000		BBB-	Host Hotels & Resorts LP, Senior Unsecured Notes, 2.900% due 12/15/31		22,221
	146,000		BBB	Invitation Homes Operating Partnership LP, Company Guaranteed Notes, 2.300% due 11/15/28		137,805
	450,000		BB-	Iron Mountain Inc., Company Guaranteed Notes, 4.875% due 9/15/27(a)		447,440
				Kilroy Realty LP, Company Guaranteed Notes:
	25,000		BBB-	4.250% due 8/15/29		24,438
	25,000		BBB-	2.650% due 11/15/33		20,214
				Kimco Realty OP LLC, Company Guaranteed Notes:
	25,000		BBB+	3.800% due 4/1/27		24,851
	25,000		BBB+	3.200% due 4/1/32		22,886
	25,000		BBB+	4.600% due 2/1/33		24,627
	65,000		BB	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 7.000% due 7/15/31(a)		68,390
	25,000		A-	Mid-America Apartments LP, Senior Unsecured Notes, 5.000% due 3/15/34		25,220
				NNN REIT Inc., Senior Unsecured Notes:
	124,000		BBB+	3.100% due 4/15/50		78,633
	238,000		BBB+	3.500% due 4/15/51		163,353
				Omega Healthcare Investors Inc., Company Guaranteed Notes:
	25,000		BBB-	4.750% due 1/15/28		25,212
	790,000		BBB-	3.625% due 10/1/29		756,837
	765,000		BBB-	Piedmont Operating Partnership LP, Company Guaranteed Notes, 2.750% due 4/1/32		648,109

See Notes to Financial Statements.

165



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Real Estate Investment Trusts (REITs) — 0.8% — (continued)
			Prologis LP, Senior Unsecured Notes:
$	25,000	A	4.875% due 6/15/28	$	25,573
	147,000	A	2.250% due 4/15/30		135,193
	25,000	A	4.625% due 1/15/33		24,947
	25,000	A	5.125% due 1/15/34		25,517
	25,000	A	5.000% due 3/15/34		25,258
	140,000	A	2.125% due 10/15/50		74,456
	25,000	A	5.250% due 6/15/53		23,412
			Public Storage Operating Co., Company Guaranteed Notes:
	25,000	A	1.850% due 5/1/28		23,650
	25,000	A	3.385% due 5/1/29		24,406
	25,000	A	2.250% due 11/9/31		22,138
	25,000	A	5.100% due 8/1/33		25,784
			Realty Income Corp., Senior Unsecured Notes:
	57,000	A-	3.100% due 12/15/29		54,552
	74,000	A-	3.250% due 1/15/31		69,886
	134,000	A-	5.125% due 2/15/34		136,396
			Regency Centers LP, Company Guaranteed Notes:
	25,000	A-	3.600% due 2/1/27		24,813
	25,000	A-	5.250% due 1/15/34		25,605
			RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes:
	240,000	BB	4.750% due 10/15/27		239,568
	100,000	BB	6.500% due 4/1/32(a)		102,850
	155,000	BB+	SBA Communications Corp., Senior Unsecured Notes, 3.125% due 2/1/29		145,796
			Simon Property Group LP, Senior Unsecured Notes:
	50,000	A	3.375% due 6/15/27		49,503
	50,000	A	3.375% due 12/1/27		49,389
	50,000	A	2.450% due 9/13/29		46,919
	50,000	A	2.650% due 7/15/30		46,499
	25,000	A	2.200% due 2/1/31		22,385
	25,000	A	2.250% due 1/15/32		21,829
	25,000	A	2.650% due 2/1/32		22,303
	25,000	A	5.500% due 3/8/33		26,244
	25,000	A	6.250% due 1/15/34		27,364
	50,000	A	3.250% due 9/13/49		33,840
	25,000	A	3.800% due 7/15/50		18,607
	110,000	BB-	Starwood Property Trust Inc., Senior Unsecured Notes, 7.250% due 4/1/29(a)		115,470
			UDR Inc., Company Guaranteed Notes:
	25,000	BBB+	3.000% due 8/15/31		22,935
	255,000	BBB+	2.100% due 8/1/32		215,391
	170,000	BBB+	5.125% due 9/1/34		170,785
			Ventas Realty LP, Company Guaranteed Notes:
	25,000	BBB+	4.000% due 3/1/28		24,883
	25,000	BBB+	4.400% due 1/15/29		25,087
	25,000	BBB+	3.000% due 1/15/30		23,656
	25,000	BBB+	4.875% due 4/15/49		21,547
	312,000	BBB-	VICI Properties LP, Senior Unsecured Notes, 4.750% due 2/15/28		314,713
	160,000	BBB-	VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes, 4.500% due 1/15/28(a)		159,520
	460,000	BBB+	WEA Finance LLC/Westfield UK & Europe Finance PLC, Company Guaranteed Notes, 4.750% due 9/17/44(a)		385,758
			Welltower OP LLC, Company Guaranteed Notes:
	25,000	A-	2.700% due 2/15/27		24,533
	25,000	A-	2.050% due 1/15/29		23,384
	25,000	A-	4.125% due 3/15/29		25,008
	25,000	A-	3.100% due 1/15/30		23,848

See Notes to Financial Statements.

166



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Real Estate Investment Trusts (REITs) — 0.8% — (continued)
$	25,000		A-	2.750% due 1/15/31	$	23,035
	25,000		A-	2.750% due 1/15/32		22,504
				Weyerhaeuser Co., Senior Unsecured Notes:
	25,000		BBB	4.000% due 11/15/29		24,718
	25,000		BBB	4.000% due 3/9/52		19,000

				Total Real Estate Investment Trusts (REITs)		12,530,110


	Retail — 0.3%
	100,000		BB	Asbury Automotive Group Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		97,333
	50,000		BBB	AutoZone Inc., Senior Unsecured Notes, 5.400% due 7/15/34		51,406
	295,000		BB+	Bath & Body Works Inc., Company Guaranteed Notes, 7.500% due 6/15/29		303,807
	25,000		BBB	Dick’s Sporting Goods Inc., Senior Unsecured Notes, 4.100% due 1/15/52		17,781
	25,000		BBB	Dollar General Corp., Senior Unsecured Notes, 4.125% due 4/3/50		19,081
	340,000	^EUR	BB+	Dufry One BV, Senior Unsecured Notes, (Cost — $402,402, acquired 7/9/25), 4.500% due 5/23/32(c)		404,680
	130,000		BB	Gap Inc. (The), Company Guaranteed Notes, 3.625% due 10/1/29(a)		122,033
	50,000		BB+	Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a)		48,552
				Home Depot Inc. (The), Senior Unsecured Notes:
	100,000		A	2.950% due 6/15/29		96,383
	50,000		A	5.875% due 12/16/36		54,044
	70,000		A	3.300% due 4/15/40		56,241
	25,000		A	4.200% due 4/1/43		21,359
	25,000		A	4.875% due 2/15/44		23,148
	25,000		A	4.400% due 3/15/45		21,508
	50,000		A	4.250% due 4/1/46		42,015
	50,000		A	4.500% due 12/6/48		42,861
	50,000		A	3.125% due 12/15/49		33,653
	180,000		A	3.350% due 4/15/50		125,228
	50,000		A	2.375% due 3/15/51		28,164
	50,000		A	2.750% due 9/15/51		30,399
	50,000		A	3.625% due 4/15/52		36,285
	25,000		A	4.950% due 9/15/52		22,612
	25,000		A	3.500% due 9/15/56		17,269
	95,000		BB+	Lithia Motors Inc., Senior Unsecured Notes, 3.875% due 6/1/29(a)		91,146
				Lowe’s Cos., Inc., Senior Unsecured Notes:
	405,000		BBB+	3.650% due 4/5/29		397,745
	284,000		BBB+	1.700% due 10/15/30		249,718
	91,000		BBB+	2.625% due 4/1/31		82,954
	50,000		BBB+	4.050% due 5/3/47		38,857
	50,000		BBB+	3.000% due 10/15/50		31,003
	25,000		BBB+	4.250% due 4/1/52		19,403
	50,000		BBB+	5.625% due 4/15/53		47,797
	25,000		BBB+	4.450% due 4/1/62		19,224
				Macy’s Retail Holdings LLC, Company Guaranteed Notes:
	360,000		BB+	5.875% due 3/15/30(a)		356,867
	95,000		BB+	6.125% due 3/15/32(a)		92,816
				McDonald’s Corp., Senior Unsecured Notes:
	100,000		BBB+	3.500% due 3/1/27		99,181
	25,000		BBB+	4.700% due 12/9/35		24,622
	25,000		BBB+	6.300% due 3/1/38		27,437
	25,000		BBB+	4.450% due 9/1/48		20,956
	70,000		BBB+	3.625% due 9/1/49		50,956
	425,000		BBB+	4.200% due 4/1/50		339,252
	25,000		BBB+	5.150% due 9/9/52		23,022
	25,000		BBB+	5.450% due 8/14/53		24,017

See Notes to Financial Statements.

167



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Retail — 0.3% — (continued)
$	110,000	BB+	Nordstrom Inc., Senior Secured Notes, 4.375% due 4/1/30	$	101,817
	115,000	BB-	Penske Automotive Group Inc., Company Guaranteed Notes, 3.750% due 6/15/29		109,724
	150,000	BB-	Sonic Automotive Inc., Company Guaranteed Notes, 4.625% due 11/15/29(a)		145,917
			Starbucks Corp., Senior Unsecured Notes:
	50,000	BBB+	4.900% due 2/15/31		51,472
	25,000	BBB+	3.750% due 12/1/47		18,357
	25,000	BBB+	4.500% due 11/15/48		20,738
	25,000	BBB+	4.450% due 8/15/49		20,425
	25,000	BBB+	3.350% due 3/12/50		16,793
	25,000	BBB+	3.500% due 11/15/50		17,249
	80,000	BB-	Superior Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500% due 3/15/29(a)		76,914
			Target Corp., Senior Unsecured Notes:
	50,000	A	4.500% due 9/15/32		50,035
	25,000	A	4.000% due 7/1/42		20,911
	25,000	A	3.625% due 4/15/46		18,783
	50,000	A	2.950% due 1/15/52		31,422
			Walmart Inc., Senior Unsecured Notes:
	90,000	AA	1.500% due 9/22/28		84,128
	40,000	AA	1.800% due 9/22/31		35,292
	100,000	AA	4.100% due 4/15/33		98,301
	25,000	AA	6.200% due 4/15/38		27,987
	25,000	AA	3.950% due 6/28/38		22,890
	25,000	AA	5.625% due 4/15/41		26,022
	25,000	AA	2.500% due 9/22/41		17,646
	25,000	AA	3.625% due 12/15/47		19,159
	50,000	AA	4.050% due 6/29/48		41,038
	25,000	AA	2.950% due 9/24/49		16,735
	50,000	AA	2.650% due 9/22/51		30,817

			Total Retail		4,873,387


	Savings & Loans — 0.1%
	1,685,000	BBB+	Nationwide Building Society, Senior Non-Preferred Notes, 4.649% (SOFR + 1.060%) due 7/14/29(a)(d)		1,699,160


	Semiconductors — 0.5%
	164,000	BB	Amkor Technology Inc., Senior Unsecured Notes, 6.625% due 9/15/27(a)		163,988
			Analog Devices Inc., Senior Unsecured Notes:
	25,000	A-	2.800% due 10/1/41		18,146
	25,000	A-	2.950% due 10/1/51		16,063
			Applied Materials Inc., Senior Unsecured Notes:
	50,000	A	3.300% due 4/1/27		49,569
	25,000	A	5.850% due 6/15/41		26,167
	25,000	A	4.350% due 4/1/47		21,311
	100,000	BBB+	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.875% due 1/15/27		99,601
			Broadcom Inc.:
			Company Guaranteed Notes:
	377,000	BBB+	4.150% due 11/15/30		373,283
	50,000	BBB+	3.500% due 2/15/41(a)		39,679
	100,000	BBB+	3.750% due 2/15/51(a)		74,791
			Senior Unsecured Notes:
	170,000	BBB+	4.150% due 4/15/32(a)		164,726
	100,000	BBB+	3.469% due 4/15/34(a)		89,725
	1,054,000	BBB+	3.137% due 11/15/35(a)		891,982
	10,000	BBB+	3.187% due 11/15/36(a)		8,354
	108,000	BBB+	4.926% due 5/15/37(a)		105,056

See Notes to Financial Statements.

168



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Semiconductors — 0.5% — (continued)
			Entegris Inc.:
$	215,000	BB-	Company Guaranteed Notes, 5.950% due 6/15/30(a)	$	217,932
	445,000	BB	Senior Secured Notes, 4.750% due 4/15/29(a)		438,939
			Foundry JV Holdco LLC, Senior Secured Notes:
	320,000	BBB	5.875% due 1/25/34(a)		328,618
	2,300,000	BBB	6.200% due 1/25/37(a)		2,420,665
			Intel Corp., Senior Unsecured Notes:
	100,000	BBB	2.450% due 11/15/29		92,254
	735,000	BBB	3.250% due 11/15/49		459,411
	100,000	BBB	4.750% due 3/25/50		80,204
	50,000	BBB	4.900% due 8/5/52		40,706
	50,000	BBB	5.700% due 2/10/53		45,942
	25,000	BBB	5.600% due 2/21/54		22,768
	64,000	BBB	5.900% due 2/10/63		59,217
			KLA Corp., Senior Unsecured Notes:
	258,000	A-	4.100% due 3/15/29		258,809
	50,000	A-	5.250% due 7/15/62		46,539
			Lam Research Corp., Senior Unsecured Notes:
	25,000	A-	4.875% due 3/15/49		22,653
	25,000	A-	3.125% due 6/15/60		15,400
			Marvell Technology Inc.:
	55,000	BBB-	Company Guaranteed Notes, 4.750% due 7/15/30		55,508
			Senior Unsecured Notes:
	25,000	BBB-	5.750% due 2/15/29		26,088
	175,000	BBB-	5.450% due 7/15/35		177,910
			Micron Technology Inc., Senior Unsecured Notes:
	25,000	BBB-	5.375% due 4/15/28		25,776
	25,000	BBB-	4.663% due 2/15/30		25,153
	100,000	BBB-	5.875% due 2/9/33		105,005
	25,000	BBB-	5.875% due 9/15/33		26,303
			NVIDIA Corp., Senior Unsecured Notes:
	25,000	AA-	3.500% due 4/1/40		21,171
	510,000	AA-	3.500% due 4/1/50		379,782
	160,000	AA-	3.700% due 4/1/60		116,655
	296,000	BBB+	NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 2.500% due 5/11/31		265,315
	70,000	BB	ON Semiconductor Corp., Company Guaranteed Notes, 3.875% due 9/1/28(a)		68,085
			QUALCOMM Inc., Senior Unsecured Notes:
	25,000	A	2.150% due 5/20/30		22,948
	25,000	A	4.800% due 5/20/45		22,834
	25,000	A	3.250% due 5/20/50		17,147
	25,000	A	4.500% due 5/20/52		21,043
	25,000	A	6.000% due 5/20/53		26,170
	105,000	BB-	Synaptics Inc., Company Guaranteed Notes, 4.000% due 6/15/29(a)		100,317
			Texas Instruments Inc., Senior Unsecured Notes:
	25,000	A+	3.875% due 3/15/39		22,019
	50,000	A+	4.150% due 5/15/48		40,981
	62,000	A+	5.050% due 5/18/63		55,782

			Total Semiconductors		8,314,490


	Shipbuilding — 0.0%@
	137,000	BBB-	Huntington Ingalls Industries Inc., Company Guaranteed Notes, 2.043% due 8/16/28		128,352


	Software — 0.4%
	50,000	A+	Adobe Inc., Senior Unsecured Notes, 2.300% due 2/1/30		46,516
	500,000	CCC	AthenaHealth Group Inc., Senior Unsecured Notes, 6.500% due 2/15/30(a)		490,916
	90,000	BBB+	Autodesk Inc., Senior Unsecured Notes, 2.850% due 1/15/30		84,959
	750,000	B	Cloud Software Group Inc., Senior Secured Notes, 8.250% due 6/30/32(a)		802,433

See Notes to Financial Statements.

169



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Software — 0.4% — (continued)
$	25,000	BBB	Concentrix Corp., Senior Unsecured Notes, 6.600% due 8/2/28	$	26,466
	50,000	B	CoreWeave Inc., Company Guaranteed Notes, 9.250% due 6/1/30(a)		50,233
	115,000	BB	Elastic NV, Senior Unsecured Notes, 4.125% due 7/15/29(a)		110,490
	25,000	BB+	Fair Isaac Corp., Senior Unsecured Notes, 6.000% due 5/15/33(a)		25,394
			Fidelity National Information Services Inc., Senior Unsecured Notes:
	25,000	BBB	1.650% due 3/1/28		23,555
	25,000	BBB	3.100% due 3/1/41		18,357
			Fiserv Inc., Senior Unsecured Notes:
	25,000	BBB	5.450% due 3/2/28		25,717
	25,000	BBB	5.375% due 8/21/28		25,794
	25,000	BBB	4.200% due 10/1/28		24,991
	100,000	BBB	3.500% due 7/1/29		97,095
	25,000	BBB	2.650% due 6/1/30		23,104
	50,000	BBB	4.400% due 7/1/49		40,034
			Intuit Inc., Senior Unsecured Notes:
	25,000	A-	1.350% due 7/15/27		23,869
	25,000	A-	5.125% due 9/15/28		25,830
	25,000	A-	1.650% due 7/15/30		22,239
			Microsoft Corp., Senior Unsecured Notes:
	55,000	AAA	3.450% due 8/8/36		49,644
	157,000	AAA	2.525% due 6/1/50		96,113
	50,000	AAA	2.500% due 9/15/50		30,477
	168,000	AAA	2.921% due 3/17/52		110,264
	50,000	AAA	4.500% due 2/6/57		44,742
	92,000	AAA	3.041% due 3/17/62		58,005
			Oracle Corp., Senior Unsecured Notes:
	60,000	BBB	4.650% due 5/6/30		60,827
	600,000	BBB	2.875% due 3/25/31		550,146
	46,000	BBB	6.250% due 11/9/32		49,723
	238,000	BBB	4.300% due 7/8/34		226,141
	37,000	BBB	3.850% due 7/15/36		32,548
	200,000	BBB	3.800% due 11/15/37		170,847
	88,000	BBB	5.375% due 7/15/40		85,258
	500,000	BBB	3.650% due 3/25/41		391,615
	76,000	BBB	4.000% due 7/15/46		58,001
	91,000	BBB	4.000% due 11/15/47		68,826
	280,000	BBB	3.600% due 4/1/50		191,813
	350,000	BBB	5.375% due 9/27/54		312,321
	55,000	BBB	4.375% due 5/15/55		41,939
	195,000	BBB	6.000% due 8/3/55		190,726
	100,000	BBB	3.850% due 4/1/60		66,960
	135,000	BB	RingCentral Inc., Senior Unsecured Notes, 8.500% due 8/15/30(a)		144,190
			Roper Technologies Inc., Senior Unsecured Notes:
	25,000	BBB+	2.950% due 9/15/29		23,852
	80,000	BBB+	4.450% due 9/15/30		80,170
	25,000	BBB+	1.750% due 2/15/31		21,678
	25,000	BBB+	4.900% due 10/15/34		24,751
			Salesforce Inc., Senior Unsecured Notes:
	140,000	A+	2.700% due 7/15/41		100,787
	50,000	A+	2.900% due 7/15/51		31,797
	25,000	A+	3.050% due 7/15/61		15,153
	205,000	B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a)		205,211
			Synopsys Inc., Senior Unsecured Notes:
	160,000	BBB	4.850% due 4/1/30		163,204
	130,000	BBB	5.000% due 4/1/32		132,624
	110,000	BBB	5.150% due 4/1/35		111,005
	210,000	BBB	5.700% due 4/1/55		206,584

See Notes to Financial Statements.

170



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Software — 0.4% — (continued)
$	50,000		BBB+	VMware LLC, Senior Unsecured Notes, 3.900% due 8/21/27	$	49,748
				Workday Inc., Senior Unsecured Notes:
	25,000		BBB+	3.500% due 4/1/27		24,769
	25,000		BBB+	3.700% due 4/1/29		24,615

				Total Software		6,235,066


	Telecommunications — 1.1%
				AT&T Inc., Senior Unsecured Notes:
	175,000		BBB	4.250% due 3/1/27		175,266
	100,000		BBB	2.300% due 6/1/27		96,890
	50,000		BBB	1.650% due 2/1/28		47,189
	55,000		BBB	4.350% due 3/1/29		55,231
	117,000		BBB	2.750% due 6/1/31		107,028
	83,000		BBB	5.400% due 2/15/34		85,577
	25,000		BBB	5.250% due 3/1/37		25,122
	25,000		BBB	4.900% due 8/15/37		24,095
	25,000		BBB	4.850% due 3/1/39		23,701
	80,000		BBB	5.550% due 8/15/41		79,099
	73,000		BBB	4.350% due 6/15/45		60,536
	132,000		BBB	4.750% due 5/15/46		115,022
	238,000		BBB	4.500% due 3/9/48		196,737
	270,000		BBB	3.500% due 9/15/53		180,828
	1,527,000		BBB	3.550% due 9/15/55		1,017,562
	190,000		BBB	6.050% due 8/15/56		191,410
	52,000		BBB	3.800% due 12/1/57		35,841
	432,000		BBB	3.650% due 9/15/59		286,400
	18,000		BBB	3.850% due 6/1/60		12,387
	500,000	^GBP	BB+	British Telecommunications PLC, Company Guaranteed Notes, (Cost — $681,046, acquired 3/7/24), 8.375% (5-Year UK Government Note Generic Bid Yield + 3.820%) due 12/20/83(c)(d)		726,247
				Cisco Systems Inc., Senior Unsecured Notes:
	50,000		AA-	4.800% due 2/26/27		50,638
	100,000		AA-	4.950% due 2/26/31		103,530
	50,000		AA-	5.900% due 2/15/39		53,864
	50,000		AA-	5.500% due 1/15/40		51,790
	25,000		AA-	5.350% due 2/26/64		23,950
	505,000		B+	Colombia Telecomunicaciones SA ESP, Senior Unsecured Notes, 4.950% due 7/17/30(a)		461,349
				CommScope LLC, Senior Secured Notes:
	38,000		B-	4.750% due 9/1/29(a)		37,591
	55,000		B-	9.500% due 12/15/31(a)		56,910
				Corning Inc., Senior Unsecured Notes:
	25,000		BBB+	5.350% due 11/15/48		23,636
	25,000		BBB+	4.375% due 11/15/57		19,983
	200,000		B	Digicel International Finance Ltd./Difl US LLC, Senior Secured Notes, 8.625% due 8/1/32(a)		205,126
	80,000		B	EchoStar Corp., Senior Secured Notes, 10.750% due 11/30/29		86,173
	370,000	^EUR	BB+	Fibercop SpA, Senior Secured Notes, 1.625% due 1/18/29		406,840
	95,000		B	Frontier Communications Holdings LLC, Senior Secured Notes, 5.875% due 10/15/27(a)		95,035
	63,000		BBB	Juniper Networks Inc., Senior Unsecured Notes, 2.000% due 12/10/30		55,257
	600,000	^EUR	BB+	Lorca Telecom Bondsco SA, Senior Secured Notes, (Cost — $632,602, acquired 12/3/24), 4.000% due 9/18/27(c)		703,320
	165,000		B+	Lumen Technologies Inc., Senior Secured Notes, 4.125% due 4/15/30(a)		162,525
				Motorola Solutions Inc., Senior Unsecured Notes:
	83,000		BBB	4.600% due 5/23/29		83,918
	37,000		BBB	2.750% due 5/24/31		33,731
	26,000		BBB	5.600% due 6/1/32		27,173
	350,000		BBB-	Nokia OYJ, Senior Unsecured Notes, 6.625% due 5/15/39		357,904
				NTT Finance Corp., Senior Unsecured Notes:
	2,345,000		A-	4.876% due 7/16/30(a)		2,381,315

See Notes to Financial Statements.

171



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Telecommunications — 1.1% — (continued)
$	955,000		A-	5.171% due 7/16/32(a)	$	973,097
				Rogers Communications Inc.:
				Company Guaranteed Notes:
	100,000		BBB-	3.200% due 3/15/27		98,427
	240,000		BBB-	5.300% due 2/15/34		241,735
	165,000		BB	Subordinated Notes, 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(d)		171,293
	715,000	^EUR	Ba2(b)	SES SA, Company Guaranteed Notes, (Cost — $808,161, acquired 6/11/25), 5.500% (5-Year EURIBOR ICE Swap + 3.232%) due 9/12/54(c)(d)		833,799
	825,000		A1(b)	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes, 5.152% due 3/20/28(a)		831,120
	150,000		BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 5.213% due 3/8/47		131,821
	400,000	^EUR	BB	Telefonica Europe BV, Company Guaranteed Notes, (Cost — $450,953, acquired 3/7/24), 6.135% (7-Year EUR Swap Rate + 3.347%)(c)(d)(e)		506,814
	650,000		BB	TELUS Corp., Junior Subordinated Notes, 7.000% (5-Year CMT Index + 2.709%) due 10/15/55(d)		668,571
				T-Mobile USA Inc., Company Guaranteed Notes:
	152,000		BBB	3.750% due 4/15/27		151,078
	110,000		BBB	2.625% due 2/15/29		104,208
	300,000		BBB	3.375% due 4/15/29		290,687
	80,000		BBB	2.875% due 2/15/31		73,483
	290,000		BBB	2.250% due 11/15/31		253,791
	330,000		BBB	2.700% due 3/15/32		292,407
	199,000		BBB	5.050% due 7/15/33		201,080
	50,000		BBB	5.300% due 5/15/35		50,500
	100,000		BBB	4.375% due 4/15/40		88,902
	100,000		BBB	3.300% due 2/15/51		65,842
	100,000		BBB	3.400% due 10/15/52		66,275
	250,000		BBB	5.500% due 1/15/55		234,595
	50,000		BBB	5.875% due 11/15/55		49,402
				Verizon Communications Inc., Senior Unsecured Notes:
	37,000		BBB+	4.016% due 12/3/29		36,700
	10,000		BBB+	3.150% due 3/22/30		9,545
	138,000		BBB+	1.680% due 10/30/30		121,108
	145,000		BBB+	1.750% due 1/20/31		126,455
	115,000		BBB+	2.550% due 3/21/31		104,281
	100,000		BBB+	2.355% due 3/15/32		86,822
	64,000		BBB+	5.050% due 5/9/33		65,179
	464,000		BBB+	4.780% due 2/15/35		452,570
	101,000		BBB+	5.850% due 9/15/35		106,703
	21,000		BBB+	4.272% due 1/15/36		19,538
	100,000		BBB+	5.401% due 7/2/37(a)		100,391
	143,000		BBB+	2.650% due 11/20/40		101,492
	50,000		BBB+	3.400% due 3/22/41		38,755
	100,000		BBB+	4.000% due 3/22/50		76,874
	50,000		BBB+	2.875% due 11/20/50		30,935
	150,000		BBB+	3.550% due 3/22/51		106,809
	69,000		BBB+	2.987% due 10/30/56		41,236
	100,000		BBB+	3.000% due 11/20/60		58,484
	500,000	^EUR	B+	Vmed O2 UK Financing I PLC, Senior Secured Notes, (Cost — $533,182, acquired 12/3/24), 5.625% due 4/15/32(c)		599,375
				Vodafone Group PLC, Senior Unsecured Notes:
	9,000		BBB	6.150% due 2/27/37		9,700
	25,000		BBB	4.875% due 6/19/49		21,767
	25,000		BBB	4.250% due 9/17/50		19,515
	50,000		BBB	5.750% due 6/28/54		47,811
	25,000		BBB	5.875% due 6/28/64		24,098

See Notes to Financial Statements.

172



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Telecommunications — 1.1% — (continued)
	540,000	^EUR	Ba3(b)	Zegona Finance PLC, Senior Secured Notes, 6.750% due 7/15/29(a)	$	671,138

				Total Telecommunications		18,479,934


	Toys/Games/Hobbies — 0.1%
$	920,000		BBB	Hasbro Inc., Senior Unsecured Notes, 6.050% due 5/14/34		957,744
	765,000		BBB	Mattel Inc., Company Guaranteed Notes, 5.875% due 12/15/27(a)		768,752

				Total Toys/Games/Hobbies		1,726,496


	Transportation — 0.3%
				Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	201,000		AA-	4.150% due 12/15/48		163,431
	52,000		AA-	3.050% due 2/15/51		34,033
	174,000		AA-	2.875% due 6/15/52		107,673
	500,000		AA-	5.500% due 3/15/55		486,746
				Canadian National Railway Co., Senior Unsecured Notes:
	25,000		A-	3.200% due 8/2/46		17,744
	25,000		A-	3.650% due 2/3/48		18,958
	25,000		A-	4.450% due 1/20/49		21,411
				Canadian Pacific Railway Co., Company Guaranteed Notes:
	25,000		BBB+	4.300% due 5/15/43		21,311
	25,000		BBB+	4.700% due 5/1/48		21,998
	25,000		BBB+	3.500% due 5/1/50		17,752
	270,000		BBB+	3.100% due 12/2/51		175,986
				CSX Corp., Senior Unsecured Notes:
	25,000		BBB+	4.100% due 11/15/32		24,333
	25,000		BBB+	4.750% due 5/30/42		22,852
	25,000		BBB+	3.800% due 11/1/46		19,326
	25,000		BBB+	4.750% due 11/15/48		22,046
	25,000		BBB+	3.350% due 9/15/49		17,340
	25,000		BBB+	3.800% due 4/15/50		18,805
	25,000		BBB+	3.950% due 5/1/50		19,324
	25,000		BBB+	4.500% due 11/15/52		20,904
	25,000		BBB+	4.500% due 8/1/54		20,835
	25,000		BBB+	4.250% due 11/1/66		19,052
				FedEx Corp., Company Guaranteed Notes:
	25,000		BBB	3.250% due 5/15/41		17,978
	25,000		BBB	4.100% due 4/15/43		19,442
	25,000		BBB	5.100% due 1/15/44		22,231
	25,000		BBB	4.750% due 11/15/45		20,943
	25,000		BBB	4.400% due 1/15/47		19,682
	24,000		BBB	5.250% due 5/15/50		21,163
	145,000		BB	Genesee & Wyoming Inc., Senior Secured Notes, 6.250% due 4/15/32(a)		147,622
				Norfolk Southern Corp., Senior Unsecured Notes:
	46,000		BBB+	2.550% due 11/1/29		43,287
	166,000		BBB+	2.300% due 5/15/31		149,430
	138,000		BBB+	3.942% due 11/1/47		108,448
	52,000		BBB+	3.155% due 5/15/55		33,077
	55,000		BB	RXO Inc., Company Guaranteed Notes, 7.500% due 11/15/27(a)		56,113
	100,000		BBB+	Ryder System Inc., Senior Unsecured Notes, 5.300% due 3/15/27		101,467
				Union Pacific Corp., Senior Unsecured Notes:
	153,000		A-	2.800% due 2/14/32		138,843
	44,000		A-	2.891% due 4/6/36		36,569
	35,000		A-	4.300% due 3/1/49		28,729
	138,000		A-	3.250% due 2/5/50		94,048
	45,000		A-	2.950% due 3/10/52		28,399
	144,000		A-	3.500% due 2/14/53		100,737

See Notes to Financial Statements.

173



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Transportation — 0.3% — (continued)
				United Parcel Service Inc., Senior Unsecured Notes:
$	100,000		A	2.400% due 11/15/26	$	98,157
	50,000		A	4.875% due 3/3/33		51,080
	50,000		A	5.150% due 5/22/34		51,526
	25,000		A	6.200% due 1/15/38		27,274
	25,000		A	4.250% due 3/15/49		20,226
	25,000		A	3.400% due 9/1/49		17,369
	25,000		A	5.300% due 4/1/50		23,532
	700,000		A	5.950% due 5/14/55		710,330
	700,000		A	6.050% due 5/14/65		709,703
	145,000		B+	XPO Inc., Company Guaranteed Notes, 7.125% due 6/1/31(a)		151,078
	227,000		Ba1(b)	Yinson Bergenia Production BV, Senior Secured Notes, 8.498% due 1/31/45(a)		237,889

				Total Transportation		4,578,232


	Trucking & Leasing — 0.2%
	335,000		BBB-	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 4.900% due 10/10/30(a)		336,838
	1,890,000		B+	FTAI Aviation Investors LLC, Company Guaranteed Notes, 7.000% due 6/15/32(a)		1,973,591
				GATX Corp., Senior Unsecured Notes:
	25,000		BBB	5.400% due 3/15/27		25,367
	25,000		BBB	3.850% due 3/30/27		24,806
	25,000		BBB	4.700% due 4/1/29		25,300
	25,000		BBB	4.000% due 6/30/30		24,575
	25,000		BBB	3.500% due 6/1/32		23,031
	25,000		BBB	5.450% due 9/15/33		25,659
	25,000		BBB	6.900% due 5/1/34		27,945
	270,000		BBB	6.050% due 6/5/54		270,495

				Total Trucking & Leasing		2,757,607


	Water — 0.0%@
	351,000	^EUR	BB+	Holding d’Infrastructures des Metiers de l’Environnement, Senior Unsecured Notes, (Cost — $377,179, acquired 12/5/24), 4.875% due 10/24/29(c)		426,798

				TOTAL CORPORATE BONDS & NOTES (Cost — $478,833,661)		490,219,455


	MORTGAGE-BACKED SECURITIES — 28.7%

	FHLMC — 6.9%
				Federal Home Loan Mortgage Corp. (FHLMC):
	1,441,850			4.500% due 4/1/29 — 10/1/52		1,400,807
	21,381,283			5.500% due 1/1/30 — 8/1/55		21,628,899
	23,602,127			3.000% due 3/1/31 — 6/1/52		20,727,282
	3,387,852			1.500% due 5/1/31 — 12/1/50		2,728,447
	19,780,738			2.500% due 11/1/31 — 5/1/52		16,594,014
	8,601,925			3.500% due 11/1/33 — 4/1/52		8,028,970
	3,674,301			5.000% due 12/1/34 — 4/1/54		3,658,521
	17,161,434			2.000% due 3/1/36 — 5/1/52		13,931,529
	12,632,379			4.000% due 4/1/38 — 5/1/54		12,083,866
	7,403,805			6.000% due 5/1/38 — 8/1/55		7,600,480
	5,711,383			6.500% due 7/1/53 — 7/1/55		5,934,309

				Total FHLMC		114,317,124


	FNMA — 14.1%
				Federal National Mortgage Association (FNMA):
	13,284,375			3.500% due 11/1/25 — 6/1/52		12,180,456
	4,843,850			4.000% due 2/1/26 — 9/1/53		4,574,420
	11,552,969			5.500% due 3/1/26 — 1/1/55		11,665,636
	40,902,220			2.500% due 11/1/27 — 7/1/61		34,639,417

See Notes to Financial Statements.

174



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

FNMA — 14.1% — (continued)
$	33,963,039	3.000% due 12/1/27 — 9/1/61	$	29,902,496
	17,232,971	4.500% due 3/1/29 — 5/1/53		16,691,798
	8,015,508	5.000% due 3/1/29 — 5/1/53		7,987,309
	1,757,000	4.690% due 5/1/30		1,792,423
	4,155,000	4.330% due 6/1/30		4,194,489
	6,522,041	2.590% due 9/1/30		6,092,239
	3,384,696	1.500% due 6/1/31 — 8/1/51		2,931,861
	8,000,000	3.670% due 7/1/33		7,645,786
	3,000,000	2.060% due 1/1/34		2,507,501
	40,052	6.402% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%) due 3/1/34(d)		40,662
	4,000,000	2.440% due 4/1/35		3,327,801
	2,199,000	1.890% due 5/1/35		1,739,555
	4,000,000	4.290% due 5/1/35		3,898,363
	1,097,000	5.180% due 5/1/35		1,135,202
	32,837,533	2.000% due 6/1/36 — 12/1/53		26,689,904
	6,465	7.000% due 4/1/37		6,607
	34,040	6.265% (1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%) due 5/1/37(d)		34,454
	6,417,798	6.500% due 5/1/40 — 6/1/55		6,661,031
	12,828,709	6.000% due 11/1/52 — 6/1/55		13,120,445
	3,500,000	2.500% due 9/1/55(j)		2,910,063
	7,100,000	3.000% due 9/1/55(j)		6,155,319
	10,000,000	5.000% due 9/1/55(j)		9,863,673
	14,500,000	5.500% due 9/1/55(j)		14,584,989

		Total FNMA		232,973,899


	GNMA — 7.7%
		Government National Mortgage Association (GNMA):
	10,044	6.000% due 12/15/33 — 6/15/37		10,344
	231,963	5.000% due 10/15/34 — 9/15/40		235,995
	16,265	5.500% due 5/15/37 — 6/15/38		17,029
	25,165	6.500% due 1/15/38 — 10/15/38		26,442
	33,775	4.500% due 3/15/41		33,375
	298,744	4.000% due 6/15/41 — 11/15/45		288,619
		Government National Mortgage Association II (GNMA):
	8,714,161	6.000% due 11/20/38 — 7/20/55		8,908,344
	3,483,195	4.000% due 11/20/40 — 11/20/52		3,292,600
	22,656,618	5.000% due 11/20/40 — 5/20/55		22,455,688
	5,712,849	4.500% due 6/20/41 — 5/20/53		5,550,849
	12,069,852	3.000% due 1/20/43 — 1/20/54		10,737,903
	9,215,061	3.500% due 6/20/43 — 10/20/52		8,459,806
	46,833,282	2.500% due 9/20/50 — 5/20/55		39,981,343
	8,785,109	2.000% due 10/20/50 — 4/20/52		7,211,369
	13,496,119	5.500% due 4/20/53 — 7/20/55		13,622,337
	185,455	6.500% due 2/20/55		190,968
	996,202	7.500% due 4/20/55		1,065,267
	1,350,000	6.000% due 9/20/55(j)		1,377,341
	4,575,000	6.500% due 9/20/55(j)		4,707,312

		Total GNMA		128,172,931

		TOTAL MORTGAGE-BACKED SECURITIES (Cost — $489,954,823)		475,463,954

See Notes to Financial Statements.

175



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 18.1%
		U.S. Treasury Bonds:
$	1,520,000	5.000% due 5/15/37	$	1,615,297
	105,000	4.375% due 2/15/38		104,754
	1,500,000	1.125% due 8/15/40		923,613
	620,000	1.375% due 11/15/40		395,250
	2,869,000	1.875% due 2/15/41		1,972,437
	580,000	2.250% due 5/15/41		420,341
	1,940,000	1.750% due 8/15/41		1,285,250
	920,000	3.125% due 11/15/41		750,123
	1,435,000	2.375% due 2/15/42		1,039,002
	1,115,000	3.375% due 8/15/42		930,132
	3,671,000	4.000% due 11/15/42		3,325,983
	100,000	3.125% due 2/15/43		79,773
	1,625,000	3.875% due 2/15/43		1,444,219
	215,000	3.875% due 5/15/43		190,678
	502,500	3.625% due 8/15/43		428,656
	540,000	4.375% due 8/15/43		510,722
	10,310,000	3.750% due 11/15/43		8,929,024
	2,493,700	4.750% due 11/15/43		2,471,101
	1,125,000	3.625% due 2/15/44		954,580
	1,830,000	4.500% due 2/15/44		1,754,584
	20,500,000	4.625% due 5/15/44		19,947,461
	415,000	3.125% due 8/15/44		324,381
	1,248,000	4.125% due 8/15/44		1,133,925
	1,375,000	3.000% due 11/15/44		1,049,512
	838,000	4.625% due 11/15/44		813,220
	1,248,000	4.750% due 2/15/45		1,229,670
	376,000	5.000% due 5/15/45		382,374
	245,000	2.875% due 8/15/45		181,252
	1,412,500	3.000% due 11/15/45		1,065,279
	370,000	2.500% due 2/15/46		253,855
	1,110,000	2.875% due 11/15/46		808,479
	3,342,000	3.000% due 2/15/47		2,483,132
	335,000	3.000% due 5/15/47		248,155
	680,000	2.750% due 8/15/47		479,134
	260,000	3.000% due 2/15/48		190,882
	2,126,300	3.000% due 8/15/48		1,553,113
	2,878,000	3.375% due 11/15/48		2,247,988
	2,000,000	2.000% due 2/15/50		1,155,547
	558,000	1.250% due 5/15/50		263,241
	1,505,000	1.375% due 8/15/50		728,161
	1,245,000	1.625% due 11/15/50		643,315
	2,003,000	1.875% due 2/15/51		1,103,293
	4,040,000	2.375% due 5/15/51		2,513,322
	96,000	1.875% due 11/15/51		52,324
	2,989,000	2.250% due 2/15/52		1,789,138
	280,000	2.875% due 5/15/52		193,309
	1,472,000	3.000% due 8/15/52		1,042,187
	904,000	4.000% due 11/15/52		776,628
	4,096,000	3.625% due 2/15/53		3,282,000
	1,220,000	3.625% due 5/15/53		976,453
	904,000	4.125% due 8/15/53		792,589
	1,049,900	4.750% due 11/15/53		1,021,602
	1,022,000	4.250% due 2/15/54		915,249
	1,810,000	4.625% due 5/15/54		1,725,934

See Notes to Financial Statements.

176



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Security	Value

U.S. GOVERNMENT OBLIGATIONS — 18.1% — (continued)
$	2,961,000	4.250% due 8/15/54	$	2,651,656
	3,269,000	4.500% due 11/15/54		3,054,344
	7,846,000	4.625% due 2/15/55		7,485,574
	1,090,000	4.750% due 5/15/55		1,061,217
	920,000	4.750% due 8/15/55		895,994
		U.S. Treasury Notes:
	1,270,000	4.625% due 9/15/26		1,280,091
	1,605,000	4.625% due 10/15/26		1,619,075
	1,064,000	4.625% due 11/15/26		1,074,120
	2,000,000	4.000% due 1/15/27		2,006,289
	4,639,000	4.125% due 2/15/27		4,663,916
	770,000	1.875% due 2/28/27		749,472
	294,000	4.250% due 3/15/27		296,326
	4,590,000	2.500% due 3/31/27		4,506,089
	2,000,000	4.500% due 4/15/27		2,024,961
	3,000,000	2.750% due 4/30/27		2,955,234
	2,000,000	4.500% due 5/15/27		2,026,680
	710,000	2.625% due 5/31/27		697,492
	2,000,000	4.625% due 6/15/27		2,032,773
	1,000,000	4.375% due 7/15/27		1,012,930
	765,000	2.750% due 7/31/27		752,375
	4,725,000	3.750% due 8/15/27		4,734,598
	2,160,000	3.125% due 8/31/27		2,139,286
	860,000	3.375% due 9/15/27		855,952
	2,000,000	3.875% due 10/15/27		2,010,156
	1,343,000	4.125% due 10/31/27		1,356,928
	1,090,000	4.125% due 11/15/27		1,101,581
	2,500,000	3.875% due 11/30/27		2,514,014
	1,086,000	4.000% due 12/15/27		1,095,503
	2,000,000	3.875% due 12/31/27		2,011,992
	2,287,000	4.250% due 1/15/28		2,320,010
	2,286,000	4.250% due 2/15/28		2,320,603
	1,723,000	3.750% due 4/15/28		1,729,630
	612,000	3.500% due 4/30/28		610,482
	1,521,000	3.750% due 5/15/28		1,527,179
	1,900,000	1.250% due 6/30/28		1,781,510
	581,000	4.875% due 10/31/28		602,935
	235,000	1.500% due 11/30/28		220,019
	6,000	4.375% due 11/30/28		6,141
	2,815,000	3.750% due 12/31/28		2,827,646
	6,374,000	4.000% due 1/31/29		6,453,799
	955,000	4.250% due 2/28/29		974,827
	415,000	2.375% due 3/31/29		397,816
	6,000,000	4.125% due 3/31/29		6,101,602
	5,000,000	4.625% due 4/30/29		5,170,410
	5,000,000	4.500% due 5/31/29		5,150,879
	4,000,000	4.250% due 6/30/29		4,087,266
	1,000,000	4.000% due 7/31/29		1,013,145
	930,000	3.125% due 8/31/29		912,490
	1,800,000	3.625% due 8/31/29		1,798,980
	2,000,000	3.500% due 9/30/29		1,989,180
	285,000	3.875% due 9/30/29		287,494
	930,000	4.000% due 10/31/29		942,515
	2,000,000	4.125% due 10/31/29		2,036,055
	2,597,000	3.875% due 11/30/29		2,618,760

See Notes to Financial Statements.

177



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

U.S. GOVERNMENT OBLIGATIONS — 18.1% — (continued)
$	706,000		4.125% due 11/30/29	$	718,851
	1,617,000		4.375% due 12/31/29		1,662,762
	614,000		4.250% due 1/31/30		628,391
	1,553,000		4.000% due 2/28/30		1,574,536
	2,951,000		3.625% due 3/31/30		2,943,968
	2,533,000		4.000% due 3/31/30		2,567,334
	1,000,000		3.875% due 4/30/30		1,008,320
	1,556,000		3.750% due 5/31/30		1,559,860
	1,847,000		4.000% due 5/31/30		1,872,324
	1,919,000		3.875% due 6/30/30		1,934,367
	2,348,000		3.875% due 7/31/30		2,366,527
	555,000		4.875% due 10/31/30		584,571
	1,512,000		4.375% due 11/30/30		1,557,360
	1,000,000		3.750% due 12/31/30		1,000,215
	1,668,000		4.000% due 1/31/31		1,687,710
	1,560,000		1.125% due 2/15/31		1,362,288
	1,345,000		4.250% due 2/28/31		1,377,390
	640,000		4.125% due 3/31/31		651,287
	2,005,000		4.625% due 5/31/31		2,090,017
	800,000		4.250% due 6/30/31		818,453
	1,000,000		4.125% due 7/31/31		1,016,387
	800,000		3.625% due 9/30/31		790,969
	1,000,000		4.125% due 10/31/31		1,015,234
	1,000,000		4.125% due 11/30/31		1,014,766
	4,755,000		4.375% due 1/31/32		4,887,713
	340,000		4.000% due 4/30/32		341,946
	1,178,000		2.875% due 5/15/32		1,106,400
	7,780,000		4.125% due 5/31/32		7,877,858
	65,000		4.000% due 6/30/32		65,325
	121,000		4.000% due 7/31/32		121,529
	4,270,000		2.750% due 8/15/32		3,964,178
	1,473,000		4.125% due 11/15/32		1,489,226
	1,470,000		3.375% due 5/15/33		1,408,961
	1,447,000		3.875% due 8/15/33		1,431,908
	2,694,000		4.500% due 11/15/33		2,778,082
	4,275,000		4.000% due 2/15/34		4,249,367
	2,193,000		4.375% due 5/15/34		2,235,789
	1,155,000		3.875% due 8/15/34		1,132,238
	18,313,500		4.250% due 11/15/34		18,432,252
	1,550,000		4.625% due 2/15/35		1,602,797
	11,375,000		4.250% due 5/15/35		11,411,435
	3,702,000		4.250% due 8/15/35		3,708,652

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $312,583,179)		299,489,157


	COLLATERALIZED MORTGAGE OBLIGATIONS — 13.7%

	Asset-Backed Securities — 5.8%
	1,400,000	NR	AMSR Trust, Series 2025-SFR1, Class E2, 3.655% due 6/17/42(a)		1,274,529
	1,026,000	NR	Aqua Finance Issuer Trust, Series 2025-A, Class C, 5.810% due 12/19/50(a)		1,046,838
	1,438,337	A3(b)	Aqua Finance Trust, Series 2020-AA, Class C, 3.970% due 7/17/46(a)		1,403,837
			Business Jet Securities LLC:
	675,729	BB	Series 2024-1A, Class C, 9.132% due 5/15/39(a)		693,680
	2,280,341	BB	Series 2024-2A, Class C, 7.974% due 9/15/39(a)		2,289,123
	240,625	NR	Cajun Global LLC, Series 2021-1, Class A2, 3.931% due 11/20/51(a)		236,713
	3,545,000	NR	CCAS LLC, Series 2024-1A, Class A, 7.124% due 6/16/31(a)		3,604,913

See Notes to Financial Statements.

178



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Asset-Backed Securities — 5.8% — (continued)
$	750,000	NR	Cherry Securitization Trust, Series 2025-1A, Class A, 6.130% due 11/15/32(a)	$	762,236
	1,284,848	NR	Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a)		1,304,458
			FirstKey Homes Trust:
	805,000	NR	Series 2021-SFR1, Class E1, 2.389% due 8/17/38(a)		783,444
	2,000,000	NR	Series 2021-SFR1, Class E2, 2.489% due 8/17/38(a)		1,946,466
	2,500,000	NR	Series 2021-SFR1, Class F1, 3.238% due 8/17/38(a)		2,446,910
	3,970,000	BBB-	Five Guys Holdings Inc., Series 2023-1A, Class A2, 7.549% due 1/26/54(a)		4,115,792
	435,000	NR	Flexential Issuer, Series 2021-1A, Class A2, 3.250% due 11/27/51(a)		423,114
	1,165,000	A(i)	Frontier Issuer LLC, Series 2024-1, Class A2, 6.190% due 6/20/54(a)		1,205,136
	2,601,607	AAA(i)	GS Mortgage-Backed Securities Trust, Series 2025-SL1, Class A1, 5.847% due 11/25/67(a)(d)		2,630,089
	557,143	AAA	HIN Timeshare Trust, Series 2020-A, Class A, 1.390% due 10/9/39(a)		535,654
	2,385,844	Aa3(b)	Home Partners of America Trust, Series 2022-1, Class D, 4.730% due 4/17/39(a)		2,356,084
	4,249,750	BBB	Jack in the Box Funding LLC, Series 2019-1A, Class A23, 4.970% due 8/25/49(a)		4,108,051
	1,000,000	Aaa(b)	LCM XIV LP, Series 14A, Class BR, 6.167% (3-Month Term SOFR + 1.842%) due 7/20/31(a)(d)		1,001,191
			Lendmark Funding Trust:
	1,250,000	BB-	Series 2024-2A, Class E, 8.470% due 2/21/34(a)		1,294,939
	1,395,000	BB	Series 2025-1A, Class E, 8.910% due 9/20/34(a)		1,466,047
	750,000	BB-	Mariner Finance Issuance Trust, Series 2025-AA, Class E, 8.640% due 5/20/38(a)		777,414
	1,135,000	A-(i)	Marlette Funding Trust, Series 2025-1A, Class C, 5.260% due 7/16/35(a)		1,143,510
	900,704	BBB(i)	MVW LLC, Series 2025-1A, Class C, 5.750% due 9/22/42(a)		910,209
	2,323,325	NR	NBC Funding LLC, Series 2024-1A, Class A2, 6.750% due 7/30/54(a)		2,379,754
	1,270,000	BBB+	New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.410% due 10/20/61(a)		838,289
	1,675,000	BBB	Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class B1, 5.110% due 11/20/50(a)		1,425,107
			Oportun Issuance Trust:
	976,787	NR	Series 2021-C, Class A, 2.180% due 10/8/31(a)		956,826
	1,841,000	NR	Series 2025-A, Class D, 7.250% due 2/8/33(a)		1,845,905
	1,000,000	AA-(i)	Series 2025-B, Class B, 5.280% due 5/9/33(a)		1,007,877
	3,000,000	AA-(i)	Series 2025-C, Class B, 4.930% due 7/8/33(a)		3,009,553
			Progress Residential Trust:
	1,750,000	NR	Series 2021-SFR9, Class F, 4.053% due 11/17/40(a)		1,679,947
	2,500,000	NR	Series 2022-SFR1, Class F, 4.880% due 2/17/41(a)		2,434,760
	2,081,000	NR	Series 2022-SFR2, Class E2, 4.800% due 4/17/27(a)		2,029,501
	1,781,000	NR	Series 2023-SFR2, Class E1, 4.750% due 10/17/40(a)		1,744,726
	2,992,500	NR	Qdoba Funding LLC, Series 2023-1A, Class A2, 8.500% due 9/14/53(a)		3,131,864
			Saluda Grade Alternative Mortgage Trust:
	1,193,023	NR	Series 2023-FIG3, Class A, 7.067% due 8/25/53(a)(d)		1,237,899
	2,945,117	NR	Series 2023-FIG4, Class A, 6.718% due 11/25/53(a)(d)		3,059,313
	830,000	Aaa(b)	SCF Equipment Trust LLC, Series 2025-1A, Class A3, 5.110% due 11/21/33(a)		851,766
	5,153,040	NR	Seasoned Loans Structured Transaction Trust, Series 2025-1, Class A1, 3.000% due 5/25/35		4,804,737
	4,174,538	BBB-	SEB Funding LLC, Series 2021-1A, Class A2, 4.969% due 1/30/52(a)		4,120,279
	1,245,562	NR	Service Experts Issuer LLC, Series 2024-1A, Class A, 6.390% due 11/20/35(a)		1,271,355
	1,305,125	BBB-	SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.174% due 1/25/54(a)		1,352,958
			Sierra Timeshare Receivables Funding LLC:
	1,210,797	Ba2(b)	Series 2023-1A, Class D, 9.800% due 1/20/40(a)		1,272,301
	1,177,902	BB-	Series 2025-2A, Class D, 6.790% due 4/20/44(a)		1,193,842
	3,500,000	A-	Stack Infrastructure Issuer LLC, Series 2024-1A, Class A2, 5.900% due 3/25/49(a)		3,556,996
			Stream Innovations Issuer Trust:
	1,500,000	NR	Series 2024-2A, Class C, 9.050% due 2/15/45(a)		1,585,421
	999,312	NR	Series 2025-1A, Class D, 8.400% due 9/15/45(a)		1,027,612
	1,373,997	A2(b)	Upstart Securitization Trust, Series 2025-1, Class A, 5.450% due 4/20/35(a)		1,383,488
	2,961,600	NR	Zaxbys Funding LLC, Series 2021-1A, Class A2, 3.238% due 7/30/51(a)		2,791,271
	3,400,000	A3(b)	Zayo Issuer LLC, Series 2025-2A, Class A2, 5.953% due 6/20/55(a)		3,514,213

			Total Asset-Backed Securities		95,267,937

See Notes to Financial Statements.

179



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Consumer Cyclical — 0.0%@
	450,000	^EUR	BB-	Cirsa Finance International Sarl, 10.375% due 11/30/27(a)	$	547,429


	Mortgage Securities — 7.9%
$	1,886,250		AAA	A&D Mortgage Trust, Series 2024-NQM4, Class A1, 5.464% due 8/25/69(a)		1,894,403
				ABL:
	1,750,000		NR	Series 2024-RTL1, Class A1, step bond to yield, 6.075% due 9/25/29(a)		1,755,687
	800,000		NR	Series 2025-RTL1, Class A1, step bond to yield, 6.040% due 6/25/30(a)		805,813
				BAMLL Re-REMIC Trust:
	2,000,000		NR	Series 2024-FRR2, Class C, 1.226% due 7/27/50(a)(d)		1,844,861
	2,400,000		NR	Series 2024-FRR3, Class C, 0.643% due 1/27/50(a)(d)		2,207,480
	11,833		AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 5.847% due 7/25/34(d)		11,383
				BBCMS Mortgage Trust:
	280,000		AAA	Series 2022-C16, Class A5, 4.600% due 6/15/55(d)		277,730
	590,000		AAA	Series 2023-C19, Class A2B, 5.753% due 4/15/56		603,805
	250,000		AAA	Series 2024-C28, Class A5, 5.403% due 9/15/57		260,598
				BMD2 Re-Remic Trust:
	1,650,000		NR	Series 2019-FRR1, Class 4A, zero coupon due 5/25/52(a)(k)		1,356,726
	2,000,000		NR	Series 2019-FRR1, Class 5A1, 3.430% due 5/25/52(a)(d)		1,883,354
				BMO Mortgage Trust:
	280,000		AAA	Series 2022-C1, Class A5, 3.374% due 2/15/55(d)		259,405
	100,000		A-(i)	Series 2024-5C6, Class C, 5.885% due 9/15/57(d)		100,636
	648,465		NR	Brean Asset Backed Securities Trust, Series 2025-RM11, Class A1, 4.750% due 5/25/65(a)(d)		637,366
	1,215,000		BBB(i)	BX Mortgage Trust, Series 2021-PAC, Class D, 5.776% (1-Month Term SOFR + 1.413%) due 10/15/36(a)(d)		1,211,029
				BX Trust:
	901,000		Aaa(b)	Series 2022-VAMF, Class A, 5.213% (1-Month Term SOFR + 0.850%) due 1/15/39(a)(d)		900,987
	969,000		A3(b)	Series 2024-BIO, Class C, 7.003% (1-Month Term SOFR + 2.640%) due 2/15/41(a)(d)		968,277
	1,200,000		NR	CAFL Issuer LP, Series 2025-RRTL1, Class A1, step bond to yield, 5.684% due 5/28/40(a)		1,210,824
				CIM Trust:
	642,042		NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(d)		603,985
	359,451		NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(d)		331,979
	1,299,682		NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(d)		1,192,577
	640,457		NR	Series 2021-R3, Class A1A, 1.951% due 6/25/57(a)(d)		596,359
	826,284		NR	Series 2021-R4, Class A1A, 2.000% due 5/1/61(a)(d)		767,196
	1,654,557		NR	Series 2021-R5, Class A1, 2.000% due 8/25/61(a)(d)		1,426,741
	1,870,224		NR	Series 2023-R1, Class A1A, 5.400% due 4/25/62(a)(d)		1,877,000
	1,633,377		NR	Series 2023-R3, Class A1A, 4.500% due 1/25/63(a)(d)		1,621,149
				Citigroup Commercial Mortgage Trust:
	285,000		Aa3(b)	Series 2016-C2, Class B, 3.176% due 8/10/49		277,384
	578,328		Aaa(b)	Series 2016-C3, Class A3, 2.896% due 11/15/49		568,201
	95,315		Aaa(b)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		94,768
	687,123		AAA(i)	COLT Mortgage Loan Trust, Series 2021-2, Class A1, 0.924% due 8/25/66(a)(d)		584,300
				Commercial Mortgage Trust:
	46		PIF(i)	Series 2014-CR21, Class C, 4.697% due 12/10/47(d)(l)		45
	165,000		Aaa(b)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		162,546
	781,502		Aa2(b)	Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.798% (30-Day Average SOFR + 1.450%) due 3/25/45(a)(d)		787,948
	310,000		Aaa(b)	CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class A4, 4.224% due 8/15/51(d)		308,140
	100,000		B+	CSMC OA LLC, Series 2014-USA, Class D, 4.373% due 9/15/37(a)		74,826
	2,025,000		NR	DBSG Mortgage Trust, Series 2024-ALTA, Class A, 6.144% due 6/10/37(a)(d)		2,058,595
	1,750,000		AAA(i)	DOLP Trust, Series 2021-NYC, Class A, 2.956% due 5/10/41(a)		1,572,131
	1,455,476		AAA(i)	EFMT, Series 2025-NQM3, Class A1, step bond to yield, 5.494% due 8/25/70(a)		1,470,978
	6,766,586		NR	Federal Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4995, Class QE, 1.250% due 7/25/50		5,196,001

See Notes to Financial Statements.

180



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Mortgage Securities — 7.9% — (continued)
$	1,315,582	BBB+	Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk, Series 2021-DNA6, Class M2, 5.848% (30-Day Average SOFR + 1.500%) due 10/25/41(a)(d)	$	1,320,662
			Federal National Mortgage Association (FNMA), ACES:
	245,000	NR	Series 2021-M2S, Class A2, 1.867% due 10/25/31(d)		214,454
	265,000	NR	Series 2022-M10, Class A2, 1.992% due 1/25/32(d)		231,387
	2,035,000	NR	Series 2023-M2, Class 3A2, 2.045% due 4/25/32(d)		1,764,022
			Federal National Mortgage Association (FNMA), REMICS:
	1,103	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		1,100
	3,945,312	NR	Series 2020-57, Class NI, 2.500% due 8/25/50(m)		670,462
	556,216	NR	Series 2020-73, Class KI, 3.000% due 10/25/50(m)		102,136
	480,381	NR	Series 2021-61, Class KI, 2.500% due 4/25/49(m)		73,111
			FHLMC Multifamily Structured Pass-Through Certificates:
	2,700,000	AA+(i)	Series K104, Class XAM, 1.500% due 1/25/30(d)(m)		145,786
	440,000	AAA(i)	Series K144, Class A2, 2.450% due 4/25/32		394,666
	500,000	Aaa(b)	Series K146, Class A2, 2.920% due 6/25/32		460,651
	736,000	Aaa(b)	Series K148, Class A2, 3.500% due 7/25/32(d)		701,632
	250,000	NR	Series K154, Class A2, 3.424% due 4/25/32		244,190
	1,000,000	NR	Series K541, Class A2, 4.348% due 2/25/30(a)(d)		1,011,248
			Freddie Mac Multifamily Structured Credit Risk:
	2,000,000	NR	Series 2021-MN1, Class M2, 8.098% (30-Day Average SOFR + 3.750%) due 1/25/51(a)(d)		2,069,121
	2,000,000	NR	Series 2021-MN3, Class M2, 8.348% (30-Day Average SOFR + 4.000%) due 11/25/51(a)(d)		2,074,799
	1,250,000	NR	Series 2025-MN11, Class M2, 6.998% (30-Day Average SOFR + 2.650%) due 7/25/45(a)(d)		1,255,741
			GAM RE-REMIC Trust:
	2,352,000	NR	Series 2021-FRR1, Class 2C, zero coupon due 11/29/50(a)(k)		2,034,073
	799,000	NR	Series 2021-FRR2, Class CK78, zero coupon due 9/27/51(a)(k)		604,336
	2,000,000	NR	Series 2022-FRR3, Class BK61, zero coupon due 11/27/49(a)(k)		1,844,386
	750,000	NR	Series 2022-FRR3, Class CK89, zero coupon due 1/27/52(a)(k)		588,492
			Government National Mortgage Association (GNMA):
	64,757	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		59,833
	3,448,995	NR	Series 2021-119, Class JG, 1.500% due 6/20/51		2,969,277
	1,200,281	NR	Series 2023-53, Class SL, 3.810% (12.500% — 30-Day Average SOFR) due 4/20/53(h)		1,118,783
	6,724,252	NR	Series 2024-51, Class GC, 3.500% due 7/20/48		6,499,611
			GS Mortgage Securities Corp. Trust:
	1,980,000	AAA	Series 2021-DM, Class A, 5.363% (1-Month Term SOFR + 0.999%) due 11/15/36(a)(d)		1,976,352
	1,772,000	AA-(i)	Series 2021-IP, Class B, 5.628% (1-Month Term SOFR + 1.264%) due 10/15/36(a)(d)		1,763,981
	37,802	WR(b)	Harborview Mortgage Loan Trust, Series 2004-5, Class 2A6, 4.898% due 6/19/34(d)		36,258
	1,000,000	NR	ICAP Trust, Series 2025-RTL1, Class A1, step bond to yield, 6.472% due 7/25/30(a)		1,014,145
			JPMDB Commercial Mortgage Securities Trust:
	190,000	Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		185,126
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		123,309
	1,414,898	Aaa(b)	JPMorgan Mortgage Trust, Series 2021-13, Class A3, 2.500% due 4/25/52(a)(d)		1,161,786
	1,200,000	NR	KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B, 2.861% due 11/5/44(a)		906,541
	510,000	NR	Lhome Mortgage Trust, Series 2025-RTL2, Class A1, 5.612% due 4/25/40(a)(d)		514,413
	1,700,000	NR	LHOME Mortgage Trust, Series 2025-RTL1, Class A1, step bond to yield, 5.652% due 1/25/40(a)		1,713,259
	500,000	NR	LOANDEPOT GMSR Master Trust, Series 2025-GT2, Class A, 7.510% (1-Month Term SOFR + 3.150%) due 7/16/30(a)(d)		503,000
	745,000	Aaa(b)	MCR Mortgage Trust, Series 2024-HF1, Class A, 6.156% (1-Month Term SOFR + 1.793%) due 12/15/41(a)(d)		747,188
	2,000,000	NR	MFA Trust, Series 2024-RTL3, Class A1, step bond to yield, 5.913% due 11/25/39(a)		2,016,577
	2,000,000	NR	MRCD Mortgage Trust, Series 2019-PARK, Class E, 2.718% due 12/15/36(a)		1,411,800

See Notes to Financial Statements.

181



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Mortgage Securities — 7.9% — (continued)
			Multifamily Connecticut Avenue Securities Trust:
$	2,858,689	NR	Series 2019-01, Class M10, 7.713% (30-Day Average SOFR + 3.364%) due 10/25/49(a)(d)	$	2,906,893
	1,840,006	NR	Series 2020-01, Class M10, 8.213% (30-Day Average SOFR + 3.864%) due 3/25/50(a)(d)		1,890,053
	1,000,000	NR	Series 2023-01, Class M10, 10.848% (30-Day Average SOFR + 6.500%) due 11/25/53(a)(d)		1,133,043
	2,193,750	NR	Neighborly Issuer, Series 2023-1A, Class A2, 7.308% due 1/30/53(a)		2,250,139
	2,286,115	NR	NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, step bond to yield, 6.545% due 3/25/32(a)		2,303,923
	2,169,925	AAA(i)	OBX Trust, Series 2021-NQM4, Class A1, 1.957% due 10/25/61(a)(d)		1,858,334
	2,000,000	Aaa(b)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(a)		1,841,498
	3,234,000	AA	One New York Plaza Trust, Series 2020-1NYP, Class A, 5.428% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(d)		3,140,185
	2,452,673	NR	PRET LLC, Series 2025-NPL3, Class A1, step bond to yield, 6.708% due 4/25/55(a)		2,488,939
	493,428	AAA	PRKCM Trust, Series 2023-AFC1, Class A1, step bond to yield, 6.598% due 2/25/58(a)		495,721
	711,930	AAA(i)	PRPM LLC, Series 2022-NQM1, Class A1, step bond to yield, 5.500% due 8/25/67(a)		713,023
	1,146,286	AAA(i)	RCKT Mortgage Trust, Series 2024-CES9, Class A1A, step bond to yield, 5.582% due 12/25/44(a)		1,157,446
	1,875,401	NR	RCO IX Mortgage LLC, Series 2025-2, Class A1, step bond to yield, 6.513% due 4/25/30(a)		1,882,630
	2,547,468	NR	RFM Reremic Trust, Series 2022-FRR1, Class BK64, 1.663% due 3/1/50(a)(d)		2,377,384
			ROCK Trust:
	210,000	Aaa(b)	Series 2024-CNTR, Class A, 5.388% due 11/13/41(a)		216,300
	1,900,000	Aa3(b)	Series 2024-CNTR, Class B, 5.930% due 11/13/41(a)		1,966,968
	3,234,424	NR	Saluda Grade Alternative Mortgage Trust, Series 2024-CES1, Class A1, 6.306% due 3/25/54(a)(d)		3,274,549
	3,445,000	AA-	SDAL Trust, Series 2025-DAL, Class B, 7.304% (1-Month Term SOFR + 2.941%) due 4/15/42(a)(d)		3,474,148
	3,715,000	Aaa(b)	SHR Trust, Series 2024-LXRY, Class A, 6.313% (1-Month Term SOFR + 1.950%) due 10/15/41(a)(d)		3,732,550
	910,000	AAA(i)	SLG Office Trust, Series 2021-OVA, Class A, 2.585% due 7/15/41(a)		809,607
	24,982	WR(b)	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 4.968% (1-Month Term SOFR + 0.614%) due 7/19/35(d)		24,515
	2,000,000	NR	Toorak Mortgage Trust, Series 2025-RRTL1, Class A1, step bond to yield, 5.524% due 2/25/40(a)		2,003,148
	469,980	Aaa(b)	UBS Commercial Mortgage Trust, Series 2019-C17, Class A3, 2.669% due 10/15/52		444,092
	2,086,063	NR	VCAT LLC, Series 2025-NPL2, Class A1, step bond to yield, 5.977% due 1/25/55(a)		2,096,842
	614,915	NR	Velocity Commercial Capital Loan Trust, Series 2019-1, Class A, 3.760% due 3/25/49(a)(d)		593,391
			Verus Securitization Trust:
	593,244	AAA	Series 2021-5, Class A1, 1.013% due 9/25/66(a)(d)		517,463
	2,199,535	AAA	Series 2021-7, Class A1, step bond to yield, 1.829% due 10/25/66(a)		2,012,257
	422,930	A+	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3, 5.137% (1-Month Term SOFR + 0.814%) due 12/25/45(d)		425,359
			Wells Fargo Commercial Mortgage Trust:
	955	AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		953
	339,604	Aaa(b)	Series 2016-C33, Class A3, 3.162% due 3/15/59		337,897
	248,040	Aaa(b)	Series 2018-C44, Class A4, 3.948% due 5/15/51		245,766

			Total Mortgage Securities		130,905,923

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $224,614,191)		226,721,289


	SOVEREIGN BONDS — 3.1%

	Argentina — 0.0%@
	220,000	CCC	Argentine Republic Government International Bonds, step bond to yield, 4.125% due 7/9/35		140,305

See Notes to Financial Statements.

182



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	Australia — 0.2%
	2,670,000	^AUD	AA+	New South Wales Treasury Corp., (Cost — $1,710,296, acquired 7/10/25), 3.000% due 4/20/29(c)	$	1,707,433
	2,660,000	^AUD	AA+	Queensland Treasury Corp., (Cost — $1,707,842, acquired 7/10/25), 3.500% due 8/21/30(a)(c)		1,705,880

				Total Australia		3,413,313


	Bahamas — 0.0%@
$	200,000		B+	Bahamas Government International Bonds, 8.250% due 6/24/36(a)		207,116


	Benin — 0.0%@
	200,000		BB-	Benin Government International Bonds, 7.960% due 2/13/38(a)		197,723


	Brazil — 0.4%
	31,000,000	^BRL	BB	Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/27		5,559,937
	200,000		BB	Brazilian Government International Bonds, 7.125% due 5/13/54		195,102

				Total Brazil		5,755,039


	Canada — 0.1%
				Province of British Columbia Canada:
	50,000		A+	4.200% due 7/6/33		49,612
	300,000		A+	4.750% due 6/12/34		305,958
				Province of Ontario Canada:
	200,000		AA-	3.100% due 5/19/27		197,641
	50,000		AA-	5.050% due 4/24/34		52,189
	200,000		A+	Province of Quebec Canada, 4.625% due 8/28/35		200,793

				Total Canada		806,193


	Chile — 0.0%@
				Chile Government International Bonds:
	200,000		A	2.750% due 1/31/27		196,140
	200,000		A	3.240% due 2/6/28		195,725
	45,000		A	2.550% due 1/27/32		40,069
	200,000		A	3.500% due 1/25/50		141,280

				Total Chile		573,214


	Colombia — 0.3%
				Colombia Government International Bonds:
	200,000		BB	8.000% due 4/20/33		215,010
	375,000		BB	8.000% due 11/14/35		395,250
	14,500,000,000	^COP	BB+	Colombian TES, 5.750% due 11/3/27		3,377,102

				Total Colombia		3,987,362


	Dominican Republic — 0.1%
				Dominican Republic International Bonds:
	185,000		BB	7.050% due 2/3/31(a)		197,719
	500,000		BB	4.875% due 9/23/32(a)		473,150
	300,000		BB	6.950% due 3/15/37(a)		313,155

				Total Dominican Republic		984,024


	Ecuador — 0.0%@
				Ecuador Government International Bonds:
	120,000		B-	step bond to yield, 6.900% due 7/31/30(a)		107,928
	100,000		B-	step bond to yield, 6.900% due 7/31/35(a)		75,627

				Total Ecuador		183,555


	Egypt — 0.0%@
				Egypt Government International Bonds:
	200,000		B-	7.600% due 3/1/29		204,735

See Notes to Financial Statements.

183



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Egypt — 0.0%@ — (continued)
$	200,000		B-	7.625% due 5/29/32	$	192,060

				Total Egypt		396,795


	El Salvador — 0.0%@
	150,000		B-	El Salvador Government International Bonds, 9.650% due 11/21/54(a)		156,750


	France — 0.5%
	6,700,000	^EUR	AA-u(i)	French Republic Government Bonds OAT, (Cost — $7,780,222, acquired 6/12/25), 2.700% due 2/25/31(a)(c)		7,791,218


	Guatemala — 0.0%@
				Guatemala Government Bonds:
	200,000		BB+	6.050% due 8/6/31		207,100
	200,000		BB+	6.250% due 8/15/36(a)		205,624

				Total Guatemala		412,724


	Hungary — 0.0%@
	200,000		BBB-	Hungary Government International Bonds, (Cost — $198,244, acquired 12/6/21), 2.125% due 9/22/31(c)		170,667


	Indonesia — 0.2%
				Indonesia Government International Bonds:
	80,000		BBB	4.100% due 4/24/28		80,170
	445,000		BBB	2.850% due 2/14/30		419,881
	120,000		BBB	2.150% due 7/28/31		105,653
	200,000		BBB	3.050% due 3/12/51		131,917
	29,000,000,000	^IDR	NR	Indonesia Treasury Bonds, 6.875% due 4/15/29		1,836,039

				Total Indonesia		2,573,660


	Israel — 0.1%
				Israel Government International Bonds:
	200,000		A	5.375% due 2/19/30		205,462
	200,000		A	2.750% due 7/3/30		183,668
	1,735,000		A	5.750% due 3/12/54		1,608,699

				Total Israel		1,997,829


	Italy — 0.0%@
	200,000		Baa3u(b)	Republic of Italy Government International Bonds, 3.875% due 5/6/51		141,294


	Ivory Coast — 0.1%
				Ivory Coast Government International Bonds:
	400,000		BB	8.075% due 4/1/36(a)		398,726
	500,000		BB	8.250% due 1/30/37(a)		499,320

				Total Ivory Coast		898,046


	Japan — 0.0%@
	200,000		A+	Japan Bank for International Cooperation, 3.875% due 7/3/28		200,791


	Jordan — 0.0%@
	200,000		BB-	Jordan Government International Bonds, 7.375% due 10/10/47		186,180


	Kenya — 0.0%@
	200,000		B	Kenya Government International Bonds, 9.750% due 2/16/31(a)		210,897


	Mexico — 0.2%
				Mexico Government International Bonds:
	272,000		BBB	4.500% due 4/22/29		271,279
	200,000		BBB	3.250% due 4/16/30		187,115
	245,000		BBB	2.659% due 5/24/31		216,362
	1,700,000		BBB	6.350% due 2/9/35		1,760,605

See Notes to Financial Statements.

184



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Mexico — 0.2% — (continued)
$	100,000		BBB	4.750% due 3/8/44	$	79,625
	225,000		BBB	4.600% due 2/10/48		170,078
	200,000		BBB	6.338% due 5/4/53		185,220
	565,000		BBB	3.771% due 5/24/61		338,706

				Total Mexico		3,208,990


	Nigeria — 0.0%@
	260,000		B-	Nigeria Government International Bonds, 7.143% due 2/23/30(a)		258,486


	Oman — 0.0%@
	200,000		Baa3(b)	Oman Government International Bonds, (Cost — $210,132, acquired 12/6/21), 5.625% due 1/17/28(c)		204,735


	Pakistan — 0.0%@
	200,000		Caa1(b)	Pakistan Government International Bonds, 7.375% due 4/8/31(a)		189,438


	Panama — 0.1%
				Panama Government International Bonds:
	210,000		BBB-	3.875% due 3/17/28		206,054
	300,000		BBB-	3.160% due 1/23/30		276,717
	350,000		BBB-	3.298% due 1/19/33		296,433
	530,000		BBB-	4.500% due 5/15/47		390,435
	10,000		BBB-	4.500% due 4/1/56		6,928
	1,420,000		BBB-	4.500% due 1/19/63		968,937

				Total Panama		2,145,504


	Paraguay — 0.0%@
	200,000		BB+	Paraguay Government International Bonds, 5.400% due 3/30/50		176,804


	Peru — 0.1%
				Peruvian Government International Bonds:
	550,000		BBB-	2.783% due 1/23/31		503,910
	100,000		BBB-	3.000% due 1/15/34		85,999
	50,000		BBB-	5.625% due 11/18/50		47,830

				Total Peru		637,739


	Philippines — 0.1%
				Philippine Government International Bonds:
	360,000		BBB+	1.648% due 6/10/31		311,710
	550,000		BBB+	1.950% due 1/6/32		473,546

				Total Philippines		785,256


	Poland — 0.0%@
				Republic of Poland Government International Bonds:
	50,000		A-	5.500% due 11/16/27		51,755
	100,000		A-	4.875% due 10/4/33		100,485
	50,000		A-	5.500% due 4/4/53		47,106
	100,000		A-	5.500% due 3/18/54		94,153

				Total Poland		293,499


	Senegal — 0.0%@
	200,000		B-	Senegal Government International Bonds, 7.750% due 6/10/31		165,750


	South Africa — 0.1%
	200,000		BB-	Republic of South Africa Government International Bonds, 7.100% due 11/19/36(a)		201,849
	32,010,000	^ZAR	BB	South Africa Government Bonds, 8.000% due 1/31/30		1,808,961

				Total South Africa		2,010,810

See Notes to Financial Statements.

185



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	South Korea — 0.0%@
				Export-Import Bank of Korea:
$	200,000		AA	1.125% due 12/29/26	$	192,525
	200,000		AA	5.250% due 1/14/35		211,556

				Total South Korea		404,081


	Supranational — 0.1%
				International Bank for Reconstruction & Development:
	100,000		AAA	3.125% due 6/15/27		99,008
	100,000		Aaa(b)	2.500% due 11/22/27		97,520
	200,000		AAA	1.375% due 4/20/28		188,751
	150,000		AAA	3.500% due 7/12/28		149,459
	100,000		AAA	3.625% due 9/21/29		99,784
	100,000		AAA	4.000% due 7/25/30		101,177
	100,000		AAA	4.500% due 4/10/31		103,403
	300,000		AAA	4.625% due 1/15/32		311,596
	500,000		AAA	3.875% due 8/28/34		488,083

				Total Supranational		1,638,781


	Turkey — 0.0%@
	200,000		Ba3(b)	Istanbul Metropolitan Municipality, 10.500% due 12/6/28(a)		219,049


	United Kingdom — 0.4%
				United Kingdom Gilt:
	2,430,000	^GBP	Aa3u(b)	(Cost — $3,084,536, acquired 12/3/24), 4.125% due 7/22/29(c)		3,296,383
	2,635,000	^GBP	AA-u(i)	(Cost — $3,212,905, acquired 3/6/24), 3.250% due 1/31/33(c)		3,294,044

				Total United Kingdom		6,590,427


	Uruguay — 0.0%@
				Uruguay Government International Bonds:
	100,000		BBB+	5.750% due 10/28/34		106,169
	50,000		BBB+	5.442% due 2/14/37		51,876
	100,000		BBB+	5.100% due 6/18/50		92,761
	50,000		BBB+	4.975% due 4/20/55		44,526

				Total Uruguay		295,332

				TOTAL SOVEREIGN BONDS (Cost — $49,656,509)		50,609,376


	ASSET-BACKED SECURITIES — 1.9%

	Automobiles — 1.6%
	1,235,000		BBB	American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.500% due 7/14/31(a)		1,259,693
	759,000		BBB(i)	AutoNation Finance Trust, Series 2025-1A, Class D, 5.630% due 9/10/32(a)		775,592
				Avis Budget Rental Car Funding AESOP LLC:
	4,000,000		Aaa(b)	Series 2024-3A, Class A, 5.230% due 12/20/30(a)		4,120,025
	440,000		Baa3(b)	Series 2024-3A, Class C, 6.110% due 12/20/30(a)		452,587
	1,600,000		Baa3(b)	Series 2025-1A, Class C, 5.870% due 8/20/29(a)		1,630,375
				Bridgecrest Lending Auto Securitization Trust:
	1,500,000		BB	Series 2024-3, Class E, 7.700% due 4/15/31(a)		1,565,012
	1,080,000		BBB	Series 2025-2, Class D, 5.620% due 3/17/31		1,102,833
				Carmax Auto Owner Trust:
	870,000		AAA	Series 2025-2, Class A4, 4.650% due 11/15/30		888,097
	570,000		AA-	Series 2025-2, Class C, 5.160% due 1/15/31		583,980
	1,850,000		BBB	Consumer Portfolio Services Auto Trust, Series 2025-B, Class D, 5.560% due 7/15/31(a)		1,880,975
	1,000,000		Baa3(b)	Drive Auto Receivables Trust, Series 2025-1, Class D, 5.410% due 9/15/32		1,019,871
	1,440,000		AAA	Enterprise Fleet Financing LLC, Series 2025-2, Class A4, 4.580% due 12/22/31(a)		1,461,210

See Notes to Financial Statements.

186



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Automobiles — 1.6% — (continued)
			Exeter Select Automobile Receivables Trust:
$	1,500,000	AA	Series 2025-1, Class B, 4.870% due 8/15/31	$	1,519,423
	1,200,000	A	Series 2025-1, Class C, 5.400% due 8/15/31		1,228,250
	583,000	AAA	Ford Credit Floorplan Master Owner Trust A, Series 2018-4, Class A, 4.060% due 11/15/30		583,524
	1,800,000	BBB	GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D, 5.590% due 1/15/31(a)		1,834,946
	270,000	Aaa(b)	Hertz Vehicle Financing III LLC, Series 2023-4A, Class A, 6.150% due 3/25/30(a)		282,960
	354,000	AAA	Hyundai Auto Receivables Trust, Series 2023-C, Class A3, 5.540% due 10/16/28		357,734
	933,000	AA+	Octane Receivables Trust, Series 2024-1A, Class B, 5.660% due 5/20/30(a)		946,510
			Santander Drive Auto Receivables Trust:
	2,000,000	Baa2(b)	Series 2024-2, Class D, 6.280% due 8/15/31		2,077,856
	1,200,000	Baa3(b)	Series 2025-3, Class D, 5.110% due 9/15/31		1,210,947
	505,000	BBB+	Westlake Automobile Receivables Trust, Series 2023-2A, Class D, 7.010% due 11/15/28(a)		516,761

			Total Automobiles		27,299,161


	Credit Cards — 0.2%
			American Express Credit Account Master Trust:
	275,000	AAA	Series 2023-2, Class A, 4.800% due 5/15/30		281,639
	300,000	AAA	Series 2024-3, Class A, 4.650% due 7/15/29		304,205
			Perimeter Master Notes Business Trust:
	1,100,000	NR	Series 2025-1A, Class A, 5.580% due 12/16/30(a)		1,111,568
	999,000	NR	Series 2025-1A, Class B, 6.120% due 12/16/30(a)		1,012,064

			Total Credit Cards		2,709,476


	Student Loans — 0.1%
	807,710	Aa1(b)	ECMC Group Student Loan Trust, Series 2017-2A, Class A, 5.513% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(d)		811,018
	881,824	AA+	Navient Student Loan Trust, Series 2017-3A, Class A3, 5.513% (30-Day Average SOFR + 1.164%) due 7/26/66(a)(d)		888,463
	498,270	AAA	Nelnet Student Loan Trust, Series 2006-1, Class A6, 4.907% (3-Month Term SOFR + 0.712%) due 8/23/36(a)(d)		495,183

			Total Student Loans		2,194,664

			TOTAL ASSET-BACKED SECURITIES (Cost — $31,681,648)		32,203,301


	MUNICIPAL BONDS — 0.1%

	California — 0.1%
	310,000	AA-	California Health Facilities Financing Authority, Revenue Bonds, 3.000% due 8/15/51		213,956
	100,000	AA-	California State University, Revenue Bonds, Series B, 5.183% due 11/1/53		95,434
	205,000	A	Los Angeles Department of Water & Power, Revenue Bonds, 6.574% due 7/1/45		214,666
			State of California, GO:
	150,000	AA-	5.875% due 10/1/41		155,806
	100,000	AA-	4.600% due 4/1/38		102,072
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		20,760
	266,000	AA	Series AQ, 4.767% due 5/15/15		216,733
	90,000	AA	Series BF, 2.650% due 5/15/50		55,828

			Total California		1,075,255


	Connecticut — 0.0%@
	200,000	AA-	State of Connecticut, GO, 5.850% due 3/15/32		216,268


	Florida — 0.0%@
	50,000	AA	State Board of Administration Finance Corp., Series A, Revenue Bonds, 5.526% due 7/1/34		51,681


	Illinois — 0.0%@
	150,000	A+	Chicago O’Hare International Airport, Revenue Bonds, Series C, 4.472% due 1/1/49		129,131

See Notes to Financial Statements.

187



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Illinois — 0.0%@ — (continued)
$	218,137	A-	State of Illinois, GO, 5.100% due 6/1/33	$	220,938

			Total Illinois		350,069


	Minnesota — 0.0%@
	260,000	AA	University of Minnesota, Revenue Bonds, 4.048% due 4/1/52		206,598


	New Jersey — 0.0%@
	215,000	Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		219,031
	85,000	A	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		94,001

			Total New Jersey		313,032


	New York — 0.0%@
	100,000	AA	City of New York, GO, 5.263% due 10/1/52		95,924
	150,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53		140,036

			Total New York		235,960


	Texas — 0.0%@
	40,000	AA-	Dallas Fort Worth International Airport, Series A, Revenue Bonds, 3.144% due 11/1/45		29,888

			TOTAL MUNICIPAL BONDS (Cost — $2,758,534)		2,478,751


	SENIOR LOANS — 0.1%

	Airlines — 0.0%@
	50,000	NR	VistaJet Malta Finance PLC, 8.041% (3-Month CME Term SOFR + 3.750%) due 4/1/31(d)		50,375


	Healthcare — Services — 0.0%@
			ModivCare Inc.:
	141,195	NR	11.779% (3-Month CME Term SOFR + 7.500%) due 1/12/26(d)(g)		69,009
	815,879	NR	9.046% (3-Month CME Term SOFR + 8.750%) due 7/1/31(d)(g)		390,092

			Total Healthcare — Services		459,101


	Software — 0.0%@
	370,317	NR	Rocket Software Inc., (1-Month CME Term SOFR + 3.750%) due 11/28/28(d)		371,706


	Telecommunications — 0.1%
	528,653	NR	Lumen Technologies Inc., 6.780% (1-Month CME Term SOFR + 2.350%) due 4/15/30(d)		526,120

			TOTAL SENIOR LOANS (Cost — $1,882,824)		1,407,302


Shares/Units

	OPEN END MUTUAL FUND SECURITY — 0.0%@

	FINANCIALS — 0.0%@

	Capital Markets — 0.0%@
	7,300		SPDR Portfolio High Yield Bond ETF (Cost — $170,382)		174,032


	COMMON STOCK — 0.0%@

	Telecommunications — 0.0%@
	11,289		Intelsat SA*(g)(l) (Cost — $457,065)		129,823


	RIGHT — 0.0%@

	COMMUNICATIONS — 0.0%@

	Telecommunications — 0.0%@
	11,289		SES SA expires 12/31/49*(g)(l) (Cost — $4)		—

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,592,592,820)		1,578,896,440

See Notes to Financial Statements.

188



Schedules of Investments


(continued)


Core Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	SHORT-TERM INVESTMENTS — 6.6%

	TIME DEPOSITS — 4.6%
	501	^AUD		ANZ National Bank — Hong Kong, 2.270% due 9/1/25	$	328
				BBH — New York:
	958	^GBP		2.920% due 9/1/25		1,296
	15,885	^ZAR		4.980% due 9/1/25		901
	6,370	^EUR		Citibank — London, 0.870% due 9/1/25		7,452
$	23,097,745			Citibank — New York, 3.680% due 9/2/25		23,097,745
	52,056,783			JPMorgan Chase & Co. — New York, 3.680% due 9/2/25		52,056,783
	309,218			Royal Bank of Canada — Toronto, 3.680% due 9/2/25		309,218
	28			Sumitomo Mitsui Banking Corp. — Tokyo, 3.680% due 9/2/25		28

				TOTAL TIME DEPOSITS (Cost — $75,473,751)		75,473,751


	U.S. GOVERNMENT OBLIGATIONS — 2.0%
				U.S. Treasury Bills:
	14,000,000			4.289% due 9/2/25(n)		13,998,337
	20,000,000			4.253% due 9/16/25(n)		19,964,633

				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $33,962,970)		33,962,970

				TOTAL SHORT-TERM INVESTMENTS (Cost — $109,436,721)		109,436,721

				TOTAL INVESTMENTS — 101.9% (Cost — $1,702,029,541)		1,688,333,161

				Liabilities in Excess of Other Assets — (1.9)%		(32,048,870	)

				TOTAL NET ASSETS — 100.0%	$	1,656,284,291

†	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)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2025, amounts to $38,900,496 and represents 2.3% of net assets.

(d)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2025.

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

(f)	Security is currently in default.

(g)	Illiquid security.

(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, 2025.

(i)	Rating by Fitch Ratings Service. All ratings are unaudited.

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

(k)	Principal only security.

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

(m)	Interest only security.

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2025, the Fund held a Level 3 security with a value of $0, representing 0.0% of net assets.

See Notes to Financial Statements.

189



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2025, for Core Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund

Aggregate Cost For
Federal Income
Tax Purposes

Gross
Unrealized
Appreciation

Gross
Unrealized
(Depreciation)

Net

Unrealized
(Depreciation)

Core Fixed Income Fund

1,716,319,204

32,364,247

(60,397,274)

(28,033,027)


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


Summary of Investments by Security Type^
Corporate Bonds & Notes	29.0	%
Mortgage-Backed Securities	28.2
U.S. Government Obligations	17.7
Collateralized Mortgage Obligations	13.4
Sovereign Bonds	3.0
Asset-Backed Securities	1.9
Municipal Bonds	0.2
Senior Loans	0.1
Open End Mutual Fund Security	0.0	*
Common Stock	0.0	*
Right	0.0	*
Short-Term Investments	6.5

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

See Notes to Financial Statements.

190



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2025, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
U.S. Treasury 2-Year Note Futures		788		12/25	$	164,121,075	$	164,328,780	$	207,705
U.S. Treasury 5-Year Note Futures		562		12/25		61,306,106		61,521,437		215,331
U.S. Treasury 10-Year Note Futures		451		12/25		50,561,733		50,737,500		175,767
U.S. Treasury Long Bond Futures		110		12/25		12,564,063		12,567,500		3,437
U.S. Treasury Ultra Long Bond Futures		255		12/25		29,828,298		29,723,437		(104,861	)

										497,379

Contracts to Sell:
Euro-Bobl Futures		28		9/25		3,871,084		3,847,825		23,259
Euro-Bund Futures		42		9/25		6,440,505		6,365,815		74,690
U.S. Ultra Long Bond Futures		155		12/25		17,657,705		17,732,968		(75,263	)

										22,686

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	520,065

At August 31, 2025, Core Fixed Income Fund had deposited cash of $1,240,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2025, Core Fixed Income Fund had open forward foreign currency contracts as described below.

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


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro		460,000		USD	537,602		GSC	$	539,111		9/30/25	$	1,509
Japanese Yen		240,000,000		USD	1,667,651		GSC		1,638,210		9/30/25		(29,441	)
Japanese Yen		250,000,000		USD	1,725,923		GSC		1,706,469		9/30/25		(19,454	)

													(47,386	)

Contracts to Sell:
Australian Dollar		5,200,000		USD	3,423,420		GSC		3,405,796		9/30/25		17,624
Brazilian Real		30,490,000		USD	5,413,419		GSC		5,584,638		9/30/25		(171,219	)
British Pound		6,332,500		USD	8,545,329		GSC		8,561,216		9/30/25		(15,887	)
Colombian Peso		14,148,000,000		USD	3,468,540		GSC		3,518,093		9/30/25		(49,553	)
Euro		24,455,000		USD	28,357,651		GSC		28,660,800		9/30/25		(303,149	)
Euro		1,000,000		USD	1,158,800		GSC		1,171,981		9/30/25		(13,181	)
Euro		630,000		USD	739,513		GSC		738,348		9/30/25		1,165
South African Rand		35,835,000		USD	1,988,638		CITI		2,028,125		9/30/25		(39,487	)

													(573,687	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(621,073	)

See Notes to Financial Statements.

191



Schedules of Investments


(continued)


Core Fixed Income Fund

At August 31, 2025, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contract:

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


Reference Obligation & Rating	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/25 (2)	Notional Amount (3)			Value		Upfront Payment Paid		Unrealized Appreciation
Markit CDX North America High Yield Series 44 5-Year Index, NR		5.000	%		6/20/30		3-Month	3.208%		USD	3,180,000	$	262,016	$	226,734	$	35,282

(1)

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

(2)

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

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

At August 31, 2025, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $520,000 for open centrally cleared swap contracts.


Currency abbreviations used in this schedule:		Counterparty abbreviations used in this schedule:
AUD	— Australian Dollar	CITI	— Citigroup Global Markets Inc.
BRL	— Brazilian Real	GSC	— Goldman Sachs & Co.
COP	— Colombian Peso
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
USD	— United States Dollar
ZAR	— South African Rand

See pages 270-271 for definitions of ratings.

See Notes to Financial Statements.

192



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	CORPORATE BONDS & NOTES — 95.9%

	Advertising — 0.7%
$	1,015,000	B	Neptune Bidco U.S. Inc., Senior Secured Notes, 9.290% due 4/15/29(a)	$	1,010,057


	Aerospace/Defense — 0.5%
			ATI Inc., Senior Unsecured Notes:
	484,000	BB-	4.875% due 10/1/29		474,512
	210,000	BB-	5.125% due 10/1/31		205,090

			Total Aerospace/Defense		679,602


	Airlines — 1.3%
	405,000	BBB-	Air Canada, Senior Secured Notes, 3.875% due 8/15/26(a)		400,441
			American Airlines Inc., Senior Secured Notes:
	615,000	BB-	7.250% due 2/15/28(a)		631,309
	240,000	BB	8.500% due 5/15/29(a)		251,657
			United Airlines Inc., Senior Secured Notes:
	106,000	BBB-	4.375% due 4/15/26(a)		105,719
	451,000	BBB-	4.625% due 4/15/29(a)		444,197

			Total Airlines		1,833,323


	Auto Manufacturers — 0.0%@
	26,000	B+	JB Poindexter & Co., Inc., Senior Unsecured Notes, 8.750% due 12/15/31(a)		26,941


	Banks — 0.4%
	475,000	BB	Walker & Dunlop Inc., Company Guaranteed Notes, 6.625% due 4/1/33(a)		494,546


	Building Materials — 0.4%
	615,000	BB+	Standard Industries Inc., Senior Unsecured Notes, 3.375% due 1/15/31(a)		558,524


	Chemicals — 1.8%
	901,000	B	Consolidated Energy Finance SA, Company Guaranteed Notes, 5.625% due 10/15/28(a)		760,578
			Methanex Corp., Senior Unsecured Notes:
	215,000	BB	5.125% due 10/15/27		214,162
	4,000	BB	5.250% due 12/15/29		3,977
	800,000	BB	Methanex U.S. Operations Inc., Company Guaranteed Notes, 6.250% due 3/15/32(a)		807,821
	557,000	BB-	Minerals Technologies Inc., Company Guaranteed Notes, 5.000% due 7/1/28(a)		549,976
	430,069	CCC-	Trinseo Luxco Finance SPV Sarl/Trinseo NA Finance SPV LLC, Secured Notes, 7.625% (5.125% cash and 2.500% PIK until 2/15/28 then 7.625% until 5/3/29) due 5/3/29(a)(b)		154,825

			Total Chemicals		2,491,339


	Coal — 0.1%
	152,000	BB+	Warrior Met Coal Inc., Senior Secured Notes, 7.875% due 12/1/28(a)		155,596


	Commercial Services — 6.9%
			Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes:
	306,000	B+	5.375% due 3/1/29(a)		297,334
	170,000	B+	8.250% due 1/15/30(a)		176,118
	207,000	B+	8.375% due 6/15/32(a)		216,204
			Block Inc., Senior Unsecured Notes:
	390,000	BB+	6.500% due 5/15/32(a)		404,221
	160,000	BB+	6.000% due 8/15/33(a)		164,295
	510,000	BB	Boost Newco Borrower LLC, Senior Secured Notes, 7.500% due 1/15/31(a)		541,426
	709,000	B-	Champions Financing Inc., Senior Secured Notes, 8.750% due 2/15/29(a)		678,406
			Deluxe Corp.:
	822,000	CCC+	Company Guaranteed Notes, 8.000% due 6/1/29(a)		814,561
	130,000	B+	Senior Secured Notes, 8.125% due 9/15/29(a)		135,572
			EquipmentShare.com Inc.:
	522,000	B	Secured Notes, 8.625% due 5/15/32(a)		562,936
	395,000	B	Senior Secured Notes, 8.000% due 3/15/33(a)		420,055

See Notes to Financial Statements.

193



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Commercial Services — 6.9% — (continued)
			Herc Holdings Inc.:
$	455,000	BB-	Company Guaranteed Notes, 7.250% due 6/15/33(a)	$	477,615
	219,000	BB-	Senior Unsecured Notes, 7.000% due 6/15/30(a)		228,067
			Hertz Corp. (The):
	367,000	CCC+	Company Guaranteed Notes, 4.625% due 12/1/26(a)		340,527
	315,000	B	Senior Secured Notes, 12.625% due 7/15/29(a)		327,601
	890,000	B	Mobius Merger Sub Inc., Senior Secured Notes, 9.000% due 6/1/30(a)		786,620
			Prime Security Services Borrower LLC/Prime Finance Inc.:
	540,000	B+	Secured Notes, 6.250% due 1/15/28(a)		540,333
	231,000	BB+	Senior Secured Notes, 3.375% due 8/31/27(a)		223,989
	522,000	BB-	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 6.750% due 8/15/32(a)		541,559
	610,000	B+	Veritiv Operating Co., Senior Secured Notes, 10.500% due 11/30/30(a)		660,891
	684,000	B	VM Consolidated Inc., Company Guaranteed Notes, 5.500% due 4/15/29(a)		678,097
	544,000	B	WEX Inc., Company Guaranteed Notes, 6.500% due 3/15/33(a)		557,004

			Total Commercial Services		9,773,431


	Computers — 0.7%
	520,000	B	Fortress Intermediate 3 Inc., Senior Secured Notes, 7.500% due 6/1/31(a)		547,528
	62,000	B+	NCR Voyix Corp., Company Guaranteed Notes, 5.125% due 4/15/29(a)		61,285
			Seagate Data Storage Technology Pte Ltd., Company Guaranteed Notes:
	210,000	BB	4.091% due 6/1/29(a)		199,836
	188,000	BB	4.125% due 1/15/31(a)		171,833

			Total Computers		980,482


	Cosmetics/Personal Care — 1.2%
	718,000	BB	Edgewell Personal Care Co., Company Guaranteed Notes, 4.125% due 4/1/29(a)		684,078
	940,000	B+	Perrigo Finance Unlimited Co., Company Guaranteed Notes, 6.125% due 9/30/32		946,759

			Total Cosmetics/Personal Care		1,630,837


	Diversified Financial Services — 7.3%
	414,000	BB+	Air Lease Corp., Junior Subordinated Notes, 4.650% (5-Year CMT Index + 4.076%)(c)(d)		410,601
	735,000	BB+	Aircastle Ltd., Junior Subordinated Notes, 5.250% (5-Year CMT Index + 4.410%)(a)(c)(d)		732,134
	1,052,000	BB+	Ally Financial Inc., Subordinated Notes, 6.700% due 2/14/33		1,093,112
	345,000	BB-	Bread Financial Holdings Inc., Company Guaranteed Notes, 9.750% due 3/15/29(a)		368,910
	513,000	BB	Burford Capital Global Finance LLC, Company Guaranteed Notes, 6.250% due 4/15/28(a)		512,475
	905,000	CCC	Cobra AcquisitionCo LLC, Company Guaranteed Notes, 6.375% due 11/1/29(a)		787,520
	627,000	BB	Credit Acceptance Corp., Company Guaranteed Notes, 9.250% due 12/15/28(a)		662,685
	416,000	BB-	EZCORP Inc., Company Guaranteed Notes, 7.375% due 4/1/32(a)		439,650
	715,000	B	Focus Financial Partners LLC, Senior Secured Notes, 6.750% due 9/15/31(a)		739,474
			goeasy Ltd.:
			Company Guaranteed Notes:
	395,000	BB-	6.875% due 5/15/30(a)		401,517
	155,000	BB-	6.875% due 2/15/31(a)		155,264
	297,000	BB-	Senior Unsecured Notes, 7.625% due 7/1/29(a)		307,757
			Jane Street Group/JSG Finance Inc., Senior Secured Notes:
	200,000	BB	4.500% due 11/15/29(a)		193,303
	405,000	BB	7.125% due 4/30/31(a)		423,419
	440,000	BB	6.125% due 11/1/32(a)		442,343
	123,000	BB	6.750% due 5/1/33(a)		127,180
	495,000	B2(e)	Phoenix Aviation Capital Ltd., Senior Unsecured Notes, 9.250% due 7/15/30(a)		525,079
	705,000	B-	Planet Financial Group LLC, Company Guaranteed Notes, 10.500% due 12/15/29(a)		730,448
	505,000	B1(e)	Rfna LP, Senior Unsecured Notes, 7.875% due 2/15/30(a)		523,054
	710,000	B+	VFH Parent LLC/Valor Co.-Issuer Inc., Senior Secured Notes, 7.500% due 6/15/31(a)		748,755

			Total Diversified Financial Services		10,324,680

See Notes to Financial Statements.

194



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Electric — 4.3%
$	638,000	BB+	Atlantica Sustainable Infrastructure Ltd., Company Guaranteed Notes, 4.125% due 6/15/28(a)	$	619,284
	523,000	B+	Calpine Corp., Senior Unsecured Notes, 5.000% due 2/1/31(a)		519,065
	700,000	BB	Clearway Energy Operating LLC, Company Guaranteed Notes, 3.750% due 1/15/32(a)		630,345
			NRG Energy Inc., Company Guaranteed Notes:
	174,000	BB	5.750% due 1/15/28		174,666
	290,000	BB	5.250% due 6/15/29(a)		289,357
	597,000	BB	3.625% due 2/15/31(a)		551,036
	170,000	BB	6.250% due 11/1/34(a)		174,392
	910,000	Ba3(e)	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		887,528
			Vistra Operations Co. LLC:
			Company Guaranteed Notes:
	170,000	BB+	7.750% due 10/15/31(a)		180,724
	320,000	BB+	6.875% due 4/15/32(a)		336,011
	546,000	BBB-	Senior Secured Notes, 4.300% due 7/15/29(a)		540,804
			XPLR Infrastructure Operating Partners LP:
	445,000	BB	Company Guaranteed Notes, 4.500% due 9/15/27(a)		436,698
	690,000	BB	Senior Unsecured Notes, 7.250% due 1/15/29(a)		705,203

			Total Electric		6,045,113


	Electrical Components & Equipment — 0.7%
			EnerSys, Company Guaranteed Notes:
	485,000	BB+	4.375% due 12/15/27(a)		476,928
	29,000	BB+	6.625% due 1/15/32(a)		29,906
	504,000	BB	WESCO Distribution Inc., Company Guaranteed Notes, 6.375% due 3/15/33(a)		523,050

			Total Electrical Components & Equipment		1,029,884


	Electronics — 1.0%
	700,000	BB	Imola Merger Corp., Senior Secured Notes, 4.750% due 5/15/29(a)		682,977
	730,000	BB-	TTM Technologies Inc., Company Guaranteed Notes, 4.000% due 3/1/29(a)		698,950

			Total Electronics		1,381,927


	Entertainment — 2.7%
	755,000	B+	Banijay Entertainment SAS, Senior Secured Notes, 8.125% due 5/1/29(a)		785,993
	675,000	BBB-	Flutter Treasury DAC, Senior Secured Notes, 5.875% due 6/4/31(a)		687,714
	795,000	B-	Ontario Gaming GTA LP/OTG Co.-Issuer Inc., Senior Secured Notes, 8.000% due 8/1/30(a)		801,007
	753,000	B+	SeaWorld Parks & Entertainment Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a)		739,657
	755,000	B	Voyager Parent LLC, Senior Secured Notes, 9.250% due 7/1/32(a)		797,289

			Total Entertainment		3,811,660


	Food — 1.9%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	372,000	BB+	5.875% due 2/15/28(a)		372,240
	505,000	BB+	3.500% due 3/15/29(a)		480,662
	355,000	BB+	6.250% due 3/15/33(a)		363,506
	767,000	CCC+	C&S Group Enterprises LLC, Company Guaranteed Notes, 5.000% due 12/15/28(a)		698,135
	131,000	BB	Land O’Lakes Capital Trust I, Limited Guaranteed Notes, 7.450% due 3/15/28(a)		133,200
			Performance Food Group Inc., Company Guaranteed Notes:
	347,000	BB	5.500% due 10/15/27(a)		346,740
	360,000	BB	4.250% due 8/1/29(a)		348,819

			Total Food		2,743,302


	Forest Products & Paper — 0.4%
	622,000	B+	Magnera Corp., Senior Secured Notes, 4.750% due 11/15/29(a)		549,990

See Notes to Financial Statements.

195



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Gas — 0.5%
			Venture Global Plaquemines LNG LLC, Senior Secured Notes:
$	97,000	BB+	7.500% due 5/1/33(a)	$	106,465
	558,000	BB+	7.750% due 5/1/35(a)		621,612

			Total Gas		728,077


	Healthcare — Products — 1.4%
	470,000	B+	Insulet Corp., Senior Unsecured Notes, 6.500% due 4/1/33(a)		487,650
	402,000	BB-	Medline Borrower LP, Senior Secured Notes, 3.875% due 4/1/29(a)		386,258
	625,000	BB-	Medline Borrower LP/Medline Co.-Issuer Inc., Senior Secured Notes, 6.250% due 4/1/29(a)		642,859
	462,000	BB-	Sotera Health Holdings LLC, Senior Secured Notes, 7.375% due 6/1/31(a)		486,205

			Total Healthcare — Products		2,002,972


	Healthcare — Services — 2.2%
	778,000	B	Concentra Health Services Inc., Company Guaranteed Notes, 6.875% due 7/15/32(a)		807,539
	683,000	BB-	DaVita Inc., Company Guaranteed Notes, 6.750% due 7/15/33(a)		708,328
	285,000	B	LifePoint Health Inc., Senior Secured Notes, 9.875% due 8/15/30(a)		308,704
			Molina Healthcare Inc., Senior Unsecured Notes:
	715,000	BB	3.875% due 11/15/30(a)		657,261
	160,000	BB	6.250% due 1/15/33(a)		161,246
	535,000	B	Select Medical Corp., Company Guaranteed Notes, 6.250% due 12/1/32(a)		539,108

			Total Healthcare — Services		3,182,186


	Home Builders — 0.9%
	695,000	BB-	Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes, 6.875% due 8/1/33(a)		697,779
			Mattamy Group Corp., Senior Unsecured Notes:
	201,000	BB+	5.250% due 12/15/27(a)		200,411
	446,000	BB+	4.625% due 3/1/30(a)		427,516

			Total Home Builders		1,325,706


	Insurance — 2.6%
	666,000	B	Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes, 6.750% due 7/1/32(a)		683,821
	590,000	B	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured Notes, 6.500% due 10/1/31(a)		603,851
	520,000	B	Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance, Senior Secured Notes, 7.125% due 5/15/31(a)		540,018
	705,000	B	Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden U.S. Refinance LLC, Senior Secured Notes, 7.250% due 2/15/31(a)		728,777
	557,000	B-	Jones Deslauriers Insurance Management Inc., Senior Secured Notes, 8.500% due 3/15/30(a)		589,537
	585,000	B	Panther Escrow Issuer LLC, Senior Secured Notes, 7.125% due 6/1/31(a)		607,663

			Total Insurance		3,753,667


	Internet — 1.9%
			Gen Digital Inc., Company Guaranteed Notes:
	101,000	BB-	6.750% due 9/30/27(a)		102,874
	198,000	BB-	7.125% due 9/30/30(a)		205,116
	354,000	BB-	6.250% due 4/1/33(a)		364,904
	784,000	B-	GrubHub Holdings Inc., Company Guaranteed Notes, (Cost — $742,774, acquired 3/3/21), 5.500% due 7/1/27(a)(f)		782,101
	490,000	B	ION Trading Technologies Sarl, Senior Secured Notes, 5.750% due 5/15/28(a)		475,750
			Match Group Holdings II LLC, Senior Unsecured Notes:
	434,000	BB	4.125% due 8/1/30(a)		409,036
	149,000	BB	3.625% due 10/1/31(a)		134,580
	265,000	BB	6.125% due 9/15/33(a)		268,265

			Total Internet		2,742,626

See Notes to Financial Statements.

196



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Investment Companies — 0.2%
			HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes:
$	56,000	BBB-	3.375% due 6/15/26(a)	$	55,273
	156,000	BBB-	8.000% due 6/15/27(a)		162,005

			Total Investment Companies		217,278


	Iron/Steel — 2.2%
			Cleveland-Cliffs Inc.:
			Company Guaranteed Notes:
	80,000	BB-	5.875% due 6/1/27		79,947
	330,000	BB-	7.000% due 3/15/32(a)		328,510
	660,000	Ba3(e)	7.375% due 5/1/33(a)		657,964
	48,000	B	Senior Unsecured Notes, 6.250% due 10/1/40		39,886
	665,000	BB+	Commercial Metals Co., Senior Unsecured Notes, 3.875% due 2/15/31		619,657
			Mineral Resources Ltd., Senior Unsecured Notes:
	268,000	Ba3(e)	8.125% due 5/1/27(a)		268,341
	398,000	Ba3(e)	9.250% due 10/1/28(a)		416,371
	639,000	Ba3(e)	8.500% due 5/1/30(a)		663,735

			Total Iron/Steel		3,074,411


	Leisure Time — 2.9%
			Carnival Corp.:
			Company Guaranteed Notes:
	749,000	BB+	6.000% due 5/1/29(a)		759,100
	305,000	BB+	6.125% due 2/15/33(a)		313,392
	120,000	BBB-	Senior Secured Notes, 7.000% due 8/15/29(a)		126,650
	420,000	BB+	Senior Unsecured Notes, 5.750% due 8/1/32(a)		427,875
			NCL Corp., Ltd.:
			Senior Secured Notes:
	270,000	BB-	5.875% due 2/15/27(a)		270,755
	230,000	BB	8.125% due 1/15/29(a)		242,016
			Senior Unsecured Notes:
	374,000	B	7.750% due 2/15/29(a)		399,805
	350,000	B	6.250% due 3/1/30(a)		355,420
	180,000	B	NCL Finance Ltd., Company Guaranteed Notes, 6.125% due 3/15/28(a)		182,700
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	290,000	BBB-	6.250% due 3/15/32(a)		299,485
	735,000	BBB-	6.000% due 2/1/33(a)		755,610

			Total Leisure Time		4,132,808


	Lodging — 2.4%
	961,000	B	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc., Company Guaranteed Notes, 4.875% due 7/1/31(a)		895,366
	820,000	BB-	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		793,099
	802,000	B	Station Casinos LLC, Company Guaranteed Notes, 6.625% due 3/15/32(a)		825,410
			Travel + Leisure Co., Senior Secured Notes:
	500,000	BB-	4.500% due 12/1/29(a)		484,569
	370,000	BB-	6.125% due 9/1/33(a)		371,519

			Total Lodging		3,369,963


	Media — 6.1%
	345,000	BB+	Belo Corp., Company Guaranteed Notes, 7.750% due 6/1/27		359,644
	905,000	B	Cable One Inc., Company Guaranteed Notes, 4.000% due 11/15/30(a)		749,758
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	509,000	BB-	6.375% due 9/1/29(a)		517,118
	680,000	BB-	4.500% due 5/1/32		622,171
	630,000	BB-	4.250% due 1/15/34(a)		547,519

See Notes to Financial Statements.

197



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Media — 6.1% — (continued)
			CSC Holdings LLC:
			Company Guaranteed Notes:
$	200,000	CCC+	6.500% due 2/1/29(a)	$	157,814
	415,000	CCC+	4.125% due 12/1/30(a)		272,231
	200,000	CCC+	4.500% due 11/15/31(a)		129,893
	510,000	CCC-	Senior Unsecured Notes, 5.750% due 1/15/30(a)		240,345
			Paramount Global, Junior Subordinated Notes:
	619,000	B+	6.250% (3-Month USD-LIBOR + 3.899%) due 2/28/57(c)		602,948
	222,000	B+	6.375% (5-Year CMT Index + 3.999%) due 3/30/62(c)		222,532
			Sirius XM Radio LLC, Company Guaranteed Notes:
	560,000	BB+	4.000% due 7/15/28(a)		541,062
	846,000	BB+	3.875% due 9/1/31(a)		761,294
	727,000	BB-	Sunrise FinCo I BV, Senior Secured Notes, 4.875% due 7/15/31(a)		694,896
	345,000	BB+	TEGNA Inc., Company Guaranteed Notes, 4.625% due 3/15/28(a)		343,492
			Univision Communications Inc., Senior Secured Notes:
	112,000	B+	7.375% due 6/30/30(a)		112,701
	430,000	B+	8.500% due 7/31/31(a)		443,511
	505,000	B+	9.375% due 8/1/32(a)		532,172
	817,000	B-	Virgin Media Finance PLC, Company Guaranteed Notes, 5.000% due 7/15/30(a)		747,946

			Total Media		8,599,047


	Mining — 1.9%
	470,000	BB-	Capstone Copper Corp., Company Guaranteed Notes, 6.750% due 3/31/33(a)		483,085
	1,160,000	BB+	Fortescue Treasury Pty Ltd., Company Guaranteed Notes, 4.375% due 4/1/31(a)		1,103,779
			Hudbay Minerals Inc., Company Guaranteed Notes:
	40,000	B+	4.500% due 4/1/26(a)		39,753
	482,000	B+	6.125% due 4/1/29(a)		487,539
	534,000	BB	Novelis Corp., Company Guaranteed Notes, 6.375% due 8/15/33(a)		540,062

			Total Mining		2,654,218


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


	Oil & Gas — 5.9%
	668,000	BB-	Baytex Energy Corp., Company Guaranteed Notes, 7.375% due 3/15/32(a)		653,091
			Civitas Resources Inc., Company Guaranteed Notes:
	397,000	BB-	8.625% due 11/1/30(a)		413,551
	285,000	BB-	9.625% due 6/15/33(a)		301,313
			Comstock Resources Inc., Company Guaranteed Notes:
	505,000	B	6.750% due 3/1/29(a)		498,285
	170,000	B	5.875% due 1/15/30(a)		159,654
			Crescent Energy Finance LLC, Company Guaranteed Notes:
	387,000	BB-	7.625% due 4/1/32(a)		385,941
	74,000	BB-	7.375% due 1/15/33(a)		72,363
	390,000	BB-	8.375% due 1/15/34(a)		396,045
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	342,000	BB+	5.750% due 2/1/29(a)		337,860
	50,000	BB+	6.000% due 2/1/31(a)		48,232
	590,000	BB+	6.250% due 4/15/32(a)		565,259
	150,000	BB+	8.375% due 11/1/33(a)		156,675
	175,000	BB+	7.250% due 2/15/35(a)		170,949
	283,000	B-	Nabors Industries Inc., Company Guaranteed Notes, 7.375% due 5/15/27(a)		287,907
	874,000	BB-	Strathcona Resources Ltd., Senior Unsecured Notes, 6.875% due 8/1/26(a)		874,560
	255,000	BB+	Sunoco LP, Company Guaranteed Notes, 7.250% due 5/1/32(a)		269,934
	629,000	B+	Talos Production Inc., Secured Notes, 9.375% due 2/1/31(a)		652,330

See Notes to Financial Statements.

198



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Oil & Gas — 5.9% — (continued)
$	741,000	BB	Valaris Ltd., Secured Notes, 8.375% due 4/30/30(a)	$	771,953
	810,000	B	Vital Energy Inc., Company Guaranteed Notes, 7.875% due 4/15/32(a)		798,674
	582,000	B+	Wildfire Intermediate Holdings LLC, Senior Unsecured Notes, 7.500% due 10/15/29(a)		591,907

			Total Oil & Gas		8,406,483


	Oil & Gas Services — 1.4%
			Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes:
	278,000	BB-	6.250% due 4/1/28(a)		279,060
	375,000	BB-	6.625% due 9/1/32(a)		384,709
	635,000	BB-	Kodiak Gas Services LLC, Company Guaranteed Notes, 7.250% due 2/15/29(a)		657,205
	642,000	BB-	Weatherford International Ltd., Company Guaranteed Notes, 8.625% due 4/30/30(a)		658,401

			Total Oil & Gas Services		1,979,375


	Packaging & Containers — 2.7%
			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior Secured Notes:
	210,000	B	6.000% due 6/15/27(a)		210,191
	875,000	B	3.250% due 9/1/28(a)		827,575
			Clydesdale Acquisition Holdings Inc.:
	708,000	B-	Company Guaranteed Notes, 8.750% due 4/15/30(a)		730,112
	105,000	B+	Senior Secured Notes, 6.750% due 4/15/32(a)		107,956
			Crown Americas LLC, Company Guaranteed Notes:
	474,000	BB+	5.250% due 4/1/30		480,577
	195,000	BB+	5.875% due 6/1/33(a)		197,420
	728,000	CCC	Iris Holding Inc., Senior Unsecured Notes, 10.000% due 12/15/28(a)		668,699
	244,000	B	Mauser Packaging Solutions Holding Co., Senior Secured Notes, 7.875% due 8/15/26(a)		243,662
	417,000	BB-	Silgan Holdings Inc., Company Guaranteed Notes, 4.125% due 2/1/28		406,153

			Total Packaging & Containers		3,872,345


	Pharmaceuticals — 2.6%
			HLF Financing Sarl LLC/Herbalife International Inc.:
	975,000	B+	Company Guaranteed Notes, 4.875% due 6/1/29(a)		858,581
	685,000	BB-	Senior Secured Notes, 12.250% due 4/15/29(a)		746,672
	804,000	BB-	Organon & Co./Organon Foreign Debt Co.-Issuer BV, Senior Unsecured Notes, 5.125% due 4/30/31(a)		689,674
	230,000	D	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27*(a)#		—
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	400,000	BB	7.875% due 9/15/29		437,018
	270,000	BB	8.125% due 9/15/31		307,050
	325,000	BB	6.000% due 12/1/32		334,497
	325,000	BB	Teva Pharmaceutical Finance Netherlands IV BV, Company Guaranteed Notes, 5.750% due 12/1/30		332,411

			Total Pharmaceuticals		3,705,903


	Pipelines — 6.3%
	405,000	BB+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 1/15/28(a)		406,335
			Delek Logistics Partners LP/Delek Logistics Finance Corp., Company Guaranteed Notes:
	455,000	BB-	8.625% due 3/15/29(a)		475,957
	535,000	BB-	7.375% due 6/30/33(a)		535,717
	655,000	BB+	Excelerate Energy LP, Company Guaranteed Notes, 8.000% due 5/15/30(a)		697,566
			Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes:
	349,000	B	8.250% due 1/15/29		364,336
	510,000	B	8.875% due 4/15/30		540,279
	85,000	B	7.875% due 5/15/32		88,303
	110,000	B	8.000% due 5/15/33		114,976

See Notes to Financial Statements.

199



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Pipelines — 6.3% — (continued)
			Harvest Midstream I LP, Senior Unsecured Notes:
$	770,000	BB-	7.500% due 9/1/28(a)	$	778,729
	510,000	BB-	7.500% due 5/15/32(a)		525,713
			Howard Midstream Energy Partners LLC, Senior Unsecured Notes:
	775,000	BB-	7.375% due 7/15/32(a)		808,586
	35,000	BB-	6.625% due 1/15/34(a)		35,580
	1,200,000	B-	ITT Holdings LLC, Senior Unsecured Notes, 6.500% due 8/1/29(a)		1,177,516
			NGL Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes:
	392,000	B+	8.125% due 2/15/29(a)		400,170
	459,000	B+	8.375% due 2/15/32(a)		467,285
	238,000	Ba1(e)	NuStar Logistics LP, Company Guaranteed Notes, 6.375% due 10/1/30		246,590
	1,263,000	BB	Venture Global LNG Inc., Senior Secured Notes, 8.375% due 6/1/31(a)		1,325,889

			Total Pipelines		8,989,527


	Real Estate — 1.5%
			Cushman & Wakefield U.S. Borrower LLC, Senior Secured Notes:
	338,000	BB-	6.750% due 5/15/28(a)		341,570
	380,000	BB-	8.875% due 9/1/31(a)		408,006
	495,000	BB	Greystar Real Estate Partners LLC, Senior Secured Notes, 7.750% due 9/1/30(a)		524,410
			Kennedy-Wilson Inc., Company Guaranteed Notes:
	925,000	B	4.750% due 3/1/29		881,632
	41,000	B	4.750% due 2/1/30		38,466

			Total Real Estate		2,194,084


	Real Estate Investment Trusts (REITs) — 3.2%
	803,000	B+	Apollo Commercial Real Estate Finance Inc., Senior Secured Notes, 4.625% due 6/15/29(a)		772,519
	890,000	Ba3(e)	Arbor Realty SR Inc., Senior Unsecured Notes, 7.875% due 7/15/30(a)		926,553
	646,000	B+	Blackstone Mortgage Trust Inc., Senior Secured Notes, 7.750% due 12/1/29(a)		689,312
			Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes:
	305,000	BB	4.250% due 2/1/27(a)		300,233
	110,000	BB	4.750% due 6/15/29(a)		107,638
	340,000	BB	7.000% due 7/15/31(a)		357,731
			Service Properties Trust, Company Guaranteed Notes:
	180,000	BB-	8.375% due 6/15/29		185,873
	478,000	BB-	8.875% due 6/15/32		493,607
			Starwood Property Trust Inc., Senior Unsecured Notes:
	130,000	BB-	7.250% due 4/1/29(a)		136,465
	530,000	BB-	6.500% due 7/1/30(a)		550,442

			Total Real Estate Investment Trusts (REITs)		4,520,373


	Retail — 5.1%
	630,000	BB+	Brinker International Inc., Company Guaranteed Notes, 8.250% due 7/15/30(a)		670,239
	894,000	B-	CEC Entertainment LLC, Senior Secured Notes, 6.750% due 5/1/26(a)		891,588
			FirstCash Inc., Company Guaranteed Notes:
	432,000	BB	4.625% due 9/1/28(a)		424,506
	187,000	BB	5.625% due 1/1/30(a)		186,812
	77,000	BB	6.875% due 3/1/32(a)		79,991
	1,467,000	BB-	Kohl’s Corp., Senior Unsecured Notes, 5.125% due 5/1/31		1,161,579
			LBM Acquisition LLC:
	686,000	CCC	Company Guaranteed Notes, 6.250% due 1/15/29(a)		630,262
	375,000	B-	Senior Secured Notes, 9.500% due 6/15/31(a)		393,383
			Murphy Oil USA Inc., Company Guaranteed Notes:
	415,000	BB+	4.750% due 9/15/29		408,593
	110,000	BB+	3.750% due 2/15/31(a)		101,903
	807,000	CCC	Park River Holdings Inc., Senior Unsecured Notes, 6.750% due 8/1/29(a)		764,001

See Notes to Financial Statements.

200



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Retail — 5.1% — (continued)
			PetSmart LLC/PetSmart Finance Corp.:
$	$ 450,000	B-	Company Guaranteed Notes, 10.000% due 9/15/33(a)	$	442,108
	250,000	BB-	Senior Secured Notes, 7.500% due 9/15/32(a)		247,878
	257,000	BB-	QXO Building Products Inc., Senior Secured Notes, 6.750% due 4/30/32(a)		266,073
	495,000	B	Raising Cane’s Restaurants LLC, Senior Unsecured Notes, 9.375% due 5/1/29(a)		522,389

			Total Retail		7,191,305


	Semiconductors — 0.2%
	320,000	BB-	Entegris Inc., Company Guaranteed Notes, 5.950% due 6/15/30(a)		324,363


	Software — 2.4%
	635,000	B-	Capstone Borrower Inc., Senior Secured Notes, 8.000% due 6/15/30(a)		665,197
			Cloud Software Group Inc.:
	140,000	B-	Secured Notes, 9.000% due 9/30/29(a)		146,006
			Senior Secured Notes:
	355,000	B	6.500% due 3/31/29(a)		359,189
	370,000	B	8.250% due 6/30/32(a)		395,867
	365,000	B	6.625% due 8/15/33(a)		370,250
	450,000	B	Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, Senior Secured Notes, 4.625% due 5/1/28(a)		425,903
			Open Text Corp., Company Guaranteed Notes:
	20,000	BB	3.875% due 2/15/28(a)		19,455
	260,000	BB	3.875% due 12/1/29(a)		245,291
	240,000	BB	Open Text Holdings Inc., Company Guaranteed Notes, 4.125% due 12/1/31(a)		221,028
	1,116,480	B-	Rackspace Finance LLC, Senior Secured Notes, 3.500% due 5/15/28(a)		540,301

			Total Software		3,388,487


	Telecommunications — 6.1%
			Altice Financing SA, Senior Secured Notes:
	1,264,000	CCC+	5.000% due 1/15/28(a)		1,033,396
	607,000	CCC+	5.750% due 8/15/29(a)		481,746
			Bell Telephone Co. of Canada or Bell Canada, Company Guaranteed Notes:
	438,000	BB+	6.875% (5-Year CMT Index + 2.390%) due 9/15/55(c)		448,366
	330,000	BB+	7.000% (5-Year CMT Index + 2.363%) due 9/15/55(c)		338,425
	610,000	B+	C&W Senior Finance Ltd., Company Guaranteed Notes, 9.000% due 1/15/33(a)		641,181
	2,000	B-	CommScope LLC, Senior Secured Notes, 4.750% due 9/1/29(a)		1,979
	715,000	B	Connect Finco Sarl/Connect U.S. Finco LLC, Senior Secured Notes, 9.000% due 9/15/29(a)		745,689
			Maya SAS, Senior Secured Notes:
	133,000	B+	7.000% due 10/15/28(a)		135,447
	200,000	B+	8.500% due 4/15/31(a)		215,382
	985,000	B+	7.000% due 4/15/32(a)		1,014,397
			Rogers Communications Inc., Subordinated Notes:
	286,000	BB	7.000% (5-Year CMT Index + 2.653%) due 4/15/55(c)		294,009
	404,000	BB	7.125% (5-Year CMT Index + 2.620%) due 4/15/55(c)		419,408
	535,000	BB-	Sable International Finance Ltd., Senior Secured Notes, 7.125% due 10/15/32(a)		544,495
	590,000	D	Telesat Canada/Telesat LLC, Senior Secured Notes, 4.875% due 6/1/27(a)		432,175
	667,000	CCC+	Viasat Inc., Senior Unsecured Notes, 7.500% due 5/30/31(a)		626,980
			Vmed O2 UK Financing I PLC, Senior Secured Notes:
	260,000	B+	4.750% due 7/15/31(a)		243,302
	270,000	B+	7.750% due 4/15/32(a)		282,776
	780,000	CCC	Zayo Group Holdings Inc., Senior Unsecured Notes, 6.125% due 3/1/28(a)		725,249

			Total Telecommunications		8,624,402

See Notes to Financial Statements.

201



Schedules of Investments


(continued)


High Yield Fund

Face Amount/Units†		Rating††	Security	Value

	Transportation — 1.0%
$	670,000	B2(e)	Star Leasing Co. LLC, Secured Notes, 7.625% due 2/15/30(a)	$	663,144
	663,000	BB	Stonepeak Nile Parent LLC, Senior Secured Notes, 7.250% due 3/15/32(a)		696,375

			Total Transportation		1,359,519

			TOTAL CORPORATE BONDS & NOTES (Cost — $133,739,378)		135,860,359


	SENIOR LOANS — 0.3%

	Media — 0.1%
	116,115	NR	Gannett Holdings LLC, 9.185% (3-Month CME Term SOFR + 5.000%) due 10/15/29(c)		115,607


	Mining — 0.2%
	360,705	NR	Arctic Canadian Diamond Company Ltd., 10.000% (6-Month USD-LIBOR + 10.000%) due 12/31/27(c)(i)		341,764

			TOTAL SENIOR LOANS (Cost — $460,161)		457,371

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $134,199,539)		136,317,730


	SHORT-TERM INVESTMENTS — 2.8%

TIME DEPOSITS — 2.8%
	447,190		ANZ National Bank — London, 3.680% due 9/2/25		447,190
	3,503,696		Citibank — New York, 3.680% due 9/2/25		3,503,696

			TOTAL SHORT-TERM INVESTMENTS (Cost — $3,950,886)		3,950,886

			TOTAL INVESTMENTS — 99.0% (Cost — $138,150,425)		140,268,616

			Other Assets in Excess of Liabilities — 1.0%		1,453,210

			TOTAL NET ASSETS — 100.0%	$	141,721,826

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

(c)	Va riable rate security. Interest rate disclosed is that which was in effect at August 31, 2025.

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

(e)	Rating by Moody’s Investors Service. All ratings are unaudited.

(f)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2025, amounts to $782,101 and represents 0.6% of net assets.

(g)	Rating by Fitch Ratings Service. All ratings are unaudited.

(h)	Security is currently in default.

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

#	Security that used significant unobservable inputs to determine fair value. At August 31, 2025, the Fund held Level 3 securities with a total value of $0, representing 0.0% of net assets.

At August 31, 2025, for High Yield Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes	Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
High Yield Fund	$ 138,702,609	$	3,770,699	$	(2,204,692)	$	1,566,007

See Notes to Financial Statements.

202



Schedules of Investments


(continued)


High Yield Fund


Abbreviations used in this schedule:		Currency abbreviation used in this schedule:
CME	— Chicago Mercantile Exchange	USD	— United States Dollar
CMT	— Constant Maturity Treasury Rate
DAC	— Designated Activity Company
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	96.9	%
Senior Loans	0.3
Short-Term Investments	2.8

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 270-271 for definitions of ratings.

See Notes to Financial Statements.

203



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SOVEREIGN BONDS — 40.4%

	Australia — 1.6%
			Australia Government Bonds:
	100,000	^AUD	2.500% due 5/21/30	$	62,498
	50,000	^AUD	1.750% due 6/21/51		17,293
			New South Wales Treasury Corp.:
	300,000	^AUD	2.000% due 3/8/33		165,172
	1,200,000	^AUD	1.750% due 3/20/34		621,983
			Queensland Treasury Corp.:
	1,200,000	^AUD	2.000% due 8/22/33		647,836
	200,000	^AUD	1.750% due 7/20/34(a)		101,944
	300,000	^AUD	5.250% due 7/21/36(a)		199,042
			Treasury Corp. of Victoria:
	400,000	^AUD	4.250% due 12/20/32		258,097
	1,000,000	^AUD	2.250% due 9/15/33		548,459
	400,000	^AUD	2.000% due 9/17/35		199,252

			Total Australia		2,821,576


	Brazil — 1.9%
			Brazil Letras do Tesouro Nacional:
	11,900,000	^BRL	zero coupon due 10/1/25		2,168,491
	7,500,000	^BRL	zero coupon due 4/1/26		1,276,354

			Total Brazil		3,444,845


	Bulgaria — 0.4%
			Bulgaria Government International Bonds:
	400,000	^EUR	3.375% due 7/18/35		460,949
	200,000	^EUR	4.125% due 7/18/45		228,146

			Total Bulgaria		689,095


	Canada — 1.1%
	27,900,000	^INR	Export Development Canada, 7.130% due 3/11/29(a)		320,864
	200,000	^CAD	Province of British Columbia Canada, 4.150% due 6/18/34		149,482
	700,000	^CAD	Province of Ontario Canada, 3.650% due 6/2/33		510,801
			Province of Quebec Canada:
	900,000	^CAD	3.600% due 9/1/33(a)		652,598
	500,000	^CAD	4.450% due 9/1/34		381,373

			Total Canada		2,015,118


	Chile — 0.1%
$	200,000		Chile Government International Bonds, 4.850% due 1/22/29		204,430


	China — 3.1%
			China Government Bonds:
	5,300,000	^CNY	2.040% due 11/25/34		758,209
	14,900,000	^CNY	1.650% due 5/15/35		2,059,201
	4,090,000	^CNY	3.190% due 4/15/53		703,655
	12,700,000	^CNY	2.190% due 9/25/54		1,814,646
	2,300,000	^CNY	1.920% due 1/15/55		309,344

			Total China		5,645,055


	France — 3.9%
	6,000,000	^EUR	French Republic Government Bonds OAT, 2.750% due 2/25/30(a)(h)		7,054,947

See Notes to Financial Statements.

204



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SOVEREIGN BONDS — 40.4% — (continued)

	Israel — 1.0%
			Israel Government International Bonds:
$	300,000		5.375% due 3/12/29	$	308,106
	900,000		5.375% due 2/19/30		924,579
	300,000		5.500% due 3/12/34		306,538
	300,000		5.750% due 3/12/54		278,161

			Total Israel		1,817,384


	Italy — 0.3%
	400,000	^GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		560,141


	Japan — 9.2%
	50,000,000	^JPY	Japan Government Five Year Bonds, 0.400% due 6/20/29		332,065
	120,000,000	^JPY	Japan Government Forty Year Bonds, 2.200% due 3/20/64		617,818
			Japan Government Thirty Year Bonds:
	210,000,000	^JPY	1.700% due 9/20/44		1,248,050
	280,000,000	^JPY	1.400% due 9/20/45		1,546,621
	152,000,000	^JPY	0.500% due 9/20/46		673,886
	98,000,000	^JPY	0.700% due 12/20/48		426,452
	360,000,000	^JPY	0.500% due 3/20/49		1,471,230
	60,000,000	^JPY	0.700% due 12/20/50		243,704
	60,000,000	^JPY	0.700% due 3/20/51		241,648
	125,000,000	^JPY	0.700% due 6/20/51		499,349
	180,000,000	^JPY	0.700% due 12/20/51		708,536
	152,000,000	^JPY	1.800% due 3/20/54		778,987
	202,000,000	^JPY	2.200% due 6/20/54		1,135,492
			Japan Government Twenty Year Bonds:
	131,000,000	^JPY	1.200% due 9/20/35		856,445
	200,000,000	^JPY	1.000% due 12/20/35		1,277,179
	20,000,000	^JPY	0.400% due 3/20/36		119,309
	100,000,000	^JPY	0.400% due 6/20/40		528,379
	130,000,000	^JPY	1.800% due 9/20/44		785,778
	180,000,000	^JPY	2.000% due 12/20/44		1,120,926
	74,000,000	^JPY	2.400% due 3/20/45		489,738
			Japanese Government CPI Linked Bonds:
	166,215,840	^JPY	0.100% due 3/10/28		1,158,896
	52,776,770	^JPY	0.100% due 3/10/29		370,147

			Total Japan		16,630,635

	Luxembourg — 0.6%
	1,000,000		Eagle Funding Luxco Sarl, 5.500% due 8/17/30(a)		1,015,810

	Malaysia — 1.9%
			Malaysia Government Bonds:
	12,523,000	^MYR	3.519% due 4/20/28		3,003,534
	900,000	^MYR	2.632% due 4/15/31		206,464
	160,000	^MYR	3.582% due 7/15/32		38,549
	860,000	^MYR	Malaysia Government Investment Issues, 4.193% due 10/7/32		214,855

			Total Malaysia		3,463,402

	Peru — 0.8%
	900,000	^PEN	Peru Government Bonds, 7.600% due 8/12/39(a)		273,176
			Peruvian Government International Bonds:
	2,321,000	^PEN	6.950% due 8/12/31		721,850

See Notes to Financial Statements.

205



Schedules of Investments


(continued)


International Fixed Income Fund



Face Amount/Units†	Security	Value



SOVEREIGN BONDS — 40.4% — (continued)

	Peru — 0.8% — (continued)
	1,400,000	^PEN	5.400% due 8/12/34	$	379,104

			Total Peru		1,374,130


	Poland — 0.4%
			Poland Government International Bonds:
$	200,000		4.625% due 3/18/29		203,476
	100,000		4.875% due 2/12/30		102,847
	100,000		4.875% due 10/4/33		100,485
	100,000		5.125% due 9/18/34		101,099
	100,000		5.375% due 2/12/35		102,537

			Total Poland		610,444


	Romania — 0.7%
			Romanian Government International Bonds:
	600,000	^EUR	6.625% due 9/27/29		761,846
	200,000	^EUR	1.750% due 7/13/30(a)		205,341
	100,000	^EUR	2.000% due 4/14/33(a)		91,645
	50,000	^EUR	2.750% due 4/14/41(a)		37,681
	200,000	^EUR	2.875% due 4/13/42(a)		150,590

			Total Romania		1,247,103


	Saudi Arabia — 0.9%
			Saudi Government International Bonds:
	400,000		5.125% due 1/13/28(a)		408,743
	400,000		4.750% due 1/18/28(a)		405,457
	500,000	^EUR	3.375% due 3/5/32(a)		591,434
	200,000		4.875% due 7/18/33(a)		202,747

			Total Saudi Arabia		1,608,381


	Serbia — 0.1%
			Serbia International Bonds:
	100,000	^EUR	1.000% due 9/23/28(a)		108,678
	100,000	^EUR	1.650% due 3/3/33(a)		96,837

			Total Serbia		205,515


	Singapore — 0.7%
			Singapore Government Bonds:
	47,000	^SGD	2.375% due 7/1/39		38,630
	1,269,000	^SGD	3.250% due 6/1/54		1,262,808

			Total Singapore		1,301,438


	South Africa — 0.8%
			South Africa Government Bonds:
	8,800,000	^ZAR	8.000% due 1/31/30		497,308
	18,200,000	^ZAR	8.875% due 2/28/35		987,564

			Total South Africa		1,484,872


	South Korea — 0.2%
	400,000		Korea National Oil Corp., 4.250% due 9/30/29(a)		401,473


	Spain — 7.0%
	100,000	^EUR	Autonomous Community of Catalonia, 4.220% due 4/26/35		119,954
			Spain Government Bonds:
	600,000	^EUR	2.500% due 5/31/27		707,524
	400,000	^EUR	1.450% due 10/31/27(a)		462,121
	2,200,000	^EUR	2.400% due 5/31/28		2,586,750

See Notes to Financial Statements.

206



Schedules of Investments


(continued)


International Fixed Income Fund



Face Amount/Units†			Security	Value

SOVEREIGN BONDS — 40.4% — (continued)

	Spain — 7.0% — (continued)
	5,180,000	^EUR	3.450% due 10/31/34(a)	$	6,176,983
	1,560,000	^EUR	3.150% due 4/30/35(a)		1,808,585
	500,000	^EUR	1.900% due 10/31/52(a)		374,716
	700,000	^EUR	1.450% due 10/31/71(a)		358,294

			Total Spain		12,594,927


	Supranational — 0.7%
	1,000,000	^EUR	European Union, 3.750% due 10/12/45		1,147,030


	United Kingdom — 3.0%
			United Kingdom Gilts:
	1,350,000	^GBP	3.250% due 1/22/44		1,365,388
	700,000	^GBP	3.500% due 1/22/45		726,431
	500,000	^GBP	1.750% due 1/22/49		343,780
	1,400,000	^GBP	0.625% due 10/22/50		651,687
	1,300,000	^GBP	1.250% due 7/31/51		723,405
	1,000,000	^GBP	4.375% due 7/31/54		1,116,286
	200,000	^GBP	5.375% due 1/31/56		261,643
	500,000	^GBP	1.125% due 10/22/73		204,235

			Total United Kingdom		5,392,855

			TOTAL SOVEREIGN BONDS
			(Cost — $82,016,587)		72,730,606


	MORTGAGE-BACKED SECURITIES — 38.8%

	FHLMC — 5.5%
			Federal Home Loan Mortgage Corp. (FHLMC):
$	24,246		3.500% due 10/1/39		23,336
	351,948		2.500% due 12/1/51		292,921
	80,953		2.000% due 3/1/52		64,793
	1,143,420		4.500% due 9/1/52 — 10/1/52		1,105,500
	4,186,967		6.500% due 1/1/53 — 11/1/53		4,350,804
	2,467,154		5.000% due 3/1/53 — 6/1/54		2,443,288
	1,661,398		6.000% due 12/1/53 — 9/1/54		1,699,460

			Total FHLMC		9,980,102


	FNMA — 25.8%
			Federal National Mortgage Association (FNMA):
	778,126		4.500% due 9/1/34 — 6/1/52		752,355
	279,499		3.500% due 10/1/34 — 6/1/50		259,042
	8,508		6.770% (1-Year CMT Index + 2.360%) due 11/1/34(b)		8,838
	6,106,998		6.500% due 8/1/37 — 12/1/53		6,333,719
	383,546		3.000% due 10/1/49 — 5/1/51		333,279
	74,042		4.000% due 6/1/50		69,968
	400,200		2.000% due 3/1/52		320,436
	7,723,274		6.000% due 4/1/53 — 7/1/54		7,911,687
	1,274,191		5.000% due 5/1/53 — 6/1/54		1,259,166
	528,798		5.500% due 9/1/53		533,629
	344,000		4.000% due 10/1/55(c)		321,049
	12,800,000		5.000% due 10/1/55(c)		12,614,502
	3,135,000		6.000% due 10/1/55(c)		3,200,218
	12,100,000		6.500% due 10/1/55(c)		12,528,110

			Total FNMA		46,445,998

See Notes to Financial Statements.

207



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

MORTGAGE-BACKED SECURITIES — 38.8% — (continued)

	GNMA — 7.5%
			Government National Mortgage Association II (GNMA):
$	958		6.000% due 9/20/38	$	979
	4,361,689		3.000% due 11/20/51 — 6/20/52		3,871,027
	6,776,310		3.500% due 12/20/52 — 2/20/55		6,180,245
	700,000		2.500% due 9/20/55(c)		596,888
	1,200,000		3.000% due 10/20/55(c)		1,063,539
	1,800,000		6.500% due 10/20/55(c)		1,850,229

			Total GNMA		13,562,907

			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $69,649,069)		69,989,007


COLLATERALIZED MORTGAGE OBLIGATIONS — 15.9%

Asset-Backed Securities — 7.0%
	270,152		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 5.337% (1-Month Term SOFR + 1.014%) due 8/25/35(b)		267,630
	305,613		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 4.917% (1-Month Term SOFR + 0.594%) due 5/25/35(b)		274,856
	500,000		Bain Capital Credit CLO Ltd., Series 2020-2A, Class ARR, 5.565% (3-Month Term SOFR + 1.240%) due 7/19/34(a)(b)		501,042
	122,883		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 4.887% (1-Month Term SOFR + 0.564%) due 3/25/37(a)(b)		123,762
	213,451		BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 5.411% (3-Month Term SOFR + 1.200%) due 11/15/30(a)(b)		213,602
	299,543	^EUR	BNPP AM Euro CLO DAC, Series 2019-1A, Class AR, 2.815% (3-Month EURIBOR + 0.820%) due 7/22/32(a)(b)		349,654
	160,143	^EUR	Cairn CLO VII DAC, Series 2016-7A, Class A1R, 2.696% (3-Month EURIBOR + 0.670%) due 1/31/30(a)(b)		187,341
	145,631	^EUR	Cairn CLO X DAC, Series 2018-10A, Class AR, 2.806% (3-Month EURIBOR + 0.780%) due 10/15/31(a)(b)		170,255
	600,000		Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR, 5.415% (3-Month Term SOFR + 1.090%) due 7/20/34(a)(b)		600,793
	480,844		CarVal CLO I Ltd., Series 2018-1A, Class AR, 5.548% (3-Month Term SOFR + 1.230%) due 7/16/31(a)(b)		481,552
	104,695		CIFC Funding Ltd., Series 2017-4A, Class A1R, 5.530% (3-Month Term SOFR + 1.212%) due 10/24/30(a)(b)		104,703
			Countrywide Asset-Backed Certificates:
	195,603		Series 2007-9, Class 2A4, 4.687% (1-Month Term SOFR + 0.364%) due 2/25/36(b)		189,005
	32,990		Series 2007-12, Class 1A1, 5.177% (1-Month Term SOFR + 0.854%) due 8/25/47(b)		32,282
	222,292		Series 2007-13, Class 1A, 5.277% (1-Month Term SOFR + 0.954%) due 10/25/47(b)		218,323
	122,059		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		18,566
	144,274	^EUR	CVC Cordatus Loan Fund XI DAC, Series 11A, Class AR, 2.676% (3-Month EURIBOR + 0.650%) due 10/15/31(a)(b)		168,761
	461,383	^EUR	CVC Cordatus Opportunity Loan Fund DAC, Series 1A, Class AR, 2.876% (3-Month EURIBOR + 0.840%) due 8/15/33(a)(b)		540,039
	214,883	^EUR	Dryden 27 Euro CLO DAC, Series 2017-27A, Class AR, 2.686% (3-Month EURIBOR + 0.660%) due 4/15/33(a)(b)		250,845
	600,000		Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3, 5.395% (3-Month Term SOFR + 1.070%) due 4/20/34(a)(b)		600,724
	141,639		Dryden 55 CLO Ltd., Series 2018-55A, Class A1, 5.599% (3-Month Term SOFR + 1.282%) due 4/15/31(a)(b)		141,775
	500,000		Elevation CLO Ltd., Series 2018-3A, Class A1R2, 5.618% (3-Month Term SOFR + 1.300%) due 1/25/35(a)(b)		499,749
	267,823		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 5.487% (1-Month Term SOFR + 1.164%) due 5/25/37(a)(b)		263,223

See Notes to Financial Statements.

208



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 15.9% — (continued)

Asset-Backed Securities — 7.0% — (continued)
$	336,757		Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.669% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)	$	337,192
	500,000	^EUR	Grosvenor Place CLO DAC, Series 2024-2A, Class A, 3.266% (3-Month EURIBOR + 1.240%) due 1/15/39(a)(b)		585,266
	900,000	^EUR	Hayfin Emerald CLO XIV DAC, Series 14-A, Class A, 3.205% (3-Month EURIBOR + 1.210%) due 1/22/39(a)(b)		1,052,850
	500,000		ICG U.S. CLO Ltd., Series 2021-3A, Class AR, 5.475% (3-Month Term SOFR + 1.150%) due 10/20/34(a)(b)		500,486
	700,000		Jamestown CLO XVI Ltd., Series 2021-16A, Class AR, 5.438% (3-Month Term SOFR + 1.120%) due 7/25/34(a)(b)		700,780
	334,623		Northwoods Capital XII-B Ltd., Series 2018-12BA, Class AR, 5.508% (3-Month Term SOFR + 1.190%) due 6/15/31(a)(b)		334,460
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 4.977% (1-Month Term SOFR + 0.654%) due 5/25/36(b)		388,375
	45,780		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 4.577% (1-Month Term SOFR + 0.254%) due 3/25/37(b)		41,973
	229,434		OZLM IX Ltd., Series 2014-9A, Class A1A4, 5.525% (3-Month Term SOFR + 1.200%) due 10/20/31(a)(b)		229,537
	500,000	^EUR	Providus CLO II DAC, Series 2A, Class ARR, 3.186% (3-Month EURIBOR + 1.160%) due 10/15/38(a)(b)		585,407
	300,000	^EUR	Rockford Tower Europe CLO DAC, Series 2018-1A, Class A1RR, 3.292% (3-Month EURIBOR + 1.260%) due 8/29/36(a)(b)		351,160
	819,600		Soundview Home Loan Trust, Series 2006-3, Class A4, 4.937% (1-Month Term SOFR + 0.614%) due 11/25/36(b)		776,723
	461,350	^EUR	St Pauls CLO, Series 11A, Class AR, 2.892% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(b)		539,256
	21,540		Voya CLO Ltd., Series 2017-1A, Class A1R, 5.534% (3-Month Term SOFR + 1.212%) due 4/17/30(a)(b)		21,536

			Total Asset-Backed Securities		12,643,483


Mortgage Securities — 8.9%
	150,012	^GBP	ALBA PLC, Series 2007-1, Class A3, 4.435% (Sterling Overnight Index Average + 0.289%) due 3/17/39(b)		199,929
	197,866		Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A, 5.793% (30-Day Average SOFR + 1.450%) due 1/15/37(a)(b)		198,026
	4,272		Banc of America Funding Trust, Series 2006-A, Class 1A1, 6.243% due 2/20/36(b)		4,068
	183,463		BDS Ltd., Series 2021-FL10, Class A, 5.824% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(b)		183,508
			Bear Stearns Adjustable Rate Mortgage Trust:
	1,336		Series 2003-5, Class 1A2, 5.033% due 8/25/33(b)		1,293
	1,252		Series 2003-7, Class 6A, 6.064% due 10/25/33(b)		1,213
	4,424		Series 2004-2, Class 22A, 6.896% due 5/25/34(b)		4,294
	1,434		Series 2004-2, Class 23A, 4.000% due 5/25/34(b)		1,305
	25,577		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 5.075% due 1/26/36(b)		18,175
	358,066		BIG Commercial Mortgage Trust, Series 2022-BIG, Class A, 5.705% (1-Month Term SOFR + 1.342%) due 2/15/39(a)(b)		357,037
	593,561		Chase Home Lending Mortgage Trust, Series 2025-RPL1, Class A1A, 3.375% due 5/25/64(a)(b)(l)		540,840
			Countrywide Alternative Loan Trust:
	2,875		Series 2005-21CB, Class A3, 5.250% due 6/25/35		2,134
	16,573		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		7,537
	32,787		Series 2007-11T1, Class A12, 4.787% (1-Month Term SOFR + 0.464%) due 5/25/37(b)		10,077
	25,461		Series 2007-7T2, Class A9, 6.000% due 4/25/37		10,636
			Countrywide Home Loan Mortgage Pass-Through Trust:
	33,469		Series 2005-2, Class 1A1, 5.077% (1-Month Term SOFR + 0.754%) due 3/25/35(b)		31,127
	454		Series 2005-3, Class 2A1, 5.017% (1-Month Term SOFR + 0.694%) due 4/25/35(b)		439
	33,640		Series 2005-9, Class 1A3, 4.897% (1-Month Term SOFR + 0.574%) due 5/25/35(b)		29,512
	11,058		Series 2005-11, Class 3A1, 3.651% due 4/25/35(b)		8,413

See Notes to Financial Statements.

209



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 15.9% — (continued)

Mortgage Securities — 8.9% — (continued)
$	5,019		Series 2005-HYB9, Class 3A2A, 6.662% (1-Year Term SOFR + 2.465%) due 2/20/36(b)	$	4,350
	490,277		Series 2007-4, Class 1A47, 6.000% due 5/25/37		207,907
	91,937		Series 2007-19, Class 2A1, 6.500% due 11/25/47		43,436
			Credit Suisse Commercial Mortgage Capital Trust:
	34,400		Series 2007-5R, Class A5, 6.500% due 7/26/36		7,207
	69,493		Series 2021-INV1, Class A3, 2.500% due 7/25/56(a)(b)		57,126
	340,020		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.937% (1-Month Term SOFR + 1.614%) due 10/25/47(b)		260,866
	21,611	^GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 4.419% (Sterling Overnight Index Average + 0.269%) due 6/15/44(b)		29,121
	107,285	^GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 5.222% (Sterling Overnight Index Average + 1.069%) due 6/13/45(b)		144,904
	340,358		Extended Stay America Trust, Series 2021-ESH, Class A, 5.557% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(b)		340,527
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	2,815		Series 2391, Class FJ, 4.957% (30-Day Average SOFR + 0.614%) due 4/15/28(b)		2,813
	13,388		Series 2614, Class SJ, 7.405% (19.348% — 2.75% x 30-Day Average SOFR) due 5/15/33(d)		15,224
	48,242		Series 4579, Class FD, 4.778% (30-Day Average SOFR + 0.464%) due 1/15/38(b)		47,607
	48,242		Series 4579, Class SD, 1.911% due 1/15/38(b)(e)		2,514
	830,929		Series 5513, Class MF, 5.288% (30-Day Average SOFR + 0.940%) due 11/25/54(b)		835,707
			Federal Home Loan Mortgage Corp. (FHLMC), Structured Pass-Through Certificates:
	5,521		Series T-35, Class A, 4.743% (30-Day Average SOFR + 0.394%) due 9/25/31(b)		5,501
	13,485		Series T-62, Class 1A1, 5.422% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(b)		12,379
	3,125		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		3,144
	18,875		Federal National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		19,675
			Federal National Mortgage Association (FNMA), REMICS:
	3,099		Series 2003-34, Class A1, 6.000% due 4/25/43		3,134
	3,443		Series 2006-48, Class TF, 4.863% (30-Day Average SOFR + 0.514%) due 6/25/36(b)		3,419
	38,306		Series 2009-104, Class FA, 5.263% (30-Day Average SOFR + 0.914%) due 12/25/39(b)		38,527
	872,100		Series 2024-90, Class FA, 5.848% (30-Day Average SOFR + 1.500%) due 12/25/54(b)		881,955
	436,026		Series 2025-6, Class GF, 5.748% (30-Day Average SOFR + 1.400%) due 2/25/55(b)		438,688
	771,678		GCAT Trust, Series 2023-NQM4, Class A1, 4.250% due 5/25/67(a)(b)		740,498
	6,529		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.845% due 11/19/35(b)		5,708
			Government National Mortgage Association (GNMA):
	55,418		Series 2016-H15, Class FA, 5.242% (1-Month Term SOFR + 0.914%) due 7/20/66(b)		55,577
	2,482		Series 2017-121, Class PE, 3.000% due 7/20/46		2,438
	477,838		Series 2024-H07, Class JF, 5.135% (30-Day Average SOFR + 0.790%) due 4/20/74(b)		477,912
	727,147		GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(b)		595,706
			GS Mortgage-Backed Securities Trust:
	74,211		Series 2021-GR3, Class A2, 2.500% due 4/25/52(a)(b)		60,818
	74,963		Series 2021-INV1, Class A2, 2.500% due 12/25/51(a)(b)		61,413
			GSR Mortgage Loan Trust:
	1,301		Series 2003-1, Class A2, 5.880% (1-Year CMT Index + 1.750%) due 3/25/33(b)		1,297
	28,202		Series 2005-AR7, Class 2A1, 4.980% due 11/25/35(b)		27,259
			Harborview Mortgage Loan Trust:
	8,146		Series 2005-2, Class 2A1A, 4.908% (1-Month Term SOFR + 0.554%) due 5/19/35(b)		7,842
	11,351		Series 2005-3, Class 2A1A, 4.948% (1-Month Term SOFR + 0.594%) due 6/19/35(b)		11,094
	37,990		Series 2006-SB1, Class A1A, 5.072% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(b)		34,273
	51,614		Series 2007-1, Class 2A1A, 4.728% (1-Month Term SOFR + 0.374%) due 3/19/37(b)		47,810
			JP Morgan Mortgage Trust:
	576		Series 2003-A2, Class 3A1, 5.947% due 11/25/33(b)		560
	323		Series 2005-A1, Class 6T1, 5.588% due 2/25/35(b)		316
	304,479		Series 2021-10, Class A3, 2.500% due 12/25/51(a)(b)		249,501

See Notes to Financial Statements.

210



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 15.9% — (continued)

Mortgage Securities — 8.9% — (continued)
$	875,940		Series 2021-INV4, Class A2, 3.000% due 1/25/52(a)(b)	$	748,550
	730,464		Series 2021-INV8, Class A2, 3.000% due 5/25/52(a)(b)		626,036
	558,202		Series 2022-INV1, Class A3, 3.000% due 3/25/52(a)(b)		478,415
	712,266		Series 2022-LTV2, Class A3, 3.500% due 9/25/52(a)(b)		632,393
	237,181	^GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 4.387% (Sterling Overnight Index Average + 0.279%) due 1/1/61(b)		314,565
	300,000		Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.130% due 9/10/39(a)		285,549
	1,497		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 6.056% due 2/25/33(b)		1,393
			MFA Trust:
	57,406		Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		56,115
	320,479		Series 2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(a)		322,572
			New Residential Mortgage Loan Trust:
	118,998		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b)		114,922
	126,969		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b)		122,233
	268,369	^GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 4.266% (Sterling Overnight Index Average + 0.279%) due 12/1/50(b)		356,919
	400,000		NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 5.573% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		399,448
	824,669		OBX Trust, Series 2024-HYB1, Class A1, 3.630% due 3/25/53(a)(b)		810,992
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 5.428% (1-Month Term SOFR + 1.064%) due 1/15/36(a)(b)		291,297
	216,745		PRET LLC, Series 2021-RN3, Class A1, step bond to yield, 4.843% due 9/25/51(a)		216,885
	336,883		PRKCM Trust, Series 2023-AFC4, Class A1, step bond to yield, 7.225% due 11/25/58(a)		342,396
	361,351		PRPM Trust, Series 2023-NQM3, Class A1, step bond to yield, 6.221% due 11/25/68(a)		364,730
			RALI Trust:
	63,494		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		52,079
	40,184		Series 2007-QO2, Class A1, 4.587% (1-Month Term SOFR + 0.264%) due 2/25/47(b)		12,230
			Residential Asset Securitization Trust:
	13,319		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		4,408
	36,567		Series 2006-R1, Class A2, 4.837% (1-Month Term SOFR + 0.514%) due 1/25/46(b)		10,152
	117,555	^GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 4.429% (Sterling Overnight Index Average + 0.279%) due 12/15/43(b)		156,573
			RMAC Securities No 1 PLC:
	223,275	^GBP	Series 2006-NS3X, Class A2A, 4.428% (Sterling Overnight Index Average + 0.269%) due 6/12/44(b)		296,552
	118,148	^GBP	Series 2006-NS1X, Class A2A, 4.428% (Sterling Overnight Index Average + 0.269%) due 6/12/44(b)		157,927
			Structured Adjustable Rate Mortgage Loan Trust:
	1,266		Series 2004-1, Class 4A1, 6.337% due 2/25/34(b)		1,228
	452		Series 2004-4, Class 3A2, 6.120% due 4/25/34(b)		448
	17,825		Series 2004-19, Class 2A1, 5.622% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(b)		16,079
			Structured Asset Mortgage Investments II Trust:
	17,909		Series 2005-AR2, Class 2A1, 4.897% (1-Month Term SOFR + 0.574%) due 5/25/45(b)		16,989
	18,573		Series 2005-AR8, Class A1A, 4.997% (1-Month Term SOFR + 0.674%) due 2/25/36(b)		15,517
	15,721		Series 2006-AR5, Class 1A1, 4.857% (1-Month Term SOFR + 0.534%) due 5/25/36(b)		11,012
	84,088		Series 2007-AR4, Class A3, 4.877% (1-Month Term SOFR + 0.554%) due 9/25/47(b)		74,580
	46,753		Series 2007-AR6, Class A1, 5.722% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(b)		39,609
	40,436		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 4.717% (1-Month Term SOFR + 0.394%) due 1/25/36(a)(b)		33,710
	360,488	^GBP	Towd Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1, 4.978% (Sterling Overnight Index Average + 0.925%) due 7/20/53(a)(b)		488,780
			Towd Point Mortgage Trust:
	396,771		Series 2019-4, Class A1, 2.900% due 10/25/59(a)(b)		381,561
	94,260		Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		91,018
	79,088		UWM Mortgage Trust, Series 2021-INV5, Class A12, 3.000% due 1/25/52(a)(b)		67,455
			WaMu Mortgage Pass-Through Certificates Trust:
	2,997		Series 2002-AR9, Class 1A, 5.622% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(b)		2,905

See Notes to Financial Statements.

211



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

COLLATERALIZED MORTGAGE OBLIGATIONS — 15.9% — (continued)

Mortgage Securities — 8.9% — (continued)
$	875		Series 2003-AR5, Class A7, 5.775% due 6/25/33(b)	$	878
	28,502		Series 2003-AR9, Class 2A, 5.709% due 9/25/33(b)		27,802
	75,573		Series 2004-AR1, Class A, 6.189% due 3/25/34(b)		76,028
	9,889		Series 2005-AR13, Class A1A1, 5.017% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		9,929
	18,348		Series 2006-AR10, Class 2A1, 4.254% due 9/25/36(b)		15,699
	28,368		Series 2006-AR13, Class 2A, 5.722% (1-Year Treasury Average Rate + 1.500%) due 10/25/46(b)		26,754
	13,877		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5, Class 3A, 5.162% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(b)		8,517
	35,220		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 6.221% due 12/25/32(b)		35,039

			Total Mortgage Securities		16,012,184

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $29,603,750)		28,655,667


CORPORATE BONDS & NOTES — 12.6%

	Belgium — 0.1%
	200,000		KBC Group NV, Senior Unsecured Notes, 5.796% (1-Year CMT Index + 2.100%) due 1/19/29(a)(b)		206,714


	Canada — 1.4%
	800,000		Canadian Imperial Bank of Commerce, Covered Notes, 4.876% due 1/14/30(a)		831,025
	100,000	^EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28		117,091
			Royal Bank of Canada, Senior Unsecured Notes:
	400,000		4.969% (SOFR + 1.100%) due 8/2/30(b)		408,645
	400,000		4.696% (SOFR + 1.060%) due 8/6/31(b)		404,052
	700,000		Toronto-Dominion Bank (The), Covered Notes, 4.814% due 7/16/27(a)		712,038

			Total Canada		2,472,851


Cayman Islands — 0.1%
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		203,953


Denmark — 0.4%
	600,000		Danske Bank AS, Senior Non-Preferred Notes, 4.613% (1-Year CMT Index + 1.100%) due 10/2/30(a)(b)		604,391
			Jyske Realkredit AS, Covered Notes:
	31,702	^DKK	1.000% due 10/1/50		3,833
	450,394	^DKK	1.500% due 10/1/53		57,126
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	15	^DKK	1.000% due 10/1/50		2
	179,657	^DKK	1.500% due 10/1/53		22,931

			Total Denmark		688,283


France — 0.7%
	400,000		BPCE SA, Senior Non-Preferred Notes, 6.612% (SOFR + 1.980%) due 10/19/27(a)(b)		409,130
	800,000		Credit Agricole SA, Senior Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(b)		831,225

			Total France		1,240,355


Germany — 0.6%
			Deutsche Bank AG, Senior Non-Preferred Notes:
	400,000		2.552% (SOFR + 1.318%) due 1/7/28(b)		390,735
	700,000		4.999% (SOFR + 1.700%) due 9/11/30(b)		711,333

			Total Germany		1,102,068


Italy — 0.1%
	100,000	^EUR	Banca Monte dei Paschi di Siena SpA, Covered Notes, 0.875% due 10/8/26		115,424


Japan — 0.5%
	200,000		Nomura Holdings Inc., Senior Unsecured Notes, 2.329% due 1/22/27		194,694

See Notes to Financial Statements.

212



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

CORPORATE BONDS & NOTES — 12.6% — (continued)

Japan — 0.5% — (continued)
$	500,000		Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes, 5.246% (SOFR + 1.500%) due 7/8/36(b)	$	507,407
	200,000		Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes, 5.200% due 3/7/29(a)		206,416

			Total Japan		908,517


Netherlands — 0.2%
	400,000		ABN AMRO Bank NV, Senior Non-Preferred Notes, 6.575% (1-Year CMT Index + 1.550%) due 10/13/26(a)(b)		400,989


Qatar — 0.1%
	200,000		QatarEnergy, Senior Unsecured Notes, 2.250% due 7/12/31(a)		178,078


Switzerland — 0.8%
			UBS Group AG, Senior Unsecured Notes:
	250,000		4.282% due 1/9/28(a)		249,797
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(b)		247,615
	300,000		4.194% (SOFR + 3.730%) due 4/1/31(a)(b)		296,460
	600,000		6.537% (SOFR + 3.920%) due 8/12/33(a)(b)		658,110

			Total Switzerland		1,451,982


United Arab Emirates — 0.4%
			Abu Dhabi Developmental Holding Co. PJSC, Senior Unsecured Notes:
	200,000		4.500% due 5/6/30(a)		202,105
	500,000		4.375% due 10/2/31(a)		499,420

			Total United Arab Emirates		701,525


United Kingdom — 2.0%
			Barclays PLC, Senior Unsecured Notes:
	800,000		6.496% (SOFR + 1.880%) due 9/13/27(b)		816,769
	400,000	^EUR	4.918% (EUR Swap Rate + 1.750%) due 8/8/30(b)		498,869
	200,000		HSBC Holdings PLC, Senior Unsecured Notes, 4.041% (3-Month Term SOFR + 1.808%) due 3/13/28(b)		199,264
	300,000		Lloyds Banking Group PLC, Senior Unsecured Notes, 5.721% (1-Year CMT Index + 1.070%) due 6/5/30(b)		313,883
	300,000		Nationwide Building Society, Senior Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(b)		294,157
	500,000		Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.534% (SOFR + 2.600%) due 1/10/29(b)		523,800
	900,000		Standard Chartered PLC, Senior Unsecured Notes, 6.750% (1-Year CMT Index + 1.850%) due 2/8/28(a)(b)		928,882

			Total United Kingdom		3,575,624


United States — 5.2%
			Athene Global Funding:
	500,000		Secured Notes, 5.114% (SOFR + 0.750%) due 7/16/26(a)(b)		501,573
	300,000		Senior Secured Notes, 5.516% due 3/25/27(a)		305,217
			Bank of America Corp., Senior Unsecured Notes:
	500,000		5.202% (SOFR + 1.630%) due 4/25/29(b)		512,635
	700,000		1.898% (SOFR + 1.530%) due 7/23/31(b)		622,273
	600,000		5.511% (SOFR + 1.310%) due 1/24/36(b)		618,227
	150,000		GA Global Funding Trust, Secured Notes, 2.250% due 1/6/27(a)		145,772
	100,000		Goldman Sachs Bank USA, Senior Unsecured Notes, 5.283% (SOFR + 0.777%) due 3/18/27(b)		100,465
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	400,000		6.484% (SOFR + 1.770%) due 10/24/29(b)		425,650
	600,000		5.727% (SOFR + 1.265%) due 4/25/30(b)		628,411
	500,000		5.851% (SOFR + 1.552%) due 4/25/35(b)		527,318
	400,000		5.330% (SOFR + 1.550%) due 7/23/35(b)		406,832
			JPMorgan Chase & Co., Senior Unsecured Notes:
	600,000		4.603% (SOFR + 1.040%) due 10/22/30(b)		606,465
	400,000		5.502% (SOFR + 1.315%) due 1/24/36(b)		413,314

See Notes to Financial Statements.

213



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

CORPORATE BONDS & NOTES — 12.6% — (continued)

United States — 5.2% — (continued)
$	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, 0.000% due 5/25/49*(f)(g)	$	1,300
	600,000		Lincoln Financial Global Funding, Secured Notes, 5.300% due 1/13/30(a)		622,330
	200,000		Pacific Gas & Electric Co., 1st Mortgage Notes, 4.400% due 3/1/32		193,253
	200,000		PacifiCorp, 1st Mortgage Notes, 5.300% due 2/15/31		207,971
			Philip Morris International Inc., Senior Unsecured Notes:
	200,000		4.875% due 2/13/29		204,328
	300,000	^EUR	3.250% due 6/6/32		348,464
	200,000		5.250% due 2/13/34		204,421
	600,000		PNC Financial Services Group Inc. (The), Senior Unsecured Notes, 5.575% (SOFR + 1.394%) due 1/29/36(b)		619,422
			Wells Fargo & Co., Senior Unsecured Notes:
	600,000		4.808% (SOFR + 1.980%) due 7/25/28(b)		606,507
	500,000	^EUR	3.900% (3-Month EURIBOR + 1.220%) due 7/22/32(b)		603,458

			Total United States		9,425,606

			TOTAL CORPORATE BONDS & NOTES (Cost — $22,160,749)		22,671,969


	U.S. GOVERNMENT OBLIGATIONS — 7.7%
			U.S. Treasury Bonds:
	200,000		1.375% due 11/15/40(h)		127,500
	1,100,000		1.875% due 2/15/41(h)		756,250
	975,000		4.125% due 8/15/44(h)		885,879
	300,000		3.000% due 2/15/48(i)		220,248
	175,000		3.000% due 8/15/48(h)		127,825
	800,000		3.375% due 11/15/48(h)		624,875
	400,000		2.250% due 8/15/49(h)		247,109
	350,000		2.375% due 11/15/49(h)(i)		221,723
	3,900,000		4.500% due 11/15/54(h)		3,643,910
	1,900,000		4.625% due 2/15/55(h)(i)		1,812,719
			U.S. Treasury Inflation Indexed Notes:
	1,307,680		0.500% due 1/15/28(h)(i)(j)		1,296,404
	1,083,141		0.125% due 7/15/31(h)		1,015,958
	814,541		0.125% due 1/15/32(h)(i)		752,596
	111,018		0.625% due 7/15/32(i)		105,423
	1,516,018		1.125% due 1/15/33(h)		1,472,787
			U.S. Treasury Notes:
	200,000		4.000% due 2/29/28(h)(i)		201,910
	400,000		4.375% due 5/15/34(h)(i)		407,805

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $14,855,102)		13,920,921


	ASSET-BACKED SECURITIES — 0.1%

	Student Loans — 0.1%
	15,616		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 5.552% (90-Day Average SOFR + 1.212%) due 4/25/38(b)		15,610
	206,383		SMB Private Education Loan Trust, Series 2022-B, Class A1B, 5.793% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(b)		208,475

			TOTAL ASSET-BACKED SECURITIES (Cost — $221,999)		224,085


	MUNICIPAL BOND — 0.1%

	Arizona — 0.1%
	200,000		Maricopa County Industrial Development Authorities, Revenue Bonds, 7.375% due 10/1/29(a) (Cost—$200,000)		210,066

			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $218,707,256)		208,402,321

See Notes to Financial Statements.

214



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†			Security	Value

SHORT-TERM INVESTMENTS — 7.5%

COMMERCIAL PAPERS — 1.8%
$	500,000		American Electric Power Co., Inc., 4.568% due 9/15/25(a)(k)	$	499,115
	500,000		AMETEK Inc., 4.628% due 11/20/25(a)(k)		494,922
	350,000		Becton Dickinson & Co., 4.547% due 9/30/25(a)(k)		348,725
	300,000		CBRE Services Inc., 4.641% due 9/17/25(a)(k)		299,387
	450,000		Jones Lang Lasalle Finance BV, 4.717% due 9/4/25(a)(k)		449,824
	500,000		NextEra Energy Capital Holdings Inc., 4.615% due 9/26/25(a)(k)		498,410
			VW Credit Inc.:
	500,000		4.647% due 10/14/25(a)(k)		497,247
	250,000		4.676% due 9/10/25(a)(k)		249,709

			TOTAL COMMERCIAL PAPERS (Cost — $3,337,339)		3,337,339


REPURCHASE AGREEMENT — 2.0%
	3,600,000		Citigroup Global Markets Inc. repurchase agreement dated 8/29/25, 4.350% due 9/2/25, Proceeds at maturity — $3,600,429; (Fully collateralized by U.S. Treasury Notes, 3.625% due 8/15/28; Valued — $3,675,420) (Cost — $3,600,000)		3,600,000


TIME DEPOSITS — 3.4%
	112,201	^AUD	ANZ National Bank — Hong Kong, 2.270% due 9/1/25		73,453
			BBH — New York:
	906	^CHF	(0.370)% due 9/1/25		1,132
	9,751	^DKK	0.650% due 9/1/25		1,528
	29,870	^SEK	0.820% due 9/1/25		3,157
	288,703	^CAD	1.590% due 9/2/25		210,241
	8,981	^NZD	1.700% due 9/1/25		5,299
	232,113	^GBP	2.920% due 9/1/25		313,724
	602,817	^NOK	2.980% due 9/1/25		59,968
	171,612	^ZAR	4.980% due 9/1/25		9,730
	1,420,447	^EUR	Citibank — London, 0.870% due 9/1/25		1,661,852
	2,863,724		Citibank — New York, 3.680% due 9/2/25		2,863,724
	452	^HKD	HSBC Bank — Hong Kong, 2.020% due 9/1/25		58
	24,239	^SGD	HSBC Bank — Singapore, 0.230% due 9/1/25		18,893
	795,277		Skandinaviska Enskilda Banken AB — Stockholm, 3.680% due 9/2/25		795,277
	11,817,956	^JPY	Sumitomo Mitsui Banking Corp. — Tokyo, 0.120% due 9/1/25		80,427

			TOTAL TIME DEPOSITS (Cost — $6,098,463)		6,098,463


U.S. GOVERNMENT OBLIGATIONS — 0.3%
			U.S. Treasury Bills:
	99,000		4.110% due 12/16/25(i)(k)		97,817
	25,000		4.114% due 12/9/25(i)(k)		24,721
	324,000		4.260% due 9/16/25(i)(k)		323,431
	22,000		4.283% due 11/4/25(i)(k)		21,835
	3,000		4.297% due 9/11/25(k)		2,996

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $470,800)		470,800

			TOTAL SHORT-TERM INVESTMENTS (Cost — $13,506,602)		13,506,602

			TOTAL INVESTMENTS IN SECURITIES (Cost — $232,213,858)		221,908,923

			TOTAL INVESTMENTS IN PURCHASED OPTIONS — 0.0%@ (Cost — $67,057)		49,070

			TOTAL INVESTMENTS — 123.1% (Cost — $232,280,915)		221,957,993

See Notes to Financial Statements.

215



Schedules of Investments


(continued)


International Fixed Income Fund

Face Amount/Units†	Security	Value
	Liabilities in Excess of Other Assets — (23.1)%	$	(41,609,028	)

	TOTAL NET ASSETS — 100.0%	$	180,348,965

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

*	Non-income producing security.

@	The amount is less than 0.05%.

(a)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2025.

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

(d)	Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of August 31, 2025.

(e)	Interest only security.

(f)	Illiquid security.

(g)	Security is currently in default.

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

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

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

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

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

At August 31, 2025, for International Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
International Fixed Income Fund	$	235,071,876	$	10,141,835	$	(25,674,207)	$	(15,532,372)


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

See Notes to Financial Statements.

216



Schedules of Investments


(continued)


International Fixed Income Fund


Summary of Investments by Security Type^
Sovereign Bonds	32.8	%
Mortgage-Backed Securities	31.5
Collateralized Mortgage Obligations	12.9
Corporate Bonds & Notes	10.2
U.S. Government Obligations	6.3
Asset-Backed Securities	0.1
Municipal Bond	0.1
Purchased Options	0.0	*
Short-Term Investments	6.1

Total Investments	100.0	%

^	As a percentage of total investments.

*	Position represents less than 0.05%.

At August 31, 2025, International Fixed Income Fund held the following Options Contracts Purchased:

Currency Options



Number of Contracts		Notional Amount†			Security Name	Counterparty	Expiration Date		Strike Price		Value
	87,000	$	132,895		OTC Australian Dollar vs U.S. Dollar, Put	BCLY		10/14/25	$	0.62	$	61
	462,000		705,721		OTC Australian Dollar vs U.S. Dollar, Put	GSC		10/8/25	$	0.63		305
	542,000		827,923		OTC Australian Dollar vs U.S. Dollar, Put	HSBC		10/10/25	$	0.62		216
	372,000		9,099,174	^CZK	OTC Euro vs Czech Koruna, Put	BOA		3/11/26	CZK	24.65		4,484
	1,287,127		31,483,313	^CZK	OTC Euro vs Czech Koruna, Put	JPM		12/22/25	CZK	24.60		12,362
	294,000		116,533,724	^HUF	OTC Euro vs Hungarian Forint, Put	BOA		10/29/25	HUF	397.00		1,962
	272,000		107,813,513	^HUF	OTC Euro vs Hungarian Forint, Put	JPM		9/29/25	HUF	395.00		791
	835,000		976,908		OTC Euro vs U.S. Dollar, Put	BCLY		10/10/25	$	1.13		1,047
	19,000		22,229		OTC Euro vs U.S. Dollar, Put	BNP		10/14/25	$	1.12		991
	1,162,000		1,359,482		OTC Euro vs U.S. Dollar, Put	BNP		11/26/25	$	1.11		1,525
	2,975,000		3,480,601		OTC Euro vs U.S. Dollar, Put	GSC		10/14/25	$	1.13		3,735
	45,500		53,233		OTC Euro vs U.S. Dollar, Put	GSC		12/17/25	$	1.10		2,316
	45,500		53,233		OTC Euro vs U.S. Dollar, Put	HSBC		12/23/25	$	1.10		2,208
	900,000		166,006	^BRL	OTC U.S. Dollar vs Brazilian Real, Put	BOA		11/18/25	BRL	5.47		14,333
	103,000		103,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	GSC		8/14/26	HKD	7.80		120
	198,000		198,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC		8/24/26	HKD	7.80		238
	422,000		422,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA		8/14/26	HKD	7.80		492
	379,000		379,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC		8/14/26	HKD	7.80		442
	661,000		661,000		OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA		8/24/26	HKD	7.80		793
	532,000		17,404	^TWD	OTC U.S. Dollar vs New Taiwan Dollar, Put	JPM		9/9/25	TWD	28.20		6
	369,000		369,000		OTC U.S. Dollar vs Swedish Krona, Call	BCLY		11/26/25	SEK	10.20		643

					TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $67,057)						$	49,070

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

See Notes to Financial Statements.

217



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund held the following Options Contracts Written:



Currency Options

Number of Contracts	Notional Amount†			Security Name	Counterparty	Expiration Date		Strike Price			Value
900,000		4,879,350	^BRL	OTC U.S. Dollar vs Brazilian Real, Call	BOA		11/18/25		BRL	5.80	$	8,004
900,000	$	900,000		OTC U.S. Dollar vs Brazilian Real, Put	BOA		11/18/25		BRL	5.25		3,133
103,000		802,937	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	GSC		8/14/26		HKD	7.85		70
198,000		1,543,509	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC		8/24/26		HKD	7.85		139
422,000		3,289,701	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA		8/14/26		HKD	7.85		287
379,000		2,954,495	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	HSBC		8/14/26		HKD	7.85		258
661,000		5,152,826	^HKD	OTC U.S. Dollar vs Hong Kong Dollar, Call	BOA		8/24/26		HKD	7.85		464
532,000		16,261,910	^TWD	OTC U.S. Dollar vs New Taiwan Dollar, Call	JPM		9/9/25		TWD	29.90		11,504
532,000		532,000		OTC U.S. Dollar vs New Taiwan Dollar, Put	JPM		9/9/25		TWD	28.90		22
291,000		11,973,966	^TRY	OTC U.S. Dollar vs Turkish Lira, Call	GSC		12/11/25		TRY	53.50		3,524
184,000		7,571,168	^TRY	OTC U.S. Dollar vs Turkish Lira, Call	UBS		12/16/25		TRY	54.00		2,358

				Total Currency Options							$	29,763



Interest Rate Swaptions

Number of Contracts	Notional Amount†			Security Name	Counterparty	Expiration Date		Exercise Rate		Value
400,000	$	17,360		OTC 5-Year Swaption, SOFR, Put	BCLY		9/25/25		4.350%	$	—	@
800,000		34,720		OTC 5-Year Swaption, SOFR, Put	DUB		9/25/25		4.330%		1
300,000		6,141	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Call	BCLY		9/15/25		2.510%		170
300,000		6,141	^EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put	BCLY		9/15/25		2.750%		558
500,000		21,700		OTC 10-Year Swaption, SOFR, Call	BOA		9/8/25		3.523%		242
800,000		34,720		OTC 10-Year Swaption, SOFR, Call	BOA		9/22/25		3.598%		2,834
400,000		17,360		OTC 10-Year Swaption, SOFR, Call	BOA		9/29/25		3.550%		1,250
400,000		17,360		OTC 10-Year Swaption, SOFR, Call	GSC		9/26/25		3.597%		1,648
500,000		21,700		OTC 10-Year Swaption, SOFR, Put	BOA		9/8/25		3.873%		151
800,000		34,720		OTC 10-Year Swaption, SOFR, Put	BOA		9/22/25		3.898%		1,006
400,000		17,360		OTC 10-Year Swaption, SOFR, Put	BOA		9/29/25		3.850%		984
400,000		17,360		OTC 10-Year Swaption, SOFR, Put	GSC		9/26/25		3.897%		657

				Total Interest Rate Swaptions						$	9,501

Options on Futures

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Strike
Price

Value

256,300^EUR

Euro-Bund Futures, Call

SOG

9/26/25

EUR 129.50

842

256,300^EUR

Euro-Bund Futures, Put

SOG

9/26/25

EUR 127.00

492

Total Options on Futures

1,334

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received — $65,180)

40,598

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

@	The value is less than $0.50.

See Notes to Financial Statements.

218



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amount†			Security	Value
	713,566	^EUR	Canadian Imperial Bank of Commerce, 2.040% due 9/5/25	$	834,836
			Deutsche Bank Securities Inc.:
$	127,000		4.460% due 9/3/25		127,000
	365,345		4.470% due 9/4/25		365,345
			JPMorgan Chase & Co.:
	3,834,739		4.480% due 9/2/25		3,834,739
	1,795,400		4.460% due 9/3/25		1,795,400
	3,675,750		4.470% due 9/3/25		3,675,750
	567,203		4.460% due 9/4/25		567,203
	2,373,031		4.470% due 9/10/25		2,373,031

			TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $13,553,503)	$	13,573,304

For the year ended August 31, 2025, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $9,144,570 and 4.427%, respectively.

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

See Notes to Financial Statements.

219



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund held the following Forward Sale Commitments:



Face Amount†		Security	Value
		Federal National Mortgage Association (FNMA):
$	2,100,000	2.000% due 9/1/40(a)	$	1,926,995
	17,750,000	2.000% due 9/1/55(a)		14,113,520
	700,000	2.500% due 9/1/55(a)		582,013
	2,500,000	3.000% due 9/1/55(a)		2,167,366
	300,000	3.500% due 10/1/55(a)		271,081
	1,963,000	4.500% due 10/1/55(a)		1,887,028
	3,500,000	5.000% due 9/1/55(a)		3,452,286
	700,000	5.500% due 9/1/55(a)		704,103
	3,500,000	6.000% due 9/1/55(a)		3,576,092

		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $28,495,397)	$	28,680,484

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

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

At August 31, 2025, International Fixed Income Fund had cash collateral from brokers in the amount of $260,000 for open securities purchased on a forward commitment basis.

See Notes to Financial Statements.

220



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Government 3-Year Bond Futures		54		9/25	$	3,796,358	$	3,794,114	$	(2,244	)
Canada Government 10-Year Bond Futures		85		12/25		7,422,772		7,459,475		36,703
Canada Government 5-Year Bond Futures		12		12/25		995,168		998,748		3,580
Euro-BTP Futures		167		9/25		23,558,394		23,494,643		(63,751	)
Euro-Buxl 30-Year Bond Futures		11		9/25		1,557,063		1,466,603		(90,460	)
Euro-OAT Futures		20		9/25		2,920,897		2,852,572		(68,325	)
Euro-Schatz Note Futures		53		9/25		6,661,923		6,638,506		(23,417	)
U.S. Treasury 5-Year Note Futures		46		12/25		5,003,578		5,035,562		31,984
U.S. Treasury 10-Year Note Futures		22		12/25		2,454,857		2,475,000		20,143
U.S. Ultra Long Bond Futures		61		12/25		6,921,757		6,978,781		57,024
United Kingdom Treasury 10-Year Gilt Futures		47		12/25		5,743,354		5,750,301		6,947

										(91,816	)

Contracts to Sell:
Australian Government 10-Year Bond Futures		123		9/25		9,145,599		9,155,314		(9,715	)
Euro-Bobl Futures		30		9/25		4,149,181		4,122,670		26,511
Euro-Bund Futures		27		9/25		4,143,741		4,092,310		51,431
Japan Government 10-Year Bond Futures		18		9/25		16,978,544		16,848,510		130,034
U.S. Treasury 2-Year Note Futures		35		12/25		7,285,743		7,298,868		(13,125	)
U.S. Treasury Long Bond Futures		1		12/25		113,922		114,250		(328	)
U.S. Treasury Ultra Long Bond Futures		30		12/25		3,506,801		3,496,875		9,926

										194,734

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	102,918

At August 31, 2025, International Fixed Income Fund had deposited cash of $1,459,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

At August 31, 2025, International Fixed Income Fund had open forward foreign currency contracts as described below.

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


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		6,929,956		USD	4,492,691		WFB	$	4,536,696		9/2/25	$	44,005
Brazilian Real		1,000,000		USD	183,046		BNP		183,066		10/2/25		20
Brazilian Real		600,000		USD	109,455		BNP		109,840		10/2/25		385
Brazilian Real		2,058,542		USD	379,000		BNP		379,700		9/3/25		700
Brazilian Real		600,000		USD	108,271		BNP		109,840		10/2/25		1,569
Brazilian Real		601,403		USD	110,000		BOA		110,097		10/2/25		97
Brazilian Real		393,000		USD	70,000		BOA		72,489		9/3/25		2,489
Brazilian Real		2,674,481		USD	490,000		BOA		493,310		9/3/25		3,310
Brazilian Real		602,664		USD	110,000		GSC		110,327		10/2/25		327
Brazilian Real		2,400,000		USD	434,543		GSC		439,359		10/2/25		4,816

See Notes to Financial Statements.

221



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Brazilian Real		2,400,000		USD	433,111		GSC	$	439,358	10/2/25	$	6,247
Brazilian Real		2,030,896		USD	372,266		JPM		371,788	10/2/25		(478	)
Brazilian Real		2,016,192		USD	371,552		JPM		371,888	9/3/25		336
Brazilian Real		966,134		USD	171,945		SOG		178,204	9/3/25		6,259
Brazilian Real		4,080,581		USD	751,987		WFB		752,667	9/3/25		680
Brazilian Real		16,222,228		USD	2,935,393		WFB		2,969,741	10/2/25		34,348
Brazilian Real		12,024,451		USD	2,144,160		WFB		2,217,919	9/3/25		73,759
British Pound		5,696,189		USD	7,656,817		BCLY		7,698,967	9/2/25		42,150
British Pound		290,000		USD	381,537		GSC		391,964	9/2/25		10,427
British Pound		100,000		USD	135,816		HSBC		135,160	9/2/25		(656	)
Canadian Dollar		248,227		USD	180,332		HSBC		180,765	9/2/25		433
Canadian Dollar		4,910,408		USD	3,548,229		JPM		3,575,887	9/2/25		27,658
Chinese Onshore Renminbi		2,897,592		USD	407,939		BNP		406,349	9/2/25		(1,590	)
Chinese Onshore Renminbi		2,660,670		USD	374,790		BNP		374,662	10/30/25		(128	)
Chinese Onshore Renminbi		114,040		USD	16,000		BNP		16,002	9/11/25		2
Chinese Onshore Renminbi		1,218,540		USD	170,841		BNP		170,897	9/4/25		56
Chinese Onshore Renminbi		1,209,037		USD	169,661		BNP		169,730	9/16/25		69
Chinese Onshore Renminbi		477,002		USD	66,995		BNP		67,146	10/24/25		151
Chinese Onshore Renminbi		1,448,089		USD	202,913		BNP		203,090	9/4/25		177
Chinese Onshore Renminbi		2,073,074		USD	290,974		BNP		291,181	9/22/25		207
Chinese Onshore Renminbi		2,892,516		USD	406,115		BNP		407,262	10/28/25		1,147
Chinese Onshore Renminbi		2,896,252		USD	405,757		DUB		406,161	9/2/25		404
Chinese Onshore Renminbi		1,690,913		USD	237,198		GSC		237,377	9/16/25		179
Chinese Onshore Renminbi		156,970		USD	22,000		JPM		22,040	9/18/25		40
Chinese Onshore Renminbi		2,455,677		USD	344,557		JPM		344,616	9/12/25		59
Chinese Onshore Renminbi		1,974,972		USD	277,158		SCB		277,255	9/16/25		97
Chinese Onshore Renminbi		2,226,572		USD	312,734		SCB		313,281	10/16/25		547
Chinese Onshore Renminbi		191,093		USD	26,774		WFB		26,888	10/16/25		114
Danish Krone		3,612,426		USD	566,286		JPM		567,375	10/2/25		1,089
Danish Krone		3,048,397		USD	474,550		SCB		478,787	10/2/25		4,237
Danish Krone		4,370,570		USD	679,528		SOG		684,978	9/2/25		5,450
Danish Krone		2,305,881		USD	354,304		SOG		361,389	9/2/25		7,085
Egyptian Pound		2,450,500		USD	50,000		BOA		49,918	9/22/25		(82	)
Egyptian Pound		963,680		USD	19,000		DUB		18,969	12/2/25		(31	)
Egyptian Pound		986,600		USD	20,000		GSC		20,064	9/25/25		64
Euro		150,000		USD	175,386		BCLY		175,493	9/2/25		107
Euro		668,000		USD	779,254		BCLY		781,527	9/2/25		2,273
Euro		158,000		USD	182,544		BNP		184,852	9/2/25		2,308
Euro		304,000		USD	354,830		BOA		356,328	10/2/25		1,498
Euro		493,000		USD	563,355		BOA		576,786	9/2/25		13,431
Euro		102,000		USD	118,802		HSBC		119,335	9/2/25		533
Euro		1,286,000		USD	1,474,018		HSBC		1,504,556	9/2/25		30,538
Euro		860,000		USD	997,184		JPM		1,006,158	9/2/25		8,974
Hungarian Forint		31,539,260		USD	92,774		JPM		92,992	9/22/25		218
Indian Rupee		47,310,334		USD	540,000		BNP		536,630	9/12/25		(3,370	)
Indian Rupee		13,967,606		USD	159,175		GSC		158,154	10/17/25		(1,021	)
Indian Rupee		12,702,693		USD	144,657		HSBC		144,049	9/17/25		(608	)
Indian Rupee		11,942,844		USD	135,901		HSBC		135,432	9/17/25		(469	)
Indian Rupee		3,250,710		USD	37,086		HSBC		36,863	9/17/25		(223	)
Indian Rupee		12,128,779		USD	138,152		JPM		137,541	9/17/25		(611	)
Indian Rupee		11,139,917		USD	126,809		JPM		126,327	9/17/25		(482	)
Indian Rupee		11,160,164		USD	126,877		JPM		126,557	9/17/25		(320	)

See Notes to Financial Statements.

222



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Indian Rupee		11,996,995		USD	137,826		SCB	$	136,046	9/17/25	$	(1,780	)
Indian Rupee		12,090,572		USD	137,984		SCB		137,107	9/17/25		(877	)
Indian Rupee		11,927,784		USD	136,124		SCB		135,261	9/17/25		(863	)
Indian Rupee		16,063,738		USD	182,966		SCB		182,163	9/17/25		(803	)
Indian Rupee		10,943,722		USD	124,568		SCB		124,102	9/17/25		(466	)
Indian Rupee		5,841,777		USD	66,533		SCB		66,246	9/17/25		(287	)
Indian Rupee		19,851,862		USD	226,147		WFB		225,121	9/17/25		(1,026	)
Indian Rupee		19,767,830		USD	224,824		WFB		223,830	10/17/25		(994	)
Indian Rupee		7,932,621		USD	90,459		WFB		89,956	9/17/25		(503	)
Indian Rupee		25,064,966		USD	283,473		WFB		283,809	10/17/25		336
Indonesian Rupiah		2,108,735,121		USD	128,547		BCLY		127,844	9/17/25		(703	)
Indonesian Rupiah		4,879,481,130		USD	300,000		BNP		295,848	9/12/25		(4,152	)
Indonesian Rupiah		2,600,885,426		USD	158,791		BNP		157,680	9/17/25		(1,111	)
Indonesian Rupiah		2,602,891,315		USD	157,804		BNP		157,802	9/17/25		(2	)
Indonesian Rupiah		4,885,617,892		USD	299,355		DUB		296,031	10/15/25		(3,324	)
Indonesian Rupiah		2,558,287,086		USD	156,777		GSC		155,098	9/17/25		(1,679	)
Indonesian Rupiah		1,304,214,373		USD	79,522		GSC		79,069	9/17/25		(453	)
Indonesian Rupiah		2,620,369,015		USD	158,546		GSC		158,774	10/15/25		228
Indonesian Rupiah		3,530,486,103		USD	216,415		JPM		214,038	9/17/25		(2,377	)
Indonesian Rupiah		489,477,932		USD	29,677		JPM		29,675	9/17/25		(2	)
Indonesian Rupiah		1,338,597,009		USD	82,431		SCB		81,153	9/17/25		(1,278	)
Indonesian Rupiah		2,855,436,261		USD	172,842		SCB		173,113	9/17/25		271
Israeli New Shekel		862,735		USD	252,498		DUB		258,462	10/15/25		5,964
Israeli New Shekel		67,000		USD	20,002		HSBC		20,080	11/13/25		78
Israeli New Shekel		234,000		USD	69,692		HSBC		70,103	10/15/25		411
Israeli New Shekel		236,000		USD	70,158		HSBC		70,702	10/15/25		544
Israeli New Shekel		86,627		USD	25,315		UBS		25,952	10/15/25		637
Japanese Yen		55,600,000		USD	378,457		BCLY		378,386	9/2/25		(71	)
Japanese Yen		105,900,000		USD	715,002		BCLY		720,703	9/2/25		5,701
Japanese Yen		59,400,000		USD	403,671		HSBC		404,247	9/2/25		576
Japanese Yen		114,000,000		USD	759,972		HSBC		775,827	9/2/25		15,855
Japanese Yen		40,217,273		USD	272,270		SCB		273,699	9/2/25		1,429
Japanese Yen		657,026,280		USD	4,452,906		SOG		4,471,392	9/2/25		18,486
Japanese Yen		1,259,077,700		USD	8,536,120		WFB		8,568,652	9/2/25		32,532
Kazakhstan Tenge		37,387,710		USD	70,410		DUB		67,216	12/15/25		(3,194	)
Kazakhstan Tenge		25,775,000		USD	50,000		DUB		47,725	9/12/25		(2,275	)
Kazakhstan Tenge		25,887,500		USD	50,000		DUB		47,948	9/11/25		(2,052	)
Kazakhstan Tenge		10,305,000		USD	20,000		DUB		19,081	9/12/25		(919	)
Kazakhstan Tenge		10,898,720		USD	21,040		DUB		20,186	9/11/25		(854	)
Kazakhstan Tenge		10,451,265		USD	19,590		DUB		18,789	12/15/25		(801	)
Kazakhstan Tenge		5,180,000		USD	10,000		DUB		9,594	9/11/25		(406	)
Kazakhstan Tenge		5,289,500		USD	10,000		DUB		9,778	9/17/25		(222	)
Kazakhstan Tenge		5,492,500		USD	10,000		DUB		10,044	10/21/25		44
Kazakhstan Tenge		4,472,800		USD	8,000		DUB		8,124	11/12/25		124
Kazakhstan Tenge		8,361,000		USD	15,000		DUB		15,157	11/18/25		157
Kazakhstan Tenge		4,752,350		USD	8,500		DUB		8,672	10/28/25		172
Kazakhstan Tenge		4,753,625		USD	8,500		DUB		8,674	10/28/25		174
Kazakhstan Tenge		5,543,500		USD	10,000		DUB		10,205	9/30/25		205
Kazakhstan Tenge		15,682,500		USD	30,000		GSC		29,075	9/8/25		(925	)
Kazakhstan Tenge		10,862,520		USD	20,960		GSC		20,119	9/11/25		(841	)
Kazakhstan Tenge		548,700		USD	1,000		HSBC		1,012	9/24/25		12
Kazakhstan Tenge		1,097,100		USD	2,000		HSBC		2,024	9/24/25		24

See Notes to Financial Statements.

223



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Kazakhstan Tenge		4,941,000		USD	9,000		HSBC	$	9,114	9/24/25	$	114
Kazakhstan Tenge		5,490,000		USD	10,000		JPM		10,043	10/20/25		43
Kazakhstan Tenge		4,430,400		USD	8,000		JPM		8,094	10/24/25		94
Korean Won		139,143,006		USD	100,000		GSC		100,355	9/29/25		355
Korean Won		139,099,000		USD	100,000		JPM		100,328	9/30/25		328
Korean Won		82,502,075		USD	59,567		UBS		59,466	9/17/25		(101	)
Korean Won		69,246,546		USD	49,996		UBS		49,911	9/17/25		(85	)
Malaysian Ringgit		202,778		USD	48,337		BCLY		48,033	9/24/25		(304	)
Malaysian Ringgit		70,433		USD	16,728		BCLY		16,684	9/24/25		(44	)
Malaysian Ringgit		178,647		USD	42,303		BCLY		42,317	9/24/25		14
Mexican Peso		5,681,000		USD	302,432		BNP		303,857	9/17/25		1,425
Mexican Peso		7,235,000		USD	388,358		GSC		386,976	9/17/25		(1,382	)
Mexican Peso		6,173,800		USD	324,033		WFB		327,038	12/17/25		3,005
Mexican Peso		5,337,540		USD	274,121		WFB		285,488	9/17/25		11,367
New Taiwan Dollar		1,205,800		USD	40,000		BNP		39,601	10/20/25		(399	)
New Taiwan Dollar		4,750,132		USD	155,691		JPM		155,504	9/11/25		(187	)
New Zealand Dollar		140,325		USD	81,669		SOG		82,799	9/2/25		1,130
Nigerian Naira		159,500		USD	100		DUB		102	10/9/25		2
Nigerian Naira		47,490,000		USD	30,000		JPM		30,360	10/3/25		360
Nigerian Naira		93,515,000		USD	59,000		JPM		59,643	10/7/25		643
Nigerian Naira		190,200,000		USD	120,000		JPM		121,308	10/7/25		1,308
Nigerian Naira		144,938,400		USD	92,200		JPM		93,988	9/9/25		1,788
Nigerian Naira		249,779,800		USD	156,700		JPM		159,121	10/9/25		2,421
Norwegian Krone		281,847		USD	27,691		UBS		28,038	9/2/25		347
Peruvian Sol		152,291		USD	42,110		BCLY		43,093	9/17/25		983
Peruvian Sol		341,879		USD	94,593		BNP		96,740	9/17/25		2,147
Peruvian Sol		1,011,108		USD	286,136		WFB		286,165	9/10/25		29
Peruvian Sol		83,011		USD	22,890		WFB		23,489	9/17/25		599
Polish Zloty		851,905		USD	232,989		BCLY		233,650	10/15/25		661
Polish Zloty		372,510		USD	101,830		BNP		102,212	9/17/25		382
Polish Zloty		911,000		USD	249,174		DUB		249,967	9/17/25		793
Polish Zloty		429,617		USD	116,042		DUB		117,881	9/17/25		1,839
Polish Zloty		564,225		USD	153,538		JPM		154,748	10/15/25		1,210
Polish Zloty		426,501		USD	114,952		UBS		117,026	9/17/25		2,074
Polish Zloty		948,113		USD	259,386		WFB		260,037	10/15/25		651
Singapore Dollar		3,550,656		USD	2,764,232		HSBC		2,767,464	9/2/25		3,232
Singapore Dollar		1,053,935		USD	827,203		WFB		821,462	9/2/25		(5,741	)
South African Rand		4,248,000		USD	241,525		BOA		240,613	9/18/25		(912	)
Swedish Krona		1,047,143		USD	110,629		BCLY		110,865	10/2/25		236
Swedish Krona		2,787,745		USD	290,222		HSBC		294,604	9/2/25		4,382
Swedish Krona		1,050,000		USD	110,684		JPM		111,167	10/2/25		483
Swedish Krona		1,050,000		USD	109,505		JPM		110,962	9/2/25		1,457
Swiss Franc		585,278		USD	729,846		BCLY		734,133	10/2/25		4,287
Swiss Franc		251,022		USD	312,076		BNP		313,738	9/2/25		1,662
Swiss Franc		223,379		USD	276,163		HSBC		279,190	9/2/25		3,027
Swiss Franc		114,000		USD	141,320		SOG		142,483	9/2/25		1,163
Thai Baht		2,262,575		USD	70,000		BCLY		70,299	10/20/25		299
Thai Baht		2,259,915		USD	70,000		GSC		70,216	10/20/25		216
Turkish Lira		5,823,097		USD	134,781		BCLY		134,748	10/28/25		(33	)
Turkish Lira		133,948		USD	3,099		BCLY		3,122	10/20/25		23
Turkish Lira		269,433		USD	6,197		BCLY		6,240	10/27/25		43
Turkish Lira		269,446		USD	6,197		BCLY		6,241	10/27/25		44

See Notes to Financial Statements.

224



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Turkish Lira		265,566		USD	6,198		BCLY	$	6,245	10/10/25	$	47
Turkish Lira		525,628		USD	12,227		BCLY		12,315	10/14/25		88
Turkish Lira		959,865		USD	22,756		BCLY		23,152	9/12/25		396
Turkish Lira		3,715,944		USD	87,000		BCLY		87,535	10/8/25		535
Turkish Lira		1,025,673		USD	22,000		BCLY		22,892	12/12/25		892
Turkish Lira		985,950		USD	21,000		BCLY		21,915	12/17/25		915
Turkish Lira		5,508,100		USD	130,000		BCLY		131,167	9/26/25		1,167
Turkish Lira		5,604,873		USD	132,450		BCLY		134,449	9/18/25		1,999
Turkish Lira		5,756,319		USD	136,029		BCLY		138,209	9/17/25		2,180
Turkish Lira		9,367,310		USD	221,034		BCLY		223,882	9/22/25		2,848
Turkish Lira		9,573,491		USD	222,966		BCLY		225,924	10/6/25		2,958
Turkish Lira		11,457,639		USD	270,000		BCLY		273,094	9/25/25		3,094
Turkish Lira		16,961,120		USD	400,000		BCLY		404,639	9/24/25		4,639
Turkish Lira		16,925,211		USD	400,170		BCLY		405,628	9/19/25		5,458
Turkish Lira		6,098,483		USD	143,502		JPM		144,831	9/29/25		1,329

												455,743

Contracts to Sell:
Australian Dollar		262,000		USD	169,191		BCLY		171,518	9/2/25		(2,327	)
Australian Dollar		6,225,956		USD	4,061,409		BNP		4,075,822	9/2/25		(14,413	)
Australian Dollar		125,000		USD	81,703		BNP		81,873	10/2/25		(170	)
Australian Dollar		125,000		USD	80,891		HSBC		81,831	9/2/25		(940	)
Australian Dollar		123,000		USD	80,257		JPM		80,563	10/2/25		(306	)
Australian Dollar		442,000		USD	288,309		UBS		289,356	9/2/25		(1,047	)
Australian Dollar		6,929,956		USD	4,495,109		WFB		4,539,001	10/2/25		(43,892	)
Brazilian Real		2,700,000		USD	440,533		BNP		494,278	10/2/25		(53,745	)
Brazilian Real		1,500,000		USD	246,832		BNP		274,599	10/2/25		(27,767	)
Brazilian Real		1,300,000		USD	215,908		BNP		237,985	10/2/25		(22,077	)
Brazilian Real		600,000		USD	103,704		BNP		105,306	4/2/26		(1,602	)
Brazilian Real		600,000		USD	104,776		BNP		105,306	4/2/26		(530	)
Brazilian Real		2,058,542		USD	379,357		BNP		379,700	9/3/25		(343	)
Brazilian Real		1,100,000		USD	192,778		BNP		193,061	4/2/26		(283	)
Brazilian Real		486,741		USD	89,000		BNP		89,106	10/2/25		(106	)
Brazilian Real		3,067,481		USD	565,288		BOA		565,799	9/3/25		(511	)
Brazilian Real		8,500,000		USD	1,387,687		GSC		1,556,062	10/2/25		(168,375	)
Brazilian Real		1,400,000		USD	229,516		GSC		256,293	10/2/25		(26,777	)
Brazilian Real		1,300,000		USD	214,001		GSC		237,986	10/2/25		(23,985	)
Brazilian Real		900,000		USD	148,069		GSC		164,760	10/2/25		(16,691	)
Brazilian Real		600,000		USD	98,493		GSC		109,840	10/2/25		(11,347	)
Brazilian Real		300,000		USD	46,682		GSC		54,920	10/2/25		(8,238	)
Brazilian Real		400,000		USD	66,126		GSC		73,227	10/2/25		(7,101	)
Brazilian Real		2,600,000		USD	449,415		GSC		456,326	4/2/26		(6,911	)
Brazilian Real		2,600,000		USD	450,890		GSC		456,327	4/2/26		(5,437	)
Brazilian Real		2,016,192		USD	372,266		JPM		371,888	9/3/25		378
Brazilian Real		966,134		USD	178,043		SOG		178,204	9/3/25		(161	)
Brazilian Real		16,105,032		USD	2,935,393		WFB		2,970,586	9/3/25		(35,193	)
British Pound		5,696,189		USD	7,658,931		BCLY		7,701,091	10/2/25		(42,160	)
British Pound		5,800,189		USD	7,788,969		JPM		7,839,534	9/2/25		(50,565	)
British Pound		144,000		USD	195,078		JPM		194,631	9/2/25		447
British Pound		142,000		USD	188,150		UBS		191,927	9/2/25		(3,777	)
Canadian Dollar		392,000		USD	285,434		GSC		285,465	9/2/25		(31	)
Canadian Dollar		247,871		USD	180,332		HSBC		180,759	10/2/25		(427	)

See Notes to Financial Statements.

225



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Canadian Dollar		4,903,418		USD	3,548,229		JPM	$	3,575,791	10/2/25	$	(27,562	)
Canadian Dollar		4,525,490		USD	3,283,886		JPM		3,295,580	9/2/25		(11,694	)
Canadian Dollar		241,000		USD	174,034		SOG		175,502	9/2/25		(1,468	)
Chinese Offshore Renminbi		12,705,430		USD	1,772,183		BNP		1,785,962	9/15/25		(13,779	)
Chinese Offshore Renminbi		3,021,976		USD	421,279		BNP		424,790	9/15/25		(3,511	)
Chinese Offshore Renminbi		114,592		USD	16,000		BNP		16,102	9/11/25		(102	)
Chinese Offshore Renminbi		16,779,280		USD	2,340,337		JPM		2,358,610	9/15/25		(18,273	)
Chinese Offshore Renminbi		157,652		USD	22,000		JPM		22,167	9/18/25		(167	)
Chinese Offshore Renminbi		9,992,023		USD	1,391,918		SCB		1,404,547	9/15/25		(12,629	)
Chinese Offshore Renminbi		22,359,513		USD	3,119,787		WFB		3,143,006	9/15/25		(23,219	)
Chinese Offshore Renminbi		11,101,326		USD	1,550,196		WFB		1,560,478	9/15/25		(10,282	)
Chinese Onshore Renminbi		2,897,592		USD	406,115		BNP		406,348	9/2/25		(233	)
Chinese Onshore Renminbi		2,667,116		USD	374,790		BNP		374,056	9/4/25		734
Chinese Onshore Renminbi		2,896,252		USD	407,751		DUB		406,161	9/2/25		1,590
Danish Krone		7,230,000		USD	1,034,163		HSBC		1,149,381	4/1/26		(115,218	)
Danish Krone		3,055,225		USD	474,550		SCB		478,830	9/2/25		(4,280	)
Euro		439,000		USD	513,294		BCLY		513,609	9/2/25		(315	)
Euro		134,500		RON	685,482		BCLY		157,441	9/11/25		555
Euro		146,683		RON	748,289		BCLY		171,702	9/11/25		770
Euro		581,000		USD	673,208		BNP		679,741	9/2/25		(6,533	)
Euro		362,000		USD	421,763		BOA		423,522	9/2/25		(1,759	)
Euro		131,008		RON	672,097		GSC		153,914	11/7/25		522
Euro		27,625,994		USD	32,053,253		JPM		32,321,046	9/2/25		(267,793	)
Euro		25,290,994		USD	29,578,711		JPM		29,644,357	10/2/25		(65,646	)
Euro		166,648		RON	854,238		SOG		195,785	11/7/25		504
Euro		183,737		RON	942,424		SOG		215,862	11/7/25		690
Hong Kong Dollar		774,930		USD	100,000		HSBC		99,929	3/2/26		71
Hong Kong Dollar		6,144,957		USD	793,000		JPM		792,409	3/2/26		591
Hungarian Forint		26,203,450		EUR	65,000		JPM		77,219	10/1/25		(1,036	)
Indian Rupee		13,945,322		USD	159,175		GSC		158,140	9/17/25		1,035
Indian Rupee		25,022,162		USD	283,473		WFB		283,752	9/17/25		(279	)
Indian Rupee		19,736,580		USD	224,824		WFB		223,813	9/17/25		1,011
Indonesian Rupiah		5,008,490		USD	307		BCLY		304	9/17/25		3
Indonesian Rupiah		2,949,300,000		USD	180,000		BNP		178,763	9/30/25		1,237
Indonesian Rupiah		4,882,774,022		USD	299,355		DUB		296,048	9/12/25		3,307
Indonesian Rupiah		2,618,387,190		USD	158,546		GSC		158,741	9/17/25		(195	)
Indonesian Rupiah		2,939,400,000		USD	180,000		GSC		178,166	9/29/25		1,834
Israeli New Shekel		172,000		USD	50,385		BNP		51,528	10/15/25		(1,143	)
Israeli New Shekel		862,293		USD	252,498		DUB		258,422	11/13/25		(5,924	)
Israeli New Shekel		86,584		USD	25,315		UBS		25,949	11/13/25		(634	)
Israeli New Shekel		589,060		USD	176,083		UBS		176,473	10/15/25		(390	)
Israeli New Shekel		658,369		USD	197,839		UBS		197,237	10/15/25		602
Japanese Yen		759,470,796		USD	5,138,187		BNP		5,168,578	9/2/25		(30,391	)
Japanese Yen		85,100,000		USD	577,657		BNP		579,148	9/2/25		(1,491	)
Japanese Yen		42,269,870		USD	283,582		BOA		287,667	9/2/25		(4,085	)
Japanese Yen		14,005,811		USD	95,459		BOA		95,623	10/2/25		(164	)
Japanese Yen		3,489,028		USD	23,659		BOA		23,745	9/2/25		(86	)
Japanese Yen		50,000,000		USD	371,443		GSC		344,700	1/5/26		26,743
Japanese Yen		112,900,000		USD	763,438		HSBC		768,341	9/2/25		(4,903	)
Japanese Yen		9,957,881		USD	67,952		HSBC		67,986	10/2/25		(34	)
Japanese Yen		60,000,000		USD	437,801		JPM		413,640	1/5/26		24,161
Japanese Yen		487,182,982		USD	3,302,858		SCB		3,315,523	9/2/25		(12,665	)

See Notes to Financial Statements.

226



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Japanese Yen		139,362,373		USD	949,141		SCB	$	951,482	10/2/25	$	(2,341	)
Japanese Yen		40,083,997		USD	272,270		SCB		273,669	10/2/25		(1,399	)
Japanese Yen		654,852,816		USD	4,452,906		SOG		4,470,938	10/2/25		(18,032	)
Japanese Yen		10,500,000		USD	71,243		UBS		71,457	9/2/25		(214	)
Japanese Yen		733,826,428		USD	4,953,651		WFB		4,994,055	9/2/25		(40,404	)
Japanese Yen		1,254,909,512		USD	8,536,120		WFB		8,567,761	10/2/25		(31,641	)
Japanese Yen		220,355,194		USD	1,486,095		WFB		1,499,627	9/2/25		(13,532	)
Kazakhstan Tenge		9,226,750		USD	17,000		DUB		17,090	9/11/25		(90	)
Korean Won		37,162,226		USD	26,835		BCLY		26,785	9/17/25		50
Korean Won		249,796,800		USD	180,000		BNP		180,000	9/12/25		—
Korean Won		263,526,769		USD	189,947		DUB		189,943	9/17/25		4
Korean Won		303,412,248		USD	219,322		DUB		218,692	9/17/25		630
Korean Won		359,398,318		USD	260,751		HSBC		259,045	9/17/25		1,706
Korean Won		260,280,674		USD	187,379		JPM		187,604	9/17/25		(225	)
Malaysian Ringgit		5,803,790		USD	1,376,872		BCLY		1,374,414	9/17/25		2,458
Malaysian Ringgit		9,181,821		USD	2,180,955		GSC		2,174,376	9/17/25		6,579
Mexican Peso		188,000		USD	10,003		BNP		10,055	9/17/25		(52	)
Mexican Peso		572,000		USD	29,798		BOA		30,595	9/17/25		(797	)
Mexican Peso		6,370		USD	330		DUB		340	9/17/25		(10	)
Mexican Peso		565,000		USD	29,827		GSC		30,220	9/17/25		(393	)
Mexican Peso		187,000		USD	9,850		GSC		9,906	12/17/25		(56	)
New Taiwan Dollar		1,220,172		USD	40,000		BNP		40,006	9/30/25		(6	)
New Taiwan Dollar		1,006,383		USD	33,000		BNP		32,946	9/11/25		54
New Taiwan Dollar		581,198		USD	19,503		BNP		19,088	10/20/25		415
New Taiwan Dollar		11,767,565		USD	386,000		BNP		385,233	9/11/25		767
New Taiwan Dollar		8,127,883		USD	273,298		BNP		266,935	10/20/25		6,363
New Taiwan Dollar		12,822,683		USD	430,000		BNP		419,808	9/12/25		10,192
New Taiwan Dollar		18,132,095		USD	608,011		BNP		595,494	10/20/25		12,517
New Taiwan Dollar		1,219,360		USD	40,000		GSC		39,979	9/30/25		21
New Taiwan Dollar		4,776,226		USD	161,000		JPM		156,358	9/11/25		4,642
New Taiwan Dollar		1,921,836		USD	62,939		SCB		62,915	9/11/25		24
New Taiwan Dollar		6,111,250		USD	205,766		SCB		200,705	10/20/25		5,061
New Taiwan Dollar		7,037,447		USD	237,701		SCB		231,123	10/20/25		6,578
New Taiwan Dollar		11,782,136		USD	398,146		SCB		386,948	10/20/25		11,198
New Zealand Dollar		140,325		USD	83,885		BNP		82,798	9/2/25		1,087
New Zealand Dollar		140,325		USD	81,757		SOG		82,885	10/2/25		(1,128	)
Norwegian Krone		281,803		USD	27,691		UBS		28,039	10/2/25		(348	)
Norwegian Krone		304,601		USD	29,885		WFB		30,302	9/2/25		(417	)
Peruvian Sol		1,451,311		USD	397,293		BCLY		410,674	9/17/25		(13,381	)
Peruvian Sol		1,201,895		USD	327,456		BCLY		339,639	11/10/25		(12,183	)
Peruvian Sol		761,097		USD	208,554		DUB		215,337	9/22/25		(6,783	)
Peruvian Sol		1,011,108		USD	275,905		GSC		286,166	9/10/25		(10,261	)
Peruvian Sol		389,103		USD	108,922		SCB		109,856	12/17/25		(934	)
Peruvian Sol		672,343		USD	189,665		WFB		190,141	10/9/25		(476	)
Peruvian Sol		1,011,108		USD	286,083		WFB		286,111	9/17/25		(28	)
Singapore Dollar		230,000		USD	177,428		BCLY		179,267	9/2/25		(1,839	)
Singapore Dollar		357,000		USD	277,203		BCLY		278,254	9/2/25		(1,051	)
Singapore Dollar		27,146		USD	21,135		BCLY		21,158	9/2/25		(23	)
Singapore Dollar		89,518		USD	70,078		BOA		69,773	9/2/25		305
Singapore Dollar		3,542,529		USD	2,764,232		HSBC		2,767,763	10/2/25		(3,531	)
Singapore Dollar		358,705		USD	279,975		HSBC		280,255	10/2/25		(280	)
Singapore Dollar		348,000		USD	271,656		HSBC		271,891	10/2/25		(235	)

See Notes to Financial Statements.

227



Schedules of Investments


(continued)


International Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date	Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Singapore Dollar		29,111		USD	22,524		HSBC	$	22,689	9/2/25	$	(165	)
Singapore Dollar		46,814		USD	36,530		HSBC		36,488	9/2/25		42
Singapore Dollar		22,675		USD	17,655		SCB		17,673	9/2/25		(18	)
Singapore Dollar		408,000		USD	318,034		SOG		318,005	9/2/25		29
Singapore Dollar		3,753,815		USD	2,949,974		WFB		2,925,811	9/2/25		24,163
South African Rand		5,115,644		USD	289,997		BNP		289,759	9/18/25		238
South African Rand		2,703,603		USD	153,534		DUB		153,137	9/18/25		397
South African Rand		2,700,870		USD	153,534		DUB		152,982	9/18/25		552
South African Rand		3,269,854		USD	186,062		WFB		185,210	9/18/25		852
Swedish Krona		964,019		USD	98,817		BNP		101,876	9/2/25		(3,059	)
Swedish Krona		2,782,417		USD	290,222		HSBC		294,584	10/2/25		(4,362	)
Swedish Krona		575,000		USD	60,066		HSBC		60,765	9/2/25		(699	)
Swedish Krona		1,248,617		USD	130,882		SOG		131,952	9/2/25		(1,070	)
Swiss Franc		587,453		USD	729,846		BCLY		734,224	9/2/25		(4,378	)
Swiss Franc		16,000		USD	19,844		BCLY		19,997	9/2/25		(153	)
Swiss Franc		15,012		USD	18,774		GSC		18,830	10/2/25		(56	)
Swiss Franc		16,000		USD	20,057		JPM		20,069	10/2/25		(12	)
Thai Baht		1,552,604		USD	47,994		BOA		48,240	10/20/25		(246	)
Thai Baht		969,450		USD	30,128		GSC		30,121	10/20/25		7
Thai Baht		1,832,666		USD	56,893		HSBC		56,942	10/20/25		(49	)
Thai Baht		1,829,231		USD	56,819		HSBC		56,835	10/20/25		(16	)
Turkish Lira		695,532		USD	16,497		BCLY		16,821	9/9/25		(324	)
Turkish Lira		482,000		USD	11,484		BCLY		11,563	9/18/25		(79	)
Turkish Lira		3,295,504		USD	76,917		BNP		77,771	10/6/25		(854	)
Turkish Lira		1,538,460		USD	33,000		GSC		34,337	12/12/25		(1,337	)
Turkish Lira		985,950		USD	21,000		UBS		21,915	12/17/25		(915	)

												(1,241,284	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts											$	(785,541	)

At August 31, 2025, International Fixed Income Fund held the following OTC Total Return Swap Contracts:


Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Financing Rate		Payment Frequency		Maturity Date		Counterparty		Notional Amount			Value			Upfront Payment Paid		Unrealized Depreciation
iBoxx Investment Grade Index	SOFR		3.229%		PAM		9/22/25		BNP		USD	1,200,000	$	(35,293	)	$	12,952	$	(48,245	)
iBoxx Investment Grade Index	SOFR		3.244%		PAM		12/22/25		BNP		USD	7,800,000		(182,294)			77,175		(259,469	)
iBoxx Investment Grade Index	SOFR		3.228%		PAM		9/22/25		JPM		USD	3,300,000		(97,907	)		34,023		(131,930	)

													$	(315,494	)	$	124,150	$	(439,644	)

See Notes to Financial Statements.

228



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate	Maturity Date		Payment Frequency		Counterparty		Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month MYR-KLIBOR	3.500%		3/19/30		3-Month		BNP		MYR	2,000,000	$	8,948		$	(1,022	)	$	9,970
Receive	3-Month MYR-KLIBOR	3.750%		9/18/34		3-Month		BNP		MYR	1,050,000		(10,118	)		(2,898	)		(7,220	)
Pay	China 7-Day Reverse Repo Index	1.500%		3/18/31		3-Month		SCB		CNY	67,000,000		(67,235	)		30,955			(98,190	)
Pay	China 7-Day Reverse Repo Index	1.500%		3/18/31		3-Month		BNP		CNY	77,500,000		(77,771	)		(17,806	)		(59,965	)

												$	(146,176	)	$	9,229		$	(155,405	)

At August 31, 2025, International Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month FRA New Zealand Bank Bill		3.750%		6/15/27	6-Month		NZD	900,000	$	8,821		$	(28,224	)	$	37,045
Pay	3-Month FRA New Zealand Bank Bill		4.750%		6/19/29	6-Month		NZD	1,800,000		64,447			(1,236	)		65,683
Pay	3-Month Stockholm Interbank Offered Rate		2.474%		2/3/30	12-Month		SEK	4,400,000		10,640			—			10,640
Pay	6-Month Australian Bank Bill		3.500%		3/18/31	6-Month		AUD	18,100,000		(147,148	)		(96,064	)		(51,084	)
Pay	6-Month Australian Bank Bill		4.000%		6/21/33	6-Month		AUD	200,000		101			(12,380	)		12,481
Pay	6-Month Australian Bank Bill		4.250%		3/19/35	6-Month		AUD	1,200,000		7,248			(545	)		7,793
Pay	6-Month Australian Bank Bill		4.250%		9/17/35	6-Month		AUD	2,100,000		9,306			11,877			(2,571	)
Pay	6-Month Australian Bank Bill		4.500%		3/19/35	6-Month		AUD	4,500,000		89,718			(13,988	)		103,706
Pay	6-Month Australian Bank Bill		4.500%		6/18/35	6-Month		AUD	500,000		9,758			2,896			6,862
Pay	6-Month Australian Bank Bill		4.500%		9/17/35	6-Month		AUD	1,600,000		28,882			26,446			2,436
Pay	6-Month EURIBOR		0.451%		5/27/50	12-Month		EUR	150,000		(78,614	)		—			(78,614	)
Pay	6-Month EURIBOR		0.650%		4/12/27	12-Month		EUR	500,000		(16,556	)		—			(16,556	)
Pay	6-Month EURIBOR		0.650%		5/11/27	12-Month		EUR	300,000		(9,820	)		—			(9,820	)
Pay	6-Month EURIBOR		0.700%		4/11/27	12-Month		EUR	200,000		(6,472	)		—			(6,472	)
Pay	6-Month EURIBOR		1.000%		5/13/27	12-Month		EUR	500,000		(12,293	)		—			(12,293	)
Pay	6-Month EURIBOR		2.250%		9/21/37	12-Month		EUR	5,650,000		(291,982	)		141,469			(433,451	)
Pay	6-Month EURIBOR		2.250%		9/21/42	12-Month		EUR	2,310,000		(218,021	)		176,898			(394,919	)
Pay	6-Month EURIBOR		2.343%		1/10/30	12-Month		EUR	3,400,000		61,401			3,599			57,802
Pay	6-Month EURIBOR		2.500%		3/18/31	12-Month		EUR	17,200,000		105,288			61,251			44,037
Pay	6-Month EURIBOR		2.750%		3/18/36	12-Month		EUR	470,000		843			(425	)		1,268
Pay	6-Month EURIBOR		3.000%		3/19/27	12-Month		EUR	7,050,000		137,691			47,415			90,276
Pay	6-Month EURIBOR		3.000%		3/18/56	12-Month		EUR	1,560,000		20,507			16,727			3,780
Pay	6-Month EURIBOR		3.370%		10/9/28	12-Month		EUR	710,000		47,408			—			47,408
Receive	6-Month EURIBOR		2.000%		3/18/28	12-Month		EUR	3,800,000		9,369			(1,927	)		11,296
Receive	6-Month EURIBOR		2.213%		3/12/55	12-Month		EUR	3,500,000		263,176			71,486			191,690
Receive	6-Month EURIBOR		3.000%		3/15/33	12-Month		EUR	3,160,000		(44,577	)		(33,464	)		(11,113	)
Pay	Bank of Japan Uncollateralised Overnight Call Rate		1.250%		9/17/35	12-Month		JPY	719,400,000		(82,025	)		(37,856	)		(44,169	)
Receive	Bank of Japan Uncollateralised Overnight Call Rate		2.250%		9/17/55	12-Month		JPY	38,800,000		13,856			8,255			5,601
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.000%		3/17/31	6-Month		JPY	130,000,000		(58,111	)		(4,651	)		(53,460	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.050%		12/15/31	12-Month		JPY	490,000,000		(234,533	)		(164,853	)		(69,680	)

See Notes to Financial Statements.

229



Schedules of Investments


(continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.250%		3/15/32	12-Month		JPY	50,000,000	$	(20,294	)	$	(1,479	)	$	(18,815	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.750%		3/19/27	12-Month		JPY	570,000,000		1,817			628			1,189
Pay	Bank of Japan Uncollateralized Overnight Call Rate		0.850%		9/20/33	12-Month		JPY	68,100,000		(13,275	)		(4,740	)		(8,535	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		3/19/32	12-Month		JPY	860,000,000		(53,144	)		(15,354	)		(37,790	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		9/18/34	12-Month		JPY	90,000,000		(14,768	)		(2,958	)		(11,810	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		3/19/35	12-Month		JPY	800,000,000		(176,087	)		(65,211	)		(110,876	)
Pay	Bank of Japan Uncollateralized Overnight Call Rate		1.000%		6/19/44	12-Month		JPY	230,000,000		(269,107	)		(92,912	)		(176,195	)
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.400%		6/19/39	6-Month		JPY	80,000,000		93,570			(20,457	)		114,027
Pay	Canadian Overnight Repo Rate Average		1.713%		10/2/29	6-Month		CAD	400,000		(11,673	)		(29,897	)		18,224
Pay	Canadian Overnight Repo Rate Average		2.850%		9/1/29	6-Month		CAD	1,000,000		6,273			(2,988	)		9,261
Pay	Canadian Overnight Repo Rate Average		3.250%		6/21/53	6-Month		CAD	200,000		(3,905	)		(10,586	)		6,681
Pay	Canadian Overnight Repo Rate Average		3.898%		6/19/26	PAM		CAD	2,500,000		23,657			(3,864	)		27,521
Pay	Canadian Overnight Repo Rate Average		3.925%		6/19/26	PAM		CAD	4,300,000		41,542			(371	)		41,913
Receive	Canadian Overnight Repo Rate Average		2.850%		6/1/33	6-Month		CAD	300,000		930			2,521			(1,591	)
Receive	Canadian Overnight Repo Rate Average		2.880%		9/1/33	6-Month		CAD	400,000		950			—			950
Receive	Canadian Overnight Repo Rate Average		3.000%		6/1/33	6-Month		CAD	200,000		(957	)		723			(1,680	)
Receive	Canadian Overnight Repo Rate Average		3.000%		6/1/34	6-Month		CAD	700,000		(896	)		98			(994	)
Receive	Canadian Overnight Repo Rate Average		3.180%		6/1/33	6-Month		CAD	1,500,000		(21,337	)		(1,311	)		(20,026	)
Receive	Canadian Overnight Repo Rate Average		3.250%		12/20/33	6-Month		CAD	2,500,000		(41,545	)		144,403			(185,948	)
Receive	Canadian Overnight Repo Rate Average		3.250%		12/18/34	6-Month		CAD	200,000		(2,866	)		(4,815	)		1,949
Receive	Canadian Overnight Repo Rate Average		3.750%		12/20/33	6-Month		CAD	500,000		(22,106	)		(2,465	)		(19,641	)
Pay	Euro Short-Term Rate Market Index		1.795%		10/11/29	12-Month		EUR	2,700,000		(33,849	)		—			(33,849	)
Pay	Euro Short-Term Rate Market Index		1.923%		10/11/29	12-Month		EUR	1,800,000		(10,608	)		—			(10,608	)
Pay	Euro Short-Term Rate Market Index		2.028%		10/11/29	12-Month		EUR	800,000		(2,385	)		2,642			(5,027	)
Receive	Financial Benchmarks India Overnight Mumbai Interbank Outright Rate		6.000%		9/17/30	6-Month		INR	26,680,000		(3,657	)		(785	)		(2,872	)
Receive	Singapore Overnight Rate Average		1.418%		9/2/30	6-Month		SGD	3,000,000		891			—			891
Receive	Singapore Overnight Rate Average		2.000%		9/17/35	6-Month		SGD	1,420,000		(25,616	)		(5,015	)		(20,601	)
Pay	SOFR		0.000%		9/17/55	12-Month		USD	100,000		(10,062	)		(9,900	)		(162	)
Pay	SOFR		3.353%		11/30/29	12-Month		USD	2,100,000		4,850			—			4,850
Pay	SOFR		3.460%		6/30/27	12-Month		USD	7,100,000		4,601			—			4,601
Pay	SOFR		3.750%		9/17/27	12-Month		USD	9,500,000		71,402			53,202			18,200
Pay	SOFR		3.750%		9/17/30	12-Month		USD	3,600,000		70,533			50,272			20,261
Pay	SOFR		3.750%		9/17/35	12-Month		USD	3,700,000		20,178			(1,751	)		21,929
Pay	SOFR		3.981%		11/30/27	12-Month		USD	3,700,000		37,167			—			37,167
Pay	SOFR		4.075%		11/15/53	12-Month		USD	300,000		(846	)		—			(846	)
Receive	SOFR		1.000%		12/15/26	12-Month		USD	1,000,000		57,502			3,719			53,783
Receive	SOFR		2.965%		11/30/26	12-Month		USD	6,600,000		127,799			(3,697	)		131,496
Receive	SOFR		3.000%		3/19/27	12-Month		USD	12,760,000		181,872			261,813			(79,941	)
Receive	SOFR		3.000%		3/19/30	12-Month		USD	2,920,000		57,237			135,461			(78,224	)
Receive	SOFR		3.250%		6/18/27	12-Month		USD	2,200,000		12,687			16,095			(3,408	)
Receive	SOFR		3.250%		3/19/35	12-Month		USD	4,880,000		186,412			324,210			(137,798	)
Receive	SOFR		3.250%		12/20/53	12-Month		USD	100,000		15,061			11,616			3,445
Receive	SOFR		3.250%		3/19/55	12-Month		USD	400,000		59,788			47,355			12,433
Receive	SOFR		3.300%		2/28/30	12-Month		USD	5,165,000		(10,799	)		(9,936	)		(863	)

See Notes to Financial Statements.

230



Schedules of Investments


(continued)


International Fixed Income Fund


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency	Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	SOFR		3.500%		12/20/38	12-Month		USD	3,200,000	$	149,835		$	50,178		$	99,657
Receive	SOFR		3.500%		6/20/54	12-Month		USD	300,000		30,702			14,915			15,787
Receive	SOFR		3.595%		8/19/34	12-Month		USD	400,000		729			—			729
Receive	SOFR		3.613%		8/22/34	12-Month		USD	300,000		113			—			113
Receive	SOFR		3.620%		11/30/29	12-Month		USD	9,020,000		(115,910	)		(26,544	)		(89,366	)
Receive	SOFR		3.645%		8/7/34	12-Month		USD	700,000		(1,390	)		—			(1,390	)
Receive	SOFR		3.750%		6/20/31	12-Month		USD	400,000		(7,179	)		(2,001	)		(5,178	)
Receive	SOFR		3.750%		5/15/32	12-Month		USD	1,503,000		(27,419	)		(1,427	)		(25,992	)
Receive	SOFR		3.771%		2/15/55	12-Month		USD	100,000		5,712			—			5,712
Receive	SOFR		3.773%		3/4/55	12-Month		USD	400,000		22,842			—			22,842
Receive	SOFR		3.806%		2/15/55	12-Month		USD	200,000		10,232			—			10,232
Receive	SOFR		3.836%		5/15/34	12-Month		USD	500,000		(8,173	)		—			(8,173	)
Receive	SOFR		3.840%		6/30/31	12-Month		USD	1,300,000		(29,972	)		—			(29,972	)
Receive	SOFR		3.847%		5/15/34	12-Month		USD	300,000		(5,156	)		—			(5,156	)
Receive	SOFR		3.851%		2/28/29	12-Month		USD	1,100,000		(17,250	)		—			(17,250	)
Receive	SOFR		3.862%		2/28/29	12-Month		USD	1,600,000		(25,742	)		—			(25,742	)
Receive	SOFR		3.884%		3/25/35	12-Month		USD	500,000		(8,027	)		—			(8,027	)
Receive	SOFR		3.900%		2/15/35	12-Month		USD	6,310,000		(128,704	)		(16,346	)		(112,358	)
Receive	SOFR		3.905%		8/15/26	PAM		USD	1,800,000		(1,647	)		—			(1,647	)
Receive	SOFR		3.905%		3/12/35	12-Month		USD	200,000		(3,565	)		—			(3,565	)
Receive	SOFR		3.908%		3/4/35	12-Month		USD	400,000		(7,197	)		—			(7,197	)
Receive	SOFR		3.930%		3/24/35	12-Month		USD	300,000		(5,992	)		—			(5,992	)
Receive	SOFR		3.930%		6/25/55	12-Month		USD	345,000		9,446			1,280			8,166
Receive	SOFR		3.931%		11/15/54	12-Month		USD	300,000		8,802			—			8,802
Receive	SOFR		3.954%		11/15/54	12-Month		USD	200,000		5,052			—			5,052
Receive	SOFR		3.959%		11/15/54	12-Month		USD	400,000		9,733			—			9,733
Receive	SOFR		3.960%		6/27/55	12-Month		USD	405,000		8,945			(236	)		9,181
Receive	SOFR		3.964%		11/15/54	12-Month		USD	300,000		7,033			—			7,033
Receive	SOFR		3.998%		11/15/54	12-Month		USD	400,000		6,970			—			6,970
Receive	SOFR		4.000%		6/20/26	12-Month		USD	3,600,000		(421	)		(10,341	)		9,920
Receive	SOFR		4.005%		9/29/55	12-Month		USD	124,000		1,588			(1,392	)		2,980
Receive	SOFR		4.020%		5/15/26	PAM		USD	2,500,000		1,486			—			1,486
Receive	SOFR		4.065%		6/26/55	12-Month		USD	213,000		785			(3,715	)		4,500
Receive	SOFR		4.100%		11/15/52	12-Month		USD	700,000		(538	)		(6,416	)		5,878
Receive	SOFR		4.111%		11/15/54	12-Month		USD	640,000		(1,709	)		—			(1,709	)
Receive	SOFR		4.130%		11/15/54	12-Month		USD	660,000		(3,928	)		—			(3,928	)
Receive	SOFR		4.250%		12/20/25	12-Month		USD	27,709,000		30,221			143,567			(113,346	)
Pay	South Korean Won Certificate of Deposit		2.500%		9/17/35	3-Month		KRW	29,700,000		(262	)		(205	)		(57	)
Pay	Sterling Overnight Index Average		3.000%		6/17/27	12-Month		GBP	5,100,000		(107,349	)		(11,885	)		(95,464	)
Pay	Sterling Overnight Index Average		3.750%		9/17/30	12-Month		GBP	200,000		(995	)		(1,013	)		18
Pay	Sterling Overnight Index Average		3.750%		3/18/31	12-Month		GBP	12,100,000		(74,065	)		26,709			(100,774	)
Pay	Sterling Overnight Index Average		4.000%		3/17/28	12-Month		GBP	11,200,000		89,565			34,710			54,855
Receive	Sterling Overnight Index Average		3.500%		9/17/27	12-Month		GBP	3,200,000		20,005			21,196			(1,191	)
Receive	Sterling Overnight Index Average		3.750%		3/19/27	12-Month		GBP	200,000		857			(532	)		1,389
Receive	Sterling Overnight Index Average		4.000%		9/17/35	12-Month		GBP	1,400,000		30,525			29,328			1,197
Receive	Sterling Overnight Index Average		4.000%		3/18/36	12-Month		GBP	600,000		16,159			4,712			11,447
Receive	Sterling Overnight Index Average		4.500%		9/17/55	12-Month		GBP	550,000		27,253			25,353			1,900
Receive	Sterling Overnight Index Average		4.500%		3/18/56	12-Month		GBP	700,000		37,254			11,306			25,948
Pay	Swiss Average Rate Overnight Index		0.300%		2/15/27	12-Month		CHF	200,000		1,692			—			1,692

										$	(33,809	)	$	1,218,173		$	(1,251,982	)

See Notes to Financial Statements.

231



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Sovereign Issues — Buy Protection (1)


Reference Obligation & Ratings†	Fixed Deal (Pay) Rate	Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 8/31/25 (2)	Notional Amount (3)			Value			Upfront Payment (Received)			Unrealized Depreciation
South Korea Government Bonds, AA	(1.000)%		6/20/30		3-Month		BOA	0.203%		USD	280,000	$	(10,542	)	$	(8,945	)	$	(1,597	)
South Korea Government Bonds, AA	(1.000)%		6/20/30		3-Month		GSC	0.200%		USD	400,000		(15,059	)		(12,778	)		(2,281	)

												$	(25,601	)	$	(21,723	)	$	(3,878	)

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

OTC Credit Default Swap on Corporate Issue — Sell Protection (4)

Reference Obligation & Rating

Fixed Deal
Receive Rate

Maturity
Date

Payment
Frequency

Counterparty

Implied Credit
Spread at
8/31/25 (2)

Notional
Amount (3)

Value

Upfront
Payment
Paid/
(Received)

Unrealized
Appreciation

Petroleos Mexicanos, NR

4.750%

7/6/26

1-Month

DUB

N/A(a)

USD

452,970

4,418

—

4,418

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

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


Reference Obligation & Rating	Fixed Deal (Pay) Rate	Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/25 (2)	Notional Amount (3)			Value		Upfront Payment (Received)			Unrealized Appreciation
Markit CDX North America Investment Grade Series 44 10-Year Index, NR	(1.000)%		6/20/35		3-Month	0.911%		USD	2,900,000	$	14,230	$	(20,445	)	$	34,675

Centrally Cleared — Credit Default Swaps on Indexes — Sell Protection (4)


Reference Obligation & Ratings	Fixed Deal Receive Rate		Maturity Date		Payment Frequency		Implied Credit Spread at 8/31/25 (2)		Notional Amount (3)			Value		Upfront Payment Paid		Unrealized Appreciation
Markit CDX North America Investment Grade Series 43 5-Year Index, NR		1.000%		12/20/29		3-Month		0.452%		USD	800,000	$	19,097	$	15,665	$	3,432
Markit CDX North America Investment Grade Series 44 5-Year Index, NR		1.000%		6/20/30		3-Month		0.508%		USD	17,450,000		412,195		258,298		153,897

												$	431,292	$	273,963	$	157,329

See Notes to Financial Statements.

232



Schedules of Investments


(continued)


International Fixed Income Fund

At August 31, 2025, International Fixed Income Fund held the following OTC Cross-Currency Swap Contracts:


Counterparty Pay	Counterparty Receive		Maturity Date (5)		Counterparty		Notional Amount of Currency Received (6)		Notional Amount of Currency Delivered (6)		Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.420% based on the notional amount of currency delivered		Floating rate equal to SOFR based on the notional amount of currency received		6/17/27		GSC		JPY 2,500,000,000		USD 17,483,740	$	474,252		$	113,582		$	360,670
Floating rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus 0.459% based on the notional amount of currency delivered		Floating rate equal to SOFR based on the notional amount of currency received		9/17/30		GSC		JPY 550,000,000		USD 3,603,427		(128,680	)		(9,290	)		(119,390	)

											$	345,572		$	104,292		$	241,280

(1)

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

(2)

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

(4)

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

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

At August 31, 2025, International Fixed Income Fund deposited cash collateral with brokers in the amount of $1,777,000 for open centrally cleared swap contracts.

At August 31, 2025, International Fixed Income Fund had cash collateral from brokers in the amount of $10,000 for open OTC swap contracts.

See Notes to Financial Statements.

233



Schedules of Investments


(continued)


International Fixed Income Fund


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

See Notes to Financial Statements.

234



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS — 92.9%

	Alabama — 6.2%
$	400,000	AAA	Alabama Federal Aid Highway Finance Authority, Revenue Bonds, Series A, 5.000% due 9/1/36	$	449,359
	220,000	A1(a)	Black Belt Energy Gas District, Revenue Bonds, Series A, 5.250% due 5/1/55(b)		232,865
	1,000,000	Aa3(a)	Southeast Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000% due 8/1/54(b)		1,061,713
			Southeast Energy Authority A Cooperative District, Revenue Bonds:
	965,000	A1(a)	Series A, 5.250% due 1/1/54(b)		1,018,249
	500,000	A2(a)	Series B1, 5.000% due 5/1/53(b)		521,111
	1,400,000	Aa1(a)	Series C, 5.000% due 2/1/30		1,491,244

			Total Alabama		4,774,541


	Alaska — 0.1%
			Northern Tobacco Securitization Corp., Revenue Bonds:
	105,000	BBB+	Series A, 4.000% due 6/1/50		84,685
	30,000	BBB-	Series B1, 4.000% due 6/1/50		28,118

			Total Alaska		112,803


	Arizona — 2.1%
	1,000,000	A+	City of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40		1,053,431
	480,000	Aa1(a)	Maricopa County & Phoenix Industrial Development Authorities, Revenue Bonds, Series A, 6.500% due 3/1/55		538,626

			Total Arizona		1,592,057


	California — 11.2%
	900,000	NR	California Infrastructure & Economic Development Bank, Revenue Bonds, AMT, Series A, 9.500% due 1/1/65(b)(c)(d)		827,585
			California School Finance Authority, Revenue Bonds:
	640,000	BBB-	Aspire Public School Obligation Group, 5.000% due 8/1/32(c)		657,896
	250,000	NR	iLead Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c)		241,518
			California State Public Works Board, Revenue Bonds:
	1,000,000	A+	Series D, 4.000% due 5/1/47		890,461
	1,000,000	A+	Series D, 5.000% due 11/1/46		1,018,200
			East Bay Municipal Utility District Water System Revenue, Revenue Bonds:
	750,000	AAA	Series A, 5.000% due 6/1/43		806,366
	755,000	AAA	Series A, 5.000% due 6/1/44		804,012
	500,000	AA	Las Virgenes Unified School District, GO, Series B, 5.250% due 8/1/51		523,736
	1,000,000	AA-	Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds, 5.000% due 5/15/47		1,007,120
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, 4.000% due 10/1/40		576,003
	1,000,000	AA-	San Francisco City & County Airport Comm-San Francisco International Airport, Revenue Bonds, AMT, Series A, 5.500% due 5/1/55(d)		1,034,780
	250,000	BBB+	Tobacco Securitization Authority of Southern California, Revenue Bonds, San Diego County Tobacco Asset Securitization, 5.000% due 6/1/48		236,971

			Total California		8,624,648


	Colorado — 3.0%
	100,000	AA	Colorado Bridge & Tunnel Enterprise, Revenue Bonds, Series A, 5.000% due 12/1/36		110,648
	500,000	AA	Colorado Health Facilities Authority, Revenue Bonds, Adventhealth Obligated, Series A, 3.000% due 11/15/51		343,056
	1,000,000	AA+	Denver City & County School District No 1, GO, Series C, 5.500% due 12/1/47		1,069,586
	500,000	AA	Mesa County Valley School District No 51 Grand Junction, GO, 5.250% due 12/1/43		533,614
	240,000	Aa1(a)	University of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36		268,738

			Total Colorado		2,325,642

See Notes to Financial Statements.

235



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	District of Columbia — 2.0%
			District of Columbia Income Tax Revenue, Revenue Bonds:
$	500,000	AAA	Series A, 5.000% due 6/1/33	$	568,775
	500,000	AAA	Series A, 5.000% due 6/1/43		519,199
	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		418,725

			Total District of Columbia		1,506,699


	Florida — 6.4%
	460,000	NR	Boggy Creek Improvement District, Special Assessment, Series 2013, 5.125% due 5/1/43		442,347
	1,000,000	A	Brevard County Health Facilities Authority, Revenue Bonds, Health First Obligated Group, Series A, 5.000% due 4/1/47		986,888
	665,000	AA+	Broward County, Water & Sewer Utility Revenue, Revenue Bonds, Series A, 4.000% due 10/1/45		607,117
	2,500,000	NR	Capital Trust Agency, Inc., Revenue Bonds, Wonderful Foundations Charter, Series B, zero coupon due 1/1/60		180,762
	500,000	AA+	City of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds, Series A, 5.000% due 9/1/41		530,333
	800,000	A+	County of Miami-Dade Aviation Revenue, Revenue Bonds, AMT, Series A, 5.250% due 10/1/50(d)		805,535
	100,000	AA+	JEA Water & Sewer System Revenue, Revenue Bonds, Series A, 5.250% due 10/1/49		103,102
	270,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		272,914
	1,000,000	A+	Orange County Health Facilities Authority, Revenue Bonds, Orlando Health Obligated Group, Series A, 5.000% due 10/1/53		985,180

			Total Florida		4,914,178


	Georgia — 3.9%
			Main Street Natural Gas Inc., Revenue Bonds:
	2,500,000	Aa1(a)	Series A, 4.000% due 7/1/52(b)		2,537,481
	435,000	A3(a)	Series A, 5.000% due 6/1/53(b)		460,648

			Total Georgia		2,998,129


	Idaho — 1.2%
	900,000	A	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System, Series A, 5.000% due 3/1/42		917,544


	Illinois — 3.0%
	1,000,000	A	Chicago Midway International Airport, Revenue Bonds, AMT, Series C, 5.000% due 1/1/38(d)		1,029,455
	300,000	Aa1(a)	Cook County Community Consolidated School District No. 64 Park Ridge-Niles, GO, 5.000% due 12/1/41		316,007
	500,000	AAA	Illinois Finance Authority, Revenue Bonds, Series A, 5.000% due 7/1/43		521,757
			State of Illinois, GO:
	275,000	A-	Series B, 5.250% due 5/1/44		279,264
	150,000	A-	Series C, 5.000% due 12/1/46		147,488

			Total Illinois		2,293,971


	Indiana — 3.7%
	650,000	AA	Indiana Municipal Power Agency, Revenue Bonds, Series A, 5.000% due 1/1/43		670,602
			Indianapolis Local Public Improvement Bond Bank, Revenue Bonds:
	1,000,000	A1(a)	Indianapolis Airport Authority, AMT, 5.000% due 1/1/31(d)		1,084,929
	500,000	AA+	Series D, 6.000% due 2/1/48		543,691
	500,000	Aa2(a)	IPS Multi-School Building Corp., Revenue Bonds, 5.000% due 7/15/44		508,520

			Total Indiana		2,807,742


	Kansas — 1.0%
			Kansas Development Finance Authority, Revenue Bonds:
	500,000	Aa2(a)	Kansas Athletics Inc., Series C-1, 5.000% due 9/1/44		507,909
	250,000	Aaa(a)	Series R, 5.000% due 5/1/41		264,927

			Total Kansas		772,836

See Notes to Financial Statements.

236



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	Kentucky — 1.7%
$	230,000	NR	City of Henderson, Revenue Bonds, Pratt Paper LLC Project, AMT, Series A, 4.450% due 1/1/42(c)(d)	$	210,998
	1,020,000	Aa3(a)	Kentucky State Property & Building Commission, Revenue Bonds, Series A, 5.000% due 4/1/41		1,065,446

			Total Kentucky		1,276,444


	Maryland — 2.0%
	135,000	NR	City of Baltimore, Tax Allocation, Harbor Point Project, Series A, 2.850% due 6/1/26(c)		134,033
	500,000	AAA	County of Prince George’s, GO, Series A, 5.000% due 8/1/40		532,628
	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)		594,681
	250,000	AAA	Washington Suburban Sanitary Commission, Revenue Bonds, 5.000% due 6/1/43		262,620

			Total Maryland		1,523,962


	Massachusetts — 3.5%
	1,000,000	AAA	City of Boston, GO, Series A, 5.000% due 11/1/37		1,098,245
			Commonwealth of Massachusetts, GO:
	550,000	AA+	Series C, 5.000% due 10/1/48		559,297
	270,000	AA+	Series I, 5.000% due 12/1/47		276,448
	690,000	AA+	Massachusetts Water Resources Authority, Revenue Bonds, Series C, 5.000% due 8/1/39		749,597

			Total Massachusetts		2,683,587


	Michigan — 3.9%
	845,000	A+	Central Michigan University, Revenue Bonds, Series A, 5.000% due 10/1/37		923,842
	500,000	AA-	Great Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds, Series C, 5.250% due 7/1/53		514,973
	1,000,000	AA-	Lansing Board of Water & Light, Revenue Bonds, Series A, 5.250% due 7/1/54		1,037,896
	500,000	AA+	Michigan State Housing Development Authority, Revenue Bonds, Series D, 5.100% due 12/1/37		518,485

			Total Michigan		2,995,196


	Nebraska — 1.3%
	1,000,000	AA	Omaha Public Power District, Revenue Bonds, Series A, 5.250% due 2/1/48		1,038,530


	New Jersey — 3.2%
	100,000	BBB	Camden County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross High School, 6.000% due 6/15/62		101,890
	110,000	NR	New Jersey Economic Development Authority, Revenue Bonds, Golden Door Charter School Project, Series A, 5.125% due 11/1/29(c)		111,219
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	1,000,000	A	Series A, 4.000% due 6/15/40		931,162
	240,000	A	Series AA, 5.000% due 6/15/42		246,004
	500,000	AA-	New Jersey Turnpike Authority, Revenue Bonds, Series A, 5.000% due 1/1/43		521,757
	500,000	A-	Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/35		511,679

			Total New Jersey		2,423,711


	New York — 5.1%
	1,000,000	AA	City of New York, GO, Series B, 5.250% due 10/1/47		1,021,409
	500,000	AAA	New York City Transitional Finance Authority, Revenue Bonds, Series F1, 5.250% due 2/1/53		512,538
	180,000	AA+	New York State Thruway Authority, Revenue Bonds, Series A, 4.125% due 3/15/52		157,660
	500,000	AA-	Port Authority of New York & New Jersey, Revenue Bonds, Series 241, 5.000% due 7/15/41		526,287
	660,000	AA+	Triborough Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due 5/15/52		676,521
	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		1,057,614

			Total New York		3,952,029


	North Carolina — 0.7%
	500,000	AA+	County of Johnston, Revenue Bonds, 5.000% due 4/1/41		529,085

See Notes to Financial Statements.

237



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value

	North Dakota — 0.5%
$	495,000	Aa1(a)	North Dakota Housing Finance Agency, Revenue Bonds, Water and Sewer System, Series A, 3.700% due 1/1/46	$	416,866


	Ohio — 4.2%
			Buckeye Tobacco Settlement Financing Authority, Revenue Bonds:
	85,000	BBB+	Series A2, 3.000% due 6/1/48		56,767
	100,000	NR	Series B2, 5.000% due 6/1/55		80,911
	1,000,000	Aa2(a)	North Ridgeville City School District, GO, 5.000% due 12/1/44		1,010,938
	1,000,000	AAA	Ohio Water Development Authority, Revenue Bonds, Series A, 5.000% due 12/1/41		1,057,537
	1,000,000	AAA	Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, Series D, 5.000% due 12/1/43		1,045,271

			Total Ohio		3,251,424


	Oklahoma — 1.3%
	1,000,000	AAA	Oklahoma Water Resources Board, Revenue Bonds, Clean Water Program, 5.000% due 4/1/44		1,035,127


	Oregon — 1.7%
	1,000,000	AA-	Port of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT, Series 29, 5.000% due 7/1/38(d)		1,039,383
	250,000	AA+	State of Oregon, GO, Series F, 5.000% due 8/1/48		254,188

			Total Oregon		1,293,571


	Pennsylvania — 2.6%
	250,000	AA-	Geisinger Authority, Revenue Bonds, Geisinger Health System, 4.000% due 4/1/50		209,134
	1,000,000	A	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Series B1, 5.250% due 11/1/37		1,094,901
	830,000	A+	Pennsylvania Turnpike Commission, Revenue Bonds, Series A, 4.000% due 12/1/46		712,443

			Total Pennsylvania		2,016,478


	Puerto Rico — 1.1%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	664,000	NR	Series A1, 4.750% due 7/1/53		596,291
	125,000	NR	Series A1, zero coupon due 7/1/46		39,507
	216,000	NR	Series A2, 4.784% due 7/1/58		190,820

			Total Puerto Rico		826,618


	Tennessee — 1.3%
	245,000	Baa1(a)	Tennergy Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due 10/1/53(b)		260,844
	600,000	Aa3(a)	Tennessee Energy Acquisition Corp., Revenue Bonds, Series A, 5.000% due 12/1/35		636,320
	95,000	AA+	Tennessee Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due 1/1/55		105,291

			Total Tennessee		1,002,455


	Texas — 10.1%
	415,000	Aa1(a)	Bexar Management And Development Corp., Revenue Bonds, 4.610% due 7/1/44		402,807
	315,000	AA	City of Austin, Water & Wastewater System Revenue, Revenue Bonds, 5.000% due 11/15/41		331,987
	500,000	Aa3(a)	City of Houston, GO, Series A, 5.250% due 3/1/40		531,577
	100,000	BB+	City of Houston, Airport System Revenue, Revenue Bonds, AMT, Series B1, 5.000% due 7/15/30(d)		100,002
	250,000	Aa1(a)	City of Midland, GO, Series B, 5.000% due 3/1/47		253,150
	500,000	Aaa(a)	County of Harris, GO, Series A, 5.000% due 9/15/38		541,707
			Fort Bend Independent School District, GO:
	500,000	AAA	Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/36		554,871
	1,000,000	AAA	Series A, Permanent School Fund Guaranteed, 5.000% due 8/15/44		1,027,800
	500,000	AA	Leander Independent School District, GO, Series B, 5.000% due 8/15/34		563,667
	315,000	Aaa(a)	New Caney Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41		330,901

See Notes to Financial Statements.

238



Schedules of Investments


(continued)


Municipal Bond Fund

Face Amount†		Rating††	Security	Value
Texas — 10.1% — (continued)
$	500,000	AA-	North Texas Municipal Water District, Revenue Bonds, Panther Creek Regional Wastewater System, 5.250% due 6/1/43	$	526,540
	1,000,000	AAA	Plano Independent School District, GO, Permanent School Fund Guaranteed, 5.000% due 2/15/41		1,052,655
	1,000,000	AA	Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Cook Children’s Medical Center, 5.250% due 12/1/49		1,029,131
	500,000	AAA	Texas Water Development Board, Revenue Bonds, State Revolving Fund, 5.000% due 8/1/44		518,121

			Total Texas		7,764,916


	Virginia — 2.6%
	500,000	AA+	Albemarle County Economic Development Authority, Revenue Bonds, Series A, 5.000% due 6/1/38		538,720
	225,000	AAA	Prince William County Service Authority, Revenue Bonds, 5.000% due 7/15/31		254,230
	80,000	AA+	Virginia Housing Development Authority, Revenue Bonds, Series G, 5.150% due 11/1/52		80,045
	1,000,000	AA+	Virginia Public Building Authority, Revenue Bonds, Series A, 5.000% due 8/1/42		1,053,210
	100,000	BBB	Virginia Small Business Financing Authority, Revenue Bonds, AMT, 4.000% due 1/1/48(d)		81,899

			Total Virginia		2,008,104


	Washington — 2.3%
			Pierce County School District No 10 Tacoma, GO, School Bonds Guaranty Program:
	1,000,000	AA+	5.000% due 12/1/48		1,024,095
	370,000	AA+	5.000% due 12/1/44		384,087
			Washington State Housing Finance Commission, Revenue Bonds:
	285,000	Ba2(a)	Spokane Int Acad Project, Series A, 4.000% due 7/1/26(c)		283,064
	100,000	BB(e)	Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		100,350

			Total Washington		1,791,596

			TOTAL MUNICIPAL BONDS (Cost — $72,801,661)		71,470,489


	SHORT-TERM INVESTMENTS — 6.4%

	TIME DEPOSIT — 6.4%
	4,911,966		Royal Bank of Canada — Toronto, 3.680% due 9/2/25 (Cost — $4,911,966)		4,911,966

			TOTAL INVESTMENTS — 99.3% (Cost — $77,713,627)		76,382,455

			Other Assets in Excess of Liabilities — 0.7%		523,100

			TOTAL NET ASSETS — 100.0%	$	76,905,555

†	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)	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, 2025.

(c)

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

(e)	Rating by Fitch Ratings Service. All ratings are unaudited.

At August 31, 2025, for Municipal Bond Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized (Depreciation)
Municipal Bond Fund	$	77,713,627	$	425,515	$	(1,756,687	)	$	(1,331,172	)

See Notes to Financial Statements.

239



Schedules of Investments


(continued)


Municipal Bond Fund


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


Summary of Investments by Industry^
General Obligation	33.3	%
Water and Sewer	13.0
School District	11.0
Health Care Providers & Services	8.6
Airport	5.8
Utilities	3.6
Single Family Housing	2.8
Transportation	2.7
Development	2.4
Higher Education	2.2
Education	2.1
Bond Bank	2.1
Tobacco Settlement	1.9
Power	1.4
Multifamily Housing	0.6
Nursing Homes	0.1
Short-Term Investments	6.4

Total Investments	100.0	%

^	As a percentage of total investments.

See pages 270-271 for definitions of ratings.

See Notes to Financial Statements.

240



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†		Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 111.8%
		U.S. Treasury Inflation Indexed Bonds:
$	199,897	2.000% due 1/15/26	$	200,097
	2,150,961	1.750% due 1/15/28		2,194,986
	2,973,531	3.625% due 4/15/28		3,181,497
	1,640,599	2.500% due 1/15/29		1,724,513
	2,446,776	3.875% due 4/15/29		2,694,773
	43,614	3.375% due 4/15/32		49,156
	865,575	2.125% due 2/15/40		862,936
	957,411	2.125% due 2/15/41		942,283
	1,998,514	0.750% due 2/15/42		1,557,324
	1,809,844	0.625% due 2/15/43		1,346,640
	2,311,330	1.375% due 2/15/44		1,933,970
	2,629,997	0.750% due 2/15/45		1,909,255
	2,028,397	1.000% due 2/15/46		1,522,305
	1,857,388	0.875% due 2/15/47		1,333,130
	1,203,406	1.000% due 2/15/48		875,151
	1,538,232	1.000% due 2/15/49		1,099,977
	1,204,454	0.250% due 2/15/50(a)		686,554
	1,486,728	0.125% due 2/15/51		793,859
	1,042,857	0.125% due 2/15/52(a)		543,453
	2,170,280	1.500% due 2/15/53		1,681,201
	1,786,734	2.125% due 2/15/54		1,599,571
	1,431,108	2.375% due 2/15/55(b)		1,355,107
		U.S. Treasury Inflation Indexed Notes:
	2,828,931	0.125% due 4/15/26		2,810,368
	6,237,227	0.125% due 7/15/26(h)		6,213,166
	4,367,591	0.125% due 10/15/26		4,343,620
	5,247,847	0.375% due 1/15/27		5,213,231
	2,856,075	0.125% due 4/15/27		2,818,828
	3,969,076	0.375% due 7/15/27		3,950,589
	6,533,340	1.625% due 10/15/27(b)		6,662,461
	5,332,719	0.500% due 1/15/28(b)		5,286,734
	1,075,380	1.250% due 4/15/28		1,084,208
	4,638,922	0.750% due 7/15/28(h)		4,637,852
	5,897,416	2.375% due 10/15/28(b)(h)		6,178,122
	3,180,875	0.875% due 1/15/29		3,173,206
	1,147,135	2.125% due 4/15/29		1,191,738
	3,489,242	0.250% due 7/15/29		3,401,492
	4,408,016	1.625% due 10/15/29		4,522,106
	2,432,217	0.125% due 1/15/30		2,333,582
	2,431,896	1.625% due 4/15/30		2,484,125
	2,730,034	0.125% due 7/15/30		2,608,557
	5,464,475	0.125% due 1/15/31(h)		5,155,213
	7,473,673	0.125% due 7/15/31(b)		7,010,109
	4,421,794	0.125% due 1/15/32		4,085,521
	9,436,530	0.625% due 7/15/32(h)		8,960,950
	10,936,987	1.125% due 1/15/33(b)		10,625,104
	7,115,936	1.375% due 7/15/33		7,018,671
	2,308,570	1.750% due 1/15/34		2,320,958
	4,214,677	1.875% due 7/15/34(b)		4,273,482
	4,599,450	2.125% due 1/15/35(b)		4,727,722
	1,707,752	1.875% due 7/15/35		1,718,024

		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $159,177,602)		154,897,477

See Notes to Financial Statements.

241



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	MORTGAGE-BACKED SECURITIES — 14.5%

	FHLMC — 3.4%
				Federal Home Loan Mortgage Corp. (FHLMC):
$	84,795			3.000% due 7/1/52	$	73,696
	334,896			6.500% due 10/1/53		348,346
	3,851,937			6.000% due 3/1/54		3,941,794
	295,047			5.000% due 7/1/54		291,340

				Total FHLMC		4,655,176


	FNMA — 8.3%
				Federal National Mortgage Association (FNMA):
	32,195			4.000% due 3/1/50		30,523
	165,563			3.000% due 5/1/52		143,935
	79,996			4.500% due 10/1/52		77,458
	1,725,487			5.500% due 5/1/54		1,738,768
	7,800,000			4.500% due 10/1/55(c)		7,498,127
	2,000,000			6.500% due 10/1/55(c)		2,070,762

				Total FNMA		11,559,573


	GNMA — 2.8%
	4,264,445			Government National Mortgage Association II (GNMA), 3.500% due 11/20/52 — 10/20/54		3,889,657

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $20,017,319)		20,104,406


	COLLATERALIZED MORTGAGE OBLIGATIONS — 12.5%

	Asset-Backed Securities — 7.7%
	400,000		Aaa(d)	AIMCO CLO, Series 2015-AA, Class AR3, 5.572% (3-Month Term SOFR + 1.250%) due 10/17/34(e)(f)		400,780
	300,000	^EUR	AAA	Arbour CLO VI DAC, Series 6A, Class AR, 3.186% (3-Month EURIBOR + 1.150%) due 11/15/37(e)(f)		351,172
	79,461		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 5.412% (1-Month Term SOFR + 1.089%) due 6/25/34(e)		89,159
	106,726		AAA	BlueMountain CLO Ltd., Series 2016-3A, Class A1R2, 5.411% (3-Month Term SOFR + 1.200%) due 11/15/30(e)(f)		106,801
	174,758	^EUR	Aaa(d)	Cairn CLO X DAC, Series 2018-10A, Class AR, 2.806% (3-Month EURIBOR + 0.780%) due 10/15/31(e)(f)		204,307
	500,000		AAA	Canyon CLO Ltd., Series 2020-1A, Class AR2, 5.398% (3-Month Term SOFR + 1.080%) due 7/15/34(e)(f)		500,225
	95,032	^EUR	Aaa(d)	Carlyle Global Markets Strategis Euro CLO Ltd., Series 2014-2A, Class AR-1, 2.786% (3-Month EURIBOR + 0.750%) due 11/15/31(e)(f)		111,113
				Credit-Based Asset Servicing & Securitization LLC:
	128,014		CCC	Series 2005-CB3, Class M4, 3.460% (1-Month Term SOFR + 1.164%) due 6/25/35(e)		124,576
	615,751		Caa2(d)	Series 2007-CB6, Class A3, 4.654% (1-Month Term SOFR + 0.334%) due 7/25/37(e)(f)		405,088
				CWABS Asset-Backed Certificates Trust:
	149,011		Caa1(d)	Series 2004-7, Class MV5, 6.162% (1-Month Term SOFR + 1.839%) due 11/25/34(e)		133,293
	213,158		CC	Series 2007-1, Class 1A, 4.577% (1-Month Term SOFR + 0.254%) due 7/25/37(e)		199,311
	44,943		D	Series 2007-6, Class 1A, 4.837% (1-Month Term SOFR + 0.514%) due 9/25/37(e)		41,206
	227,917		CCC	Series 2007-8, Class 1A1, 4.627% (1-Month Term SOFR + 0.304%) due 11/25/37(e)		217,047
	499,918	^EUR	AAA	Dryden 44 Euro CLO, Series 2015-44A, Class A1RR, 2.906% (3-Month EURIBOR + 0.880%) due 4/15/34(e)(f)		584,591
	700,000	^EUR	AAA	Dunedin Park CLO DAC, Series 1A, Class AR, 3.008% (3-Month EURIBOR + 0.980%) due 11/20/34(e)(f)		819,513
	409,062		BB	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 5.537% (1-Month Term SOFR + 1.214%) due 5/25/37(e)(f)		400,846
	700,000		NR	Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, zero coupon (3-Month Term SOFR + 1.110%) due 4/20/35(e)(f)(i)		700,525

See Notes to Financial Statements.

242



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 12.5% — (continued)

	Asset-Backed Securities — 7.7% — (continued)
$	17,443		Caa1(d)	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due 3/25/46	$	9,198
	55,203		Aaa(d)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 5.617% (3-Month Term SOFR + 1.292%) due 4/20/31(e)(f)		55,259
	144,296		Caa2(d)	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 4.677% (1-Month Term SOFR + 0.354%) due 8/25/36(e)		57,606
	434,796	^EUR	Aaa(d)	Man GLG Euro CLO V DAC, Series 5A, Class A1R, 2.665% (3-Month EURIBOR + 0.690%) due 12/15/31(e)(f)		508,227
				Option One Mortgage Loan Trust:
	78,009		D	Series 2007-1, Class 1A1, 4.717% (1-Month Term SOFR + 0.394%) due 1/25/37(e)		49,946
	71,989		Caa1(d)	Series 2007-2, Class 1A1, 4.577% (1-Month Term SOFR + 0.254%) due 3/25/37(e)		47,866
	360,800	^EUR	Aaa(d)	Palmer Square European Loan Funding DAC, Series 2023-3A, Class AR, 3.006% (3-Month EURIBOR + 0.970%) due 5/15/33(e)(f)		422,491
	58,336		AA-	RASC Trust, Series 2006-KS3, Class M1, 4.932% (1-Month Term SOFR + 0.444%) due 4/25/36(e)		57,920
	700,000		Aaa(d)	Romark Credit Funding Ltd., Series 2025-4A, Class A, 5.423% due 7/29/43(f)		700,531
	86,757		Caa3(d)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C, 4.737% (1-Month Term SOFR + 0.414%) due 7/25/36(e)		33,877
				Soundview Home Loan Trust:
	180,688		Caa1(d)	Series 2007-OPT1, Class 1A1, 4.637% (1-Month Term SOFR + 0.314%) due 6/25/37(e)		122,691
	41,328		CCC	Series 2007-OPT2, Class 2A3, 4.617% (1-Month Term SOFR + 0.294%) due 7/25/37(e)		37,293
	458,940	^EUR	Aaa(d)	St Paul’s CLO IV DAC, Series 4A, Class ARR1, 2.769% (3-Month EURIBOR + 0.830%) due 4/25/30(e)(f)		535,973
	700,000		Aaa(d)	Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 5.433% (3-Month Term SOFR + 1.150%) due 10/15/35(e)(f)		700,227
	369,151		AAA	TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.465% (3-Month Term SOFR + 1.140%) due 1/20/32(e)(f)		369,443
	454,684		AAA	Tralee CLO VI Ltd., Series 2019-6A, Class A1RR, 5.538% (3-Month Term SOFR + 1.220%) due 10/25/32(e)(f)		454,810
	500,000		AAA	Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR, 5.648% (3-Month Term SOFR + 1.330%) due 1/25/34(e)(f)		500,552
	600,000		AAA	Trinitas CLO XIV Ltd., Series 2020-14A, Class A1R, 5.658% (3-Month Term SOFR + 1.340%) due 1/25/34(e)(f)		600,030
				Voya CLO Ltd.:
	21,540		Aaa(d)	Series 2017-1A, Class A1R, 5.534% (3-Month Term SOFR + 1.212%) due 4/17/30(e)(f)		21,536
	18,360		AAA	Series 2017-2A, Class A1R, 5.559% (3-Month Term SOFR + 1.242%) due 6/7/30(e)(f)		18,374

				Total Asset-Backed Securities		10,693,403


	Mortgage Securities — 4.8%
				Alternative Loan Trust:
	145,698		Caa1(d)	Series 2006-HY11, Class A1, 4.677% (1-Month Term SOFR + 0.354%) due 6/25/36(e)		137,213
	24,334		WR(d)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		20,410
	343,251		Caa1(d)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(e)		283,647
	10,780		WR(d)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.642% due 5/25/33(e)		10,356
	19,018		WR(d)	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 4.797% (1-Month Term SOFR + 0.474%) due 3/25/35(e)(f)		18,888
				CHL Mortgage Pass-Through Trust:
	390,165		WR(d)	Series 2005-HYB6, Class 2A1, 4.829% due 10/20/35(e)		369,248
	36,742		WR(d)	Series 2005-HYB9, Class 2A1, 6.449% (1-Year Term SOFR + 2.465%) due 2/20/36(e)		33,918
	79,092		WR(d)	Series 2006-6, Class A4, 6.000% due 4/25/36		37,286
	116,414		WD(g)	Series 2007-1, Class A1, 6.000% due 3/25/37		50,994

See Notes to Financial Statements.

243



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	COLLATERALIZED MORTGAGE OBLIGATIONS — 12.5% — (continued)

	Mortgage Securities — 4.8% — (continued)
				Citigroup Mortgage Loan Trust:
$	2,614		WR(d)	Series 2004-HYB2, Class 2A, 6.753% due 3/25/34(e)	$	2,416
	100,308		Caa1(d)	Series 2007-AR4, Class 1A1A, 4.679% due 3/25/37(e)		84,196
	12,003		B(g)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		11,911
	26,972		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 4.587% (1-Month Term SOFR + 0.264%) due 9/29/36(e)(f)		26,788
	685,587		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2025-47, Class FJ, 5.378% (30-Day Average SOFR + 1.030%) due 6/25/55(e)		692,112
	117,617		NR	Freddie Mac Multifamily Structured Pass Through Certificates, Series KBX1, Class A2, 2.920% due 1/25/26		116,735
				Government National Mortgage Association (GNMA):
	204,422		NR	Series 2018-H15, Class FG, 5.461% (1-Year Term SOFR + 0.865%) due 8/20/68(e)		204,722
	481,840		NR	Series 2023-H11, Class FC, 5.445% (30-Day Average SOFR + 1.100%) due 5/20/73(e)		489,356
	2,534,120		NR	Series 2023-H19, Class FA, 5.245% (30-Day Average SOFR + 0.900%) due 8/20/73(e)		2,547,695
	2,579		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 5.135% (1-Month Term SOFR + 0.794%) due 6/20/35(e)		2,464
	32,180		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 5.077% (1-Month Term SOFR + 0.754%) due 7/25/45(e)		24,586
	95,630		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 4.897% (1-Month Term SOFR + 0.574%) due 3/25/36(e)		89,953
	55,130		BBB-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.861% (1-Month Term SOFR + 1.497%) due 12/15/31(e)(f)		54,933
	165,856		WD(g)	Lehman XS Trust, Series 2007-20N, Class A1, 6.737% (1-Month Term SOFR + 2.414%) due 12/25/37(e)		161,988
	600,000		Aaa(d)	LUX Trust LION, Class A, 7.054% (1-Month Term SOFR + 2.690%) due 8/15/40(e)(f)		608,115
	2,529		WR(d)	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.958% (1-Month Term SOFR + 0.594%) due 6/15/30(e)		2,472
				New Residential Mortgage Loan Trust:
	25,583		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(e)(f)		25,065
	118,998		Aaa(d)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(e)(f)		114,923
	504,920		WD(g)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		148,000
	410,231		Caa3(d)	Securitized Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.937% (1-Month Term SOFR + 0.614%) due 5/25/36(e)		221,468
	29,952		WR(d)	Sequoia Mortgage Trust, Series 6, Class A, 5.108% (1-Month Term SOFR + 0.754%) due 4/19/27(e)		29,640
				WaMu Mortgage Pass-Through Certificates Trust:
	3,424		BB(g)	Series 2002-AR2, Class A, 4.183% (11th District Cost of Funds Index + 1.250%) due 2/27/34(e)		3,308
	1,827		WR(d)	Series 2002-AR17, Class 1A, 5.422% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(e)		1,753

				Total Mortgage Securities		6,626,559

				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $17,900,303)		17,319,962


	SOVEREIGN BONDS — 2.7%

	Canada — 0.4%
				Canadian Government Real Return Bonds:
	561,567	^CAD	AAA	4.250% due 12/1/26		427,572
	63,247	^CAD	AAA	0.500% due 12/1/50		34,092

				Total Canada		461,664

See Notes to Financial Statements.

244



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

	SOVEREIGN BONDS — 2.7% — (continued)

	France — 0.9%
				French Republic Government Bonds OAT:
	733,206	^EUR	AA-u(g)	0.100% due 3/1/26(f)	$	853,221
	244,782	^EUR	AA-u(g)	0.100% due 7/25/31(f)		271,338
	120,170	^EUR	AA-u(g)	0.100% due 7/25/38(f)		113,576

				Total France		1,238,135


	Italy — 0.3%
	372,285	^EUR	Baa3u(d)	Italy Buoni Poliennali Del Tesoro, 0.400% due 5/15/30(f)		423,303


	Japan — 1.1%
				Japanese Government CPI Linked Bonds:
	66,712,480	^JPY	A1(d)	0.100% due 3/10/28		465,135
	154,961,580	^JPY	A1(d)	0.100% due 3/10/29		1,086,813

				Total Japan		1,551,948


	Mexico — 0.0%@
	145,156	^MXN	BBB-(g)	Mexican Udibonos, 4.000% due 8/24/34		7,266

				TOTAL SOVEREIGN BONDS (Cost — $4,315,820)		3,682,316


	CORPORATE BONDS & NOTES — 0.1%

	Banks — 0.1%
	100,000	^GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		128,088
	33,879	^DKK	AAA	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		4,155

				Total Banks		132,243


	Diversified Financial Services — 0.0%@
	98,654	^DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.500% due 10/1/53		12,134
	100,000	^DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53		10,832
				Realkredit Danmark AS, Covered Notes:
	17,730	^DKK	AAA	1.000% due 10/1/53		2,170
	170,207	^DKK	AAA	1.500% due 10/1/53		21,602

				Total Diversified Financial Services		46,738

				TOTAL CORPORATE BONDS & NOTES (Cost — $234,348)		178,981

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $201,645,392)		196,183,142


	SHORT-TERM INVESTMENTS — 0.9%

	TIME DEPOSITS — 0.9%
	446	^AUD		ANZ National Bank — Hong Kong, 2.270% due 9/1/25		292
	4,955	^DKK		BBH — New York, 0.650% due 9/1/25		777
				BNP Paribas — Paris:
	523	^SGD		0.230% due 9/1/25		408
	137,936	^NZD		1.700% due 9/1/25		81,389
	2,509	^CAD		1.590% due 9/2/25		1,827
	94,053	^GBP		Canadian Imperial Bank of Commerce — London, 2.920% due 9/1/25		127,122
				DNB — Oslo:
	4,393	^SEK		0.820% due 9/1/25		464
	80,120	^EUR		0.870% due 9/1/25		93,737
$	839,834			JPMorgan Chase & Co. — New York, 3.680% due 9/2/25		839,834

See Notes to Financial Statements.

245



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

Face Amount/Units†			Security	Value

	SHORT-TERM INVESTMENTS — 0.9% — (continued)

	TIME DEPOSITS — 0.9% — (continued)
			Skandinaviska Enskilda Banken AB — Stockholm:
	861	^CHF	(0.370)% due 9/1/25	$	1,077
	3,227,368	^JPY	0.120% due 9/1/25		21,964
	404,183	^NOK	2.980% due 9/1/25		40,208
	3,500	^ZAR	Standard Chartered Bank — Johannesburg, 4.980% due 9/1/25		198

			TOTAL SHORT-TERM INVESTMENTS (Cost — $1,209,297)		1,209,297

			TOTAL INVESTMENTS — 142.5% (Cost — $202,854,689)		197,392,439

			Liabilities in Excess of Other Assets — (42.5)%		(58,905,295	)

			TOTAL NET ASSETS — 100.0%	$	138,487,144

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

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

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

(d)	Rating by Moody’s Investors Service. All ratings are unaudited.

(e)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2025.

(f)

(g)	Rating by Fitch Ratings Service. All ratings are unaudited.

(h)	All or a portion of this security was purchased in a sale-buyback transaction. The value of these securities totals $31,145,303 which represents 22.5% of net assets.

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

At August 31, 2025, for Inflation-Linked Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized (Depreciation)
Inflation-Linked Fixed Income Fund	$	206,834,478	$	7,173,801	$	(15,554,226)	$	(8,380,425)


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

See Notes to Financial Statements.

246



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Summary of Investments by Security Type^
U.S. Government Obligations	78.4	%
Mortgage-Backed Securities	10.2
Collateralized Mortgage Obligations	8.8
Sovereign Bonds	1.9
Corporate Bonds & Notes	0.1
Short-Term Investments	0.6

Total Investments	100.0	%

^	As a percentage of total investments.

At August 31, 2025, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Interest Rate Swaptions

Number of
Contracts

Notional
Amount†

Security Name

Counterparty

Expiration
Date

Exercise
Rate

Value

6,900,000

141,243^EUR

OTC 2-Year Swaption, 3-Month EURIBOR, Call

BCLY

1/25/27

2.440%

57,140

6,900,000

141,243^EUR

OTC 2-Year Swaption, 3-Month EURIBOR, Put

BCLY

1/25/27

2.440%

32,045

1,500,000

30,705^EUR

OTC 10-Year Swaption, 3-Month EURIBOR, Call

BCLY

9/8/25

2.740%

13,132

1,500,000

30,705^EUR

OTC 10-Year Swaption, 3-Month EURIBOR, Put

BCLY

9/8/25

2.740%

1,496

TOTAL OPTIONS CONTRACTS WRITTEN
(Premiums received — $192,390)

103,813

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

At August 31, 2025, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:



Face Amount†		Security	Value
$	8,983,375	Bank of America, 4.520% due 9/3/25	$	8,983,375
	714,139	Bank of New York Mellon Corp. (The), 4.460% due 9/3/25		714,139
		Barclays Capital Inc.:
	1,101,250	4.470% due 9/3/25		1,101,250
	21,023,487	4.530% due 9/3/25		21,023,487
	771,000	4.470% due 9/4/25		771,000

		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $32,593,251)	$	32,593,251

For the year ended August 31, 2025, the daily average borrowing and weighted average interest rate under the reverse repurchase agreements were $32,414,801 and 4.687%, respectively.

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

See Notes to Financial Statements.

247



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2025, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro-Bobl Futures		5		9/25	$	691,522	$	687,112	$	(4,410)
Euro-BTP Futures		18		9/25		2,544,080		2,532,357		(11,723	)
Euro-Bund Futures		18		9/25		2,745,568		2,728,206		(17,362	)
U.S. Treasury 5-Year Note Futures		51		12/25		5,547,445		5,582,906		35,461
U.S. Treasury Long Bond Futures		5		12/25		568,304		571,250		2,946
U.S. Treasury Ultra Long Bond Futures		8		12/25		935,000		932,500		(2,500	)
U.S. Ultra Long Bond Futures		49		12/25		5,564,134		5,605,906		41,772

										44,184

Contracts to Sell:
Euro-Buxl 30-Year Bond Futures		12		9/25		1,698,627		1,599,930		98,697
Euro-OAT Futures		42		9/25		6,130,620		5,990,402		140,218
U.S. Treasury 2-Year Note Futures		86		12/25		17,902,111		17,934,360		(32,249	)
U.S. Treasury 10-Year Note Futures		117		12/25		13,089,396		13,162,500		(73,104	)

										133,562

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	177,746

At August 31, 2025, Inflation-Linked Fixed Income Fund had deposited cash of $310,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.

See Notes to Financial Statements.

248



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2025, Inflation-Linked Fixed Income Fund had open forward foreign currency contracts as described below.

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


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Brazilian Real		382,745		USD	70,000		BCLY	$	70,068		10/2/25	$	68
Brazilian Real		383,520		USD	70,000		BCLY		70,210		10/2/25		210
Brazilian Real		280,698		USD	50,000		BCLY		51,775		9/3/25		1,775
Brazilian Real		311,789		USD	57,458		JPM		57,510		9/3/25		52
Brazilian Real		8,397,817		USD	1,516,673		JPM		1,537,356		10/2/25		20,683
Brazilian Real		8,025,361		USD	1,439,656		JPM		1,480,284		9/3/25		40,628
British Pound		232,000		USD	311,940		BCLY		313,657		10/2/25		1,717
British Pound		232,000		USD	311,549		JPM		313,571		9/2/25		2,022
Canadian Dollar		2,089,887		USD	1,510,139		JPM		1,521,910		9/2/25		11,771
Danish Krone		151,007		USD	23,455		SCB		23,667		9/2/25		212
Euro		152,000		USD	177,728		HSBC		177,832		9/2/25		104
Euro		65,000		USD	75,942		HSBC		76,046		9/2/25		104
Indian Rupee		4,502,009		USD	51,309		DUB		51,053		9/17/25		(256	)
Indian Rupee		23,692,512		USD	270,298		HSBC		268,674		9/17/25		(1,624	)
Indian Rupee		11,314,816		USD	128,852		HSBC		128,310		9/17/25		(542	)
Indian Rupee		10,638,017		USD	121,053		HSBC		120,635		9/17/25		(418	)
Indian Rupee		11,085,973		USD	126,274		JPM		125,715		9/17/25		(559	)
Indian Rupee		10,182,198		USD	115,907		JPM		115,466		9/17/25		(441	)
Indian Rupee		10,200,603		USD	115,968		JPM		115,675		9/17/25		(293	)
Indian Rupee		10,965,518		USD	125,976		SCB		124,349		9/17/25		(1,627	)
Indian Rupee		11,051,013		USD	126,120		SCB		125,319		9/17/25		(801	)
Indian Rupee		10,902,228		USD	124,420		SCB		123,632		9/17/25		(788	)
Indian Rupee		14,308,602		USD	162,975		SCB		162,260		9/17/25		(715	)
Indian Rupee		10,844,448		USD	123,438		SCB		122,976		9/17/25		(462	)
Indian Rupee		5,203,451		USD	59,263		SCB		59,007		9/17/25		(256	)
Indonesian Rupiah		1,002,432,164		USD	61,445		BCLY		60,773		9/17/25		(672	)
Indonesian Rupiah		1,622,295,745		USD	98,894		BCLY		98,353		9/17/25		(541	)
Indonesian Rupiah		1,963,337,553		USD	119,867		BNP		119,029		9/17/25		(838	)
Indonesian Rupiah		977,646,000		USD	59,581		BNP		59,271		9/17/25		(310	)
Indonesian Rupiah		1,952,371,328		USD	118,365		BNP		118,364		9/17/25		(1	)
Indonesian Rupiah		913,470,722		USD	56,356		HSBC		55,380		9/17/25		(976	)
Indonesian Rupiah		2,665,071,241		USD	163,366		JPM		161,572		9/17/25		(1,794	)
Indonesian Rupiah		326,408,839		USD	19,790		JPM		19,788		9/17/25		(2	)
Indonesian Rupiah		1,010,471,775		USD	62,225		SCB		61,261		9/17/25		(964	)
Indonesian Rupiah		2,155,495,717		USD	130,474		SCB		130,678		9/17/25		204
Israeli New Shekel		555,582		USD	162,603		DUB		166,444		10/15/25		3,841
Israeli New Shekel		34,000		USD	10,150		HSBC		10,189		11/13/25		39
Israeli New Shekel		169,000		USD	50,333		HSBC		50,630		10/15/25		297
Israeli New Shekel		169,000		USD	50,240		HSBC		50,630		10/15/25		390
Japanese Yen		102,143,929		USD	691,512		SCB		695,140		9/2/25		3,628
Korean Won		55,494,000		USD	40,026		BNP		39,999		9/17/25		(27	)
Korean Won		55,129,600		USD	39,763		BNP		39,736		9/17/25		(27	)
Korean Won		83,445,000		USD	60,000		HSBC		60,186		9/30/25		186
Korean Won		83,493,000		USD	60,000		SCB		60,218		9/29/25		218
Mexican Peso		4,157,721		USD	215,654		DUB		222,383		9/17/25		6,729
New Taiwan Dollar		885,463		USD	29,158		SCB		29,080		10/20/25		(78	)

See Notes to Financial Statements.

249



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Polish Zloty		400,125		USD	109,431		BCLY	$	109,741		10/15/25	$	310
Polish Zloty		1,011,183		USD	276,418		BNP		277,456		9/17/25		1,038
Polish Zloty		1,166,202		USD	314,998		DUB		319,991		9/17/25		4,993
Polish Zloty		265,009		USD	72,115		JPM		72,684		10/15/25		569
Singapore Dollar		1,161,801		USD	904,477		HSBC		905,534		9/2/25		1,057
South African Rand		1,088,692		USD	61,775		BCLY		61,526		10/20/25		(249	)
South African Rand		1,242,789		USD	70,399		BCLY		70,235		10/20/25		(164	)
South African Rand		525,659		USD	29,717		JPM		29,707		10/20/25		(10	)
Swedish Krona		668,161		USD	70,590		BCLY		70,740		10/2/25		150
Swedish Krona		1,375,054		USD	143,152		HSBC		145,313		9/2/25		2,161
Swedish Krona		665,000		USD	70,100		JPM		70,406		10/2/25		306
Swedish Krona		670,000		USD	69,875		JPM		70,805		9/2/25		930
Swiss Franc		332,984		USD	415,233		BCLY		417,672		10/2/25		2,439
Swiss Franc		158,945		USD	197,604		BNP		198,656		9/2/25		1,052
Swiss Franc		175,815		USD	217,359		HSBC		219,741		9/2/25		2,382
Thai Baht		1,614,955		USD	50,000		BCLY		50,177		10/20/25		177
Thai Baht		1,616,125		USD	50,000		BCLY		50,214		10/20/25		214

													97,221

Contracts to Sell:
Australian Dollar		169,000		USD	109,135		BCLY		110,636		9/2/25		(1,501	)
Australian Dollar		1,292,000		USD	842,817		BNP		845,808		9/2/25		(2,991	)
Australian Dollar		1,538,000		USD	1,005,273		BNP		1,007,363		10/2/25		(2,090	)
Australian Dollar		77,000		USD	49,829		HSBC		50,408		9/2/25		(579	)
Australian Dollar		77,000		USD	50,242		JPM		50,433		10/2/25		(191	)
Brazilian Real		280,698		USD	51,728		BCLY		51,775		9/3/25		(47	)
Brazilian Real		8,337,150		USD	1,516,673		JPM		1,537,794		9/3/25		(21,121	)
British Pound		232,000		USD	311,854		BCLY		313,571		9/2/25		(1,717	)
Canadian Dollar		2,086,912		USD	1,510,139		JPM		1,521,870		10/2/25		(11,731	)
Canadian Dollar		2,092,901		USD	1,518,697		JPM		1,524,105		9/2/25		(5,408	)
Chinese Offshore Renminbi		4,580,265		USD	638,512		BNP		643,833		9/15/25		(5,321	)
Chinese Offshore Renminbi		2,292,678		USD	319,788		BNP		322,274		9/15/25		(2,486	)
Chinese Offshore Renminbi		3,027,801		USD	422,311		JPM		425,608		9/15/25		(3,297	)
Chinese Offshore Renminbi		1,499,610		USD	208,900		SCB		210,795		9/15/25		(1,895	)
Danish Krone		330,000		USD	50,541		BNP		51,719		9/2/25		(1,178	)
Danish Krone		178,558		USD	27,991		JPM		28,045		10/2/25		(54	)
Danish Krone		150,669		USD	23,455		SCB		23,664		10/2/25		(209	)
Euro		4,182,121		USD	4,852,335		JPM		4,892,875		9/2/25		(40,540	)
Euro		3,965,121		USD	4,637,349		JPM		4,647,641		10/2/25		(10,292	)
Indonesian Rupiah		1,803,263,000		USD	110,000		BCLY		109,299		9/30/25		701
Indonesian Rupiah		1,796,476,000		USD	110,000		BCLY		108,890		9/29/25		1,110
Israeli New Shekel		555,297		USD	162,603		DUB		166,418		11/13/25		(3,815	)
Israeli New Shekel		949,411		USD	282,843		MLP		284,429		10/15/25		(1,586	)
Japanese Yen		71,973,128		USD	486,933		BNP		489,813		9/2/25		(2,880	)
Japanese Yen		4,600,000		USD	31,234		BNP		31,305		9/2/25		(71	)
Japanese Yen		7,866,864		USD	53,683		HSBC		53,710		10/2/25		(27	)
Japanese Yen		67,584,199		USD	453,413		MLP		459,945		9/2/25		(6,532	)
Japanese Yen		41,278,452		USD	279,908		MLP		280,920		9/2/25		(1,012	)
Japanese Yen		11,064,648		USD	75,413		MLP		75,543		10/2/25		(130	)
Japanese Yen		101,805,433		USD	691,512		SCB		695,066		10/2/25		(3,554	)
Japanese Yen		110,097,245		USD	749,828		SCB		751,677		10/2/25		(1,849	)
Japanese Yen		46,169,025		USD	313,003		SCB		314,203		9/2/25		(1,200	)
Korean Won		23,069,536		USD	16,659		BCLY		16,628		9/17/25		31

See Notes to Financial Statements.

250



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund


Foreign Currency	Local Currency		In Exchange For			Counterparty		Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Korean Won		180,706,330		USD	130,251		DUB	$	130,249		9/17/25	$	2
Korean Won		188,347,121		USD	136,147		DUB		135,756		9/17/25		391
Korean Won		246,741,333		USD	179,016		HSBC		177,845		9/17/25		1,171
Korean Won		178,480,319		USD	128,490		JPM		128,644		9/17/25		(154	)
Mexican Peso		187,000		USD	9,846		BCLY		9,906		12/17/25		(60	)
Mexican Peso		543,000		USD	28,901		BNP		29,043		9/17/25		(142	)
Mexican Peso		188,000		USD	10,003		BNP		10,055		9/17/25		(52	)
Mexican Peso		381,000		USD	19,850		MLP		20,379		9/17/25		(529	)
New Taiwan Dollar		915,090		USD	30,000		BCLY		30,003		9/30/25		(3	)
New Taiwan Dollar		914,580		USD	30,000		BCLY		29,986		9/30/25		14
New Taiwan Dollar		2,434,856		USD	80,000		BNP		79,965		10/20/25		35
New Taiwan Dollar		581,238		USD	19,504		BNP		19,089		10/20/25		415
New Taiwan Dollar		6,094,886		USD	204,939		BNP		200,168		10/20/25		4,771
New Taiwan Dollar		13,596,781		USD	455,931		BNP		446,545		10/20/25		9,386
New Taiwan Dollar		4,582,680		USD	154,299		SCB		150,504		10/20/25		3,795
New Taiwan Dollar		5,277,205		USD	178,246		SCB		173,314		10/20/25		4,932
New Taiwan Dollar		8,835,107		USD	298,559		SCB		290,162		10/20/25		8,397
New Zealand Dollar		184,480		USD	110,281		BNP		108,853		9/2/25		1,428
New Zealand Dollar		184,480		USD	108,314		DUB		108,966		10/2/25		(652	)
Norwegian Krone		521,164		USD	50,538		MLP		51,846		9/2/25		(1,308	)
Norwegian Krone		521,645		USD	51,855		SCB		51,903		10/2/25		(48	)
Peruvian Sol		187,035		USD	51,066		DUB		52,925		9/17/25		(1,859	)
Singapore Dollar		218,000		USD	169,272		BCLY		169,914		9/2/25		(642	)
Singapore Dollar		61,000		USD	47,057		BCLY		47,545		9/2/25		(488	)
Singapore Dollar		138,925		USD	108,162		BCLY		108,281		9/2/25		(119	)
Singapore Dollar		1,159,142		USD	904,477		HSBC		905,632		10/2/25		(1,155	)
Singapore Dollar		148,965		USD	115,261		HSBC		116,107		9/2/25		(846	)
Singapore Dollar		218,337		USD	170,416		HSBC		170,586		10/2/25		(170	)
Singapore Dollar		239,571		USD	186,944		HSBC		186,727		9/2/25		217
Singapore Dollar		206,000		USD	160,804		JPM		160,947		10/2/25		(143	)
Singapore Dollar		458,115		USD	358,628		MLP		357,065		9/2/25		1,563
Singapore Dollar		116,039		USD	90,350		SCB		90,444		9/2/25		(94	)
South African Rand		703,000		USD	39,597		JPM		39,819		9/18/25		(222	)
South African Rand		1,060,000		USD	59,838		MLP		60,040		9/18/25		(202	)
Swedish Krona		1,375,000		USD	140,945		BNP		145,308		9/2/25		(4,363	)
Swedish Krona		1,372,426		USD	143,152		HSBC		145,303		10/2/25		(2,151	)
Swiss Franc		334,221		USD	415,233		BCLY		417,724		9/2/25		(2,491	)
Swiss Franc		16,000		USD	19,844		BCLY		19,997		9/2/25		(153	)
Swiss Franc		16,000		USD	20,057		JPM		20,069		10/2/25		(12	)
Swiss Franc		15,390		USD	19,313		JPM		19,304		10/2/25		9
Thai Baht		1,014,533		USD	31,495		HSBC		31,522		10/20/25		(27	)
Thai Baht		1,012,630		USD	31,454		HSBC		31,463		10/20/25		(9	)
Thai Baht		859,496		USD	26,569		MLP		26,705		10/20/25		(136	)

													(115,166	)

Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(17,945	)

See Notes to Financial Statements.

251



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2025, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	6-Month EURIBOR		2.750%		3/18/36		12-Month		EUR	5,900,000	$	10,580		$	(22,713	)	$	33,293
Receive	6-Month EURIBOR		0.197%		11/8/52		12-Month		EUR	1,100,000		674,876			—			674,876
Receive	6-Month EURIBOR		3.000%		3/18/56		12-Month		EUR	50,000		(657	)		(769	)		112
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.300%		9/20/27		6-Month		JPY	5,590,000		527			(1,139	)		1,666
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.500%		12/15/31		12-Month		JPY	75,000,000		20,344			1,442			18,902
Receive	Bank of Japan Uncollateralized Overnight Call Rate		0.550%		9/14/28		12-Month		JPY	90,000,000		6,565			(1,033	)		7,598
Pay	SOFR		2.340%		11/21/28		6-Month		USD	4,130,000		(134,520	)		—			(134,520	)
Receive	SOFR		2.237%		11/21/53		6-Month		USD	810,000		287,443			—			287,443
Receive	SOFR		2.865%		2/13/54		12-Month		USD	1,400,000		302,910			27,102			275,808
Receive	SOFR		3.250%		6/18/34		12-Month		USD	2,600,000		75,756			115,634			(39,878	)
Receive	SOFR		3.250%		3/19/55		12-Month		USD	3,100,000		463,359			405,813			57,546
Receive	SOFR		3.500%		6/20/54		12-Month		USD	700,000		72,675			18,675			54,000
Receive	SOFR		3.547%		11/30/29		12-Month		USD	100,000		(998	)		34			(1,032	)
Receive	SOFR		3.559%		11/30/29		12-Month		USD	1,000,000		(10,447	)		—			(10,447	)
Receive	SOFR		3.562%		11/30/29		12-Month		USD	1,700,000		(17,952	)		—			(17,952	)
Receive	SOFR		3.900%		2/15/35		12-Month		USD	900,000		(18,357	)		(4,112	)		(14,245	)
Receive	SOFR		4.100%		11/15/52		12-Month		USD	1,000,000		(768	)		(9,182	)		8,414
Receive	SOFR		4.250%		12/20/25		12-Month		USD	7,740,000		8,442			(28,248	)		36,690
Pay	Sterling Overnight Index Average		3.750%		9/17/30		12-Month		GBP	5,300,000		(26,351	)		(25,628	)		(723	)

											$	1,713,427		$	475,876		$	1,237,551

See Notes to Financial Statements.

252



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2025, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:


Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	2-Year EUR Inflation Linked		1.636%		6/15/27		EUR	2,100,000	$	6,817		$	—		$	6,817
Pay	2-Year EUR Inflation Linked		2.000%		2/15/27		EUR	300,000		(1,014	)		(30	)		(984	)
Pay	5-Year EUR Inflation Linked		3.000%		5/15/27		EUR	200,000		3,653			100			3,553
Receive	10-Year EUR Inflation Linked		1.380%		3/15/31		EUR	740,000		(157,183	)		(8,957	)		(148,226	)
Pay	10-Year EUR Inflation Linked		2.034%		9/15/34		EUR	500,000		(4,618	)		(2,239	)		(2,379	)
Receive	30-Year EUR Inflation Linked		2.421%		5/15/52		EUR	30,000		178			—			178
Receive	30-Year EUR Inflation Linked		2.590%		3/15/52		EUR	200,000		9,402			(2,478	)		11,880
Receive	30-Year EUR Inflation Linked		2.590%		12/15/52		EUR	100,000		10,969			—			10,969
Receive	30-Year EUR Inflation Linked		2.700%		4/15/53		EUR	200,000		31,305			1,337			29,968
Receive	30-Year EUR Inflation Linked		2.736%		10/15/53		EUR	100,000		17,024			1,308			15,716
Receive	30-Year EUR Inflation Linked		2.763%		9/15/53		EUR	100,000		17,958			(974	)		18,932
Receive	10-Year GBP Inflation Linked		3.466%		9/15/34		GBP	300,000		3,554			—			3,554
Receive	10-Year GBP Inflation Linked		3.500%		8/15/34		GBP	600,000		9,929			3,390			6,539
Receive	1-Year USD Inflation Linked		2.208%		10/7/25		USD	902,000		(4,805	)		—			(4,805	)
Receive	1-Year USD Inflation Linked		2.380%		10/15/25		USD	900,000		(3,687	)		—			(3,687	)
Receive	1-Year USD Inflation Linked		2.700%		1/14/26		USD	200,000		(924	)		—			(924	)
Receive	1-Year USD Inflation Linked		2.820%		2/5/26		USD	700,000		(2,775	)		—			(2,775	)
Receive	1-Year USD Inflation Linked		2.842%		2/13/26		USD	800,000		(3,187	)		—			(3,187	)
Receive	1-Year USD Inflation Linked		3.043%		2/21/26		USD	400,000		(870	)		—			(870	)
Receive	1-Year USD Inflation Linked		3.323%		4/23/26		USD	400,000		630			—			630
Receive	1-Year USD Inflation Linked		3.434%		8/27/26		USD	1,400,000		(204	)		—			(204	)
Receive	1-Year USD Inflation Linked		3.435%		8/1/26		USD	100,000		(81	)		—			(81	)
Pay	5-Year USD Inflation Linked		2.703%		5/25/26		USD	510,000		52,807			81			52,726
Pay	5-Year USD Inflation Linked		2.768%		5/13/26		USD	500,000		50,643			—			50,643
Pay	5-Year USD Inflation Linked		2.813%		5/14/26		USD	300,000		29,614			—			29,614
Pay	7-Year USD Inflation Linked		1.798%		8/25/27		USD	600,000		110,514			5,868			104,646
Pay	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		123,997			1,693			122,304
Pay	7-Year USD Inflation Linked		2.573%		8/26/28		USD	100,000		9,021			—			9,021
Pay	7-Year USD Inflation Linked		2.645%		9/10/28		USD	100,000		8,196			—			8,196
Receive	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(189,456	)		(50,027	)		(139,429	)
Receive	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(225,822	)		(8,764	)		(217,058	)
Receive	10-Year USD Inflation Linked		1.883%		11/20/29		USD	1,500,000		(263,749	)		9,233			(272,982	)
Pay	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		314,766			1,035			313,731
Receive	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		(119,782	)		59,292			(179,074	)
Receive	10-Year USD Inflation Linked		2.353%		5/9/28		USD	360,000		(43,248	)		24,122			(67,370	)
Receive	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		(64,415	)		36,670			(101,085	)
Receive	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		(65,406	)		37,569			(102,975	)

									$	(340,249	)	$	108,229		$	(448,478)

See Notes to Financial Statements.

253



Schedules of Investments


(continued)


Inflation-Linked Fixed Income Fund

At August 31, 2025, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $709,000 for open centrally cleared swap contracts.


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

See pages 270-271 for definitions of ratings.

At August 31, 2025, Inflation-Linked Fixed Income Fund was involved in following sale-buyback transactions:

Counterparty

Borrowing
Date

Maturity
Date

Borrowing
Rate

Amount
Borrowed

BNP Paribas SA

8/29/25

9/2/25

4.469%

737,937

BNP Paribas SA

8/28/25

9/4/25

4.548%

4,696,197

BNP Paribas SA

8/28/25

9/4/25

4.548%

5,160,003

BNP Paribas SA

8/28/25

9/4/25

4.548%

5,121,146

BNP Paribas SA

8/28/25

9/4/25

4.548%

2,187,447

BNP Paribas SA

8/29/25

9/3/25

4.552%

739,031

18,641,761

See Notes to Financial Statements.

254



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES — 56.7%

	Aerospace/Defense — 0.8%
			Boeing Co. (The), Senior Unsecured Notes:
$	400,000	BBB-	2.600% due 10/30/25	$	398,683
	1,100,000	BBB-	2.196% due 2/4/26		1,088,959
	1,800,000	BBB+	Rolls-Royce PLC, Company Guaranteed Notes, 3.625% due 10/14/25(a)		1,798,275

			Total Aerospace/Defense		3,285,917


	Agriculture — 0.5%
	1,600,000	BBB+	BAT International Finance PLC, Company Guaranteed Notes, 1.668% due 3/25/26		1,575,485
	361,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 3.500% due 7/26/26		357,980
	300,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 3.500% due 7/26/26(a)		297,491

			Total Agriculture		2,230,956


	Airlines — 0.5%
	2,100,000	BBB-	United Airlines Inc., Senior Secured Notes, 4.375% due 4/15/26(a)		2,094,433


	Auto Manufacturers — 6.5%
			American Honda Finance Corp., Senior Unsecured Notes:
	1,000,000	A-	4.980% (SOFR + 0.620%) due 12/11/26(b)		1,001,034
	2,900,000	A-	5.095% (SOFR + 0.730%) due 8/13/27(b)		2,905,506
			BMW U.S. Capital LLC, Company Guaranteed Notes:
	3,100,000	A	5.165% (SOFR + 0.800%) due 8/13/26(a)(b)		3,112,216
	200,000	A	5.144% (SOFR + 0.780%) due 3/19/27(a)(b)		200,797
	700,000	A	5.284% (SOFR + 0.920%) due 3/21/28(a)(b)		703,614
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	200,000	BBB-	3.375% due 11/13/25		199,347
	600,000	BBB-	4.389% due 1/8/26		599,049
	600,000	BBB-	6.950% due 6/10/26		607,925
			General Motors Financial Co., Inc.:
	3,000,000	BBB	Company Guaranteed Notes, 5.250% due 3/1/26		3,005,281
			Senior Unsecured Notes:
	300,000	BBB	6.050% due 10/10/25		300,407
	500,000	BBB	5.716% (SOFR + 1.350%) due 5/8/27(b)		503,060
			Hyundai Capital America, Senior Unsecured Notes:
	700,000	A-	5.860% (SOFR + 1.500%) due 1/8/27(a)(b)		707,497
	500,000	A-	5.357% (SOFR + 0.990%) due 3/25/27(a)(b)		501,935
	1,500,000	A-	5.406% (SOFR + 1.040%) due 6/24/27(b)		1,505,591
	3,400,000	A	Mercedes-Benz Finance North America LLC, Company Guaranteed Notes, 4.997% (SOFR + 0.630%) due 7/31/26(a)(b)		3,409,924
			Nissan Motor Acceptance Co. LLC, Senior Unsecured Notes:
	400,000	BB	2.000% due 3/9/26(a)		392,457
	300,000	BB	1.850% due 9/16/26(a)		288,704
	400,000	BB	Nissan Motor Co., Ltd., Senior Unsecured Notes, 3.522% due 9/17/25		400,332
	200,000	BBB	Stellantis Finance U.S. Inc., Company Guaranteed Notes, 5.350% due 3/17/28(a)		202,124
			Toyota Motor Credit Corp., Senior Unsecured Notes:
	167,000	A+	4.812% (SOFR + 0.450%) due 4/10/26(b)		167,258
	35,000	A+	4.815% (SOFR + 0.450%) due 5/15/26(b)		35,033
	60,000	A+	5.255% (SOFR + 0.890%) due 5/18/26(b)		60,264
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	725,000	BBB+	5.289% (SOFR + 0.930%) due 9/12/25(a)(b)		725,148
	2,000,000	BBB+	1.250% due 11/24/25(a)		1,985,150
	2,800,000	BBB+	5.194% (SOFR + 0.830%) due 3/20/26(a)(b)		2,804,400
	250,000	BBB+	5.425% (SOFR + 1.060%) due 8/14/26(a)(b)		250,650

			Total Auto Manufacturers		26,574,703

See Notes to Financial Statements.

255



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Banks — 23.4%
			ABN AMRO Bank NV, Senior Non-Preferred Notes:
$	2,400,000	BBB	6.575% (1-Year CMT Index + 1.550%) due 10/13/26(a)(b)	$	2,405,935
	700,000	BBB	6.143% (SOFR + 1.780%) due 9/18/27(b)		707,927
	800,000	BBB	6.143% (SOFR + 1.780%) due 9/18/27(a)(b)		809,060
	200,000	BBB+	Banco Bilbao Vizcaya Argentaria SA, Senior Non-Preferred Notes, 5.862% (1-Year CMT Index + 2.300%) due 9/14/26(b)		200,090
	800,000	A-	Banco Santander SA, Senior Non-Preferred Notes, 1.849% due 3/25/26		788,965
	2,430,000	A-	Bank of America Corp., Senior Unsecured Notes, 5.335% (SOFR + 0.970%) due 7/22/27(b)		2,440,381
			Bank of Montreal, Senior Unsecured Notes:
	3,100,000	A-	5.686% (SOFR + 1.330%) due 6/5/26(b)		3,124,350
	319,000	A-	5.116% (SOFR + 0.760%) due 6/4/27(b)		320,837
	500,000	A-	5.238% (SOFR + 0.880%) due 9/10/27(b)		502,146
	462,000	A-	Bank of Nova Scotia (The), Senior Unsecured Notes, 4.909% (SOFR + 0.545%) due 3/2/26(b)		462,725
			Banque Federative du Credit Mutuel SA, Senior Preferred Notes:
	875,000	A+	5.762% (SOFR + 1.400%) due 7/13/26(a)(b)		881,754
	680,000	A+	5.495% (SOFR + 1.130%) due 1/23/27(a)(b)		685,854
			Barclays PLC, Senior Unsecured Notes:
	500,000	BBB+	4.375% due 1/12/26		499,880
	500,000	BBB+	7.325% (1-Year CMT Index + 3.050%) due 11/2/26(b)		502,172
	700,000	BBB+	5.829% (SOFR + 2.210%) due 5/9/27(b)		706,438
	640,000	BBB+	6.240% (SOFR + 1.880%) due 9/13/27(b)		648,045
	1,500,000	BBB+	5.849% (SOFR + 1.490%) due 3/12/28(b)		1,518,123
	1,500,000	A-	BNP Paribas SA, Senior Non-Preferred Notes, 1.323% (SOFR + 1.004%) due 1/13/27(a)(b)		1,482,602
			BPCE SA, Senior Non-Preferred Notes:
	2,400,000	BBB+	1.652% (SOFR + 1.520%) due 10/6/26(a)(b)		2,393,314
	250,000	BBB+	5.975% (SOFR + 2.100%) due 1/18/27(b)		251,255
	1,500,000	BBB+	5.975% (SOFR + 2.100%) due 1/18/27(a)(b)		1,507,532
	700,000	A-	Canadian Imperial Bank of Commerce, Senior Unsecured Notes, 5.585% (SOFR + 1.220%) due 10/2/26(b)		706,249
	250,000	A+	Citibank NA, Senior Unsecured Notes, 5.074% (SOFR + 0.708%) due 8/6/26(b)		250,761
			Cooperatieve Rabobank UA, Senior Non-Preferred Notes:
	5,700,000	A-	1.106% (1-Year CMT Index + 0.550%) due 2/24/27(a)(b)		5,612,880
	500,000	A-	1.980% (1-Year CMT Index + 0.730%) due 12/15/27(a)(b)		485,635
			Credit Agricole SA:
	575,000	A-	Senior Non-Preferred Notes, 1.247% (SOFR + 0.892%) due 1/26/27(a)(b)		567,427
			Senior Preferred Notes:
	625,000	A+	5.653% (SOFR + 1.290%) due 7/5/26(a)(b)		629,969
	600,000	A+	5.653% (SOFR + 1.290%) due 7/5/26(b)		604,770
	4,100,000	A-	Danske Bank AS, Senior Non-Preferred Notes, 1.621% (1-Year CMT Index + 1.350%) due 9/11/26(a)(b)		4,097,200
			Deutsche Bank AG, Senior Non-Preferred Notes:
	500,000	BBB	4.100% due 1/13/26		499,048
	500,000	BBB	(Cost—$496,557, acquired 8/11/25), 2.129% (SOFR + 1.870%) due 11/24/26(b)(c)		497,185
	2,000,000	BBB	7.146% (SOFR + 2.520%) due 7/13/27(b)		2,045,583
	935,000	BBB	5.584% (SOFR + 1.219%) due 11/16/27(b)		940,019
			DNB Bank ASA, Senior Non-Preferred Notes:
	805,000	A	5.896% (SOFR + 1.950%) due 10/9/26(a)(b)		806,051
	600,000	A	1.535% (1-Year CMT Index + 0.720%) due 5/25/27(a)(b)		588,220
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	500,000	BBB+	1.431% (SOFR + 0.798%) due 3/9/27(b)		492,258
	1,000,000	BBB+	1.948% (SOFR + 0.913%) due 10/21/27(b)		973,924
			HSBC Holdings PLC, Senior Unsecured Notes:
	2,500,000	A-	4.292% (3-Month Term SOFR + 1.609%) due 9/12/26(b)		2,499,859
	1,500,000	A-	5.966% (3-Month Term SOFR + 1.642%) due 9/12/26(b)		1,500,620

See Notes to Financial Statements.

256



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 23.4% — (continued)
			ING Groep NV, Senior Unsecured Notes:
$	2,700,000	A-	5.377% (SOFR + 1.010%) due 4/1/27(b)	$	2,708,162
	629,000	A-	5.919% (SOFR + 1.560%) due 9/11/27(b)		634,645
	3,500,000	BBB+	Intesa Sanpaolo SpA, Senior Preferred Notes, 7.000% due 11/21/25(a)		3,516,492
			JPMorgan Chase & Co., Senior Unsecured Notes:
	700,000	A	1.045% (SOFR + 0.800%) due 11/19/26(b)		694,901
	1,000,000	A	3.960% (3-Month Term SOFR + 1.507%) due 1/29/27(b)		998,545
	339,000	A	5.545% (SOFR + 1.180%) due 2/24/28(b)		342,454
	600,000	A	5.284% (SOFR + 0.920%) due 4/22/28(b)		603,657
	800,000	A	5.224% (SOFR + 0.860%) due 10/22/28(b)		807,415
			Lloyds Banking Group PLC, Senior Unsecured Notes:
	300,000	BBB+	5.926% (SOFR + 1.560%) due 8/7/27(b)		302,800
	1,275,000	BBB+	5.947% (SOFR + 1.580%) due 1/5/28(b)		1,289,421
	1,200,000	BBB+	5.425% (SOFR + 1.060%) due 11/26/28(b)		1,208,097
	2,700,000	A-	Mizuho Financial Group Inc., Senior Unsecured Notes, 5.446% (SOFR + 1.080%) due 5/13/31(b)		2,705,987
			National Bank of Canada, Company Guaranteed Notes:
	1,100,000	BBB+	5.267% (SOFR + 0.900%) due 3/25/27(b)		1,101,941
	2,400,000	BBB+	5.395% (SOFR + 1.030%) due 7/2/27(b)		2,408,585
			NatWest Group PLC, Senior Unsecured Notes:
	900,000	BBB+	7.472% (1-Year CMT Index + 2.850%) due 11/10/26(b)		904,837
	1,510,000	BBB+	5.614% (SOFR + 1.250%) due 3/1/28(b)		1,521,656
			NatWest Markets PLC, Senior Unsecured Notes:
	200,000	A	5.127% (SOFR + 0.760%) due 9/29/26(b)		200,643
	300,000	A	5.127% (SOFR + 0.760%) due 9/29/26(a)(b)		300,964
	750,000	A	5.265% (SOFR + 0.900%) due 5/17/27(a)(b)		754,550
			Royal Bank of Canada, Senior Unsecured Notes:
	221,000	A	5.443% (SOFR + 1.080%) due 7/20/26(b)		222,551
	293,000	A	5.155% (SOFR + 0.790%) due 7/23/27(b)		294,012
	1,765,000	A	5.188% (SOFR + 0.820%) due 3/27/28(b)		1,771,290
	1,700,000	A	5.223% (SOFR + 0.860%) due 10/18/28(b)		1,707,004
	300,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 5.807% (SOFR + 2.328%) due 9/9/26(b)		300,059
	3,000,000	BBB	Santander UK Group Holdings PLC, Senior Unsecured Notes, 6.833% (SOFR + 2.749%) due 11/21/26(b)		3,014,695
	1,800,000	BBB	Societe Generale SA, Senior Non-Preferred Notes, 1.488% (1-Year CMT Index + 1.100%) due 12/14/26(a)(b)		1,783,704
	3,900,000	BBB+	Standard Chartered PLC, Senior Unsecured Notes, 6.170% (1-Year CMT Index + 2.050%) due 1/9/27(b)		3,921,968
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	2,000,000	A-	5.662% (SOFR + 1.300%) due 7/13/26(b)		2,017,353
	718,000	A-	2.632% due 7/14/26		708,499
	1,025,000	A-	5.242% (SOFR + 0.880%) due 1/14/27(b)		1,031,907
	181,000	A-	5.412% (SOFR + 1.050%) due 4/15/30(b)		181,627
			Sumitomo Mitsui Trust Bank Ltd., Senior Unsecured Notes:
	640,000	A	5.545% (SOFR + 1.120%) due 3/9/26(b)		642,811
	350,000	A	5.509% (SOFR + 1.150%) due 9/14/26(b)		352,687
	75,000	AA-	Svenska Handelsbanken AB, Senior Preferred Notes, 5.610% (SOFR + 1.250%) due 6/15/26(a)(b)		75,610
			Swedbank AB:
	1,000,000	A-	Senior Non-Preferred Notes, 5.337% due 9/20/27		1,023,400
	800,000	A+	Senior Preferred Notes, 5.740% (SOFR + 1.380%) due 6/15/26(b)		806,689

See Notes to Financial Statements.

257



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Banks — 23.4% — (continued)
$	3,000,000	A-	UBS Group AG, Senior Unsecured Notes, 1.305% (SOFR + 0.980%) due 2/2/27(a)(b)	$	2,962,480
	500,000	BBB	UniCredit SpA, Senior Non-Preferred Notes, 2.569% (1-Year CMT Index + 2.300%) due 9/22/26(a)(b)		499,420
			Wells Fargo & Co., Senior Unsecured Notes:
	1,500,000	BBB+	5.145% (SOFR + 0.780%) due 1/24/28(b)		1,505,476
	1,500,000	BBB+	5.434% (SOFR + 1.070%) due 4/22/28(b)		1,510,535

			Total Banks		95,976,572


	Beverages — 0.6%
	2,500,000	BBB	Molson Coors Beverage Co., Company Guaranteed Notes, 3.000% due 7/15/26		2,471,784


	Biotechnology — 0.1%
	300,000	BBB	Illumina Inc., Senior Unsecured Notes, 4.650% due 9/9/26		300,820
	176,000	BBB-	Royalty Pharma PLC, Company Guaranteed Notes, 1.200% due 9/2/25		176,000

			Total Biotechnology		476,820


	Computers — 1.0%
			Dell International LLC/EMC Corp., Senior Unsecured Notes:
	2,371,000	BBB	6.020% due 6/15/26		2,391,994
	1,592,000	BBB	4.900% due 10/1/26		1,598,904

			Total Computers		3,990,898


	Diversified Financial Services — 3.1%
			Air Lease Corp., Senior Unsecured Notes:
	627,000	BBB	2.875% due 1/15/26		622,833
	539,000	BBB	1.875% due 8/15/26		526,653
	3,800,000	BBB	Aircastle Ltd., Company Guaranteed Notes, 4.250% due 6/15/26		3,789,737
	1,000,000	A-	American Express Co., Senior Unsecured Notes, 5.016% (SOFR + 0.650%) due 11/4/26(b)		1,003,070
			Aviation Capital Group LLC, Senior Unsecured Notes:
	200,000	BBB-	1.950% due 1/30/26(a)		197,955
	2,420,000	BBB-	1.950% due 9/20/26(a)		2,358,390
			Avolon Holdings Funding Ltd.:
			Company Guaranteed Notes:
	441,000	BBB-	2.125% due 2/21/26(a)		435,793
	200,000	BBB-	4.375% due 5/1/26(a)		199,694
	1,100,000	BBB-	Senior Unsecured Notes, 5.500% due 1/15/26(a)		1,101,878
			Nomura Holdings Inc., Senior Unsecured Notes:
	2,000,000	BBB+	5.709% due 1/9/26		2,008,435
	300,000	BBB+	5.618% (SOFR + 1.250%) due 7/2/27(b)		302,848

			Total Diversified Financial Services		12,547,286


	Electric — 4.3%
	1,236,000	BBB-	Algonquin Power & Utilities Corp., Senior Unsecured Notes, step bond to yield, 5.365% due 6/15/26		1,245,029
	2,000,000	BBB	CenterPoint Energy Inc., Senior Unsecured Notes, 1.450% due 6/1/26		1,957,029
	304,000	BBB	Duke Energy Corp., Senior Unsecured Notes, 2.650% due 9/1/26		299,505
	1,869,000	BBB	Entergy Corp., Senior Unsecured Notes, 0.900% due 9/15/25		1,866,440
	1,500,000	BBB	Eversource Energy, Senior Unsecured Notes, 1.400% due 8/15/26		1,459,189
	816,000	BBB+	Exelon Corp., Senior Unsecured Notes, 3.400% due 4/15/26		811,298
	2,695,000	BBB+	FirstEnergy Pennsylvania Electric Co., Senior Unsecured Notes, 5.150% due 3/30/26(a)		2,705,384
	1,328,000	BBB	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.300% due 1/15/26(a)		1,326,231
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	1,300,000	BBB	3.150% due 1/1/26		1,292,264
	1,200,000	BBB	2.950% due 3/1/26		1,188,417

See Notes to Financial Statements.

258



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Electric — 4.3% — (continued)
			Southern California Edison Co.:
			1st Mortgage Notes:
$	2,200,000	A-	1.200% due 2/1/26	$	2,168,307
	200,000	A-	4.400% due 9/6/26		200,167
	600,000	A-	5.300% due 3/1/28		613,621
	400,000	A-	1st Refinanced Mortgage Notes, 3.650% due 3/1/28		393,675

			Total Electric		17,526,556


	Food — 0.7%
	1,000,000	BBB-	Conagra Brands Inc., Senior Unsecured Notes, 7.125% due 10/1/26		1,026,547
	1,800,000	BBB-	The Campbell’s Co., Senior Unsecured Notes, 5.300% due 3/20/26		1,808,287

			Total Food		2,834,834


	Gas — 0.2%
	1,050,000	A	Southern California Gas Co., 1st Mortgage Notes, 2.600% due 6/15/26		1,036,133


	Healthcare — Products — 0.5%
	2,200,000	BBB	Baxter International Inc., Senior Unsecured Notes, 2.600% due 8/15/26		2,165,786


	Healthcare — Services — 0.3%
	500,000	BBB-	HCA Inc., Company Guaranteed Notes, 5.375% due 9/1/26		501,902
	800,000	A+	UnitedHealth Group Inc., Senior Unsecured Notes, 4.862% (SOFR + 0.500%) due 7/15/26(b)		800,890

			Total Healthcare — Services		1,302,792


	Insurance — 3.5%
			Athene Global Funding:
			Secured Notes:
	1,600,000	A+	5.684% due 2/23/26(a)		1,610,502
	300,000	A+	4.950% due 1/7/27(a)		302,602
	2,700,000	A+	5.577% (SOFR + 1.210%) due 3/25/27(a)(b)		2,720,147
	400,000	A+	Senior Secured Notes, 1.450% due 1/8/26(a)		395,715
	1,000,000	A	Brighthouse Financial Global Funding, Secured Notes, 5.550% due 4/9/27(a)		1,016,359
	800,000	A-	CNA Financial Corp., Senior Unsecured Notes, 4.500% due 3/1/26		799,714
	1,000,000	A+	Corebridge Global Funding, Secured Notes, 5.113% (SOFR + 0.750%) due 1/7/28(a)(b)		998,563
	3,500,000	A-	F&G Global Funding, Secured Notes, 1.750% due 6/30/26(a)		3,419,839
	300,000	A	Jackson National Life Global Funding, Secured Notes, 5.332% (SOFR + 0.970%) due 1/14/28(a)(b)		301,041
	2,000,000	AA-	Pacific Life Global Funding II, Secured Notes, 4.846% (SOFR + 0.480%) due 2/4/27(a)(b)		2,002,953
	200,000	AA-	Protective Life Global Funding, Secured Notes, 4.864% (SOFR + 0.500%) due 7/22/26(a)(b)		200,119
	600,000	A+(d)	Sammons Financial Group Global Funding, Senior Secured Notes, 5.214% (SOFR + 0.850%) due 9/2/27(a)(b)		600,767

			Total Insurance		14,368,321


	Internet — 0.7%
			Uber Technologies Inc., Company Guaranteed Notes:
	400,000	BBB	7.500% due 9/15/27(a)		400,172
	2,300,000	BBB	4.500% due 8/15/29(a)		2,302,455

			Total Internet		2,702,627


	Leisure Time — 0.8%
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	1,000,000	BBB-	4.250% due 7/1/26(a)		998,824
	1,000,000	BBB-	5.500% due 8/31/26(a)		1,004,613
	600,000	BBB-	5.375% due 7/15/27(a)		605,312
	200,000	BBB-	7.500% due 10/15/27		211,627
	600,000	BBB-	5.500% due 4/1/28(a)		611,114

			Total Leisure Time		3,431,490

See Notes to Financial Statements.

259



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Lodging — 0.1%
$	300,000	BB+	Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26	$	297,360


	Media — 0.0%@
	220,000	BBB	Cox Communications Inc., Senior Unsecured Notes, 3.350% due 9/15/26(a)		217,572


	Oil & Gas — 0.6%
	300,000	BBB-	Harbour Energy PLC, Company Guaranteed Notes, 5.500% due 10/15/26(a)		296,641
	2,000,000	BBB+	Woodside Finance Ltd., Company Guaranteed Notes, 3.700% due 9/15/26(a)		1,985,329

			Total Oil & Gas		2,281,970


	Packaging & Containers — 1.0%
			Berry Global Inc., Senior Secured Notes:
	3,000,000	BBB	1.570% due 1/15/26		2,964,825
	1,119,000	BBB	4.875% due 7/15/26(a)		1,118,274

			Total Packaging & Containers		4,083,099


	Pharmaceuticals — 1.0%
	4,000,000	BBB	Bayer U.S. Finance II LLC, Company Guaranteed Notes, 4.250% due 12/15/25(a)		3,993,999


	Pipelines — 2.0%
	500,000	BBB	Energy Transfer LP, Senior Unsecured Notes, 5.950% due 12/1/25		500,448
	3,400,000	BBB	MPLX LP, Senior Unsecured Notes, 1.750% due 3/1/26		3,354,573
	3,800,000	BBB	ONEOK Inc., Company Guaranteed Notes, 5.850% due 1/15/26		3,814,051
	37,000	BBB+	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.875% due 6/30/26		37,148
	400,000	BBB+	Williams Cos Inc. (The), Senior Unsecured Notes, 5.400% due 3/2/26		401,894

			Total Pipelines		8,108,114


	Retail — 0.1%
	600,000	A-	7-Eleven Inc., Senior Unsecured Notes, 0.950% due 2/10/26(a)		590,522


	Semiconductors — 1.2%
	4,000,000	Baa2(e)	Microchip Technology Inc., Company Guaranteed Notes, 4.250% due 9/1/25		4,000,000
			SK Hynix Inc., Senior Unsecured Notes:
	400,000	BBB	6.250% due 1/17/26		403,223
	300,000	BBB	5.500% due 1/16/27(a)		304,944
	200,000	BBB-	Skyworks Solutions Inc., Senior Unsecured Notes, 1.800% due 6/1/26		195,864

			Total Semiconductors		4,904,031


	Software — 0.2%
	700,000	BBB+	VMware LLC, Senior Unsecured Notes, 1.400% due 8/15/26		680,772


	Telecommunications — 2.4%
	4,000,000	A-	NTT Finance Corp., Company Guaranteed Notes, 1.162% due 4/3/26(a)		3,927,668
	2,000,000	BBB-	Rogers Communications Inc., Company Guaranteed Notes, 3.625% due 12/15/25		1,994,263
	4,100,000	BBB	T-Mobile USA Inc., Company Guaranteed Notes, 2.250% due 2/15/26		4,057,111

			Total Telecommunications		9,979,042


	Trucking & Leasing — 0.6%
	2,263,000	BBB	Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 5.750% due 5/24/26(a)		2,281,000

			TOTAL CORPORATE BONDS & NOTES (Cost — $231,660,008)		232,435,389

	COLLATERALIZED MORTGAGE OBLIGATIONS — 23.6%

	Asset-Backed Securities — 10.4%
	2,000,000	NR	ARES LXV CLO Ltd., Series 2022-65A, Class A1R, 5.278% (3-Month Term SOFR + 1.120%) due 7/25/34(a)(b)(f)(h)		2,001,500
	2,100,000	AAA	ARES XLIV CLO Ltd., Series 2017-44A, Class A1RR, 5.424% (3-Month Term SOFR + 1.130%) due 4/15/34(a)(b)		2,101,027

See Notes to Financial Statements.

260



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Asset-Backed Securities — 10.4% — (continued)
$	1,000,000	AAA	Atlas Senior Loan Fund XVIII Ltd., Series 2021-18A, Class A1R, 5.439% (3-Month Term SOFR + 1.110%) due 1/18/35(a)(b)	$	999,405
			Bain Capital Credit CLO Ltd.:
	1,000,000	Aaa(e)	Series 2021-2A, Class A1R, 5.548% (3-Month Term SOFR + 1.230%) due 7/16/34(a)(b)		1,001,827
	2,500,000	Aaa(e)	Series 2022-2A, Class A1R, 5.482% (3-Month Term SOFR + 1.150%) due 4/22/35(a)(b)		2,501,035
	130,632	BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 2.742% (1-Month Term SOFR + 0.614%) due 9/25/34(b)		130,395
	313,248	AAA	BlueMountain CLO Ltd., Series 2018-3A, Class A1R, 5.508% (3-Month Term SOFR + 1.190%) due 10/25/30(a)(b)		313,441
	400,000	AAA	CCG Receivables Trust, Series 2025-1, Class A2, 4.480% due 10/14/32(a)		401,891
	1,776,874	Aaa(e)	Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.690% due 8/22/30(a)		1,779,919
			DLLAA LLC:
	80	Aaa(e)	Series 2023-1A, Class A2, 5.930% due 7/20/26(a)		80
	1,100,000	Aaa(e)	Series 2025-1A, Class A2, 4.700% due 10/20/27(a)		1,103,309
	588,591	Aaa(e)	DLLAD LLC, Series 2024-1A, Class A2, 5.500% due 8/20/27(a)		591,714
	25,475	Aaa(e)	DLLST LLC, Series 2024-1A, Class A2, 5.330% due 1/20/26(a)		25,484
	179,047	Aaa(e)	Dryden 54 Senior Loan Fund, Series 2017-54A, Class AR, 5.475% (3-Month Term SOFR + 1.150%) due 10/19/29(a)(b)		179,134
	400,000	Aaa(e)	Dryden 95 CLO Ltd., Series 2021-95A, Class AR, 5.244% (3-Month Term SOFR + 1.040%) due 8/20/34(a)(b)		399,304
	123,522	BB-	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 5.262% (1-Month Term SOFR + 0.939%) due 8/25/34(b)		117,946
	35,604	A	Fremont Home Loan Trust, Series 2005-A, Class M3, 5.172% (1-Month Term SOFR + 0.849%) due 1/25/35(b)		35,282
	404,109	Aaa(e)	Gallatin CLO VIII Ltd., Series 2017-1A, Class A1R, 5.669% (3-Month Term SOFR + 1.352%) due 7/15/31(a)(b)		404,631
	1,300,000	NR	Golub Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2, zero coupon (3-Month Term SOFR + 1.110%) due 4/20/35(a)(b)		1,300,975
	1,267,784	AAA	Greywolf CLO III Ltd., Series 2020-3RA, Class A1R2, 5.562% (3-Month Term SOFR + 1.230%) due 4/22/33(a)(b)		1,269,414
	1,300,000	Aaa(e)	Guggenheim CLO Ltd., Series 2022-2A, Class A1R, 5.468% (3-Month Term SOFR + 1.150%) due 1/15/35(a)(b)		1,301,725
	149,694	Aaa(e)	KKR CLO 11 Ltd., Series 11, Class AR, 5.759% (3-Month Term SOFR + 1.442%) due 1/15/31(a)(b)		149,851
	2,000,000	NR	KKR CLO 36 Ltd., Series 36A, Class AR, 5,321% (3-Month Term SOFR + 1.150%) due 10/15/34(a)(b)(f)		2,001,500
	1,000,000	AAA	LCM 31 Ltd., Series 31A, Class AR, 5.605% (3-Month Term SOFR + 1.280%) due 7/20/34(a)(b)		1,000,451
	386,422	Aaa(e)	LCM Loan Income Fund I Ltd., Series 1A, Class A, 5.617% (3-Month Term SOFR + 1.292%) due 4/20/31(a)(b)		386,810
	2,000,000	AAA	M&T Equipment 2025-LEAF1 Notes, Series 2025-1A, Class A2, 4.700% due 12/16/27(a)		2,011,639
	126,425	BBB+	MASTR Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 5.137% (1-Month Term SOFR + 0.814%) due 9/25/34(b)		116,185
			MMAF Equipment Finance LLC:
	80,646	Aaa(e)	Series 2023-A, Class A2, 5.790% due 11/13/26(a)		80,836
	463,657	Aaa(e)	Series 2024-A, Class A2, 5.200% due 9/13/27(a)		465,236
	331,766	B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 5.337% (1-Month Term SOFR + 1.014%) due 5/25/34(b)(g)		350,552
	400,000	AAA	Neuberger Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class AR, 5.372% (3-Month Term SOFR + 1.050%) due 7/17/36(a)(b)		400,694
	400,000	AAA	Neuberger Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class AR, 5.380% (3-Month Term SOFR + 1.060%) due 10/14/36(a)(b)		399,605
	917	AA-	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 5.097% (1-Month Term SOFR + 0.774%) due 1/25/36(b)		915

See Notes to Financial Statements.

261



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Asset-Backed Securities — 10.4% — (continued)
$	1,000,000	AAA	Ocean Trails CLO XI, Series 2021-11A, Class AR, 5.355% (3-Month Term SOFR + 1.030%) due 7/20/34(a)(b)	$	999,555
	173,710	Aaa(e)	Octagon Investment Partners 39 Ltd., Series 2018-3A, Class AR, 5.475% (3-Month Term SOFR + 1.150%) due 10/20/30(a)(b)		173,794
	26,495	NR	Pagaya AI Debt Trust, Series 2024-1, Class A, 6.660% due 7/15/31(a)		26,693
	2,000,000	NR	Rockford Tower CLO Ltd., Series 2021-2A, Class A1R, 5.293% (3-Month Term SOFR + 1.130%) due 7/20/34(a)(b)(f)		2,001,500
	508,777	AAA	Sound Point CLO XXVIII Ltd., Series 2020-3A, Class A1R, 5.598% (3-Month Term SOFR + 1.280%) due 1/25/32(a)(b)		509,535
	90,338	NR	Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due 2/28/33(a)		86,647
	2,000,000	NR	Symphony CLO XXIV Ltd., Series 2020-24A, Class A1R, 5.261% (3-Month Term SOFR + 1.130%) due 10/23/35(a)(b)(f)		2,001,500
	800,000	Aaa(e)	Symphony CLO XXIX Ltd., Series 2021-29A, Class AR, 5.433% (3-Month Term SOFR + 1.150%) due 10/15/35(a)(b)		800,259
	900,000	Aaa(e)	Symphony CLO XXXII Ltd., Series 2022-32A, Class AR, 5.419% (3-Month Term SOFR + 1.150%) due 10/23/35(a)(b)		901,024
	676,777	AAA	TIAA CLO IV Ltd., Series 2018-1A, Class A1AR, 5.465% (3-Month Term SOFR + 1.140%) due 1/20/32(a)(b)		677,313
			Towd Point Mortgage Trust:
	195,294	AAA(d)	Series 2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b)		196,442
	195,263	AAA(d)	Series 2025-CES2, Class A1, step bond to yield, 5.348% due 7/25/65(a)		196,668
	1,000,000	AAA(d)	Series 2025-CES3, Class A1A, step bond to yield, 5.278% due 8/25/65(a)(h)		999,978
	1,000,000	AAA	Tralee CLO V Ltd., Series 2018-5A, Class A1RR, 5.405% (3-Month Term SOFR + 1.080%) due 10/20/34(a)(b)		1,001,345
	300,000	A-(d)	UPXL Issuer Trust, Series 2025-1, Class A, 5.160% due 1/25/47(a)(h)		300,887
	599,949	Aaa(e)	Venture 36 CLO Ltd., Series 2019-36A, Class A1AR, 5.717% (3-Month Term SOFR + 1.392%) due 4/20/32(a)(b)		600,398
	950,611	AAA(d)	Verdelite Static CLO Ltd., Series 2024-1A, Class A, 5.455% (3-Month Term SOFR + 1.130%) due 7/20/32(a)(b)		950,587
	3,000,000	AAA	Verizon Master Trust, Series 2024-1, Class A1B, 4.993% (30-Day Average SOFR + 0.650%) due 12/20/28(b)		3,003,512
	2,000,000	AAA	Wellfleet CLO Ltd., Series 2021-1A, Class A1R, 5.505% (3-Month Term SOFR + 1.180%) due 4/20/34(a)(b)		2,000,630

			Total Asset-Backed Securities		42,751,979


	Mortgage Securities — 13.2%
	208,883	Aaa(e)	ACREC LLC, Series 2023-FL2, Class A, 6.593% (1-Month Term SOFR + 2.230%) due 2/19/38(a)(b)		208,891
	95,033	Aaa(e)	AG Trust, Series 2024-NLP, Class A, 6.379% (1-Month Term SOFR + 2.016%) due 7/15/41(a)(b)		95,507
	289,304	Aaa(e)	Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, 5.548% (1-Month Term SOFR + 1.184%) due 8/15/34(a)(b)		289,691
	497,602	AAA(d)	Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield, 5.903% due 1/25/64(a)		500,870
	1,600,000	NR	BWAY Mortgage Trust, Series 2021-1450, Class A, 5.728% (1-Month Term SOFR + 1.364%) due 9/15/36(a)(b)		1,551,122
	496,646	Aaa(e)	BXMT Ltd., Series 2020-FL3, Class A, 6.378% (1-Month Term SOFR + 2.014%) due 11/15/37(a)(b)		496,146
	508,685	AAA(d)	Chase Home Lending Mortgage Trust, Series 2024-9, Class A11, 5.598% (30-Day Average SOFR + 1.250%) due 9/25/55(a)(b)		508,217
	1,350,410	Aaa(e)	Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 5/25/51(a)(b)		1,254,344
			Credit Suisse Commercial Mortgage Capital Trust:
	208,478	AAA	Series 2021-INV1, Class A11, 5.000% (30-Day Average SOFR + 0.800%) due 7/25/56(a)(b)		194,030

See Notes to Financial Statements.

262



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 13.2% (continued)
$	590,409	NR	Series 2021-RPL4, Class A1, 4.134% due 12/27/60(a)(b)	$	589,041
	146,831	AAA(d)	Series 2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b)		140,419
	1,786,881	Aaa(e)	Extended Stay America Trust, Series 2021-ESH, Class A, 5.557% (1-Month Term SOFR + 1.194%) due 7/15/38(a)(b)		1,787,767
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	343,352	NR	Series 4344, Class FA, 4.878% (30-Day Average SOFR + 0.564%) due 12/15/37(b)		336,120
	400,329	NR	Series 4351, Class FA, 4.878% (30-Day Average SOFR + 0.564%) due 5/15/38(b)		393,034
	864,593	NR	Series 4906, Class WF, 4.828% (30-Day Average SOFR + 0.514%) due 12/15/38(b)		853,967
	791,473	NR	Series 5481, Class FJ, 5.498% (30-Day Average SOFR + 1.150%) due 12/25/54(b)		795,642
	83,353	NR	Series 5484, Class FA, 5.548% (30-Day Average SOFR + 1.200%) due 12/25/54(b)		83,914
	273,786	NR	Series 5491, Class FL, 5.548% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		275,732
	918,073	NR	Series 5495, Class AF, 5.498% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		922,889
	937,105	NR	Series 5496, Class AF, 5.448% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		940,346
	274,672	NR	Series 5500, Class GF, 5.298% (30-Day Average SOFR + 0.950%) due 10/25/54(b)		276,399
	932,346	NR	Series 5508, Class QF, 5.298% (30-Day Average SOFR + 0.950%) due 2/25/55(b)		937,531
	341,418	NR	Series 5511, Class FG, 5.498% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		343,180
	3,508,367	NR	Series 5513, Class MF, 5.288% (30-Day Average SOFR + 0.940%) due 11/25/54(b)		3,528,540
	2,338,049	NR	Series 5532, Class FA, 5.298% (30-Day Average SOFR + 0.950%) due 4/25/55(b)		2,352,130
	1,741,361	NR	Series 5548, Class AF, 5.348% (30-Day Average SOFR + 1.000%) due 6/25/55(b)		1,755,584
	888,130	NR	Series 5567, Class FB, 5.348% (30-Day Average SOFR + 1.000%) due 8/25/55(b)		895,385
			Federal National Mortgage Association (FNMA), REMICS:
	662,440	NR	Series 2017-108, Class AF, 4.763% (30-Day Average SOFR + 0.414%) due 1/25/48(b)		652,760
	214,040	NR	Series 2019-9, Class FA, 4.828% (30-Day Average SOFR + 0.514%) due 3/25/49(b)		212,438
	804,512	NR	Series 2024-90, Class FB, 5.598% (30-Day Average SOFR + 1.250%) due 11/25/53(b)		808,120
	950,601	NR	Series 2024-101, Class FB, 5.448% (30-Day Average SOFR + 1.100%) due 1/25/55(b)		953,912
	457,461	NR	Series 2024-103, Class FC, 5.498% (30-Day Average SOFR + 1.150%) due 1/25/55(b)		459,855
	638,889	NR	Series 2024-103, Class FJ, 5.548% (30-Day Average SOFR + 1.200%) due 1/25/55(b)		643,384
	341,544	NR	Series 2025-4, Class FB, 5.548% (30-Day Average SOFR + 1.200%) due 12/25/53(b)		343,840
	261,615	NR	Series 2025-6, Class FA, 5.598% (30-Day Average SOFR + 1.250%) due 2/25/55(b)		263,783
	458,924	NR	Series 2025-16, Class FA, 5.498% (30-Day Average SOFR + 1.150%) due 3/25/55(b)		461,360
	466,756	NR	Series 2025-19, Class FC, 5.508% (30-Day Average SOFR + 1.160%) due 3/25/55(b)		469,479
	1,175,234	NR	Series 2025-40, Class FP, 5.348% (30-Day Average SOFR + 1.000%) due 10/25/54(b)		1,184,767
			GCAT Trust:
	558,386	AAA	Series 2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b)		488,718
	682,850	AAA(d)	Series 2022-HX1, Class A1, 2.885% due 12/27/66(a)(b)		643,786
			Government National Mortgage Association (GNMA):
	367,591	NR	Series 2016-H06, Class FD, 5.362% (1-Month Term SOFR + 1.034%) due 7/20/65(b)		369,317
	629,930	NR	Series 2017-H15, Class FE, 5.581% (1-Year Term SOFR + 1.515%) due 7/20/67(b)		639,366
	62,198	NR	Series 2020-17, Class EU, 2.500% due 10/20/49		55,585
	44,272	NR	Series 2020-21, Class AC, 2.500% due 1/20/49		39,756
	2,775,884	NR	Series 2021-122, Class FA, 3.000% (30-Day Average SOFR + 0.400%) due 7/20/51(b)		2,399,822
	192,736	NR	Series 2023-H11, Class FC, 5.445% (30-Day Average SOFR + 1.100%) due 5/20/73(b)		195,743
	371,472	NR	Series 2023-H24, Class FA, 5.295% (30-Day Average SOFR + 0.950%) due 10/20/73(b)		374,263
	191,599	NR	Series 2023-H27, Class FD, 5.445% (30-Day Average SOFR + 1.100%) due 11/20/73(b)		194,545
	769,067	NR	Series 2024-H01, Class FB, 5.245% (30-Day Average SOFR + 0.900%) due 1/20/74(b)		772,380
	8,000,000	NR	Series 2025-135, Class FE, 5.460% (30-Day Average SOFR + 1.150%) due 8/20/55(b)(h)		7,997,500
	966,858	AAA(d)	GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.750% due 12/25/60(a)(b)		911,188
			GS Mortgage-Backed Securities Trust:
	657,785	Aaa(e)	Series 2021-GR2, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		610,806
	224,890	Aaa(e)	Series 2021-INV1, Class A9, 5.000% (30-Day Average SOFR + 0.850%) due 12/25/51(a)(b)		208,891
	499,169	Aaa(e)	Series 2024-PJ7, Class A25, 5.700% (30-Day Average SOFR + 1.350%) due 11/25/54(a)(b)		500,483

See Notes to Financial Statements.

263



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	Mortgage Securities — 13.2% (continued)
$	137,825	BBB-	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 5.861% (1-Month Term SOFR + 1.497%) due 12/15/31(a)(b)	$	137,332
			JPMorgan Mortgage Trust:
	142,163	Aaa(e)	Series 2019-INV3, Class A3, 3.500% due 5/25/50(a)(b)		128,643
	282,276	Aaa(e)	Series 2021-12, Class A11, 5.000% (30-Day Average SOFR + 0.850%) due 2/25/52(a)(b)		262,137
	237,073	NR	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to yield, 5.250% due 7/25/67(a)		237,308
	158,575	Aaa(e)	M360 Ltd., Series 2021-CRE3, Class A, 5.954% (1-Month Term SOFR + 1.614%) due 11/22/38(a)(b)		158,474
	160,258	Aaa(e)	MF1 Ltd., Series 2020-FL4, Class A, 6.178% (1-Month Term SOFR + 1.814%) due 12/15/35(a)(b)		160,296
			MFA Trust:
	109,203	AAA	Series 2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b)		105,855
	90,210	AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		88,180
			Mill City Mortgage Loan Trust:
	326,480	Aaa(e)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		317,121
	232,855	AAA(d)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		223,226
	1,600,000	Aaa(e)	Natixis Commercial Mortgage Securities Trust, Series 2021-APPL, Class A, 5.578% (1-Month Term SOFR + 1.214%) due 8/15/38(a)(b)(i)		1,553,593
			New Residential Mortgage Loan Trust:
	127,914	NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		125,323
	38,766	AAA(d)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		37,689
	1,800,000	AAA(d)	NYO Commercial Mortgage Trust, Series 2021-1290, Class A, 5.573% (1-Month Term SOFR + 1.209%) due 11/15/38(a)(b)		1,797,517
			OBX Trust:
	259,877	AAA	Series 2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a)		262,116
	474,304	AAA	Series 2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a)		481,153
	544,056	Aaa(e)	Oceanview Mortgage Trust, Series 2025-3, Class AF1, 5.300% (30-Day Average SOFR + 0.950%) due 5/25/55(a)(b)		545,414
	596,708	AAA(d)	Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, 4.397% due 11/25/63(a)(b)		600,434
			Towd Point Mortgage Trust:
	212,409	AAA(d)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		208,981
	108,895	Aaa(e)	Series 2019-HY2, Class A1, 5.437% (1-Month Term SOFR + 1.114%) due 5/25/58(a)(b)		111,342
	128,521	Aaa(e)	Series 2019-HY3, Class A1A, 5.437% (1-Month Term SOFR + 1.114%) due 10/25/59(a)(b)		129,229
	377,040	AAA(d)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		364,073
	562,477	AAA(d)	Series 2021-SJ2, Class A1A, 2.250% due 12/25/61(a)(b)		546,570
	149,089	AAA(d)	Verus Securitization Trust, Series 2023-5, Class A1, step bond to yield, 6.476% due 6/25/68(a)		150,295
	231,410	AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 5.017% (1-Month Term SOFR + 0.694%) due 10/25/45(b)		232,349

			Total Mortgage Securities		54,126,935

			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $97,660,298)		96,878,914

	ASSET-BACKED SECURITIES — 10.3%

	Automobiles — 6.4%
	1,000,000	AAA	American Heritage Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.480% due 8/15/28(a)		1,000,931
	1,337,181	AAA	ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due 4/15/33(a)		1,347,401
	1,334,435	Aaa(e)	Bank of America Auto Trust, Series 2023-1A, Class A3, 5.530% due 2/15/28(a)		1,344,916
	45,934	AAA	BMW Vehicle Lease Trust, Series 2023-2, Class A3, 5.990% due 9/25/26		46,047
			CarMax Auto Owner Trust:
	187,789	AAA	Series 2024-1, Class A2B, 4.963% (30-Day Average SOFR + 0.620%) due 3/15/27(b)		187,864
	955,342	AAA	Series 2024-3, Class A2B, 4.813% (30-Day Average SOFR + 0.470%) due 9/15/27(b)		955,678
			Carvana Auto Receivables Trust:
	47,312	AAA	Series 2021-P2, Class A4, 0.800% due 1/10/27		47,110

See Notes to Financial Statements.

264



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

Automobiles — 6.4% — (continued)
$	2,769,000	AAA	Series 2023-P1, Class A4, 5.940% due 1/10/29(a)	$	2,818,737
	1,454,078	AAA	Series 2023-P2, Class A3, 5.420% due 4/10/28(a)		1,460,045
	1,441,290	AAA	Series 2023-P4, Class A3, 6.160% due 10/10/28(a)		1,457,735
	2,000,000	AAA	Series 2024-P1, Class A3, 5.050% due 4/10/29(a)		2,011,749
			Chase Auto Owner Trust:
	118,102	Aaa(e)	Series 2024-2A, Class A2, 5.660% due 5/26/27(a)		118,258
	2,000,000	Aaa(e)	Series 2024-3A, Class A3, 5.220% due 7/25/29(a)		2,026,366
	366,841	Aaa(e)	Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due 5/15/36(a)		371,516
	73,542	AAA	Citizens Auto Receivables Trust, Series 2024-1, Class A2B, 4.943% (30-Day Average SOFR + 0.600%) due 10/15/26(a)(b)		73,560
	1,000,000	Aaa(e)	Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.490% due 6/25/27(a)		1,005,083
	47,757	AAA	Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2B, 4.843% (30-Day Average SOFR + 0.500%) due 6/15/26(a)(b)		47,767
	1,975,000	AAA	LAD Auto Receivables Trust, Series 2024-3A, Class A3, 4.520% due 3/15/29(a)		1,981,417
	185,496	Aaa(e)	Oscar US Funding XV LLC, Series 2023-1A, Class A3, 5.810% due 12/10/27(a)		186,920
	278,890	Aaa(e)	Oscar US Funding XVI LLC, Series 2024-1A, Class A2, 5.480% due 2/10/27(a)		279,156
			SBNA Auto Lease Trust:
	111,469	Aaa(e)	Series 2024-B, Class A2, 5.670% due 11/20/26(a)		111,556
	1,300,000	Aaa(e)	Series 2024-B, Class A3, 5.560% due 11/22/27(a)		1,309,851
	599,060	AAA	SCCU Auto Receivables Trust, Series 2023-1A, Class A3, 5.700% due 10/16/28(a)		604,047
	163,893	AAA	SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A2, 5.710% due 10/20/27(a)		164,145
	460,461	Aaa(e)	Tesla Electric Vehicle Trust, Series 2023-1, Class A2B, 4.865% (30-Day Average SOFR + 0.520%) due 12/21/26(a)(b)		460,609
			Toyota Auto Receivables Owner Trust:
	467,977	AAA	Series 2022-C, Class A3, 3.760% due 4/15/27		467,171
	4,000,000	AAA	Series 2025-B, Class A2A, 4.460% due 3/15/28		4,008,374
	304,932	Aaa(e)	Toyota Lease Owner Trust, Series 2024-B, Class A2B, 4.785% (30-Day Average SOFR + 0.440%) due 2/22/27(a)(b)		305,153

			Total Automobiles		26,199,162


	Credit Cards — 1.5%
	1,100,000	Aaa(e)	Golden Credit Card Trust, Series 2022-1A, Class A, 1.970% due 1/15/29(a)		1,068,012
	2,200,000	Aaa(e)	Master Credit Card Trust II, Series 2024-1A, Class A, 5.093% (30-Day Average SOFR + 0.750%) due 1/21/28(a)(b)		2,204,783
	3,000,000	Aaa(e)	Trillium Credit Card Trust II, Series 2024-1A, Class A, 5.101% (SOFR + 0.750%) due 12/26/28(a)(b)		3,005,296

			Total Credit Cards		6,278,091


	Student Loans — 2.4%
			ECMC Group Student Loan Trust:
	414,210	Aa1(e)	Series 2017-2A, Class A, 5.513% (30-Day Average SOFR + 1.164%) due 5/25/67(a)(b)		415,906
	300,797	Aa1(e)	Series 2018-1A, Class A, 5.213% (30-Day Average SOFR + 0.864%) due 2/27/68(a)(b)		297,023
	452,659	Aa1(e)	Series 2019-1A, Class A1B, 5.463% (30-Day Average SOFR + 1.114%) due 7/25/69(a)(b)		452,678
	1,294,727	AAA	ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.530% due 12/26/46(a)		1,168,967
			Navient Private Education Loan Trust:
	323,641	AAA	Series 2015-BA, Class A3, 5.928% (1-Month Term SOFR + 1.564%) due 7/16/40(a)(b)		325,160
	182,590	AAA	Series 2020-A, Class A2B, 5.378% (1-Month Term SOFR + 1.014%) due 11/15/68(a)(b)		182,194
			Navient Private Education Refinance Loan Trust:
	112,717	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		105,744
	168,109	AAA	Series 2020-IA, Class A1A, 1.330% due 4/15/69(a)		155,862
			Nelnet Student Loan Trust:
	450,004	AA+	Series 2017-3A, Class A, 5.313% (30-Day Average SOFR + 0.964%) due 2/25/66(a)(b)		450,616
	10,987	AAA	Series 2018-3A, Class A2, 4.877% (1-Month Term SOFR + 0.554%) due 9/27/66(a)(b)		10,985
	445,959	AA+	Series 2019-2A, Class A, 5.363% (30-Day Average SOFR + 1.014%) due 6/27/67(a)(b)		446,001
	353,465	AA+	Series 2019-3A, Class A, 5.237% (1-Month Term SOFR + 0.914%) due 8/25/67(a)(b)		353,845
	1,500,000	Aaa(e)	Series 2025-BA, Class A1B, zero coupon (30-Day Average SOFR + 1.350%) due 5/17/55(a)(b)		1,507,466

See Notes to Financial Statements.

265



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†			Rating††	Security	Value

Student Loans — 2.4% — (continued)
				SMB Private Education Loan Trust:
$	161,350		AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)	$	152,245
	134,400		AAA	Series 2021-D, Class A1A, 1.340% due 3/17/53(a)		126,083
	1,031,913		Aaa(e)	Series 2022-B, Class A1B, 5.793% (30-Day Average SOFR + 1.450%) due 2/16/55(a)(b)		1,042,375
	404,589		Aaa(e)	Series 2023-C, Class A1B, 5.893% (30-Day Average SOFR + 1.550%) due 11/15/52(a)(b)		409,046
	868,088		Aaa(e)	Series 2024-D, Class A1B, 5.443% (30-Day Average SOFR + 1.100%) due 7/15/53(a)(b)		869,225
	970,834		Aaa(e)	Series 2025-A, Class A1B, 5.793% (30-Day Average SOFR + 1.450%) due 4/15/54(a)(b)		983,420
	230,932		Aaa(e)	Towd Point Asset Trust, Series 2021-SL1, Class A2, 5.155% (1-Month Term SOFR + 0.814%) due 11/20/61(a)(b)		230,144

				Total Student Loans		9,684,985

				TOTAL ASSET-BACKED SECURITIES (Cost — $42,211,767)		42,162,238


	MORTGAGE-BACKED SECURITIES — 1.9%

	FHLMC — 0.1%
	680,615			Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 — 9/1/49		646,106


	FNMA — 1.8%
	7,200,000			Federal National Mortgage Association (FNMA), 5.500% due 10/1/55(j)		7,235,452

				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $7,908,663)		7,881,558


	U.S. GOVERNMENT OBLIGATION — 0.3%
	948,994			U.S. Treasury Inflation Indexed Notes, 2.125% due 4/15/29 (Cost — $949,965)		985,892

				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $380,390,701)		380,343,991


	SHORT-TERM INVESTMENTS — 17.0%

	COMMERCIAL PAPERS — 6.1%
				Air Lease Corp.:
	300,000			4.778% due 9/3/25(a)(k)		299,920
	1,500,000			4.793% due 9/11/25(a)(k)		1,498,008
	300,000			4.794% due 9/12/25(a)(k)		299,562
	4,000,000			Bacardi-Martini B.V., 4.816% due 10/16/25(a)(k)		3,976,100
	4,000,000			Becton Dickinson & Co., 4.547% due 9/30/25(a)(k)		3,985,436
	4,000,000			Canadian Natural Resources Ltd., 4.711% due 9/25/25(a)(k)		3,987,493
				HCA Inc.:
	1,000,000			4.923% due 9/11/25(a)(k)		998,639
	3,600,000			4.870% due 9/22/25(a)(k)		3,589,815
	600,000			NextEra Energy Capital Holdings Inc., 4.615% due 9/26/25(a)(k)		598,092
				RTX Corp.:
	800,000			4.564% due 9/9/25(a)(k)		799,191
	4,200,000			4.564% due 9/22/25(a)(k)		4,188,853
	600,000			Southern California Edison Co., 4.769% due 9/18/25(a)(k)		598,654

				TOTAL COMMERCIAL PAPERS (Cost — $24,819,763)		24,819,763


	CORPORATE BOND — 0.6%
	2,654,000			Pacific Gas & Electric Co., 5.522%(SOFR + 0.950%) due 9/4/25(b) (Cost — $2,654,578)		2,654,578


	TIME DEPOSITS — 1.2%
	21	^NZD		BBH — New York, 1.700% due 9/1/25		12
	244,222			Citibank — New York, 3.680% due 9/2/25		244,222
	4,669,340			JPMorgan Chase & Co. — New York, 3.680% due 9/2/25		4,669,340

				TOTAL TIME DEPOSITS (Cost — $4,913,574)		4,913,574

See Notes to Financial Statements.

266



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund

Face Amount/Units†		Rating††	Security	Value

	U.S. GOVERNMENT OBLIGATIONS — 9.1%
			U.S. Treasury Bills:
$	24,100,000		4.253% due 9/30/25(k)	$	24,020,605
	8,500,000		4.250% due 10/21/25(k)		8,450,151
	3,000,000		4.107% due 12/4/25(k)		2,969,174
	2,000,000		4.164% due 12/9/25(k)		1,977,409

			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $37,417,339)		37,417,339

			TOTAL SHORT-TERM INVESTMENTS (Cost — $69,805,254)		69,805,254

			TOTAL INVESTMENTS — 109.8% (Cost — $450,195,955)		450,149,245

			Liabilities in Excess of Other Assets — (9.8)%		(40,292,809	)

			TOTAL NET ASSETS — 100.0%	$	409,856,436

†	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)

(b)	Variable rate security. Interest rate disclosed is that which was in effect at August 31, 2025.

(c)	The aggregate value of restricted securities (excluding 144A holdings) at August 31, 2025, amounts to $497,185 and represents 0.1% of net assets.

(d)	Rating by Fitch Ratings Service. All ratings are unaudited.

(e)	Rating by Moody’s Investors Service. All ratings are unaudited.

(f)	When-issued security.

(g)	Affiliated security (See Note 2). As of August 31, 2025, total cost and total value of affiliated security amounted to $331,439 and $350,552, respectively.

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

(i)	Illiquid security.

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

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

At August 31, 2025, for Ultra-Short Term Fixed Income Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Ultra-Short Term Fixed Income Fund	$	448,931,380	$	3,226,270	$	(1,948,629)	$	1,277,641


Abbreviations used in this schedule:
ABS		— Asset-Backed Security
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Rate
LLC		— Limited Liability Company
MASTR		— Mortgage Asset Securitization Transactions, Inc.
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate

See Notes to Financial Statements.

267



Schedules of Investments


(continued)


Ultra-Short Term Fixed Income Fund


Summary of Investments by Security Type^
Corporate Bonds & Notes	51.6	%
Collateralized Mortgage Obligations	21.5
Asset-Backed Securities	9.4
Mortgage-Backed Securities	1.8
U.S. Government Obligation	0.2
Short-Term Investments	15.5

Total Investments	100.0	%

^	As a percentage of total investments.

At August 31, 2025, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

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


Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
3-Month SOFR Futures		108		6/27	$	26,130,902	$	26,204,850	$	73,948
U.S. Treasury 5-Year Note Futures		572		12/25		62,307,882		62,616,125		308,243

										382,191

Contracts to Sell:
U.S. Treasury 2-Year Note Futures		805		12/25		167,575,967		167,873,945		(297,978	)
U.S. Treasury 10-Year Note Futures		56		12/25		6,265,010		6,300,000		(34,990	)
U.S. Treasury Ultra Long Bond Futures		56		12/25		6,545,005		6,527,500		17,505
U.S. Ultra Long Bond Futures		10		12/25		1,137,109		1,144,062		(6,953	)

										(322,416	)

Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	59,775

At August 31, 2025, Ultra-Short Term Fixed Income Fund had deposited cash of $1,110,000 with a broker or brokers as margin collateral on open exchange-traded futures contracts.


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

See pages 270-271 for definitions of ratings.

See Notes to Financial Statements.

268



Schedules of Investments


(continued)


Alternative Strategies Fund



Units		Security	Value

OPEN END MUTUAL FUND SECURITIES — 99.0%

United States — 99.0%
	589,836	AB Select U.S. Long/Short Portfolio, Class I	$	9,413,777
	1,552,589	Abbey Capital Futures Strategy Fund, Class I		16,348,758
	704,896	American Beacon AHL TargetRisk Fund, Class Y		7,514,189
	1,416,447	BlackRock Event Driven Equity Fund, Institutional Class		14,731,049
	642,612	BlackRock Global Equity Market Neutral Fund, Institutional Class		9,137,937
	1,723,622	BlackRock Systematic Multi-Strategy Fund, Institutional Class		17,977,382
	818,953	BNY Mellon Global Real Return Fund, Class Y		13,250,657
	703,024	Calamos Market Neutral Income Fund, Class I		10,953,115
	70,686	Cohen & Steers Global Realty Shares Inc., Class I		3,917,408
	1,681,359	John Hancock Diversified Macro Fund, Class I		14,291,554
	220,594	JPMorgan Hedged Equity Fund, Class I		7,533,278
	643,209	Neuberger Berman Long Short Fund, Institutional Class		12,819,155
	269,488	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		3,783,613
	1,307,872	PIMCO Credit Opportunities Bond Fund, Institutional Class		12,921,775
	1,968,639	PIMCO Mortgage Opportunities and Bond Fund, Class I2		18,524,897
	1,062,823	Touchstone Flexible Income Fund, Institutional Class		11,032,106

		TOTAL INVESTMENTS — 99.0% (Cost — $177,730,294)		184,150,650

		Other Assets in Excess of Liabilities — 1.0%		1,880,595

		TOTAL NET ASSETS — 100.0%	$	186,031,245

At August 31, 2025, for Alternative Strategies Fund the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:


Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Alternative Strategies Fund	$	178,022,964	$	9,169,520	$	(3,041,833)	$	6,127,687


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

^	As a percentage of total investments.

See Notes to Financial Statements.

269



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.

270



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.

271



Statements of Assets and Liabilities


August 31, 2025


	Morgan Stanley Pathway Large Cap Equity ETF*		Morgan Stanley Pathway Small-Mid Cap Equity ETF*		International Equity Fund
ASSETS:
Unaffiliated investments, at value^1,3	$	3,283,564,591	$	673,984,338	$	1,185,844,500
Affiliated investments, at value²		6,187,286		—		—
Foreign currency, at value⁴		38		30		124,678
Cash		154,025		54,818		126,481
Receivable for securities sold		—		123,162		422,930
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		3,114,814		471,937		10,079,428
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		—		—		388,973
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open futures contracts (Note 1)		—		—		—
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		1,121,984		575,996		133,182
Foreign capital gains tax receivable		—		—		—
Prepaid trustees expenses		54,282		10,420		30,195
Prepaid expenses		9,343		2,103		20,027

Total Assets		3,294,206,363		675,222,804		1,197,170,394

LIABILITIES:
Reverse repurchase agreements, at value⁷		—		—		—
Payable for collateral received from securities on loan		—		479,999		—
Payable for Fund shares repurchased		—		—		530,485
Payable for securities purchased		—		298,162		1,270,484
Payable for TBA securities purchased		—		—		—
Payable for sale-buyback transactions		—		—		—
Interest payable for forward sale commitments		—		—		—
Investment management fee payable		855,171		269,786		473,369
Transfer agent fees payable		6,060		2,888		25,143
Interest expense payable		—		—		—
Custody fee payable		162,098		33,675		204,611
Variation margin on open futures contracts (Note 1)		117,605		45,910		9,255
Forward sale commitments, at value⁵ (Note 1)		—		—		—
Options contracts written, at value⁶ (Note 1)		—		—		—
Unrealized depreciation on open OTC swap contracts		—		—		—
Upfront payment received on open OTC swap contracts		—		—		—
Unrealized depreciation on open forward foreign currency contracts (Note 1)		—		—		—
Deposits for collateral from counterparty		—		—		—
Foreign capital gains tax payable		—		—		—
Audit fees payable		78,035		93,803		—
Shareholder report fees payable		97,044		—		—
Legal fees payable		101,098		—		—
Accrued expenses		3,542		68,079		255,409

Total Liabilities		1,420,653		1,292,302		2,768,756

Total Net Assets	$	3,292,785,710	$	673,930,502	$	1,194,401,638

NET ASSETS:
Paid-in-capital (Note 5)	$	1,747,489,606	$	514,241,220	$	790,283,213
Total distributable earnings (losses)		1,545,296,104		159,689,282		404,118,425

Total Net Assets	$	3,292,785,710	$	673,930,502	$	1,194,401,638

Shares Outstanding		62,082,167		13,498,475		75,749,762

Net Asset Value	$	53.04	$	49.93	$	15.77

¹ Unaffiliated investments, at cost	$	1,778,987,342	$	516,493,592	$	807,413,792

² Affiliated investments, at cost	$	1,958,582	$	—	$	—

³ Includes securities on loan	$	—	$	445,213	$	—

⁴ Foreign currency, at cost	$	875	$	628	$	72,495

⁵ Proceeds received	$	—	$	—	$	—

⁶ Premiums received	$	—	$	—	$	—

⁷ Proceeds of reverse repurchase agreements	$	—	$	—	$	—

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

See Notes to Financial Statements.

272


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

$	659,342,006	$	1,688,333,161		$	140,268,616		$	221,957,993		$	76,382,455		$	197,392,439		$	449,798,693		$	184,150,650
	—		—			—			—			—			—			350,552			—
	935,047		235			—			275,731			—			126,665			—			—
	—		201,525			—			1,031			—			1,430,215			—			2,357,777
	58,755		2,808,157			—			22,138,192			—			839,549			29,826			—
	—		—			—			71,213,579			—			9,535,125			7,201,125			—
	747,280		12,632,977			2,412,019			1,389,254			917,094			460,187			2,542,781			—
	—		—			—			—			—			—			344			—
	235,681		853,146			68,338			113,236			10,719			23,140			240,269			125,046
	—		20,298			—			673,956			—			151,024			—			—
	—		2,537,323			—			23,879			—			51,291			258,126			—
	—		225,195			—			358,200			—			143,718			—			—
	—		—			—			375,058			—			—			—			—
	—		—			—			268,687			—			—			—			—
	37,994		1,760,000			—			3,236,000			—			1,019,000			1,110,000			—
	52,964		—			—			—			—			—			—			—
	13,589		50,008			2,980			2,846			7,456			3,086			9,051			4,155
	22,381		41,907			13,356			12,995			22,339			—			25,110			13,717

	661,445,697		1,709,463,932			142,765,309			322,040,637			77,340,063			211,175,439			461,565,877			186,651,345


	—		—			—			13,573,304			—			32,593,251			—			—
	—		—			—			—			—			—			—			—
	317,509		6,142,679			702,824			69,491			222,280			556,331			1,347,138			402,567
	1,227,854		5,849,112			—			21,860,449			—			1,190,407			35,589,780			—
	—		39,503,095			—			74,549,854			—			18,970,516			14,354,156			—
	—		—			—			—			—			18,641,761			—			—
	—		208			—			—			—			—			—			—
	296,542		452,106			59,879			68,345			26,004			52,550			120,382			31,494
	9,543		28,595			2,352			3,248			1,852			2,914			3,738			2,533
	—		—			—			32,698			—			25,356			—			—
	174,448		270,819			45,057			140,466			30,997			78,072			58,957			42,394
	5,625		—			—			—			—			—			—			—
	—		—			—			28,680,484			—			—			—			—
	—		—			—			40,598			—			103,813			—			—
	—		—			—			728,287			—			—			—			—
	—		—			—			52,739			—			—			—			—
	—		641,371			—			1,459,497			—			168,969			—			—
	—		—			—			270,000			—			—			—			—
	3,367,506		—			—			—			—			—			—			—
	—		—			160,297			—			122,431			—			—			90,737
	—		—			64,269			—			—			—			—			—
	—		—			—			—			—			—			—			—
	225,800		291,656			8,805			162,212			30,944			304,355			235,290			50,375

	5,624,827		53,179,641			1,043,483			141,691,672			434,508			72,688,295			51,709,441			620,100

$	655,820,870	$	1,656,284,291		$	141,721,826		$	180,348,965		$	76,905,555		$	138,487,144		$	409,856,436		$	186,031,245


$	547,289,478	$	1,917,506,723		$	163,517,242		$	201,564,827		$	85,670,455		$	152,069,960		$	422,565,250		$	178,862,466
	108,531,392		(261,222,432	)		(21,795,416	)		(21,215,862	)		(8,764,900	)		(13,582,816	)		(12,708,814	)		7,168,779

$	655,820,870	$	1,656,284,291		$	141,721,826		$	180,348,965		$	76,905,555		$	138,487,144		$	409,856,436		$	186,031,245

	41,280,997		243,243,609			43,196,249			26,259,003			9,282,080			16,449,608			41,926,689			17,124,333

$	15.89	$	6.81		$	3.28		$	6.87		$	8.29		$	8.42		$	9.78		$	10.86

$	481,693,667	$	1,702,029,541		$	138,150,425		$	232,280,915		$	77,713,627		$	202,854,689		$	449,864,516		$	177,730,294

$	—	$	—		$	—		$	—		$	—		$	—		$	331,439		$	—

$	—	$	—		$	—		$	—		$	—		$	—		$	—		$	—

$	934,910	$	—		$	—		$	272,895		$	—		$	125,100		$	—		$	—

$	—	$	—		$	—		$	28,495,397		$	—		$	—		$	—		$	—

$	—	$	—		$	—		$	65,180		$	—		$	192,390		$	—		$	—

$	—	$	—		$	—		$	13,553,503		$	—		$	32,593,251		$	—		$	—

See Notes to Financial Statements.

273



Statements of Operations


For the Year Ended August 31, 2025


	Morgan Stanley Pathway Large Cap Equity ETF*			Morgan Stanley Pathway Small-Mid Cap Equity ETF*			International Equity Fund
INVESTMENT INCOME:

Dividends from unaffiliated investments	$	36,160,099		$	7,377,247		$	33,441,411
Dividends from affiliated investments		148,557			—			—
Interest from unaffiliated investments		1,957,957			606,688			920,184
Interest from affiliated investments		—			—			—
Income from securities lending		12,474			68,639			76,836
Less: Foreign taxes withheld (see Note 1r)		(46,462	)		(17,329	)		(3,113,169	)
Miscellaneous income		318,583			37,410			93,038

Total Investment Income		38,551,208			8,072,655			31,418,300


EXPENSES:

Investment management fee (Note 2)		16,050,187			4,330,480			8,327,474
Transfer agent fees		114,496			35,919			215,047
Custody fees		663,536			163,150			746,860
Trustees’ fees		378,078			72,474			171,979
Shareholder reports		261,842			169,770			155,628
Insurance		97,078			18,411			14,491
Audit and tax		84,952			100,720			64,808
Legal fees		211,844			39,707			94,561
Registration fees		45,196			29,469			45,153
Other expense		315,173			174,219			1,878
Interest expense		—			—			—

Total Expenses		18,222,382			5,134,319			9,837,879
Less: Fee waivers and/or expense reimbursement (Note 2)		(7,161,082	)		(1,571,209	)		(2,700,563	)

Net Expenses		11,061,300			3,563,110			7,137,316

Net Investment Income	$	27,489,908		$	4,509,545		$	24,280,984


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, IN-KIND TRANSACTIONS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, FORWARD SALE COMMITMENTS, SHORT SALES, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY TRANSACTIONS AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):

Net Realized Gain (Loss) from:

Unaffiliated investments	$	32,563,438		$	9,554,890		$	46,097,501
Affiliated investments		—			—			—
Unaffiliated in-kind transactions		5,908,433			4,207,848			—
Futures contracts		2,471,538			(151,056	)		168,304
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency transactions		(117	)		(286	)		142,899
Capital gain distributions received		—			—			—

Net Realized Gain (Loss):		40,943,292			13,611,396			46,408,704

Change in Net Unrealized Appreciation (Depreciation) from:

Unaffiliated investments		353,570,901			36,783,117			45,996,326
Affiliated investments		1,865,103			—			—
Futures contracts		97,190			339,765			3,348
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(316	)		(140	)		365,553

Change in Net Unrealized Appreciation (Depreciation):		355,532,878			37,122,742			46,365,227

Net Gain (Loss) on Investments, In-Kind Transactions, Futures Contracts, Options Contracts Written, Forward Sale Commitments, Short Sales, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency Transactions and Capital Gain Distributions Received		396,476,170			50,734,138			92,773,931

Total Increase (Decrease) in Net Assets from Operations	$	423,966,078		$	55,243,683		$	117,054,915

(a)	Includes net increase in accrued foreign capital gains taxes of $685,183 for Emerging Markets Equity Fund.

See Notes to Financial Statements.

274


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


$	15,514,644		$	185,351		$	1,665		$	—		$	—		$	—		$	—		$	6,855,147
	—			—			—			—			—			—			—			—
	563,262			89,747,301			10,221,195			8,274,809			3,312,209			8,812,348			16,791,106			—
	—			—			—			—			—			—			15,866			—
	22,962			6,140			—			—			—			—			—			—
	(1,903,354	)		(23,006	)		—			(4	)		—			—			—			(73,836	)
	1,998			154,997			—			55,487			—			18,732			—			—

	14,199,512			90,070,783			10,222,860			8,330,292			3,312,209			8,831,080			16,806,972			6,781,311




	5,112,987			7,134,378			959,917			898,837			340,447			713,529			1,622,831			2,135,180
	99,750			315,992			24,551			31,925			15,609			17,895			56,352			30,266
	690,421			1,458,872			196,534			544,763			126,888			256,977			188,390			146,776
	59,867			322,602			24,175			24,653			10,633			22,463			38,628			21,731
	149,691			274,931			106,395			87,682			9,143			52,148			75,624			33,612
	19,168			71,074			1,672			6,897			1,822			—			3,497			1,235
	52,621			75,325			60,089			131,111			53,957			33,794			25,672			49,168
	29,580			109,921			6,795			13,552			6,674			10,084			5,486			10,971
	35,344			41,011			23,927			27,378			14,675			20,030			61,122			20,078
	31,347			128,352			4,737			32,775			18,757			25,698			3,626			11,192
	—			—			—			411,054			—			2,157,694			125,126			—

	6,280,776			9,932,458			1,408,792			2,210,627			598,605			3,310,312			2,206,354			2,460,209
	(2,042,466	)		(1,574,833	)		(277,773	)		(95,438	)		—			(74,345	)		(492,424	)		(1,779,317	)

	4,238,310			8,357,625			1,131,019			2,115,189			598,605			3,235,967			1,713,930			680,892

$	9,961,202		$	81,713,158		$	9,091,841		$	6,215,103		$	2,713,604		$	5,595,113		$	15,093,042		$	6,100,419






$	(8,727,740	)	$	(44,345,660	)	$	(2,899,451	)	$	(1,741,413	)	$	(1,249,497	)	$	(2,784,834	)	$	647,943		$	(2,621,059	)
	—			—			—			—			—			—			42			—
	—			—			—			—			—			—			—			—
	146,077			(11,705,254	)		—			1,897,581			—			496,285			1,077,455			—
	—			3,544,613			—			299,114			—			(13,834	)		—			—
	—			2,455			—			475,723			—			—			—			—
	—			—			—			—			—			36,986			158			—
	—			(133,837	)		—			(1,009,083	)		—			119,790			—			—
	—			(2,536,964	)		—			(3,003,554	)		—			(351,010	)		—			—
	(109,549	)		(403,037	)		49			294,321			(435	)		(95,282	)		(3,163	)		—
	—			—			—			—			—			—			—			481,933

	(8,691,212	)		(55,577,684	)		(2,899,402	)		(2,787,311	)		(1,249,932	)		(2,591,899	)		1,722,435			(2,139,126	)



	84,459,947	^(a)		16,737,735			4,300,561			2,101,501			(2,635,680	)		3,401,226			737,536			1,808,770
	—			—			—			—			—			—			10,655			—
	(2,554	)		1,783,990			—			(377,422	)		—			65,787			6,861			—
	—			126,617			—			13,797			—			77,503			—			—
	—			—			—			(84,171	)		—			—			—			—
	—			1,842,044			—			115,190			—			473,856			—			—
	—			290,907			—			1,472,065			—			180,451			—			—
	9,508			29,592			—			(223,530	)		—			62,420			—			—

	84,466,901			20,810,885			4,300,561			3,017,430			(2,635,680	)		4,261,243			755,052			1,808,770


	75,775,689			(34,766,799	)		1,401,159			230,119			(3,885,612	)		1,669,344			2,477,487			(330,356	)

$	85,736,891		$	46,946,359		$	10,493,000		$	6,445,222		$	(1,172,008	)	$	7,264,457		$	17,570,529		$	5,770,063

See Notes to Financial Statements.

275



Statements of Changes in Net Assets


For the Years Ended August 31, 2025 and August 31, 2024


	Morgan Stanley Pathway Large Cap Equity ETF*						Morgan Stanley Pathway Small-Mid Cap Equity ETF*
	2025			2024			2025			2024
OPERATIONS:

Net investment income (loss)	$	27,489,908		$	23,449,049		$	4,509,545		$	4,082,190
Net realized gain (loss)		40,943,292			89,558,588			13,611,396			56,758,057
Change in unrealized appreciation (depreciation)		355,532,878			384,636,481			37,122,742			5,188,528

Increase (Decrease) in Net Assets from Operations		423,966,078			497,644,118			55,243,683			66,028,775

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(106,305,264	)		(115,892,456	)		(56,973,556	)		(4,637,293	)
Tax return of capital		—			—			—			—

Decrease in Net Assets from Distributions to Shareholders		(106,305,264	)		(115,892,456	)		(56,973,556	)		(4,637,293	)

FUND SHARE TRANSACTIONS (NOTE 5):

Net proceeds from sale of shares		251,201,108			790,882,481			132,179,898			121,570,781
Net proceeds from sale of shares in-kind		282,582,620			—			99,238,145			—
Reinvestment of distributions		106,305,161			115,892,324			56,973,373			4,637,278
Cost of shares repurchased		(270,722,391	)		(456,318,745	)		(65,944,111	)		(199,213,563	)
Cost of shares repurchased in-kind		(41,479,235	)		—			(25,330,845	)		—

Increase (Decrease) in Net Assets from Fund Share Transactions		327,887,263			450,456,060			197,116,460			(73,005,504	)

Increase (Decrease) in Net Assets		645,548,077			832,207,722			195,386,587			(11,614,022	)
NET ASSETS:

Beginning of year		2,647,237,633			1,815,029,911			478,543,915			490,157,937

End of year	$	3,292,785,710		$	2,647,237,633		$	673,930,502		$	478,543,915

See Notes to Financial Statements.

276


International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2025			2024			2025			2024			2025			2024			2025			2024


$	24,280,984		$	26,214,737		$	9,961,202		$	9,211,507		$	81,713,158		$	73,211,618		$	9,091,841		$	8,874,912
	46,408,704			53,443,203			(8,691,212	)		(29,794,197	)		(55,577,684	)		(36,666,342	)		(2,899,402	)		(2,265,111	)
	46,365,227			135,793,022			84,466,901			76,609,865			20,810,885			86,111,580			4,300,561			6,903,216

	117,054,915			215,450,962			85,736,891			56,027,175			46,946,359			122,656,856			10,493,000			13,513,017



	(68,490,693	)		(25,231,455	)		(10,763,392	)		(10,119,149	)		(78,791,626	)		(79,434,988	)		(9,121,687	)		(9,093,545	)
	—			—			—			—			—			(937,998	)		—			—

	(68,490,693	)		(25,231,455	)		(10,763,392	)		(10,119,149	)		(78,791,626	)		(80,372,986	)		(9,121,687	)		(9,093,545	)



	275,883,914			268,806,806			190,340,954			136,409,466			412,256,698			480,458,500			32,179,260			32,807,799
	—			—			—			—			—			—			—			—
	68,490,205			25,231,297			10,763,328			10,119,077			78,791,125			80,372,272			9,121,666			9,093,522
	(508,569,027	)		(349,822,542	)		(119,108,366	)		(184,173,133	)		(668,139,804	)		(534,138,513	)		(34,165,443	)		(40,976,379	)
	—			—			—			—			—			—			—			—

	(164,194,908	)		(55,784,439	)		81,995,916			(37,644,590	)		(177,091,981	)		26,692,259			7,135,483			924,942

	(115,630,686	)		134,435,068			156,969,415			8,263,436			(208,937,248	)		68,976,129			8,506,796			5,344,414


	1,310,032,324			1,175,597,256			498,851,455			490,588,019			1,865,221,539			1,796,245,410			133,215,030			127,870,616

$	1,194,401,638		$	1,310,032,324		$	655,820,870		$	498,851,455		$	1,656,284,291		$	1,865,221,539		$	141,721,826		$	133,215,030

See Notes to Financial Statements.

277



Statements of Changes in Net Assets


For the Years Ended August 31, 2025 and August 31, 2024


	International Fixed Income Fund						Municipal Bond Fund
	2025			2024			2025			2024
OPERATIONS:

Net investment income (loss)	$	6,215,103		$	5,295,002		$	2,713,604		$	2,867,631
Net realized gain (loss)		(2,787,311	)		918,543			(1,249,932	)		(1,929,002	)
Change in unrealized appreciation (depreciation)		3,017,430			5,934,035			(2,635,680	)		4,601,596

Increase (Decrease) in Net Assets from Operations		6,445,222			12,147,580			(1,172,008	)		5,540,225

DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):

Distributable earnings		(4,195,976	)		(1,577,786	)		(2,704,016	)		(3,290,933	)
Tax return of capital		—			—			—			(39,392	)

Decrease in Net Assets from Distributions to Shareholders		(4,195,976	)		(1,577,786	)		(2,704,016	)		(3,330,325	)

FUND SHARE TRANSACTIONS (NOTE 5):

Net proceeds from sale of shares		45,882,165			51,217,949			24,958,565			18,669,224
Net proceeds from sale of shares in-kind		—			—			—			—
Reinvestment of distributions		4,195,905			1,577,762			2,704,016			3,330,325
Cost of shares repurchased		(51,293,519	)		(66,150,989	)		(37,212,491	)		(32,435,221	)
Cost of shares repurchased in-kind		—			—			—			—

Increase (Decrease) in Net Assets from Fund Share Transactions		(1,215,449	)		(13,355,278	)		(9,549,910	)		(10,435,672	)

Increase (Decrease) in Net Assets		1,033,797			(2,785,484	)		(13,425,934	)		(8,225,772	)
NET ASSETS:

Beginning of year		179,315,168			182,100,652			90,331,489			98,557,261

End of year	$	180,348,965		$	179,315,168		$	76,905,555		$	90,331,489

See Notes to Financial Statements.

278


Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2025			2024			2025			2024			2025			2024


$	5,595,113		$	5,013,410		$	15,093,042		$	15,757,242		$	6,100,419		$	5,218,549
	(2,591,899	)		(2,659,833	)		1,722,435			(5,892,396	)		(2,139,126	)		751,140
	4,261,243			6,081,301			755,052			9,151,415			1,808,770			7,735,938

	7,264,457			8,434,878			17,570,529			19,016,261			5,770,063			13,705,627



	(4,939,562	)		(5,674,302	)		(15,193,979	)		(10,854,653	)		(4,281,510	)		(5,012,008	)
	—			—			—			(4,497,656	)		—			—

	(4,939,562	)		(5,674,302	)		(15,193,979	)		(15,352,309	)		(4,281,510	)		(5,012,008	)



	22,603,685			43,599,256			280,580,343			98,367,828			61,957,457			49,781,837
	—			—			—			—			—			—
	4,939,529			5,674,221			15,193,557			15,351,691			4,281,510			5,012,008
	(38,685,060	)		(31,820,671	)		(203,675,270	)		(110,754,142	)		(44,795,660	)		(57,340,034	)
	—			—			—			—			—			—

	(11,141,846	)		17,452,806			92,098,630			2,965,377			21,443,307			(2,546,189	)

	(8,816,951	)		20,213,382			94,475,180			6,629,329			22,931,860			6,147,430


	147,304,095			127,090,713			315,381,256			308,751,927			163,099,385			156,951,955

$	138,487,144		$	147,304,095		$	409,856,436		$	315,381,256		$	186,031,245		$	163,099,385

See Notes to Financial Statements.

279



Statements of Cash Flows


For the Year Ended August 31, 2025


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund
Cash Flows Provided by/(Used in) Operating Activities:
Net increase in net assets resulting from operations	$	6,445,222		$	7,264,457
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		(602,042,553	)		(229,117,581	)
Proceeds from the sale, paydown and maturity of long-term investments		569,944,172			249,226,510
Proceeds from/(payments on) short-term investments, net		3,456,654			(438,228	)
Decrease to the principal amount of inflation-indexed bonds		(203,606	)		(3,875,841	)
Proceeds from forward sale commitments		394,752,430			—
Payments on forward sale commitments		(398,975,388	)		—
Change in net unrealized depreciation from forward sale commitments		84,171			—
Change in net unrealized appreciation from unaffiliated investments		(2,101,501	)		(3,401,226	)
Change in net unrealized appreciation from options contracts written		(13,797	)		(77,503	)
Change in net unrealized appreciation on open OTC swap contracts		(1,488,274	)		—
Change in net unrealized appreciation on open forward foreign currency contracts		(1,472,065	)		(180,451	)
Increase in variation margin on open centrally cleared swap contracts		(235,210	)		(26,211	)
Net amortization (accretion) of premiums (discounts) of investments		(805,914	)		(1,379,513	)
Net realized gain from unaffiliated investments		1,741,413			2,784,834
Increase/(Decrease) in premium received on options contracts written		(71,905	)		51,519
Decrease in variation margin on open futures contracts		41,680			51,397
(Increase)/Decrease in receivable for securities sold		(644,935	)		30,031,228
(Increase)/Decrease in receivable for TBA securities sold		(17,377,224	)		1,507,211
(Increase) in dividends and interest receivable from unaffiliated investments		(349,869	)		(41,000	)
Decrease in deposits for collateral with counterparty		780,000			250,000
Decrease in net upfront payments received/paid on OTC open swap contracts		1,307,953			—
Increase/(Decrease) in prepaid trustee expenses		(697	)		2,189
Decrease in prepaid expenses		3,079			—
Increase in payable for securities purchased		2,265,902			1,137,542
Increase/(Decrease) in payable for TBA securities purchased		38,230,967			(10,890,797	)
Increase/(Decrease) in deposits for collateral from counterparty		270,000			(320,000	)
Increase/(Decrease) in investment management fee payable		418			(3,700	)
Increase/(Decrease) in interest expense payable		32,698			(54,479	)
Increase in custody fee payable		68,369			49,537
Increase/(Decrease) in transfer agent fees payable		855			(6,830	)
Increase/(Decrease) in accrued expenses		8,531			(82,277	)

Net cash provided by/(used in) operating activities		(6,348,424	)		42,460,787


Cash Flows Provided by/(Used in) Financing Activities:
Proceeds from sale-buyback transactions		—			364,608,899
Payments on sale-buyback transactions		(572,413	)		(345,967,138	)
Net proceeds from/payments on reverse repurchase agreements		12,358,304			(45,681,012	)
Proceeds from sale of shares		45,893,406			22,604,683
Cost of shares repurchased		(51,312,498	)		(38,295,399	)
Distributions to shareholders, net of reinvestments		(71	)		(33	)

Net cash and foreign currency provided by/(used in) financing activities		6,366,728			(42,730,000	)

Net increase/(decrease) in cash and foreign currency^(a)		18,304			(269,213	)


Cash and foreign currency:
Cash and foreign currency at the beginning of the year		258,458			1,826,093

Cash and foreign currency at end of the year		276,762			1,556,880


Non-Cash Financing Activities:
Reinvestment of distributions		(4,195,905	)		(4,939,529	)
Cash paid for interest and fees on borrowings		378,356			2,212,173

(a)	Includes net change in unrealized depreciation on foreign currency of $(13,696) and $(3,233) for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

See Notes to Financial Statements.

280



Financial Highlights

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



Morgan Stanley Pathway Large Cap Equity ETF
	2025⁽¹⁾			2024⁽¹⁾			2023⁽¹⁾			2022⁽¹⁾			2021⁽¹⁾
Net Asset Value, Beginning of Year	$	48.03		$	40.96		$	39.05		$	51.52		$	40.39

Income (Loss) from Operations:
Net investment income⁽²⁾		0.47			0.46			0.42			0.36			0.41
Net realized and unrealized gain (loss)		6.46			9.06			4.83			(7.39	)		12.12

Total Income (Loss) from Operations		6.93			9.52			5.25			(7.03	)		12.53

Less Distributions from:
Net investment income		(0.41	)		(0.40	)		(0.34	)		(0.38	)		(0.33	)
Net realized gain		(1.51	)		(2.05	)		(3.00	)		(5.06	)		(1.07	)

Total Distributions		(1.92	)		(2.45	)		(3.34	)		(5.44	)		(1.40	)

Net Asset Value, End of Year	$	53.04		$	48.03		$	40.96		$	39.05		$	51.52

Total Return†⁽³⁾⁽⁴⁾		14.69	%		24.57	%		14.71	%		(15.44	)%		31.79	%
Net Assets, End of Year (millions)	$	3,293		$	2,647		$	1,815		$	1,685		$	2,175
Ratios to Average Net Assets:
Gross expenses		0.64	%		0.69	%		0.70	%		0.69	%		0.68	%
Net expenses⁽⁵⁾		0.39			0.41			0.47			0.48			0.47
Net investment income		0.96			1.07			1.12			0.82			0.91
Portfolio Turnover Rate		13	%⁽⁶⁾		25	%		34	%		20	%		15	%

(1)

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

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

(3)

Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

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

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

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

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

See Notes to Financial Statements.

281



Financial Highlights


(continued)

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



Morgan Stanley Pathway Small-Mid Cap Equity ETF
	2025⁽¹⁾			2024⁽¹⁾			2023⁽¹⁾			2022⁽¹⁾			2021⁽¹⁾
Net Asset Value, Beginning of Year	$	51.10			$ 44.79		$	46.75		$	68.74		$	50.84

Income (Loss) from Operations:
Net investment income⁽²⁾		0.37			0.40			0.44			0.34			0.38
Net realized and unrealized gain (loss)		3.61			6.35			2.25			(9.18	)		20.03

Total Income (Loss) from Operations		3.98			6.75			2.69			(8.84	)		20.41

Less Distributions from:
Net investment income		(0.35	)		(0.44	)		(0.30	)		(0.22	)		(0.39	)
Net realized gain		(4.80	)		—			(4.35	)		(12.93	)		(2.12	)

Total Distributions		(5.15	)		(0.44	)		(4.65	)		(13.15	)		(2.51	)

Net Asset Value, End of Year	$	49.93			$ 51.10		$	44.79		$	46.75		$	68.74

Total Return†⁽³⁾⁽⁴⁾		7.67	%		15.19	%		6.47	%		(15.89	)%		41.14	%
Net Assets, End of Year (millions)	$	674			$ 479		$	490		$	542		$	677
Ratios to Average Net Assets:
Gross expenses		0.90	%		0.95	%		0.94	%		0.93	%		0.92	%
Net expenses⁽⁵⁾		0.62			0.60			0.60			0.59			0.58
Net investment income		0.79			0.86			0.99			0.63			0.61
Portfolio Turnover Rate		45	%⁽⁶⁾		56	%		23	%		41	%		29	%

(1)

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

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

(3)

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

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

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

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

See Notes to Financial Statements.

282



Financial Highlights


(continued)

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



International Equity Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	15.04		$	12.98		$	11.19		$	15.54		$	12.27

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.29			0.29			0.25			0.27			0.21
Net realized and unrealized gain (loss)		1.30			2.05			2.11			(3.34	)		3.30

Total Income (Loss) from Operations		1.59			2.34			2.36			(3.07	)		3.51

Less Distributions from:
Net investment income		(0.36	)		(0.28	)		(0.21	)		(0.33	)		(0.24	)
Net realized gain		(0.50	)		—			(0.36	)		(0.95	)		—

Total Distributions		(0.86	)		(0.28	)		(0.57	)		(1.28	)		(0.24	)

Net Asset Value, End of Year	$	15.77		$	15.04		$	12.98		$	11.19		$	15.54

Total Return†⁽²⁾		11.53	%		18.36	%		21.72	%		(21.37	)%		28.93	%
Net Assets, End of Year (millions)	$	1,194		$	1,310		$	1,176		$	1,148		$	1,458
Ratios to Average Net Assets:
Gross expenses		0.83	%		0.83	%		0.86	%		0.85	%		0.84	%
Net expenses⁽³⁾		0.60			0.61			0.68			0.67			0.67
Net investment income		2.04			2.12			2.01			2.01			1.50
Portfolio Turnover Rate		29	%		26	%		33	%		38	%		52	%

(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.

283



Financial Highlights


(continued)

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



Emerging Markets Equity Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	14.03			$ 12.70		$	12.39		$	17.44		$	14.67

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.25			0.26			0.23			0.30			0.20
Net realized and unrealized gain (loss)		1.89			1.38			0.31			(4.65	)		2.90

Total Income (Loss) from Operations		2.14			1.64			0.54			(4.35	)		3.10

Less Distributions from:
Net investment income		(0.28	)		(0.31	)		(0.23	)		(0.29	)		(0.33	)
Net realized gain		—			—			—			(0.41	)		—

Total Distributions		(0.28	)		(0.31	)		(0.23	)		(0.70	)		(0.33	)

Net Asset Value, End of Year	$	15.89			$ 14.03		$	12.70		$	12.39		$	17.44

Total Return†⁽²⁾		15.58	%		13.27	%		4.64	%		(25.82	)%		21.28	%
Net Assets, End of Year (millions)	$	656			$ 499		$	491		$	481		$	563
Ratios to Average Net Assets:
Gross expenses		1.11	%		1.10	%		1.15	%		1.15	%		1.12	%
Net expenses⁽³⁾		0.75			0.76			0.82			0.81			0.80
Net investment income		1.75			2.03			1.87			2.10			1.18
Portfolio Turnover Rate		20	%		26	%		12	%		14	%		53	%

(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.

284



Financial Highlights


(continued)

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



Core Fixed Income Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	6.92		$	6.75		$	7.12		$	8.39		$	8.79

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.31			0.27			0.25			0.14			0.13
Net realized and unrealized gain (loss)		(0.12	)		0.20			(0.36	)		(1.20	)		(0.08	)

Total Income (Loss) from Operations		0.19			0.47			(0.11	)		(1.06	)		0.05

Less Distributions from:
Net investment income		(0.30	)		(0.30	)		(0.25	)		(0.16	)		(0.17	)
Tax return of capital		—			(0.00	)⁽²⁾		(0.01	)		—			—
Net realized gain		—			—			—			(0.05	)		(0.28	)

Total Distributions		(0.30	)		(0.30	)		(0.26	)		(0.21	)		(0.45	)

Net Asset Value, End of Year	$	6.81		$	6.92		$	6.75		$	7.12		$	8.39

Total Return†⁽³⁾		3.03	%		6.97	%		(1.60	)%		(12.86	)%		0.58	%
Net Assets, End of Year (millions)	$	1,656		$	1,865		$	1,796		$	1,352		$	1,311
Ratios to Average Net Assets:
Gross expenses		0.56	%		0.53	%		0.55	%		0.56	%		0.56	%
Net expenses⁽⁴⁾		0.47			0.48			0.52			0.53			0.54
Net investment income		4.58			4.00			3.65			1.85			1.57
Portfolio Turnover Rate		136	%		229	%		254	%		238	%		227	%

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

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

(3)

(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.

285



Financial Highlights


(continued)

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



High Yield Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	3.25		$	3.14		$	3.14		$	3.72		$	3.61

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.21			0.22			0.20			0.17			0.18
Net realized and unrealized gain (loss)		0.04			0.11			—			(0.56	)		0.11

Total Income (Loss) from Operations		0.25			0.33			0.20			(0.39	)		0.29

Less Distributions from:
Net investment income		(0.22	)		(0.22	)		(0.20	)		(0.19	)		(0.18	)

Total Distributions		(0.22	)		(0.22	)		(0.20	)		(0.19	)		(0.18	)

Net Asset Value, End of Year	$	3.28		$	3.25		$	3.14		$	3.14		$	3.72

Total Return†⁽²⁾		7.86	%		10.96	%		6.71	%		(10.88	)%		8.61	%
Net Assets, End of Year (millions)	$	142		$	133		$	128		$	113		$	213
Ratios to Average Net Assets:
Gross expenses		1.02	%		1.05	%		1.17	%		1.07	%		0.96	%
Net expenses⁽³⁾		0.82			0.85			0.97			0.87			0.76
Net investment income		6.63			6.80			6.30			4.88			4.79
Portfolio Turnover Rate		76	%		44	%		25	%		46	%		117	%

(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.

286



Financial Highlights


(continued)

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



International Fixed Income Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	6.78		$	6.40		$	7.00		$	8.12		$	8.03

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.24			0.19			0.12			0.07			0.07
Net realized and unrealized gain (loss)		0.01			0.25			(0.13	)		(0.98	)		0.08

Total Income (Loss) from Operations		0.25			0.44			(0.01	)		(0.91	)		0.15

Less Distributions from:
Net investment income		(0.16	)		(0.03	)		(0.59	)		(0.12	)		—
Net realized gain		—			(0.03	)		—			(0.09	)		(0.06	)

Total Distributions		(0.16	)		(0.06	)		(0.59	)		(0.21	)		(0.06	)

Net Asset Value, End of Year	$	6.87		$	6.78		$	6.40		$	7.00		$	8.12

Total Return†⁽²⁾		3.75	%		6.85	%		(0.15	)%		(11.54	)%		1.86	%
Net Assets, End of Year (millions)	$	180		$	179		$	182		$	171		$	156
Ratios to Average Net Assets:
Gross expenses⁽³⁾		1.23	%		0.97	%		0.95	%		0.93	%		0.97	%
Net expenses⁽³⁾⁽⁴⁾		1.18			0.92			0.90			0.88			0.92
Net investment income		3.46			2.90			1.86			0.95			0.92
Portfolio Turnover Rate		280	%		328	%		381	%		312	%		402	%

(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 0.23%, 0.01%, 0.00%, 0.00% and less than 0.005%, 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.

287



Financial Highlights


(continued)

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



Municipal Bond Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	8.64		$	8.44		$	8.55		$	9.60		$	9.53

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.27			0.26			0.23			0.18			0.17
Net realized and unrealized gain (loss)		(0.35	)		0.24			(0.12	)		(1.03	)		0.12

Total Income (Loss) from Operations		(0.08	)		0.50			0.11			(0.85	)		0.29

Less Distributions from:
Net investment income		(0.27	)		(0.26	)		(0.22	)		(0.18	)		(0.17	)
Tax return of capital		—			(0.00	)⁽²⁾		—			—			—
Net realized gain		—			(0.04	)		—			(0.02	)		(0.05	)

Total Distributions		(0.27	)		(0.30	)		(0.22	)		(0.20	)		(0.22	)

Net Asset Value, End of Year	$	8.29		$	8.64		$	8.44		$	8.55		$	9.60

Total Return†⁽³⁾		(0.94	)%		6.02	%		1.35	%		(8.91	)%		3.07	%
Net Assets, End of Year (millions)	$	77		$	90		$	99		$	87		$	92
Ratios to Average Net Assets:
Gross expenses		0.70	%		0.69	%		0.76	%		0.71	%		0.73	%
Net expenses		0.70			0.69			0.76			0.71			0.73
Net investment income		3.16			3.01			2.66			1.99			1.79
Portfolio Turnover Rate		68	%		40	%		28	%		48	%		7	%

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

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

(3)

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

See Notes to Financial Statements.

288



Financial Highlights


(continued)

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



Inflation-Linked Fixed Income Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	8.27		$	8.12		$	9.17		$	11.16		$	11.13

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.32			0.31			0.25			0.87			0.56
Net realized and unrealized gain (loss)		0.12			0.20			(0.65	)		(1.54	)		0.07

Total Income (Loss) from Operations		0.44			0.51			(0.40	)		(0.67	)		0.63

Less Distributions from:
Net investment income		(0.29	)		(0.30	)		(0.37	)		(0.93	)		(0.60	)
Net realized gain		—			(0.06	)		(0.28	)		(0.39	)		—

Total Distributions		(0.29	)		(0.36	)		(0.65	)		(1.32	)		(0.60	)

Net Asset Value, End of Year	$	8.42		$	8.27		$	8.12		$	9.17		$	11.16

Total Return†⁽²⁾		5.29	%		6.44	%		(4.51	)%		(6.55	)%		5.87	%
Net Assets, End of Year (millions)	$	138		$	147		$	127		$	102		$	148
Ratios to Average Net Assets:
Gross expenses⁽³⁾		2.32	%		2.54	%		2.35	%		1.08	%		0.93	%
Net expenses⁽³⁾⁽⁴⁾		2.27			2.49			2.30			1.03			0.88
Net investment income		3.92			3.82			2.96			8.43			5.08
Portfolio Turnover Rate		112	%		121	%		56	%		57	%		104	%

(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 1.51%, 1.67%, 1.32%, 0.17% and 0.03%, 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.

289



Financial Highlights


(continued)

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



Ultra-Short Term Fixed Income Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	9.73		$	9.61		$	9.69		$	9.89		$	9.99

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.45			0.48			0.32			0.08			0.05
Net realized and unrealized gain (loss)		0.06			0.11			0.14			(0.17	)		0.01

Total Income (Loss) from Operations		0.51			0.59			0.46			(0.09	)		0.06

Less Distributions from:
Net investment income		(0.46	)		(0.33	)		(0.54	)		(0.11	)		(0.16	)
Tax return of capital		—			(0.14	)		—			—			—

Total Distributions		(0.46	)		(0.47	)		(0.54	)		(0.11	)		(0.16	)

Net Asset Value, End of Year	$	9.78		$	9.73		$	9.61		$	9.69		$	9.89

Total Return†⁽²⁾		5.23	%		6.28	%		4.95	%		(0.92	)%		0.61	%
Net Assets, End of Year (millions)	$	410		$	315		$	309		$	506		$	442
Ratios to Average Net Assets:
Gross expenses⁽³⁾		0.68	%		0.69	%		0.81	%		0.67	%		0.67	%
Net expenses⁽³⁾⁽⁴⁾		0.53			0.54			0.76			0.62			0.62
Net investment income		4.65			4.98			3.34			0.79			0.50
Portfolio Turnover Rate		123	%		87	%		42	%		86	%		55	%

(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 0.04%, 0.01%, 0.14%, 0.02% and less than 0.005%, 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.

290



Financial Highlights


(continued)

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



Alternative Strategies Fund
	2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	10.77		$	10.24		$	10.69		$	10.99		$	10.04

Income (Loss) from Operations:
Net investment income⁽¹⁾		0.37			0.34			0.38			0.20			0.13
Net realized and unrealized gain (loss)		(0.02	)		0.52			(0.17	)		(0.42	)		0.91

Total Income (Loss) from Operations		0.35			0.86			0.21			(0.22	)		1.04

Less Distributions from:
Net investment income		(0.26	)		(0.33	)		(0.64	)		(0.07	)		(0.09	)
Net realized gain		—			—			(0.02	)		(0.01	)		—

Total Distributions		(0.26	)		(0.33	)		(0.66	)		(0.08	)		(0.09	)

Net Asset Value, End of Year	$	10.86		$	10.77		$	10.24		$	10.69		$	10.99

Total Return†⁽²⁾		3.31	%		8.65	%		2.14	%		(2.06	)%		10.39	%
Net Assets, End of Year (millions)	$	186		$	163		$	157		$	147		$	119
Ratios to Average Net Assets:
Gross expenses		1.38	%		1.39	%		1.50	%		1.59	%		1.56	%
Net expenses⁽³⁾⁽⁴⁾		0.38			0.39			0.50			0.59			0.56
Net investment income		3.43			3.22			3.70			1.83			1.24
Portfolio Turnover Rate		29	%		13	%		27	%		18	%		18	%

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

(2)

(3)	Does not reflect the Fund’s proportionate share of income and expenses from the Underlying Fund.

(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.

291



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 Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (individually, a “Fund” and collectively, the “Funds”). Alternative Strategies Fund will allocate its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by a third party professional money manager (“Underlying Funds”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

The investment objectives of each Fund are as follows:


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

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

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The assets and liabilities of each Predecessor Fund’s shares were transferred in exchange for the corresponding Acquiring Fund shares, in a tax-free exchange as follows:


Portfolio	Shares outstanding before the Reorganization		Shares outstanding immediately after the Reorganization		Conversion Ratio		Aggregate net assets before the Reorganization			Aggregate net assets immediately after the Reorganization
Large Cap Equity Fund*		106,157,339		—		0.5354	$	2,841,616,713	+	$	—
Morgan Stanley Pathway Large Cap Equity ETF		—		56,832,167		0.5354	$	—		$	2,822,983,660
Small-Mid Cap Equity Fund*		33,162,494		—		0.3543	$	587,425,218	+	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF		—		11,748,475		0.3543	$	—		$	584,509,961

*	Represents the accounting survivor.

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

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

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

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

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

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

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

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 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

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fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good faith by the valuation committee established by the Manager in accordance with such procedures under the oversight of the Board. Circumstances that may indicate that market quotations are not readily available or are unreliable include, but are not limited to, such instances when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, and before the applicable Fund calculates its Net Asset Value (“NAV”).

Each business day, Emerging Markets Equity Fund and International Equity Fund use a Board-approved third-party pricing service to assist with the valuation of foreign equity securities. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities to more accurately reflect their fair value as of the close of regular trading on the NYSE.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities that segregates fair value measurements into levels (Level 1, 2 and 3). The three levels of the fair value hierarchy are as follows:

Level 1 – unadjusted quoted prices in active markets for identical securities.

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including assumptions made by the Manager or persons acting at their direction that are used in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, senior loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

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Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are categorized as Level 2 of the fair value hierarchy.

Over-the-counter financial derivative instruments, such as foreign currency contracts, forward foreign currency contracts, options contracts, or swap contracts, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or by third-party pricing service providers. Depending on the product and the terms of the transaction, the value of financial derivatives can be estimated by a third-party pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. Financial derivatives that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and Secured Overnight Financing Rate (“SOFR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:


	Total Fair Value at August 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Morgan Stanley Pathway Large Cap Equity ETF
Investments, at Value
Common Stocks:
Communication Services	$	313,741,915	*	$	313,741,915	$	—	$	—	*
Consumer Discretionary		375,043,630			375,043,630		—		—
Consumer Staples		135,754,193			135,754,193		—		—
Energy		97,922,616			97,922,616		—		—
Financials		534,166,265			534,166,265		—		—
Health Care		309,798,971			309,798,971		—		—
Industrials		329,936,969			329,936,969		—		—
Information Technology		917,550,951			917,550,951		—		—
Materials		88,591,399			88,591,399		—		—
Real Estate		77,015,788			77,015,788		—		—
Utilities		61,733,657			61,733,657		—		—
Short-Term Investments:
Time Deposits		48,495,523			—		48,495,523		—

Total Investments, at Value	$	3,289,751,877	*	$	3,241,256,354	$	48,495,523	$	—	*

Other Financial Instruments — Assets***
Futures Contracts	$	669,989		$	669,989	$	—	$	—

Total Other Financial Instruments — Assets	$	669,989		$	669,989	$	—	$	—

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	Total Fair Value at August 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Morgan Stanley Pathway Small-Mid Cap Equity ETF
Investments, at Value
Common Stocks:
Communication Services	$	16,529,442	*	$	16,529,442	$	—		$	—	*
Consumer Discretionary		68,385,469			68,385,469		—			—
Consumer Staples		21,845,956			21,845,956		—			—
Energy		24,279,420	*		24,279,420		—			—	*
Financials		100,179,223			100,179,223		—			—
Health Care		83,268,137			83,258,023		10,114			—
Industrials		141,305,048			141,305,048		—			—
Information Technology		116,584,060			116,584,060		—			—
Materials		28,213,640			28,211,910		1,730			—
Real Estate		30,122,741			30,122,741		—			—
Utilities		24,593,932			24,593,932		—			—
Warrant:
Health Care		243			—		243			—
Short-Term Investments:
Money Market Fund		479,999			479,999		—			—
Time Deposits		18,197,028			—		18,197,028			—

Total Investments, at Value	$	673,984,338	*	$	655,775,223	$	18,209,115		$	—	*

Securities Lending Transactions — Liabilities	$	(479,999	)	$	—	$	(479,999	)	$	—

Other Financial Instruments — Assets***
Futures Contracts	$	446,275		$	446,275	$	—		$	—

Total Other Financial Instruments — Assets	$	446,275		$	446,275	$	—		$	—

International Equity Fund
Investments, at Value
Common Stocks:
France	$	139,102,823		$	—	$	139,102,823		$	—
Germany		104,711,548			—		104,711,548			—
Japan		222,273,461			—		222,273,461			—
Netherlands		60,972,261			—		60,972,261			—
Switzerland		89,327,586			359,956		88,967,630			—
United Kingdom		197,753,293			2,309,350		195,443,943			—
Other Countries**		350,742,812			62,282,089		288,460,723			—
Preferred Stocks:
Germany		1,589,235			—		1,589,235			—
Open End Mutual Fund Security:
United States		1,313,930			1,313,930		—			—
Right:
Italy		3			—		3			—
Short-Term Investments:
Time Deposits		18,057,548			—		18,057,548			—

Total Investments, at Value	$	1,185,844,500		$	66,265,325	$	1,119,579,175		$	—

Other Financial Instruments — Assets***
Futures Contracts	$	39,744		$	39,744	$	—		$	—

Total Other Financial Instruments — Assets	$	39,744		$	39,744	$	—		$	—

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	Total Fair Value at August 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Liabilities***	$			$			$		$
Futures Contract	$	(1,130	)	$	(1,130	)	$	—	$	—

Total Other Financial Instruments — Liabilities	$	(1,130	)	$	(1,130	)	$	—	$	—

Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
China	$	145,233,848		$	12,180,376		$	133,053,470	$	2
India		105,141,383			17,578,064			87,563,319		—
South Korea		63,141,251			—			63,141,251		—
Taiwan		112,045,851			6,585,105			105,460,746		—
Other Countries**		210,735,678	*		78,888,634			131,835,056		11,988	*
Preferred Stocks:
Brazil		4,595,005			4,595,005			—		—
Chile		195,424			195,424			—		—
Colombia		174,608			174,608			—		—
India		3,400			—			3,400		—
Mexico		453,925			453,925			—		—
South Korea		3,377,776			—			3,377,776		—
Short-Term Investments:
Time Deposits	$	14,243,857		$	—		$	14,243,857	$	—

Total Investments, at Value	$	659,342,006	*	$	120,651,141		$	538,678,875	$	11,990	*

Other Financial Instruments — Assets***
Futures Contract	$	5,965		$	5,965		$	—	$	—

Total Other Financial Instruments — Assets	$	5,965		$	5,965		$	—	$	—

Core Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	490,219,455	*	$	—		$	490,219,455	$	—	*
Mortgage-Backed Securities		475,463,954			—			475,463,954		—
U.S. Government Obligations		299,489,157			—			299,489,157		—
Collateralized Mortgage Obligations		226,721,289			—			226,721,289		—
Sovereign Bonds:
Other Countries**		50,609,376			—			50,609,376		—
Asset-Backed Securities		32,203,301			—			32,203,301		—
Municipal Bonds		2,478,751			—			2,478,751		—
Senior Loans		1,407,302			—			1,407,302		—
Open End Mutual Fund Security:
Financials		174,032			174,032			—		—
Common Stock:
Telecommunications		129,823			—			129,823		—
Right:
Communications		—			—			—		—
Short-Term Investments:
Time Deposits		75,473,751			—			75,473,751		—
U.S. Government Obligations		33,962,970			—			33,962,970		—

Total Investments, at Value	$	1,688,333,161	*	$	174,032		$	1,688,159,129	$	—	*

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	Total Fair Value at August 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Assets***
Futures Contracts	$	700,189		$	700,189		$	—		$	—
Forward Foreign Currency Contracts		20,298			—			20,298			—
Centrally Cleared Credit Default Swap		35,282			—			35,282			—

Total Other Financial Instruments — Assets	$	755,769		$	700,189		$	55,580		$	—

Other Financial Instruments — Liabilities***
Futures Contracts	$	(180,124	)	$	(180,124	)	$	—		$	—
Forward Foreign Currency Contracts		(641,371	)		—			(641,371	)		—

Total Other Financial Instruments — Liabilities	$	(821,495	)	$	(180,124	)	$	(641,371	)	$	—

High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	135,860,359	*	$	—		$	135,860,359		$	—	*
Senior Loans		457,371			—			457,371			—
Short-Term Investments:
Time Deposits		3,950,886			—			3,950,886			—

Total Investments, at Value	$	140,268,616	*	$	—		$	140,268,616		$	—	*

International Fixed Income Fund
Investments, at Value
Sovereign Bonds:
Japan	$	16,630,635		$	—		$	16,630,635		$	—
Spain		12,594,927			—			12,594,927			—
Other Countries**		43,505,044			—			43,505,044			—
Mortgage-Backed Securities		69,989,007			—			69,989,007			—
Collateralized Mortgage Obligations		28,655,667			—			28,655,667			—
Corporate Bonds & Notes		22,671,969			—			22,671,969			—
U.S. Government Obligations		13,920,921			—			13,920,921			—
Asset-Backed Securities		224,085			—			224,085			—
Municipal Bond		210,066			—			210,066			—
Purchased Options		49,070			—			49,070			—
Short-Term Investments:
Commercial Papers		3,337,339			—			3,337,339			—
Repurchase Agreement		3,600,000			—			3,600,000			—
Time Deposits		6,098,463			—			6,098,463			—
U.S. Government Obligations		470,800			—			470,800			—

Total Investments, at Value	$	221,957,993		$	—		$	221,957,993		$	—

Other Financial Instruments — Assets***
Futures Contracts	$	374,283		$	374,283		$	—		$	—
Forward Foreign Currency Contracts		673,956			—			673,956			—
OTC Interest Rate Swap		9,970			—			9,970			—
Centrally Cleared Interest Rate Swaps		1,563,794			—			1,563,794			—
OTC Credit Default Swap		4,418			—			4,418			—
Centrally Cleared Credit Default Swaps		192,004			—			192,004			—
OTC Cross Currency Swap		360,670			—			360,670			—

Total Other Financial Instruments — Assets	$	3,179,095		$	374,283		$	2,804,812		$	—

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	Total Fair Value at August 31, 2025			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Liabilities***	$			$			$			$
Options Contracts Written	$	(40,598	)	$	(1,334	)	$	(39,264	)	$	—
Reverse Repurchase Agreements		(13,573,304	)		—			(13,573,304	)		—
Forward Sale Commitments		(28,680,484	)		—			(28,680,484	)		—
Futures Contracts		(271,365	)		(271,365	)		—			—
Forward Foreign Currency Contracts		(1,459,497	)		—			(1,459,497	)		—
OTC Total Return Swaps		(439,644	)		—			(439,644	)		—
OTC Interest Rate Swaps		(165,375	)		—			(165,375	)		—
Centrally Cleared Interest Rate Swaps		(2,815,776	)		—			(2,815,776	)		—
OTC Credit Default Swaps		(3,878	)		—			(3,878	)		—
OTC Cross Currency Swap		(119,390	)		—			(119,390	)		—

Total Other Financial Instruments — Liabilities	$	(47,569,311	)	$	(272,699	)	$	(47,296,612	)	$	—

Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	71,470,489		$	—		$	71,470,489		$	—
Short-Term Investments:
Time Deposit		4,911,966			—			4,911,966			—

Total Investments, at Value	$	76,382,455		$	—		$	76,382,455		$	—

Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Obligations	$	154,897,477		$	—		$	154,897,477		$	—
Mortgage-Backed Securities		20,104,406			—			20,104,406			—
Collateralized Mortgage Obligations		17,319,962			—			17,319,962			—
Sovereign Bonds:
Other Countries**		3,682,316			—			3,682,316			—
Corporate Bonds & Notes		178,981			—			178,981			—
Short-Term Investments:
Time Deposits		1,209,297			—			1,209,297			—

Total Investments, at Value	$	197,392,439		$	—		$	197,392,439		$	—

Other Financial Instruments — Assets***
Futures Contracts	$	319,094		$	319,094		$	—		$	—
Forward Foreign Currency Contracts		151,024			—			151,024			—
Centrally Cleared Interest Rate Swaps		1,456,348			—			1,456,348			—
Centrally Cleared Inflation Rate Swaps		799,617			—			799,617			—

Total Other Financial Instruments — Assets	$	2,726,083		$	319,094		$	2,406,989		$	—

Other Financial Instruments — Liabilities***
Options Contracts Written	$	(103,813	)	$	—		$	(103,813	)	$	—
Reverse Repurchase Agreements		(32,593,251	)		—			(32,593,251	)		—
Futures Contracts		(141,348	)		(141,348	)		—			—
Forward Foreign Currency Contracts		(168,969	)		—			(168,969	)		—
Centrally Cleared Interest Rate Swaps		(218,797	)		—			(218,797	)		—
Centrally Cleared Inflation Rate Swaps		(1,248,095	)		—			(1,248,095	)		—

Total Other Financial Instruments — Liabilities	$	(34,474,273	)	$	(141,348	)	$	(34,332,925	)	$	—

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(continued)


	Total Fair Value at August 31, 2025			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	$	232,435,389		$	—		$	232,435,389	$	—
Collateralized Mortgage Obligations		96,878,914			—			96,878,914		—
Asset-Backed Securities		42,162,238			—			42,162,238		—
Mortgage-Backed Securities		7,881,558			—			7,881,558		—
U.S. Government Obligation		985,892			—			985,892		—
Short-Term Investments:
Commercial Papers		24,819,763			—			24,819,763		—
Corporate Bond		2,654,578			—			2,654,578		—
Time Deposits		4,913,574			—			4,913,574		—
U.S. Government Obligations		37,417,339			—			37,417,339		—

Total Investments, at Value	$	450,149,245		$	—		$	450,149,245	$	—

Other Financial Instruments — Assets***
Futures Contracts	$	399,696		$	399,696		$	—	$	—

Total Other Financial Instruments — Assets	$	399,696		$	399,696		$	—	$	—

Other Financial Instruments — Liabilities***
Futures Contracts	$	(339,921	)	$	(339,921	)	$	—	$	—

Total Other Financial Instruments — Liabilities	$	(339,921	)	$	(339,921	)	$	—	$	—

Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	184,150,650		$	184,150,650		$	—	$	—

Total Investments, at Value	$	184,150,650		$	184,150,650		$	—	$	—

*	Includes securities that are fair valued using significant unobservable inputs at $0.

**	Other countries represents countries that are individually less than 5% of Net Assets.

***	Swaps, futures contracts and forward foreign currency contracts are valued at the unrealized appreciation (depreciation) on the instrument and option contracts written, forward sale commitments and reverse repurchase agreements are shown at value.

There were no significant transfers in or out of level 3 for the year ended August 31, 2025 for any of the Funds.

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

All open derivative positions at the 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

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Notes to Financial Statements


(continued)

recognizes an unrealized gain or loss equal to the variation margin. When futures contracts are closed, a realized gain or loss is recognized which is equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contracts.

The risks associated with entering into futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in futures contracts involves the risk that the Fund could lose more than the original margin deposit due to subsequent payments that may be required for a futures transaction.

(ii) Options Written. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the premium received is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund.

When writing a covered call option, a Fund may forego the opportunity of profit if the market price of the underlying security increases more than the premium received and the option is exercised. When writing a put option, a Fund may incur a loss if the market price of the underlying security decreases more than the premium received and the option is exercised. In addition, there is the risk that the Fund may not be able to enter into a closing transaction because of an illiquid secondary market.

(iii) Purchased Options. Certain Funds may purchase options to manage exposure to certain changes in the market. A Fund will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest, an amount equal to the value is recorded as an asset. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize a loss equal to the amount of the premium paid on the purchase of the call option.

A Fund will normally purchase put options in anticipation of a decline in the market value of securities in its portfolio (“protective puts”) or in securities in which it may invest. The purchase of a put option will entitle the Fund, in exchange for the premium paid, to sell specified securities at a specified price during the option period. The purchase of protective puts is designed to offset or hedge against a decline in the market value of the Fund’s securities. Put options may also be purchased by a Fund for the purpose of affirmatively benefiting from a decline in the price of securities which it does not own. The Fund will ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to more than cover the premium and transaction costs; otherwise the Fund will realize a loss equal to the amount of the premium paid on the purchase of the put option. Gains and losses on the purchase of protective put options would tend to be offset by countervailing changes in the value of the underlying portfolio securities.

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option written. When a Fund purchases an inflation-capped option, the Fund pays a premium which is recorded as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. The purpose of purchasing inflation-capped options is to protect a Fund from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

(v) Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated portfolio transactions. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The contract is marked-to-market daily and the change in value is recorded by a Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or

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Notes to Financial Statements


(continued)

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 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.

302



Notes to Financial Statements


(continued)

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps

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Notes to Financial Statements


(continued)

are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

(xii) Volatility Swaps. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

(xiii) Inflation Rate Swaps. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiv) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from a reference asset (single asset, or a basket of assets) without actually having to own it. Total return swap contracts are agreements where the total return of a reference asset is paid in exchange for periodic cash flows. The deal is structured such that the total return (asset income plus capital appreciation/depreciation) is exchanged, in the cash flows. Periodic payments received or made by the Fund are recorded as realized gains or losses in the Statements of Operations.

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at August 31, 2025:

Morgan Stanley Pathway Large Cap Equity ETF


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	669,989	$	669,989

304



Notes to Financial Statements


(continued)


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	2,471,538	$	2,471,538


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	97,190	$	97,190

Morgan Stanley Pathway Small-Mid Cap Equity ETF


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	446,275	$	446,275


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	(151,056	)	$	(151,056	)


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	339,765		$	339,765

International Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	39,744	$	39,744



Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	1,130	$	1,130


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	168,304	$	168,304


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	3,348	$	3,348

305



Notes to Financial Statements


(continued)

Emerging Markets Equity Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	5,965	$	5,965


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	146,077		$	146,077


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(2,554	)	$	(2,554	)

Core Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	700,189	$	—	$	—	$	—	$	700,189
Unrealized appreciation on forward foreign currency contracts (c)		—		20,298		—		—		20,298
Unrealized appreciation on centrally cleared swaps (f)		—		—		35,282		—		35,282

	$	700,189	$	20,298	$	35,282	$	—	$	755,769

Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	180,124	$	—	$	—	$	—	$	180,124
Unrealized depreciation on forward foreign currency contracts (a)		—		641,371		—		—		641,371

	$	180,124	$	641,371	$	—	$	—	$	821,495


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(2,713,199	)	$	—		$	—		$	—	$	(2,713,199	)
Futures contracts		(11,705,254	)		—			—			—		(11,705,254	)
Options contracts written		3,544,613			—			—			—		3,544,613
Swaps contracts		(547,755	)		—			413,918			—		(133,837	)
Forward foreign currency contracts		—			(2,536,964	)		—			—		(2,536,964	)

	$	(11,421,595	)	$	(2,536,964	)	$	413,918		$	—	$	(13,544,641	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	17,676		$	—		$	—		$	—	$	17,676
Futures contracts		1,783,990			—			—			—		1,783,990
Options contracts written		126,617			—			—			—		126,617
Swaps contracts		2,037,510			—			(195,466	)		—		1,842,044
Forward foreign currency contracts		—			290,907			—			—		290,907

	$	3,965,793		$	290,907		$	(195,466	)	$	—	$	4,061,234

306



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, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	—	$	49,070	$	—	$	—	$	49,070
Unrealized appreciation on open futures contracts (b)		374,283		—		—		—		374,283
Unrealized appreciation on forward foreign currency contracts (c)		—		673,956		—		—		673,956
Unrealized appreciation on centrally cleared swaps (f)		1,563,794		—		192,004		—		1,755,798
Unrealized appreciation on OTC swaps contracts (c)		9,970		360,670		4,418		—		375,058

	$	1,948,047	$	1,083,696	$	196,422	$	—	$	3,228,165

Liability derivatives
Options contracts written outstanding (a)	$	10,835	$	29,763	$	—	$	—	$	40,598
Unrealized depreciation on open futures contracts (b)		271,365		—		—		—		271,365
Unrealized depreciation on forward foreign currency contracts (a)		—		1,459,497		—		—		1,459,497
Unrealized depreciation on centrally cleared swaps (f)		2,815,776		—		—		—		2,815,776
Unrealized depreciation on OTC swaps contracts (a)		605,019		119,390		3,878		—		728,287

	$	3,702,995	$	1,608,650	$	3,878	$	—	$	5,315,523


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(58,704	)	$	94,117		$	—	$	—	$	35,413
Futures contracts		1,897,581			—			—		—		1,897,581
Options contracts written		258,340			40,774			—		—		299,114
Swaps contracts		371,949			(1,531,261	)		150,229		—		(1,009,083	)
Forward foreign currency contracts		—			(3,003,554	)		—		—		(3,003,554	)

	$	2,469,166		$	(4,399,924	)	$	150,229	$	—	$	(1,780,529	)

Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(41,687	)	$	(1,091	)	$	—	$	—	$	(42,778	)
Futures contracts		(377,422	)		—			—		—		(377,422	)
Options contracts written		6,759			7,038			—		—		13,797
Swaps contracts		(1,544,638	)		1,496,604			163,224		—		115,190
Forward foreign currency contracts		—			1,472,065			—		—		1,472,065

	$	(1,956,988	)	$	2,974,616		$	163,224	$	—	$	1,180,852

Inflation-Linked Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	319,094	$	—	$	—	$	—	$	319,094
Unrealized appreciation on forward foreign currency contracts (c)		—		151,024		—		—		151,024
Unrealized appreciation on centrally cleared swaps (f)		2,255,965		—		—		—		2,255,965

	$	2,575,059	$	151,024	$	—	$	—	$	2,726,083

307



Notes to Financial Statements


(continued)


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Options contracts written outstanding (a)	$	103,813	$	—	$	—	$	—	$	103,813
Unrealized depreciation on open futures contracts (b)		141,348		—		—		—		141,348
Unrealized depreciation on forward foreign currency contracts (a)		—		168,969		—		—		168,969
Unrealized depreciation on centrally cleared swaps (f)		1,466,892		—		—		—		1,466,892

	$	1,712,053	$	168,969	$	—	$	—	$	1,881,022


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	496,285		$	—		$	—	$	—	$	496,285
Options contracts written		(13,834	)		—			—		—		(13,834	)
Swaps contracts		119,790			—			—		—		119,790
Forward foreign currency contracts		—			(351,010	)		—		—		(351,010	)

	$	602,241		$	(351,010	)	$	—	$	—	$	251,231

Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	65,787		$	—		$	—	$	—	$	65,787
Options contracts written		77,503			—			—		—		77,503
Swaps contracts		473,856			—			—		—		473,856
Forward foreign currency contracts		—			180,451			—		—		180,451

	$	617,146		$	180,451		$	—	$	—	$	797,597

Ultra-Short Term Fixed Income Fund


Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	399,696	$	—	$	—	$	—	$	399,696


Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	339,921	$	—	$	—	$	—	$	339,921


Effect of Derivative Instruments on the Statements of Operations for the Year Ended August 31, 2025:

Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	1,077,455	$	—	$	—	$	—	$	1,077,455


Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	6,861	$	—	$	—	$	—	$	6,861

(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.

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Notes to Financial Statements


(continued)

(c)	Statements of Assets and Liabilities location: Investments, at value or unrealized appreciation on open forward foreign currency contracts or unrealized appreciation on OTC swap contracts.

(d)	Statements of Operations location: Net realized gain (loss) from unaffiliated investments, futures contracts, options contracts written, swap contracts or forward foreign currency contracts.

(e)	Statements of Operations location: Change in net unrealized appreciation (depreciation) from unaffiliated investments, futures contracts, options contracts written, swap contracts or forward foreign currency contracts.

(f)	Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on centrally cleared swaps is reported in the open swap contracts table in the Fund’s Schedule of Investments.

The average monthly notional amounts of futures contracts, swaps contracts and forward foreign currency contracts, and the monthly average market value of options contracts written and purchased options outstanding during the year ended August 31, 2025 were as follows:

Morgan Stanley Pathway Large Cap Equity ETF


	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	15,440,941
Morgan Stanley Pathway Small-Mid Cap Equity ETF

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	4,719,428
International Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	2,423,606
Emerging Markets Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	836,968
Core Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	91,966	$	—	$	—	$	—
Futures contracts		412,392,866		—		—		—
Option contracts written		230,986		—		—		—
Swap contracts		28,443,327		—		35,218,927		—
Forward foreign currency contracts		—		109,122,372		—		—

309



Notes to Financial Statements


(continued)


International Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	116,009	$	28,834	$	—	$	—
Futures contracts		113,421,945		—		—		—
Option contracts written		90,590		8,258		—		—
Swap contracts		333,889,655		20,084,956		54,020,355		—
Forward foreign currency contracts		—		244,371,945		—		—
Inflation-Linked Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	107,856,617	$	—	$	—	$	—
Option contracts written		172,228		—		—		—
Swap contracts		78,621,521		—		—		—
Forward foreign currency contracts		—		47,553,167		—		—
Ultra-Short Term Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	134,627,427	$	—	$	—	$	—

(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. Effective August 15, 2025, this agreement was assigned by the custodian to MUFJ Trust and Banking. 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

310



Notes to Financial Statements


(continued)

registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

The following table presents securities on loan that are subject to enforceable netting arrangements as of August 31, 2025:


Gross Amounts Not Offset in the Statements of Assets and Liabilities

Fund	Gross Asset Amount Presented in the Statements of Assets and Liabilities (a)		Financial Instrument		Collateral Received (b)(c)			Net Amount (Not Less than $0)
Morgan Stanley Pathway Small-Mid Cap Equity ETF	$	445,213		—	$	(445,213	)	$	0

(a)	Represents market value of securities on loan at year end.

(b)

The Fund received cash collateral of $479,999, which was subsequently invested in Invesco STIT — Government & Agency Portfolio as reported in the Schedule of Investments. In addition, the Fund received non-cash collateral of $0, in the form of U.S. Government Obligations, which the Fund 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, 2025:


	Remaining Contractual Maturity of the Agreements As of August 31, 2025
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Morgan Stanley Pathway Small-Mid Cap Equity ETF
Securities Lending Transactions
Money Market Funds	$	479,999	$	—	$	—	$	—	$	479,999

Total Borrowings	$	479,999	$	—	$	—	$	—	$	479,999

Gross amount of recognized liabilities for securities lending transactions									$	479,999


International Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	13,573,304	$	—	$	—	$	13,573,304

Total Borrowings	$	—	$	13,573,304	$	—	$	—	$	13,573,304

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	13,573,304

Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	32,593,251	$	—	$	—	$	32,593,251

Sale Buy-Back Transactions
U.S. Government Obligations	$	—	$	18,641,761	$	—	$	—	$	18,641,761

Total Borrowings	$	—	$	51,235,012	$	—	$	—	$	51,235,012

Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	32,593,251

Gross amount of recognized liabilities for sale-buyback transactions									$	18,641,761

311



Notes to Financial Statements


(continued)

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at year end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments, at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(i) Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have different prepayment histories than those sold. During the period between the sale and the repurchase, a Fund forgoes principal and interest paid on the securities sold. Proceeds of the sale will be invested in short-term instruments and the income from these investments, together with any additional fee income received on a sale, is intended to generate income for a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and sales and realizes the gain or loss at the time the transaction is entered into on these transactions. If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sale price and the future purchase price is recorded as an adjustment to interest income.

Mortgage dollar roll transactions involve the risk that the market value of the securities a Fund is obligated to repurchase under the agreement may decline below the repurchase price of those securities. If investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will adversely impact the investment performance of a Fund. In the event the buyer of securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, the Fund’s use of proceeds of the dollar roll may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities.

(j) Credit and Market Risk. Certain Funds invest in high yield instruments that are subject to certain credit and market risks. The yields of high yield obligations reflect, among other things, perceived credit and market risks. Each Fund’s investment in securities

312



Notes to Financial Statements


(continued)

rated below investment grade typically involve risks not associated with higher rated securities, including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

(k) Foreign Investment and Currency Risks. Certain Funds’ investments in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies and may require settlement in foreign currencies and pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of a Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(l) Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(m) Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

(n) Market Risk. The value of an investment in the Fund is based on the values of the Fund’s investments, which change due to economic and other events that affect the U.S. and global markets generally, as well as those that affect or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or governments. The risks associated with these developments may be magnified if certain social, political, economic and other conditions and events adversely interrupt or otherwise affect the global economy and financial markets. Securities in the Fund’s portfolio may underperform or otherwise be adversely affected due to inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates (or changes in interest rates), global demand for particular products or resources, market or financial system instability or uncertainty, embargoes, the treat or actual imposition of tariffs, sanctions and other trade barriers, natural disasters and extreme weather events, health emergencies (such as epidemics and pandemics), terrorism, regulatory events and governmental or quasi- governmental actions. The occurrence of global events, such as terrorist attacks, natural disasters, health emergencies, social and political (including geopolitical) discord and tensions or debt crises and downgrades, among others, may result in increased market volatility and may have long term effects on both the U.S. and global financial markets. The occurrence of such events may be sudden and unexpected, and it is difficult to predict when similar events affecting the U.S. or global financial markets or economies may occur, the effects that such events may have and the duration of those effects (which may last for extended periods). Any such event(s) could have a significant adverse impact on the value, liquidity and risk profile of the Fund’s portfolio, as well as its ability to sell securities and/or meet redemptions. Any such event(s) or similar types of factors and developments, may also adversely affect the financial performance of the Fund’s investments (and, in turn, the Fund’s investment results) and/or negatively impact broad segments of businesses and populations and have a significant and rapid negative impact on the performance of the Fund’s investments, and exacerbate preexisting risks to the Fund. In addition, no active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

(o) Security Transactions and Investment Income. Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded as income from non-cash dividends at fair value. Interest and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt, if any, and is included in interest and dividend income, respectively. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults on an expected interest payment, the Trust’s policy is to generally halt any additional “interest income accruals and accretion” and consider the Fund’s ability to realize interest accrued up to the date of default.

313



Notes to Financial Statements


(continued)

(p) Foreign Currency Translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments in the Statements of Operations.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities, at the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

(q) Distributions to Shareholders. Distributions from net investment income for Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund, if any, are declared and paid on an annual basis. Distributions from net investment income for Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund, if any, are declared and paid on a monthly basis.

The Funds intend to satisfy conditions that will enable interest from municipal securities, which are exempt from regular federal income tax and from designated state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Funds. Distributions of net realized gains to shareholders of the Funds, if any, are taxable and are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(r) Federal and Other Taxes. It is the Trust’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. Accordingly, each Fund intends to distribute substantially all of its income and net realized gains on investments, if any, to shareholders each year. Therefore, no federal income tax provision is required in the Funds’ financial statements. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Management has reviewed the tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years or expected to be taken in 2024 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
Morgan Stanley Pathway Large Cap Equity ETF	$	(5,595,174	)	$	5,595,174
Morgan Stanley Pathway Small-Mid Cap Equity ETF		(3,845,885	)		3,845,885
International Equity Fund		—			—
Emerging Markets Fund		(31	)		31
Core Fixed Income Fund		—			—
High Yield Fund		—			—
International Fixed Income Fund		—			—

314



Notes to Financial Statements


(continued)


Fund	Distributable earnings/ (losses)		Paid-in-capital
Municipal Bond Fund	$	—	$	—
Inflation-Linked Fixed Income Fund		7,102		(7,102	)
Ultra-Short Term Fixed Income Fund		—		—
Alternative Strategies Fund		54,196		(54,196	)

(t) Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

(u) Reverse Repurchase Agreements. Certain Funds may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of the securities received by the Fund may decline below the price of the securities the Fund is obligated to repurchase. Reverse repurchase agreements also involve credit risk with the counterparty to the extent that the value of securities subject to repurchase exceed the Fund’s liability under the reverse repurchase agreement. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund’s indebtedness and will have the effect of leveraging the Fund’s assets.

(v) Indemnification. The Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds’ that have not yet occurred.

(w) Senior Floating-Rate Loans. Interests in senior floating-rate loans (“Senior Loans”) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the Senior Loan. If the investment adviser believes there is not a reasonable likelihood of full repayment, the investment adviser will determine fair value using analyses that include, but are not limited to: (i) a comparison of the value of the borrower’s outstanding equity and debt to that of comparable public companies; (ii) a discounted cash flow analysis; or (iii) when the investment adviser believes it is likely that a borrower will be liquidated or sold, an analysis of the terms of such liquidation or sale. In certain cases, the investment adviser will use a combination of analytical methods to determine fair value, such as when only a portion of a borrower’s assets are likely to be sold. In conducting its assessment and analyses for purposes of determining fair value of a Senior Loan, the investment adviser will use its discretion and judgment in considering and appraising relevant factors. Fair value determinations are made by the portfolio managers of the Funds based on information available to such managers. The portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Funds. At times, the fair value of a Senior Loan determined by the portfolio managers of other Funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Funds. The fair value of each Senior 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

315



Notes to Financial Statements


(continued)

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, 2025.

(x) Sale-Buyback and Buy-Saleback Transactions. A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions.

During the year ended August 31, 2025, the International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at August 31, 2025, 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, 2025, were as following:


	International Fixed Income Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Payable for sale-buyback transactions	$	—		$	18,641,761		$	—
Average amount borrowed		10,969			17,778,662			4,241
Interest expense		—			809,367			153
Weighted average interest rate		5.56	%		4.54	%		3.62	%

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, 2025, the Funds did not participate in buy-saleback transactions.

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between each Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of year end is disclosed in each Fund’s Schedule of Investments.

(y) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the

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Notes to Financial Statements


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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, 2025 approximated their fair value. If measured at fair value, such deposits would have been considered as Level 2 in the fair value hierarchy (see Note 1(a)).

Repurchase agreements and reverse repurchase agreements may be entered into by the Funds under Master Repurchase Agreements (“MRA”) which permit a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. The Fund’s repurchase agreements as of August 31, 2025 are shown on a gross basis and the required offsetting disclosures are shown in the Schedules of Investments. The value of the related collateral exceeded the value of the repurchase agreements as of August 31, 2025.

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, 2025:


	Assets			Liabilities
Derivative Instruments (a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Core Fixed Income Fund:
Forward foreign currency contracts	$	20,298		$	(641,371	)

Total derivative instruments, subject to master netting arrangement or similar arrangement	$	20,298		$	(641,371	)

International Fixed Income Fund:
Forward foreign currency contracts	$	673,956		$	(1,459,497	)
Option contracts		49,070	(b)		(39,264	)
Swap contracts		375,058			(728,287	)

Total derivative instruments, subject to master netting arrangement or similar arrangement	$	1,098,084		$	(2,227,048	)

Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	151,024		$	(168,969	)
Option contracts		—			(103,813	)

Total derivative instruments, subject to master netting arrangement or similar arrangement	$	151,024		$	(272,782	)

(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, 2025:


Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received		Net Amount (b) (Not Less than $0)
Core Fixed Income Fund
Over-the-counter
Goldman Sachs & Co.	$	20,298	$	(20,298	)	$	—	$	0

Total over-the-counter derivative instruments	$	20,298	$	(20,298	)	$	—	$	0

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Notes to Financial Statements


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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.	$	39,487	$	—		$	—		$	39,487
Goldman Sachs & Co.		601,884		(20,298	)		—			581,586

Total over-the-counter derivative instruments	$	641,371	$	(20,298	)	$	—		$	621,073


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	$	43,194	$	(28,594	)	$	(14,600	)	$	0
Barclays Bank PLC		89,624		(80,096	)		—			9,528
BNP Paribas SA		58,497		(58,497	)		—			0
Deutsche Bank AG		20,776		(20,776	)		—			0
Goldman Sachs & Co.		426,746		(421,062	)		—			5,684
HSBC Bank USA		64,682		(64,682	)		—			0
JPMorgan Chase & Co.		93,216		(93,216	)		—			0
Societe Generale SA		40,796		(21,859	)		(10,000	)		8,937
Standard Chartered Bank		29,442		(29,442	)		—			0
UBS Securities LLC		3,660		(3,660	)		—			0
Wells Fargo Bank		227,451		(207,627	)		—			19,824

Total over-the-counter derivative instruments	$	1,098,084	$	(1,029,511	)	$	(24,600	)	$	43,973


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	$	28,594	$	(28,594	)	$	—		$	0
Barclays Bank PLC		80,096		(80,096	)		—			0
BNP Paribas SA		567,841		(58,497	)		—			509,344
Deutsche Bank AG		26,886		(20,776	)		—			6,110
Goldman Sachs & Co.		421,062		(421,062	)		—			0
HSBC Bank USA		133,212		(64,682	)		—			68,530
JPMorgan Chase & Co.		591,192		(93,216	)		—			497,976
Societe Generale SA		21,859		(21,859	)		—			0
Standard Chartered Bank		138,810		(29,442	)		—			109,368
UBS Securities LLC		9,869		(3,660	)		—			6,209
Wells Fargo Bank		207,627		(207,627	)		—			0

Total over-the-counter derivative instruments	$	2,227,048	$	(1,029,511	)	$	—		$	1,197,537

318



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		Net Amount (b) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	8,916	$	(8,916	)	$	—	$	0
BNP Paribas SA		18,125		(18,125	)		—		0
Deutsche Bank AG		15,956		(6,582	)		—		9,374
HSBC Bank USA		8,108		(8,108	)		—		0
JPMorgan Chase & Co.		76,970		(76,970	)		—		0
Merrill Lynch, Pierce, Fenner & Smith Inc.		1,563		(1,563	)		—		0
Standard Chartered Bank		21,386		(14,540	)		—		6,846

Total over-the-counter derivative instruments	$	151,024	$	(134,804	)	$	—	$	16,220


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	$	112,660	$	(8,916	)	$	—	$	103,744
BNP Paribas SA		22,777		(18,125	)		—		4,652
Deutsche Bank AG		6,582		(6,582	)		—		0
HSBC Bank USA		8,524		(8,108	)		—		416
JPMorgan Chase & Co.		96,264		(76,970	)		—		19,294
Merrill Lynch, Pierce, Fenner & Smith Inc.		11,435		(1,563	)		—		9,872
Standard Chartered Bank		14,540		(14,540	)		—		0

Total over-the-counter derivative instruments	$	272,782	$	(134,804	)	$	—	$	137,978

(a)	Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(b)	Net amount represents the net amount receivable from the counterparty in the event of default.

(c)	Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(d)	Net amount represents the net amount payable to the counterparty in the event of default.

(e)	In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

(z) When-Issued and Delayed Delivery Securities and Forward Commitments. Each Fund may purchase securities, including U.S. government securities, on a when-issued basis or may purchase or sell securities for delayed delivery. In such transactions, delivery of the securities occurs beyond the normal settlement period, but no payment or delivery is made by a Fund prior to the actual delivery or payment by the other party to the transaction. The purchase of securities on a when-issued or delayed delivery basis involves the risk that the value of the securities purchased will decline prior to the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction. Each Fund will make securities available for collateral in an amount equal in value to commitments to purchase securities on a when-issued, delayed delivery or forward commitment basis.

(aa) Segment Reporting. During the reporting year, the Trust adopted FASB Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, (ASU 2023-07), which requires incremental

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Notes to Financial Statements


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disclosures related to a public entity’s reportable segments. Each Fund operates as a single reportable segment, an investment company whose investment objectives are included in Note 1. In connection with the adoption of ASU 2023-07, the Trust’s Chief Operating Officer acts as the Trust’s Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of each Fund’s single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in each Fund’s financial statements.

2. Investment Management Agreement and Other Transactions with Affiliates

CGAS, a business of Morgan Stanley Wealth Management, serves as the investment manager to the Funds. The Manager selects and oversees professional money managers who are responsible for investing the assets of the Funds (each a “Sub-adviser,” and collectively the “Sub-advisers”). Each Fund pays the Manager an investment management fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. The Manager pays each Sub-adviser on a monthly basis, a sub-advisory fee from its investment management fees.

CGAS has contractually agreed to waive fees and reimburse expenses in order to keep the Funds’ management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Funds’ total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%, and will not affect the Funds’ total management fees if they are less than such amount. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. These fee waivers and/or reimbursements will continue for at least one year from the date of the Funds’ prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when it deems such action is appropriate.

In addition, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Alternative Strategies Fund’s total annual operating expenses, (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses and other extraordinary expenses not incurred in the ordinary course of the Alternative Strategies Fund’s business), from exceeding 0.70%.

This contractual arrangement shall remain in effect for at least one year from the date of the Fund’s prospectus or until such time as the Board acts to discontinue all or a portion of such waiver and/or reimbursement when it deems such action is appropriate.

The maximum allowable investment management fees represents the total amount that could be charged to each Fund. The aggregate fees paid by the Manager to each Fund’s Sub-advisers and the fees retained by the Manager for the year ended August 31, 2025 are indicated below:


Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Morgan Stanley Pathway Large Cap Equity ETF		0.11	%		0.20	%		0.55	%*
Morgan Stanley Pathway Small-Mid Cap Equity ETF		0.28	%		0.20	%		0.75	%**
International Equity Fund		0.27	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.34	%		0.20	%		0.90	%
Core Fixed Income Fund		0.11	%		0.20	%		0.40	%
High Yield Fund		0.30	%		0.20	%		0.70	%
International Fixed Income Fund		0.25	%		0.20	%		0.50	%
Municipal Bond Fund		0.20	%		0.20	%		0.40	%
Inflation-Linked Fixed Income Fund		0.25	%		0.20	%		0.50	%
Ultra-Short Term Fixed Income Fund		0.15	%		0.20	%		0.50	%
Alternative Strategies Fund		N/A			0.20	%		1.20	%

*	Maximum Allowable Annual Management Fee amounted to 0.60% prior to December 9, 2024.

**	Maximum Allowable Annual Management Fee amounted to 0.80% prior to December 9, 2024.

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The Manager has agreed to waive and/or reimburse a portion of its fee. For the year ended August 31, 2025, the amounts waived and/or reimbursed by the Manager were as follows:


Fund	Amounts Waived and/or Reimbursed
Morgan Stanley Pathway Large Cap Equity ETF	$	7,161,082
Morgan Stanley Pathway Small-Mid Cap Equity ETF		1,571,209
International Equity Fund		2,700,563
Emerging Markets Equity Fund		2,042,466
Core Fixed Income Fund		1,574,833
High Yield Fund		277,773
International Fixed Income Fund		95,438
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		74,345
Ultra-Short Term Fixed Income Fund		492,424
Alternative Strategies Fund		1,779,317

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, 2025, Morgan Stanley & Co. Incorporated (“MS&Co.”), and its affiliates, including Morgan Stanley Smith Barney LLC, the Trust’s distributor, received brokerage commissions of:


Fund	Commission Dollars to MS&Co.
Morgan Stanley Pathway Large Cap Equity ETF	$	2,521
Morgan Stanley Pathway Small-Mid Cap Equity ETF		12,591
International Equity Fund		—
Emerging Markets Equity Fund		4,196
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, 2025, the Funds assume the following to be affiliated issuers:

Morgan Stanley Pathway Large Cap Equity ETF


Underlying Security	Beginning Value as of August 31, 2024		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of August 31, 2025
Morgan Stanley	$	3,852,841	$	469,342	$	—	$	—	$	1,865,103	$	148,557	$	6,187,286

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Notes to Financial Statements


(continued)

Ultra-Short Term Fixed Income Fund


Underlying Security	Beginning Value as of August 31, 2024		Purchases at Cost		Proceeds from Sales		Net Realized Gain on Sales		Change in Unrealized Appreciation		Accretion of discount		Dividend/ Interest Income		Ending Value as of August 31, 2025
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 5.337% (1-Month Term SOFR + 1.014%) due 5/25/34	$	371,341	$	—	$	(31,733)	$	42	$	10,655	$	247	$	15,619	$	350,552

3. Investments

During the year ended August 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments and in-kind transactions) for each Fund were as follows:


	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Morgan Stanley Pathway Large Cap Equity ETF	$	541,691,312	$	366,267,615	$	—	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF		346,035,255		241,473,141		—		—
International Equity Fund		338,234,291		543,886,718		—		—
Emerging Markets Fund		184,678,891		106,463,762		—		—
Core Fixed Income Fund		607,653,406		703,611,092		1,595,479,376		1,733,658,185
High Yield Fund		100,157,064		94,375,993		—		—
International Fixed Income Fund		89,668,215		68,460,392		504,969,119		493,919,369
Municipal Bond Fund		54,510,355		65,328,109		—		—
Inflation-Linked Fixed Income Fund		5,214,934		10,314,235		221,585,346		238,591,135
Ultra-Short Term Fixed Income Fund		261,128,971		212,499,817		93,139,074		107,418,316
Alternative Strategies Fund		73,813,333		50,606,968		—		—

During the year ended August 31, 2025, purchases and sales related to in-kind transactions were as follows:


	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Morgan Stanley Pathway Large Cap Equity ETF	$	96,215,408	$	14,076,339	$	—	$	—
Morgan Stanley Pathway Small-Mid Cap Equity ETF		52,712,189		13,456,283		—		—

The cost of investments for federal income tax purposes and gross unrealized appreciation and unrealized depreciation at August 31, 2025 have been disclosed under the respective Schedule of Investments.

4. Issuance and Redemption of ETF Shares

The Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (together, the “Morgan Stanley Pathway ETFs”) each issues or redeems its shares at NAV per share only in Creation Units. The number of shares of the Morgan Stanley Pathway ETFs that constitute a Creation Unit is 50,000. Shares of each Fund are listed for trading on a national securities exchange and trade on the secondary market during the trading day. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction. Fund shares are traded on NYSE Arca, under the trading symbol MSLC for the Morgan Stanley Pathway Large Cap Equity ETF and MSSM for the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Share prices are reported in dollars and cents per share. Authorized Participants (“APs”) may acquire Fund shares directly from each Fund, and APs may tender their Fund shares for redemption directly to a Fund, at NAV per share, only in Creation Units and in accordance with the procedures described in the Funds’ Statement of Additional Information.

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Notes to Financial Statements


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Foreside Fund Services, LLC (“Foreside”) serves as the distributor and principal underwriter for the Morgan Stanley Pathway ETFs pursuant to a written agreement, which was approved by the Trustees of the Trust, including a majority of the Independent Trustees. Foreside or its agent distributes Creation Units for the Morgan Stanley Pathway ETFs on an agency basis. Foreside, as agent, reviews and approves orders by APs to create and redeem Morgan Stanley Pathway ETF shares in Creation Units.

5. Shares of Beneficial Interest

At August 31, 2025, 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, 2025, Trustees and executive officers of the Trust as a group owned of record less than 1% of the outstanding shares of the Trust.

Transactions in shares of each Fund were as follows:


	Year Ended August 31, 2025			Year Ended August 31, 2024
Morgan Stanley Pathway Large Cap Equity ETF*
Shares sold		5,045,737			18,633,517
Shares sold in-kind		6,100,000			—
Shares issued on reinvestment		2,137,098			2,953,064
Shares repurchased		(5,464,916	)		(10,783,537	)
Shares repurchased in-kind		(850,000	)		—

Net Increase		6,967,919			10,803,044


Morgan Stanley Pathway Small-Mid Cap Equity ETF*
Shares sold		2,547,698			2,616,328
Shares sold in-kind		2,300,000			—
Shares issued on reinvestment		1,126,334			105,446
Shares repurchased		(1,290,707	)		(4,299,931	)
Shares repurchased in-kind		(550,000	)		—

Net Increase (Decrease)		4,133,325			(1,578,157	)


International Equity Fund
Shares sold		19,616,361			19,960,222
Shares issued on reinvestment		5,103,592			1,958,952
Shares repurchased		(36,048,971	)		(25,387,585	)

Net Decrease		(11,329,018	)		(3,468,411	)


Emerging Markets Equity Fund
Shares sold		13,359,969			10,561,701
Shares issued on reinvestment		792,004			823,359
Shares repurchased		(8,429,815	)		(14,442,840	)

Net Increase (Decrease)		5,722,158			(3,057,780	)


Core Fixed Income Fund
Shares sold		60,733,231			71,305,055
Shares issued on reinvestment		11,622,542			11,954,712
Shares repurchased		(98,831,635	)		(79,469,989	)

Net Increase (Decrease)		(26,475,862	)		3,789,778

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Notes to Financial Statements


(continued)


	Year Ended August 31, 2025			Year Ended August 31, 2024

High Yield Fund
Shares sold		9,939,364			10,313,895
Shares issued on reinvestment		2,828,348			2,864,296
Shares repurchased		(10,578,784	)		(12,884,403	)

Net Increase		2,188,928			293,788


International Fixed Income Fund
Shares sold		6,750,599			7,770,890
Shares issued on reinvestment		619,779			242,360
Shares repurchased		(7,546,767	)		(10,035,865	)

Net Decrease		(176,389	)		(2,022,615	)


Municipal Bond Fund
Shares sold		2,921,882			2,181,628
Shares issued on reinvestment		319,664			391,076
Shares repurchased		(4,409,699	)		(3,802,599	)

Net Decrease		(1,168,153	)		(1,229,895	)


Inflation-Linked Fixed Income Fund
Shares sold		2,743,362			5,369,255
Shares issued on reinvestment		596,777			706,207
Shares repurchased		(4,692,508	)		(3,929,674	)

Net Increase (Decrease)		(1,352,369	)		2,145,788


Ultra-Short Term Fixed Income Fund
Shares sold		28,782,446			10,143,636
Shares issued on reinvestment		1,558,082			1,584,409
Shares repurchased		(20,838,642	)		(11,416,637	)

Net Increase		9,501,886			311,408


Alternative Strategies Fund
Shares sold		5,772,487			4,786,165
Shares issued on reinvestment		405,063			493,308
Shares repurchased		(4,192,627	)		(5,474,553	)

Net Increase (Decrease)		1,984,923			(195,080	)

The Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and liabilities of the Large Cap Equity Fund (“Predecessor Fund”) and the Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets and liabilities of Small-Mid Cap Equity Fund (“Predecessor Fund”) in reorganizations that occurred on December 9, 2024 (the “Reorganizations”). Each of the Predecessor Funds ceased operations immediately following the Reorganizations. As a result, all financial information prior to the Reorganizations has been retroactively adjusted to reflect the Reorganizations. See Note 1 of the Notes to Financial Statements for additional information on the Funds’ Reorganizations.

324



Notes to Financial Statements


(continued)

6. Dividend and Tax Components of Capital

The tax character of distributions paid during the fiscal year ended August 31, 2025, was as follows:


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund		Emerging Markets Equity Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	—
Tax Return of Capital		—		—		—		—
Ordinary Income		39,477,461		4,925,829		36,549,477		10,763,392
Net Long-term Capital Gains		66,827,803		52,047,727		31,941,216		—

Total Distributions Paid	$	106,305,264	$	56,973,556	$	68,490,693	$	10,763,392


	Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	2,494,791
Tax Return of Capital		—		—		—		—
Ordinary Income		78,791,626		9,121,687		4,195,976		209,225
Net Long-term Capital Gains		—		—		—		—

Total Distributions Paid	$	78,791,626	$	9,121,687	$	4,195,976	$	2,704,016


			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				4,939,562		15,193,979		4,281,510
Net Long-term Capital Gains				—		—		—

Total Distributions Paid			$	4,939,562	$	15,193,979	$	4,281,510

The tax character of distributions paid during the fiscal year ended August 31, 2024, was as follows:


	Morgan Stanley Pathway Large Cap Equity ETF		Morgan Stanley Pathway Small-Mid Cap Equity ETF		International Equity Fund		Emerging Markets Equity Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	—
Tax Return of Capital		—		—		—		—
Ordinary Income		18,988,775		4,637,293		25,231,455		10,119,149
Net Long-term Capital Gains		96,903,681		—		—		—

Total Distributions Paid	$	115,892,456	$	4,637,293	$	25,231,455	$	10,119,149

325



Notes to Financial Statements


(continued)


	Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund		Municipal Bond Fund
Distributions paid from:
Tax Exempt	$	—	$	—	$	—	$	3,034,578
Tax Return of Capital		937,998		—		—		39,392
Ordinary Income		79,434,988		9,093,545		1,577,786		256,355
Net Long-term Capital Gains		—		—		—		—

Total Distributions Paid	$	80,372,986	$	9,093,545	$	1,577,786	$	3,330,325


			Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Distributions paid from:
Tax Exempt			$	—	$	—	$	—
Tax Return of Capital				—		4,497,656		—
Ordinary Income				4,043,963		10,854,653		5,012,008
Net Long-term Capital Gains				1,630,339		—		—

Total Distributions Paid			$	5,674,302	$	15,352,309	$	5,012,008

As of August 31, 2025, the components of distributable earnings/(losses) - net on a tax basis were as follows:


	Morgan Stanley Pathway Large Cap Equity ETF			Morgan Stanley Pathway Small-Mid Cap Equity ETF			International Equity Fund			Emerging Markets Equity Fund
Undistributed ordinary income - net	$	29,713,226		$	4,414,254		$	37,045,019		$	16,345,962
Undistributed long-term capital gains - net		26,218,703			10,871,297			39,449,914			—
Undistributed tax-exempt income - net		—			—			—			—

Total undistributed earnings		55,931,929			15,285,551			76,494,933			16,345,962
Capital loss carryforward		—			—			—			(59,671,000	)
Other book/tax temporary differences		(1,087	)(a)		(1	)(a)		(907	)(a)		—
Unrealized appreciation/(depreciation)		1,489,365,262			144,403,732			327,624,399			151,856,430

Total distributable earnings/(losses) - net	$	1,545,296,104		$	159,689,282		$	404,118,425		$	108,531,392


	Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund
Undistributed ordinary income - net	$	—		$	1,446,060		$	1,933,265		$	—
Undistributed long-term capital gains - net		—			—			—			—
Undistributed tax-exempt income - net		—			—			—			9,588

Total undistributed earnings		—			1,446,060			1,933,265			9,588
Capital loss carryforward		(231,667,043	)		(24,807,484	)		(7,616,755	)		(7,443,316	)
Other book/tax temporary differences		(1,522,362	)(a)		1	(a)		—			—
Unrealized appreciation/(depreciation)		(28,033,027	)		1,566,007			(15,532,372	)		(1,331,172	)

Total distributable earnings/(losses) - net	$	(261,222,432	)	$	(21,795,416	)	$	(21,215,862	)	$	(8,764,900	)

326



Notes to Financial Statements


(continued)


	Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund
Undistributed ordinary income - net	$	77,997		$	186,907		$	3,955,046
Undistributed long-term capital gains - net		—			—			—
Undistributed tax-exempt income - net		—			—			—

Total undistributed earnings		77,997			186,907			3,955,046
Capital loss carryforward		(5,280,385	)		(14,173,360	)		(2,913,953	)
Other book/tax temporary differences		(3	)(a)		(2	)(a)		(1	)(a)
Unrealized appreciation/(depreciation)		(8,380,425	)		1,277,641			6,127,687

Total distributable earnings/(losses) - net	$	(13,582,816	)	$	(12,708,814	)	$	7,168,779

(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, Return of Capital (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.

7. 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, 2025, the Funds had the following net capital loss carryforwards remaining:


	Emerging Markets Equity Fund		Core Fixed Income Fund		High Yield Fund		International Fixed Income Fund
Short Term	$	7,114,205	$	57,140,176	$	3,281,925	$	3,566,393
Long Term		52,556,795		174,526,867		21,525,559		4,050,362

Total	$	59,671,000	$	231,667,043	$	24,807,484	$	7,616,755


	Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short Term	$	3,148,850	$	—	$	14,173,360	$	531,340
Long Term		4,294,466		5,280,385		—		2,382,613

Total	$	7,443,316	$	5,280,385	$	14,173,360	$	2,913,953

During the year ended August 31, 2025, the following Funds utilized capital loss carryforwards:


	Ultra-Short Term Fixed Income Fund
Short Term	$	1,338,054
Long Term		—

Total	$	1,338,054

327



Notes to Financial Statements


(continued)

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, 2025, the Funds intend to defer to September 1, 2025, for U.S. federal income tax purposes the following losses:


	Core Fixed Income Fund
Ordinary Late Year Losses	$	—
Short-Term Post-October Loss		—
Long-Term Post-October Loss		—
Specified Late Year Loss		1,522,366

Total	$	1,522,366

8. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any events or transactions that would require recognition or disclosure in the financial statements other than the information below.

Subsequent to August 31, 2025, the Funds made the following distributions per share:

Record Date - Payable Date

Core Fixed
Income

Fund

High Yield
Fund

Municipal
Bond

Fund

Inflation-Linked
Fixed Income

Fund

Ultra-Short Term
Fixed Income

Fund

9/1/25 – 9/30/25

0.024251

0.017449

0.022812

0.020324

0.036610

328



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 Morgan Stanley Pathway Funds (the “Funds”) comprising the Morgan Stanley Pathway Large Cap Equity ETF (formerly Large Cap Equity Fund), Morgan Stanley Pathway Small-Mid Cap Equity ETF (formerly 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, 2025, 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 related statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the ”financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Morgan Stanley Pathway Funds as of August 31, 2025, 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, 2025, 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 24, 2025

We have served as the auditor of one or more Morgan Stanley Pathway Funds investment companies since 2009.

329



Important Tax Information


(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended August 31, 2025:


	Morgan Stanley Pathway Large Cap Equity ETF			Morgan Stanley Pathway Small-Mid Cap Equity ETF			International Equity Fund			Emerging Markets Equity Fund			Core Fixed Income Fund
Record Date		11/29/2024			11/29/2024			11/29/2024			11/29/2024			Monthly
Payable Date		12/02/2024			12/02/2024			12/02/2024			12/02/2024			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		73.89	%		91.59	%		73.40	%		58.80	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		71.66	%		83.16	%		—			—			—
Foreign Source Income		—			—			99.82	%*		99.90	%*		—
Foreign Tax Paid par Share		—			—			0.037680			0.033711			—
Long-term Capital Gain Dividend		0.645160			1.668998			0.398785			—			—

	High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Record Date		Monthly			11/29/2024			Monthly			Monthly			Monthly
Payable Date		Monthly			12/02/2024			Monthly			Monthly			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		0	%		0	%		0	%		0	%		0	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0	%		0	%		0	%		0	%		0	%
Foreign Source Income		—			—			—			—			—
Foreign Tax Paid par Share		—			—			—			—			—
Long-term Capital Gain Dividend		—			—			—			—			—

	Alternative Strategies Fund
Record Date		12/30/2024
Payable Date		12/31/2024
Ordinary Income:
Qualified Dividend Income for Individuals		0	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0	%
Foreign Source Income		—
Foreign Tax Paid par Share		—
Long-term Capital Gain Dividend		—

*	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.

330



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 June 3 and June 4, 2025 (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

AllianceBernstein L.P.		¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF**

Allspring Global Investments		¨ Core Fixed Income Fund

BlackRock Financial Management, Inc.		¨ Morgan Stanley Pathway Large Cap Equity ETF* ¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF** ¨ International Equity Fund ¨ Emerging Markets Equity Fund ¨ Core Fixed Income Fund ¨ Municipal Bond Fund

Causeway Capital Management LLC		¨ International Equity Fund

ClearBridge Investments, LLC		¨ Morgan Stanley Pathway Large Cap Equity ETF*

Great Lakes Advisors, LLC		¨ Morgan Stanley Pathway Large Cap Equity ETF*

J.P. Morgan Investment Management		¨ Core Fixed Income

331



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)


Sub-adviser Name		Fund(s) Serviced

Lazard Asset Management LLC		¨ Emerging Markets Equity Fund

Martin Currie Inc.		¨ Emerging Markets Equity Fund

Neuberger Berman Investment Advisers LLC		¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF**

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

Principal Asset Management		¨ Morgan Stanley Pathway Large Cap Equity ETF*

Schroders Investment Management North America Inc.		¨ 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

Westfield Capital Management Company, L.P.		¨ Morgan Stanley Pathway Small-Mid Cap Equity ETF**

*	Formerly known as the Large Cap Equity Fund.

**	Formerly known as the 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 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 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.

332



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

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. As to each Fund, the Board received and considered performance information provided by Morningstar for the Fund and funds in the Fund’s Morningstar category. It was noted that, while the Board has found the Broadridge and Morningstar 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 category 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 ETFs, if applicable, 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), with such performance compared to a relevant index. The Board discussed with representatives of the Adviser the investment strategy 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 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 the Management Agreement, IM Agreement and 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 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

333



Board Approval of Management Agreement and Investment Advisory Agreements


(unaudited) (continued)

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 or ETFs, as applicable, selected by Broadridge (the “Expense Universe”). The Trustees also received and considered information comparing the sub-advisory fees payable by the respective Fund, as applicable, with those payable by a group of funds selected by Broadridge as comparable to the particular Fund and a broader group of retail no-load funds selected by Broadridge. The Trustees also reviewed comparative expense information provided by Broadridge with respect to transfer agent and custodian fees, and other non-management expenses, in addition to the management fee. The Independent Trustees also considered the total expenses of the comparison group, excluding Rule 12b-1 and non-12b-1 fees. As to each Fund, the Board also received and considered net expense ratio and management fee information provided by Morningstar for the Fund and funds in the Fund’s Morningstar category. It was noted that while the Board found the Broadridge and Morningstar data generally useful they recognized its limitations, including that the data may vary depending on the selection of the peer group and category 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.

334



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.

335

MORGAN STANLEY SMITH BARNEY LLC

Distributor of Morgan Stanley Pathway Mutual Funds

FORESIDE FUND SERVICES, LLC

Distributor and Principal Underwriter of Morgan Stanley Pathway ETFs

CONSULTING GROUP ADVISORY SERVICES LLC

Investment Adviser

This report is submitted for the general information of the shareholders of Morgan Stanley Pathway Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus for the Trust which contains information concerning the Trust’s Investment policies, charges and expenses as well as other pertinent information.

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

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

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

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

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)Footnote Reference1

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of Investments)

Top Ten Holdings (% of Investments)Footnote Referencea

Material Fund Changes

Additional Information

Householding

Morgan Stanley Pathway Funds - International Equity Fund

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Fund Performance

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Top Ten Holdings (% of Investments)Footnote Referencea

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Householding

Morgan Stanley Pathway Funds - Emerging Markets Equity Fund

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Fund Performance

Average Annual Total Returns (%)

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Country Allocation (% of Investments)

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Householding

Morgan Stanley Pathway Funds - Core Fixed Income Fund

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Fund Performance

Average Annual Total Returns (%)

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

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Morgan Stanley Pathway Funds - High Yield Fund

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Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

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Asset Allocation (% of Investments)

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

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Householding

Morgan Stanley Pathway Funds - International Fixed Income Fund

What were the Fund costs for the last year?

How did the fund perform last year?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Asset Allocation (% of Investments)

Average Annual Total Returns (%)^{Footnote
Reference1}

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

Average Annual Total Returns (%)^{Footnote
Reference1}

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

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

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

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

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

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

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

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

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

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