N-CSRS
Morgan
Stanley Pathway Funds - Morgan Stanley Pathway Large Cap Equity
ETF
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Large Cap Equity ETF for the period of September 1, 2025 to February 28,
2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Morgan
Stanley Pathway Large Cap Equity ETF |
$18 |
0.36%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$3,573,845,624 |
|
#
of Portfolio Holdings |
1,018 |
|
Portfolio
Turnover Rate |
6% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Sector
Allocation (% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
1.3% |
|
Utilities |
2.1% |
|
Real
Estate |
2.1% |
|
Materials |
2.9% |
|
Energy |
3.5% |
|
Consumer
Staples |
4.3% |
|
Health
Care |
9.9% |
|
Consumer
Discretionary |
10.0% |
|
Communication
Services |
10.7% |
|
Industrials |
11.0% |
|
Financials |
14.4% |
|
Information
Technology |
27.8% |
Top
Ten Holdings (% of Investments)Footnote
Referencea
Table
Summary
|
NVIDIA
Corp. |
6.0% |
|
Microsoft
Corp. |
4.9% |
|
Apple
Inc. |
4.5% |
|
Amazon.com
Inc. |
4.0% |
|
Alphabet
Inc., Class A Shares |
3.0% |
|
Meta
Platforms Inc., Class A Shares |
2.6% |
|
Broadcom
Inc. |
2.3% |
|
Alphabet
Inc., Class C Shares |
1.9% |
|
JPMorgan
Chase & Co. |
1.5% |
|
Tesla
Inc. |
1.3% |
|
Total
|
32.0% |
| Footnote |
Description |
|
Footnotea |
Excludes
cash
equivalents. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Morgan Stanley Pathway Small-Mid Cap Equity
ETF
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Small-Mid Cap Equity ETF for the period of September 1, 2025 to February 28,
2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Morgan
Stanley Pathway Small-Mid Cap Equity ETF |
$31 |
0.59%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$728,681,148 |
|
#
of Portfolio Holdings |
2,262 |
|
Portfolio
Turnover Rate |
20% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Sector
Allocation (% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
2.3% |
|
Communication
Services |
2.0% |
|
Consumer
Staples |
3.0% |
|
Utilities |
3.7% |
|
Real
Estate |
3.8% |
|
Energy |
4.4% |
|
Materials |
4.6% |
|
Consumer
Discretionary |
8.8% |
|
Financials |
12.2% |
|
Health
Care |
12.9% |
|
Information
Technology |
18.2% |
|
Industrials |
24.1% |
Top
Ten Holdings (% of Investments)Footnote
Referencea
Table
Summary
|
FTAI
Aviation Ltd. |
1.3% |
|
Comfort
Systems USA Inc. |
1.1% |
|
Ascendis
Pharma AS, ADR |
1.0% |
|
TechnipFMC
PLC |
1.0% |
|
ViaSat
Inc. |
0.9% |
|
Bloom
Energy Corp., Class A Shares |
0.8% |
|
Regal
Rexnord Corp. |
0.8% |
|
Ciena
Corp. |
0.7% |
|
Resideo
Technologies Inc. |
0.6% |
|
IPG
Photonics Corp. |
0.6% |
|
Total
|
8.8% |
| Footnote |
Description |
|
Footnotea |
Excludes
cash
equivalents. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - International Equity Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - International Equity Fund for the period of September 1, 2025 to
February 28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
International
Equity Fund |
$31 |
0.58%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$1,373,760,301 |
|
#
of Portfolio Holdings |
934 |
|
Portfolio
Turnover Rate |
17% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Country Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
1.4% |
|
Other
Countries |
15.9% |
|
Sweden |
2.7% |
|
Italy |
2.8% |
|
Spain |
3.2% |
|
Australia |
3.6% |
|
Netherlands |
5.3% |
|
Switzerland |
8.2% |
|
Germany |
8.7% |
|
France |
11.2% |
|
United
Kingdom |
17.2% |
|
Japan |
19.8% |
Top
Ten Holdings (% of Investments)Footnote
Referencea
Table
Summary
|
ASML
Holding NV |
2.0% |
|
Roche
Holding AG |
2.0% |
|
AstraZeneca
PLC |
1.9% |
|
SAP
SE |
1.4% |
|
Infineon
Technologies AG |
1.2% |
|
Kering
SA |
1.1% |
|
National
Grid PLC |
1.0% |
|
Renesas
Electronics Corp. |
0.9% |
|
LVMH
Moët Hennessy Louis Vuitton SE |
0.9% |
|
Alstom
SA |
0.9% |
|
Total
|
13.3% |
| Footnote |
Description |
|
Footnotea |
Excludes
cash
equivalents. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Emerging Markets Equity
Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - Emerging Markets Equity Fund for the period of September 1, 2025 to
February 28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Emerging
Markets Equity Fund |
$40 |
0.70%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$877,925,190 |
|
#
of Portfolio Holdings |
1,232 |
|
Portfolio
Turnover Rate |
15% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Country Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
1.9% |
|
Other
Countries |
11.0% |
|
Indonesia |
1.3% |
|
Saudi
Arabia |
2.2% |
|
Mexico |
2.5% |
|
Hong
Kong |
3.9% |
|
South
Africa |
4.0% |
|
Brazil |
5.6% |
|
India |
12.5% |
|
China |
17.1% |
|
South
Korea |
18.0% |
|
Taiwan |
20.0% |
Top
Ten Holdings (% of Investments)Footnote
Referencea
Table
Summary
|
Taiwan
Semiconductor Manufacturing Co., Ltd. |
11.6% |
|
Samsung
Electronics Co., Ltd. |
5.9% |
|
SK
hynix Inc. |
5.0% |
|
Tencent
Holdings Ltd. |
3.8% |
|
Alibaba
Group Holding Ltd. |
1.7% |
|
Reliance
Industries Ltd. |
1.2% |
|
Delta
Electronics Inc. |
1.2% |
|
Taiwan
Semiconductor Manufacturing Co., Ltd., ADR |
1.1% |
|
Shinhan
Financial Group Co., Ltd. |
1.0% |
|
MediaTek
Inc. |
1.0% |
|
Total
|
33.5% |
| Footnote |
Description |
|
Footnotea |
Excludes
cash
equivalents. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Core Fixed Income Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - Core Fixed Income Fund for the period of September 1, 2025 to February
28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Core
Fixed Income Fund |
$23 |
0.45%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$1,875,758,020 |
|
#
of Portfolio Holdings |
3,441 |
|
Portfolio
Turnover Rate |
53% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
4.6% |
|
Common
Stock |
0.0%Footnote
Referencea |
|
Senior
Loans |
0.0%Footnote
Referencea |
|
Collateralized
Loan Obligation |
0.1% |
|
Municipal
Bonds |
0.1% |
|
Open
End Mutual Fund Securities |
0.2% |
|
Asset-Backed
Securities |
2.1% |
|
Sovereign
Bonds |
3.6% |
|
Collateralized
Mortgage Obligations |
13.1% |
|
U.S.
Government Agencies & Obligations |
20.0% |
|
Mortgage-Backed
Securities |
25.6% |
|
Corporate
Bonds & Notes |
30.6% |
| Footnote |
Description |
|
Footnotea |
Less than
0.05%. |
Credit
Quality Allocation (% of net assets)Footnote
Reference*
Table
Summary
|
Value |
Value |
|
Cash
& Short-Term Investments |
5.1% |
|
Not
Rated |
9.4% |
|
CCC
or Lower |
0.1% |
|
B |
1.3% |
|
BB |
5.4% |
|
BBB |
17.5% |
|
A |
10.5% |
|
AA |
49.2% |
|
AAA |
2.9% |
| Footnote |
Description |
|
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. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - High Yield Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - High Yield Fund for the period of September 1, 2025 to February 28,
2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
High
Yield Fund |
$39 |
0.77%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$155,070,334 |
|
#
of Portfolio Holdings |
310 |
|
Portfolio
Turnover Rate |
25% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
5.7% |
|
Senior
Loan |
0.0%Footnote
Referencea |
|
Corporate
Bonds & Notes |
94.3% |
| Footnote |
Description |
|
Footnotea |
Less than
0.05%. |
Credit
Quality Allocation (% of net assets)Footnote
Reference*
Table
Summary
|
Value |
Value |
|
Cash
& Short-Term Investments |
8.7% |
|
Not
Rated |
0.2% |
|
CCC
or Lower |
4.4% |
|
B |
31.9% |
|
BB |
54.9% |
|
BBB |
2.8% |
| Footnote |
Description |
|
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. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - International Fixed Income
Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - International Fixed Income Fund for the period of September 1, 2025 to
February 28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
International
Fixed Income Fund |
$52 |
1.04%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$195,299,171 |
|
#
of Portfolio Holdings |
423 |
|
Portfolio
Turnover Rate |
131% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
3.6% |
|
Purchased
Options |
0.0%Footnote
Referencea |
|
Asset-Backed
Securities |
0.1% |
|
Municipal
Bond |
0.1% |
|
Collateralized
Loan Obligations |
4.6% |
|
U.S.
Government Obligations |
6.1% |
|
Collateralized
Mortgage Obligations |
6.7% |
|
Corporate
Bonds & Notes |
10.4% |
|
Mortgage-Backed
Securities |
33.0% |
|
Sovereign
Bonds |
35.4% |
| Footnote |
Description |
|
Footnotea |
Less than
0.05%. |
Credit
Quality Allocation (% of net assets)Footnote
Reference*
Table
Summary
|
Value |
Value |
|
Cash
& Short-Term Investments |
4.8% |
|
Not
Rated |
16.0% |
|
CCC
or Lower |
1.3% |
|
B |
0.6% |
|
BB |
5.0% |
|
BBB |
7.5% |
|
A |
15.1% |
|
AA |
61.3% |
|
AAA |
12.0% |
| Footnote |
Description |
|
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. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Municipal Bond Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - Municipal Bond Fund for the period of September 1, 2025 to February 28,
2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Municipal
Bond Fund |
$38 |
0.75%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$89,023,030 |
|
#
of Portfolio Holdings |
131 |
|
Portfolio
Turnover Rate |
9% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
10.7% |
|
Warrant
|
0.0%Footnote
Referencea |
|
Collateralized
Mortgage Obligation |
0.2% |
|
Municipal
Bonds |
89.1% |
| Footnote |
Description |
|
Footnotea |
Less than
0.05%. |
Credit
Quality Allocation (% of net assets)Footnote
Reference*
Table
Summary
|
Value |
Value |
|
Cash
& Short-Term Investments |
10.6% |
|
Not
Rated |
3.8% |
|
BB |
0.3% |
|
BBB |
1.6% |
|
A |
18.0% |
|
AA |
47.8% |
|
AAA |
17.0% |
| Footnote |
Description |
|
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. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Inflation-Linked Fixed Income
Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - Inflation-Linked Fixed Income Fund for the period of September 1, 2025
to February 28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Inflation-Linked
Fixed Income Fund |
$115 |
2.29%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$143,726,063 |
|
#
of Portfolio Holdings |
153 |
|
Portfolio
Turnover Rate |
38% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
1.3% |
|
Corporate
Bonds & Notes |
0.1% |
|
Collateralized
Loan Obligations |
3.3% |
|
Sovereign
Bonds |
3.7% |
|
Collateralized
Mortgage Obligations |
5.7% |
|
Mortgage-Backed
Securities |
10.7% |
|
U.S.
Government Obligations |
75.2% |
Credit
Quality Allocation (% of net assets)Footnote
Reference*
Table
Summary
|
Value |
Value |
|
Cash
& Short-Term Investments |
5.0% |
|
Not
Rated |
5.2% |
|
CCC
or Lower |
1.6% |
|
B |
0.0%Footnote
Reference** |
|
BB |
0.2% |
|
BBB |
0.4% |
|
A |
2.6% |
|
AA |
123.7% |
|
AAA |
6.0% |
| 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** |
Less
than
0.05%. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Ultra-Short Term Fixed Income
Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - Ultra-Short Term Fixed Income Fund for the period of September 1, 2025
to February 28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Ultra-Short
Term Fixed Income Fund |
$32 |
0.63%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$300,679,440 |
|
#
of Portfolio Holdings |
371 |
|
Portfolio
Turnover Rate |
50% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Short-Term
Investments |
3.1% |
|
Sovereign
Bonds |
1.3% |
|
Mortgage-Backed
Securities |
2.4% |
|
U.S.
Government Obligations |
5.1% |
|
Asset-Backed
Securities |
8.6% |
|
Collateralized
Loan Obligations |
8.8% |
|
Collateralized
Mortgage Obligations |
21.2% |
|
Corporate
Bonds & Notes |
49.5% |
Credit
Quality Allocation (% of net assets)Footnote
Reference*
Table
Summary
|
Value |
Value |
|
Cash
& Short-Term Investments |
3.5% |
|
Not
Rated |
16.9% |
|
CCC
or Lower |
0.0%Footnote
Reference** |
|
B |
0.1% |
|
BB |
0.4% |
|
BBB |
33.2% |
|
A |
20.5% |
|
AA |
10.4% |
|
AAA |
23.7% |
| Footnote |
Description |
|
Footnote* |
Security
ratings disclosed with the exception for those labeled "not rated" is an
aggregation of the highest security level rating amongst Standard &
Poor's Ratings Service ("S&P"), Moody's Investors Services ("Moody's")
and Fitch Ratings Service ("Fitch"), each a Nationally Recognized
Statistical Ratings Organization ("NRSRO"). These rating agencies are
independent, nationally recognized statistical rating organizations and
are widely used. |
|
Footnote** |
Less
than
0.05%. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Morgan
Stanley Pathway Funds - Alternative Strategies Fund
Semi-Annual
Shareholder Report February 28, 2026
This semi-annual
shareholder report contains important information about Morgan Stanley Pathway
Funds - Alternative Strategies Fund for the period of September 1, 2025 to
February 28, 2026. You can find additional information
about the fund at www.morganstanley.com/wealth-investmentsolutions/cgcm.
You can also request this information by contacting us at 1-800-869-3326.
What
were the Fund costs for the last six months?
(based
on hypothetical $10,000 investment)
Table
Summary
|
Fund
name |
Cost
of a $10,000 investment |
Cost
paid as a % of a $10,000 investment |
|
Alternative
Strategies Fund |
$18 |
0.36%Footnote
Reference1 |
| Footnote |
Description |
|
Footnote1 |
Annualized |
Table
Summary
|
Total
Net Assets |
$205,871,233 |
|
#
of Portfolio Holdings |
16 |
|
Portfolio
Turnover Rate |
4% |
What
did the Fund invest in?
The
following tables reflect what the Fund invested in as of the report date.
Asset Allocation
(% of Investments)
Table
Summary
|
Value |
Value |
|
Open
End Mutual Fund Securities |
100.0% |
Top
Ten Holdings (% of Investments)Footnote
Referencea
Table
Summary
|
BlackRock
Systematic Multi-Strategy Fund, Institutional Class |
10.2% |
|
PIMCO
Mortgage Opportunities and Bond Fund, Class I2 |
9.9% |
|
Abbey
Capital Futures Strategy Fund, Class I |
9.2% |
|
John
Hancock Diversified Macro Fund, Class I |
8.3% |
|
BlackRock
Event Driven Equity Fund, Institutional Class |
7.8% |
|
BNY
Mellon Global Real Return Fund, Class Y |
7.1% |
|
PIMCO
Credit Opportunities Bond Fund, Institutional Class |
6.8% |
|
Neuberger
Berman Long Short Fund, Institutional Class |
6.8% |
|
Touchstone
Flexible Income Fund, Institutional Class |
6.0% |
|
Calamos
Market Neutral Income Fund, Class I |
5.9% |
|
Total
|
78.0% |
| Footnote |
Description |
|
Footnotea |
Excludes
cash
equivalents. |
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.
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
Semi-Annual
Shareholder Report February 28, 2026
Item 2.
Code of Ethics.
Not
Applicable. This item is only required in an annual report on Form N-CSR.
Item 3.
Audit Committee Financial Expert.
Not
Applicable. This item is only required in an annual report on Form N-CSR.
Item 4.
Principal Accountant Fees and Services.
Not
Applicable. This item is only required in an annual report on Form N-CSR.
Item 5.
Audit Committee of Listed Registrants.
Not
Applicable. This item is only required in an annual report on Form N-CSR.
Item 6.
Investments.
| (a) |
A
Schedule of Investments in securities of unaffiliated issuers as of the
close of the Reporting Period is included as part of the report to
shareholders filed under Item 7 of this Form N-CSR. |
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Morgan Stanley
Pathway Funds
Semi-Annual Financial Statements and Additional Information
| • |
|
Morgan Stanley Pathway
Large Cap Equity ETF (MSLC) |
| • |
|
Morgan Stanley Pathway
Small-Mid Cap Equity ETF (MSSM)
|
| • |
|
International Equity
Fund (TIEUX) |
| • |
|
Emerging Markets Equity
Fund (TEMUX) |
| • |
|
Core Fixed Income Fund
(TIIUX) |
| • |
|
High Yield Fund (THYUX)
|
| • |
|
International Fixed
Income Fund (TIFUX) |
| • |
|
Municipal Bond Fund
(TMUUX) |
| • |
|
Inflation-Linked Fixed
Income Fund (TILUX) |
| • |
|
Ultra-Short Term Fixed
Income Fund (TSDUX) |
| • |
|
Alternative Strategies
Fund (TALTX) |
INVESTMENT
PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Table of Contents
ITEMS 8, 9 AND 11 OF FORM N-CSR ARE NOT APPLICABLE. FOR ITEM 10 OF FORM N-CSR, SEE ITEM 7.
|
|
| |
| February 28, 2026 (unaudited) |
|
|
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| |
COMMON STOCKS —
98.6% |
|
|
| COMMUNICATION
SERVICES — 10.7% |
|
|
| Diversified Telecommunication Services —
0.9% |
|
| |
8,180 |
|
|
AST SpaceMobile Inc., Class A
Shares* |
|
$ |
647,774 |
|
| |
261,207 |
|
|
AT&T Inc. |
|
|
7,316,408 |
|
| |
269,992 |
|
|
Comcast Corp., Class A Shares |
|
|
8,358,952 |
|
| |
104 |
|
|
GCI Liberty Inc., Class A Shares* |
|
|
4,133 |
|
| |
1,107 |
|
|
GCI Liberty Inc., Class C Shares* |
|
|
43,561 |
|
| |
3,860 |
|
|
Iridium Communications Inc. |
|
|
92,447 |
|
| |
5,122 |
|
|
Liberty Global Ltd., Class A Shares* |
|
|
65,254 |
|
| |
5,313 |
|
|
Liberty Global Ltd., Class C Shares* |
|
|
65,350 |
|
| |
270,728 |
|
|
Verizon Communications Inc. |
|
|
13,574,302 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Diversified Telecommunication
Services |
|
|
30,168,181 |
|
|
|
|
| |
| |
|
|
|
|
| Entertainment — 1.9% |
|
| |
9,479 |
|
|
Electronic Arts Inc. |
|
|
1,901,203 |
|
| |
795 |
|
|
Liberty Media Corp.-Liberty Formula
One, Class A Shares* |
|
|
67,074 |
|
| |
7,911 |
|
|
Liberty Media Corp.-Liberty Formula
One, Class C Shares* |
|
|
724,568 |
|
| |
6,041 |
|
|
Live Nation Entertainment Inc.* |
|
|
979,488 |
|
| |
665 |
|
|
Madison Square Garden Sports Corp.,
Class A Shares* |
|
|
220,554 |
|
| |
376,589 |
|
|
Netflix Inc.* |
|
|
36,242,925 |
|
| |
23,371 |
|
|
ROBLOX Corp., Class A Shares* |
|
|
1,604,653 |
|
| |
4,833 |
|
|
Roku Inc., Class A Shares* |
|
|
475,616 |
|
| |
5,814 |
|
|
Spotify Technology SA* |
|
|
2,993,861 |
|
| |
6,872 |
|
|
Take-Two Interactive Software Inc.* |
|
|
1,453,291 |
|
| |
2,567 |
|
|
TKO Group Holdings Inc., Class A
Shares |
|
|
574,674 |
|
| |
163,184 |
|
|
Walt Disney Co. (The) |
|
|
17,304,031 |
|
| |
88,363 |
|
|
Warner Bros Discovery Inc.* |
|
|
2,489,186 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Entertainment |
|
|
67,031,124 |
|
|
|
|
| |
| |
|
|
|
|
| Interactive Media & Services —
7.5% |
|
| |
343,006 |
|
|
Alphabet Inc., Class A Shares |
|
|
106,935,550 |
|
| |
219,928 |
|
|
Alphabet Inc., Class C Shares |
|
|
68,492,177 |
|
| |
2,896 |
|
|
IAC Inc.* |
|
|
110,975 |
|
| |
8,847 |
|
|
Match Group Inc. |
|
|
279,565 |
|
| |
141,784 |
|
|
Meta Platforms Inc., Class A Shares |
|
|
91,901,553 |
|
| |
21,955 |
|
|
Pinterest Inc., Class A Shares* |
|
|
376,089 |
|
| |
4,617 |
|
|
Reddit Inc., Class A Shares* |
|
|
673,205 |
|
| |
5,832 |
|
|
Trump Media & Technology Group
Corp.* |
|
|
62,461 |
|
| |
11,141 |
|
|
ZoomInfo Technologies Inc., Class A
Shares* |
|
|
69,186 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Interactive Media &
Services |
|
|
268,900,761 |
|
|
|
|
| |
| |
|
|
|
|
| Media — 0.3% |
|
| |
3,243 |
|
|
Charter Communications Inc., Class A
Shares* |
|
|
760,905 |
|
| |
5,680 |
|
|
DoubleVerify Holdings Inc.* |
|
|
59,867 |
|
| |
115,700 |
|
|
Fox Corp., Class A Shares |
|
|
6,518,538 |
|
| |
5,424 |
|
|
Fox Corp., Class B Shares |
|
|
280,584 |
|
| |
524 |
|
|
Liberty Broadband Corp., Class A
Shares* |
|
|
28,600 |
|
| |
4,327 |
|
|
Liberty Broadband Corp., Class C
Shares* |
|
|
236,297 |
|
| |
6,044 |
|
|
New York Times Co. (The), Class A
Shares |
|
|
482,251 |
|
| |
14,000 |
|
|
News Corp., Class A Shares |
|
|
340,060 |
|
| |
4,899 |
|
|
News Corp., Class B Shares |
|
|
131,195 |
|
| |
1,102 |
|
|
Nexstar Media Group Inc., Class A
Shares |
|
|
276,624 |
|
| |
1,731 |
|
|
NIQ Global Intelligence PLC* |
|
|
23,074 |
|
| |
12,249 |
|
|
Omnicom Group Inc. |
|
|
1,044,717 |
|
| |
7,377 |
|
|
Sirius XM Holdings Inc. |
|
|
161,999 |
|
| |
16,683 |
|
|
Trade Desk Inc. (The), Class A
Shares* |
|
|
397,389 |
|
| |
5,362 |
|
|
Versant Media Group Inc.* |
|
|
178,662 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Media |
|
|
10,920,762 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
1
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| COMMUNICATION
SERVICES — 10.7% — (continued) |
|
|
| Wireless Telecommunication Services —
0.1% |
|
| |
3,674 |
|
|
Millicom International Cellular SA |
|
$ |
267,798 |
|
| |
18,156 |
|
|
T-Mobile US Inc. |
|
|
3,941,486 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Wireless Telecommunication
Services |
|
|
4,209,284 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMUNICATION SERVICES |
|
|
381,230,112 |
|
|
|
|
| |
| |
|
|
|
|
| CONSUMER
DISCRETIONARY — 10.0% |
|
|
| Automobile Components — 0.1% |
|
| |
8,880 |
|
|
Aptiv PLC* |
|
|
653,035 |
|
| |
8,164 |
|
|
BorgWarner Inc. |
|
|
470,002 |
|
| |
8,290 |
|
|
Gentex Corp. |
|
|
193,986 |
|
| |
1,991 |
|
|
Lear Corp. |
|
|
261,319 |
|
| |
17,633 |
|
|
QuantumScape Corp., Class A Shares* |
|
|
122,020 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Automobile Components |
|
|
1,700,362 |
|
|
|
|
| |
| |
|
|
|
|
| Automobiles — 1.7% |
|
| |
147,539 |
|
|
Ford Motor Co. |
|
|
2,078,825 |
|
| |
123,964 |
|
|
General Motors Co. |
|
|
9,757,207 |
|
| |
3,886 |
|
|
Harley-Davidson Inc. |
|
|
69,948 |
|
| |
4,517 |
|
|
Lucid Group Inc., Class A Shares*(a) |
|
|
45,170 |
|
| |
29,968 |
|
|
Rivian Automotive Inc., Class A
Shares* |
|
|
459,409 |
|
| |
116,502 |
|
|
Tesla Inc.* |
|
|
46,893,220 |
|
| |
1,917 |
|
|
Thor Industries Inc. |
|
|
184,281 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Automobiles |
|
|
59,488,060 |
|
|
|
|
| |
| |
|
|
|
|
| Broadline Retail — 4.1% |
|
| |
686,284 |
|
|
Amazon.com Inc.* |
|
|
144,119,640 |
|
| |
48,629 |
|
|
Coupang Inc., Class A Shares* |
|
|
927,841 |
|
| |
100 |
|
|
Dillard’s Inc., Class A Shares |
|
|
60,279 |
|
| |
17,019 |
|
|
eBay Inc. |
|
|
1,546,346 |
|
| |
4,119 |
|
|
Etsy Inc.* |
|
|
226,051 |
|
| |
10,469 |
|
|
Macy’s Inc. |
|
|
207,077 |
|
| |
2,383 |
|
|
Ollie’s Bargain Outlet Holdings
Inc.* |
|
|
255,219 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Broadline Retail |
|
|
147,342,453 |
|
|
|
|
| |
| |
|
|
|
|
| Distributors — 0.0%@ |
|
| |
5,282 |
|
|
Genuine Parts Co. |
|
|
629,931 |
|
| |
9,324 |
|
|
LKQ Corp. |
|
|
308,718 |
|
| |
1,355 |
|
|
Pool Corp. |
|
|
307,829 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Distributors |
|
|
1,246,478 |
|
|
|
|
| |
| |
|
|
|
|
| Diversified Consumer Services — 0.0%@ |
|
| |
18,562 |
|
|
ADT Inc. |
|
|
148,867 |
|
| |
2,034 |
|
|
Bright Horizons Family Solutions
Inc.* |
|
|
151,574 |
|
| |
1,346 |
|
|
Duolingo Inc., Class A Shares* |
|
|
135,946 |
|
| |
1,014 |
|
|
Grand Canyon Education Inc.* |
|
|
161,297 |
|
| |
4,988 |
|
|
H&R Block Inc. |
|
|
152,732 |
|
| |
640 |
|
|
Liberty Live Holdings Inc., Class A
Shares* |
|
|
62,106 |
|
| |
1,689 |
|
|
Liberty Live Holdings Inc., Class C
Shares* |
|
|
168,309 |
|
| |
5,265 |
|
|
Service Corp. International |
|
|
443,208 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Diversified Consumer Services |
|
|
1,424,039 |
|
|
|
|
| |
| |
|
|
|
|
| Hotels, Restaurants & Leisure —
1.9% |
|
| |
60,754 |
|
|
Airbnb Inc., Class A Shares* |
|
|
8,208,473 |
|
| |
9,547 |
|
|
Aramark |
|
|
399,542 |
|
| |
1,229 |
|
|
Booking Holdings Inc. |
|
|
5,210,161 |
|
| |
2,182 |
|
|
Boyd Gaming Corp. |
|
|
181,608 |
|
See
Notes to Financial Statements.
2
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 10.0% — (continued) |
|
|
| Hotels, Restaurants & Leisure — 1.9% —
(continued) |
|
| |
7,304 |
|
|
Caesars Entertainment Inc.* |
|
$ |
182,965 |
|
| |
40,901 |
|
|
Carnival Corp. |
|
|
1,290,427 |
|
| |
3,628 |
|
|
Cava Group Inc.* |
|
|
299,201 |
|
| |
144,653 |
|
|
Chipotle Mexican Grill Inc., Class A
Shares* |
|
|
5,383,985 |
|
| |
1,046 |
|
|
Choice Hotels International Inc. |
|
|
110,196 |
|
| |
2,408 |
|
|
Churchill Downs Inc. |
|
|
221,368 |
|
| |
34,699 |
|
|
Darden Restaurants Inc. |
|
|
7,420,381 |
|
| |
1,233 |
|
|
Domino’s Pizza Inc. |
|
|
496,295 |
|
| |
13,590 |
|
|
DoorDash Inc., Class A Shares* |
|
|
2,398,227 |
|
| |
18,136 |
|
|
DraftKings Inc., Class A Shares* |
|
|
432,362 |
|
| |
4,289 |
|
|
Dutch Bros Inc., Class A Shares* |
|
|
229,933 |
|
| |
4,435 |
|
|
Expedia Group Inc. |
|
|
956,585 |
|
| |
6,371 |
|
|
Flutter Entertainment PLC* |
|
|
676,218 |
|
| |
17,934 |
|
|
Hilton Worldwide Holdings Inc. |
|
|
5,591,463 |
|
| |
1,464 |
|
|
Hyatt Hotels Corp., Class A Shares |
|
|
236,436 |
|
| |
12,510 |
|
|
Las Vegas Sands Corp. |
|
|
709,567 |
|
| |
8,481 |
|
|
Marriott International Inc., Class A
Shares |
|
|
2,898,212 |
|
| |
27,017 |
|
|
McDonald’s Corp. |
|
|
9,214,418 |
|
| |
8,632 |
|
|
MGM Resorts International* |
|
|
318,176 |
|
| |
17,165 |
|
|
Norwegian Cruise Line Holdings Ltd.* |
|
|
425,520 |
|
| |
5,004 |
|
|
Penn Entertainment Inc.* |
|
|
78,263 |
|
| |
3,015 |
|
|
Planet Fitness Inc., Class A Shares* |
|
|
247,682 |
|
| |
12,228 |
|
|
Restaurant Brands International Inc. |
|
|
876,870 |
|
| |
9,596 |
|
|
Royal Caribbean Cruises Ltd. |
|
|
2,983,972 |
|
| |
43,063 |
|
|
Starbucks Corp. |
|
|
4,221,035 |
|
| |
2,538 |
|
|
Texas Roadhouse Inc., Class A Shares |
|
|
464,124 |
|
| |
2,199 |
|
|
Travel + Leisure Co. |
|
|
162,066 |
|
| |
1,378 |
|
|
Vail Resorts Inc. |
|
|
187,146 |
|
| |
7,269 |
|
|
Viking Holdings Ltd.* |
|
|
567,127 |
|
| |
6,650 |
|
|
Wendy’s Co. (The) |
|
|
50,939 |
|
| |
1,061 |
|
|
Wingstop Inc. |
|
|
275,340 |
|
| |
2,642 |
|
|
Wyndham Hotels & Resorts Inc. |
|
|
216,116 |
|
| |
2,987 |
|
|
Wynn Resorts Ltd. |
|
|
323,164 |
|
| |
10,569 |
|
|
Yum! Brands Inc. |
|
|
1,777,283 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hotels, Restaurants &
Leisure |
|
|
65,922,846 |
|
|
|
|
| |
| |
|
|
|
|
| Household Durables — 0.2% |
|
| |
9,955 |
|
|
DR Horton Inc. |
|
|
1,596,683 |
|
| |
6,093 |
|
|
Garmin Ltd. |
|
|
1,540,493 |
|
| |
8,316 |
|
|
Lennar Corp., Class A Shares |
|
|
951,018 |
|
| |
406 |
|
|
Lennar Corp., Class B Shares |
|
|
43,332 |
|
| |
1,986 |
|
|
Mohawk Industries Inc.* |
|
|
248,786 |
|
| |
13,920 |
|
|
Newell Brands Inc. |
|
|
63,336 |
|
| |
103 |
|
|
NVR Inc.* |
|
|
774,332 |
|
| |
7,387 |
|
|
PulteGroup Inc. |
|
|
1,013,496 |
|
| |
3,212 |
|
|
SharkNinja Inc.* |
|
|
394,659 |
|
| |
7,616 |
|
|
Somnigroup International Inc. |
|
|
681,708 |
|
| |
3,604 |
|
|
Toll Brothers Inc. |
|
|
566,693 |
|
| |
1,048 |
|
|
TopBuild Corp.* |
|
|
469,818 |
|
| |
1,876 |
|
|
Whirlpool Corp.(a) |
|
|
128,375 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Household Durables |
|
|
8,472,729 |
|
|
|
|
| |
| |
|
|
|
|
| Leisure Products — 0.0%@ |
|
| |
2,400 |
|
|
Brunswick Corp. |
|
|
191,088 |
|
| |
5,125 |
|
|
Hasbro Inc. |
|
|
510,399 |
|
See
Notes to Financial Statements.
3
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 10.0% — (continued) |
|
|
| Leisure Products — 0.0%@ — (continued) |
|
| |
11,757 |
|
|
Mattel Inc.* |
|
$ |
199,281 |
|
| |
3,374 |
|
|
YETI Holdings Inc.* |
|
|
147,477 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Leisure Products |
|
|
1,048,245 |
|
|
|
|
| |
| |
|
|
|
|
| Specialty Retail — 1.8% |
|
| |
1,031 |
|
|
AutoNation Inc.* |
|
|
201,210 |
|
| |
628 |
|
|
AutoZone Inc.* |
|
|
2,358,504 |
|
| |
7,710 |
|
|
Bath & Body Works Inc. |
|
|
175,480 |
|
| |
7,233 |
|
|
Best Buy Co., Inc. |
|
|
448,229 |
|
| |
2,341 |
|
|
Burlington Stores Inc.* |
|
|
718,383 |
|
| |
5,429 |
|
|
CarMax Inc.* |
|
|
234,370 |
|
| |
5,084 |
|
|
Carvana Co., Class A Shares* |
|
|
1,698,869 |
|
| |
8,178 |
|
|
Chewy Inc., Class A Shares* |
|
|
224,241 |
|
| |
2,418 |
|
|
Dick’s Sporting Goods Inc. |
|
|
492,377 |
|
| |
2,076 |
|
|
Five Below Inc.* |
|
|
464,048 |
|
| |
4,032 |
|
|
Floor & Decor Holdings Inc., Class
A Shares* |
|
|
278,571 |
|
| |
14,899 |
|
|
GameStop Corp., Class A Shares* |
|
|
358,023 |
|
| |
8,365 |
|
|
Gap Inc. (The) |
|
|
234,555 |
|
| |
37,630 |
|
|
Home Depot Inc., (The) |
|
|
14,326,494 |
|
| |
934 |
|
|
Lithia Motors Inc., Class A Shares |
|
|
261,128 |
|
| |
58,030 |
|
|
Lowe’s Cos., Inc. |
|
|
15,352,997 |
|
| |
681 |
|
|
Murphy USA Inc. |
|
|
266,094 |
|
| |
58,691 |
|
|
O’Reilly Automotive Inc.* |
|
|
5,509,911 |
|
| |
712 |
|
|
Penske Automotive Group Inc. |
|
|
112,154 |
|
| |
615 |
|
|
RH* |
|
|
101,912 |
|
| |
12,047 |
|
|
Ross Stores Inc. |
|
|
2,477,345 |
|
| |
92,138 |
|
|
TJX Cos., Inc. (The) |
|
|
14,895,029 |
|
| |
19,891 |
|
|
Tractor Supply Co. |
|
|
1,031,149 |
|
| |
1,696 |
|
|
Ulta Beauty Inc.* |
|
|
1,161,404 |
|
| |
5,135 |
|
|
Valvoline Inc.* |
|
|
194,103 |
|
| |
3,718 |
|
|
Wayfair Inc., Class A Shares* |
|
|
283,795 |
|
| |
4,499 |
|
|
Williams-Sonoma Inc. |
|
|
925,219 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Specialty Retail |
|
|
64,785,594 |
|
|
|
|
| |
| |
|
|
|
|
| Textiles, Apparel & Luxury Goods —
0.2% |
|
| |
5,425 |
|
|
Amer Sports Inc.* |
|
|
206,042 |
|
| |
1,870 |
|
|
Birkenstock Holding PLC* |
|
|
77,886 |
|
| |
1,025 |
|
|
Columbia Sportswear Co. |
|
|
63,488 |
|
| |
2,006 |
|
|
Crocs Inc.* |
|
|
181,964 |
|
| |
5,582 |
|
|
Deckers Outdoor Corp.* |
|
|
654,601 |
|
| |
3,875 |
|
|
Lululemon Athletica Inc.* |
|
|
717,534 |
|
| |
43,853 |
|
|
NIKE Inc., Class B Shares |
|
|
2,726,780 |
|
| |
8,354 |
|
|
On Holding AG, Class A Shares* |
|
|
388,294 |
|
| |
2,042 |
|
|
PVH Corp. |
|
|
140,081 |
|
| |
1,439 |
|
|
Ralph Lauren Corp., Class A Shares |
|
|
521,781 |
|
| |
7,790 |
|
|
Tapestry Inc. |
|
|
1,211,111 |
|
| |
5,673 |
|
|
Under Armour Inc., Class A Shares* |
|
|
42,094 |
|
| |
7,178 |
|
|
Under Armour Inc., Class C Shares* |
|
|
51,897 |
|
| |
13,774 |
|
|
V.F. Corp. |
|
|
267,491 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Textiles, Apparel & Luxury
Goods |
|
|
7,251,044 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
CONSUMER DISCRETIONARY |
|
|
358,681,850 |
|
|
|
|
| |
| |
|
|
|
|
| CONSUMER STAPLES —
4.3% |
|
|
| Beverages — 1.1% |
|
| |
309 |
|
|
Boston Beer Co., Inc. (The), Class A
Shares* |
|
|
70,075 |
|
| |
1,581 |
|
|
Brown-Forman Corp., Class A Shares |
|
|
46,418 |
|
See
Notes to Financial Statements.
4
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER STAPLES —
4.3% — (continued) |
|
|
| Beverages — 1.1% — (continued) |
|
| |
6,307 |
|
|
Brown-Forman Corp., Class B Shares |
|
$ |
182,020 |
|
| |
6,329 |
|
|
Celsius Holdings Inc.* |
|
|
339,298 |
|
| |
146,977 |
|
|
Coca-Cola Co. (The) |
|
|
11,987,444 |
|
| |
2,120 |
|
|
Coca-Cola Consolidated Inc. |
|
|
429,088 |
|
| |
5,355 |
|
|
Constellation Brands Inc., Class A
Shares |
|
|
845,340 |
|
| |
48,952 |
|
|
Keurig Dr Pepper Inc. |
|
|
1,482,267 |
|
| |
6,164 |
|
|
Molson Coors Beverage Co., Class B
Shares |
|
|
301,974 |
|
| |
59,783 |
|
|
Monster Beverage Corp.* |
|
|
5,099,490 |
|
| |
104,151 |
|
|
PepsiCo Inc. |
|
|
17,678,591 |
|
| |
9,181 |
|
|
Primo Brands Corp., Class A Shares |
|
|
208,225 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Beverages |
|
|
38,670,230 |
|
|
|
|
| |
| |
|
|
|
|
| Consumer Staples Distribution & Retail —
1.4% |
|
| |
14,857 |
|
|
Albertsons Cos., Inc., Class A
Shares |
|
|
265,940 |
|
| |
4,919 |
|
|
BJ’s Wholesale Club Holdings Inc.* |
|
|
485,948 |
|
| |
1,393 |
|
|
Casey’s General Stores Inc. |
|
|
955,027 |
|
| |
19,588 |
|
|
Costco Wholesale Corp. |
|
|
19,799,354 |
|
| |
8,324 |
|
|
Dollar General Corp. |
|
|
1,300,542 |
|
| |
7,368 |
|
|
Dollar Tree Inc.* |
|
|
931,905 |
|
| |
22,930 |
|
|
Kroger Co. (The) |
|
|
1,564,743 |
|
| |
6,192 |
|
|
Maplebear Inc.* |
|
|
232,262 |
|
| |
5,725 |
|
|
Performance Food Group Co.* |
|
|
555,668 |
|
| |
3,841 |
|
|
Sprouts Farmers Market Inc.* |
|
|
283,735 |
|
| |
17,972 |
|
|
Sysco Corp. |
|
|
1,638,328 |
|
| |
17,129 |
|
|
Target Corp. |
|
|
1,949,109 |
|
| |
8,595 |
|
|
US Foods Holding Corp.* |
|
|
830,363 |
|
| |
164,432 |
|
|
Walmart Inc. |
|
|
21,039,074 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Consumer Staples Distribution
& Retail |
|
|
51,831,998 |
|
|
|
|
| |
| |
|
|
|
|
| Food Products — 0.5% |
|
| |
18,119 |
|
|
Archer-Daniels-Midland Co. |
|
|
1,250,936 |
|
| |
5,149 |
|
|
Bunge Global SA |
|
|
621,227 |
|
| |
6,999 |
|
|
Campbell’s Co. (The) |
|
|
188,623 |
|
| |
18,408 |
|
|
Conagra Brands Inc. |
|
|
354,354 |
|
| |
5,914 |
|
|
Darling Ingredients Inc.* |
|
|
314,388 |
|
| |
6,582 |
|
|
Flowers Foods Inc. |
|
|
65,030 |
|
| |
1,731 |
|
|
Freshpet Inc.* |
|
|
146,183 |
|
| |
19,911 |
|
|
General Mills Inc. |
|
|
900,575 |
|
| |
5,465 |
|
|
Hershey Co. (The) |
|
|
1,291,270 |
|
| |
11,311 |
|
|
Hormel Foods Corp. |
|
|
289,562 |
|
| |
2,412 |
|
|
Ingredion Inc. |
|
|
283,313 |
|
| |
3,924 |
|
|
J.M. Smucker Co. (The) |
|
|
454,988 |
|
| |
32,472 |
|
|
Kraft Heinz Co. (The) |
|
|
799,136 |
|
| |
5,238 |
|
|
Lamb Weston Holdings Inc. |
|
|
252,419 |
|
| |
9,480 |
|
|
McCormick & Co., Inc., Class VTG
Shares |
|
|
673,459 |
|
| |
160,582 |
|
|
Mondelez International Inc., Class A
Shares |
|
|
9,888,640 |
|
| |
1,496 |
|
|
Pilgrim’s Pride Corp. |
|
|
64,567 |
|
| |
1,884 |
|
|
Post Holdings Inc.* |
|
|
200,269 |
|
| |
8 |
|
|
Seaboard Corp. |
|
|
41,062 |
|
| |
1,940 |
|
|
Smithfield Foods Inc. |
|
|
48,267 |
|
| |
10,726 |
|
|
Tyson Foods Inc., Class A Shares |
|
|
697,083 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Food Products |
|
|
18,825,351 |
|
|
|
|
| |
| |
|
|
|
|
| Household Products — 0.8% |
|
| |
8,979 |
|
|
Church & Dwight Co., Inc. |
|
|
941,538 |
|
| |
4,626 |
|
|
Clorox Co. (The) |
|
|
588,242 |
|
See
Notes to Financial Statements.
5
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER STAPLES —
4.3% — (continued) |
|
|
| Household Products — 0.8% —
(continued) |
|
| |
30,464 |
|
|
Colgate-Palmolive Co. |
|
$ |
3,020,201 |
|
| |
12,596 |
|
|
Kimberly-Clark Corp. |
|
|
1,403,698 |
|
| |
129,072 |
|
|
Procter & Gamble Co. (The) |
|
|
21,580,839 |
|
| |
1,594 |
|
|
Reynolds Consumer Products Inc. |
|
|
39,547 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Household Products |
|
|
27,574,065 |
|
|
|
|
| |
| |
|
|
|
|
| Personal Care Products — 0.1% |
|
| |
4,497 |
|
|
BellRing Brands Inc.* |
|
|
82,700 |
|
| |
14,270 |
|
|
Coty Inc., Class A Shares* |
|
|
35,818 |
|
| |
1,988 |
|
|
elf Beauty Inc.* |
|
|
182,995 |
|
| |
9,182 |
|
|
Estee Lauder Cos., Inc. (The), Class A
Shares |
|
|
1,005,154 |
|
| |
71,194 |
|
|
Kenvue Inc. |
|
|
1,361,229 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Personal Care Products |
|
|
2,667,896 |
|
|
|
|
| |
| |
|
|
|
|
| Tobacco — 0.4% |
|
| |
63,873 |
|
|
Altria Group Inc. |
|
|
4,409,792 |
|
| |
58,884 |
|
|
Philip Morris International Inc. |
|
|
11,001,297 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Tobacco |
|
|
15,411,089 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
CONSUMER STAPLES |
|
|
154,980,629 |
|
|
|
|
| |
| |
|
|
|
|
| ENERGY —
3.5% |
|
|
| Energy Equipment & Services — 0.5% |
|
| |
37,286 |
|
|
Baker Hughes Co., Class A Shares |
|
|
2,433,284 |
|
| |
32,072 |
|
|
Halliburton Co. |
|
|
1,154,592 |
|
| |
14,547 |
|
|
NOV Inc. |
|
|
294,722 |
|
| |
213,667 |
|
|
SLB Ltd. |
|
|
10,969,664 |
|
| |
15,063 |
|
|
TechnipFMC PLC |
|
|
998,828 |
|
| |
2,560 |
|
|
Weatherford International PLC |
|
|
269,978 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Energy Equipment &
Services |
|
|
16,121,068 |
|
|
|
|
| |
| |
|
|
|
|
| Oil, Gas & Consumable Fuels — 3.0% |
|
| |
12,240 |
|
|
Antero Midstream Corp. |
|
|
275,155 |
|
| |
11,157 |
|
|
Antero Resources Corp.* |
|
|
410,689 |
|
| |
13,386 |
|
|
APA Corp. |
|
|
406,533 |
|
| |
8,006 |
|
|
Cheniere Energy Inc. |
|
|
1,887,254 |
|
| |
70,807 |
|
|
Chevron Corp. |
|
|
13,223,915 |
|
| |
2,273 |
|
|
Chord Energy Corp. |
|
|
246,325 |
|
| |
115,599 |
|
|
ConocoPhillips |
|
|
13,115,863 |
|
| |
28,315 |
|
|
Coterra Energy Inc. |
|
|
866,156 |
|
| |
23,342 |
|
|
Devon Energy Corp. |
|
|
1,016,077 |
|
| |
7,089 |
|
|
Diamondback Energy Inc. |
|
|
1,234,053 |
|
| |
3,761 |
|
|
DT Midstream Inc. |
|
|
522,177 |
|
| |
64,915 |
|
|
EOG Resources Inc. |
|
|
8,054,653 |
|
| |
23,646 |
|
|
EQT Corp. |
|
|
1,452,337 |
|
| |
44,321 |
|
|
Expand Energy Corp. |
|
|
4,783,122 |
|
| |
255,259 |
|
|
Exxon Mobil Corp. |
|
|
38,926,998 |
|
| |
5,808 |
|
|
HF Sinclair Corp. |
|
|
290,458 |
|
| |
73,088 |
|
|
Kinder Morgan Inc. |
|
|
2,431,638 |
|
| |
11,525 |
|
|
Marathon Petroleum Corp. |
|
|
2,284,370 |
|
| |
4,386 |
|
|
Matador Resources Co. |
|
|
225,440 |
|
| |
26,731 |
|
|
Occidental Petroleum Corp. |
|
|
1,418,882 |
|
| |
23,534 |
|
|
ONEOK Inc. |
|
|
1,947,909 |
|
| |
10,848 |
|
|
Ovintiv Inc. |
|
|
548,800 |
|
| |
26,433 |
|
|
Permian Resources Corp., Class A
Shares |
|
|
483,460 |
|
| |
15,269 |
|
|
Phillips 66 |
|
|
2,356,465 |
|
| |
9,057 |
|
|
Range Resources Corp. |
|
|
373,873 |
|
See
Notes to Financial Statements.
6
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| ENERGY — 3.5% —
(continued) |
|
|
| Oil, Gas & Consumable Fuels — 3.0% —
(continued) |
|
| |
8,021 |
|
|
Targa Resources Corp. |
|
$ |
1,891,352 |
|
| |
2,176 |
|
|
Texas Pacific Land Corp. |
|
|
1,140,855 |
|
| |
11,450 |
|
|
Valero Energy Corp. |
|
|
2,343,128 |
|
| |
6,136 |
|
|
Viper Energy Inc., Class A Shares |
|
|
285,570 |
|
| |
46,104 |
|
|
Williams Cos., Inc. (The) |
|
|
3,444,891 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Oil, Gas & Consumable
Fuels |
|
|
107,888,398 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
ENERGY |
|
|
124,009,466 |
|
|
|
|
| |
| |
|
|
|
|
| FINANCIALS —
14.3% |
|
|
| Banks — 3.7% |
|
| |
474,465 |
|
|
Bank of America Corp. |
|
|
23,642,591 |
|
| |
3,644 |
|
|
Bank OZK |
|
|
169,665 |
|
| |
792 |
|
|
BOK Financial Corp. |
|
|
99,570 |
|
| |
67,073 |
|
|
Citigroup Inc. |
|
|
7,390,774 |
|
| |
16,144 |
|
|
Citizens Financial Group Inc. |
|
|
971,707 |
|
| |
11,408 |
|
|
Columbia Banking System Inc. |
|
|
324,558 |
|
| |
5,140 |
|
|
Commerce Bancshares Inc. |
|
|
262,089 |
|
| |
2,279 |
|
|
Cullen/Frost Bankers Inc. |
|
|
315,003 |
|
| |
5,236 |
|
|
East West Bancorp Inc. |
|
|
573,080 |
|
| |
33,981 |
|
|
Fifth Third Bancorp |
|
|
1,681,040 |
|
| |
353 |
|
|
First Citizens BancShares Inc., Class A
Shares |
|
|
670,047 |
|
| |
4,299 |
|
|
First Hawaiian Inc. |
|
|
106,443 |
|
| |
18,612 |
|
|
First Horizon Corp. |
|
|
442,780 |
|
| |
12,979 |
|
|
FNB Corp. |
|
|
220,513 |
|
| |
75,388 |
|
|
Huntington Bancshares Inc. |
|
|
1,266,518 |
|
| |
178,560 |
|
|
JPMorgan Chase & Co. |
|
|
53,621,568 |
|
| |
35,506 |
|
|
KeyCorp |
|
|
736,394 |
|
| |
5,919 |
|
|
M&T Bank Corp. |
|
|
1,284,305 |
|
| |
125,720 |
|
|
NU Holdings Ltd., Class A Shares* |
|
|
1,883,286 |
|
| |
5,569 |
|
|
Pinnacle Financial Partners Inc. |
|
|
505,442 |
|
| |
14,934 |
|
|
PNC Financial Services Group Inc.
(The) |
|
|
3,171,235 |
|
| |
2,519 |
|
|
Popular Inc. |
|
|
340,972 |
|
| |
3,586 |
|
|
Prosperity Bancshares Inc. |
|
|
252,347 |
|
| |
33,298 |
|
|
Regions Financial Corp. |
|
|
926,683 |
|
| |
3,820 |
|
|
SouthState Bank Corp. |
|
|
376,919 |
|
| |
1,501 |
|
|
TFS Financial Corp. |
|
|
21,044 |
|
| |
95,019 |
|
|
Truist Financial Corp. |
|
|
4,685,387 |
|
| |
59,028 |
|
|
US Bancorp |
|
|
3,226,471 |
|
| |
6,280 |
|
|
Webster Financial Corp. |
|
|
452,976 |
|
| |
256,740 |
|
|
Wells Fargo & Co. |
|
|
20,911,473 |
|
| |
4,000 |
|
|
Western Alliance Bancorp |
|
|
321,280 |
|
| |
2,446 |
|
|
Wintrust Financial Corp. |
|
|
352,371 |
|
| |
5,113 |
|
|
Zions Bancorp NA |
|
|
292,873 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Banks |
|
|
131,499,404 |
|
|
|
|
| |
| |
|
|
|
|
| Capital Markets — 4.3% |
|
| |
1,040 |
|
|
Affiliated Managers Group Inc. |
|
|
318,427 |
|
| |
3,512 |
|
|
Ameriprise Financial Inc. |
|
|
1,651,062 |
|
| |
7,176 |
|
|
Ares Management Corp., Class A
Shares |
|
|
803,784 |
|
| |
26,283 |
|
|
Bank of New York Mellon Corp. (The) |
|
|
3,130,305 |
|
| |
15,863 |
|
|
Blackrock Inc. |
|
|
16,866,018 |
|
| |
28,080 |
|
|
Blackstone Inc. |
|
|
3,183,430 |
|
| |
23,671 |
|
|
Blue Owl Capital Inc., Class A
Shares(a) |
|
|
249,729 |
|
| |
35,020 |
|
|
Brookfield Asset Management Ltd., Class
A Shares |
|
|
1,637,185 |
|
| |
547,899 |
|
|
Brookfield Corp. |
|
|
24,019,892 |
|
| |
1,229 |
|
|
Bullish* |
|
|
38,578 |
|
See
Notes to Financial Statements.
7
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 14.3%
— (continued) |
|
|
| Capital Markets — 4.3% — (continued) |
|
| |
9,785 |
|
|
Carlyle Group Inc. (The) |
|
$ |
508,722 |
|
| |
4,003 |
|
|
Cboe Global Markets Inc. |
|
|
1,199,779 |
|
| |
94,050 |
|
|
Charles Schwab Corp. (The) |
|
|
8,953,560 |
|
| |
13,618 |
|
|
CME Group Inc., Class A Shares |
|
|
4,350,951 |
|
| |
8,404 |
|
|
Coinbase Global Inc., Class A
Shares* |
|
|
1,477,843 |
|
| |
1,340 |
|
|
Evercore Inc., Class A Shares |
|
|
413,846 |
|
| |
1,362 |
|
|
FactSet Research Systems Inc. |
|
|
295,295 |
|
| |
11,198 |
|
|
Franklin Resources Inc. |
|
|
297,195 |
|
| |
632 |
|
|
Freedom Holding Corp./NV* |
|
|
75,948 |
|
| |
21,671 |
|
|
Goldman Sachs Group Inc. (The) |
|
|
18,627,742 |
|
| |
1,597 |
|
|
Hamilton Lane Inc., Class A Shares |
|
|
167,589 |
|
| |
2,079 |
|
|
Houlihan Lokey Inc., Class A Shares |
|
|
340,478 |
|
| |
16,285 |
|
|
Interactive Brokers Group Inc., Class A
Shares |
|
|
1,159,329 |
|
| |
74,241 |
|
|
Intercontinental Exchange Inc. |
|
|
12,185,175 |
|
| |
14,132 |
|
|
Invesco Ltd. |
|
|
371,106 |
|
| |
4,721 |
|
|
Janus Henderson Group PLC |
|
|
245,964 |
|
| |
5,846 |
|
|
Jefferies Financial Group Inc. |
|
|
259,562 |
|
| |
93,119 |
|
|
KKR & Co., Inc., Class Miscella
Shares |
|
|
8,164,674 |
|
| |
4,154 |
|
|
Lazard Inc., Class A Shares |
|
|
210,192 |
|
| |
2,979 |
|
|
LPL Financial Holdings Inc. |
|
|
894,832 |
|
| |
1,358 |
|
|
MarketAxess Holdings Inc. |
|
|
260,736 |
|
| |
13,136 |
|
|
Moody’s Corp. |
|
|
6,273,622 |
|
| |
43,528 |
|
|
Morgan Stanley(b) |
|
|
7,247,847 |
|
| |
930 |
|
|
Morningstar Inc. |
|
|
170,320 |
|
| |
2,763 |
|
|
MSCI Inc., Class A Shares |
|
|
1,579,966 |
|
| |
17,076 |
|
|
Nasdaq Inc. |
|
|
1,495,516 |
|
| |
7,048 |
|
|
Northern Trust Corp. |
|
|
1,008,498 |
|
| |
6,677 |
|
|
Raymond James Financial Inc. |
|
|
1,022,115 |
|
| |
28,028 |
|
|
Robinhood Markets Inc., Class A
Shares* |
|
|
2,125,924 |
|
| |
31,943 |
|
|
S&P Global Inc. |
|
|
14,114,973 |
|
| |
3,808 |
|
|
SEI Investments Co. |
|
|
309,667 |
|
| |
37,983 |
|
|
State Street Corp. |
|
|
4,885,374 |
|
| |
5,508 |
|
|
Stifel Financial Corp. |
|
|
407,868 |
|
| |
7,999 |
|
|
T. Rowe Price Group Inc. |
|
|
756,945 |
|
| |
4,809 |
|
|
TPG Inc., Class A Shares |
|
|
208,807 |
|
| |
4,321 |
|
|
Tradeweb Markets Inc., Class A
Shares |
|
|
532,585 |
|
| |
2,820 |
|
|
Virtu Financial Inc., Class A Shares |
|
|
116,776 |
|
| |
16,067 |
|
|
XP Inc., Class A Shares |
|
|
345,923 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Capital Markets |
|
|
154,961,654 |
|
|
|
|
| |
| |
|
|
|
|
| Consumer Finance — 0.6% |
|
| |
10,034 |
|
|
Ally Financial Inc. |
|
|
395,741 |
|
| |
39,737 |
|
|
American Express Co. |
|
|
12,274,759 |
|
| |
23,757 |
|
|
Capital One Financial Corp. |
|
|
4,647,820 |
|
| |
232 |
|
|
Credit Acceptance Corp.* |
|
|
109,778 |
|
| |
1,291 |
|
|
Figure Technology Solutions Inc., Class
A Shares*(a) |
|
|
32,636 |
|
| |
4,355 |
|
|
OneMain Holdings Inc., Class A
Shares |
|
|
239,612 |
|
| |
7,454 |
|
|
SLM Corp. |
|
|
139,688 |
|
| |
46,286 |
|
|
SoFi Technologies Inc.* |
|
|
822,039 |
|
| |
14,032 |
|
|
Synchrony Financial |
|
|
969,752 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Consumer Finance |
|
|
19,631,825 |
|
|
|
|
| |
| |
|
|
|
|
| Financial Services — 3.7% |
|
| |
10,400 |
|
|
Affirm Holdings Inc., Class A
Shares* |
|
|
488,592 |
|
| |
15,675 |
|
|
Apollo Global Management Inc. |
|
|
1,639,605 |
|
| |
90,292 |
|
|
Berkshire Hathaway Inc., Class B
Shares* |
|
|
45,592,945 |
|
See
Notes to Financial Statements.
8
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 14.3%
— (continued) |
|
|
| Financial Services — 3.7% —
(continued) |
|
| |
20,429 |
|
|
Block Inc., Class A Shares* |
|
$ |
1,301,327 |
|
| |
2,585 |
|
|
Corpay Inc.* |
|
|
840,384 |
|
| |
9,252 |
|
|
Equitable Holdings Inc. |
|
|
372,115 |
|
| |
1,549 |
|
|
Euronet Worldwide Inc.* |
|
|
107,733 |
|
| |
19,874 |
|
|
Fidelity National Information Services
Inc. |
|
|
1,012,779 |
|
| |
20,480 |
|
|
Fiserv Inc.* |
|
|
1,275,699 |
|
| |
9,134 |
|
|
Global Payments Inc. |
|
|
698,386 |
|
| |
2,738 |
|
|
Jack Henry & Associates Inc. |
|
|
444,815 |
|
| |
61,425 |
|
|
MasterCard Inc., Class A Shares |
|
|
31,769,624 |
|
| |
9,252 |
|
|
MGIC Investment Corp. |
|
|
245,456 |
|
| |
35,773 |
|
|
PayPal Holdings Inc. |
|
|
1,653,070 |
|
| |
36,196 |
|
|
Rocket Cos., Inc., Class A Shares |
|
|
658,405 |
|
| |
2,509 |
|
|
Shift4 Payments Inc., Class A
Shares*(a) |
|
|
110,572 |
|
| |
17,988 |
|
|
Toast Inc., Class A Shares* |
|
|
491,252 |
|
| |
6,999 |
|
|
UWM Holdings Corp. |
|
|
30,866 |
|
| |
138,108 |
|
|
Visa Inc., Class A Shares |
|
|
44,213,895 |
|
| |
3,608 |
|
|
Voya Financial Inc. |
|
|
241,303 |
|
| |
6,395 |
|
|
Western Union Co. (The) |
|
|
61,584 |
|
| |
1,283 |
|
|
WEX Inc.* |
|
|
191,411 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Financial Services |
|
|
133,441,818 |
|
|
|
|
| |
| |
|
|
|
|
| Insurance — 2.0% |
|
| |
18,140 |
|
|
Aflac Inc. |
|
|
2,048,550 |
|
| |
9,931 |
|
|
Allstate Corp. (The) |
|
|
2,130,398 |
|
| |
2,542 |
|
|
American Financial Group Inc. |
|
|
338,035 |
|
| |
20,871 |
|
|
American International Group Inc. |
|
|
1,679,907 |
|
| |
7,947 |
|
|
Aon PLC, Class A Shares |
|
|
2,665,980 |
|
| |
13,519 |
|
|
Arch Capital Group Ltd.* |
|
|
1,353,928 |
|
| |
19,988 |
|
|
Arthur J. Gallagher & Co. |
|
|
4,561,262 |
|
| |
1,980 |
|
|
Assurant Inc. |
|
|
454,588 |
|
| |
1,699 |
|
|
Assured Guaranty Ltd. |
|
|
146,471 |
|
| |
2,705 |
|
|
Axis Capital Holdings Ltd. |
|
|
285,973 |
|
| |
2,242 |
|
|
Brighthouse Financial Inc.* |
|
|
134,475 |
|
| |
11,079 |
|
|
Brown & Brown Inc. |
|
|
795,694 |
|
| |
13,814 |
|
|
Chubb Ltd. |
|
|
4,708,640 |
|
| |
5,799 |
|
|
Cincinnati Financial Corp. |
|
|
950,920 |
|
| |
929 |
|
|
CNA Financial Corp. |
|
|
44,611 |
|
| |
1,581 |
|
|
Everest Group Ltd. |
|
|
530,410 |
|
| |
9,612 |
|
|
Fidelity National Financial Inc. |
|
|
508,283 |
|
| |
3,656 |
|
|
First American Financial Corp. |
|
|
256,322 |
|
| |
2,997 |
|
|
Globe Life Inc. |
|
|
435,344 |
|
| |
1,401 |
|
|
Hanover Insurance Group Inc. (The) |
|
|
253,063 |
|
| |
80,137 |
|
|
Hartford Insurance Group Inc. (The) |
|
|
11,285,694 |
|
| |
2,288 |
|
|
Kemper Corp. |
|
|
73,948 |
|
| |
874 |
|
|
Kinsale Capital Group Inc. |
|
|
340,572 |
|
| |
4,059 |
|
|
Lincoln National Corp. |
|
|
139,224 |
|
| |
6,353 |
|
|
Loews Corp. |
|
|
698,957 |
|
| |
467 |
|
|
Markel Group Inc.* |
|
|
967,843 |
|
| |
38,364 |
|
|
Marsh & McLennan Cos., Inc. |
|
|
7,164,093 |
|
| |
21,043 |
|
|
MetLife Inc. |
|
|
1,516,569 |
|
| |
8,708 |
|
|
Old Republic International Corp. |
|
|
373,312 |
|
| |
1,226 |
|
|
Primerica Inc. |
|
|
310,987 |
|
| |
8,268 |
|
|
Principal Financial Group Inc. |
|
|
788,933 |
|
| |
22,147 |
|
|
Progressive Corp. (The) |
|
|
4,731,928 |
|
| |
38,459 |
|
|
Prudential Financial Inc. |
|
|
3,783,596 |
|
| |
2,464 |
|
|
Reinsurance Group of America Inc.,
Class A Shares |
|
|
531,559 |
|
See
Notes to Financial Statements.
9
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 14.3%
— (continued) |
|
|
| Insurance — 2.0% — (continued) |
|
| |
1,835 |
|
|
RenaissanceRe Holdings Ltd. |
|
$ |
555,014 |
|
| |
3,004 |
|
|
RLI Corp. |
|
|
187,209 |
|
| |
3,867 |
|
|
Ryan Specialty Holdings Inc., Class A
Shares |
|
|
152,166 |
|
| |
36,499 |
|
|
Travelers Cos., Inc. (The) |
|
|
11,265,051 |
|
| |
6,319 |
|
|
Unum Group |
|
|
453,262 |
|
| |
91 |
|
|
White Mountains Insurance Group Ltd. |
|
|
202,066 |
|
| |
3,637 |
|
|
Willis Towers Watson PLC |
|
|
1,109,903 |
|
| |
10,996 |
|
|
WR Berkley Corp. |
|
|
788,413 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Insurance |
|
|
71,703,153 |
|
|
|
|
| |
| |
|
|
|
|
| Mortgage Real Estate Investment Trusts (REITs) —
0.0%@ |
|
| |
39,808 |
|
|
AGNC Investment Corp. |
|
|
446,248 |
|
| |
25,404 |
|
|
Annaly Capital Management Inc. |
|
|
590,389 |
|
| |
20,681 |
|
|
Rithm Capital Corp. |
|
|
207,844 |
|
| |
12,572 |
|
|
Starwood Property Trust Inc. |
|
|
223,907 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Mortgage Real Estate Investment
Trusts (REITs) |
|
|
1,468,388 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
FINANCIALS |
|
|
512,706,242 |
|
|
|
|
| |
| |
|
|
|
|
| HEALTH CARE —
9.9% |
|
|
| Biotechnology — 2.1% |
|
| |
93,959 |
|
|
AbbVie Inc. |
|
|
21,806,005 |
|
| |
4,782 |
|
|
Alnylam Pharmaceuticals Inc.* |
|
|
1,592,023 |
|
| |
35,458 |
|
|
Amgen Inc. |
|
|
13,763,377 |
|
| |
4,310 |
|
|
Apellis Pharmaceuticals Inc.* |
|
|
90,338 |
|
| |
5,475 |
|
|
Biogen Inc.* |
|
|
1,050,215 |
|
| |
7,175 |
|
|
BioMarin Pharmaceutical Inc.* |
|
|
442,913 |
|
| |
814 |
|
|
Caris Life Sciences Inc.* |
|
|
16,394 |
|
| |
6,924 |
|
|
Exact Sciences Corp.* |
|
|
715,803 |
|
| |
10,184 |
|
|
Exelixis Inc.* |
|
|
448,707 |
|
| |
116,879 |
|
|
Gilead Sciences Inc. |
|
|
17,409,127 |
|
| |
4,382 |
|
|
Halozyme Therapeutics Inc.* |
|
|
304,680 |
|
| |
6,025 |
|
|
Incyte Corp.* |
|
|
610,152 |
|
| |
7,941 |
|
|
Insmed Inc.* |
|
|
1,185,830 |
|
| |
5,998 |
|
|
Ionis Pharmaceuticals Inc.* |
|
|
486,738 |
|
| |
13,467 |
|
|
Moderna Inc.* |
|
|
721,427 |
|
| |
4,862 |
|
|
Natera Inc.* |
|
|
1,011,491 |
|
| |
3,820 |
|
|
Neurocrine Biosciences Inc.* |
|
|
505,195 |
|
| |
3,823 |
|
|
Regeneron Pharmaceuticals Inc. |
|
|
2,988,324 |
|
| |
6,497 |
|
|
Revolution Medicines Inc.* |
|
|
662,824 |
|
| |
18,681 |
|
|
Roivant Sciences Ltd.* |
|
|
540,628 |
|
| |
3,228 |
|
|
Sarepta Therapeutics Inc.* |
|
|
54,101 |
|
| |
4,253 |
|
|
Summit Therapeutics Inc.* |
|
|
70,557 |
|
| |
2,939 |
|
|
Ultragenyx Pharmaceutical Inc.* |
|
|
68,743 |
|
| |
1,615 |
|
|
United Therapeutics Corp.* |
|
|
813,799 |
|
| |
19,393 |
|
|
Vertex Pharmaceuticals Inc.* |
|
|
9,635,024 |
|
| |
3,987 |
|
|
Viking Therapeutics Inc.* |
|
|
134,920 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Biotechnology |
|
|
77,129,335 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care Equipment & Supplies —
2.3% |
|
| |
159,824 |
|
|
Abbott Laboratories |
|
|
18,595,522 |
|
| |
2,678 |
|
|
Align Technology Inc.* |
|
|
509,088 |
|
| |
19,303 |
|
|
Baxter International Inc. |
|
|
393,202 |
|
| |
37,882 |
|
|
Becton Dickinson & Co. |
|
|
6,685,415 |
|
| |
156,033 |
|
|
Boston Scientific Corp.* |
|
|
11,991,136 |
|
| |
7,533 |
|
|
Cooper Cos Inc. (The)* |
|
|
630,286 |
|
| |
7,759 |
|
|
DENTSPLY SIRONA Inc. |
|
|
113,902 |
|
See
Notes to Financial Statements.
10
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 9.9%
— (continued) |
|
|
| Health Care Equipment & Supplies — 2.3% —
(continued) |
|
| |
14,648 |
|
|
DexCom Inc.* |
|
$ |
1,075,603 |
|
| |
21,820 |
|
|
Edwards Lifesciences Corp.* |
|
|
1,886,775 |
|
| |
6,110 |
|
|
Envista Holdings Corp.* |
|
|
178,473 |
|
| |
17,304 |
|
|
GE HealthCare Technologies Inc. |
|
|
1,458,208 |
|
| |
4,195 |
|
|
Globus Medical Inc., Class A Shares* |
|
|
400,455 |
|
| |
8,429 |
|
|
Hologic Inc.* |
|
|
635,209 |
|
| |
5,294 |
|
|
IDEXX Laboratories Inc.* |
|
|
3,476,729 |
|
| |
1,041 |
|
|
Inspire Medical Systems Inc.* |
|
|
67,155 |
|
| |
2,614 |
|
|
Insulet Corp.* |
|
|
644,639 |
|
| |
28,095 |
|
|
Intuitive Surgical Inc.* |
|
|
14,146,114 |
|
| |
1,738 |
|
|
Masimo Corp.* |
|
|
304,758 |
|
| |
48,467 |
|
|
Medtronic PLC |
|
|
4,733,287 |
|
| |
1,405 |
|
|
Penumbra Inc.* |
|
|
483,868 |
|
| |
5,521 |
|
|
ResMed Inc. |
|
|
1,414,812 |
|
| |
5,682 |
|
|
Solventum Corp.* |
|
|
421,604 |
|
| |
3,677 |
|
|
STERIS PLC |
|
|
927,891 |
|
| |
22,618 |
|
|
Stryker Corp. |
|
|
8,763,570 |
|
| |
1,609 |
|
|
Teleflex Inc. |
|
|
196,395 |
|
| |
7,486 |
|
|
Zimmer Biomet Holdings Inc. |
|
|
736,922 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care Equipment &
Supplies |
|
|
80,871,018 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care Providers & Services —
1.5% |
|
| |
3,355 |
|
|
Acadia Healthcare Co., Inc.* |
|
|
78,641 |
|
| |
8,984 |
|
|
Cardinal Health Inc. |
|
|
2,059,402 |
|
| |
28,410 |
|
|
Cencora Inc. |
|
|
10,572,498 |
|
| |
18,207 |
|
|
Centene Corp.* |
|
|
817,130 |
|
| |
538 |
|
|
Chemed Corp. |
|
|
220,585 |
|
| |
9,984 |
|
|
Cigna Group (The) |
|
|
2,893,563 |
|
| |
47,172 |
|
|
CVS Health Corp. |
|
|
3,769,043 |
|
| |
1,368 |
|
|
DaVita Inc.* |
|
|
213,818 |
|
| |
8,406 |
|
|
Elevance Health Inc. |
|
|
2,689,920 |
|
| |
3,790 |
|
|
Encompass Health Corp. |
|
|
408,865 |
|
| |
6,254 |
|
|
HCA Healthcare Inc. |
|
|
3,312,744 |
|
| |
4,390 |
|
|
Henry Schein Inc.* |
|
|
361,692 |
|
| |
4,533 |
|
|
Humana Inc. |
|
|
863,718 |
|
| |
3,136 |
|
|
Labcorp Holdings Inc. |
|
|
906,680 |
|
| |
4,750 |
|
|
McKesson Corp. |
|
|
4,690,008 |
|
| |
2,004 |
|
|
Molina Healthcare Inc.* |
|
|
308,716 |
|
| |
4,159 |
|
|
Quest Diagnostics Inc. |
|
|
881,334 |
|
| |
3,421 |
|
|
Tenet Healthcare Corp.* |
|
|
818,953 |
|
| |
56,688 |
|
|
UnitedHealth Group Inc. |
|
|
16,624,890 |
|
| |
2,069 |
|
|
Universal Health Services Inc., Class B
Shares |
|
|
426,421 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care Providers &
Services |
|
|
52,918,621 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care Technology — 0.1% |
|
| |
4,732 |
|
|
Certara Inc.* |
|
|
33,503 |
|
| |
5,291 |
|
|
Doximity Inc., Class A Shares* |
|
|
129,788 |
|
| |
17,403 |
|
|
Veeva Systems Inc., Class A Shares* |
|
|
3,167,520 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care Technology |
|
|
3,330,811 |
|
|
|
|
| |
| |
|
|
|
|
| Life Sciences Tools & Services — 1.3%
|
|
| |
10,772 |
|
|
Agilent Technologies Inc. |
|
|
1,307,505 |
|
| |
24,429 |
|
|
Avantor Inc.* |
|
|
221,082 |
|
| |
745 |
|
|
Bio-Rad Laboratories Inc., Class A
Shares* |
|
|
207,438 |
|
| |
5,825 |
|
|
Bio-Techne Corp. |
|
|
343,675 |
|
| |
3,694 |
|
|
Bruker Corp. |
|
|
148,166 |
|
See
Notes to Financial Statements.
11
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 9.9%
— (continued) |
|
|
| Life Sciences Tools & Services — 1.3% —
(continued) |
|
| |
1,812 |
|
|
Charles River Laboratories
International Inc.* |
|
$ |
323,424 |
|
| |
80,736 |
|
|
Danaher Corp. |
|
|
17,006,231 |
|
| |
5,707 |
|
|
Illumina Inc.* |
|
|
767,363 |
|
| |
6,370 |
|
|
IQVIA Holdings Inc.* |
|
|
1,139,020 |
|
| |
886 |
|
|
Medpace Holdings Inc.* |
|
|
400,259 |
|
| |
782 |
|
|
Mettler-Toledo International Inc.* |
|
|
1,068,752 |
|
| |
7,651 |
|
|
QIAGEN NV |
|
|
381,020 |
|
| |
2,038 |
|
|
Repligen Corp.* |
|
|
262,352 |
|
| |
4,400 |
|
|
Revvity Inc. |
|
|
432,564 |
|
| |
7,473 |
|
|
Sotera Health Co.* |
|
|
121,436 |
|
| |
3,570 |
|
|
Tempus AI Inc., Class A Shares* |
|
|
190,103 |
|
| |
34,854 |
|
|
Thermo Fisher Scientific Inc. |
|
|
18,162,768 |
|
| |
7,386 |
|
|
Waters Corp.* |
|
|
2,358,941 |
|
| |
2,663 |
|
|
West Pharmaceutical Services Inc. |
|
|
677,307 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Life Sciences Tools &
Services |
|
|
45,519,406 |
|
|
|
|
| |
| |
|
|
|
|
| Pharmaceuticals — 2.6% |
|
| |
77,028 |
|
|
Bristol-Myers Squibb Co. |
|
|
4,804,236 |
|
| |
3,361 |
|
|
Corcept Therapeutics Inc.* |
|
|
119,988 |
|
| |
18,591 |
|
|
Elanco Animal Health Inc.* |
|
|
490,802 |
|
| |
30,278 |
|
|
Eli Lilly & Co. |
|
|
31,852,153 |
|
| |
2,165 |
|
|
Jazz Pharmaceuticals PLC* |
|
|
411,393 |
|
| |
90,950 |
|
|
Johnson & Johnson |
|
|
22,594,708 |
|
| |
183,798 |
|
|
Merck & Co., Inc. |
|
|
22,757,868 |
|
| |
8,895 |
|
|
Organon & Co. |
|
|
64,845 |
|
| |
4,681 |
|
|
Perrigo Co. PLC |
|
|
61,883 |
|
| |
214,710 |
|
|
Pfizer Inc. |
|
|
5,936,732 |
|
| |
41,870 |
|
|
Roche Holding AG, ADR(a) |
|
|
2,493,358 |
|
| |
14,532 |
|
|
Royalty Pharma PLC, Class A Shares |
|
|
671,524 |
|
| |
43,270 |
|
|
Viatris Inc. |
|
|
646,021 |
|
| |
16,785 |
|
|
Zoetis Inc., Class A Shares |
|
|
2,200,514 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Pharmaceuticals |
|
|
95,106,025 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
HEALTH CARE |
|
|
354,875,216 |
|
|
|
|
| |
| |
|
|
|
|
| INDUSTRIALS —
11.0% |
|
|
| Aerospace & Defense — 3.4% |
|
| |
56,763 |
|
|
Airbus SE, ADR |
|
|
3,074,852 |
|
| |
5,086 |
|
|
ATI Inc.* |
|
|
832,019 |
|
| |
2,821 |
|
|
Axon Enterprise Inc.* |
|
|
1,530,110 |
|
| |
60,434 |
|
|
Boeing Co. (The)* |
|
|
13,750,548 |
|
| |
3,492 |
|
|
BWX Technologies Inc. |
|
|
719,282 |
|
| |
1,794 |
|
|
Carpenter Technology Corp. |
|
|
714,138 |
|
| |
1,408 |
|
|
Curtiss-Wright Corp. |
|
|
986,065 |
|
| |
3,863 |
|
|
FTAI Aviation Ltd. |
|
|
1,181,305 |
|
| |
9,531 |
|
|
General Dynamics Corp. |
|
|
3,403,043 |
|
| |
50,025 |
|
|
General Electric Co. |
|
|
17,121,556 |
|
| |
1,584 |
|
|
HEICO Corp. |
|
|
506,025 |
|
| |
15,896 |
|
|
HEICO Corp., Class A Shares |
|
|
3,816,788 |
|
| |
2,991 |
|
|
Hexcel Corp. |
|
|
277,236 |
|
| |
15,132 |
|
|
Howmet Aerospace Inc. |
|
|
3,972,604 |
|
| |
1,472 |
|
|
Huntington Ingalls Industries Inc. |
|
|
654,333 |
|
| |
1,890 |
|
|
Karman Holdings Inc.* |
|
|
166,528 |
|
| |
7,088 |
|
|
L3Harris Technologies Inc. |
|
|
2,583,859 |
|
| |
2,704 |
|
|
Leonardo DRS Inc. |
|
|
117,327 |
|
| |
1,515 |
|
|
Loar Holdings Inc.* |
|
|
107,247 |
|
See
Notes to Financial Statements.
12
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 11.0%
— (continued) |
|
|
| Aerospace & Defense — 3.4% —
(continued) |
|
| |
7,795 |
|
|
Lockheed Martin Corp. |
|
$ |
5,129,734 |
|
| |
5,125 |
|
|
Northrop Grumman Corp. |
|
|
3,712,447 |
|
| |
15,469 |
|
|
Rocket Lab Corp.* |
|
|
1,068,908 |
|
| |
142,715 |
|
|
RTX Corp. |
|
|
28,916,913 |
|
| |
7,247 |
|
|
StandardAero Inc.* |
|
|
223,208 |
|
| |
69,555 |
|
|
Textron Inc. |
|
|
6,861,601 |
|
| |
14,396 |
|
|
TransDigm Group Inc. |
|
|
18,754,965 |
|
| |
2,296 |
|
|
Woodward Inc. |
|
|
888,001 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Aerospace & Defense |
|
|
121,070,642 |
|
|
|
|
| |
| |
|
|
|
|
| Air Freight & Logistics — 0.2% |
|
| |
4,450 |
|
|
CH Robinson Worldwide Inc. |
|
|
824,363 |
|
| |
5,108 |
|
|
Expeditors International of Washington
Inc. |
|
|
740,813 |
|
| |
8,119 |
|
|
FedEx Corp. |
|
|
3,142,053 |
|
| |
4,137 |
|
|
GXO Logistics Inc.* |
|
|
259,928 |
|
| |
27,740 |
|
|
United Parcel Service Inc., Class B
Shares |
|
|
3,216,730 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Air Freight & Logistics |
|
|
8,183,887 |
|
|
|
|
| |
| |
|
|
|
|
| Building Products — 0.7% |
|
| |
2,593 |
|
|
AAON Inc. |
|
|
262,412 |
|
| |
2,740 |
|
|
Advanced Drainage Systems Inc. |
|
|
469,472 |
|
| |
3,315 |
|
|
Allegion PLC |
|
|
534,212 |
|
| |
4,397 |
|
|
AO Smith Corp. |
|
|
342,966 |
|
| |
1,581 |
|
|
Armstrong World Industries Inc. |
|
|
274,304 |
|
| |
4,066 |
|
|
Builders FirstSource Inc.* |
|
|
424,043 |
|
| |
1,604 |
|
|
Carlisle Cos., Inc. |
|
|
633,211 |
|
| |
122,828 |
|
|
Carrier Global Corp. |
|
|
7,910,123 |
|
| |
4,748 |
|
|
Fortune Brands Innovations Inc. |
|
|
258,006 |
|
| |
7,216 |
|
|
Hayward Holdings Inc.* |
|
|
115,456 |
|
| |
24,951 |
|
|
Johnson Controls International PLC |
|
|
3,600,429 |
|
| |
1,210 |
|
|
Lennox International Inc. |
|
|
689,627 |
|
| |
7,758 |
|
|
Masco Corp. |
|
|
555,628 |
|
| |
36,973 |
|
|
Owens Corning |
|
|
4,513,294 |
|
| |
1,529 |
|
|
Simpson Manufacturing Co., Inc. |
|
|
295,969 |
|
| |
8,403 |
|
|
Trane Technologies PLC |
|
|
3,884,875 |
|
| |
4,312 |
|
|
Trex Co., Inc.* |
|
|
178,603 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Building Products |
|
|
24,942,630 |
|
|
|
|
| |
| |
|
|
|
|
| Commercial Services & Supplies —
0.4% |
|
| |
13,044 |
|
|
Cintas Corp. |
|
|
2,623,540 |
|
| |
1,942 |
|
|
Clean Harbors Inc.* |
|
|
569,394 |
|
| |
44,360 |
|
|
Copart Inc.* |
|
|
1,689,672 |
|
| |
1,363 |
|
|
MSA Safety Inc. |
|
|
266,344 |
|
| |
6,961 |
|
|
RB Global Inc. |
|
|
702,783 |
|
| |
7,642 |
|
|
Republic Services Inc., Class A
Shares |
|
|
1,750,018 |
|
| |
10,428 |
|
|
Rollins Inc. |
|
|
634,961 |
|
| |
10,062 |
|
|
Tetra Tech Inc. |
|
|
360,622 |
|
| |
8,993 |
|
|
Veralto Corp. |
|
|
876,188 |
|
| |
13,982 |
|
|
Waste Management Inc. |
|
|
3,367,425 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Commercial Services &
Supplies |
|
|
12,840,947 |
|
|
|
|
| |
| |
|
|
|
|
| Construction & Engineering — 0.5% |
|
| |
4,969 |
|
|
AECOM |
|
|
486,863 |
|
| |
13,966 |
|
|
API Group Corp.* |
|
|
620,928 |
|
| |
1,306 |
|
|
Comfort Systems USA Inc. |
|
|
1,866,757 |
|
| |
1,684 |
|
|
EMCOR Group Inc. |
|
|
1,220,260 |
|
| |
1,961 |
|
|
Everus Construction Group Inc.* |
|
|
237,026 |
|
See
Notes to Financial Statements.
13
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 11.0%
— (continued) |
|
|
| Construction & Engineering — 0.5% —
(continued) |
|
| |
2,344 |
|
|
MasTec Inc.* |
|
$ |
698,559 |
|
| |
21,682 |
|
|
Quanta Services Inc. |
|
|
12,208,701 |
|
| |
733 |
|
|
Valmont Industries Inc. |
|
|
337,129 |
|
| |
6,243 |
|
|
WillScot Holdings Corp. |
|
|
134,911 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Construction & Engineering |
|
|
17,811,134 |
|
|
|
|
| |
| |
|
|
|
|
| Electrical Equipment — 1.4% |
|
| |
1,135 |
|
|
Acuity Inc. |
|
|
342,305 |
|
| |
8,676 |
|
|
AMETEK Inc. |
|
|
2,075,473 |
|
| |
29,294 |
|
|
Eaton Corp. PLC |
|
|
11,012,200 |
|
| |
21,301 |
|
|
Emerson Electric Co. |
|
|
3,211,126 |
|
| |
17,096 |
|
|
GE Vernova Inc. |
|
|
14,935,066 |
|
| |
2,198 |
|
|
Generac Holdings Inc.* |
|
|
495,363 |
|
| |
1,998 |
|
|
Hubbell Inc., Class B Shares |
|
|
1,022,237 |
|
| |
5,969 |
|
|
nVent Electric PLC |
|
|
706,491 |
|
| |
2,525 |
|
|
Regal Rexnord Corp. |
|
|
557,974 |
|
| |
25,393 |
|
|
Rockwell Automation Inc. |
|
|
10,346,378 |
|
| |
5,484 |
|
|
Sensata Technologies Holding PLC |
|
|
204,772 |
|
| |
14,397 |
|
|
Vertiv Holdings Co., Class A Shares |
|
|
3,669,651 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Electrical Equipment |
|
|
48,579,036 |
|
|
|
|
| |
| |
|
|
|
|
| Ground Transportation — 1.0% |
|
| |
546 |
|
|
Avis Budget Group Inc.*(a) |
|
|
53,186 |
|
| |
286,762 |
|
|
CSX Corp. |
|
|
12,241,870 |
|
| |
2,932 |
|
|
JB Hunt Transport Services Inc. |
|
|
684,358 |
|
| |
5,943 |
|
|
Knight-Swift Transportation Holdings
Inc., Class A Shares |
|
|
373,934 |
|
| |
1,229 |
|
|
Landstar System Inc. |
|
|
200,266 |
|
| |
14,825 |
|
|
Lyft Inc., Class A Shares* |
|
|
205,178 |
|
| |
8,564 |
|
|
Norfolk Southern Corp. |
|
|
2,695,433 |
|
| |
6,974 |
|
|
Old Dominion Freight Line Inc. |
|
|
1,416,071 |
|
| |
1,439 |
|
|
Ryder System Inc. |
|
|
318,825 |
|
| |
1,002 |
|
|
Saia Inc.* |
|
|
406,201 |
|
| |
1,934 |
|
|
Schneider National Inc., Class B
Shares |
|
|
54,887 |
|
| |
117,760 |
|
|
Uber Technologies Inc.* |
|
|
8,881,459 |
|
| |
219 |
|
|
U-Haul Holding Co.* |
|
|
11,094 |
|
| |
3,719 |
|
|
U-Haul Holding Co.-Non Voting |
|
|
175,388 |
|
| |
22,603 |
|
|
Union Pacific Corp. |
|
|
5,989,343 |
|
| |
4,388 |
|
|
XPO Inc.* |
|
|
923,542 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Ground Transportation |
|
|
34,631,035 |
|
|
|
|
| |
| |
|
|
|
|
| Industrial Conglomerates — 0.3% |
|
| |
20,154 |
|
|
3M Co. |
|
|
3,331,859 |
|
| |
24,035 |
|
|
Honeywell International Inc. |
|
|
5,854,686 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Industrial Conglomerates |
|
|
9,186,545 |
|
|
|
|
| |
| |
|
|
|
|
| Machinery — 2.0% |
|
| |
2,303 |
|
|
AGCO Corp. |
|
|
314,360 |
|
| |
3,034 |
|
|
Allison Transmission Holdings Inc. |
|
|
380,160 |
|
| |
17,500 |
|
|
Caterpillar Inc. |
|
|
12,999,525 |
|
| |
33,171 |
|
|
CNH Industrial NV |
|
|
408,003 |
|
| |
1,900 |
|
|
Crane Co. |
|
|
381,007 |
|
| |
5,201 |
|
|
Cummins Inc. |
|
|
3,036,708 |
|
| |
9,234 |
|
|
Deere & Co. |
|
|
5,814,742 |
|
| |
4,399 |
|
|
Donaldson Co., Inc. |
|
|
408,051 |
|
| |
5,081 |
|
|
Dover Corp. |
|
|
1,145,766 |
|
| |
2,059 |
|
|
Esab Corp. |
|
|
259,784 |
|
See
Notes to Financial Statements.
14
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 11.0%
— (continued) |
|
|
| Machinery — 2.0% — (continued) |
|
| |
4,792 |
|
|
Flowserve Corp. |
|
$ |
424,188 |
|
| |
12,535 |
|
|
Fortive Corp. |
|
|
742,072 |
|
| |
9,842 |
|
|
Gates Industrial Corp. PLC* |
|
|
271,344 |
|
| |
6,242 |
|
|
Graco Inc. |
|
|
586,249 |
|
| |
2,838 |
|
|
IDEX Corp. |
|
|
594,476 |
|
| |
10,951 |
|
|
Illinois Tool Works Inc. |
|
|
3,182,689 |
|
| |
14,971 |
|
|
Ingersoll Rand Inc. |
|
|
1,409,370 |
|
| |
3,145 |
|
|
ITT Inc. |
|
|
636,579 |
|
| |
2,035 |
|
|
Lincoln Electric Holdings Inc. |
|
|
584,147 |
|
| |
1,852 |
|
|
Middleby Corp. (The)* |
|
|
312,729 |
|
| |
4,082 |
|
|
Mueller Industries Inc. |
|
|
481,513 |
|
| |
2,051 |
|
|
Nordson Corp. |
|
|
601,845 |
|
| |
2,343 |
|
|
Oshkosh Corp. |
|
|
398,357 |
|
| |
89,352 |
|
|
Otis Worldwide Corp. |
|
|
8,270,421 |
|
| |
19,370 |
|
|
PACCAR Inc. |
|
|
2,442,363 |
|
| |
21,136 |
|
|
Parker-Hannifin Corp. |
|
|
21,330,029 |
|
| |
6,139 |
|
|
Pentair PLC |
|
|
608,927 |
|
| |
1,174 |
|
|
RBC Bearings Inc.* |
|
|
676,130 |
|
| |
1,961 |
|
|
Snap-on Inc. |
|
|
755,416 |
|
| |
5,879 |
|
|
Stanley Black & Decker Inc. |
|
|
508,475 |
|
| |
2,356 |
|
|
Timken Co. (The) |
|
|
255,343 |
|
| |
3,794 |
|
|
Toro Co. (The) |
|
|
375,075 |
|
| |
6,407 |
|
|
Westinghouse Air Brake Technologies
Corp. |
|
|
1,691,128 |
|
| |
9,097 |
|
|
Xylem Inc. |
|
|
1,178,607 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Machinery |
|
|
73,465,578 |
|
|
|
|
| |
| |
|
|
|
|
| Marine Transportation — 0.0%@ |
|
| |
2,033 |
|
|
Kirby Corp.* |
|
|
263,883 |
|
|
|
|
| |
| |
|
|
|
|
| Passenger Airlines — 0.3% |
|
| |
4,475 |
|
|
Alaska Air Group Inc.* |
|
|
230,910 |
|
| |
23,742 |
|
|
American Airlines Group Inc.* |
|
|
310,308 |
|
| |
143,859 |
|
|
Delta Air Lines Inc. |
|
|
9,451,536 |
|
| |
18,281 |
|
|
Southwest Airlines Co. |
|
|
900,522 |
|
| |
12,307 |
|
|
United Airlines Holdings Inc.* |
|
|
1,308,234 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Passenger Airlines |
|
|
12,201,510 |
|
|
|
|
| |
| |
|
|
|
|
| Professional Services — 0.4% |
|
| |
6,065 |
|
|
Amentum Holdings Inc.* |
|
|
181,162 |
|
| |
15,315 |
|
|
Automatic Data Processing Inc. |
|
|
3,282,923 |
|
| |
4,498 |
|
|
Booz Allen Hamilton Holding Corp.,
Class A Shares |
|
|
354,577 |
|
| |
4,378 |
|
|
Broadridge Financial Solutions Inc. |
|
|
813,739 |
|
| |
813 |
|
|
CACI International Inc., Class A
Shares* |
|
|
496,068 |
|
| |
12,941 |
|
|
Clarivate PLC* |
|
|
29,764 |
|
| |
1,844 |
|
|
Concentrix Corp. |
|
|
60,483 |
|
| |
4,647 |
|
|
Equifax Inc. |
|
|
971,037 |
|
| |
5,659 |
|
|
ExlService Holdings Inc.* |
|
|
176,844 |
|
| |
1,256 |
|
|
FTI Consulting Inc.* |
|
|
206,512 |
|
| |
6,058 |
|
|
Genpact Ltd. |
|
|
240,624 |
|
| |
4,557 |
|
|
Jacobs Solutions Inc. |
|
|
628,228 |
|
| |
4,700 |
|
|
KBR Inc. |
|
|
198,481 |
|
| |
4,827 |
|
|
Leidos Holdings Inc. |
|
|
845,208 |
|
| |
1,598 |
|
|
ManpowerGroup Inc. |
|
|
44,696 |
|
| |
1,987 |
|
|
Parsons Corp.* |
|
|
131,142 |
|
| |
12,229 |
|
|
Paychex Inc. |
|
|
1,145,246 |
|
| |
2,009 |
|
|
Paycom Software Inc. |
|
|
252,793 |
|
See
Notes to Financial Statements.
15
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 11.0%
— (continued) |
|
|
| Professional Services — 0.4% —
(continued) |
|
| |
1,676 |
|
|
Paylocity Holding Corp.* |
|
$ |
178,477 |
|
| |
3,512 |
|
|
Robert Half Inc. |
|
|
85,763 |
|
| |
1,713 |
|
|
Science Applications International
Corp. |
|
|
158,041 |
|
| |
7,884 |
|
|
SS&C Technologies Holdings Inc. |
|
|
593,586 |
|
| |
7,487 |
|
|
TransUnion |
|
|
588,104 |
|
| |
5,256 |
|
|
Verisk Analytics Inc., Class A
Shares |
|
|
1,090,988 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Professional Services |
|
|
12,754,486 |
|
|
|
|
| |
| |
|
|
|
|
| Trading Companies & Distributors —
0.4% |
|
| |
3,876 |
|
|
Air Lease Corp., Class A Shares |
|
|
251,320 |
|
| |
1,448 |
|
|
Applied Industrial Technologies Inc. |
|
|
409,176 |
|
| |
7,366 |
|
|
Core & Main Inc., Class A
Shares* |
|
|
398,943 |
|
| |
43,251 |
|
|
Fastenal Co. |
|
|
1,991,276 |
|
| |
7,240 |
|
|
Ferguson Enterprises Inc. |
|
|
1,887,902 |
|
| |
1,600 |
|
|
MSC Industrial Direct Co., Inc., Class
A Shares |
|
|
150,144 |
|
| |
23,036 |
|
|
QXO Inc.* |
|
|
551,712 |
|
| |
1,601 |
|
|
SiteOne Landscape Supply Inc.* |
|
|
228,767 |
|
| |
2,403 |
|
|
United Rentals Inc. |
|
|
2,018,520 |
|
| |
1,306 |
|
|
Watsco Inc. |
|
|
545,033 |
|
| |
1,825 |
|
|
WESCO International Inc. |
|
|
528,337 |
|
| |
6,327 |
|
|
WW Grainger Inc. |
|
|
7,242,707 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Trading Companies &
Distributors |
|
|
16,203,837 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INDUSTRIALS |
|
|
392,135,150 |
|
|
|
|
| |
| |
|
|
|
|
| INFORMATION
TECHNOLOGY — 27.7% |
|
|
| Communications Equipment — 1.3% |
|
| |
65,425 |
|
|
Arista Networks Inc.* |
|
|
8,734,237 |
|
| |
5,338 |
|
|
Ciena Corp.* |
|
|
1,861,361 |
|
| |
302,548 |
|
|
Cisco Systems Inc. |
|
|
24,040,464 |
|
| |
2,153 |
|
|
F5 Inc.* |
|
|
584,238 |
|
| |
2,673 |
|
|
Lumentum Holdings Inc.* |
|
|
1,873,532 |
|
| |
21,876 |
|
|
Motorola Solutions Inc. |
|
|
10,549,920 |
|
| |
142 |
|
|
Ubiquiti Inc. |
|
|
108,913 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Communications Equipment |
|
|
47,752,665 |
|
|
|
|
| |
| |
|
|
|
|
| Electronic Equipment, Instruments &
Components — 0.7% |
|
| |
75,393 |
|
|
Amphenol Corp., Class A Shares |
|
|
11,011,902 |
|
| |
1,995 |
|
|
Arrow Electronics Inc.* |
|
|
303,559 |
|
| |
3,107 |
|
|
Avnet Inc. |
|
|
204,565 |
|
| |
5,052 |
|
|
CDW Corp. |
|
|
619,577 |
|
| |
6,496 |
|
|
Cognex Corp. |
|
|
353,382 |
|
| |
5,892 |
|
|
Coherent Corp.* |
|
|
1,525,616 |
|
| |
29,507 |
|
|
Corning Inc. |
|
|
4,437,263 |
|
| |
1,921 |
|
|
Crane NXT Co. |
|
|
92,765 |
|
| |
14,000 |
|
|
Flex Ltd.* |
|
|
882,280 |
|
| |
898 |
|
|
Ingram Micro Holding Corp. |
|
|
18,580 |
|
| |
1,005 |
|
|
IPG Photonics Corp.* |
|
|
132,228 |
|
| |
3,975 |
|
|
Jabil Inc. |
|
|
1,053,335 |
|
| |
6,504 |
|
|
Keysight Technologies Inc.* |
|
|
1,998,874 |
|
| |
944 |
|
|
Littelfuse Inc. |
|
|
332,722 |
|
| |
4,178 |
|
|
Ralliant Corp. |
|
|
191,728 |
|
| |
2,819 |
|
|
TD SYNNEX Corp. |
|
|
442,047 |
|
| |
1,765 |
|
|
Teledyne Technologies Inc.* |
|
|
1,202,142 |
|
| |
5,348 |
|
|
Vontier Corp. |
|
|
218,840 |
|
| |
1,929 |
|
|
Zebra Technologies Corp., Class A
Shares* |
|
|
432,019 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Electronic Equipment, Instruments
& Components |
|
|
25,453,424 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
16
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 27.7% — (continued) |
|
|
| IT Services — 0.7% |
|
| |
23,659 |
|
|
Accenture PLC, Class A Shares |
|
$ |
4,938,107 |
|
| |
5,362 |
|
|
Akamai Technologies Inc.* |
|
|
527,567 |
|
| |
4,062 |
|
|
Amdocs Ltd. |
|
|
283,528 |
|
| |
11,786 |
|
|
Cloudflare Inc., Class A Shares* |
|
|
2,029,431 |
|
| |
18,145 |
|
|
Cognizant Technology Solutions Corp.,
Class A Shares |
|
|
1,169,082 |
|
| |
6,133 |
|
|
DXC Technology Co.* |
|
|
77,214 |
|
| |
1,990 |
|
|
EPAM Systems Inc.* |
|
|
280,590 |
|
| |
2,775 |
|
|
Gartner Inc.* |
|
|
436,230 |
|
| |
1,523 |
|
|
Globant SA* |
|
|
75,785 |
|
| |
5,005 |
|
|
GoDaddy Inc., Class A Shares* |
|
|
436,236 |
|
| |
35,164 |
|
|
International Business Machines
Corp. |
|
|
8,446,744 |
|
| |
9,134 |
|
|
Kyndryl Holdings Inc.* |
|
|
112,622 |
|
| |
2,961 |
|
|
MongoDB Inc., Class A Shares* |
|
|
972,600 |
|
| |
6,250 |
|
|
Okta Inc., Class A Shares* |
|
|
453,125 |
|
| |
12,447 |
|
|
Snowflake Inc., Class A Shares* |
|
|
2,096,199 |
|
| |
5,453 |
|
|
Twilio Inc., Class A Shares* |
|
|
659,595 |
|
| |
3,165 |
|
|
VeriSign Inc. |
|
|
721,430 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total IT Services |
|
|
23,716,085 |
|
|
|
|
| |
| |
|
|
|
|
| Semiconductors & Semiconductor Equipment —
12.0% |
|
| |
60,865 |
|
|
Advanced Micro Devices Inc.* |
|
|
12,185,782 |
|
| |
4,748 |
|
|
Allegro MicroSystems Inc.* |
|
|
173,159 |
|
| |
4,511 |
|
|
Amkor Technology Inc. |
|
|
215,716 |
|
| |
18,751 |
|
|
Analog Devices Inc. |
|
|
6,671,418 |
|
| |
30,314 |
|
|
Applied Materials Inc. |
|
|
11,285,902 |
|
| |
3,848 |
|
|
ASML Holding NV, Class REG Shares,
ADR |
|
|
5,581,755 |
|
| |
4,687 |
|
|
Astera Labs Inc.* |
|
|
556,956 |
|
| |
254,170 |
|
|
Broadcom Inc. |
|
|
81,220,023 |
|
| |
1,998 |
|
|
Cirrus Logic Inc.* |
|
|
281,958 |
|
| |
4,697 |
|
|
Enphase Energy Inc.* |
|
|
198,542 |
|
| |
5,691 |
|
|
Entegris Inc. |
|
|
753,773 |
|
| |
3,802 |
|
|
First Solar Inc.* |
|
|
749,754 |
|
| |
4,007 |
|
|
GLOBALFOUNDRIES Inc.* |
|
|
190,533 |
|
| |
166,769 |
|
|
Intel Corp.* |
|
|
7,606,334 |
|
| |
4,973 |
|
|
KLA Corp. |
|
|
7,581,587 |
|
| |
47,453 |
|
|
Lam Research Corp. |
|
|
11,098,782 |
|
| |
5,007 |
|
|
Lattice Semiconductor Corp.* |
|
|
478,769 |
|
| |
2,380 |
|
|
MACOM Technology Solutions Holdings
Inc.* |
|
|
590,526 |
|
| |
32,696 |
|
|
Marvell Technology Inc. |
|
|
2,670,936 |
|
| |
19,920 |
|
|
Microchip Technology Inc. |
|
|
1,486,829 |
|
| |
73,654 |
|
|
Micron Technology Inc. |
|
|
30,372,700 |
|
| |
2,577 |
|
|
MKS Inc. |
|
|
629,973 |
|
| |
1,751 |
|
|
Monolithic Power Systems Inc. |
|
|
2,000,938 |
|
| |
1,212,479 |
|
|
NVIDIA Corp. |
|
|
214,839,154 |
|
| |
53,264 |
|
|
ON Semiconductor Corp.* |
|
|
3,540,991 |
|
| |
1,872 |
|
|
Onto Innovation Inc.* |
|
|
404,146 |
|
| |
39,193 |
|
|
Qnity Electronics Inc. |
|
|
4,968,105 |
|
| |
3,341 |
|
|
Qorvo Inc.* |
|
|
276,969 |
|
| |
40,830 |
|
|
QUALCOMM Inc. |
|
|
5,812,559 |
|
| |
5,826 |
|
|
Skyworks Solutions Inc. |
|
|
347,113 |
|
| |
15,500 |
|
|
Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR |
|
|
5,805,990 |
|
| |
5,926 |
|
|
Teradyne Inc. |
|
|
1,896,498 |
|
| |
38,652 |
|
|
Texas Instruments Inc. |
|
|
8,198,476 |
|
| |
1,662 |
|
|
Universal Display Corp. |
|
|
177,319 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Semiconductors &
Semiconductor Equipment |
|
|
430,849,965 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
17
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 27.7% — (continued) |
|
|
| Software — 8.2% |
|
| |
15,811 |
|
|
Adobe Inc.* |
|
$ |
4,148,965 |
|
| |
836 |
|
|
Appfolio Inc., Class A Shares* |
|
|
148,607 |
|
| |
9,025 |
|
|
AppLovin Corp., Class A Shares* |
|
|
3,923,799 |
|
| |
6,164 |
|
|
Atlassian Corp., Class A Shares* |
|
|
463,101 |
|
| |
43,340 |
|
|
Aurora Innovation Inc., Class A
Shares* |
|
|
202,831 |
|
| |
8,013 |
|
|
Autodesk Inc.* |
|
|
1,970,156 |
|
| |
5,724 |
|
|
Bentley Systems Inc., Class B Shares |
|
|
209,212 |
|
| |
3,636 |
|
|
BILL Holdings Inc.* |
|
|
161,838 |
|
| |
52,382 |
|
|
Cadence Design Systems Inc.* |
|
|
15,787,935 |
|
| |
19,920 |
|
|
CCC Intelligent Solutions Holdings
Inc.* |
|
|
116,134 |
|
| |
1,695 |
|
|
Circle Internet Group Inc., Class A
Shares* |
|
|
141,431 |
|
| |
10,830 |
|
|
Confluent Inc., Class A Shares* |
|
|
332,156 |
|
| |
1,375 |
|
|
Constellation Software Inc. |
|
|
2,564,568 |
|
| |
9,356 |
|
|
Crowdstrike Holdings Inc., Class A
Shares* |
|
|
3,480,245 |
|
| |
23,593 |
|
|
Datadog Inc., Class A Shares* |
|
|
2,641,472 |
|
| |
7,444 |
|
|
Docusign Inc., Class A Shares* |
|
|
335,501 |
|
| |
2,232 |
|
|
Dolby Laboratories Inc., Class A
Shares |
|
|
148,584 |
|
| |
8,161 |
|
|
Dropbox Inc., Class A Shares* |
|
|
203,943 |
|
| |
10,840 |
|
|
Dynatrace Inc.* |
|
|
389,373 |
|
| |
3,430 |
|
|
Elastic NV* |
|
|
178,600 |
|
| |
2,154 |
|
|
Fair Isaac Corp.* |
|
|
3,035,761 |
|
| |
23,946 |
|
|
Fortinet Inc.* |
|
|
1,892,452 |
|
| |
20,258 |
|
|
Gen Digital Inc. |
|
|
457,223 |
|
| |
5,397 |
|
|
Gitlab Inc., Class A Shares* |
|
|
141,941 |
|
| |
3,164 |
|
|
Guidewire Software Inc.* |
|
|
459,793 |
|
| |
1,909 |
|
|
HubSpot Inc.* |
|
|
504,950 |
|
| |
17,204 |
|
|
Intuit Inc. |
|
|
7,036,952 |
|
| |
2,202 |
|
|
Manhattan Associates Inc.* |
|
|
298,217 |
|
| |
449,154 |
|
|
Microsoft Corp. |
|
|
176,400,742 |
|
| |
3,877 |
|
|
nCino Inc.* |
|
|
62,575 |
|
| |
9,733 |
|
|
Nutanix Inc., Class A Shares* |
|
|
372,579 |
|
| |
104,672 |
|
|
Oracle Corp. |
|
|
15,219,309 |
|
| |
82,555 |
|
|
Palantir Technologies Inc., Class A
Shares* |
|
|
11,325,720 |
|
| |
59,021 |
|
|
Palo Alto Networks Inc.* |
|
|
8,789,407 |
|
| |
3,302 |
|
|
Pegasystems Inc. |
|
|
144,396 |
|
| |
4,460 |
|
|
Procore Technologies Inc.* |
|
|
245,478 |
|
| |
4,467 |
|
|
PTC Inc.* |
|
|
699,488 |
|
| |
2,788 |
|
|
RingCentral Inc., Class A Shares* |
|
|
101,623 |
|
| |
4,057 |
|
|
Roper Technologies Inc. |
|
|
1,418,855 |
|
| |
4,970 |
|
|
Rubrik Inc., Class A Shares* |
|
|
258,241 |
|
| |
2,601 |
|
|
SailPoint Inc.* |
|
|
36,674 |
|
| |
40,509 |
|
|
Salesforce Inc. |
|
|
7,890,748 |
|
| |
11,602 |
|
|
Samsara Inc., Class A Shares* |
|
|
335,298 |
|
| |
11,502 |
|
|
SentinelOne Inc., Class A Shares* |
|
|
150,906 |
|
| |
56,310 |
|
|
ServiceNow Inc.* |
|
|
6,082,043 |
|
| |
10,123 |
|
|
Strategy Inc., Class A Shares* |
|
|
1,310,929 |
|
| |
14,853 |
|
|
Synopsys Inc.* |
|
|
6,149,142 |
|
| |
3,797 |
|
|
Teradata Corp.* |
|
|
119,568 |
|
| |
8,953 |
|
|
Trimble Inc.* |
|
|
598,687 |
|
| |
1,621 |
|
|
Tyler Technologies Inc.* |
|
|
574,953 |
|
| |
15,976 |
|
|
UiPath Inc., Class A Shares* |
|
|
171,423 |
|
| |
12,212 |
|
|
Unity Software Inc.* |
|
|
222,625 |
|
| |
8,136 |
|
|
Workday Inc., Class A Shares* |
|
|
1,088,271 |
|
| |
10,172 |
|
|
Zoom Communications Inc., Class A
Shares* |
|
|
752,118 |
|
| |
3,713 |
|
|
Zscaler Inc.* |
|
|
545,774 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Software |
|
|
292,443,312 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
18
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 27.7% — (continued) |
|
|
| Technology Hardware, Storage & Peripherals —
4.8% |
|
| |
601,870 |
|
|
Apple Inc. |
|
$ |
159,002,016 |
|
| |
12,043 |
|
|
Dell Technologies Inc., Class C
Shares |
|
|
1,783,327 |
|
| |
49,819 |
|
|
Hewlett Packard Enterprise Co. |
|
|
1,069,614 |
|
| |
35,235 |
|
|
HP Inc. |
|
|
669,113 |
|
| |
7,661 |
|
|
NetApp Inc. |
|
|
758,669 |
|
| |
11,803 |
|
|
Pure Storage Inc., Class A Shares* |
|
|
757,989 |
|
| |
5,087 |
|
|
Sandisk Corp.* |
|
|
3,232,076 |
|
| |
19,430 |
|
|
Super Micro Computer Inc.* |
|
|
629,338 |
|
| |
12,891 |
|
|
Western Digital Corp. |
|
|
3,605,613 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Technology Hardware, Storage
& Peripherals |
|
|
171,507,755 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INFORMATION TECHNOLOGY |
|
|
991,723,206 |
|
|
|
|
| |
| |
|
|
|
|
| MATERIALS —
2.9% |
|
|
| Chemicals — 1.5% |
|
| |
8,351 |
|
|
Air Products & Chemicals Inc. |
|
|
2,302,120 |
|
| |
4,461 |
|
|
Albemarle Corp. |
|
|
797,047 |
|
| |
1,606 |
|
|
Ashland Inc. |
|
|
100,150 |
|
| |
7,792 |
|
|
Axalta Coating Systems Ltd.* |
|
|
260,331 |
|
| |
4,325 |
|
|
Celanese Corp., Class A Shares |
|
|
215,991 |
|
| |
6,204 |
|
|
CF Industries Holdings Inc. |
|
|
617,546 |
|
| |
25,776 |
|
|
Corteva Inc. |
|
|
2,065,173 |
|
| |
26,576 |
|
|
Dow Inc. |
|
|
816,680 |
|
| |
78,397 |
|
|
DuPont de Nemours Inc. |
|
|
3,922,986 |
|
| |
4,448 |
|
|
Eastman Chemical Co. |
|
|
335,869 |
|
| |
9,444 |
|
|
Ecolab Inc. |
|
|
2,912,057 |
|
| |
8,379 |
|
|
Element Solutions Inc. |
|
|
294,019 |
|
| |
4,625 |
|
|
FMC Corp. |
|
|
68,173 |
|
| |
7,118 |
|
|
Huntsman Corp. |
|
|
90,043 |
|
| |
9,630 |
|
|
International Flavors & Fragrances
Inc. |
|
|
791,875 |
|
| |
55,061 |
|
|
Linde PLC |
|
|
27,975,393 |
|
| |
9,329 |
|
|
LyondellBasell Industries NV, Class A
Shares |
|
|
536,604 |
|
| |
11,554 |
|
|
Mosaic Co. (The) |
|
|
321,663 |
|
| |
236 |
|
|
NewMarket Corp. |
|
|
147,738 |
|
| |
4,515 |
|
|
Olin Corp. |
|
|
114,546 |
|
| |
8,494 |
|
|
PPG Industries Inc. |
|
|
1,047,055 |
|
| |
4,747 |
|
|
RPM International Inc. |
|
|
541,728 |
|
| |
1,809 |
|
|
Scotts Miracle-Gro Co. (The) |
|
|
126,847 |
|
| |
20,172 |
|
|
Sherwin-Williams Co. (The) |
|
|
7,314,166 |
|
| |
6,077 |
|
|
Solstice Advanced Materials Inc. |
|
|
477,105 |
|
| |
1,167 |
|
|
Westlake Corp. |
|
|
122,978 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Chemicals |
|
|
54,315,883 |
|
|
|
|
| |
| |
|
|
|
|
| Construction Materials — 0.5% |
|
| |
25,589 |
|
|
CRH PLC |
|
|
3,070,168 |
|
| |
1,171 |
|
|
Eagle Materials Inc. |
|
|
262,070 |
|
| |
5,440 |
|
|
James Hardie Industries PLC* |
|
|
132,464 |
|
| |
14,041 |
|
|
Martin Marietta Materials Inc. |
|
|
9,499,719 |
|
| |
9,991 |
|
|
Vulcan Materials Co. |
|
|
3,097,210 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Construction Materials |
|
|
16,061,631 |
|
|
|
|
| |
| |
|
|
|
|
| Containers & Packaging — 0.2% |
|
| |
17,133 |
|
|
Amcor PLC |
|
|
829,751 |
|
| |
2,417 |
|
|
AptarGroup Inc. |
|
|
347,347 |
|
| |
2,855 |
|
|
Avery Dennison Corp. |
|
|
560,579 |
|
| |
10,723 |
|
|
Ball Corp. |
|
|
719,835 |
|
See
Notes to Financial Statements.
19
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| MATERIALS — 2.9% —
(continued) |
|
|
| Containers & Packaging — 0.2% —
(continued) |
|
| |
4,437 |
|
|
Crown Holdings Inc. |
|
$ |
508,480 |
|
| |
10,358 |
|
|
Graphic Packaging Holding Co. |
|
|
126,678 |
|
| |
19,919 |
|
|
International Paper Co. |
|
|
867,473 |
|
| |
3,351 |
|
|
Packaging Corp. of America |
|
|
777,901 |
|
| |
5,305 |
|
|
Sealed Air Corp. |
|
|
222,174 |
|
| |
3,564 |
|
|
Silgan Holdings Inc. |
|
|
171,250 |
|
| |
19,548 |
|
|
Smurfit WestRock PLC |
|
|
918,952 |
|
| |
3,924 |
|
|
Sonoco Products Co. |
|
|
221,588 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Containers & Packaging |
|
|
6,272,008 |
|
|
|
|
| |
| |
|
|
|
|
| Metals & Mining — 0.7% |
|
| |
9,716 |
|
|
Alcoa Corp. |
|
|
603,169 |
|
| |
18,831 |
|
|
Anglogold Ashanti PLC |
|
|
2,406,037 |
|
| |
20,493 |
|
|
Cleveland-Cliffs Inc.* |
|
|
218,455 |
|
| |
170,622 |
|
|
Freeport-McMoRan Inc. |
|
|
11,615,946 |
|
| |
4,777 |
|
|
MP Materials Corp.* |
|
|
281,222 |
|
| |
41,522 |
|
|
Newmont Corp. |
|
|
5,397,860 |
|
| |
8,671 |
|
|
Nucor Corp. |
|
|
1,533,726 |
|
| |
1,995 |
|
|
Reliance Inc. |
|
|
629,702 |
|
| |
3,084 |
|
|
Royal Gold Inc. |
|
|
924,552 |
|
| |
3,165 |
|
|
Southern Copper Corp. |
|
|
690,920 |
|
| |
5,201 |
|
|
Steel Dynamics Inc. |
|
|
1,004,469 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Metals & Mining |
|
|
25,306,058 |
|
|
|
|
| |
| |
|
|
|
|
| Paper & Forest Products — 0.0%@ |
|
| |
2,474 |
|
|
Louisiana-Pacific Corp. |
|
|
209,647 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
MATERIALS |
|
|
102,165,227 |
|
|
|
|
| |
| |
|
|
|
|
| REAL ESTATE —
2.2% |
|
|
| Diversified REITs — 0.0%@ |
|
| |
8,077 |
|
|
WP Carey Inc. |
|
|
602,948 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care REITs — 0.2% |
|
| |
6,549 |
|
|
Alexandria Real Estate Equities Inc. |
|
|
353,908 |
|
| |
13,397 |
|
|
Healthcare Realty Trust Inc., Class A
Shares |
|
|
247,175 |
|
| |
26,382 |
|
|
Healthpeak Properties Inc. |
|
|
466,434 |
|
| |
21,700 |
|
|
Medical Properties Trust Inc. |
|
|
124,992 |
|
| |
10,965 |
|
|
Omega Healthcare Investors Inc. |
|
|
529,280 |
|
| |
17,717 |
|
|
Ventas Inc. |
|
|
1,526,497 |
|
| |
25,988 |
|
|
Welltower Inc. |
|
|
5,382,634 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care REITs |
|
|
8,630,920 |
|
|
|
|
| |
| |
|
|
|
|
| Hotel & Resort REITs — 0.0%@ |
|
| |
25,319 |
|
|
Host Hotels & Resorts Inc. |
|
|
495,999 |
|
| |
7,686 |
|
|
Park Hotels & Resorts Inc. |
|
|
86,929 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hotel & Resort REITs |
|
|
582,928 |
|
|
|
|
| |
| |
|
|
|
|
| Industrial REITs — 0.4% |
|
| |
9,865 |
|
|
Americold Realty Trust Inc. |
|
|
132,092 |
|
| |
2,052 |
|
|
EastGroup Properties Inc. |
|
|
402,828 |
|
| |
4,785 |
|
|
First Industrial Realty Trust Inc. |
|
|
302,125 |
|
| |
2,986 |
|
|
Lineage Inc. |
|
|
120,993 |
|
| |
79,901 |
|
|
Prologis Inc. |
|
|
11,391,486 |
|
| |
8,617 |
|
|
Rexford Industrial Realty Inc. |
|
|
322,879 |
|
| |
7,233 |
|
|
STAG Industrial Inc. |
|
|
283,678 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Industrial REITs |
|
|
12,956,081 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
20
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| REAL ESTATE — 2.2%
— (continued) |
|
|
| Office REITs — 0.0%@ |
|
| |
6,101 |
|
|
BXP Inc. |
|
$ |
351,296 |
|
| |
5,895 |
|
|
Cousins Properties Inc. |
|
|
136,528 |
|
| |
4,386 |
|
|
Highwoods Properties Inc. |
|
|
98,641 |
|
| |
4,190 |
|
|
Kilroy Realty Corp. |
|
|
124,946 |
|
| |
6,345 |
|
|
Vornado Realty Trust |
|
|
174,995 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Office REITs |
|
|
886,406 |
|
|
|
|
| |
| |
|
|
|
|
| Real Estate Management & Development —
0.2% |
|
| |
11,192 |
|
|
CBRE Group Inc., Class A Shares* |
|
|
1,652,611 |
|
| |
93,327 |
|
|
CoStar Group Inc.* |
|
|
4,165,184 |
|
| |
1,100 |
|
|
Howard Hughes Holdings Inc.* |
|
|
79,607 |
|
| |
1,789 |
|
|
Jones Lang LaSalle Inc.* |
|
|
564,519 |
|
| |
1,770 |
|
|
Zillow Group Inc., Class A Shares* |
|
|
79,296 |
|
| |
6,247 |
|
|
Zillow Group Inc., Class C Shares* |
|
|
278,741 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Real Estate Management &
Development |
|
|
6,819,958 |
|
|
|
|
| |
| |
|
|
|
|
| Residential REITs — 0.3% |
|
| |
12,788 |
|
|
American Homes 4 Rent, Class A
Shares |
|
|
383,640 |
|
| |
5,432 |
|
|
AvalonBay Communities Inc. |
|
|
962,713 |
|
| |
3,934 |
|
|
Camden Property Trust |
|
|
426,210 |
|
| |
50,326 |
|
|
Equity LifeStyle Properties Inc. |
|
|
3,379,894 |
|
| |
14,235 |
|
|
Equity Residential |
|
|
899,794 |
|
| |
2,444 |
|
|
Essex Property Trust Inc. |
|
|
623,489 |
|
| |
23,083 |
|
|
Invitation Homes Inc. |
|
|
608,006 |
|
| |
4,401 |
|
|
Mid-America Apartment Communities
Inc. |
|
|
589,118 |
|
| |
4,651 |
|
|
Sun Communities Inc. |
|
|
634,675 |
|
| |
12,331 |
|
|
UDR Inc. |
|
|
462,413 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Residential REITs |
|
|
8,969,952 |
|
|
|
|
| |
| |
|
|
|
|
| Retail REITs — 0.2% |
|
| |
4,388 |
|
|
Agree Realty Corp. |
|
|
353,146 |
|
| |
11,449 |
|
|
Brixmor Property Group Inc. |
|
|
346,561 |
|
| |
3,190 |
|
|
Federal Realty Investment Trust |
|
|
346,976 |
|
| |
25,530 |
|
|
Kimco Realty Corp. |
|
|
601,232 |
|
| |
6,966 |
|
|
NNN REIT Inc. |
|
|
315,699 |
|
| |
34,447 |
|
|
Realty Income Corp. |
|
|
2,307,949 |
|
| |
6,817 |
|
|
Regency Centers Corp. |
|
|
538,543 |
|
| |
12,295 |
|
|
Simon Property Group Inc. |
|
|
2,506,336 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Retail REITs |
|
|
7,316,442 |
|
|
|
|
| |
| |
|
|
|
|
| Specialized REITs — 0.9% |
|
| |
45,411 |
|
|
American Tower Corp. |
|
|
8,712,555 |
|
| |
16,403 |
|
|
Crown Castle Inc. |
|
|
1,468,725 |
|
| |
8,560 |
|
|
CubeSmart |
|
|
352,158 |
|
| |
12,941 |
|
|
Digital Realty Trust Inc. |
|
|
2,293,145 |
|
| |
2,805 |
|
|
EPR Properties |
|
|
166,645 |
|
| |
3,694 |
|
|
Equinix Inc. |
|
|
3,598,916 |
|
| |
7,995 |
|
|
Extra Space Storage Inc. |
|
|
1,207,485 |
|
| |
2,529 |
|
|
Fermi Inc.* |
|
|
25,214 |
|
| |
10,402 |
|
|
Gaming & Leisure Properties Inc. |
|
|
508,762 |
|
| |
10,957 |
|
|
Iron Mountain Inc. |
|
|
1,186,972 |
|
| |
3,205 |
|
|
Lamar Advertising Co., Class A
Shares |
|
|
441,457 |
|
| |
5,597 |
|
|
Millrose Properties Inc. |
|
|
175,522 |
|
| |
2,458 |
|
|
National Storage Affiliates Trust |
|
|
86,079 |
|
| |
23,821 |
|
|
Public Storage |
|
|
7,314,476 |
|
| |
11,189 |
|
|
Rayonier Inc. |
|
|
240,452 |
|
See
Notes to Financial Statements.
21
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| REAL ESTATE — 2.2%
— (continued) |
|
|
| Specialized REITs — 0.9% — (continued) |
|
| |
4,093 |
|
|
SBA Communications Corp., Class A
Shares |
|
$ |
823,348 |
|
| |
40,500 |
|
|
VICI Properties Inc., Class A Shares |
|
|
1,223,505 |
|
| |
27,438 |
|
|
Weyerhaeuser Co. |
|
|
673,054 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Specialized REITs |
|
|
30,498,470 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
REAL ESTATE |
|
|
77,264,105 |
|
|
|
|
| |
| |
|
|
|
|
| UTILITIES —
2.1% |
|
|
| Electric Utilities — 1.5% |
|
| |
9,785 |
|
|
Alliant Energy Corp. |
|
|
707,847 |
|
| |
20,291 |
|
|
American Electric Power Co., Inc. |
|
|
2,715,342 |
|
| |
11,794 |
|
|
Constellation Energy Corp. |
|
|
3,890,605 |
|
| |
87,693 |
|
|
Duke Energy Corp. |
|
|
11,474,629 |
|
| |
14,539 |
|
|
Edison International |
|
|
1,086,645 |
|
| |
16,847 |
|
|
Entergy Corp. |
|
|
1,804,482 |
|
| |
8,692 |
|
|
Evergy Inc. |
|
|
727,173 |
|
| |
14,131 |
|
|
Eversource Energy |
|
|
1,076,923 |
|
| |
38,112 |
|
|
Exelon Corp. |
|
|
1,885,401 |
|
| |
20,625 |
|
|
FirstEnergy Corp. |
|
|
1,055,175 |
|
| |
2,085 |
|
|
IDACORP Inc. |
|
|
300,177 |
|
| |
163,168 |
|
|
NextEra Energy Inc. |
|
|
15,300,263 |
|
| |
7,262 |
|
|
NRG Energy Inc. |
|
|
1,299,608 |
|
| |
7,481 |
|
|
OGE Energy Corp. |
|
|
367,616 |
|
| |
82,859 |
|
|
PG&E Corp. |
|
|
1,574,321 |
|
| |
4,572 |
|
|
Pinnacle West Capital Corp. |
|
|
458,572 |
|
| |
27,670 |
|
|
PPL Corp. |
|
|
1,078,577 |
|
| |
41,498 |
|
|
Southern Co. (The) |
|
|
4,041,075 |
|
| |
22,315 |
|
|
Xcel Energy Inc. |
|
|
1,860,178 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Electric Utilities |
|
|
52,704,609 |
|
|
|
|
| |
| |
|
|
|
|
| Gas Utilities — 0.1% |
|
| |
6,081 |
|
|
Atmos Energy Corp. |
|
|
1,135,870 |
|
| |
7,585 |
|
|
MDU Resources Group Inc. |
|
|
156,858 |
|
| |
3,395 |
|
|
National Fuel Gas Co. |
|
|
309,047 |
|
| |
8,199 |
|
|
UGI Corp. |
|
|
306,724 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Gas Utilities |
|
|
1,908,499 |
|
|
|
|
| |
| |
|
|
|
|
| Independent Power & Renewable Electricity
Producers — 0.1% |
|
| |
26,360 |
|
|
AES Corp. (The) |
|
|
455,501 |
|
| |
5,351 |
|
|
Brookfield Renewable Corp. |
|
|
228,648 |
|
| |
1,465 |
|
|
Clearway Energy Inc., Class A Shares |
|
|
52,769 |
|
| |
2,939 |
|
|
Clearway Energy Inc., Class C Shares |
|
|
112,593 |
|
| |
1,688 |
|
|
Talen Energy Corp.* |
|
|
626,197 |
|
| |
12,723 |
|
|
Vistra Corp. |
|
|
2,212,403 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Independent Power & Renewable
Electricity Producers |
|
|
3,688,111 |
|
|
|
|
| |
| |
|
|
|
|
| Multi-Utilities — 0.4% |
|
| |
10,261 |
|
|
Ameren Corp. |
|
|
1,162,366 |
|
| |
24,360 |
|
|
CenterPoint Energy Inc. |
|
|
1,059,660 |
|
| |
11,561 |
|
|
CMS Energy Corp. |
|
|
902,567 |
|
| |
13,625 |
|
|
Consolidated Edison Inc. |
|
|
1,533,085 |
|
| |
32,269 |
|
|
Dominion Energy Inc. |
|
|
2,037,465 |
|
| |
7,877 |
|
|
DTE Energy Co. |
|
|
1,167,687 |
|
| |
17,781 |
|
|
NiSource Inc. |
|
|
841,041 |
|
| |
18,854 |
|
|
Public Service Enterprise Group Inc. |
|
|
1,622,764 |
|
| |
24,540 |
|
|
Sempra |
|
|
2,362,466 |
|
See
Notes to Financial Statements.
22
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| UTILITIES — 2.1% —
(continued) |
|
|
| Multi-Utilities — 0.4% — (continued) |
|
| |
12,321 |
|
|
WEC Energy Group Inc. |
|
$ |
1,441,064 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Multi-Utilities |
|
|
14,130,165 |
|
|
|
|
| |
| |
|
|
|
|
| Water Utilities — 0.0%@ |
|
| |
7,281 |
|
|
American Water Works Co., Inc. |
|
|
990,434 |
|
| |
10,797 |
|
|
Essential Utilities Inc. |
|
|
431,556 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Water Utilities |
|
|
1,421,990 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
UTILITIES |
|
|
73,853,374 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMON STOCKS
(Cost — $1,877,385,133) |
|
|
3,523,624,577 |
|
|
|
|
| |
| |
|
|
|
|
|
| |
Face
Amount† |
|
|
|
|
|
|
|
| |
SHORT-TERM
INVESTMENTS(c) — 1.3% |
|
|
| |
MONEY MARKET FUND —
0.0%@ |
|
| $ |
973,888 |
|
|
Invesco STIT — Government & Agency
Portfolio, Institutional Class, 3.674%(d)
(Cost — $973,888) |
|
|
973,888 |
|
|
|
|
| |
| |
|
|
|
|
| |
TIME DEPOSITS —
1.3% |
|
| |
37,979 |
CAD |
|
BBH — New York, 1.100% due 3/2/26 |
|
|
27,838 |
|
| |
1,561,543 |
|
|
Citibank — New York, 2.980% due
3/2/26 |
|
|
1,561,543 |
|
| |
24,569,032 |
|
|
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26 |
|
|
24,569,032 |
|
| |
20 |
|
|
Royal Bank of Canada — Toronto, 2.980%
due 3/2/26 |
|
|
20 |
|
| |
5,225,016 |
|
|
Skandinaviska Enskilda Banken AB —
Stockholm, 2.980% due 3/2/26 |
|
|
5,225,016 |
|
| |
13,536,849 |
|
|
Sumitomo Mitsui Banking Corp. — Tokyo,
2.980% due 3/2/26 |
|
|
13,536,849 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
TIME DEPOSITS
(Cost — $44,920,298) |
|
|
44,920,298 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $45,894,186) |
|
|
45,894,186 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS — 99.9%
(Cost — $1,923,279,319) |
|
|
3,569,518,763 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Other Assets in Excess of Liabilities —
0.1% |
|
|
4,326,861 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
3,573,845,624 |
|
|
|
|
| |
| |
|
|
|
| † |
Amount denominated in U.S.
dollars, unless otherwise noted. |
| * |
Non-income producing
security. |
| @ |
The amount
is less than 0.05%. |
| (a) |
All
or a portion of this security is on loan (see Note 1).
|
| (b) |
Affiliated
security (see Note 2). As of
February 28, 2026, total
cost and total value of affiliated
security amounted to $2,375,030 and $7,247,847, respectively.
|
| (c) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 1.3%. |
| (d) |
Represents investments of
collateral received from securities lending transactions.
|
At
February 28, 2026, for Morgan Stanley Pathway Large Cap Equity ETF the aggregate
cost of investments and the aggregate gross unrealized appreciation and
depreciation of all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
Morgan
Stanley Pathway Large Cap Equity ETF |
|
$ |
1,923,279,319 |
|
|
$ |
1,687,936,941 |
|
|
$ |
(41,753,120 |
) |
|
$ |
1,646,183,821 |
|
See
Notes to Financial Statements.
23
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
| |
|
Abbreviations
used in this schedule: |
| ADR |
|
—
American Depositary Receipt |
| PLC |
|
—
Public Limited Company |
| REIT |
|
—
Real Estate Investment Trust |
|
|
|
|
| |
| Summary of Investments by Security
Sector^ |
|
|
|
|
Information
Technology |
|
|
27.8 |
% |
|
Financials |
|
|
14.4 |
|
|
Industrials |
|
|
11.0 |
|
|
Communication
Services |
|
|
10.7 |
|
|
Consumer
Discretionary |
|
|
10.0 |
|
|
Health
Care |
|
|
9.9 |
|
|
Consumer
Staples |
|
|
4.3 |
|
|
Energy |
|
|
3.5 |
|
|
Materials |
|
|
2.9 |
|
|
Real
Estate |
|
|
2.1 |
|
|
Utilities |
|
|
2.1 |
|
|
Short-Term
Investments |
|
|
1.3 |
% |
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
At
February 28, 2026, Morgan Stanley Pathway Large Cap Equity ETF had open
exchange-traded futures contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
S&P
500 E-mini Index Futures |
|
|
53 |
|
|
|
3/26 |
|
|
$ |
18,327,633 |
|
|
$ |
18,255,850 |
|
|
$ |
(71,783 |
) |
|
S&P
MidCap 400 E-mini Index Futures |
|
|
3 |
|
|
|
3/26 |
|
|
|
1,057,210 |
|
|
|
1,073,370 |
|
|
|
16,160 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(55,623 |
) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Morgan Stanley Pathway Large Cap Equity ETF had deposited
cash of $1,197,984 with a broker or brokers as margin collateral on open
exchange-traded futures contracts.
|
|
| |
|
Currency
abbreviation used in this schedule: |
| CAD |
|
—
Canadian Dollar |
See
Notes to Financial Statements.
24
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| |
COMMON STOCKS —
97.6% |
|
|
| COMMUNICATION
SERVICES — 2.0% |
|
|
| Diversified Telecommunication Services — 0.2%
|
|
| |
368 |
|
|
Anterix Inc.* |
|
$ |
13,583 |
|
| |
9,280 |
|
|
AST SpaceMobile Inc., Class A
Shares* |
|
|
734,883 |
|
| |
382 |
|
|
ATN International Inc. |
|
|
11,009 |
|
| |
997 |
|
|
Bandwidth Inc., Class A Shares* |
|
|
14,776 |
|
| |
1,959 |
|
|
Cogent Communications Holdings Inc. |
|
|
36,751 |
|
| |
1,445 |
|
|
GCI Liberty Inc., Class C Shares* |
|
|
56,861 |
|
| |
2,066 |
|
|
Globalstar Inc.* |
|
|
128,650 |
|
| |
719 |
|
|
IDT Corp., Class B Shares |
|
|
36,633 |
|
| |
3,845 |
|
|
Iridium Communications Inc. |
|
|
92,088 |
|
| |
6,998 |
|
|
Liberty Global Ltd., Class A Shares* |
|
|
89,154 |
|
| |
5,737 |
|
|
Liberty Global Ltd., Class C Shares* |
|
|
70,565 |
|
| |
2,029 |
|
|
Liberty Latin America Ltd., Class A
Shares* |
|
|
15,907 |
|
| |
4,976 |
|
|
Liberty Latin America Ltd., Class C
Shares* |
|
|
39,509 |
|
| |
39,147 |
|
|
Lumen Technologies Inc.* |
|
|
278,335 |
|
| |
1,859 |
|
|
Shenandoah Telecommunications Co. |
|
|
25,338 |
|
| |
6,299 |
|
|
Uniti Group Inc.* |
|
|
46,109 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Diversified Telecommunication
Services |
|
|
1,690,151 |
|
|
|
|
| |
| |
|
|
|
|
| Entertainment — 0.8% |
|
| |
17,450 |
|
|
AMC Entertainment Holdings Inc., Class
A Shares* |
|
|
20,242 |
|
| |
409 |
|
|
Atlanta Braves Holdings Inc., Class A
Shares* |
|
|
19,800 |
|
| |
1,984 |
|
|
Atlanta Braves Holdings Inc., Class C
Shares* |
|
|
86,721 |
|
| |
4,414 |
|
|
Cinemark Holdings Inc. |
|
|
124,651 |
|
| |
2,993 |
|
|
Eventbrite Inc., Class A Shares* |
|
|
13,229 |
|
| |
69,353 |
|
|
IMAX Corp.* |
|
|
2,970,389 |
|
| |
150,992 |
|
|
Lionsgate Studios Corp.* |
|
|
1,358,928 |
|
| |
1,664 |
|
|
Madison Square Garden Entertainment
Corp., Class A Shares* |
|
|
105,065 |
|
| |
693 |
|
|
Madison Square Garden Sports Corp.,
Class A Shares* |
|
|
229,840 |
|
| |
924 |
|
|
Marcus Corp. (The) |
|
|
15,551 |
|
| |
2,726 |
|
|
Playtika Holding Corp. |
|
|
8,423 |
|
| |
697 |
|
|
Reservoir Media Inc.* |
|
|
6,252 |
|
| |
5,384 |
|
|
Roku Inc., Class A Shares* |
|
|
529,840 |
|
| |
1,174 |
|
|
Sphere Entertainment Co.* |
|
|
139,718 |
|
| |
10,130 |
|
|
Starz Entertainment Corp.* |
|
|
111,430 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Entertainment |
|
|
5,740,079 |
|
|
|
|
| |
| |
|
|
|
|
| Interactive Media & Services — 0.2%
|
|
| |
1,485 |
|
|
Angi Inc., Class A Shares* |
|
|
11,553 |
|
| |
3,543 |
|
|
Bumble Inc., Class A Shares* |
|
|
10,771 |
|
| |
3,422 |
|
|
Cargurus Inc., Class A Shares* |
|
|
105,055 |
|
| |
2,485 |
|
|
Cars.com Inc.* |
|
|
21,222 |
|
| |
1,212 |
|
|
EverQuote Inc., Class A Shares* |
|
|
19,150 |
|
| |
14,529 |
|
|
fuboTV Inc., Class A Shares* |
|
|
16,999 |
|
| |
3,599 |
|
|
Getty Images Holdings Inc.* |
|
|
2,800 |
|
| |
1,226 |
|
|
Grindr Inc.* |
|
|
13,952 |
|
| |
2,809 |
|
|
IAC Inc.* |
|
|
107,641 |
|
| |
10,077 |
|
|
Match Group Inc. |
|
|
318,433 |
|
| |
1,244 |
|
|
MediaAlpha Inc., Class A Shares* |
|
|
12,365 |
|
| |
7,146 |
|
|
Nextdoor Holdings Inc.* |
|
|
12,505 |
|
| |
2,451 |
|
|
QuinStreet Inc.* |
|
|
28,726 |
|
| |
4,016 |
|
|
Rumble Inc.* |
|
|
21,727 |
|
| |
947 |
|
|
Shutterstock Inc. |
|
|
15,910 |
|
| |
4,852 |
|
|
TripAdvisor Inc.* |
|
|
49,054 |
|
| |
7,075 |
|
|
Trump Media & Technology Group
Corp.* |
|
|
75,773 |
|
| |
654 |
|
|
Webtoon Entertainment Inc.* |
|
|
7,357 |
|
| |
2,475 |
|
|
Yelp Inc., Class A Shares* |
|
|
55,168 |
|
See
Notes to Financial Statements.
25
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| COMMUNICATION
SERVICES — 2.0% — (continued) |
|
|
| Interactive Media & Services — 0.2% —
(continued) |
|
| |
1,812 |
|
|
Ziff Davis Inc.* |
|
$ |
49,069 |
|
| |
2,653 |
|
|
ZipRecruiter Inc., Class A Shares* |
|
|
4,802 |
|
| |
11,844 |
|
|
ZoomInfo Technologies Inc., Class A
Shares* |
|
|
73,551 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Interactive Media &
Services |
|
|
1,033,583 |
|
|
|
|
| |
| |
|
|
|
|
| Media — 0.7% |
|
| |
3,912 |
|
|
Advantage Solutions Inc.* |
|
|
2,043 |
|
| |
1,217 |
|
|
AMC Networks Inc., Class A Shares* |
|
|
9,943 |
|
| |
862 |
|
|
Boston Omaha Corp., Class A Shares* |
|
|
10,646 |
|
| |
244 |
|
|
Cable One Inc.* |
|
|
23,412 |
|
| |
84,995 |
|
|
Criteo SA, ADR* |
|
|
1,518,861 |
|
| |
6,196 |
|
|
DoubleVerify Holdings Inc.* |
|
|
65,306 |
|
| |
5,649 |
|
|
EchoStar Corp., Class A Shares* |
|
|
652,629 |
|
| |
2,331 |
|
|
Entravision Communications Corp., Class
A Shares |
|
|
7,226 |
|
| |
2,008 |
|
|
EW Scripps Co. (The), Class A
Shares* |
|
|
8,333 |
|
| |
711 |
|
|
Gambling.com Group Ltd.* |
|
|
3,100 |
|
| |
3,529 |
|
|
Gray Media Inc. |
|
|
18,316 |
|
| |
737 |
|
|
Ibotta Inc., Class A Shares* |
|
|
18,403 |
|
| |
4,494 |
|
|
iHeartMedia Inc., Class A Shares* |
|
|
14,695 |
|
| |
1,701 |
|
|
John Wiley & Sons Inc., Class A
Shares |
|
|
52,765 |
|
| |
741 |
|
|
Liberty Broadband Corp., Class A
Shares* |
|
|
40,444 |
|
| |
4,770 |
|
|
Liberty Broadband Corp., Class C
Shares* |
|
|
260,490 |
|
| |
5,814 |
|
|
Magnite Inc.* |
|
|
79,187 |
|
| |
2,565 |
|
|
National CineMedia Inc. |
|
|
9,131 |
|
| |
6,748 |
|
|
New York Times Co. (The), Class A
Shares |
|
|
538,423 |
|
| |
15,818 |
|
|
News Corp., Class A Shares |
|
|
384,219 |
|
| |
5,362 |
|
|
News Corp., Class B Shares |
|
|
143,594 |
|
| |
1,282 |
|
|
Newsmax Inc., Class B Shares* |
|
|
7,628 |
|
| |
1,203 |
|
|
Nexstar Media Group Inc., Class A
Shares |
|
|
301,977 |
|
| |
2,126 |
|
|
Nexxen International Ltd., ADR* |
|
|
13,691 |
|
| |
47,092 |
|
|
NIQ Global Intelligence PLC* |
|
|
627,736 |
|
| |
13,780 |
|
|
Optimum Communications Inc., Class A
Shares* |
|
|
19,843 |
|
| |
1,595 |
|
|
PubMatic Inc., Class A Shares* |
|
|
12,919 |
|
| |
869 |
|
|
Scholastic Corp. |
|
|
30,215 |
|
| |
1,759 |
|
|
Sinclair Inc. |
|
|
28,742 |
|
| |
7,812 |
|
|
Sirius XM Holdings Inc. |
|
|
171,552 |
|
| |
4,947 |
|
|
Stagwell Inc., Class A Shares* |
|
|
23,845 |
|
| |
978 |
|
|
TechTarget Inc.* |
|
|
3,433 |
|
| |
6,552 |
|
|
TEGNA Inc. |
|
|
137,264 |
|
| |
1,624 |
|
|
Thryv Holdings Inc.* |
|
|
3,768 |
|
| |
5,934 |
|
|
USA TODAY Co., Inc.* |
|
|
35,307 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Media |
|
|
5,279,086 |
|
|
|
|
| |
| |
|
|
|
|
| Wireless Telecommunication Services — 0.1%
|
|
| |
2,955 |
|
|
Gogo Inc.* |
|
|
12,500 |
|
| |
4,253 |
|
|
Millicom International Cellular SA |
|
|
310,001 |
|
| |
602 |
|
|
Spok Holdings Inc. |
|
|
7,308 |
|
| |
4,063 |
|
|
Telephone & Data Systems Inc. |
|
|
181,819 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Wireless Telecommunication
Services |
|
|
511,628 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMUNICATION SERVICES |
|
|
14,254,527 |
|
|
|
|
| |
| |
|
|
|
|
| CONSUMER
DISCRETIONARY — 8.8% |
|
|
| Automobile Components — 1.0% |
|
| |
3,745 |
|
|
Adient PLC* |
|
|
91,078 |
|
| |
43,688 |
|
|
BorgWarner Inc. |
|
|
2,515,118 |
|
| |
593 |
|
|
Cooper-Standard Holdings Inc.* |
|
|
22,795 |
|
See
Notes to Financial Statements.
26
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 8.8% — (continued) |
|
|
| Automobile Components — 1.0% —
(continued) |
|
| |
5,062 |
|
|
Dana Inc. |
|
$ |
173,323 |
|
| |
9,490 |
|
|
Dauch Corp.* |
|
|
62,634 |
|
| |
14,316 |
|
|
Dorman Products Inc.* |
|
|
1,687,284 |
|
| |
1,945 |
|
|
Fox Factory Holding Corp.* |
|
|
32,754 |
|
| |
6,656 |
|
|
Garrett Motion Inc. |
|
|
135,516 |
|
| |
9,382 |
|
|
Gentex Corp. |
|
|
219,539 |
|
| |
1,451 |
|
|
Gentherm Inc.* |
|
|
47,549 |
|
| |
10,966 |
|
|
Goodyear Tire & Rubber Co.
(The)* |
|
|
90,470 |
|
| |
2,083 |
|
|
Holley Inc.* |
|
|
8,499 |
|
| |
1,046 |
|
|
LCI Industries |
|
|
139,327 |
|
| |
12,536 |
|
|
Lear Corp. |
|
|
1,645,350 |
|
| |
1,355 |
|
|
Patrick Industries Inc. |
|
|
167,735 |
|
| |
1,589 |
|
|
Phinia Inc. |
|
|
115,409 |
|
| |
19,312 |
|
|
QuantumScape Corp., Class A Shares* |
|
|
133,639 |
|
| |
5,627 |
|
|
Solid Power Inc.* |
|
|
19,920 |
|
| |
836 |
|
|
Standard Motor Products Inc. |
|
|
33,172 |
|
| |
1,140 |
|
|
Visteon Corp. |
|
|
109,064 |
|
| |
1,025 |
|
|
XPEL Inc.* |
|
|
43,686 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Automobile Components |
|
|
7,493,861 |
|
|
|
|
| |
| |
|
|
|
|
| Automobiles — 0.1% |
|
| |
4,509 |
|
|
Harley-Davidson Inc. |
|
|
81,162 |
|
| |
5,075 |
|
|
Lucid Group Inc., Class A Shares*(a) |
|
|
50,750 |
|
| |
33,231 |
|
|
Rivian Automotive Inc., Class A
Shares* |
|
|
509,431 |
|
| |
2,115 |
|
|
Thor Industries Inc. |
|
|
203,315 |
|
| |
1,069 |
|
|
Winnebago Industries Inc. |
|
|
42,643 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Automobiles |
|
|
887,301 |
|
|
|
|
| |
| |
|
|
|
|
| Broadline Retail — 0.2% |
|
| |
140 |
|
|
Dillard’s Inc., Class A Shares |
|
|
84,390 |
|
| |
4,060 |
|
|
Etsy Inc.* |
|
|
222,813 |
|
| |
1,215 |
|
|
Groupon Inc., Class A Shares* |
|
|
15,333 |
|
| |
4,510 |
|
|
Kohl’s Corp. |
|
|
73,829 |
|
| |
11,283 |
|
|
Macy’s Inc. |
|
|
223,178 |
|
| |
2,541 |
|
|
Ollie’s Bargain Outlet Holdings
Inc.* |
|
|
272,141 |
|
| |
33,660 |
|
|
Pattern Group Inc., Class A Shares* |
|
|
354,440 |
|
| |
1,056 |
|
|
Savers Value Village Inc.* |
|
|
9,958 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Broadline Retail |
|
|
1,256,082 |
|
|
|
|
| |
| |
|
|
|
|
| Distributors — 0.1% |
|
| |
869 |
|
|
GigaCloud Technology Inc., Class A
Shares* |
|
|
38,532 |
|
| |
652 |
|
|
Gold.com Inc. |
|
|
37,471 |
|
| |
10,857 |
|
|
LKQ Corp. |
|
|
359,475 |
|
| |
1,452 |
|
|
Pool Corp. |
|
|
329,865 |
|
| |
209 |
|
|
Weyco Group Inc. |
|
|
6,535 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Distributors |
|
|
771,878 |
|
|
|
|
| |
| |
|
|
|
|
| Diversified Consumer Services — 1.0% |
|
| |
204,889 |
|
|
ADT Inc. |
|
|
1,643,210 |
|
| |
806 |
|
|
American Public Education Inc.* |
|
|
36,931 |
|
| |
2,354 |
|
|
Bright Horizons Family Solutions
Inc.* |
|
|
175,420 |
|
| |
629 |
|
|
Carriage Services Inc., Class A
Shares |
|
|
28,978 |
|
| |
6,131 |
|
|
Coursera Inc.* |
|
|
39,300 |
|
| |
1,457 |
|
|
Covista Inc.* |
|
|
142,786 |
|
| |
2,666 |
|
|
Driven Brands Holdings Inc.* |
|
|
29,326 |
|
| |
1,608 |
|
|
Duolingo Inc., Class A Shares* |
|
|
162,408 |
|
See
Notes to Financial Statements.
27
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 8.8% — (continued) |
|
|
| Diversified Consumer Services — 1.0% —
(continued) |
|
| |
1,392 |
|
|
European Wax Center Inc., Class A
Shares* |
|
$ |
7,962 |
|
| |
22,116 |
|
|
Frontdoor Inc.* |
|
|
1,516,494 |
|
| |
131 |
|
|
Graham Holdings Co., Class B Shares |
|
|
137,971 |
|
| |
1,137 |
|
|
Grand Canyon Education Inc.* |
|
|
180,863 |
|
| |
5,371 |
|
|
H&R Block Inc. |
|
|
164,460 |
|
| |
1,046 |
|
|
KinderCare Learning Cos Inc.* |
|
|
3,661 |
|
| |
46,616 |
|
|
Laureate Education Inc., Class A
Shares* |
|
|
1,507,561 |
|
| |
863 |
|
|
Liberty Live Holdings Inc., Class A
Shares* |
|
|
83,746 |
|
| |
2,033 |
|
|
Liberty Live Holdings Inc., Class C
Shares* |
|
|
202,588 |
|
| |
1,290 |
|
|
Lincoln Educational Services Corp.* |
|
|
46,750 |
|
| |
1,140 |
|
|
Matthews International Corp., Class A
Shares |
|
|
30,130 |
|
| |
1,711 |
|
|
McGraw Hill Inc.* |
|
|
23,954 |
|
| |
4,478 |
|
|
Mister Car Wash Inc.* |
|
|
31,883 |
|
| |
11,294 |
|
|
Nerdy Inc.* |
|
|
10,896 |
|
| |
4,217 |
|
|
OneSpaWorld Holdings Ltd. |
|
|
90,792 |
|
| |
2,566 |
|
|
Perdoceo Education Corp. |
|
|
85,576 |
|
| |
5,739 |
|
|
Service Corp. International |
|
|
483,109 |
|
| |
947 |
|
|
Strategic Education Inc. |
|
|
77,919 |
|
| |
1,733 |
|
|
Stride Inc.* |
|
|
146,231 |
|
| |
3,512 |
|
|
Udemy Inc.* |
|
|
17,665 |
|
| |
2,070 |
|
|
Universal Technical Institute Inc.* |
|
|
74,934 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Diversified Consumer Services |
|
|
7,183,504 |
|
|
|
|
| |
| |
|
|
|
|
| Hotels, Restaurants & Leisure — 2.0%
|
|
| |
2,476 |
|
|
Accel Entertainment Inc., Class A
Shares* |
|
|
28,127 |
|
| |
11,031 |
|
|
Aramark |
|
|
461,647 |
|
| |
26 |
|
|
Biglari Holdings Inc., Class B
Shares* |
|
|
10,082 |
|
| |
845 |
|
|
BJ’s Restaurants Inc.* |
|
|
32,102 |
|
| |
436 |
|
|
Black Rock Coffee Bar Inc., Class A
Shares* |
|
|
5,816 |
|
| |
3,877 |
|
|
Bloomin’ Brands Inc. |
|
|
23,727 |
|
| |
2,275 |
|
|
Boyd Gaming Corp. |
|
|
189,348 |
|
| |
156,409 |
|
|
Brightstar Lottery PLC |
|
|
2,120,906 |
|
| |
1,817 |
|
|
Brinker International Inc.* |
|
|
269,279 |
|
| |
8,513 |
|
|
Caesars Entertainment Inc.* |
|
|
213,251 |
|
| |
4,155 |
|
|
Cava Group Inc.* |
|
|
342,663 |
|
| |
1,894 |
|
|
Cheesecake Factory Inc. (The) |
|
|
122,693 |
|
| |
1,147 |
|
|
Choice Hotels International Inc. |
|
|
120,836 |
|
| |
2,783 |
|
|
Churchill Downs Inc. |
|
|
255,841 |
|
| |
999 |
|
|
Cracker Barrel Old Country Store
Inc.(a) |
|
|
32,687 |
|
| |
1,210 |
|
|
Dave & Buster’s Entertainment
Inc.* |
|
|
17,811 |
|
| |
691 |
|
|
Dine Brands Global Inc. |
|
|
21,393 |
|
| |
38,483 |
|
|
Dutch Bros Inc., Class A Shares* |
|
|
2,063,074 |
|
| |
962 |
|
|
El Pollo Loco Holdings Inc.* |
|
|
10,640 |
|
| |
2,087 |
|
|
First Watch Restaurant Group Inc.* |
|
|
26,004 |
|
| |
219,887 |
|
|
Genius Sports Ltd.* |
|
|
1,365,498 |
|
| |
4,814 |
|
|
Global Business Travel Group I* |
|
|
26,333 |
|
| |
752 |
|
|
Golden Entertainment Inc. |
|
|
21,733 |
|
| |
2,471 |
|
|
Hilton Grand Vacations Inc.* |
|
|
111,096 |
|
| |
1,678 |
|
|
Hyatt Hotels Corp., Class A Shares |
|
|
270,997 |
|
| |
771 |
|
|
Inspired Entertainment Inc.* |
|
|
6,291 |
|
| |
736 |
|
|
Jack in the Box Inc. |
|
|
12,453 |
|
| |
3,158 |
|
|
Krispy Kreme Inc. |
|
|
11,843 |
|
| |
358 |
|
|
Kura Sushi USA Inc., Class A Shares* |
|
|
25,214 |
|
| |
80,923 |
|
|
Life Time Group Holdings Inc.* |
|
|
2,184,921 |
|
| |
1,374 |
|
|
Lindblad Expeditions Holdings Inc.* |
|
|
27,082 |
|
| |
1,147 |
|
|
Marriott Vacations Worldwide Corp. |
|
|
74,567 |
|
See
Notes to Financial Statements.
28
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 8.8% — (continued) |
|
|
| Hotels, Restaurants & Leisure — 2.0% —
(continued) |
|
| |
8,708 |
|
|
MGM Resorts International* |
|
$ |
320,977 |
|
| |
565 |
|
|
Monarch Casino & Resort Inc. |
|
|
54,297 |
|
| |
79 |
|
|
Nathan’s Famous Inc. |
|
|
7,946 |
|
| |
2,211 |
|
|
Navan Inc., Class A Shares* |
|
|
21,535 |
|
| |
19,011 |
|
|
Norwegian Cruise Line Holdings Ltd.* |
|
|
471,283 |
|
| |
1,310 |
|
|
Papa John’s International Inc. |
|
|
41,069 |
|
| |
6,073 |
|
|
Penn Entertainment Inc.* |
|
|
94,982 |
|
| |
3,557 |
|
|
Planet Fitness Inc., Class A Shares* |
|
|
292,208 |
|
| |
2,153 |
|
|
Portillo’s Inc., Class A Shares* |
|
|
11,497 |
|
| |
764 |
|
|
Pursuit Attractions & Hospitality
Inc.* |
|
|
26,557 |
|
| |
318 |
|
|
RCI Hospitality Holdings Inc. |
|
|
7,037 |
|
| |
2,049 |
|
|
Red Rock Resorts Inc., Class A
Shares |
|
|
124,067 |
|
| |
3,704 |
|
|
Rush Street Interactive Inc.* |
|
|
73,154 |
|
| |
12,652 |
|
|
Sabre Corp.* |
|
|
14,929 |
|
| |
2,451 |
|
|
Serve Robotics Inc.*(a) |
|
|
24,486 |
|
| |
1,576 |
|
|
Shake Shack Inc., Class A Shares* |
|
|
151,312 |
|
| |
3,772 |
|
|
Six Flags Entertainment Corp.* |
|
|
64,237 |
|
| |
6,982 |
|
|
Super Group SGHC Ltd. |
|
|
74,707 |
|
| |
4,379 |
|
|
Sweetgreen Inc., Class A Shares* |
|
|
24,303 |
|
| |
1,370 |
|
|
Target Hospitality Corp.* |
|
|
10,672 |
|
| |
2,771 |
|
|
Texas Roadhouse Inc., Class A Shares |
|
|
506,733 |
|
| |
2,592 |
|
|
Travel + Leisure Co. |
|
|
191,030 |
|
| |
14,292 |
|
|
United Parks & Resorts Inc.* |
|
|
497,219 |
|
| |
1,467 |
|
|
Vail Resorts Inc. |
|
|
199,233 |
|
| |
6,441 |
|
|
Wendy’s Co. (The) |
|
|
49,338 |
|
| |
1,149 |
|
|
Wingstop Inc. |
|
|
298,177 |
|
| |
3,064 |
|
|
Wyndham Hotels & Resorts Inc. |
|
|
250,635 |
|
| |
3,178 |
|
|
Wynn Resorts Ltd. |
|
|
343,828 |
|
| |
901 |
|
|
Xponential Fitness Inc., Class A
Shares* |
|
|
3,838 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hotels, Restaurants &
Leisure |
|
|
14,757,241 |
|
|
|
|
| |
| |
|
|
|
|
| Household Durables — 1.6% |
|
| |
1,455 |
|
|
Beazer Homes USA Inc.* |
|
|
37,219 |
|
| |
325 |
|
|
Cavco Industries Inc.* |
|
|
187,609 |
|
| |
1,357 |
|
|
Century Communities Inc. |
|
|
91,231 |
|
| |
2,351 |
|
|
Champion Homes Inc.* |
|
|
219,771 |
|
| |
1,705 |
|
|
Cricut Inc., Class A Shares |
|
|
7,331 |
|
| |
1,378 |
|
|
Dream Finders Homes Inc., Class A
Shares* |
|
|
24,900 |
|
| |
1,105 |
|
|
Ethan Allen Interiors Inc. |
|
|
25,172 |
|
| |
214 |
|
|
Flexsteel Industries Inc. |
|
|
11,015 |
|
| |
1,330 |
|
|
Green Brick Partners Inc.* |
|
|
97,968 |
|
| |
417 |
|
|
Hamilton Beach Brands Holding Co.,
Class A Shares |
|
|
7,940 |
|
| |
892 |
|
|
Helen of Troy Ltd.* |
|
|
15,735 |
|
| |
189 |
|
|
Hovnanian Enterprises Inc., Class A
Shares* |
|
|
23,742 |
|
| |
965 |
|
|
Installed Building Products Inc. |
|
|
316,288 |
|
| |
2,640 |
|
|
KB Home |
|
|
167,851 |
|
| |
1,821 |
|
|
La-Z-Boy Inc. |
|
|
65,046 |
|
| |
368 |
|
|
Legacy Housing Corp.* |
|
|
8,067 |
|
| |
5,336 |
|
|
Leggett & Platt Inc. |
|
|
62,324 |
|
| |
977 |
|
|
LGI Homes Inc.* |
|
|
50,706 |
|
| |
551 |
|
|
Lovesac Co. (The)* |
|
|
7,042 |
|
| |
1,108 |
|
|
M/I Homes Inc.* |
|
|
157,513 |
|
| |
2,840 |
|
|
Meritage Homes Corp. |
|
|
214,193 |
|
| |
2,114 |
|
|
Mohawk Industries Inc.* |
|
|
264,821 |
|
| |
17,983 |
|
|
Newell Brands Inc. |
|
|
81,823 |
|
| |
3,515 |
|
|
SharkNinja Inc.* |
|
|
431,888 |
|
See
Notes to Financial Statements.
29
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 8.8% — (continued) |
|
|
| Household Durables — 1.6% —
(continued) |
|
| |
29,515 |
|
|
Somnigroup International Inc. |
|
$ |
2,641,888 |
|
| |
5,130 |
|
|
Sonos Inc.* |
|
|
79,002 |
|
| |
15,894 |
|
|
Taylor Morrison Home Corp., Class A
Shares* |
|
|
1,047,256 |
|
| |
4,012 |
|
|
Toll Brothers Inc. |
|
|
630,847 |
|
| |
7,823 |
|
|
TopBuild Corp.* |
|
|
3,507,051 |
|
| |
13,308 |
|
|
Traeger Inc.* |
|
|
11,445 |
|
| |
3,591 |
|
|
Tri Pointe Homes Inc.* |
|
|
166,263 |
|
| |
13,199 |
|
|
Whirlpool Corp.(a) |
|
|
903,208 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Household Durables |
|
|
11,564,155 |
|
|
|
|
| |
| |
|
|
|
|
| Leisure Products — 0.7% |
|
| |
1,092 |
|
|
Acushnet Holdings Corp. |
|
|
111,744 |
|
| |
20,968 |
|
|
Brunswick Corp. |
|
|
1,669,472 |
|
| |
5,543 |
|
|
Callaway Golf Co.* |
|
|
77,935 |
|
| |
970 |
|
|
Clarus Corp. |
|
|
3,065 |
|
| |
445 |
|
|
Escalade Inc. |
|
|
6,408 |
|
| |
1,150 |
|
|
Funko Inc., Class A Shares* |
|
|
5,750 |
|
| |
24,747 |
|
|
Hasbro Inc. |
|
|
2,464,554 |
|
| |
271 |
|
|
JAKKS Pacific Inc. |
|
|
5,924 |
|
| |
182 |
|
|
Johnson Outdoors Inc., Class A
Shares |
|
|
8,825 |
|
| |
1,748 |
|
|
Latham Group Inc.* |
|
|
11,729 |
|
| |
752 |
|
|
Malibu Boats Inc., Class A Shares* |
|
|
21,853 |
|
| |
691 |
|
|
MasterCraft Boat Holdings Inc.* |
|
|
14,998 |
|
| |
13,096 |
|
|
Mattel Inc.* |
|
|
221,977 |
|
| |
17,405 |
|
|
Peloton Interactive Inc., Class A
Shares* |
|
|
69,968 |
|
| |
2,209 |
|
|
Polaris Inc. |
|
|
134,175 |
|
| |
1,808 |
|
|
Smith & Wesson Brands Inc. |
|
|
21,515 |
|
| |
758 |
|
|
Sturm Ruger & Co., Inc. |
|
|
28,380 |
|
| |
3,456 |
|
|
YETI Holdings Inc.* |
|
|
151,062 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Leisure Products |
|
|
5,029,334 |
|
|
|
|
| |
| |
|
|
|
|
| Specialty Retail — 1.2% |
|
| |
932 |
|
|
1-800-Flowers.com Inc., Class A
Shares* |
|
|
3,243 |
|
| |
1,935 |
|
|
Abercrombie & Fitch Co., Class A
Shares* |
|
|
189,243 |
|
| |
2,739 |
|
|
Academy Sports & Outdoors Inc. |
|
|
164,696 |
|
| |
2,473 |
|
|
Advance Auto Parts Inc. |
|
|
131,489 |
|
| |
6,679 |
|
|
American Eagle Outfitters Inc. |
|
|
164,103 |
|
| |
370 |
|
|
America’s Car-Mart Inc.* |
|
|
7,385 |
|
| |
1,871 |
|
|
Arhaus Inc., Class A Shares* |
|
|
15,436 |
|
| |
2,859 |
|
|
Arko Corp. |
|
|
18,383 |
|
| |
807 |
|
|
Asbury Automotive Group Inc.* |
|
|
172,521 |
|
| |
3,431 |
|
|
AutoNation Inc.* |
|
|
669,594 |
|
| |
5,855 |
|
|
BARK Inc.* |
|
|
4,575 |
|
| |
66,464 |
|
|
Bath & Body Works Inc. |
|
|
1,512,721 |
|
| |
3,374 |
|
|
Bed Bath & Beyond Inc.* |
|
|
17,983 |
|
| |
1,265 |
|
|
Boot Barn Holdings Inc.* |
|
|
239,363 |
|
| |
1,244 |
|
|
Buckle Inc. (The) |
|
|
66,616 |
|
| |
501 |
|
|
Build-A-Bear Workshop Inc. |
|
|
24,379 |
|
| |
30,378 |
|
|
Caleres Inc. |
|
|
361,194 |
|
| |
2,946 |
|
|
Camping World Holdings Inc., Class A
Shares |
|
|
24,511 |
|
| |
6,218 |
|
|
CarMax Inc.* |
|
|
268,431 |
|
| |
307 |
|
|
Citi Trends Inc.* |
|
|
14,546 |
|
| |
1,844 |
|
|
Designer Brands Inc., Class A Shares |
|
|
13,129 |
|
| |
2,656 |
|
|
Dick’s Sporting Goods Inc. |
|
|
540,841 |
|
| |
6,611 |
|
|
EVgo Inc., Class A Shares* |
|
|
18,114 |
|
| |
2,239 |
|
|
Five Below Inc.* |
|
|
500,484 |
|
See
Notes to Financial Statements.
30
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 8.8% — (continued) |
|
|
| Specialty Retail — 1.2% — (continued) |
|
| |
4,421 |
|
|
Floor & Decor Holdings Inc., Class
A Shares* |
|
$ |
305,447 |
|
| |
17,029 |
|
|
GameStop Corp., Class A Shares* |
|
|
409,207 |
|
| |
9,565 |
|
|
Gap Inc. (The) |
|
|
268,203 |
|
| |
395 |
|
|
Genesco Inc.* |
|
|
10,760 |
|
| |
512 |
|
|
Group 1 Automotive Inc. |
|
|
166,779 |
|
| |
560 |
|
|
Haverty Furniture Cos., Inc. |
|
|
13,334 |
|
| |
264 |
|
|
J Jill Inc. |
|
|
4,559 |
|
| |
617 |
|
|
Lands’ End Inc.* |
|
|
9,915 |
|
| |
987 |
|
|
Lithia Motors Inc., Class A Shares |
|
|
275,946 |
|
| |
808 |
|
|
MarineMax Inc.* |
|
|
24,644 |
|
| |
1,104 |
|
|
Monro Inc. |
|
|
23,769 |
|
| |
718 |
|
|
Murphy USA Inc. |
|
|
280,551 |
|
| |
3,247 |
|
|
National Vision Holdings Inc.* |
|
|
87,572 |
|
| |
338 |
|
|
OneWater Marine Inc., Class A
Shares* |
|
|
3,848 |
|
| |
4,531 |
|
|
Outdoor Holding Co.* |
|
|
9,651 |
|
| |
755 |
|
|
Penske Automotive Group Inc. |
|
|
118,928 |
|
| |
3,269 |
|
|
Petco Health & Wellness Co., Inc.,
Class A Shares* |
|
|
8,336 |
|
| |
3,897 |
|
|
RealReal Inc. (The)* |
|
|
47,777 |
|
| |
1,515 |
|
|
Revolve Group Inc., Class A Shares* |
|
|
38,117 |
|
| |
672 |
|
|
RH* |
|
|
111,357 |
|
| |
4,135 |
|
|
Sally Beauty Holdings Inc.* |
|
|
66,449 |
|
| |
715 |
|
|
Shoe Carnival Inc. |
|
|
14,436 |
|
| |
1,643 |
|
|
Signet Jewelers Ltd. |
|
|
158,040 |
|
| |
800 |
|
|
Sleep Number Corp.* |
|
|
4,936 |
|
| |
675 |
|
|
Sonic Automotive Inc., Class A
Shares |
|
|
42,336 |
|
| |
3,632 |
|
|
Stitch Fix Inc., Class A Shares* |
|
|
12,095 |
|
| |
4,700 |
|
|
ThredUp Inc., Class A Shares* |
|
|
22,936 |
|
| |
2,471 |
|
|
Upbound Group Inc. |
|
|
53,003 |
|
| |
2,525 |
|
|
Urban Outfitters Inc.* |
|
|
167,155 |
|
| |
5,209 |
|
|
Valvoline Inc.* |
|
|
196,900 |
|
| |
2,868 |
|
|
Victoria’s Secret & Co.* |
|
|
179,824 |
|
| |
4,008 |
|
|
Warby Parker Inc., Class A Shares* |
|
|
100,240 |
|
| |
4,128 |
|
|
Wayfair Inc., Class A Shares* |
|
|
315,090 |
|
| |
125 |
|
|
Winmark Corp. |
|
|
57,030 |
|
| |
661 |
|
|
Zumiez Inc.* |
|
|
17,331 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Specialty Retail |
|
|
8,769,481 |
|
|
|
|
| |
| |
|
|
|
|
| Textiles, Apparel & Luxury Goods — 0.9%
|
|
| |
6,239 |
|
|
Amer Sports Inc.* |
|
|
236,957 |
|
| |
49,447 |
|
|
Birkenstock Holding PLC* |
|
|
2,059,468 |
|
| |
4,844 |
|
|
Capri Holdings Ltd.* |
|
|
99,350 |
|
| |
1,594 |
|
|
Carter’s Inc. |
|
|
53,479 |
|
| |
1,074 |
|
|
Columbia Sportswear Co. |
|
|
66,524 |
|
| |
2,187 |
|
|
Crocs Inc.* |
|
|
198,383 |
|
| |
2,557 |
|
|
Ermenegildo Zegna NV |
|
|
28,817 |
|
| |
3,852 |
|
|
Figs Inc., Class A Shares* |
|
|
59,513 |
|
| |
1,477 |
|
|
G-III Apparel Group Ltd. |
|
|
45,181 |
|
| |
2,244 |
|
|
Kontoor Brands Inc. |
|
|
146,331 |
|
| |
555 |
|
|
Movado Group Inc. |
|
|
13,847 |
|
| |
746 |
|
|
Oxford Industries Inc. |
|
|
29,534 |
|
| |
1,966 |
|
|
PVH Corp. |
|
|
134,868 |
|
| |
1,601 |
|
|
Ralph Lauren Corp., Class A Shares |
|
|
580,523 |
|
| |
279 |
|
|
Rocky Brands Inc. |
|
|
12,611 |
|
| |
2,914 |
|
|
Steven Madden Ltd. |
|
|
105,195 |
|
| |
481 |
|
|
Superior Group of Cos., Inc. |
|
|
4,776 |
|
| |
8,660 |
|
|
Tapestry Inc. |
|
|
1,346,370 |
|
See
Notes to Financial Statements.
31
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER
DISCRETIONARY — 8.8% — (continued) |
|
|
| Textiles, Apparel & Luxury Goods — 0.9% —
(continued) |
|
| |
8,509 |
|
|
Under Armour Inc., Class A Shares* |
|
$ |
63,137 |
|
| |
99,704 |
|
|
Under Armour Inc., Class C Shares* |
|
|
720,860 |
|
| |
14,655 |
|
|
V.F. Corp. |
|
|
284,600 |
|
| |
3,456 |
|
|
Wolverine World Wide Inc. |
|
|
61,068 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Textiles, Apparel & Luxury
Goods |
|
|
6,351,392 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
CONSUMER DISCRETIONARY |
|
|
64,064,229 |
|
|
|
|
| |
| |
|
|
|
|
| |
CONSUMER STAPLES —
3.0% |
|
|
| Beverages — 0.7% |
|
| |
345 |
|
|
Boston Beer Co., Inc. (The), Class A
Shares* |
|
|
78,239 |
|
| |
39,342 |
|
|
Celsius Holdings Inc.* |
|
|
2,109,125 |
|
| |
2,396 |
|
|
Coca-Cola Consolidated Inc. |
|
|
484,950 |
|
| |
530 |
|
|
MGP Ingredients Inc. |
|
|
10,070 |
|
| |
993 |
|
|
National Beverage Corp.* |
|
|
36,096 |
|
| |
10,592 |
|
|
Primo Brands Corp., Class A Shares |
|
|
240,227 |
|
| |
41,602 |
|
|
Vita Coco Co., Inc. (The)* |
|
|
2,415,412 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Beverages |
|
|
5,374,119 |
|
|
|
|
| |
| |
|
|
|
|
| Consumer Staples Distribution & Retail —
1.4% |
|
| |
16,500 |
|
|
Albertsons Cos., Inc., Class A
Shares |
|
|
295,350 |
|
| |
1,317 |
|
|
Andersons Inc. (The) |
|
|
85,987 |
|
| |
25,457 |
|
|
BJ’s Wholesale Club Holdings Inc.* |
|
|
2,514,897 |
|
| |
1,547 |
|
|
Casey’s General Stores Inc. |
|
|
1,060,608 |
|
| |
1,589 |
|
|
Chefs’ Warehouse Inc. (The)* |
|
|
113,439 |
|
| |
13,516 |
|
|
Dollar Tree Inc.* |
|
|
1,709,504 |
|
| |
4,097 |
|
|
Grocery Outlet Holding Corp.* |
|
|
40,478 |
|
| |
1,410 |
|
|
HF Foods Group Inc.* |
|
|
2,947 |
|
| |
648 |
|
|
Ingles Markets Inc., Class A Shares |
|
|
55,145 |
|
| |
7,323 |
|
|
Maplebear Inc.* |
|
|
274,686 |
|
| |
679 |
|
|
Natural Grocers by Vitamin Cottage
Inc. |
|
|
18,353 |
|
| |
6,425 |
|
|
Performance Food Group Co.* |
|
|
623,610 |
|
| |
1,053 |
|
|
PriceSmart Inc. |
|
|
162,815 |
|
| |
4,164 |
|
|
Sprouts Farmers Market Inc.* |
|
|
307,595 |
|
| |
2,473 |
|
|
United Natural Foods Inc.* |
|
|
94,493 |
|
| |
31,497 |
|
|
US Foods Holding Corp.* |
|
|
3,042,925 |
|
| |
334 |
|
|
Village Super Market Inc., Class A
Shares |
|
|
13,076 |
|
| |
724 |
|
|
Weis Markets Inc. |
|
|
49,058 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Consumer Staples Distribution
& Retail |
|
|
10,464,966 |
|
|
|
|
| |
| |
|
|
|
|
| Food Products — 0.5% |
|
| |
284 |
|
|
Alico Inc. |
|
|
11,724 |
|
| |
2,868 |
|
|
B&G Foods Inc. |
|
|
15,229 |
|
| |
10,711 |
|
|
Beyond Meat Inc.*(a) |
|
|
10,128 |
|
| |
610 |
|
|
Calavo Growers Inc. |
|
|
16,372 |
|
| |
1,822 |
|
|
Cal-Maine Foods Inc. |
|
|
158,714 |
|
| |
6,490 |
|
|
Darling Ingredients Inc.* |
|
|
345,008 |
|
| |
3,375 |
|
|
Dole PLC |
|
|
54,135 |
|
| |
8,171 |
|
|
Flowers Foods Inc. |
|
|
80,730 |
|
| |
1,301 |
|
|
Fresh Del Monte Produce Inc. |
|
|
55,852 |
|
| |
2,002 |
|
|
Freshpet Inc.* |
|
|
169,069 |
|
| |
60,345 |
|
|
Hain Celestial Group Inc. (The)* |
|
|
48,240 |
|
| |
2,698 |
|
|
Ingredion Inc. |
|
|
316,907 |
|
| |
635 |
|
|
J&J Snack Foods Corp. |
|
|
55,283 |
|
| |
304 |
|
|
John B Sanfilippo & Son Inc. |
|
|
25,113 |
|
| |
5,565 |
|
|
Lamb Weston Holdings Inc. |
|
|
268,177 |
|
| |
163 |
|
|
Lifeway Foods Inc.* |
|
|
3,612 |
|
See
Notes to Financial Statements.
32
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| CONSUMER STAPLES —
3.0% — (continued) |
|
|
| Food Products — 0.5% — (continued) |
|
| |
630 |
|
|
Limoneira Co. |
|
$ |
8,877 |
|
| |
67,392 |
|
|
Magnum Ice Cream Co. NV (The)* |
|
|
1,069,511 |
|
| |
1,209 |
|
|
Mama’s Creations Inc.* |
|
|
20,722 |
|
| |
858 |
|
|
Marzetti Co. (The) |
|
|
141,004 |
|
| |
1,596 |
|
|
Mission Produce Inc.* |
|
|
22,647 |
|
| |
1,632 |
|
|
Pilgrim’s Pride Corp. |
|
|
70,437 |
|
| |
2,006 |
|
|
Post Holdings Inc.* |
|
|
213,238 |
|
| |
10 |
|
|
Seaboard Corp. |
|
|
51,327 |
|
| |
167 |
|
|
Seneca Foods Corp., Class A Shares* |
|
|
23,210 |
|
| |
3,938 |
|
|
Simply Good Foods Co. (The)* |
|
|
67,182 |
|
| |
2,014 |
|
|
Smithfield Foods Inc. |
|
|
50,108 |
|
| |
3,519 |
|
|
SunOpta Inc.* |
|
|
22,803 |
|
| |
724 |
|
|
Tootsie Roll Industries Inc. |
|
|
30,575 |
|
| |
29,632 |
|
|
TreeHouse Foods Inc.*(b)# |
|
|
57,190 |
|
| |
2,930 |
|
|
Utz Brands Inc. |
|
|
27,220 |
|
| |
1,383 |
|
|
Vital Farms Inc.* |
|
|
29,168 |
|
| |
1,319 |
|
|
Westrock Coffee Co.* |
|
|
5,830 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Food Products |
|
|
3,545,342 |
|
|
|
|
| |
| |
|
|
|
|
| Household Products — 0.3% |
|
| |
448 |
|
|
Central Garden & Pet Co.* |
|
|
17,557 |
|
| |
2,228 |
|
|
Central Garden & Pet Co., Class A
Shares* |
|
|
76,955 |
|
| |
2,742 |
|
|
Energizer Holdings Inc. |
|
|
59,200 |
|
| |
400 |
|
|
Oil-Dri Corp. of America |
|
|
27,136 |
|
| |
2,451 |
|
|
Reynolds Consumer Products Inc. |
|
|
60,809 |
|
| |
1,050 |
|
|
Spectrum Brands Holdings Inc. |
|
|
82,299 |
|
| |
5,985 |
|
|
WD-40 Co. |
|
|
1,425,627 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Household Products |
|
|
1,749,583 |
|
|
|
|
| |
| |
|
|
|
|
| Personal Care Products — 0.1% |
|
| |
3,042 |
|
|
Beauty Health Co. (The)* |
|
|
3,164 |
|
| |
5,193 |
|
|
BellRing Brands Inc.* |
|
|
95,499 |
|
| |
16,031 |
|
|
Coty Inc., Class A Shares* |
|
|
40,238 |
|
| |
2,085 |
|
|
Edgewell Personal Care Co. |
|
|
47,413 |
|
| |
2,273 |
|
|
elf Beauty Inc.* |
|
|
209,230 |
|
| |
4,000 |
|
|
Herbalife Ltd.* |
|
|
78,080 |
|
| |
3,123 |
|
|
Honest Co., Inc. (The)* |
|
|
8,744 |
|
| |
770 |
|
|
Interparfums Inc. |
|
|
77,601 |
|
| |
412 |
|
|
Medifast Inc.* |
|
|
4,338 |
|
| |
462 |
|
|
Nature’s Sunshine Products Inc.* |
|
|
12,788 |
|
| |
2,063 |
|
|
Niagen Bioscience Inc.* |
|
|
10,418 |
|
| |
1,812 |
|
|
Nu Skin Enterprises Inc., Class A
Shares |
|
|
15,366 |
|
| |
5,174 |
|
|
Olaplex Holdings Inc.* |
|
|
8,330 |
|
| |
416 |
|
|
USANA Health Sciences Inc.* |
|
|
8,952 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Personal Care Products |
|
|
620,161 |
|
|
|
|
| |
| |
|
|
|
|
| Tobacco — 0.0%@ |
|
| |
2,958 |
|
|
Ispire Technology Inc.* |
|
|
6,952 |
|
| |
688 |
|
|
Turning Point Brands Inc. |
|
|
94,249 |
|
| |
1,051 |
|
|
Universal Corp. |
|
|
56,470 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Tobacco |
|
|
157,671 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
CONSUMER STAPLES |
|
|
21,911,842 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
33
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| ENERGY — 4.4%
|
|
|
| Energy Equipment & Services — 1.9%
|
|
| |
7,149 |
|
|
Archrock Inc. |
|
$ |
252,574 |
|
| |
2,951 |
|
|
Atlas Energy Solutions Inc., Class A
Shares |
|
|
28,418 |
|
| |
10,916 |
|
|
Borr Drilling Ltd.* |
|
|
66,915 |
|
| |
1,190 |
|
|
Bristow Group Inc.* |
|
|
56,763 |
|
| |
2,843 |
|
|
Cactus Inc., Class A Shares |
|
|
153,522 |
|
| |
1,752 |
|
|
Core Laboratories Inc. |
|
|
30,818 |
|
| |
699 |
|
|
DMC Global Inc.* |
|
|
4,117 |
|
| |
4,363 |
|
|
Expro Group Holdings NV* |
|
|
77,923 |
|
| |
767 |
|
|
Flowco Holdings Inc., Class A Shares |
|
|
17,304 |
|
| |
302 |
|
|
Forum Energy Technologies Inc.* |
|
|
17,525 |
|
| |
6,400 |
|
|
Helix Energy Solutions Group Inc.* |
|
|
58,816 |
|
| |
3,999 |
|
|
Helmerich & Payne Inc. |
|
|
140,845 |
|
| |
18,928 |
|
|
Innovex International Inc.* |
|
|
498,753 |
|
| |
6,678 |
|
|
ION Geophysical Corp.*(b)# |
|
|
– |
|
| |
3,546 |
|
|
Kodiak Gas Services Inc. |
|
|
193,505 |
|
| |
6,700 |
|
|
Liberty Energy Inc., Class A Shares |
|
|
188,203 |
|
| |
720 |
|
|
Nabors Industries Ltd.* |
|
|
56,246 |
|
| |
2,641 |
|
|
National Energy Services Reunited
Corp.* |
|
|
66,157 |
|
| |
395 |
|
|
Natural Gas Services Group Inc. |
|
|
15,113 |
|
| |
5,172 |
|
|
Noble Corp. PLC |
|
|
234,964 |
|
| |
15,127 |
|
|
NOV Inc. |
|
|
306,473 |
|
| |
4,144 |
|
|
Oceaneering International Inc.* |
|
|
147,112 |
|
| |
2,491 |
|
|
Oil States International Inc.* |
|
|
32,607 |
|
| |
77,042 |
|
|
Patterson-UTI Energy Inc. |
|
|
655,627 |
|
| |
852 |
|
|
ProFrac Holding Corp., Class A
Shares* |
|
|
4,217 |
|
| |
3,269 |
|
|
ProPetro Holding Corp.* |
|
|
39,653 |
|
| |
585 |
|
|
Ranger Energy Services Inc., Class A
Shares |
|
|
10,191 |
|
| |
3,435 |
|
|
RPC Inc. |
|
|
19,957 |
|
| |
769 |
|
|
SEACOR Marine Holdings Inc.* |
|
|
5,891 |
|
| |
2,754 |
|
|
Seadrill Ltd.* |
|
|
120,846 |
|
| |
3,729 |
|
|
Select Water Solutions Inc., Class A
Shares |
|
|
50,975 |
|
| |
1,819 |
|
|
Solaris Energy Infrastructure Inc.,
Class A Shares |
|
|
90,277 |
|
| |
109,844 |
|
|
TechnipFMC PLC |
|
|
7,283,756 |
|
| |
218,743 |
|
|
TETRA Technologies Inc.* |
|
|
1,894,314 |
|
| |
2,038 |
|
|
Tidewater Inc.* |
|
|
161,858 |
|
| |
41,035 |
|
|
Transocean Ltd.* |
|
|
265,907 |
|
| |
2,641 |
|
|
Valaris Ltd.* |
|
|
253,140 |
|
| |
2,991 |
|
|
Weatherford International PLC |
|
|
315,431 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Energy Equipment &
Services |
|
|
13,816,713 |
|
|
|
|
| |
| |
|
|
|
|
| Oil, Gas & Consumable Fuels — 2.5%
|
|
| |
13,977 |
|
|
Antero Midstream Corp. |
|
|
314,203 |
|
| |
12,091 |
|
|
Antero Resources Corp.* |
|
|
445,070 |
|
| |
15,192 |
|
|
APA Corp. |
|
|
461,381 |
|
| |
1,636 |
|
|
Ardmore Shipping Corp. |
|
|
26,798 |
|
| |
907 |
|
|
BKV Corp.* |
|
|
28,416 |
|
| |
2,991 |
|
|
California Resources Corp. |
|
|
175,990 |
|
| |
2,712 |
|
|
Calumet Inc.* |
|
|
73,116 |
|
| |
714 |
|
|
Centrus Energy Corp., Class A
Shares* |
|
|
144,649 |
|
| |
2,364 |
|
|
Chord Energy Corp. |
|
|
256,187 |
|
| |
6,419 |
|
|
Clean Energy Fuels Corp.* |
|
|
14,507 |
|
| |
46,030 |
|
|
CNX Resources Corp.* |
|
|
1,923,133 |
|
| |
3,002 |
|
|
Comstock Resources Inc.* |
|
|
58,869 |
|
| |
2,142 |
|
|
Core Natural Resources Inc. |
|
|
175,815 |
|
| |
10,365 |
|
|
Crescent Energy Co., Class A Shares |
|
|
120,856 |
|
See
Notes to Financial Statements.
34
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| ENERGY — 4.4% —
(continued) |
|
|
| Oil, Gas & Consumable Fuels — 2.5% —
(continued) |
|
| |
1,379 |
|
|
CVR Energy Inc. |
|
$ |
33,317 |
|
| |
2,373 |
|
|
Delek US Holdings Inc. |
|
|
90,435 |
|
| |
36,066 |
|
|
Devon Energy Corp. |
|
|
1,569,953 |
|
| |
5,653 |
|
|
DHT Holdings Inc. |
|
|
110,177 |
|
| |
2,432 |
|
|
Diversified Energy Co. |
|
|
33,464 |
|
| |
1,683 |
|
|
Dorian LPG Ltd. |
|
|
62,254 |
|
| |
4,282 |
|
|
DT Midstream Inc. |
|
|
594,513 |
|
| |
7,149 |
|
|
Encore Energy Corp.* |
|
|
19,302 |
|
| |
9,841 |
|
|
Energy Fuels Inc.* |
|
|
209,810 |
|
| |
1,066 |
|
|
Evolution Petroleum Corp. |
|
|
4,765 |
|
| |
944 |
|
|
Excelerate Energy Inc., Class A
Shares |
|
|
37,996 |
|
| |
1,152 |
|
|
FLEX LNG Ltd.(a) |
|
|
31,473 |
|
| |
1,005 |
|
|
FutureFuel Corp. |
|
|
4,342 |
|
| |
13,649 |
|
|
Gevo Inc.*(a) |
|
|
24,841 |
|
| |
4,096 |
|
|
Golar LNG Ltd. |
|
|
182,108 |
|
| |
1,949 |
|
|
Granite Ridge Resources Inc. |
|
|
9,862 |
|
| |
2,989 |
|
|
Green Plains Inc.* |
|
|
41,039 |
|
| |
653 |
|
|
Gulfport Energy Corp.* |
|
|
136,255 |
|
| |
6,647 |
|
|
HF Sinclair Corp. |
|
|
332,416 |
|
| |
529 |
|
|
Infinity Natural Resources Inc., Class
A Shares* |
|
|
8,781 |
|
| |
1,726 |
|
|
International Seaways Inc. |
|
|
130,365 |
|
| |
1,845 |
|
|
Kinetik Holdings Inc., Class A
Shares |
|
|
83,929 |
|
| |
21,548 |
|
|
Kosmos Energy Ltd.* |
|
|
50,207 |
|
| |
884 |
|
|
Lightbridge Corp.* |
|
|
11,430 |
|
| |
57,650 |
|
|
Magnolia Oil & Gas Corp., Class A
Shares |
|
|
1,603,823 |
|
| |
31,526 |
|
|
Matador Resources Co. |
|
|
1,620,436 |
|
| |
5,644 |
|
|
Murphy Oil Corp. |
|
|
187,099 |
|
| |
101 |
|
|
NACCO Industries Inc., Class A
Shares |
|
|
5,795 |
|
| |
1,753 |
|
|
Navigator Holdings Ltd. |
|
|
36,848 |
|
| |
8,812 |
|
|
New Fortress Energy Inc., Class A
Shares*(a) |
|
|
9,605 |
|
| |
6,331 |
|
|
NextDecade Corp.* |
|
|
34,124 |
|
| |
8,222 |
|
|
Nordic American Tankers Ltd. |
|
|
47,112 |
|
| |
43,453 |
|
|
Northern Oil & Gas Inc. |
|
|
1,198,868 |
|
| |
11,917 |
|
|
Ovintiv Inc. |
|
|
602,881 |
|
| |
2,114 |
|
|
Par Pacific Holdings Inc.* |
|
|
90,204 |
|
| |
3,461 |
|
|
PBF Energy Inc., Class A Shares |
|
|
123,212 |
|
| |
5,038 |
|
|
Peabody Energy Corp. |
|
|
158,899 |
|
| |
107,422 |
|
|
Permian Resources Corp., Class A
Shares |
|
|
1,964,748 |
|
| |
9,820 |
|
|
Range Resources Corp. |
|
|
405,370 |
|
| |
1,200 |
|
|
REX American Resources Corp.* |
|
|
42,672 |
|
| |
422 |
|
|
Riley Exploration Permian Inc. |
|
|
12,170 |
|
| |
3,181 |
|
|
Sable Offshore Corp.* |
|
|
26,243 |
|
| |
1,525 |
|
|
SandRidge Energy Inc. |
|
|
26,733 |
|
| |
1,895 |
|
|
Scorpio Tankers Inc. |
|
|
149,857 |
|
| |
5,641 |
|
|
SFL Corp., Ltd., Class B Shares |
|
|
62,107 |
|
| |
10,252 |
|
|
SM Energy Co. |
|
|
237,129 |
|
| |
5,497 |
|
|
Talos Energy Inc.* |
|
|
67,338 |
|
| |
2,027 |
|
|
Teekay Corp., Ltd. |
|
|
26,250 |
|
| |
913 |
|
|
Teekay Tankers Ltd., Class A Shares |
|
|
71,461 |
|
| |
65,730 |
|
|
Uranium Energy Corp.* |
|
|
1,007,641 |
|
| |
4,067 |
|
|
VAALCO Energy Inc. |
|
|
20,945 |
|
| |
7,020 |
|
|
Viper Energy Inc., Class A Shares |
|
|
326,711 |
|
| |
1,234 |
|
|
Vitesse Energy Inc. |
|
|
23,829 |
|
| |
3,524 |
|
|
W&T Offshore Inc. |
|
|
9,339 |
|
| |
2,129 |
|
|
World Kinect Corp. |
|
|
53,119 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Oil, Gas & Consumable
Fuels |
|
|
18,284,592 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
ENERGY |
|
|
32,101,305 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
35
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS —
12.2% |
|
|
| Banks — 5.4% |
|
| |
852 |
|
|
1st Source Corp. |
|
$ |
57,093 |
|
| |
385 |
|
|
ACNB Corp. |
|
|
19,404 |
|
| |
964 |
|
|
Amalgamated Financial Corp. |
|
|
37,104 |
|
| |
1,512 |
|
|
Amerant Bancorp Inc., Class A Shares |
|
|
32,281 |
|
| |
2,861 |
|
|
Ameris Bancorp |
|
|
222,185 |
|
| |
326 |
|
|
Ames National Corp. |
|
|
8,805 |
|
| |
663 |
|
|
Arrow Financial Corp. |
|
|
22,085 |
|
| |
7,103 |
|
|
Associated Banc-Corp. |
|
|
187,590 |
|
| |
5,952 |
|
|
Atlantic Union Bankshares Corp. |
|
|
220,581 |
|
| |
2,231 |
|
|
Axos Financial Inc.* |
|
|
193,695 |
|
| |
77,052 |
|
|
Banc of California Inc. |
|
|
1,423,150 |
|
| |
898 |
|
|
BancFirst Corp. |
|
|
98,780 |
|
| |
1,749 |
|
|
Bancorp Inc. (The)* |
|
|
91,805 |
|
| |
368 |
|
|
Bank First Corp. |
|
|
49,559 |
|
| |
1,543 |
|
|
Bank of Hawaii Corp. |
|
|
116,913 |
|
| |
650 |
|
|
Bank of Marin Bancorp |
|
|
16,178 |
|
| |
1,666 |
|
|
Bank of NT Butterfield & Son Ltd.
(The) |
|
|
84,550 |
|
| |
4,425 |
|
|
Bank OZK |
|
|
206,028 |
|
| |
194 |
|
|
Bank7 Corp. |
|
|
7,892 |
|
| |
3,184 |
|
|
BankUnited Inc. |
|
|
148,693 |
|
| |
327 |
|
|
Bankwell Financial Group Inc. |
|
|
15,271 |
|
| |
1,483 |
|
|
Banner Corp. |
|
|
87,275 |
|
| |
756 |
|
|
Bar Harbor Bankshares |
|
|
24,389 |
|
| |
427 |
|
|
Baycom Corp. |
|
|
12,554 |
|
| |
798 |
|
|
BCB Bancorp Inc. |
|
|
6,384 |
|
| |
3,383 |
|
|
Beacon Financial Corp. |
|
|
100,610 |
|
| |
936 |
|
|
Blue Foundry Bancorp* |
|
|
12,336 |
|
| |
998 |
|
|
BOK Financial Corp. |
|
|
125,469 |
|
| |
835 |
|
|
Bridgewater Bancshares Inc.* |
|
|
15,264 |
|
| |
516 |
|
|
Burke & Herbert Financial Services
Corp. |
|
|
33,251 |
|
| |
1,261 |
|
|
Business First Bancshares Inc. |
|
|
34,425 |
|
| |
1,350 |
|
|
Byline Bancorp Inc. |
|
|
42,120 |
|
| |
853 |
|
|
California BanCorp |
|
|
15,618 |
|
| |
781 |
|
|
Camden National Corp. |
|
|
36,051 |
|
| |
378 |
|
|
Capital Bancorp Inc. |
|
|
11,117 |
|
| |
618 |
|
|
Capital City Bank Group Inc. |
|
|
26,478 |
|
| |
5,983 |
|
|
Capitol Federal Financial Inc. |
|
|
42,958 |
|
| |
965 |
|
|
Carter Bankshares Inc.* |
|
|
20,111 |
|
| |
2,971 |
|
|
Cathay General Bancorp |
|
|
147,688 |
|
| |
770 |
|
|
Central Pacific Financial Corp. |
|
|
24,525 |
|
| |
154 |
|
|
Chemung Financial Corp. |
|
|
8,550 |
|
| |
896 |
|
|
ChoiceOne Financial Services Inc. |
|
|
25,644 |
|
| |
635 |
|
|
Citizens & Northern Corp. |
|
|
14,262 |
|
| |
177 |
|
|
Citizens Financial Services Inc. |
|
|
10,631 |
|
| |
549 |
|
|
City Holding Co. |
|
|
65,864 |
|
| |
679 |
|
|
Civista Bancshares Inc. |
|
|
16,167 |
|
| |
1,233 |
|
|
CNB Financial Corp. |
|
|
34,536 |
|
| |
535 |
|
|
Coastal Financial Corp.* |
|
|
39,692 |
|
| |
731 |
|
|
Colony Bankcorp Inc. |
|
|
14,496 |
|
| |
12,362 |
|
|
Columbia Banking System Inc. |
|
|
351,699 |
|
| |
1,021 |
|
|
Columbia Financial Inc.* |
|
|
18,276 |
|
| |
5,351 |
|
|
Commerce Bancshares Inc. |
|
|
272,847 |
|
| |
2,234 |
|
|
Community Financial System Inc. |
|
|
135,269 |
|
| |
731 |
|
|
Community Trust Bancorp Inc. |
|
|
43,889 |
|
| |
743 |
|
|
Community West Bancshares |
|
|
17,260 |
|
See
Notes to Financial Statements.
36
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Banks — 5.4% — (continued) |
|
| |
1,971 |
|
|
ConnectOne Bancorp Inc. |
|
$ |
52,291 |
|
| |
2,681 |
|
|
Cullen/Frost Bankers Inc. |
|
|
370,568 |
|
| |
1,278 |
|
|
Customers Bancorp Inc.* |
|
|
86,188 |
|
| |
5,837 |
|
|
CVB Financial Corp. |
|
|
112,246 |
|
| |
1,876 |
|
|
Dime Community Bancshares Inc. |
|
|
60,689 |
|
| |
1,275 |
|
|
Eagle Bancorp Inc. |
|
|
32,449 |
|
| |
23,018 |
|
|
East West Bancorp Inc. |
|
|
2,519,320 |
|
| |
9,366 |
|
|
Eastern Bankshares Inc. |
|
|
183,199 |
|
| |
1,535 |
|
|
Enterprise Financial Services Corp. |
|
|
87,648 |
|
| |
738 |
|
|
Equity Bancshares Inc., Class A
Shares |
|
|
33,121 |
|
| |
286 |
|
|
Esquire Financial Holdings Inc. |
|
|
28,880 |
|
| |
525 |
|
|
Farmers & Merchants Bancorp Inc. |
|
|
13,577 |
|
| |
1,573 |
|
|
Farmers National Banc Corp. |
|
|
20,339 |
|
| |
1,789 |
|
|
FB Financial Corp. |
|
|
97,840 |
|
| |
186 |
|
|
Fidelity D&D Bancorp Inc. |
|
|
8,156 |
|
| |
811 |
|
|
Financial Institutions Inc. |
|
|
25,449 |
|
| |
50,935 |
|
|
First Bancorp |
|
|
1,137,913 |
|
| |
1,230 |
|
|
First Bank |
|
|
19,582 |
|
| |
3,826 |
|
|
First Busey Corp. |
|
|
97,027 |
|
| |
294 |
|
|
First Business Financial Services
Inc. |
|
|
16,067 |
|
| |
781 |
|
|
First Citizens BancShares Inc., Class A
Shares |
|
|
1,482,455 |
|
| |
4,785 |
|
|
First Commonwealth Financial Corp. |
|
|
83,881 |
|
| |
599 |
|
|
First Community Bankshares Inc. |
|
|
23,439 |
|
| |
4,032 |
|
|
First Financial Bancorp |
|
|
113,178 |
|
| |
5,492 |
|
|
First Financial Bankshares Inc. |
|
|
169,868 |
|
| |
613 |
|
|
First Financial Corp. |
|
|
38,840 |
|
| |
2,380 |
|
|
First Foundation Inc.* |
|
|
13,971 |
|
| |
32,113 |
|
|
First Hawaiian Inc. |
|
|
795,118 |
|
| |
21,108 |
|
|
First Horizon Corp. |
|
|
502,159 |
|
| |
310 |
|
|
First Internet Bancorp |
|
|
6,287 |
|
| |
3,799 |
|
|
First Interstate BancSystem Inc., Class
A Shares |
|
|
131,483 |
|
| |
2,423 |
|
|
First Merchants Corp. |
|
|
94,691 |
|
| |
1,029 |
|
|
First Mid Bancshares Inc. |
|
|
42,199 |
|
| |
320 |
|
|
First Western Financial Inc.* |
|
|
8,093 |
|
| |
462 |
|
|
Firstsun Capital Bancorp* |
|
|
16,849 |
|
| |
742 |
|
|
Five Star Bancorp |
|
|
28,886 |
|
| |
93,866 |
|
|
Flagstar Bank N.A. |
|
|
1,191,160 |
|
| |
1,038 |
|
|
Flushing Financial Corp. |
|
|
16,016 |
|
| |
15,387 |
|
|
FNB Corp. |
|
|
261,425 |
|
| |
280 |
|
|
FS Bancorp Inc. |
|
|
11,063 |
|
| |
7,749 |
|
|
Fulton Financial Corp. |
|
|
158,467 |
|
| |
686 |
|
|
FVCBankcorp Inc. |
|
|
10,592 |
|
| |
397 |
|
|
GBank Financial Holdings Inc.* |
|
|
11,993 |
|
| |
1,589 |
|
|
German American Bancorp Inc. |
|
|
65,689 |
|
| |
18,080 |
|
|
Glacier Bancorp Inc. |
|
|
822,459 |
|
| |
351 |
|
|
Great Southern Bancorp Inc. |
|
|
21,597 |
|
| |
266 |
|
|
Greene County Bancorp Inc. |
|
|
5,871 |
|
| |
3,719 |
|
|
Hancock Whitney Corp. |
|
|
244,747 |
|
| |
1,315 |
|
|
Hanmi Financial Corp. |
|
|
34,335 |
|
| |
644 |
|
|
HBT Financial Inc. |
|
|
17,362 |
|
| |
3,032 |
|
|
Heritage Commerce Corp. |
|
|
37,688 |
|
| |
1,343 |
|
|
Heritage Financial Corp. |
|
|
35,469 |
|
| |
2,345 |
|
|
Hilltop Holdings Inc. |
|
|
87,773 |
|
| |
65 |
|
|
Hingham Institution For Savings The |
|
|
18,143 |
|
| |
295 |
|
|
Home Bancorp Inc. |
|
|
17,435 |
|
See
Notes to Financial Statements.
37
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Banks — 5.4% — (continued) |
|
| |
8,168 |
|
|
Home BancShares Inc. |
|
$ |
224,293 |
|
| |
830 |
|
|
HomeTrust Bancshares Inc. |
|
|
34,976 |
|
| |
5,260 |
|
|
Hope Bancorp Inc. |
|
|
59,228 |
|
| |
3,307 |
|
|
Horizon Bancorp Inc. |
|
|
55,690 |
|
| |
156,403 |
|
|
Huntington Bancshares Inc. |
|
|
2,627,570 |
|
| |
18,766 |
|
|
Independent Bank Corp. |
|
|
1,425,597 |
|
| |
2,251 |
|
|
International Bancshares Corp. |
|
|
151,065 |
|
| |
433 |
|
|
Investar Holding Corp. |
|
|
12,224 |
|
| |
587 |
|
|
John Marshall Bancorp Inc. |
|
|
11,270 |
|
| |
2,369 |
|
|
Kearny Financial Corp. |
|
|
18,123 |
|
| |
1,074 |
|
|
Lakeland Financial Corp. |
|
|
62,389 |
|
| |
564 |
|
|
LCNB Corp. |
|
|
9,582 |
|
| |
1,077 |
|
|
LINKBANCORP Inc. |
|
|
9,316 |
|
| |
1,667 |
|
|
Live Oak Bancshares Inc. |
|
|
60,462 |
|
| |
1,654 |
|
|
Mechanics Bancorp, Class A Shares |
|
|
23,586 |
|
| |
830 |
|
|
Mercantile Bank Corp. |
|
|
42,878 |
|
| |
818 |
|
|
Metrocity Bankshares Inc. |
|
|
22,986 |
|
| |
409 |
|
|
Metropolitan Bank Holding Corp. |
|
|
34,417 |
|
| |
807 |
|
|
Mid Penn Bancorp Inc. |
|
|
25,961 |
|
| |
304 |
|
|
Middlefield Banc Corp. |
|
|
10,236 |
|
| |
719 |
|
|
Midland States Bancorp Inc. |
|
|
15,911 |
|
| |
430 |
|
|
MVB Financial Corp. |
|
|
11,610 |
|
| |
1,593 |
|
|
National Bank Holdings Corp., Class A
Shares |
|
|
63,704 |
|
| |
273 |
|
|
National Bankshares Inc. |
|
|
10,251 |
|
| |
1,643 |
|
|
NB Bancorp Inc. |
|
|
35,062 |
|
| |
2,224 |
|
|
NBT Bancorp Inc. |
|
|
95,009 |
|
| |
732 |
|
|
Nicolet Bankshares Inc. |
|
|
111,820 |
|
| |
274 |
|
|
Northeast Bank |
|
|
30,381 |
|
| |
533 |
|
|
Northeast Community Bancorp Inc. |
|
|
12,899 |
|
| |
1,560 |
|
|
Northfield Bancorp Inc. |
|
|
20,810 |
|
| |
543 |
|
|
Northpointe Bancshares Inc. |
|
|
9,807 |
|
| |
920 |
|
|
Northrim BanCorp Inc. |
|
|
21,611 |
|
| |
5,997 |
|
|
Northwest Bancshares Inc. |
|
|
74,663 |
|
| |
297 |
|
|
Norwood Financial Corp. |
|
|
8,631 |
|
| |
236 |
|
|
Oak Valley Bancorp |
|
|
7,552 |
|
| |
2,595 |
|
|
OceanFirst Financial Corp. |
|
|
46,866 |
|
| |
1,820 |
|
|
OFG Bancorp |
|
|
72,946 |
|
| |
14,434 |
|
|
Old National Bancorp |
|
|
333,425 |
|
| |
2,497 |
|
|
Old Second Bancorp Inc. |
|
|
49,016 |
|
| |
533 |
|
|
Orange County Bancorp Inc. |
|
|
17,701 |
|
| |
1,327 |
|
|
Origin Bancorp Inc. |
|
|
55,203 |
|
| |
770 |
|
|
Orrstown Financial Services Inc. |
|
|
27,674 |
|
| |
612 |
|
|
Park National Corp. |
|
|
100,692 |
|
| |
1,059 |
|
|
Pathward Financial Inc. |
|
|
96,147 |
|
| |
540 |
|
|
PCB Bancorp |
|
|
12,074 |
|
| |
660 |
|
|
Peapack Gladstone Financial Corp. |
|
|
22,103 |
|
| |
1,514 |
|
|
Peoples Bancorp Inc. |
|
|
48,857 |
|
| |
222 |
|
|
Peoples Bancorp of North Carolina
Inc. |
|
|
8,483 |
|
| |
386 |
|
|
Peoples Financial Services Corp. |
|
|
20,690 |
|
| |
6,225 |
|
|
Pinnacle Financial Partners Inc. |
|
|
564,981 |
|
| |
545 |
|
|
Pioneer Bancorp Inc.* |
|
|
7,690 |
|
| |
238 |
|
|
Plumas Bancorp |
|
|
11,971 |
|
| |
668 |
|
|
Ponce Financial Group Inc.* |
|
|
10,855 |
|
| |
2,770 |
|
|
Popular Inc. |
|
|
374,947 |
|
| |
386 |
|
|
Preferred Bank |
|
|
33,860 |
|
See
Notes to Financial Statements.
38
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Banks — 5.4% — (continued) |
|
| |
950 |
|
|
Primis Financial Corp. |
|
$ |
12,550 |
|
| |
209 |
|
|
Princeton Bancorp Inc. |
|
|
7,100 |
|
| |
3,778 |
|
|
Prosperity Bancshares Inc. |
|
|
265,858 |
|
| |
4,607 |
|
|
Provident Financial Services Inc. |
|
|
96,931 |
|
| |
655 |
|
|
QCR Holdings Inc. |
|
|
56,658 |
|
| |
762 |
|
|
RBB Bancorp |
|
|
16,383 |
|
| |
182 |
|
|
Red River Bancshares Inc. |
|
|
16,143 |
|
| |
3,838 |
|
|
Renasant Corp. |
|
|
144,501 |
|
| |
365 |
|
|
Republic Bancorp Inc., Class A
Shares |
|
|
25,185 |
|
| |
1,645 |
|
|
S&T Bancorp Inc. |
|
|
68,777 |
|
| |
3,747 |
|
|
Seacoast Banking Corp. of Florida |
|
|
116,607 |
|
| |
2,147 |
|
|
ServisFirst Bancshares Inc. |
|
|
173,928 |
|
| |
1,970 |
|
|
Shore Bancshares Inc. |
|
|
36,603 |
|
| |
564 |
|
|
Sierra Bancorp |
|
|
20,293 |
|
| |
6,252 |
|
|
Simmons First National Corp., Class A
Shares |
|
|
124,477 |
|
| |
657 |
|
|
SmartFinancial Inc. |
|
|
25,761 |
|
| |
524 |
|
|
South Plains Financial Inc. |
|
|
21,463 |
|
| |
313 |
|
|
Southern First Bancshares Inc.* |
|
|
17,478 |
|
| |
384 |
|
|
Southern Missouri Bancorp Inc. |
|
|
23,773 |
|
| |
1,226 |
|
|
Southside Bancshares Inc. |
|
|
38,398 |
|
| |
4,440 |
|
|
SouthState Bank Corp. |
|
|
438,095 |
|
| |
1,985 |
|
|
Stellar Bancorp Inc. |
|
|
74,755 |
|
| |
1,036 |
|
|
Sterling Bancorp Inc.*(b)# |
|
|
– |
|
| |
1,121 |
|
|
Stock Yards Bancorp Inc. |
|
|
71,901 |
|
| |
37,570 |
|
|
Texas Capital Bancshares Inc.* |
|
|
3,580,421 |
|
| |
2,222 |
|
|
TFS Financial Corp. |
|
|
31,152 |
|
| |
458 |
|
|
Third Coast Bancshares Inc.* |
|
|
18,141 |
|
| |
317 |
|
|
Timberland Bancorp Inc. |
|
|
12,071 |
|
| |
684 |
|
|
Tompkins Financial Corp. |
|
|
52,470 |
|
| |
2,971 |
|
|
Towne Bank |
|
|
101,786 |
|
| |
1,489 |
|
|
TriCo Bancshares |
|
|
71,144 |
|
| |
972 |
|
|
Triumph Financial Inc.* |
|
|
54,296 |
|
| |
802 |
|
|
TrustCo. Bank Corp. NY |
|
|
34,783 |
|
| |
2,415 |
|
|
Trustmark Corp. |
|
|
102,855 |
|
| |
15,715 |
|
|
UMB Financial Corp. |
|
|
1,821,054 |
|
| |
5,972 |
|
|
United Bankshares Inc. |
|
|
246,644 |
|
| |
5,107 |
|
|
United Community Banks Inc. |
|
|
164,292 |
|
| |
317 |
|
|
Unity Bancorp Inc. |
|
|
16,861 |
|
| |
1,274 |
|
|
Univest Financial Corp. |
|
|
42,743 |
|
| |
482 |
|
|
USCB Financial Holdings Inc. |
|
|
9,124 |
|
| |
20,128 |
|
|
Valley National Bancorp |
|
|
253,814 |
|
| |
198 |
|
|
Virginia National Bankshares Corp. |
|
|
7,667 |
|
| |
42,951 |
|
|
WaFd Inc. |
|
|
1,338,353 |
|
| |
851 |
|
|
Washington Trust Bancorp Inc. |
|
|
28,670 |
|
| |
7,009 |
|
|
Webster Financial Corp. |
|
|
505,559 |
|
| |
3,908 |
|
|
WesBanco Inc. |
|
|
136,272 |
|
| |
761 |
|
|
West BanCorp Inc. |
|
|
18,530 |
|
| |
904 |
|
|
Westamerica BanCorp |
|
|
45,788 |
|
| |
4,523 |
|
|
Western Alliance Bancorp |
|
|
363,287 |
|
| |
24,040 |
|
|
Wintrust Financial Corp. |
|
|
3,463,202 |
|
| |
2,279 |
|
|
WSFS Financial Corp. |
|
|
144,739 |
|
| |
6,184 |
|
|
Zions Bancorp NA |
|
|
354,220 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Banks |
|
|
39,051,884 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
39
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Capital Markets — 2.2% |
|
| |
1,136 |
|
|
Acadian Asset Management Inc. |
|
$ |
61,185 |
|
| |
1,209 |
|
|
Affiliated Managers Group Inc. |
|
|
370,172 |
|
| |
1,313 |
|
|
AlTi Global Inc.* |
|
|
5,817 |
|
| |
2,540 |
|
|
Artisan Partners Asset Management Inc.,
Class A Shares |
|
|
102,311 |
|
| |
15,204 |
|
|
BGC Group Inc., Class A Shares |
|
|
144,742 |
|
| |
1,353 |
|
|
Bullish* |
|
|
42,471 |
|
| |
10,957 |
|
|
Carlyle Group Inc. (The) |
|
|
569,654 |
|
| |
2,673 |
|
|
Cboe Global Markets Inc. |
|
|
801,152 |
|
| |
1,115 |
|
|
Cohen & Steers Inc. |
|
|
74,560 |
|
| |
94 |
|
|
Diamond Hill Investment Group Inc. |
|
|
16,156 |
|
| |
7,122 |
|
|
DigitalBridge Group Inc. |
|
|
110,035 |
|
| |
1,059 |
|
|
Donnelley Financial Solutions Inc.* |
|
|
52,696 |
|
| |
1,541 |
|
|
Evercore Inc., Class A Shares |
|
|
475,922 |
|
| |
1,571 |
|
|
FactSet Research Systems Inc. |
|
|
340,609 |
|
| |
395 |
|
|
Forge Global Holdings Inc.* |
|
|
17,775 |
|
| |
12,915 |
|
|
Franklin Resources Inc. |
|
|
342,764 |
|
| |
730 |
|
|
Freedom Holding Corp.* |
|
|
87,724 |
|
| |
2,296 |
|
|
GCM Grosvenor Inc., Class A Shares |
|
|
26,588 |
|
| |
12,109 |
|
|
Hamilton Lane Inc., Class A Shares |
|
|
1,270,718 |
|
| |
17,899 |
|
|
Houlihan Lokey Inc., Class A Shares |
|
|
2,931,319 |
|
| |
78,377 |
|
|
Invesco Ltd. |
|
|
2,058,180 |
|
| |
5,377 |
|
|
Janus Henderson Group PLC |
|
|
280,142 |
|
| |
6,518 |
|
|
Jefferies Financial Group Inc. |
|
|
289,399 |
|
| |
3,855 |
|
|
Lazard Inc., Class A Shares |
|
|
195,063 |
|
| |
2,179 |
|
|
Marex Group PLC |
|
|
94,699 |
|
| |
1,505 |
|
|
MarketAxess Holdings Inc. |
|
|
288,960 |
|
| |
978 |
|
|
Miami International Holdings Inc.* |
|
|
41,663 |
|
| |
2,335 |
|
|
Moelis & Co., Class A Shares |
|
|
138,606 |
|
| |
951 |
|
|
Morningstar Inc. |
|
|
174,166 |
|
| |
3,688 |
|
|
Open Lending Corp.* |
|
|
4,905 |
|
| |
2,788 |
|
|
Patria Investments Ltd., Class A
Shares |
|
|
36,579 |
|
| |
2,966 |
|
|
Perella Weinberg Partners, Class A
Shares |
|
|
54,901 |
|
| |
739 |
|
|
Piper Sandler Cos. |
|
|
218,411 |
|
| |
986 |
|
|
PJT Partners Inc., Class A Shares |
|
|
145,612 |
|
| |
1,947 |
|
|
Ridgepost Capital Inc., Class A
Shares |
|
|
15,712 |
|
| |
4,244 |
|
|
SEI Investments Co. |
|
|
345,122 |
|
| |
575 |
|
|
Silvercrest Asset Management Group
Inc., Class A Shares |
|
|
8,743 |
|
| |
25,543 |
|
|
StepStone Group Inc., Class A Shares |
|
|
1,101,925 |
|
| |
23,369 |
|
|
Stifel Financial Corp. |
|
|
1,730,474 |
|
| |
2,032 |
|
|
StoneX Group Inc.* |
|
|
259,080 |
|
| |
5,583 |
|
|
TPG Inc., Class A Shares |
|
|
242,414 |
|
| |
1,873 |
|
|
Victory Capital Holdings Inc., Class A
Shares |
|
|
129,574 |
|
| |
3,291 |
|
|
Virtu Financial Inc., Class A Shares |
|
|
136,280 |
|
| |
305 |
|
|
Virtus Investment Partners Inc. |
|
|
42,200 |
|
| |
12,067 |
|
|
Webull Corp.* |
|
|
70,109 |
|
| |
5,433 |
|
|
WisdomTree Inc. |
|
|
92,959 |
|
| |
16,829 |
|
|
XP Inc., Class A Shares |
|
|
362,328 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Capital Markets |
|
|
16,402,576 |
|
|
|
|
| |
| |
|
|
|
|
| Consumer Finance — 0.9% |
|
| |
11,561 |
|
|
Ally Financial Inc. |
|
|
455,966 |
|
| |
210 |
|
|
Atlanticus Holdings Corp.* |
|
|
10,985 |
|
| |
11,231 |
|
|
Bread Financial Holdings Inc. |
|
|
795,829 |
|
| |
440 |
|
|
Consumer Portfolio Services Inc.* |
|
|
3,564 |
|
| |
186 |
|
|
Credit Acceptance Corp.* |
|
|
88,011 |
|
See
Notes to Financial Statements.
40
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Consumer Finance — 0.9% — (continued) |
|
| |
440 |
|
|
Dave Inc.* |
|
$ |
85,039 |
|
| |
996 |
|
|
Encore Capital Group Inc.* |
|
|
68,017 |
|
| |
1,001 |
|
|
Enova International Inc.* |
|
|
139,189 |
|
| |
1,530 |
|
|
Figure Technology Solutions Inc., Class
A Shares*(a) |
|
|
38,678 |
|
| |
12,934 |
|
|
FirstCash Holdings Inc. |
|
|
2,493,546 |
|
| |
2,490 |
|
|
Green Dot Corp., Class A Shares* |
|
|
28,784 |
|
| |
65,488 |
|
|
LendingClub Corp.* |
|
|
976,426 |
|
| |
553 |
|
|
LendingTree Inc.* |
|
|
20,666 |
|
| |
944 |
|
|
Medallion Financial Corp. |
|
|
9,525 |
|
| |
3,198 |
|
|
Navient Corp. |
|
|
28,110 |
|
| |
455 |
|
|
Nelnet Inc., Class A Shares |
|
|
58,904 |
|
| |
2,001 |
|
|
NerdWallet Inc., Class A Shares* |
|
|
21,711 |
|
| |
4,992 |
|
|
OneMain Holdings Inc., Class A
Shares |
|
|
274,660 |
|
| |
717 |
|
|
OppFi Inc. |
|
|
6,582 |
|
| |
1,531 |
|
|
PRA Group Inc.* |
|
|
24,113 |
|
| |
1,561 |
|
|
PROG Holdings Inc. |
|
|
54,963 |
|
| |
351 |
|
|
Regional Management Corp. |
|
|
11,169 |
|
| |
8,785 |
|
|
SLM Corp. |
|
|
164,631 |
|
| |
51,393 |
|
|
SoFi Technologies Inc.* |
|
|
912,740 |
|
| |
3,488 |
|
|
Upstart Holdings Inc.* |
|
|
94,978 |
|
| |
118 |
|
|
World Acceptance Corp.* |
|
|
15,916 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Consumer Finance |
|
|
6,882,702 |
|
|
|
|
| |
| |
|
|
|
|
| Financial Services — 1.2% |
|
| |
1,324 |
|
|
Acacia Research Corp.* |
|
|
5,548 |
|
| |
11,534 |
|
|
Affirm Holdings Inc., Class A
Shares* |
|
|
541,867 |
|
| |
875 |
|
|
Alerus Financial Corp. |
|
|
20,860 |
|
| |
1,317 |
|
|
Banco Latinoamericano de Comercio
Exterior SA, Class E Shares |
|
|
65,889 |
|
| |
8,708 |
|
|
Burford Capital Ltd. |
|
|
73,496 |
|
| |
2,626 |
|
|
Cannae Holdings Inc. |
|
|
32,037 |
|
| |
2,353 |
|
|
Cantaloupe Inc.* |
|
|
24,565 |
|
| |
573 |
|
|
Cass Information Systems Inc. |
|
|
25,430 |
|
| |
2,987 |
|
|
Compass Diversified Holdings |
|
|
22,373 |
|
| |
1,453 |
|
|
Enact Holdings Inc. |
|
|
60,794 |
|
| |
11,232 |
|
|
Equitable Holdings Inc. |
|
|
451,751 |
|
| |
3,963 |
|
|
Essent Group Ltd. |
|
|
241,109 |
|
| |
1,754 |
|
|
Euronet Worldwide Inc.* |
|
|
121,991 |
|
| |
2,792 |
|
|
EVERTEC Inc. |
|
|
79,042 |
|
| |
378 |
|
|
Federal Agricultural Mortgage Corp.,
Class C Shares |
|
|
59,595 |
|
| |
4,908 |
|
|
Flywire Corp.* |
|
|
60,417 |
|
| |
51,542 |
|
|
HA Sustainable Infrastructure Capital
Inc. |
|
|
1,882,314 |
|
| |
1,192 |
|
|
International Money Express Inc.* |
|
|
18,810 |
|
| |
3,036 |
|
|
Jack Henry & Associates Inc. |
|
|
493,229 |
|
| |
2,557 |
|
|
Jackson Financial Inc., Class A
Shares |
|
|
279,940 |
|
| |
15,966 |
|
|
Marqeta Inc., Class A Shares* |
|
|
61,309 |
|
| |
1,069 |
|
|
Merchants Bancorp |
|
|
45,197 |
|
| |
9,305 |
|
|
MGIC Investment Corp. |
|
|
246,862 |
|
| |
41,137 |
|
|
NCR Atleos Corp.* |
|
|
1,821,546 |
|
| |
1,765 |
|
|
NewtekOne Inc. |
|
|
21,674 |
|
| |
3,295 |
|
|
NMI Holdings Inc., Class A Shares* |
|
|
129,526 |
|
| |
214 |
|
|
Onity Group Inc.* |
|
|
8,969 |
|
| |
7,193 |
|
|
Pagseguro Digital Ltd., Class A
Shares |
|
|
76,318 |
|
| |
11,857 |
|
|
Payoneer Global Inc.* |
|
|
51,222 |
|
| |
1,252 |
|
|
Paysafe Ltd.* |
|
|
7,838 |
|
| |
1,759 |
|
|
Paysign Inc.* |
|
|
6,244 |
|
| |
1,207 |
|
|
PennyMac Financial Services Inc. |
|
|
110,959 |
|
See
Notes to Financial Statements.
41
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Financial Services — 1.2% —
(continued) |
|
| |
1,787 |
|
|
Priority Technology Holdings Inc.* |
|
$ |
9,918 |
|
| |
5,594 |
|
|
Radian Group Inc. |
|
|
193,105 |
|
| |
7,243 |
|
|
Remitly Global Inc.* |
|
|
120,958 |
|
| |
3,464 |
|
|
Repay Holdings Corp., Class A
Shares* |
|
|
9,630 |
|
| |
664 |
|
|
Sezzle Inc.* |
|
|
48,439 |
|
| |
2,831 |
|
|
Shift4 Payments Inc., Class A
Shares*(a) |
|
|
124,762 |
|
| |
10,288 |
|
|
StoneCo Ltd., Class A Shares* |
|
|
172,838 |
|
| |
6,705 |
|
|
UWM Holdings Corp. |
|
|
29,569 |
|
| |
342 |
|
|
Velocity Financial Inc.* |
|
|
6,358 |
|
| |
4,009 |
|
|
Voya Financial Inc. |
|
|
268,122 |
|
| |
14,131 |
|
|
Walker & Dunlop Inc. |
|
|
650,167 |
|
| |
713 |
|
|
Waterstone Financial Inc. |
|
|
12,699 |
|
| |
12,906 |
|
|
Western Union Co. (The) |
|
|
124,285 |
|
| |
1,403 |
|
|
WEX Inc.* |
|
|
209,314 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Financial Services |
|
|
9,128,885 |
|
|
|
|
| |
| |
|
|
|
|
| Insurance — 2.1% |
|
| |
1,058 |
|
|
Abacus Global Management Inc. |
|
|
9,660 |
|
| |
930 |
|
|
American Coastal Insurance Corp. |
|
|
10,593 |
|
| |
13,663 |
|
|
American Financial Group Inc. |
|
|
1,816,906 |
|
| |
872 |
|
|
AMERISAFE Inc. |
|
|
28,366 |
|
| |
2,128 |
|
|
Assurant Inc. |
|
|
488,568 |
|
| |
2,022 |
|
|
Assured Guaranty Ltd. |
|
|
174,317 |
|
| |
3,295 |
|
|
Axis Capital Holdings Ltd. |
|
|
348,347 |
|
| |
2,867 |
|
|
Baldwin Insurance Group Inc. (The),
Class A Shares* |
|
|
66,600 |
|
| |
619 |
|
|
Bowhead Specialty Holdings Inc.* |
|
|
15,679 |
|
| |
2,425 |
|
|
Brighthouse Financial Inc.* |
|
|
145,451 |
|
| |
4,420 |
|
|
CNO Financial Group Inc. |
|
|
184,800 |
|
| |
1,901 |
|
|
Crawford & Co., Class A Shares |
|
|
20,455 |
|
| |
806 |
|
|
Donegal Group Inc., Class A Shares |
|
|
14,202 |
|
| |
977 |
|
|
Employers Holdings Inc. |
|
|
40,399 |
|
| |
1,740 |
|
|
Everest Group Ltd. |
|
|
583,753 |
|
| |
1,526 |
|
|
F&G Annuities & Life Inc. |
|
|
34,564 |
|
| |
2,591 |
|
|
Fidelis Insurance Holdings Ltd. |
|
|
49,384 |
|
| |
4,099 |
|
|
First American Financial Corp. |
|
|
287,381 |
|
| |
17,866 |
|
|
Genworth Financial Inc., Class A
Shares* |
|
|
150,789 |
|
| |
3,483 |
|
|
Globe Life Inc. |
|
|
505,941 |
|
| |
999 |
|
|
Goosehead Insurance Inc., Class A
Shares* |
|
|
54,146 |
|
| |
710 |
|
|
Greenlight Capital Re Ltd., Class A
Shares* |
|
|
10,075 |
|
| |
2,042 |
|
|
Hamilton Insurance Group Ltd., Class B
Shares* |
|
|
64,507 |
|
| |
12,562 |
|
|
Hanover Insurance Group Inc. (The) |
|
|
2,269,074 |
|
| |
438 |
|
|
HCI Group Inc. |
|
|
77,272 |
|
| |
960 |
|
|
Heritage Insurance Holdings Inc.* |
|
|
26,755 |
|
| |
754 |
|
|
Hippo Holdings Inc.* |
|
|
21,685 |
|
| |
1,798 |
|
|
Horace Mann Educators Corp. |
|
|
78,231 |
|
| |
61 |
|
|
Investors Title Co. |
|
|
14,085 |
|
| |
1,534 |
|
|
James River Group Holdings Inc. |
|
|
10,738 |
|
| |
2,615 |
|
|
Kemper Corp. |
|
|
84,517 |
|
| |
681 |
|
|
Kingsway Financial Services Inc.* |
|
|
8,335 |
|
| |
920 |
|
|
Kinsale Capital Group Inc. |
|
|
358,496 |
|
| |
2,566 |
|
|
Lemonade Inc.* |
|
|
132,765 |
|
| |
6,224 |
|
|
Lincoln National Corp. |
|
|
213,483 |
|
| |
1,651 |
|
|
MBIA Inc.* |
|
|
10,814 |
|
| |
1,181 |
|
|
Mercury General Corp. |
|
|
106,975 |
|
| |
380 |
|
|
NI Holdings Inc.* |
|
|
5,046 |
|
| |
1,747 |
|
|
Octave Specialty Group Inc.* |
|
|
9,346 |
|
See
Notes to Financial Statements.
42
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Insurance — 2.1% — (continued) |
|
| |
9,853 |
|
|
Old Republic International Corp. |
|
$ |
422,398 |
|
| |
8,011 |
|
|
Oscar Health Inc., Class A Shares* |
|
|
109,270 |
|
| |
20,018 |
|
|
Palomar Holdings Inc.* |
|
|
2,476,427 |
|
| |
1,444 |
|
|
Primerica Inc. |
|
|
366,285 |
|
| |
2,037 |
|
|
ProAssurance Corp.* |
|
|
50,008 |
|
| |
2,760 |
|
|
Reinsurance Group of America Inc.,
Class A Shares |
|
|
595,415 |
|
| |
1,924 |
|
|
RenaissanceRe Holdings Ltd. |
|
|
581,933 |
|
| |
3,530 |
|
|
RLI Corp. |
|
|
219,990 |
|
| |
502 |
|
|
Root Inc., Class A Shares* |
|
|
26,044 |
|
| |
4,386 |
|
|
Ryan Specialty Holdings Inc., Class A
Shares |
|
|
172,589 |
|
| |
673 |
|
|
Safety Insurance Group Inc. |
|
|
52,245 |
|
| |
2,526 |
|
|
Selective Insurance Group Inc. |
|
|
212,285 |
|
| |
9,663 |
|
|
Selectquote Inc.* |
|
|
8,311 |
|
| |
2,721 |
|
|
SiriusPoint Ltd.* |
|
|
57,522 |
|
| |
1,595 |
|
|
Skyward Specialty Insurance Group
Inc.* |
|
|
74,120 |
|
| |
1,547 |
|
|
Slide Insurance Holdings Inc.* |
|
|
29,393 |
|
| |
1,192 |
|
|
Stewart Information Services Corp. |
|
|
84,620 |
|
| |
1,016 |
|
|
Tiptree Inc. |
|
|
17,302 |
|
| |
1,782 |
|
|
Trupanion Inc.* |
|
|
47,294 |
|
| |
790 |
|
|
United Fire Group Inc. |
|
|
30,699 |
|
| |
1,277 |
|
|
Universal Insurance Holdings Inc. |
|
|
44,912 |
|
| |
7,308 |
|
|
Unum Group |
|
|
524,203 |
|
| |
107 |
|
|
White Mountains Insurance Group Ltd. |
|
|
237,595 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Insurance |
|
|
14,973,360 |
|
|
|
|
| |
| |
|
|
|
|
| Mortgage Real Estate Investment Trusts (REITs) —
0.4% |
|
| |
4,100 |
|
|
Adamas Trust Inc. |
|
|
33,784 |
|
| |
44,989 |
|
|
AGNC Investment Corp. |
|
|
504,327 |
|
| |
560 |
|
|
Angel Oak Mortgage REIT Inc. |
|
|
4,805 |
|
| |
28,668 |
|
|
Annaly Capital Management Inc. |
|
|
666,244 |
|
| |
6,248 |
|
|
Apollo Commercial Real Estate Finance
Inc. |
|
|
66,229 |
|
| |
5,912 |
|
|
Arbor Realty Trust Inc. |
|
|
46,882 |
|
| |
1,995 |
|
|
Ares Commercial Real Estate Corp. |
|
|
10,015 |
|
| |
4,447 |
|
|
ARMOUR Residential REIT Inc. |
|
|
79,824 |
|
| |
6,931 |
|
|
Blackstone Mortgage Trust Inc., Class A
Shares |
|
|
133,145 |
|
| |
5,674 |
|
|
BrightSpire Capital Inc., Class A
Shares |
|
|
32,966 |
|
| |
619 |
|
|
Chicago Atlantic Real Estate Finance
Inc. |
|
|
7,521 |
|
| |
3,594 |
|
|
Chimera Investment Corp. |
|
|
48,914 |
|
| |
3,170 |
|
|
Claros Mortgage Trust Inc.* |
|
|
7,576 |
|
| |
7,070 |
|
|
Dynex Capital Inc. |
|
|
99,192 |
|
| |
4,311 |
|
|
Ellington Financial Inc. |
|
|
53,543 |
|
| |
3,528 |
|
|
Franklin BSP Realty Trust Inc. |
|
|
32,211 |
|
| |
3,910 |
|
|
Invesco Mortgage Capital Inc. |
|
|
32,961 |
|
| |
2,073 |
|
|
KKR Real Estate Finance Trust Inc. |
|
|
14,407 |
|
| |
5,133 |
|
|
Ladder Capital Corp., Class A Shares |
|
|
53,229 |
|
| |
4,624 |
|
|
MFA Financial Inc. |
|
|
46,749 |
|
| |
287 |
|
|
Nexpoint Real Estate Finance Inc. |
|
|
4,164 |
|
| |
6,634 |
|
|
Orchid Island Capital Inc. |
|
|
49,357 |
|
| |
3,867 |
|
|
PennyMac Mortgage Investment Trust |
|
|
47,409 |
|
| |
6,373 |
|
|
Ready Capital Corp. |
|
|
11,790 |
|
| |
6,127 |
|
|
Redwood Trust Inc. |
|
|
37,068 |
|
| |
23,393 |
|
|
Rithm Capital Corp. |
|
|
235,100 |
|
| |
1,144 |
|
|
Seven Hills Realty Trust |
|
|
9,793 |
|
| |
14,666 |
|
|
Starwood Property Trust Inc. |
|
|
261,201 |
|
| |
958 |
|
|
TPG Mortgage Investment Trust Inc. |
|
|
7,750 |
|
| |
3,289 |
|
|
TPG RE Finance Trust Inc. |
|
|
27,825 |
|
See
Notes to Financial Statements.
43
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| FINANCIALS — 12.2%
— (continued) |
|
|
| Mortgage Real Estate Investment Trusts (REITs) —
0.4% — (continued) |
|
| |
4,906 |
|
|
Two Harbors Investment Corp. |
|
$ |
50,679 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Mortgage Real Estate Investment
Trusts (REITs) |
|
|
2,716,660 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
FINANCIALS |
|
|
89,156,067 |
|
|
|
|
| |
| |
|
|
|
|
| HEALTH CARE —
12.9% |
|
|
| Biotechnology — 5.5% |
|
| |
1,849 |
|
|
4D Molecular Therapeutics Inc.* |
|
|
17,861 |
|
| |
17,914 |
|
|
Abivax SA, ADR* |
|
|
2,172,610 |
|
| |
8,415 |
|
|
Absci Corp.*(a) |
|
|
23,057 |
|
| |
5,028 |
|
|
ACADIA Pharmaceuticals Inc.* |
|
|
123,488 |
|
| |
2,666 |
|
|
ADC Therapeutics SA* |
|
|
10,931 |
|
| |
132,603 |
|
|
ADMA Biologics Inc.* |
|
|
2,064,629 |
|
| |
870 |
|
|
Aduro Biotech Holdings Europe
BV*(b)(e) |
|
|
444 |
|
| |
2,454 |
|
|
Agios Pharmaceuticals Inc.* |
|
|
74,184 |
|
| |
12,413 |
|
|
Akebia Therapeutics Inc.* |
|
|
16,261 |
|
| |
3,155 |
|
|
Akero Therapeutics Inc.*(b) |
|
|
2,051 |
|
| |
2,197 |
|
|
Aldeyra Therapeutics Inc.* |
|
|
11,996 |
|
| |
2,467 |
|
|
Alector Inc.* |
|
|
5,995 |
|
| |
6,657 |
|
|
Alkermes PLC* |
|
|
200,376 |
|
| |
5,063 |
|
|
Allogene Therapeutics Inc.* |
|
|
14,075 |
|
| |
2,654 |
|
|
Altimmune Inc.* |
|
|
11,439 |
|
| |
12,243 |
|
|
Amicus Therapeutics Inc.* |
|
|
175,932 |
|
| |
898 |
|
|
AnaptysBio Inc.* |
|
|
49,435 |
|
| |
3,701 |
|
|
Anavex Life Sciences Corp.* |
|
|
16,395 |
|
| |
530 |
|
|
Anika Therapeutics Inc.* |
|
|
7,611 |
|
| |
3,983 |
|
|
Annexon Inc.* |
|
|
22,305 |
|
| |
4,700 |
|
|
Apellis Pharmaceuticals Inc.* |
|
|
98,512 |
|
| |
1,619 |
|
|
Apogee Therapeutics Inc.* |
|
|
113,330 |
|
| |
5,603 |
|
|
Arbutus Biopharma Corp.* |
|
|
26,110 |
|
| |
1,448 |
|
|
Arcellx Inc.* |
|
|
164,768 |
|
| |
772 |
|
|
Arcturus Therapeutics Holdings Inc.* |
|
|
6,354 |
|
| |
3,051 |
|
|
Arcus Biosciences Inc.* |
|
|
62,149 |
|
| |
4,665 |
|
|
Arcutis Biotherapeutics Inc.* |
|
|
125,815 |
|
| |
10,244 |
|
|
Ardelyx Inc.* |
|
|
67,098 |
|
| |
1,107 |
|
|
ArriVent Biopharma Inc.* |
|
|
25,428 |
|
| |
5,508 |
|
|
Arrowhead Pharmaceuticals Inc.* |
|
|
348,491 |
|
| |
2,715 |
|
|
ARS Pharmaceuticals Inc.* |
|
|
25,195 |
|
| |
32,159 |
|
|
Ascendis Pharma AS, ADR* |
|
|
7,509,126 |
|
| |
481 |
|
|
Atrium Therapeutics Inc.*(b) |
|
|
7,095 |
|
| |
4,788 |
|
|
aTyr Pharma Inc.* |
|
|
4,596 |
|
| |
1,893 |
|
|
Aura Biosciences Inc.* |
|
|
11,150 |
|
| |
5,137 |
|
|
Aurinia Pharmaceuticals Inc.* |
|
|
72,791 |
|
| |
4,812 |
|
|
Avidity Biosciences Inc.*(e) |
|
|
346,464 |
|
| |
3,649 |
|
|
Avita Medical Inc.* |
|
|
18,354 |
|
| |
3,978 |
|
|
Beam Therapeutics Inc.* |
|
|
113,214 |
|
| |
1,663 |
|
|
Bicara Therapeutics Inc.* |
|
|
27,905 |
|
| |
10,061 |
|
|
BioCryst Pharmaceuticals Inc.* |
|
|
88,034 |
|
| |
3,739 |
|
|
Biohaven Ltd.* |
|
|
43,073 |
|
| |
6,636 |
|
|
Bridgebio Pharma Inc.* |
|
|
441,161 |
|
| |
150 |
|
|
Bright Minds Biosciences Inc.* |
|
|
12,573 |
|
| |
2,448 |
|
|
Candel Therapeutics Inc.* |
|
|
12,852 |
|
| |
1,420 |
|
|
Capricor Therapeutics Inc.* |
|
|
39,661 |
|
| |
1,647 |
|
|
Cardiff Oncology Inc.* |
|
|
3,195 |
|
| |
2,288 |
|
|
CareDx Inc.* |
|
|
42,923 |
|
| |
1,170 |
|
|
Caris Life Sciences Inc.* |
|
|
23,564 |
|
See
Notes to Financial Statements.
44
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| Biotechnology — 5.5% — (continued) |
|
| |
4,865 |
|
|
Catalyst Pharmaceuticals Inc.* |
|
$ |
112,284 |
|
| |
1,343 |
|
|
Celcuity Inc.* |
|
|
150,027 |
|
| |
2,808 |
|
|
Celldex Therapeutics Inc.* |
|
|
84,493 |
|
| |
2,454 |
|
|
CG oncology Inc.* |
|
|
144,295 |
|
| |
5,796 |
|
|
Cogent Biosciences Inc.* |
|
|
225,175 |
|
| |
4,788 |
|
|
Coherus Oncology Inc.* |
|
|
7,996 |
|
| |
4,848 |
|
|
Compass Therapeutics Inc.* |
|
|
27,391 |
|
| |
1,253 |
|
|
Contra Inhibrx Inc.*(b)(e) |
|
|
2,080 |
|
| |
1,599 |
|
|
Corvus Pharmaceuticals Inc.* |
|
|
29,198 |
|
| |
3,705 |
|
|
CRISPR Therapeutics AG* |
|
|
222,819 |
|
| |
1,892 |
|
|
Cullinan Therapeutics Inc.* |
|
|
29,326 |
|
| |
4,834 |
|
|
Cytokinetics Inc.* |
|
|
300,771 |
|
| |
3,172 |
|
|
Day One Biopharmaceuticals Inc.* |
|
|
33,623 |
|
| |
5,721 |
|
|
Denali Therapeutics Inc.* |
|
|
121,171 |
|
| |
1,220 |
|
|
Design Therapeutics Inc.* |
|
|
12,737 |
|
| |
911 |
|
|
Dianthus Therapeutics Inc.* |
|
|
50,278 |
|
| |
971 |
|
|
Discount Medicine Inc., Class A
Shares* |
|
|
64,688 |
|
| |
4,967 |
|
|
Dyne Therapeutics Inc.* |
|
|
77,585 |
|
| |
3,076 |
|
|
Editas Medicine Inc.* |
|
|
6,767 |
|
| |
2,250 |
|
|
Emergent BioSolutions Inc.* |
|
|
18,337 |
|
| |
1,384 |
|
|
Enanta Pharmaceuticals Inc.* |
|
|
19,791 |
|
| |
930 |
|
|
Entrada Therapeutics Inc.* |
|
|
11,095 |
|
| |
6,356 |
|
|
Erasca Inc.* |
|
|
86,823 |
|
| |
7,829 |
|
|
Exact Sciences Corp.* |
|
|
809,362 |
|
| |
11,131 |
|
|
Exelixis Inc.* |
|
|
490,432 |
|
| |
4,506 |
|
|
Fate Therapeutics Inc.* |
|
|
6,669 |
|
| |
629 |
|
|
Fennec Pharmaceuticals Inc.* |
|
|
5,340 |
|
| |
784 |
|
|
Foghorn Therapeutics Inc.* |
|
|
4,453 |
|
| |
24,594 |
|
|
Geron Corp.* |
|
|
41,318 |
|
| |
7,614 |
|
|
Gossamer Bio Inc.* |
|
|
3,235 |
|
| |
1,473 |
|
|
GRAIL Inc.* |
|
|
78,408 |
|
| |
420 |
|
|
Greenwich Lifesciences Inc.* |
|
|
11,642 |
|
| |
4,806 |
|
|
Halozyme Therapeutics Inc.* |
|
|
334,161 |
|
| |
4,418 |
|
|
Heron Therapeutics Inc.* |
|
|
5,257 |
|
| |
3,532 |
|
|
Humacyte Inc.* |
|
|
3,938 |
|
| |
3,485 |
|
|
Ideaya Biosciences Inc.* |
|
|
112,217 |
|
| |
12,180 |
|
|
ImmunityBio Inc.*(a) |
|
|
119,120 |
|
| |
4,130 |
|
|
Immunome Inc.* |
|
|
90,282 |
|
| |
2,970 |
|
|
Immunovant Inc.* |
|
|
82,358 |
|
| |
377 |
|
|
Inhibrx Biosciences Inc.* |
|
|
27,947 |
|
| |
8,788 |
|
|
Insmed Inc.* |
|
|
1,312,312 |
|
| |
4,533 |
|
|
Intellia Therapeutics Inc.* |
|
|
62,465 |
|
| |
6,605 |
|
|
Ionis Pharmaceuticals Inc.* |
|
|
535,996 |
|
| |
12,703 |
|
|
Iovance Biotherapeutics Inc.* |
|
|
49,034 |
|
| |
7,543 |
|
|
Ironwood Pharmaceuticals Inc., Class A
Shares* |
|
|
25,797 |
|
| |
3,631 |
|
|
Jade Biosciences Inc. |
|
|
53,848 |
|
| |
1,925 |
|
|
Janux Therapeutics Inc.* |
|
|
26,199 |
|
| |
1,371 |
|
|
KalVista Pharmaceuticals Inc.* |
|
|
22,320 |
|
| |
1,260 |
|
|
Keros Therapeutics Inc.* |
|
|
17,879 |
|
| |
1,361 |
|
|
Kodiak Sciences Inc.* |
|
|
36,475 |
|
| |
1,028 |
|
|
Krystal Biotech Inc.* |
|
|
283,358 |
|
| |
2,800 |
|
|
Kura Oncology Inc.* |
|
|
24,444 |
|
| |
2,365 |
|
|
Kymera Therapeutics Inc.* |
|
|
216,043 |
|
| |
1,886 |
|
|
Larimar Therapeutics Inc.* |
|
|
10,015 |
|
| |
49,124 |
|
|
Legend Biotech Corp., ADR* |
|
|
933,356 |
|
See
Notes to Financial Statements.
45
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| Biotechnology — 5.5% — (continued) |
|
| |
2,153 |
|
|
Lexeo Therapeutics Inc.* |
|
$ |
15,459 |
|
| |
2,847 |
|
|
Madrigal Pharmaceuticals Inc.* |
|
|
1,229,904 |
|
| |
12,658 |
|
|
MannKind Corp.* |
|
|
41,518 |
|
| |
1,516 |
|
|
MeiraGTx Holdings PLC* |
|
|
11,461 |
|
| |
5,419 |
|
|
MiMedx Group Inc.* |
|
|
26,499 |
|
| |
2,030 |
|
|
Mineralys Therapeutics Inc.* |
|
|
59,398 |
|
| |
1,673 |
|
|
Mirum Pharmaceuticals Inc.* |
|
|
154,401 |
|
| |
1,902 |
|
|
Monte Rosa Therapeutics Inc.* |
|
|
33,760 |
|
| |
3,344 |
|
|
Myriad Genetics Inc.* |
|
|
15,416 |
|
| |
4,074 |
|
|
Neurocrine Biosciences Inc.* |
|
|
538,786 |
|
| |
386 |
|
|
Neurogene Inc.* |
|
|
9,067 |
|
| |
19,640 |
|
|
Newamsterdam Pharma Co. NV* |
|
|
696,434 |
|
| |
2,097 |
|
|
Nkarta Inc.* |
|
|
5,662 |
|
| |
7,011 |
|
|
Novavax Inc.* |
|
|
71,092 |
|
| |
4,477 |
|
|
Nurix Therapeutics Inc.* |
|
|
71,498 |
|
| |
2,147 |
|
|
Nuvalent Inc., Class A Shares* |
|
|
218,887 |
|
| |
2,500 |
|
|
Olema Pharmaceuticals Inc.* |
|
|
60,500 |
|
| |
19 |
|
|
Oncternal Therapeutics Inc.*(b)(e) |
|
|
– |
|
| |
2,782 |
|
|
Organogenesis Holdings Inc., Class A
Shares* |
|
|
8,930 |
|
| |
2,472 |
|
|
ORIC Pharmaceuticals Inc.* |
|
|
33,248 |
|
| |
1,592 |
|
|
Oruka Therapeutics Inc.* |
|
|
54,781 |
|
| |
246 |
|
|
Palvella Therapeutics Inc.* |
|
|
33,215 |
|
| |
2,248 |
|
|
Perspective Therapeutics Inc.* |
|
|
12,139 |
|
| |
1,005 |
|
|
Praxis Precision Medicines Inc.* |
|
|
338,434 |
|
| |
7,302 |
|
|
Precigen Inc.* |
|
|
27,675 |
|
| |
4,780 |
|
|
Prime Medicine Inc.* |
|
|
22,084 |
|
| |
2,404 |
|
|
Protagonist Therapeutics Inc.* |
|
|
221,360 |
|
| |
1,505 |
|
|
Prothena Corp. PLC* |
|
|
13,048 |
|
| |
3,202 |
|
|
PTC Therapeutics Inc.* |
|
|
218,344 |
|
| |
2,183 |
|
|
Puma Biotechnology Inc.* |
|
|
12,443 |
|
| |
15,795 |
|
|
Recursion Pharmaceuticals Inc., Class A
Shares* |
|
|
57,968 |
|
| |
1,711 |
|
|
REGENXBIO Inc.* |
|
|
15,467 |
|
| |
5,834 |
|
|
Relay Therapeutics Inc.* |
|
|
59,857 |
|
| |
2,834 |
|
|
Replimune Group Inc.* |
|
|
21,680 |
|
| |
23,621 |
|
|
Revolution Medicines Inc.* |
|
|
2,409,814 |
|
| |
2,639 |
|
|
Rezolute Inc.* |
|
|
8,471 |
|
| |
29,398 |
|
|
Rhythm Pharmaceuticals Inc.* |
|
|
2,726,077 |
|
| |
719 |
|
|
Rigel Pharmaceuticals Inc.* |
|
|
24,978 |
|
| |
3,318 |
|
|
Rocket Pharmaceuticals Inc.* |
|
|
16,623 |
|
| |
16,475 |
|
|
Roivant Sciences Ltd.* |
|
|
476,787 |
|
| |
6,931 |
|
|
Sana Biotechnology Inc.* |
|
|
29,180 |
|
| |
3,913 |
|
|
Sarepta Therapeutics Inc.* |
|
|
65,582 |
|
| |
10,271 |
|
|
Savara Inc.* |
|
|
61,831 |
|
| |
3,385 |
|
|
Scholar Rock Holding Corp.* |
|
|
149,854 |
|
| |
3,750 |
|
|
SELLAS Life Sciences Group Inc.*(a) |
|
|
18,487 |
|
| |
661 |
|
|
Sionna Therapeutics Inc.* |
|
|
24,153 |
|
| |
2,021 |
|
|
Soleno Therapeutics Inc.* |
|
|
78,960 |
|
| |
2,492 |
|
|
Solid Biosciences Inc.* |
|
|
15,475 |
|
| |
3,017 |
|
|
Spyre Therapeutics Inc.* |
|
|
129,761 |
|
| |
2,015 |
|
|
Stoke Therapeutics Inc.* |
|
|
73,366 |
|
| |
4,955 |
|
|
Summit Therapeutics Inc.* |
|
|
82,203 |
|
| |
3,718 |
|
|
Syndax Pharmaceuticals Inc.* |
|
|
80,718 |
|
| |
4,220 |
|
|
Tango Therapeutics Inc.* |
|
|
47,011 |
|
| |
8,966 |
|
|
Taysha Gene Therapies Inc.* |
|
|
40,616 |
|
| |
5,961 |
|
|
TG Therapeutics Inc.* |
|
|
179,366 |
|
See
Notes to Financial Statements.
46
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| Biotechnology — 5.5% — (continued) |
|
| |
3,684 |
|
|
Travere Therapeutics Inc., Class
Preferred Shares* |
|
$ |
109,746 |
|
| |
2,510 |
|
|
Twist Bioscience Corp.* |
|
|
117,769 |
|
| |
1,058 |
|
|
Tyra Biosciences Inc.* |
|
|
35,242 |
|
| |
3,844 |
|
|
Ultragenyx Pharmaceutical Inc.* |
|
|
89,911 |
|
| |
1,780 |
|
|
United Therapeutics Corp.* |
|
|
896,942 |
|
| |
1,458 |
|
|
Upstream Bio Inc.* |
|
|
11,197 |
|
| |
1,388 |
|
|
UroGen Pharma Ltd.* |
|
|
30,120 |
|
| |
2,203 |
|
|
Vanda Pharmaceuticals Inc.* |
|
|
19,629 |
|
| |
55,963 |
|
|
Vaxcyte Inc.* |
|
|
3,455,156 |
|
| |
2,388 |
|
|
Vera Therapeutics Inc., Class A
Shares* |
|
|
97,407 |
|
| |
3,260 |
|
|
Veracyte Inc.* |
|
|
119,283 |
|
| |
2,537 |
|
|
Verastem Inc.* |
|
|
14,512 |
|
| |
2,124 |
|
|
Vericel Corp.* |
|
|
75,784 |
|
| |
4,591 |
|
|
Viking Therapeutics Inc.* |
|
|
155,359 |
|
| |
4,601 |
|
|
Vir Biotechnology Inc.* |
|
|
41,823 |
|
| |
3,492 |
|
|
Viridian Therapeutics Inc.* |
|
|
102,595 |
|
| |
1,953 |
|
|
Voyager Therapeutics Inc.* |
|
|
8,007 |
|
| |
2,574 |
|
|
Xencor Inc.* |
|
|
32,870 |
|
| |
20,813 |
|
|
Xenon Pharmaceuticals Inc.* |
|
|
899,746 |
|
| |
322 |
|
|
XOMA Royalty Corp.* |
|
|
8,221 |
|
| |
623 |
|
|
Zenas Biopharma Inc.* |
|
|
16,416 |
|
| |
2,037 |
|
|
Zymeworks Inc.* |
|
|
47,442 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Biotechnology |
|
|
40,111,391 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care Equipment & Supplies — 2.8%
|
|
| |
150,467 |
|
|
Accuray Inc.* |
|
|
86,895 |
|
| |
4,866 |
|
|
Alphatec Holdings Inc.* |
|
|
66,275 |
|
| |
1,510 |
|
|
AngioDynamics Inc.* |
|
|
17,274 |
|
| |
1,871 |
|
|
Artivion Inc.* |
|
|
72,034 |
|
| |
24,385 |
|
|
AtriCure Inc.* |
|
|
762,275 |
|
| |
1,628 |
|
|
Avanos Medical Inc.* |
|
|
22,955 |
|
| |
1,893 |
|
|
AxoGen Inc.* |
|
|
60,065 |
|
| |
1,629 |
|
|
Beta Bionics Inc.* |
|
|
20,574 |
|
| |
1,374 |
|
|
Bioventus Inc., Class A Shares* |
|
|
12,064 |
|
| |
8,604 |
|
|
Butterfly Network Inc., Class A
Shares* |
|
|
32,609 |
|
| |
1,376 |
|
|
Ceribell Inc.* |
|
|
25,690 |
|
| |
6,314 |
|
|
Cerus Corp.* |
|
|
16,164 |
|
| |
1,175 |
|
|
ClearPoint Neuro Inc.* |
|
|
14,770 |
|
| |
8,910 |
|
|
CONMED Corp. |
|
|
409,860 |
|
| |
605 |
|
|
CVRx Inc.* |
|
|
4,937 |
|
| |
22,884 |
|
|
CytoSorbents Corp.* |
|
|
17,220 |
|
| |
1,722 |
|
|
Delcath Systems Inc.* |
|
|
15,326 |
|
| |
38,727 |
|
|
DENTSPLY SIRONA Inc. |
|
|
568,512 |
|
| |
2,224 |
|
|
Embecta Corp. |
|
|
22,818 |
|
| |
2,437 |
|
|
Enovis Corp.* |
|
|
62,070 |
|
| |
72,734 |
|
|
Envista Holdings Corp.* |
|
|
2,124,560 |
|
| |
2,335 |
|
|
Glaukos Corp.* |
|
|
281,134 |
|
| |
24,187 |
|
|
Globus Medical Inc., Class A Shares* |
|
|
2,308,891 |
|
| |
37,654 |
|
|
Haemonetics Corp.* |
|
|
2,384,251 |
|
| |
1,006 |
|
|
ICU Medical Inc.* |
|
|
151,483 |
|
| |
990 |
|
|
Inogen Inc.* |
|
|
6,039 |
|
| |
1,195 |
|
|
Inspire Medical Systems Inc.* |
|
|
77,089 |
|
| |
17,406 |
|
|
Integer Holdings Corp.* |
|
|
1,508,752 |
|
| |
58,214 |
|
|
Integra LifeSciences Holdings Corp.* |
|
|
662,475 |
|
| |
370 |
|
|
iRadimed Corp. |
|
|
38,306 |
|
| |
5,599 |
|
|
IRhythm Holdings Inc.* |
|
|
748,866 |
|
See
Notes to Financial Statements.
47
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| Health Care Equipment & Supplies — 2.8% —
(continued) |
|
| |
1,063 |
|
|
Kestra Medical Technologies Ltd.* |
|
$ |
24,747 |
|
| |
2,808 |
|
|
Lantheus Holdings Inc.* |
|
|
210,347 |
|
| |
853 |
|
|
LeMaitre Vascular Inc. |
|
|
92,278 |
|
| |
2,310 |
|
|
LivaNova PLC* |
|
|
163,086 |
|
| |
17,699 |
|
|
Masimo Corp.* |
|
|
3,103,520 |
|
| |
2,422 |
|
|
Merit Medical Systems Inc.* |
|
|
186,930 |
|
| |
36,451 |
|
|
Neogen Corp.* |
|
|
409,345 |
|
| |
740 |
|
|
NeuroPace Inc.* |
|
|
10,789 |
|
| |
4,112 |
|
|
Novocure Ltd.* |
|
|
56,211 |
|
| |
1,891 |
|
|
Omnicell Inc.* |
|
|
77,720 |
|
| |
94,986 |
|
|
OraSure Technologies Inc.* |
|
|
299,206 |
|
| |
1,312 |
|
|
Orthofix Medical Inc.* |
|
|
17,751 |
|
| |
682 |
|
|
OrthoPediatrics Corp.* |
|
|
13,074 |
|
| |
1,008 |
|
|
Outset Medical Inc.* |
|
|
3,518 |
|
| |
1,584 |
|
|
Penumbra Inc.* |
|
|
545,514 |
|
| |
2,170 |
|
|
PROCEPT BioRobotics Corp.* |
|
|
49,237 |
|
| |
846 |
|
|
Pulse Biosciences Inc.* |
|
|
15,846 |
|
| |
44,731 |
|
|
QuidelOrtho Corp.* |
|
|
1,017,183 |
|
| |
1,838 |
|
|
RxSight Inc.* |
|
|
13,748 |
|
| |
143 |
|
|
Sanara Medtech Inc.* |
|
|
2,923 |
|
| |
1,976 |
|
|
SI-BONE Inc.* |
|
|
30,668 |
|
| |
1,632 |
|
|
Sight Sciences Inc.* |
|
|
8,421 |
|
| |
2,279 |
|
|
STAAR Surgical Co.* |
|
|
45,352 |
|
| |
1,944 |
|
|
Stereotaxis Inc.* |
|
|
4,199 |
|
| |
381 |
|
|
Strive Inc., Class A Shares* |
|
|
3,025 |
|
| |
906 |
|
|
Tactile Systems Technology Inc.* |
|
|
26,537 |
|
| |
2,843 |
|
|
Tandem Diabetes Care Inc.* |
|
|
71,928 |
|
| |
1,848 |
|
|
Teleflex Inc. |
|
|
225,567 |
|
| |
1,371 |
|
|
TransMedics Group Inc.* |
|
|
199,151 |
|
| |
1,716 |
|
|
Treace Medical Concepts Inc.* |
|
|
3,192 |
|
| |
308 |
|
|
UFP Technologies Inc.* |
|
|
64,859 |
|
| |
72 |
|
|
Utah Medical Products Inc. |
|
|
4,796 |
|
| |
52,205 |
|
|
Varex Imaging Corp.* |
|
|
687,540 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care Equipment &
Supplies |
|
|
20,290,441 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care Providers & Services —
2.5% |
|
| |
53,247 |
|
|
Acadia Healthcare Co., Inc.* |
|
|
1,248,110 |
|
| |
2,933 |
|
|
Accendra Health Inc.* |
|
|
7,098 |
|
| |
4,424 |
|
|
AdaptHealth Corp., Class A Shares* |
|
|
40,480 |
|
| |
757 |
|
|
Addus HomeCare Corp.* |
|
|
78,372 |
|
| |
12,962 |
|
|
agilon health Inc.* |
|
|
7,638 |
|
| |
7,284 |
|
|
Alignment Healthcare Inc.* |
|
|
139,998 |
|
| |
1,780 |
|
|
AMN Healthcare Services Inc.* |
|
|
34,674 |
|
| |
1,054 |
|
|
Ardent Health Inc.* |
|
|
9,897 |
|
| |
1,839 |
|
|
Astrana Health Inc.* |
|
|
37,387 |
|
| |
3,020 |
|
|
Aveanna Healthcare Holdings Inc.* |
|
|
22,227 |
|
| |
4,648 |
|
|
BrightSpring Health Services Inc.* |
|
|
192,567 |
|
| |
9,669 |
|
|
Brookdale Senior Living Inc.* |
|
|
147,936 |
|
| |
1,232 |
|
|
Castle Biosciences Inc.* |
|
|
36,430 |
|
| |
584 |
|
|
Chemed Corp. |
|
|
239,446 |
|
| |
17,895 |
|
|
Clover Health Investments Corp., Class
A Shares* |
|
|
37,401 |
|
| |
5,286 |
|
|
Community Health Systems Inc.* |
|
|
18,290 |
|
| |
5,024 |
|
|
Concentra Group Holdings Parent Inc. |
|
|
120,375 |
|
| |
1,152 |
|
|
CorVel Corp.* |
|
|
59,420 |
|
| |
1,226 |
|
|
Cross Country Healthcare Inc.* |
|
|
10,666 |
|
| |
1,565 |
|
|
DaVita Inc.* |
|
|
244,609 |
|
See
Notes to Financial Statements.
48
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| Health Care Providers & Services — 2.5% —
(continued) |
|
| |
3,686 |
|
|
DocGo Inc.* |
|
$ |
2,647 |
|
| |
15,603 |
|
|
Encompass Health Corp. |
|
|
1,683,252 |
|
| |
2,014 |
|
|
Enhabit Inc.* |
|
|
27,411 |
|
| |
2,355 |
|
|
Ensign Group Inc. (The) |
|
|
504,370 |
|
| |
726 |
|
|
Fulgent Genetics Inc.* |
|
|
11,130 |
|
| |
19,732 |
|
|
GeneDx Holdings Corp., Class A
Shares* |
|
|
1,572,838 |
|
| |
23,945 |
|
|
Guardant Health Inc.* |
|
|
2,248,435 |
|
| |
860 |
|
|
Guardian Pharmacy Services Inc., Class
A Shares* |
|
|
28,819 |
|
| |
23,868 |
|
|
HealthEquity Inc.* |
|
|
1,825,663 |
|
| |
4,376 |
|
|
Henry Schein Inc.* |
|
|
360,539 |
|
| |
8,613 |
|
|
Hims & Hers Health Inc.* |
|
|
125,061 |
|
| |
1,243 |
|
|
Innovage Holding Corp.* |
|
|
11,137 |
|
| |
424 |
|
|
Joint Corp. (The)* |
|
|
3,731 |
|
| |
7,247 |
|
|
LifeStance Health Group Inc.* |
|
|
52,468 |
|
| |
2,009 |
|
|
Nano-X Imaging Ltd.* |
|
|
4,761 |
|
| |
550 |
|
|
National HealthCare Corp. |
|
|
89,925 |
|
| |
496 |
|
|
National Research Corp. |
|
|
6,651 |
|
| |
5,513 |
|
|
NeoGenomics Inc.* |
|
|
54,193 |
|
| |
137 |
|
|
Nutex Health Inc.* |
|
|
15,133 |
|
| |
24,461 |
|
|
OPKO Health Inc.* |
|
|
29,353 |
|
| |
40,935 |
|
|
Option Care Health Inc.* |
|
|
1,328,750 |
|
| |
1,824 |
|
|
PACS Group Inc.* |
|
|
66,594 |
|
| |
3,715 |
|
|
Pediatrix Medical Group Inc.* |
|
|
73,743 |
|
| |
1,488 |
|
|
Pennant Group Inc. (The)* |
|
|
50,160 |
|
| |
4,874 |
|
|
Privia Health Group Inc.* |
|
|
115,757 |
|
| |
2,988 |
|
|
Progyny Inc.* |
|
|
52,858 |
|
| |
17,844 |
|
|
RadNet Inc.* |
|
|
1,245,690 |
|
| |
4,537 |
|
|
Select Medical Holdings Corp. |
|
|
67,919 |
|
| |
183 |
|
|
Sonida Senior Living Inc.* |
|
|
6,568 |
|
| |
2,589 |
|
|
Strata Critical Medical Inc.* |
|
|
11,081 |
|
| |
3,238 |
|
|
Surgery Partners Inc.* |
|
|
50,189 |
|
| |
6,820 |
|
|
Talkspace Inc.* |
|
|
32,872 |
|
| |
12,903 |
|
|
Tenet Healthcare Corp.* |
|
|
3,088,849 |
|
| |
2,246 |
|
|
Universal Health Services Inc., Class B
Shares |
|
|
462,901 |
|
| |
657 |
|
|
US Physical Therapy Inc. |
|
|
54,505 |
|
| |
1,122 |
|
|
Viemed Healthcare Inc.* |
|
|
9,761 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care Providers &
Services |
|
|
18,108,735 |
|
|
|
|
| |
| |
|
|
|
|
| |
Health
Care Technology — 0.0%@ |
|
| |
5,075 |
|
|
Certara Inc.* |
|
|
35,931 |
|
| |
409 |
|
|
Claritev Corp., Class A Shares* |
|
|
5,509 |
|
| |
2,148 |
|
|
Definitive Healthcare Corp., Class A
Shares* |
|
|
2,749 |
|
| |
5,511 |
|
|
Doximity Inc., Class A Shares* |
|
|
135,185 |
|
| |
4,973 |
|
|
Evolent Health Inc., Class A Shares* |
|
|
16,162 |
|
| |
2,001 |
|
|
Health Catalyst Inc.* |
|
|
3,242 |
|
| |
1,106 |
|
|
HealthStream Inc. |
|
|
23,480 |
|
| |
1,085 |
|
|
HeartFlow Inc.* |
|
|
25,129 |
|
| |
1,315 |
|
|
LifeMD Inc.* |
|
|
3,511 |
|
| |
765 |
|
|
OptimizeRx Corp.* |
|
|
5,799 |
|
| |
2,350 |
|
|
Phreesia Inc.* |
|
|
28,976 |
|
| |
2,367 |
|
|
Schrodinger Inc.* |
|
|
28,546 |
|
| |
763 |
|
|
Simulations Plus Inc.* |
|
|
9,331 |
|
| |
7,241 |
|
|
Teladoc Health Inc.* |
|
|
38,088 |
|
| |
4,448 |
|
|
Waystar Holding Corp.* |
|
|
114,091 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care Technology |
|
|
475,729 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
49
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| |
Life
Sciences Tools & Services — 1.2% |
|
| |
4,801 |
|
|
10X Genomics Inc., Class A Shares* |
|
$ |
110,663 |
|
| |
78,827 |
|
|
Adaptive Biotechnologies Corp.* |
|
|
1,262,808 |
|
| |
27,502 |
|
|
Avantor Inc.* |
|
|
248,893 |
|
| |
17,848 |
|
|
Azenta Inc.* |
|
|
481,539 |
|
| |
1,699 |
|
|
BioLife Solutions Inc.* |
|
|
41,116 |
|
| |
788 |
|
|
Bio-Rad Laboratories Inc., Class A
Shares* |
|
|
219,411 |
|
| |
33,810 |
|
|
Bio-Techne Corp. |
|
|
1,994,790 |
|
| |
4,327 |
|
|
Bruker Corp. |
|
|
173,556 |
|
| |
6,399 |
|
|
Charles River Laboratories
International Inc.* |
|
|
1,142,157 |
|
| |
2,694 |
|
|
Codexis Inc.* |
|
|
2,721 |
|
| |
1,543 |
|
|
CryoPort Inc.* |
|
|
12,992 |
|
| |
4,520 |
|
|
Cytek Biosciences Inc.* |
|
|
20,250 |
|
| |
3,906 |
|
|
Fortrea Holdings Inc.* |
|
|
41,872 |
|
| |
2,193 |
|
|
Ginkgo Bioworks Holdings Inc.* |
|
|
14,803 |
|
| |
9,347 |
|
|
ICON PLC, ADR* |
|
|
1,010,785 |
|
| |
789 |
|
|
Lifecore Biomedical Inc.* |
|
|
5,681 |
|
| |
4,400 |
|
|
Maravai LifeSciences Holdings Inc.,
Class A Shares* |
|
|
15,664 |
|
| |
3,837 |
|
|
MaxCyte Inc.* |
|
|
3,113 |
|
| |
941 |
|
|
Medpace Holdings Inc.* |
|
|
425,106 |
|
| |
208 |
|
|
Mesa Laboratories Inc. |
|
|
20,086 |
|
| |
2,956 |
|
|
OmniAb Inc.* |
|
|
5,084 |
|
| |
234 |
|
|
OmniAb Inc., Class CR3 Shares*(e) |
|
|
– |
|
| |
234 |
|
|
OmniAb Inc., Class CR4 Shares*(e) |
|
|
– |
|
| |
10,144 |
|
|
Pacific Biosciences of California
Inc.* |
|
|
17,042 |
|
| |
2,210 |
|
|
Personalis Inc.* |
|
|
20,023 |
|
| |
8,445 |
|
|
QIAGEN NV |
|
|
420,561 |
|
| |
1,361 |
|
|
Quanterix Corp.* |
|
|
8,914 |
|
| |
4,548 |
|
|
Quantum-Si Inc.* |
|
|
4,350 |
|
| |
2,204 |
|
|
Repligen Corp.* |
|
|
283,721 |
|
| |
9,116 |
|
|
Sotera Health Co.* |
|
|
148,135 |
|
| |
148,793 |
|
|
Standard BioTools Inc.* |
|
|
168,136 |
|
| |
4,104 |
|
|
Tempus AI Inc., Class A Shares* |
|
|
218,538 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Life Sciences Tools &
Services |
|
|
8,542,510 |
|
|
|
|
| |
| |
|
|
|
|
| Pharmaceuticals — 0.9% |
|
| |
2,077 |
|
|
Alumis Inc.* |
|
|
61,666 |
|
| |
99,307 |
|
|
Amneal Pharmaceuticals Inc.* |
|
|
1,371,430 |
|
| |
1,442 |
|
|
Amphastar Pharmaceuticals Inc.* |
|
|
29,172 |
|
| |
3,920 |
|
|
Amylyx Pharmaceuticals Inc.* |
|
|
59,466 |
|
| |
780 |
|
|
ANI Pharmaceuticals Inc.* |
|
|
57,642 |
|
| |
4,252 |
|
|
Aquestive Therapeutics Inc.* |
|
|
17,008 |
|
| |
2,409 |
|
|
Arvinas Inc.* |
|
|
31,967 |
|
| |
3,220 |
|
|
Atea Pharmaceuticals Inc.* |
|
|
15,070 |
|
| |
1,709 |
|
|
Axsome Therapeutics Inc.* |
|
|
280,088 |
|
| |
1,312 |
|
|
Collegium Pharmaceutical Inc.* |
|
|
54,671 |
|
| |
3,906 |
|
|
Corcept Therapeutics Inc.* |
|
|
139,444 |
|
| |
2,788 |
|
|
CorMedix Inc.*(a) |
|
|
19,878 |
|
| |
3,983 |
|
|
Crinetics Pharmaceuticals Inc.* |
|
|
163,701 |
|
| |
3,701 |
|
|
Definium Therapeutics Inc.* |
|
|
64,582 |
|
| |
2,887 |
|
|
Edgewise Therapeutics Inc.* |
|
|
87,880 |
|
| |
20,475 |
|
|
Elanco Animal Health Inc.* |
|
|
540,540 |
|
| |
1,733 |
|
|
Enliven Therapeutics Inc.* |
|
|
51,453 |
|
| |
9,252 |
|
|
Esperion Therapeutics Inc.* |
|
|
30,994 |
|
| |
1,030 |
|
|
Eton Pharmaceuticals Inc.* |
|
|
17,500 |
|
| |
2,092 |
|
|
Evolus Inc.* |
|
|
8,996 |
|
| |
3,049 |
|
|
EyePoint Inc.* |
|
|
53,540 |
|
See
Notes to Financial Statements.
50
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| HEALTH CARE — 12.9%
— (continued) |
|
|
| Pharmaceuticals — 0.9% — (continued) |
|
| |
2,335 |
|
|
Fulcrum Therapeutics Inc.* |
|
$ |
19,567 |
|
| |
1,834 |
|
|
Harmony Biosciences Holdings Inc.* |
|
|
52,342 |
|
| |
1,293 |
|
|
Harrow Inc.* |
|
|
70,055 |
|
| |
4,995 |
|
|
Indivior Pharmaceuticals Inc.* |
|
|
163,436 |
|
| |
2,707 |
|
|
Innoviva Inc.* |
|
|
62,153 |
|
| |
2,420 |
|
|
Jazz Pharmaceuticals PLC* |
|
|
459,848 |
|
| |
540 |
|
|
LB Pharmaceuticals Inc.* |
|
|
12,965 |
|
| |
730 |
|
|
LENZ Therapeutics Inc.* |
|
|
9,848 |
|
| |
805 |
|
|
Ligand Pharmaceuticals Inc.* |
|
|
159,640 |
|
| |
2,788 |
|
|
Liquidia Corp.* |
|
|
86,484 |
|
| |
929 |
|
|
Maze Therapeutics Inc.* |
|
|
42,353 |
|
| |
1,477 |
|
|
MBX Biosciences Inc.* |
|
|
48,076 |
|
| |
442 |
|
|
MediWound Ltd.* |
|
|
7,647 |
|
| |
10,657 |
|
|
Nuvation Bio Inc.* |
|
|
62,983 |
|
| |
7,963 |
|
|
Ocular Therapeutix Inc.* |
|
|
71,189 |
|
| |
2,781 |
|
|
Omeros Corp.* |
|
|
33,511 |
|
| |
10,281 |
|
|
Organon & Co. |
|
|
74,949 |
|
| |
2,002 |
|
|
Pacira BioSciences Inc.* |
|
|
43,864 |
|
| |
5,944 |
|
|
Perrigo Co. PLC |
|
|
78,580 |
|
| |
1,403 |
|
|
Phathom Pharmaceuticals Inc.* |
|
|
17,622 |
|
| |
789 |
|
|
Phibro Animal Health Corp., Class A
Shares |
|
|
43,072 |
|
| |
1,995 |
|
|
Prestige Consumer Healthcare Inc.* |
|
|
138,254 |
|
| |
1,093 |
|
|
Rapport Therapeutics Inc.* |
|
|
31,730 |
|
| |
717 |
|
|
Septerna Inc.* |
|
|
20,807 |
|
| |
1,907 |
|
|
SIGA Technologies Inc. |
|
|
12,338 |
|
| |
2,260 |
|
|
Supernus Pharmaceuticals Inc.* |
|
|
123,690 |
|
| |
1,674 |
|
|
Tarsus Pharmaceuticals Inc.* |
|
|
126,420 |
|
| |
3,572 |
|
|
Terns Pharmaceuticals Inc.* |
|
|
150,453 |
|
| |
1,412 |
|
|
Theravance Biopharma Inc.* |
|
|
25,769 |
|
| |
866 |
|
|
Third Harmonic Bio Inc.*(b)(e) |
|
|
4,659 |
|
| |
4,061 |
|
|
Trevi Therapeutics Inc.* |
|
|
48,407 |
|
| |
48,775 |
|
|
Viatris Inc. |
|
|
728,211 |
|
| |
4,719 |
|
|
WaVe Life Sciences Ltd.* |
|
|
65,736 |
|
| |
6,967 |
|
|
Xeris Biopharma Holdings Inc.* |
|
|
42,638 |
|
| |
2,080 |
|
|
Zevra Therapeutics Inc.* |
|
|
18,574 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Pharmaceuticals |
|
|
6,314,558 |
|
|
|
|
| |
| |
|
|
|
|
| |
Pharmaceuticals,
Biotechnology & Life Sciences — 0.0%@ |
|
| |
1,045 |
|
|
AstraZeneca PLC*(b)(e) |
|
|
324 |
|
| |
2,089 |
|
|
Novartis AG*(b)(e) |
|
|
355 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Pharmaceuticals, Biotechnology
& Life Sciences |
|
|
679 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
HEALTH CARE |
|
|
93,844,043 |
|
|
|
|
| |
| |
|
|
|
|
| INDUSTRIALS —
24.1% |
|
|
| Aerospace & Defense — 3.9% |
|
| |
1,719 |
|
|
AAR Corp.* |
|
|
201,415 |
|
| |
1,585 |
|
|
Aerovironment Inc.* |
|
|
399,816 |
|
| |
1,142 |
|
|
AerSale Corp.* |
|
|
8,908 |
|
| |
26,985 |
|
|
Archer Aviation Inc., Class A
Shares* |
|
|
192,133 |
|
| |
1,333 |
|
|
Astronics Corp.* |
|
|
107,466 |
|
| |
5,648 |
|
|
ATI Inc.* |
|
|
923,956 |
|
| |
3,828 |
|
|
BWX Technologies Inc. |
|
|
788,491 |
|
| |
693 |
|
|
Byrna Technologies Inc.* |
|
|
8,857 |
|
| |
1,167 |
|
|
Cadre Holdings Inc. |
|
|
51,803 |
|
| |
2,023 |
|
|
Carpenter Technology Corp. |
|
|
805,296 |
|
See
Notes to Financial Statements.
51
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Aerospace & Defense — 3.9% —
(continued) |
|
| |
1,582 |
|
|
Curtiss-Wright Corp. |
|
$ |
1,107,922 |
|
| |
613 |
|
|
Ducommun Inc.* |
|
|
75,761 |
|
| |
4,015 |
|
|
Eve Holding Inc.* |
|
|
12,045 |
|
| |
701 |
|
|
Firefly Aerospace Inc.* |
|
|
13,508 |
|
| |
30,707 |
|
|
FTAI Aviation Ltd. |
|
|
9,390,201 |
|
| |
23,981 |
|
|
Hexcel Corp. |
|
|
2,222,799 |
|
| |
1,642 |
|
|
Huntington Ingalls Industries Inc. |
|
|
729,902 |
|
| |
4,645 |
|
|
Intuitive Machines Inc., Class A
Shares*(a) |
|
|
76,550 |
|
| |
18,879 |
|
|
Karman Holdings Inc.* |
|
|
1,663,429 |
|
| |
32,523 |
|
|
Kratos Defense & Security Solutions
Inc.* |
|
|
2,802,832 |
|
| |
3,240 |
|
|
Leonardo DRS Inc. |
|
|
140,584 |
|
| |
1,734 |
|
|
Loar Holdings Inc.* |
|
|
122,750 |
|
| |
25,330 |
|
|
Mercury Systems Inc.* |
|
|
2,255,130 |
|
| |
1,171 |
|
|
Moog Inc., Class A Shares |
|
|
395,130 |
|
| |
183 |
|
|
National Presto Industries Inc. |
|
|
24,145 |
|
| |
809 |
|
|
Park Aerospace Corp. |
|
|
21,374 |
|
| |
3,983 |
|
|
Red Cat Holdings Inc.* |
|
|
46,402 |
|
| |
2,621 |
|
|
Redwire Corp.* |
|
|
23,772 |
|
| |
17,411 |
|
|
Rocket Lab Corp.* |
|
|
1,203,100 |
|
| |
8,047 |
|
|
StandardAero Inc.* |
|
|
247,848 |
|
| |
7,362 |
|
|
Textron Inc. |
|
|
726,261 |
|
| |
872 |
|
|
V2X Inc.* |
|
|
60,822 |
|
| |
409 |
|
|
Voyager Technologies Inc., Class A
Shares* |
|
|
10,916 |
|
| |
1,021 |
|
|
VSE Corp. |
|
|
231,838 |
|
| |
2,517 |
|
|
Woodward Inc. |
|
|
973,475 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Aerospace & Defense |
|
|
28,066,637 |
|
|
|
|
| |
| |
|
|
|
|
| Air Freight & Logistics — 0.7% |
|
| |
16,127 |
|
|
CH Robinson Worldwide Inc. |
|
|
2,987,527 |
|
| |
941 |
|
|
Forward Air Corp.* |
|
|
23,798 |
|
| |
33,693 |
|
|
GXO Logistics Inc.* |
|
|
2,116,931 |
|
| |
2,598 |
|
|
Hub Group Inc., Class A Shares |
|
|
111,896 |
|
| |
1,467 |
|
|
Radiant Logistics Inc.* |
|
|
10,885 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Air Freight & Logistics |
|
|
5,251,037 |
|
|
|
|
| |
| |
|
|
|
|
| Building Products — 1.5% |
|
| |
2,778 |
|
|
AAON Inc. |
|
|
281,134 |
|
| |
2,991 |
|
|
Advanced Drainage Systems Inc. |
|
|
512,478 |
|
| |
3,606 |
|
|
Allegion PLC |
|
|
581,107 |
|
| |
582 |
|
|
American Woodmark Corp.* |
|
|
29,158 |
|
| |
4,756 |
|
|
AO Smith Corp. |
|
|
370,968 |
|
| |
989 |
|
|
Apogee Enterprises Inc. |
|
|
39,382 |
|
| |
1,824 |
|
|
Armstrong World Industries Inc. |
|
|
316,464 |
|
| |
1,207 |
|
|
AZZ Inc. |
|
|
164,128 |
|
| |
673 |
|
|
CSW Industrials Inc. |
|
|
198,084 |
|
| |
5,019 |
|
|
Fortune Brands Innovations Inc. |
|
|
272,732 |
|
| |
28,788 |
|
|
Gibraltar Industries Inc.* |
|
|
1,309,278 |
|
| |
1,583 |
|
|
Griffon Corp. |
|
|
134,935 |
|
| |
8,474 |
|
|
Hayward Holdings Inc.* |
|
|
135,584 |
|
| |
902 |
|
|
Insteel Industries Inc. |
|
|
33,626 |
|
| |
5,582 |
|
|
Janus International Group Inc.* |
|
|
38,851 |
|
| |
3,402 |
|
|
JELD-WEN Holding Inc.* |
|
|
6,668 |
|
| |
5,199 |
|
|
Masterbrand Inc.* |
|
|
52,614 |
|
| |
2,159 |
|
|
Modine Manufacturing Co.* |
|
|
490,633 |
|
| |
3,519 |
|
|
Owens Corning |
|
|
429,564 |
|
| |
1,733 |
|
|
Quanex Building Products Corp. |
|
|
35,578 |
|
See
Notes to Financial Statements.
52
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Building Products — 1.5% — (continued) |
|
| |
113,681 |
|
|
Resideo Technologies Inc.* |
|
$ |
4,399,455 |
|
| |
1,740 |
|
|
Simpson Manufacturing Co., Inc. |
|
|
336,812 |
|
| |
1,037 |
|
|
Tecnoglass Inc. |
|
|
47,246 |
|
| |
4,410 |
|
|
Trex Co., Inc.* |
|
|
182,662 |
|
| |
2,448 |
|
|
UFP Industries Inc. |
|
|
251,924 |
|
| |
6,260 |
|
|
Zurn Elkay Water Solutions Corp. |
|
|
319,135 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Building Products |
|
|
10,970,200 |
|
|
|
|
| |
| |
|
|
|
|
| Commercial Services & Supplies — 1.6%
|
|
| |
2,512 |
|
|
ABM Industries Inc. |
|
|
111,784 |
|
| |
3,556 |
|
|
ACCO Brands Corp. |
|
|
14,473 |
|
| |
6,874 |
|
|
ACV Auctions Inc., Class A Shares* |
|
|
33,408 |
|
| |
2,818 |
|
|
BrightView Holdings Inc.* |
|
|
38,860 |
|
| |
1,725 |
|
|
Brink’s Co. (The) |
|
|
201,428 |
|
| |
25,055 |
|
|
Casella Waste Systems Inc., Class A
Shares* |
|
|
2,334,124 |
|
| |
677 |
|
|
Cimpress PLC* |
|
|
49,455 |
|
| |
6,197 |
|
|
Clean Harbors Inc.* |
|
|
1,816,960 |
|
| |
4,438 |
|
|
CoreCivic Inc.* |
|
|
78,464 |
|
| |
1,777 |
|
|
Deluxe Corp. |
|
|
49,312 |
|
| |
939 |
|
|
Ennis Inc. |
|
|
19,822 |
|
| |
161,595 |
|
|
Enviri Corp.* |
|
|
3,058,993 |
|
| |
5,575 |
|
|
GEO Group Inc. (The)* |
|
|
83,848 |
|
| |
2,996 |
|
|
Healthcare Services Group Inc.* |
|
|
65,223 |
|
| |
2,912 |
|
|
HNI Corp. |
|
|
130,924 |
|
| |
2,521 |
|
|
Interface Inc., Class A Shares |
|
|
79,386 |
|
| |
1,006 |
|
|
Liquidity Services Inc.* |
|
|
31,800 |
|
| |
3,079 |
|
|
MillerKnoll Inc. |
|
|
62,011 |
|
| |
1,202 |
|
|
Montrose Environmental Group Inc.* |
|
|
35,122 |
|
| |
1,567 |
|
|
MSA Safety Inc. |
|
|
306,207 |
|
| |
95,695 |
|
|
OPENLANE Inc.* |
|
|
2,728,264 |
|
| |
698 |
|
|
Perma-Fix Environmental Services
Inc.* |
|
|
9,521 |
|
| |
4,276 |
|
|
Pitney Bowes Inc. |
|
|
45,882 |
|
| |
1,177 |
|
|
Quad/Graphics Inc. |
|
|
8,133 |
|
| |
11,134 |
|
|
Tetra Tech Inc. |
|
|
399,043 |
|
| |
595 |
|
|
UniFirst Corp. |
|
|
139,718 |
|
| |
5,470 |
|
|
Vestis Corp.* |
|
|
43,049 |
|
| |
1,841 |
|
|
Virco Mfg. Corp. |
|
|
11,690 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Commercial Services &
Supplies |
|
|
11,986,904 |
|
|
|
|
| |
| |
|
|
|
|
| Construction & Engineering — 3.9% |
|
| |
5,547 |
|
|
AECOM |
|
|
543,495 |
|
| |
1,214 |
|
|
Ameresco Inc., Class A Shares* |
|
|
36,978 |
|
| |
67,859 |
|
|
API Group Corp.* |
|
|
3,017,011 |
|
| |
21,613 |
|
|
Arcosa Inc. |
|
|
2,322,965 |
|
| |
544 |
|
|
Argan Inc. |
|
|
245,480 |
|
| |
487 |
|
|
Bowman Consulting Group Ltd.* |
|
|
16,334 |
|
| |
19,416 |
|
|
Centuri Holdings Inc.* |
|
|
601,896 |
|
| |
5,844 |
|
|
Comfort Systems USA Inc. |
|
|
8,353,238 |
|
| |
834 |
|
|
Concrete Pumping Holdings Inc.* |
|
|
5,621 |
|
| |
1,928 |
|
|
Construction Partners Inc., Class A
Shares* |
|
|
259,065 |
|
| |
1,156 |
|
|
Dycom Industries Inc.* |
|
|
485,543 |
|
| |
1,858 |
|
|
EMCOR Group Inc. |
|
|
1,346,344 |
|
| |
2,123 |
|
|
Everus Construction Group Inc.* |
|
|
256,607 |
|
| |
6,699 |
|
|
Fluor Corp.* |
|
|
350,425 |
|
| |
1,804 |
|
|
Granite Construction Inc. |
|
|
242,566 |
|
| |
2,709 |
|
|
Great Lakes Dredge & Dock Corp.* |
|
|
45,918 |
|
See
Notes to Financial Statements.
53
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Construction & Engineering — 3.9% —
(continued) |
|
| |
382 |
|
|
IES Holdings Inc.* |
|
$ |
189,224 |
|
| |
54,985 |
|
|
Legence Corp., Class A Shares* |
|
|
3,191,879 |
|
| |
469 |
|
|
Limbach Holdings Inc.* |
|
|
42,876 |
|
| |
2,597 |
|
|
MasTec Inc.* |
|
|
773,958 |
|
| |
966 |
|
|
Matrix Service Co.* |
|
|
10,616 |
|
| |
639 |
|
|
MYR Group Inc.* |
|
|
172,505 |
|
| |
345 |
|
|
NWPX Infrastructure Inc.* |
|
|
26,772 |
|
| |
2,083 |
|
|
Orion Group Holdings Inc.* |
|
|
28,600 |
|
| |
22,927 |
|
|
Primoris Services Corp. |
|
|
3,455,558 |
|
| |
1,257 |
|
|
Sterling Infrastructure Inc.* |
|
|
538,159 |
|
| |
1,808 |
|
|
Tutor Perini Corp. |
|
|
136,269 |
|
| |
828 |
|
|
Valmont Industries Inc. |
|
|
380,822 |
|
| |
78,711 |
|
|
WillScot Holdings Corp. |
|
|
1,700,945 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Construction & Engineering |
|
|
28,777,669 |
|
|
|
|
| |
| |
|
|
|
|
| Electrical Equipment — 2.8% |
|
| |
1,291 |
|
|
Acuity Inc. |
|
|
389,353 |
|
| |
552 |
|
|
Allient Inc. |
|
|
36,344 |
|
| |
1,893 |
|
|
American Superconductor Corp.* |
|
|
61,674 |
|
| |
4,343 |
|
|
Amprius Technologies Inc.* |
|
|
46,600 |
|
| |
5,942 |
|
|
Array Technologies Inc.* |
|
|
45,040 |
|
| |
1,382 |
|
|
Atkore Inc. |
|
|
89,429 |
|
| |
130,636 |
|
|
Babcock & Wilcox Enterprises
Inc.* |
|
|
1,157,435 |
|
| |
37,224 |
|
|
Bloom Energy Corp., Class A Shares* |
|
|
5,794,660 |
|
| |
1,601 |
|
|
EnerSys |
|
|
266,006 |
|
| |
7,433 |
|
|
Enovix Corp.* |
|
|
39,172 |
|
| |
13,161 |
|
|
Eos Energy Enterprises Inc.* |
|
|
74,952 |
|
| |
3,156 |
|
|
Fluence Energy Inc., Class A Shares* |
|
|
49,044 |
|
| |
2,426 |
|
|
Generac Holdings Inc.* |
|
|
546,748 |
|
| |
5,642 |
|
|
Hyliion Holdings Corp.* |
|
|
11,566 |
|
| |
1,058 |
|
|
LSI Industries Inc. |
|
|
22,874 |
|
| |
1,661 |
|
|
NANO Nuclear Energy Inc.*(a) |
|
|
44,166 |
|
| |
38,147 |
|
|
Nextpower Inc., Class A Shares* |
|
|
4,009,250 |
|
| |
5,183 |
|
|
NuScale Power Corp.* |
|
|
66,602 |
|
| |
6,776 |
|
|
nVent Electric PLC |
|
|
802,007 |
|
| |
45,161 |
|
|
Plug Power Inc.* |
|
|
80,838 |
|
| |
405 |
|
|
Powell Industries Inc. |
|
|
212,058 |
|
| |
332 |
|
|
Power Solutions International Inc.* |
|
|
27,722 |
|
| |
90 |
|
|
Preformed Line Products Co. |
|
|
22,828 |
|
| |
26,061 |
|
|
Regal Rexnord Corp. |
|
|
5,758,960 |
|
| |
6,130 |
|
|
Sensata Technologies Holding PLC |
|
|
228,894 |
|
| |
7,415 |
|
|
Shoals Technologies Group Inc., Class A
Shares* |
|
|
43,971 |
|
| |
9,630 |
|
|
Sunrun Inc.* |
|
|
127,597 |
|
| |
5,416 |
|
|
T1 Energy Inc.* |
|
|
33,363 |
|
| |
1,322 |
|
|
Thermon Group Holdings Inc.* |
|
|
67,131 |
|
| |
997 |
|
|
Vicor Corp.* |
|
|
200,796 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Electrical Equipment |
|
|
20,357,080 |
|
|
|
|
| |
| |
|
|
|
|
| Ground Transportation — 1.3% |
|
| |
16,622 |
|
|
ArcBest Corp. |
|
|
1,706,415 |
|
| |
689 |
|
|
Avis Budget Group Inc.*(a) |
|
|
67,116 |
|
| |
417 |
|
|
Covenant Logistics Group Inc., Class A
Shares |
|
|
12,277 |
|
| |
3,808 |
|
|
FTAI Infrastructure Inc. |
|
|
22,105 |
|
| |
1,305 |
|
|
Heartland Express Inc. |
|
|
14,394 |
|
| |
4,339 |
|
|
Hertz Global Holdings Inc.*(a) |
|
|
19,699 |
|
| |
32,901 |
|
|
Knight-Swift Transportation Holdings
Inc., Class A Shares |
|
|
2,070,131 |
|
See
Notes to Financial Statements.
54
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Ground Transportation — 1.3% —
(continued) |
|
| |
1,437 |
|
|
Landstar System Inc. |
|
$ |
234,159 |
|
| |
16,519 |
|
|
Lyft Inc., Class A Shares* |
|
|
228,623 |
|
| |
2,604 |
|
|
Marten Transport Ltd. |
|
|
35,388 |
|
| |
511 |
|
|
Proficient Auto Logistics Inc.* |
|
|
3,868 |
|
| |
7,059 |
|
|
RXO Inc.* |
|
|
112,662 |
|
| |
1,648 |
|
|
Ryder System Inc. |
|
|
365,131 |
|
| |
7,211 |
|
|
Saia Inc.* |
|
|
2,923,267 |
|
| |
2,157 |
|
|
Schneider National Inc., Class B
Shares |
|
|
61,216 |
|
| |
4,328 |
|
|
U-Haul Holding Co. |
|
|
204,108 |
|
| |
242 |
|
|
U-Haul Holding Co.* |
|
|
12,260 |
|
| |
261 |
|
|
Universal Logistics Holdings Inc. |
|
|
4,340 |
|
| |
2,582 |
|
|
Werner Enterprises Inc. |
|
|
90,602 |
|
| |
4,829 |
|
|
XPO Inc.* |
|
|
1,016,360 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Ground Transportation |
|
|
9,204,121 |
|
|
|
|
| |
| |
|
|
|
|
| Industrial Conglomerates — 0.0%@ |
|
| |
1,041 |
|
|
Brookfield Business Corp., Class A
Shares |
|
|
35,862 |
|
|
|
|
| |
| |
|
|
|
|
| Machinery — 4.1% |
|
| |
4,809 |
|
|
3D Systems Corp.* |
|
|
9,281 |
|
| |
1,362 |
|
|
Aebi Schmidt Holding AG |
|
|
19,640 |
|
| |
2,576 |
|
|
AGCO Corp. |
|
|
351,624 |
|
| |
410 |
|
|
Alamo Group Inc. |
|
|
87,547 |
|
| |
9,024 |
|
|
Albany International Corp., Class A
Shares |
|
|
520,234 |
|
| |
1,853 |
|
|
Alliance Laundry Holdings Inc.* |
|
|
41,563 |
|
| |
3,491 |
|
|
Allison Transmission Holdings Inc. |
|
|
437,422 |
|
| |
1,055 |
|
|
Astec Industries Inc. |
|
|
65,505 |
|
| |
3,431 |
|
|
Atmus Filtration Technologies Inc. |
|
|
221,402 |
|
| |
1,250 |
|
|
Blue Bird Corp.* |
|
|
72,837 |
|
| |
1,280 |
|
|
CECO Environmental Corp.* |
|
|
77,376 |
|
| |
1,863 |
|
|
Chart Industries Inc.* |
|
|
386,200 |
|
| |
93,522 |
|
|
CNH Industrial NV |
|
|
1,150,321 |
|
| |
1,076 |
|
|
Columbus McKinnon Corp. |
|
|
20,422 |
|
| |
2,045 |
|
|
Crane Co. |
|
|
410,084 |
|
| |
4,885 |
|
|
Donaldson Co., Inc. |
|
|
453,133 |
|
| |
1,132 |
|
|
Douglas Dynamics Inc. |
|
|
51,981 |
|
| |
273 |
|
|
Eastern Co. (The) |
|
|
5,070 |
|
| |
1,994 |
|
|
Energy Recovery Inc.* |
|
|
20,797 |
|
| |
2,209 |
|
|
Enerpac Tool Group Corp., Class A
Shares |
|
|
90,127 |
|
| |
882 |
|
|
Enpro Inc. |
|
|
228,129 |
|
| |
2,362 |
|
|
Esab Corp. |
|
|
298,014 |
|
| |
1,061 |
|
|
ESCO Technologies Inc. |
|
|
294,205 |
|
| |
2,467 |
|
|
Federal Signal Corp. |
|
|
287,233 |
|
| |
5,402 |
|
|
Flowserve Corp. |
|
|
478,185 |
|
| |
1,586 |
|
|
Franklin Electric Co., Inc. |
|
|
157,997 |
|
| |
10,563 |
|
|
Gates Industrial Corp. PLC* |
|
|
291,222 |
|
| |
401 |
|
|
Gencor Industries Inc.* |
|
|
6,264 |
|
| |
917 |
|
|
Gorman-Rupp Co. (The) |
|
|
58,899 |
|
| |
6,921 |
|
|
Graco Inc. |
|
|
650,020 |
|
| |
421 |
|
|
Graham Corp.* |
|
|
34,194 |
|
| |
1,245 |
|
|
Greenbrier Cos., Inc. (The) |
|
|
70,243 |
|
| |
17,210 |
|
|
Helios Technologies Inc. |
|
|
1,227,417 |
|
| |
75,922 |
|
|
Hillman Solutions Corp.* |
|
|
622,560 |
|
| |
635 |
|
|
Hyster-Yale Inc. |
|
|
23,387 |
|
| |
18,672 |
|
|
ITT Inc. |
|
|
3,779,400 |
|
| |
11,102 |
|
|
JBT Marel Corp. |
|
|
1,709,708 |
|
See
Notes to Financial Statements.
55
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Machinery — 4.1% — (continued) |
|
| |
475 |
|
|
Kadant Inc. |
|
$ |
161,106 |
|
| |
3,168 |
|
|
Kennametal Inc. |
|
|
127,607 |
|
| |
327 |
|
|
LB Foster Co., Class A Shares* |
|
|
10,049 |
|
| |
2,248 |
|
|
Lincoln Electric Holdings Inc. |
|
|
645,288 |
|
| |
453 |
|
|
Lindsay Corp. |
|
|
61,019 |
|
| |
1,171 |
|
|
Luxfer Holdings PLC, ADR |
|
|
15,071 |
|
| |
1,152 |
|
|
Manitowoc Co., Inc. (The)* |
|
|
16,992 |
|
| |
556 |
|
|
Mayville Engineering Co., Inc.* |
|
|
11,676 |
|
| |
7,453 |
|
|
Microvast Holdings Inc.* |
|
|
16,695 |
|
| |
2,010 |
|
|
Middleby Corp. (The)* |
|
|
339,409 |
|
| |
420 |
|
|
Miller Industries Inc. |
|
|
17,653 |
|
| |
4,562 |
|
|
Mueller Industries Inc. |
|
|
538,134 |
|
| |
6,308 |
|
|
Mueller Water Products Inc., Class A
Shares |
|
|
188,798 |
|
| |
2,225 |
|
|
Nordson Corp. |
|
|
652,904 |
|
| |
108 |
|
|
Omega Flex Inc. |
|
|
3,880 |
|
| |
15,632 |
|
|
Oshkosh Corp. |
|
|
2,657,753 |
|
| |
333 |
|
|
Park-Ohio Holdings Corp. |
|
|
8,571 |
|
| |
15,673 |
|
|
Pentair PLC |
|
|
1,554,605 |
|
| |
982 |
|
|
Proto Labs Inc.* |
|
|
60,963 |
|
| |
1,309 |
|
|
RBC Bearings Inc.* |
|
|
753,879 |
|
| |
8,313 |
|
|
Richtech Robotics Inc., Class B
Shares* |
|
|
20,699 |
|
| |
2,148 |
|
|
Snap-on Inc. |
|
|
827,453 |
|
| |
6,258 |
|
|
SPX Technologies Inc.* |
|
|
1,420,191 |
|
| |
503 |
|
|
Standex International Corp. |
|
|
131,786 |
|
| |
6,530 |
|
|
Stanley Black & Decker Inc. |
|
|
564,780 |
|
| |
112,453 |
|
|
Stratasys Ltd.* |
|
|
1,082,922 |
|
| |
738 |
|
|
Tennant Co. |
|
|
45,040 |
|
| |
29,039 |
|
|
Terex Corp. |
|
|
1,997,593 |
|
| |
2,617 |
|
|
Timken Co. (The) |
|
|
283,630 |
|
| |
1,948 |
|
|
Titan International Inc.* |
|
|
18,954 |
|
| |
4,140 |
|
|
Toro Co. (The) |
|
|
409,280 |
|
| |
3,294 |
|
|
Trinity Industries Inc. |
|
|
112,589 |
|
| |
1,794 |
|
|
Wabash National Corp. |
|
|
18,209 |
|
| |
1,153 |
|
|
Watts Water Technologies Inc., Class A
Shares |
|
|
379,037 |
|
| |
1,348 |
|
|
Worthington Enterprises Inc. |
|
|
75,501 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Machinery |
|
|
29,939,359 |
|
|
|
|
| |
| |
|
|
|
|
| Marine Transportation — 0.5% |
|
| |
328 |
|
|
Costamare Bulkers Holdings Ltd.* |
|
|
6,258 |
|
| |
1,644 |
|
|
Costamare Inc. |
|
|
28,885 |
|
| |
1,449 |
|
|
Genco Shipping & Trading Ltd. |
|
|
34,849 |
|
| |
1,059 |
|
|
Himalaya Shipping Ltd.* |
|
|
15,578 |
|
| |
16,043 |
|
|
Kirby Corp.* |
|
|
2,082,381 |
|
| |
1,331 |
|
|
Matson Inc. |
|
|
221,119 |
|
| |
1,037 |
|
|
Pangaea Logistics Solutions Ltd. |
|
|
9,696 |
|
| |
2,124 |
|
|
Safe Bulkers Inc. |
|
|
13,933 |
|
| |
51,354 |
|
|
Star Bulk Carriers Corp. |
|
|
1,350,097 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Marine Transportation |
|
|
3,762,796 |
|
|
|
|
| |
| |
|
|
|
|
| Passenger Airlines — 0.2% |
|
| |
4,796 |
|
|
Alaska Air Group Inc.* |
|
|
247,474 |
|
| |
633 |
|
|
Allegiant Travel Co.* |
|
|
64,661 |
|
| |
27,332 |
|
|
American Airlines Group Inc.* |
|
|
357,229 |
|
| |
2,692 |
|
|
Frontier Group Holdings Inc.* |
|
|
11,952 |
|
| |
14,078 |
|
|
JetBlue Airways Corp.* |
|
|
77,992 |
|
| |
20,526 |
|
|
Joby Aviation Inc.* |
|
|
206,492 |
|
See
Notes to Financial Statements.
56
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Passenger Airlines — 0.2% —
(continued) |
|
| |
1,687 |
|
|
SkyWest Inc.* |
|
$ |
175,583 |
|
| |
2,695 |
|
|
Sun Country Airlines Holdings Inc.* |
|
|
53,038 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Passenger Airlines |
|
|
1,194,421 |
|
|
|
|
| |
| |
|
|
|
|
| Professional Services — 1.6% |
|
| |
192,666 |
|
|
Alight Inc., Class A Shares |
|
|
169,488 |
|
| |
6,646 |
|
|
Amentum Holdings Inc.* |
|
|
198,516 |
|
| |
986 |
|
|
Asure Software Inc.* |
|
|
9,012 |
|
| |
1,114 |
|
|
Barrett Business Services Inc. |
|
|
30,936 |
|
| |
1,542 |
|
|
BlackSky Technology Inc., Class A
Shares* |
|
|
29,067 |
|
| |
3,406 |
|
|
CACI International Inc., Class A
Shares* |
|
|
2,078,239 |
|
| |
14,859 |
|
|
CBIZ Inc.* |
|
|
425,562 |
|
| |
15,079 |
|
|
Clarivate PLC* |
|
|
34,682 |
|
| |
1,780 |
|
|
Concentrix Corp. |
|
|
58,384 |
|
| |
307,727 |
|
|
Conduent Inc.* |
|
|
449,281 |
|
| |
250 |
|
|
CRA International Inc. |
|
|
43,165 |
|
| |
1,136 |
|
|
CSG Systems International Inc. |
|
|
90,766 |
|
| |
6,579 |
|
|
ExlService Holdings Inc.* |
|
|
205,594 |
|
| |
2,146 |
|
|
Exponent Inc. |
|
|
156,186 |
|
| |
94,553 |
|
|
First Advantage Corp.* |
|
|
1,088,305 |
|
| |
392 |
|
|
Franklin Covey Co.* |
|
|
5,104 |
|
| |
1,289 |
|
|
FTI Consulting Inc.* |
|
|
211,937 |
|
| |
6,657 |
|
|
Genpact Ltd. |
|
|
264,416 |
|
| |
853 |
|
|
HireQuest Inc. |
|
|
9,946 |
|
| |
698 |
|
|
Huron Consulting Group Inc.* |
|
|
98,697 |
|
| |
368 |
|
|
IBEX Holdings Ltd.* |
|
|
10,635 |
|
| |
711 |
|
|
ICF International Inc. |
|
|
59,105 |
|
| |
1,237 |
|
|
Innodata Inc.* |
|
|
54,638 |
|
| |
1,550 |
|
|
Insperity Inc. |
|
|
34,425 |
|
| |
67,411 |
|
|
KBR Inc. |
|
|
2,846,766 |
|
| |
1,238 |
|
|
Kelly Services Inc., Class A Shares |
|
|
12,021 |
|
| |
823 |
|
|
Kforce Inc. |
|
|
22,237 |
|
| |
2,226 |
|
|
Korn Ferry |
|
|
139,503 |
|
| |
5,156 |
|
|
Legalzoom.com Inc.* |
|
|
36,247 |
|
| |
1,826 |
|
|
ManpowerGroup Inc. |
|
|
51,073 |
|
| |
2,302 |
|
|
Maximus Inc. |
|
|
174,054 |
|
| |
777 |
|
|
Mistras Group Inc.* |
|
|
11,873 |
|
| |
2,179 |
|
|
Parsons Corp.* |
|
|
143,814 |
|
| |
1,836 |
|
|
Paylocity Holding Corp.* |
|
|
195,516 |
|
| |
9,904 |
|
|
Planet Labs PBC* |
|
|
239,083 |
|
| |
152 |
|
|
Resolute Holdings Management Inc.* |
|
|
25,620 |
|
| |
1,137 |
|
|
Resources Connection Inc. |
|
|
4,275 |
|
| |
52,633 |
|
|
Robert Half Inc. |
|
|
1,285,298 |
|
| |
1,930 |
|
|
Science Applications International
Corp. |
|
|
178,062 |
|
| |
793 |
|
|
Spire Global Inc.* |
|
|
7,018 |
|
| |
8,253 |
|
|
TIC Solutions Inc.* |
|
|
78,156 |
|
| |
1,258 |
|
|
TriNet Group Inc. |
|
|
47,905 |
|
| |
920 |
|
|
TrueBlue Inc.* |
|
|
3,892 |
|
| |
988 |
|
|
TTEC Holdings Inc.* |
|
|
2,470 |
|
| |
4,981 |
|
|
Upwork Inc.* |
|
|
66,845 |
|
| |
6,494 |
|
|
Verra Mobility Corp., Class A
Shares* |
|
|
108,515 |
|
| |
576 |
|
|
Willdan Group Inc.* |
|
|
51,345 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Professional Services |
|
|
11,547,674 |
|
|
|
|
| |
| |
|
|
|
|
| Trading Companies & Distributors — 2.0%
|
|
| |
22,631 |
|
|
AerCap Holdings NV |
|
|
3,381,977 |
|
| |
4,366 |
|
|
Air Lease Corp., Class A Shares |
|
|
283,091 |
|
See
Notes to Financial Statements.
57
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INDUSTRIALS — 24.1%
— (continued) |
|
|
| Trading Companies & Distributors — 2.0% —
(continued) |
|
| |
1,046 |
|
|
Alta Equipment Group Inc. |
|
$ |
7,217 |
|
| |
9,816 |
|
|
Applied Industrial Technologies Inc. |
|
|
2,773,805 |
|
| |
316 |
|
|
BlueLinx Holdings Inc.* |
|
|
20,831 |
|
| |
17,559 |
|
|
Boise Cascade Co. |
|
|
1,452,832 |
|
| |
32,403 |
|
|
Core & Main Inc., Class A
Shares* |
|
|
1,754,946 |
|
| |
1,832 |
|
|
Custom Truck One Source Inc.* |
|
|
13,117 |
|
| |
434 |
|
|
Distribution Solutions Group Inc.* |
|
|
12,977 |
|
| |
7,553 |
|
|
DNOW Inc.* |
|
|
88,974 |
|
| |
564 |
|
|
DXP Enterprises Inc.* |
|
|
78,097 |
|
| |
261 |
|
|
EVI Industries Inc. |
|
|
5,071 |
|
| |
9,969 |
|
|
GATX Corp. |
|
|
1,835,991 |
|
| |
459 |
|
|
Global Industrial Co. |
|
|
15,138 |
|
| |
1,338 |
|
|
Herc Holdings Inc. |
|
|
187,039 |
|
| |
1,643 |
|
|
Hudson Technologies Inc.* |
|
|
11,682 |
|
| |
224 |
|
|
Karat Packaging Inc. |
|
|
5,522 |
|
| |
1,041 |
|
|
McGrath RentCorp |
|
|
115,499 |
|
| |
1,887 |
|
|
MSC Industrial Direct Co., Inc., Class
A Shares |
|
|
177,076 |
|
| |
3,333 |
|
|
NPK International Inc.* |
|
|
48,095 |
|
| |
25,718 |
|
|
QXO Inc.* |
|
|
615,946 |
|
| |
2,462 |
|
|
Rush Enterprises Inc., Class A
Shares |
|
|
174,728 |
|
| |
410 |
|
|
Rush Enterprises Inc., Class B
Shares |
|
|
26,507 |
|
| |
1,840 |
|
|
SiteOne Landscape Supply Inc.* |
|
|
262,918 |
|
| |
751 |
|
|
Titan Machinery Inc.* |
|
|
14,637 |
|
| |
420 |
|
|
Transcat Inc.* |
|
|
32,747 |
|
| |
1,464 |
|
|
Watsco Inc. |
|
|
610,971 |
|
| |
2,035 |
|
|
WESCO International Inc. |
|
|
589,133 |
|
| |
114 |
|
|
Willis Lease Finance Corp. |
|
|
23,223 |
|
| |
1,809 |
|
|
Xometry Inc., Class A Shares* |
|
|
74,196 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Trading Companies &
Distributors |
|
|
14,693,983 |
|
|
|
|
| |
| |
|
|
|
|
| Transportation Infrastructure — 0.0%@ |
|
| |
429 |
|
|
Sky Harbour Group Corp., Class A
Shares* |
|
|
3,767 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INDUSTRIALS |
|
|
175,791,510 |
|
|
|
|
| |
| |
|
|
|
|
| INFORMATION
TECHNOLOGY — 18.1% |
|
|
| Communications Equipment — 2.9% |
|
| |
3,184 |
|
|
ADTRAN Holdings Inc.* |
|
|
32,477 |
|
| |
2,789 |
|
|
Applied Optoelectronics Inc.* |
|
|
234,918 |
|
| |
458 |
|
|
Aviat Networks Inc.* |
|
|
11,468 |
|
| |
72,729 |
|
|
Calix Inc.* |
|
|
3,765,180 |
|
| |
15,309 |
|
|
Ciena Corp.* |
|
|
5,338,248 |
|
| |
426 |
|
|
Clearfield Inc.* |
|
|
13,394 |
|
| |
1,584 |
|
|
Digi International Inc.* |
|
|
77,331 |
|
| |
5,828 |
|
|
Extreme Networks Inc.* |
|
|
81,476 |
|
| |
7,423 |
|
|
F5 Inc.* |
|
|
2,014,305 |
|
| |
5,102 |
|
|
Harmonic Inc.* |
|
|
54,234 |
|
| |
2,965 |
|
|
Lumentum Holdings Inc.* |
|
|
2,078,198 |
|
| |
1,027 |
|
|
NETGEAR Inc.* |
|
|
21,177 |
|
| |
2,911 |
|
|
NetScout Systems Inc.* |
|
|
85,030 |
|
| |
360,538 |
|
|
Ribbon Communications Inc.* |
|
|
804,000 |
|
| |
138,528 |
|
|
ViaSat Inc.* |
|
|
6,341,812 |
|
| |
9,109 |
|
|
Viavi Solutions Inc.* |
|
|
270,628 |
|
| |
8,799 |
|
|
Vistance Networks Inc.* |
|
|
154,598 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Communications Equipment |
|
|
21,378,474 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
58
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 18.1% — (continued) |
|
|
| Electronic Equipment, Instruments &
Components — 4.6% |
|
| |
1,798 |
|
|
908 Devices Inc.* |
|
$ |
12,406 |
|
| |
1,569 |
|
|
Advanced Energy Industries Inc. |
|
|
526,509 |
|
| |
1,534 |
|
|
Aeva Technologies Inc.* |
|
|
20,341 |
|
| |
4,325 |
|
|
Arlo Technologies Inc.* |
|
|
67,859 |
|
| |
2,195 |
|
|
Arrow Electronics Inc.* |
|
|
333,991 |
|
| |
30,178 |
|
|
Avnet Inc. |
|
|
1,986,920 |
|
| |
1,255 |
|
|
Badger Meter Inc. |
|
|
191,300 |
|
| |
83 |
|
|
Bel Fuse Inc., Class A Shares |
|
|
17,592 |
|
| |
427 |
|
|
Bel Fuse Inc., Class B Shares |
|
|
98,086 |
|
| |
1,633 |
|
|
Belden Inc. |
|
|
234,009 |
|
| |
1,573 |
|
|
Benchmark Electronics Inc. |
|
|
90,935 |
|
| |
168 |
|
|
Climb Global Solutions Inc. |
|
|
15,906 |
|
| |
6,976 |
|
|
Cognex Corp. |
|
|
379,494 |
|
| |
13,136 |
|
|
Coherent Corp.* |
|
|
3,401,304 |
|
| |
29,760 |
|
|
Crane NXT Co. |
|
|
1,437,110 |
|
| |
1,303 |
|
|
CTS Corp. |
|
|
68,616 |
|
| |
1,540 |
|
|
Daktronics Inc.* |
|
|
39,701 |
|
| |
1,102 |
|
|
ePlus Inc. |
|
|
88,887 |
|
| |
6,131 |
|
|
Evolv Technologies Holdings Inc.* |
|
|
32,494 |
|
| |
7,187 |
|
|
Fabrinet* |
|
|
3,921,443 |
|
| |
15,500 |
|
|
Flex Ltd.* |
|
|
976,810 |
|
| |
179 |
|
|
Frequency Electronics Inc.* |
|
|
8,988 |
|
| |
1,142 |
|
|
Ingram Micro Holding Corp. |
|
|
23,628 |
|
| |
76,047 |
|
|
Innoviz Technologies Ltd.* |
|
|
64,860 |
|
| |
1,230 |
|
|
Insight Enterprises Inc.* |
|
|
102,779 |
|
| |
31,475 |
|
|
IPG Photonics Corp.* |
|
|
4,141,166 |
|
| |
14,837 |
|
|
Itron Inc.* |
|
|
1,393,936 |
|
| |
4,430 |
|
|
Jabil Inc. |
|
|
1,173,906 |
|
| |
875 |
|
|
Kimball Electronics Inc.* |
|
|
21,866 |
|
| |
3,827 |
|
|
Knowles Corp.* |
|
|
103,980 |
|
| |
1,028 |
|
|
Littelfuse Inc. |
|
|
362,329 |
|
| |
1,435 |
|
|
Methode Electronics Inc. |
|
|
12,140 |
|
| |
8,847 |
|
|
MicroVision Inc.* |
|
|
6,910 |
|
| |
10,099 |
|
|
Mirion Technologies Inc., Class A
Shares* |
|
|
218,239 |
|
| |
1,423 |
|
|
Napco Security Technologies Inc. |
|
|
66,326 |
|
| |
23,472 |
|
|
nLight Inc.* |
|
|
1,318,892 |
|
| |
1,488 |
|
|
Novanta Inc.* |
|
|
200,032 |
|
| |
8,746 |
|
|
OSI Systems Inc.* |
|
|
2,494,359 |
|
| |
2,302 |
|
|
Ouster Inc.* |
|
|
43,623 |
|
| |
410 |
|
|
PC Connection Inc. |
|
|
24,990 |
|
| |
11,968 |
|
|
Plexus Corp.* |
|
|
2,323,348 |
|
| |
5,191 |
|
|
Powerfleet Inc.* |
|
|
18,532 |
|
| |
409 |
|
|
Richardson Electronics Ltd. |
|
|
5,023 |
|
| |
7,173 |
|
|
Rogers Corp.* |
|
|
773,465 |
|
| |
2,148 |
|
|
Sanmina Corp.* |
|
|
333,498 |
|
| |
954 |
|
|
ScanSource Inc.* |
|
|
35,088 |
|
| |
13,105 |
|
|
TD SYNNEX Corp. |
|
|
2,054,995 |
|
| |
2,720 |
|
|
Teledyne Technologies Inc.* |
|
|
1,852,592 |
|
| |
4,353 |
|
|
TTM Technologies Inc.* |
|
|
453,757 |
|
| |
5,247 |
|
|
Vishay Intertechnology Inc. |
|
|
98,224 |
|
| |
436 |
|
|
Vishay Precision Group Inc.* |
|
|
20,087 |
|
| |
6,010 |
|
|
Vontier Corp. |
|
|
245,929 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Electronic Equipment, Instruments
& Components |
|
|
33,939,200 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
59
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 18.1% — (continued) |
|
|
| IT Services — 0.7% |
|
| |
4,505 |
|
|
Amdocs Ltd. |
|
$ |
314,449 |
|
| |
25,553 |
|
|
Applied Digital Corp.* |
|
|
696,830 |
|
| |
1,716 |
|
|
ASGN Inc.* |
|
|
73,616 |
|
| |
1,475 |
|
|
Backblaze Inc., Class A Shares* |
|
|
5,546 |
|
| |
19,256 |
|
|
BigBear.ai Holdings Inc.* |
|
|
76,254 |
|
| |
2,700 |
|
|
Commerce.com Inc.* |
|
|
7,506 |
|
| |
2,811 |
|
|
DigitalOcean Holdings Inc.* |
|
|
157,585 |
|
| |
7,901 |
|
|
DXC Technology Co.* |
|
|
99,474 |
|
| |
2,272 |
|
|
EPAM Systems Inc.* |
|
|
320,352 |
|
| |
5,564 |
|
|
Fastly Inc., Class A Shares* |
|
|
106,384 |
|
| |
19,966 |
|
|
Globant SA* |
|
|
993,508 |
|
| |
2,908 |
|
|
Grid Dynamics Holdings Inc.* |
|
|
19,629 |
|
| |
959 |
|
|
Hackett Group Inc. (The) |
|
|
13,100 |
|
| |
1,768 |
|
|
Information Services Group Inc. |
|
|
8,504 |
|
| |
101,119 |
|
|
Kyndryl Holdings Inc.* |
|
|
1,246,797 |
|
| |
2,984 |
|
|
Rackspace Technology Inc.*(a) |
|
|
5,819 |
|
| |
879 |
|
|
TSS Inc.* |
|
|
9,080 |
|
| |
342 |
|
|
Tucows Inc., Class A Shares* |
|
|
6,211 |
|
| |
122,406 |
|
|
Unisys Corp.* |
|
|
297,447 |
|
| |
3,278 |
|
|
VTEX, Class A Shares* |
|
|
11,243 |
|
| |
6,268 |
|
|
Wix.com Ltd.* |
|
|
441,643 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total IT Services |
|
|
4,910,977 |
|
|
|
|
| |
| |
|
|
|
|
| Semiconductors & Semiconductor Equipment —
4.7% |
|
| |
2,037 |
|
|
ACM Research Inc., Class A Shares* |
|
|
113,420 |
|
| |
1,161 |
|
|
Aehr Test Systems* |
|
|
43,456 |
|
| |
5,289 |
|
|
Allegro MicroSystems Inc.* |
|
|
192,890 |
|
| |
889 |
|
|
Alpha & Omega Semiconductor
Ltd.* |
|
|
18,678 |
|
| |
1,681 |
|
|
Ambarella Inc.* |
|
|
101,432 |
|
| |
4,759 |
|
|
Amkor Technology Inc. |
|
|
227,575 |
|
| |
5,299 |
|
|
Astera Labs Inc.* |
|
|
629,680 |
|
| |
1,320 |
|
|
Axcelis Technologies Inc.* |
|
|
109,045 |
|
| |
28,465 |
|
|
CEVA Inc.* |
|
|
593,780 |
|
| |
2,168 |
|
|
Cirrus Logic Inc.* |
|
|
305,948 |
|
| |
1,822 |
|
|
Cohu Inc.* |
|
|
55,024 |
|
| |
25,914 |
|
|
Credo Technology Group Holding Ltd.* |
|
|
2,909,365 |
|
| |
1,958 |
|
|
Diodes Inc.* |
|
|
133,594 |
|
| |
5,249 |
|
|
Enphase Energy Inc.* |
|
|
221,875 |
|
| |
15,026 |
|
|
FormFactor Inc.* |
|
|
1,485,771 |
|
| |
1,236 |
|
|
Ichor Holdings Ltd.* |
|
|
58,772 |
|
| |
1,150 |
|
|
Impinj Inc.* |
|
|
141,059 |
|
| |
171,338 |
|
|
indie Semiconductor Inc., Class A
Shares* |
|
|
627,097 |
|
| |
5,610 |
|
|
Kopin Corp.* |
|
|
12,398 |
|
| |
2,290 |
|
|
Kulicke & Soffa Industries Inc. |
|
|
159,659 |
|
| |
26,017 |
|
|
Lattice Semiconductor Corp.* |
|
|
2,487,746 |
|
| |
11,306 |
|
|
MACOM Technology Solutions Holdings
Inc.* |
|
|
2,805,245 |
|
| |
3,682 |
|
|
MaxLinear Inc., Class A Shares* |
|
|
64,177 |
|
| |
11,568 |
|
|
MKS Inc. |
|
|
2,827,913 |
|
| |
6,757 |
|
|
Navitas Semiconductor Corp., Class A
Shares* |
|
|
60,813 |
|
| |
165 |
|
|
NVE Corp. |
|
|
11,359 |
|
| |
26,299 |
|
|
ON Semiconductor Corp.* |
|
|
1,748,358 |
|
| |
12,052 |
|
|
Onto Innovation Inc.* |
|
|
2,601,906 |
|
| |
1,170 |
|
|
PDF Solutions Inc.* |
|
|
39,523 |
|
| |
2,394 |
|
|
Penguin Solutions Inc.* |
|
|
49,747 |
|
| |
2,387 |
|
|
Photronics Inc.* |
|
|
89,345 |
|
See
Notes to Financial Statements.
60
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 18.1% — (continued) |
|
|
| Semiconductors & Semiconductor Equipment —
4.7% — (continued) |
|
| |
2,232 |
|
|
Power Integrations Inc. |
|
$ |
106,957 |
|
| |
3,505 |
|
|
Qorvo Inc.* |
|
|
290,565 |
|
| |
29,825 |
|
|
Rambus Inc.* |
|
|
2,972,360 |
|
| |
13,144 |
|
|
Rigetti Computing Inc.* |
|
|
228,969 |
|
| |
41,838 |
|
|
Semtech Corp.* |
|
|
3,774,624 |
|
| |
1,360 |
|
|
Silicon Laboratories Inc.* |
|
|
278,161 |
|
| |
907 |
|
|
SiTime Corp.* |
|
|
360,877 |
|
| |
1,351 |
|
|
SkyWater Technology Inc.* |
|
|
39,800 |
|
| |
6,166 |
|
|
Skyworks Solutions Inc. |
|
|
367,370 |
|
| |
1,591 |
|
|
Synaptics Inc.* |
|
|
129,603 |
|
| |
2,035 |
|
|
Ultra Clean Holdings Inc.* |
|
|
123,484 |
|
| |
15,291 |
|
|
Universal Display Corp. |
|
|
1,631,397 |
|
| |
91,649 |
|
|
Veeco Instruments Inc.* |
|
|
2,800,793 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Semiconductors &
Semiconductor Equipment |
|
|
34,031,610 |
|
|
|
|
| |
| |
|
|
|
|
| Software — 4.3% |
|
| |
4,737 |
|
|
8x8 Inc.* |
|
|
10,137 |
|
| |
3,026 |
|
|
A10 Networks Inc. |
|
|
58,281 |
|
| |
25,309 |
|
|
ACI Worldwide Inc.* |
|
|
1,004,261 |
|
| |
78,356 |
|
|
Adeia Inc. |
|
|
1,621,186 |
|
| |
1,065 |
|
|
Agilysys Inc.* |
|
|
76,861 |
|
| |
1,966 |
|
|
Alarm.com Holdings Inc.* |
|
|
94,073 |
|
| |
2,893 |
|
|
Alkami Technology Inc.* |
|
|
47,865 |
|
| |
3,725 |
|
|
Amplitude Inc., Class A Shares* |
|
|
27,193 |
|
| |
937 |
|
|
Appfolio Inc., Class A Shares* |
|
|
166,561 |
|
| |
1,553 |
|
|
Appian Corp., Class A Shares* |
|
|
41,419 |
|
| |
996 |
|
|
Arteris Inc.* |
|
|
16,922 |
|
| |
3,638 |
|
|
Asana Inc., Class A Shares* |
|
|
25,830 |
|
| |
1,236 |
|
|
AudioEye Inc.* |
|
|
8,430 |
|
| |
50,370 |
|
|
Aurora Innovation Inc., Class A
Shares* |
|
|
235,732 |
|
| |
7,038 |
|
|
AvePoint Inc.* |
|
|
75,870 |
|
| |
6,802 |
|
|
Bentley Systems Inc., Class B Shares |
|
|
248,613 |
|
| |
3,520 |
|
|
BILL Holdings Inc.* |
|
|
156,675 |
|
| |
14,871 |
|
|
Bit Digital Inc.* |
|
|
24,835 |
|
| |
4,006 |
|
|
Bitdeer Technologies Group, Class A
Shares* |
|
|
30,846 |
|
| |
1,579 |
|
|
Blackbaud Inc.* |
|
|
76,645 |
|
| |
2,149 |
|
|
BlackLine Inc.* |
|
|
75,752 |
|
| |
10,436 |
|
|
Blend Labs Inc., Class A Shares* |
|
|
17,532 |
|
| |
5,936 |
|
|
Box Inc., Class A Shares* |
|
|
139,793 |
|
| |
118,685 |
|
|
Braze Inc., Class A Shares* |
|
|
2,253,828 |
|
| |
5,029 |
|
|
C3.ai Inc., Class A Shares* |
|
|
39,981 |
|
| |
24,219 |
|
|
CCC Intelligent Solutions Holdings
Inc.* |
|
|
141,197 |
|
| |
1,648 |
|
|
Cerence Inc.* |
|
|
13,036 |
|
| |
1,400 |
|
|
Chaince Digital Holdings Inc., ADR* |
|
|
8,218 |
|
| |
13,683 |
|
|
Cipher Digital Inc.* |
|
|
213,455 |
|
| |
11,741 |
|
|
Cleanspark Inc.* |
|
|
116,823 |
|
| |
3,663 |
|
|
Clear Secure Inc., Class A Shares |
|
|
178,168 |
|
| |
11,649 |
|
|
Clearwater Analytics Holdings Inc.,
Class A Shares* |
|
|
272,470 |
|
| |
136,136 |
|
|
Cognyte Software Ltd.* |
|
|
965,204 |
|
| |
10,709 |
|
|
Commvault Systems Inc.* |
|
|
911,122 |
|
| |
12,210 |
|
|
Confluent Inc., Class A Shares* |
|
|
374,481 |
|
| |
750 |
|
|
Consensus Cloud Solutions Inc.* |
|
|
22,560 |
|
| |
12,234 |
|
|
Core Scientific Inc.* |
|
|
207,611 |
|
| |
934 |
|
|
CS Disco Inc.* |
|
|
3,036 |
|
| |
51 |
|
|
Daily Journal Corp.* |
|
|
25,985 |
|
| |
10,849 |
|
|
Descartes Systems Group Inc. (The)* |
|
|
718,746 |
|
See
Notes to Financial Statements.
61
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 18.1% — (continued) |
|
|
| Software — 4.3% — (continued) |
|
| |
621 |
|
|
Digimarc Corp.*(a) |
|
$ |
2,736 |
|
| |
3,618 |
|
|
Digital Turbine Inc.* |
|
|
14,689 |
|
| |
2,587 |
|
|
Dolby Laboratories Inc., Class A
Shares |
|
|
172,217 |
|
| |
1,305 |
|
|
Domo Inc., Class B Shares* |
|
|
4,685 |
|
| |
7,519 |
|
|
Dropbox Inc., Class A Shares* |
|
|
187,900 |
|
| |
13,833 |
|
|
D-Wave Quantum Inc.* |
|
|
259,784 |
|
| |
73,991 |
|
|
Dynatrace Inc.* |
|
|
2,657,757 |
|
| |
816 |
|
|
eGain Corp.* |
|
|
7,621 |
|
| |
3,958 |
|
|
Elastic NV* |
|
|
206,093 |
|
| |
901 |
|
|
EverCommerce Inc.* |
|
|
10,343 |
|
| |
3,363 |
|
|
Five9 Inc.* |
|
|
58,651 |
|
| |
8,575 |
|
|
Freshworks Inc., Class A Shares* |
|
|
67,057 |
|
| |
23,145 |
|
|
Gen Digital Inc. |
|
|
522,383 |
|
| |
6,244 |
|
|
Gitlab Inc., Class A Shares* |
|
|
164,217 |
|
| |
17,831 |
|
|
Guidewire Software Inc.* |
|
|
2,591,201 |
|
| |
4,046 |
|
|
Hut 8 Corp.* |
|
|
215,369 |
|
| |
825 |
|
|
I3 Verticals Inc., Class A Shares* |
|
|
18,463 |
|
| |
2,368 |
|
|
Intapp Inc.* |
|
|
53,114 |
|
| |
1,086 |
|
|
InterDigital Inc. |
|
|
398,052 |
|
| |
4,119 |
|
|
Kaltura Inc.* |
|
|
5,725 |
|
| |
855 |
|
|
Life360 Inc.* |
|
|
45,016 |
|
| |
23,348 |
|
|
LiveRamp Holdings Inc.* |
|
|
634,365 |
|
| |
2,538 |
|
|
Manhattan Associates Inc.* |
|
|
343,721 |
|
| |
15,277 |
|
|
MARA Holdings Inc.*(a) |
|
|
136,576 |
|
| |
1,693 |
|
|
Mitek Systems Inc.* |
|
|
24,684 |
|
| |
2,661 |
|
|
N-able Inc.* |
|
|
11,708 |
|
| |
4,624 |
|
|
nCino Inc.* |
|
|
74,631 |
|
| |
93,386 |
|
|
NCR Voyix Corp.* |
|
|
713,469 |
|
| |
3,604 |
|
|
NextNav Inc.* |
|
|
57,988 |
|
| |
7,530 |
|
|
Nice Ltd., ADR* |
|
|
875,362 |
|
| |
10,856 |
|
|
Nutanix Inc., Class A Shares* |
|
|
415,568 |
|
| |
1,099 |
|
|
ON24 Inc.* |
|
|
8,803 |
|
| |
39,550 |
|
|
OneSpan Inc. |
|
|
436,632 |
|
| |
898 |
|
|
Ooma Inc.* |
|
|
11,099 |
|
| |
1,992 |
|
|
Pagaya Technologies Ltd., Class A
Shares* |
|
|
22,290 |
|
| |
3,415 |
|
|
PagerDuty Inc.* |
|
|
24,110 |
|
| |
1,673 |
|
|
PAR Technology Corp.* |
|
|
27,420 |
|
| |
3,606 |
|
|
Pegasystems Inc. |
|
|
157,690 |
|
| |
3,066 |
|
|
Porch Group Inc.* |
|
|
25,172 |
|
| |
32,399 |
|
|
Procore Technologies Inc.* |
|
|
1,783,241 |
|
| |
1,671 |
|
|
Progress Software Corp.* |
|
|
69,981 |
|
| |
2,534 |
|
|
Q2 Holdings Inc.* |
|
|
121,936 |
|
| |
1,481 |
|
|
Qualys Inc.* |
|
|
136,948 |
|
| |
40,205 |
|
|
Radware Ltd.* |
|
|
930,746 |
|
| |
2,706 |
|
|
Rapid7 Inc.* |
|
|
16,831 |
|
| |
429 |
|
|
Red Violet Inc.* |
|
|
18,580 |
|
| |
440 |
|
|
ReposiTrak Inc. |
|
|
3,828 |
|
| |
7,239 |
|
|
Rezolve AI PLC* |
|
|
16,867 |
|
| |
1,777 |
|
|
Rimini Street Inc.* |
|
|
6,610 |
|
| |
3,501 |
|
|
RingCentral Inc., Class A Shares* |
|
|
127,611 |
|
| |
62,026 |
|
|
Riot Platforms Inc.* |
|
|
1,010,404 |
|
| |
5,643 |
|
|
Rubrik Inc., Class A Shares* |
|
|
293,210 |
|
| |
2,749 |
|
|
SailPoint Inc.* |
|
|
38,761 |
|
| |
2,088 |
|
|
SEMrush Holdings Inc., Class A
Shares* |
|
|
24,680 |
|
| |
12,252 |
|
|
SentinelOne Inc., Class A Shares* |
|
|
160,746 |
|
See
Notes to Financial Statements.
62
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| INFORMATION
TECHNOLOGY — 18.1% — (continued) |
|
|
| Software — 4.3% — (continued) |
|
| |
15,121 |
|
|
SoundHound AI Inc., Class A
Shares*(a) |
|
$ |
130,041 |
|
| |
4,436 |
|
|
Sprinklr Inc., Class A Shares* |
|
|
25,818 |
|
| |
2,096 |
|
|
Sprout Social Inc., Class A Shares* |
|
|
13,519 |
|
| |
1,552 |
|
|
SPS Commerce Inc.* |
|
|
87,704 |
|
| |
2,026 |
|
|
Telos Corp.* |
|
|
8,145 |
|
| |
5,310 |
|
|
Tenable Holdings Inc.* |
|
|
102,111 |
|
| |
4,074 |
|
|
Teradata Corp.* |
|
|
128,290 |
|
| |
12,958 |
|
|
Terawulf Inc.* |
|
|
210,179 |
|
| |
77,073 |
|
|
UiPath Inc., Class A Shares* |
|
|
826,993 |
|
| |
13,510 |
|
|
Unity Software Inc.* |
|
|
246,287 |
|
| |
59,176 |
|
|
Varonis Systems Inc., Class B
Shares* |
|
|
1,366,966 |
|
| |
2,904 |
|
|
Vertex Inc., Class A Shares* |
|
|
42,050 |
|
| |
609 |
|
|
Viant Technology Inc., Class A
Shares* |
|
|
6,169 |
|
| |
3,561 |
|
|
Weave Communications Inc.* |
|
|
17,947 |
|
| |
2,075 |
|
|
Workiva Inc., Class A Shares* |
|
|
127,778 |
|
| |
60,975 |
|
|
Xperi Inc.* |
|
|
373,777 |
|
| |
4,069 |
|
|
Yext Inc.* |
|
|
23,112 |
|
| |
7,897 |
|
|
Zeta Global Holdings Corp., Class A
Shares* |
|
|
133,854 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Software |
|
|
31,043,314 |
|
|
|
|
| |
| |
|
|
|
|
| Technology Hardware, Storage & Peripherals —
0.9% |
|
| |
1,757 |
|
|
Corsair Gaming Inc.* |
|
|
9,646 |
|
| |
236 |
|
|
CPI Card Group Inc.* |
|
|
2,895 |
|
| |
1,149 |
|
|
Diebold Nixdorf Inc.* |
|
|
91,920 |
|
| |
2,671 |
|
|
Eastman Kodak Co.* |
|
|
19,552 |
|
| |
2,366 |
|
|
GPGI Inc., Class A Shares |
|
|
53,117 |
|
| |
1,164 |
|
|
Immersion Corp. |
|
|
7,112 |
|
| |
54,504 |
|
|
IonQ Inc.* |
|
|
2,091,318 |
|
| |
13,032 |
|
|
Pure Storage Inc., Class A Shares* |
|
|
836,915 |
|
| |
8,349 |
|
|
Quantum Computing Inc.*(a) |
|
|
70,215 |
|
| |
5,903 |
|
|
Sandisk Corp.* |
|
|
3,750,530 |
|
| |
747 |
|
|
Turtle Beach Corp.* |
|
|
9,367 |
|
| |
5,815 |
|
|
Xerox Holdings Corp. |
|
|
10,467 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Technology Hardware, Storage
& Peripherals |
|
|
6,953,054 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INFORMATION TECHNOLOGY |
|
|
132,256,629 |
|
|
|
|
| |
| |
|
|
|
|
| MATERIALS —
4.6% |
|
|
| Chemicals — 1.6% |
|
| |
969 |
|
|
AdvanSix Inc. |
|
|
17,277 |
|
| |
4,939 |
|
|
Albemarle Corp. |
|
|
882,451 |
|
| |
1,145 |
|
|
American Vanguard Corp.* |
|
|
5,278 |
|
| |
1,211 |
|
|
Arq Inc.* |
|
|
4,251 |
|
| |
1,946 |
|
|
Ashland Inc. |
|
|
121,353 |
|
| |
3,718 |
|
|
ASP Isotopes Inc.* |
|
|
19,854 |
|
| |
2,841 |
|
|
Aspen Aerogels Inc.* |
|
|
8,864 |
|
| |
80,807 |
|
|
Avient Corp. |
|
|
3,318,743 |
|
| |
9,006 |
|
|
Axalta Coating Systems Ltd.* |
|
|
300,890 |
|
| |
1,337 |
|
|
Balchem Corp. |
|
|
242,572 |
|
| |
2,228 |
|
|
Cabot Corp. |
|
|
169,640 |
|
| |
4,615 |
|
|
Celanese Corp., Class A Shares |
|
|
230,473 |
|
| |
6,448 |
|
|
Chemours Co. (The) |
|
|
117,612 |
|
| |
310 |
|
|
Core Molding Technologies Inc.* |
|
|
5,658 |
|
| |
4,872 |
|
|
Eastman Chemical Co. |
|
|
367,885 |
|
| |
4,544 |
|
|
Ecovyst Inc.* |
|
|
51,211 |
|
| |
9,394 |
|
|
Element Solutions Inc. |
|
|
329,635 |
|
See
Notes to Financial Statements.
63
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| MATERIALS — 4.6% —
(continued) |
|
|
| Chemicals — 1.6% — (continued) |
|
| |
5,331 |
|
|
FMC Corp. |
|
$ |
78,579 |
|
| |
793 |
|
|
Hawkins Inc. |
|
|
118,236 |
|
| |
18,406 |
|
|
HB Fuller Co. |
|
|
1,209,642 |
|
| |
7,012 |
|
|
Huntsman Corp. |
|
|
88,702 |
|
| |
1,588 |
|
|
Ingevity Corp.* |
|
|
114,384 |
|
| |
1,010 |
|
|
Innospec Inc. |
|
|
77,346 |
|
| |
416 |
|
|
Intrepid Potash Inc.* |
|
|
15,380 |
|
| |
761 |
|
|
Koppers Holdings Inc. |
|
|
28,766 |
|
| |
772 |
|
|
Kronos Worldwide Inc. |
|
|
4,485 |
|
| |
1,941 |
|
|
LSB Industries Inc.* |
|
|
22,554 |
|
| |
2,095 |
|
|
Mativ Holdings Inc. |
|
|
22,710 |
|
| |
1,291 |
|
|
Minerals Technologies Inc. |
|
|
91,170 |
|
| |
13,389 |
|
|
Mosaic Co. (The) |
|
|
372,750 |
|
| |
244 |
|
|
NewMarket Corp. |
|
|
152,746 |
|
| |
4,806 |
|
|
Olin Corp. |
|
|
121,928 |
|
| |
2,147 |
|
|
Orion SA |
|
|
12,216 |
|
| |
5,855 |
|
|
Perimeter Solutions Inc.* |
|
|
137,475 |
|
| |
5,882 |
|
|
PureCycle Technologies Inc.*(a) |
|
|
37,115 |
|
| |
587 |
|
|
Quaker Chemical Corp. |
|
|
86,307 |
|
| |
2,465 |
|
|
Rayonier Advanced Materials Inc.* |
|
|
23,344 |
|
| |
19,864 |
|
|
RPM International Inc. |
|
|
2,266,880 |
|
| |
1,804 |
|
|
Scotts Miracle-Gro Co. (The) |
|
|
126,496 |
|
| |
1,737 |
|
|
Sensient Technologies Corp. |
|
|
176,358 |
|
| |
940 |
|
|
Stepan Co. |
|
|
47,837 |
|
| |
4,487 |
|
|
Tronox Holdings PLC |
|
|
33,563 |
|
| |
465 |
|
|
Valhi Inc. |
|
|
6,496 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Chemicals |
|
|
11,667,112 |
|
|
|
|
| |
| |
|
|
|
|
| |
Construction
Materials — 0.1% |
|
| |
1,337 |
|
|
Eagle Materials Inc. |
|
|
299,221 |
|
| |
6,418 |
|
|
James Hardie Industries PLC* |
|
|
156,278 |
|
| |
2,351 |
|
|
Knife River Corp.* |
|
|
209,192 |
|
| |
164 |
|
|
Smith-Midland Corp.* |
|
|
6,299 |
|
| |
1,071 |
|
|
Titan America SA* |
|
|
19,407 |
|
| |
472 |
|
|
United States Lime & Minerals
Inc. |
|
|
53,883 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Construction Materials |
|
|
744,280 |
|
|
|
|
| |
| |
|
|
|
|
| Containers & Packaging — 1.2% |
|
| |
2,760 |
|
|
AptarGroup Inc. |
|
|
396,640 |
|
| |
5,350 |
|
|
Ardagh Metal Packaging SA |
|
|
25,948 |
|
| |
13,892 |
|
|
Avery Dennison Corp. |
|
|
2,727,694 |
|
| |
4,850 |
|
|
Crown Holdings Inc. |
|
|
555,810 |
|
| |
107,940 |
|
|
Graphic Packaging Holding Co. |
|
|
1,320,106 |
|
| |
1,096 |
|
|
Greif Inc., Class A Shares |
|
|
79,646 |
|
| |
197 |
|
|
Greif Inc., Class B Shares |
|
|
17,214 |
|
| |
1,358 |
|
|
Myers Industries Inc. |
|
|
30,378 |
|
| |
98,765 |
|
|
O-I Glass Inc.* |
|
|
1,323,451 |
|
| |
3,692 |
|
|
Packaging Corp. of America |
|
|
857,061 |
|
| |
1,818 |
|
|
Ranpak Holdings Corp., Class A
Shares* |
|
|
9,308 |
|
| |
23,053 |
|
|
Sealed Air Corp. |
|
|
965,460 |
|
| |
3,791 |
|
|
Silgan Holdings Inc. |
|
|
182,158 |
|
| |
4,145 |
|
|
Sonoco Products Co. |
|
|
234,068 |
|
| |
1,536 |
|
|
TriMas Corp. |
|
|
60,027 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Containers & Packaging |
|
|
8,784,969 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
64
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| MATERIALS — 4.6% —
(continued) |
|
|
| Metals & Mining — 1.6% |
|
| |
22,180 |
|
|
Alcoa Corp. |
|
$ |
1,376,934 |
|
| |
473 |
|
|
Alpha Metallurgical Resources Inc.* |
|
|
76,933 |
|
| |
5,495 |
|
|
American Battery Technology Co.* |
|
|
20,277 |
|
| |
681 |
|
|
Caledonia Mining Corp. PLC |
|
|
21,615 |
|
| |
2,151 |
|
|
Century Aluminum Co.* |
|
|
110,906 |
|
| |
142,154 |
|
|
Cleveland-Cliffs Inc.* |
|
|
1,515,362 |
|
| |
64,496 |
|
|
Coeur Mining Inc.* |
|
|
1,751,066 |
|
| |
4,690 |
|
|
Commercial Metals Co. |
|
|
343,777 |
|
| |
1,691 |
|
|
Compass Minerals International Inc.* |
|
|
42,613 |
|
| |
5,887 |
|
|
Constellium SE, Class A Shares* |
|
|
146,527 |
|
| |
491 |
|
|
Contango ORE Inc.* |
|
|
14,764 |
|
| |
1,921 |
|
|
Critical Metals Corp.*(a) |
|
|
19,498 |
|
| |
2,810 |
|
|
Dakota Gold Corp.* |
|
|
19,558 |
|
| |
5,745 |
|
|
Ferroglobe PLC |
|
|
29,357 |
|
| |
26,543 |
|
|
Hecla Mining Co. |
|
|
661,186 |
|
| |
500 |
|
|
Idaho Strategic Resources Inc.* |
|
|
21,535 |
|
| |
4,967 |
|
|
Ivanhoe Electric Inc.* |
|
|
85,383 |
|
| |
650 |
|
|
Kaiser Aluminum Corp. |
|
|
84,591 |
|
| |
1,234 |
|
|
Lifezone Metals Ltd.* |
|
|
5,738 |
|
| |
886 |
|
|
Materion Corp. |
|
|
144,471 |
|
| |
1,617 |
|
|
Metallus Inc.* |
|
|
27,489 |
|
| |
5,430 |
|
|
MP Materials Corp.* |
|
|
319,664 |
|
| |
4,488 |
|
|
NioCorp Developments Ltd.* |
|
|
23,786 |
|
| |
12,606 |
|
|
Novagold Resources Inc.* |
|
|
167,912 |
|
| |
3,700 |
|
|
Perpetua Resources Corp.* |
|
|
136,382 |
|
| |
1,781 |
|
|
Ramaco Resources Inc., Class A
Shares* |
|
|
26,964 |
|
| |
9,149 |
|
|
Reliance Inc. |
|
|
2,887,790 |
|
| |
3,429 |
|
|
Royal Gold Inc. |
|
|
1,027,980 |
|
| |
1,772 |
|
|
Ryerson Holding Corp. |
|
|
46,356 |
|
| |
8,434 |
|
|
SSR Mining Inc.* |
|
|
271,491 |
|
| |
3,909 |
|
|
SunCoke Energy Inc. |
|
|
22,281 |
|
| |
1,116 |
|
|
Tredegar Corp.* |
|
|
10,245 |
|
| |
5,220 |
|
|
United States Antimony Corp.* |
|
|
46,667 |
|
| |
3,683 |
|
|
USA Rare Earth Inc.* |
|
|
69,609 |
|
| |
2,149 |
|
|
Warrior Met Coal Inc. |
|
|
178,883 |
|
| |
1,528 |
|
|
Worthington Steel Inc. |
|
|
63,504 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Metals & Mining |
|
|
11,819,094 |
|
|
|
|
| |
| |
|
|
|
|
| |
Paper
& Forest Products — 0.1% |
|
| |
630 |
|
|
Clearwater Paper Corp.* |
|
|
9,443 |
|
| |
2,623 |
|
|
Louisiana-Pacific Corp. |
|
|
222,273 |
|
| |
1,725 |
|
|
Magnera Corp.* |
|
|
22,339 |
|
| |
1,860 |
|
|
Resolute Forest Products Inc.*(e) |
|
|
1,265 |
|
| |
1,357 |
|
|
Sylvamo Corp. |
|
|
62,829 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Paper & Forest Products |
|
|
318,149 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
MATERIALS |
|
|
33,333,604 |
|
|
|
|
| |
| |
|
|
|
|
| REAL ESTATE —
3.8% |
|
|
| Diversified REITs — 0.2% |
|
| |
3,143 |
|
|
Alexander & Baldwin Inc. |
|
|
65,343 |
|
| |
375 |
|
|
Alpine Income Property Trust Inc. |
|
|
7,395 |
|
| |
2,362 |
|
|
American Assets Trust Inc. |
|
|
46,106 |
|
| |
2,878 |
|
|
Armada Hoffler Properties Inc. |
|
|
17,988 |
|
| |
47,401 |
|
|
Broadstone Net Lease Inc., Class A
Shares |
|
|
919,106 |
|
| |
1,352 |
|
|
CTO Realty Growth Inc. |
|
|
26,337 |
|
See
Notes to Financial Statements.
65
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| REAL ESTATE — 3.8%
— (continued) |
|
|
| Diversified REITs — 0.2% — (continued) |
|
| |
7,982 |
|
|
Essential Properties Realty Trust
Inc. |
|
$ |
270,909 |
|
| |
2,000 |
|
|
Gladstone Commercial Corp. |
|
|
24,980 |
|
| |
8,279 |
|
|
Global Net Lease Inc. |
|
|
77,988 |
|
| |
1,147 |
|
|
NexPoint Diversified Real Estate
Trust |
|
|
5,104 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Diversified REITs |
|
|
1,461,256 |
|
|
|
|
| |
| |
|
|
|
|
| Health Care REITs — 0.4% |
|
| |
20,413 |
|
|
American Healthcare REIT Inc. |
|
|
1,066,375 |
|
| |
9,280 |
|
|
CareTrust REIT Inc. |
|
|
376,954 |
|
| |
522 |
|
|
Chiron Real Estate Inc. |
|
|
18,077 |
|
| |
1,317 |
|
|
Community Healthcare Trust Inc. |
|
|
22,508 |
|
| |
9,673 |
|
|
Diversified Healthcare Trust |
|
|
65,389 |
|
| |
13,840 |
|
|
Healthcare Realty Trust Inc., Class A
Shares |
|
|
255,348 |
|
| |
1,871 |
|
|
LTC Properties Inc. |
|
|
74,241 |
|
| |
21,091 |
|
|
Medical Properties Trust Inc. |
|
|
121,484 |
|
| |
1,950 |
|
|
National Health Investors Inc. |
|
|
163,936 |
|
| |
12,392 |
|
|
Omega Healthcare Investors Inc. |
|
|
598,162 |
|
| |
10,054 |
|
|
Sabra Health Care REIT Inc. |
|
|
206,610 |
|
| |
2,466 |
|
|
Sila Realty Trust Inc. |
|
|
63,450 |
|
| |
587 |
|
|
Strawberry Fields REIT Inc. |
|
|
7,514 |
|
| |
455 |
|
|
Universal Health Realty Income Trust |
|
|
19,847 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Health Care REITs |
|
|
3,059,895 |
|
|
|
|
| |
| |
|
|
|
|
| Hotel & Resort REITs — 0.3% |
|
| |
9,845 |
|
|
Apple Hospitality REIT Inc. |
|
|
120,700 |
|
| |
3,087 |
|
|
Braemar Hotels & Resorts Inc. |
|
|
8,983 |
|
| |
1,734 |
|
|
Chatham Lodging Trust |
|
|
13,369 |
|
| |
11,921 |
|
|
DiamondRock Hospitality Co. |
|
|
119,687 |
|
| |
28,938 |
|
|
Host Hotels & Resorts Inc. |
|
|
566,895 |
|
| |
9,186 |
|
|
Park Hotels & Resorts Inc. |
|
|
103,894 |
|
| |
5,255 |
|
|
Pebblebrook Hotel Trust |
|
|
67,422 |
|
| |
7,029 |
|
|
RLJ Lodging Trust |
|
|
56,373 |
|
| |
9,890 |
|
|
Ryman Hospitality Properties Inc. |
|
|
976,637 |
|
| |
6,311 |
|
|
Service Properties Trust |
|
|
14,515 |
|
| |
4,049 |
|
|
Summit Hotel Properties Inc. |
|
|
18,261 |
|
| |
8,558 |
|
|
Sunstone Hotel Investors Inc. |
|
|
79,418 |
|
| |
4,153 |
|
|
Xenia Hotels & Resorts Inc. |
|
|
63,458 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hotel & Resort REITs |
|
|
2,209,612 |
|
|
|
|
| |
| |
|
|
|
|
| Industrial REITs — 0.5% |
|
| |
11,771 |
|
|
Americold Realty Trust Inc. |
|
|
157,614 |
|
| |
2,209 |
|
|
EastGroup Properties Inc. |
|
|
433,649 |
|
| |
5,338 |
|
|
First Industrial Realty Trust Inc. |
|
|
337,041 |
|
| |
2,292 |
|
|
Industrial Logistics Properties
Trust |
|
|
13,431 |
|
| |
1,194 |
|
|
Innovative Industrial Properties Inc.,
Class A Shares |
|
|
63,234 |
|
| |
2,521 |
|
|
LXP Industrial Trust |
|
|
124,941 |
|
| |
640 |
|
|
One Liberty Properties Inc. |
|
|
15,033 |
|
| |
9,841 |
|
|
Rexford Industrial Realty Inc. |
|
|
368,742 |
|
| |
38,749 |
|
|
STAG Industrial Inc. |
|
|
1,519,736 |
|
| |
4,179 |
|
|
Terreno Realty Corp. |
|
|
276,065 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Industrial REITs |
|
|
3,309,486 |
|
|
|
|
| |
| |
|
|
|
|
| Office REITs — 0.4% |
|
| |
8,393 |
|
|
Brandywine Realty Trust |
|
|
26,774 |
|
| |
6,685 |
|
|
BXP Inc. |
|
|
384,922 |
|
| |
49,970 |
|
|
COPT Defense Properties |
|
|
1,588,047 |
|
See
Notes to Financial Statements.
66
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| REAL ESTATE — 3.8%
— (continued) |
|
|
| Office REITs — 0.4% — (continued) |
|
| |
7,119 |
|
|
Cousins Properties Inc. |
|
$ |
164,876 |
|
| |
5,637 |
|
|
Douglas Emmett Inc. |
|
|
55,750 |
|
| |
1,701 |
|
|
Easterly Government Properties Inc.,
Class A Shares |
|
|
39,599 |
|
| |
5,830 |
|
|
Empire State Realty Trust Inc., Class A
Shares |
|
|
34,280 |
|
| |
4,278 |
|
|
Franklin Street Properties Corp. |
|
|
3,519 |
|
| |
4,548 |
|
|
Highwoods Properties Inc. |
|
|
102,285 |
|
| |
2,421 |
|
|
Hudson Pacific Properties Inc.* |
|
|
17,528 |
|
| |
2,630 |
|
|
JBG SMITH Properties |
|
|
40,002 |
|
| |
4,868 |
|
|
Kilroy Realty Corp. |
|
|
145,164 |
|
| |
1,310 |
|
|
Peakstone Realty Trust |
|
|
27,327 |
|
| |
5,597 |
|
|
Piedmont Realty Trust Inc., Class A
Shares* |
|
|
42,481 |
|
| |
905 |
|
|
Postal Realty Trust Inc., Class A
Shares |
|
|
18,761 |
|
| |
2,970 |
|
|
SL Green Realty Corp. |
|
|
109,444 |
|
| |
7,386 |
|
|
Vornado Realty Trust |
|
|
203,706 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Office REITs |
|
|
3,004,465 |
|
|
|
|
| |
| |
|
|
|
|
| |
Real
Estate Management & Development — 0.5% |
|
| |
26,825 |
|
|
Compass Inc., Class A Shares* |
|
|
261,544 |
|
| |
5,997 |
|
|
Cushman & Wakefield Ltd.* |
|
|
80,420 |
|
| |
3,891 |
|
|
eXp World Holdings Inc. |
|
|
27,120 |
|
| |
669 |
|
|
Forestar Group Inc.* |
|
|
19,214 |
|
| |
506 |
|
|
FRP Holdings Inc.* |
|
|
12,114 |
|
| |
1,303 |
|
|
Howard Hughes Holdings Inc.* |
|
|
94,298 |
|
| |
8,079 |
|
|
Jones Lang LaSalle Inc.* |
|
|
2,549,328 |
|
| |
5,154 |
|
|
Kennedy-Wilson Holdings Inc. |
|
|
56,075 |
|
| |
1,302 |
|
|
Marcus & Millichap Inc. |
|
|
34,386 |
|
| |
426 |
|
|
Maui Land & Pineapple Co., Inc.* |
|
|
7,008 |
|
| |
6,353 |
|
|
Newmark Group Inc., Class A Shares |
|
|
92,246 |
|
| |
623 |
|
|
RE/MAX Holdings Inc., Class A
Shares* |
|
|
3,919 |
|
| |
5,460 |
|
|
Real Brokerage Inc. (The)* |
|
|
14,469 |
|
| |
604 |
|
|
RMR Group Inc. (The), Class A Shares |
|
|
9,893 |
|
| |
249 |
|
|
Seaport Entertainment Group Inc.* |
|
|
5,817 |
|
| |
1,598 |
|
|
St Joe Co. (The) |
|
|
115,328 |
|
| |
298 |
|
|
Stratus Properties Inc.* |
|
|
9,095 |
|
| |
758 |
|
|
Tejon Ranch Co.* |
|
|
13,348 |
|
| |
1,994 |
|
|
Zillow Group Inc., Class A Shares* |
|
|
89,331 |
|
| |
6,986 |
|
|
Zillow Group Inc., Class C Shares* |
|
|
311,715 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Real Estate Management &
Development |
|
|
3,806,668 |
|
|
|
|
| |
| |
|
|
|
|
| |
Residential
REITs — 0.4% |
|
| |
14,393 |
|
|
American Homes 4 Rent, Class A
Shares |
|
|
431,790 |
|
| |
474 |
|
|
BRT Apartments Corp. |
|
|
6,954 |
|
| |
4,400 |
|
|
Camden Property Trust |
|
|
476,696 |
|
| |
663 |
|
|
Centerspace |
|
|
41,703 |
|
| |
7,996 |
|
|
Equity LifeStyle Properties Inc. |
|
|
537,011 |
|
| |
82,346 |
|
|
Independence Realty Trust Inc. |
|
|
1,364,473 |
|
| |
1,018 |
|
|
NexPoint Residential Trust Inc. |
|
|
28,697 |
|
| |
3,517 |
|
|
UMH Properties Inc. |
|
|
53,036 |
|
| |
3,515 |
|
|
Veris Residential Inc. |
|
|
66,258 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Residential REITs |
|
|
3,006,618 |
|
|
|
|
| |
| |
|
|
|
|
| Retail REITs — 0.6% |
|
| |
5,789 |
|
|
Acadia Realty Trust |
|
|
121,106 |
|
| |
4,774 |
|
|
Agree Realty Corp. |
|
|
384,212 |
|
| |
89 |
|
|
Alexander’s Inc. |
|
|
20,881 |
|
| |
12,811 |
|
|
Brixmor Property Group Inc. |
|
|
387,789 |
|
See
Notes to Financial Statements.
67
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| REAL ESTATE — 3.8%
— (continued) |
|
|
| Retail REITs — 0.6% — (continued) |
|
| |
958 |
|
|
CBL & Associates Properties Inc. |
|
$ |
36,193 |
|
| |
4,222 |
|
|
Curbline Properties Corp. |
|
|
117,414 |
|
| |
3,611 |
|
|
Federal Realty Investment Trust |
|
|
392,768 |
|
| |
558 |
|
|
FrontView REIT Inc. |
|
|
9,246 |
|
| |
2,128 |
|
|
Getty Realty Corp. |
|
|
69,841 |
|
| |
3,385 |
|
|
InvenTrust Properties Corp. |
|
|
105,612 |
|
| |
28,048 |
|
|
Kimco Realty Corp. |
|
|
660,530 |
|
| |
9,336 |
|
|
Kite Realty Group Trust |
|
|
243,203 |
|
| |
10,858 |
|
|
Macerich Co. (The) |
|
|
222,263 |
|
| |
3,960 |
|
|
NETSTREIT Corp. |
|
|
82,249 |
|
| |
7,830 |
|
|
NNN REIT Inc. |
|
|
354,856 |
|
| |
5,130 |
|
|
Phillips Edison & Co., Inc. |
|
|
201,506 |
|
| |
7,530 |
|
|
Regency Centers Corp. |
|
|
594,870 |
|
| |
421 |
|
|
Saul Centers Inc. |
|
|
14,348 |
|
| |
2,400 |
|
|
SITE Centers Corp. |
|
|
14,784 |
|
| |
4,551 |
|
|
Tanger Inc. |
|
|
168,660 |
|
| |
5,778 |
|
|
Urban Edge Properties |
|
|
122,783 |
|
| |
1,932 |
|
|
Whitestone REIT, Class B Shares |
|
|
29,347 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Retail REITs |
|
|
4,354,461 |
|
|
|
|
| |
| |
|
|
|
|
| Specialized REITs — 0.5% |
|
| |
26,371 |
|
|
CubeSmart |
|
|
1,084,903 |
|
| |
3,087 |
|
|
EPR Properties |
|
|
183,399 |
|
| |
1,538 |
|
|
Farmland Partners Inc. |
|
|
20,055 |
|
| |
4,255 |
|
|
Four Corners Property Trust Inc. |
|
|
108,588 |
|
| |
11,320 |
|
|
Gaming & Leisure Properties Inc. |
|
|
553,661 |
|
| |
1,177 |
|
|
Gladstone Land Corp. |
|
|
14,454 |
|
| |
3,623 |
|
|
Lamar Advertising Co., Class A
Shares |
|
|
499,032 |
|
| |
6,418 |
|
|
Millrose Properties Inc. |
|
|
201,268 |
|
| |
3,064 |
|
|
National Storage Affiliates Trust |
|
|
107,301 |
|
| |
6,184 |
|
|
Outfront Media Inc. |
|
|
178,161 |
|
| |
12,825 |
|
|
Rayonier Inc. |
|
|
275,609 |
|
| |
2,440 |
|
|
Safehold Inc. |
|
|
39,382 |
|
| |
1,513 |
|
|
Smartstop Self Storage REIT Inc. |
|
|
50,459 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Specialized REITs |
|
|
3,316,272 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
REAL ESTATE |
|
|
27,528,733 |
|
|
|
|
| |
| |
|
|
|
|
| UTILITIES —
3.7% |
|
|
| Electric Utilities — 0.9% |
|
| |
1,009 |
|
|
Genie Energy Ltd., Class B Shares |
|
|
14,661 |
|
| |
7,116 |
|
|
Hawaiian Electric Industries Inc.* |
|
|
110,227 |
|
| |
17,249 |
|
|
IDACORP Inc. |
|
|
2,483,338 |
|
| |
1,583 |
|
|
MGE Energy Inc. |
|
|
129,838 |
|
| |
8,407 |
|
|
OGE Energy Corp. |
|
|
413,120 |
|
| |
4,560 |
|
|
Oklo Inc., Class A Shares* |
|
|
287,052 |
|
| |
1,609 |
|
|
Otter Tail Corp. |
|
|
136,926 |
|
| |
5,121 |
|
|
Pinnacle West Capital Corp. |
|
|
513,636 |
|
| |
46,316 |
|
|
Portland General Electric Co. |
|
|
2,499,211 |
|
| |
4,191 |
|
|
TXNM Energy Inc. |
|
|
247,353 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Electric Utilities |
|
|
6,835,362 |
|
|
|
|
| |
| |
|
|
|
|
| Gas Utilities — 1.3% |
|
| |
11,389 |
|
|
Atmos Energy Corp. |
|
|
2,127,351 |
|
| |
5,040 |
|
|
Brookfield Infrastructure Corp., Class
A Shares |
|
|
251,395 |
|
| |
10,161 |
|
|
Chesapeake Utilities Corp. |
|
|
1,381,591 |
|
| |
8,537 |
|
|
MDU Resources Group Inc. |
|
|
176,545 |
|
See
Notes to Financial Statements.
68
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| UTILITIES — 3.7% —
(continued) |
|
|
| Gas Utilities — 1.3% — (continued) |
|
| |
3,728 |
|
|
National Fuel Gas Co. |
|
$ |
339,360 |
|
| |
42,369 |
|
|
New Jersey Resources Corp. |
|
|
2,298,094 |
|
| |
1,764 |
|
|
Northwest Natural Holding Co. |
|
|
93,563 |
|
| |
18,398 |
|
|
ONE Gas Inc. |
|
|
1,608,721 |
|
| |
281 |
|
|
RGC Resources Inc. |
|
|
6,199 |
|
| |
2,681 |
|
|
Southwest Gas Holdings Inc. |
|
|
236,384 |
|
| |
2,396 |
|
|
Spire Inc. |
|
|
219,498 |
|
| |
8,969 |
|
|
UGI Corp. |
|
|
335,530 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Gas Utilities |
|
|
9,074,231 |
|
|
|
|
| |
| |
|
|
|
|
| Independent Power & Renewable Electricity
Producers — 0.9% |
|
| |
30,051 |
|
|
AES Corp. (The) |
|
|
519,281 |
|
| |
5,642 |
|
|
Brookfield Renewable Corp. |
|
|
241,083 |
|
| |
1,347 |
|
|
Clearway Energy Inc., Class A Shares |
|
|
48,519 |
|
| |
3,452 |
|
|
Clearway Energy Inc., Class C Shares |
|
|
132,246 |
|
| |
1,024 |
|
|
Hallador Energy Co.* |
|
|
18,616 |
|
| |
2,632 |
|
|
Montauk Renewables Inc.* |
|
|
4,053 |
|
| |
36,538 |
|
|
Ormat Technologies Inc. |
|
|
3,788,991 |
|
| |
1,908 |
|
|
Talen Energy Corp.* |
|
|
707,811 |
|
| |
5,208 |
|
|
Vistra Corp. |
|
|
905,619 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Independent Power & Renewable
Electricity Producers |
|
|
6,366,219 |
|
|
|
|
| |
| |
|
|
|
|
| Multi-Utilities — 0.5% |
|
| |
3,425 |
|
|
Avista Corp. |
|
|
139,124 |
|
| |
2,984 |
|
|
Black Hills Corp. |
|
|
219,802 |
|
| |
20,286 |
|
|
NiSource Inc. |
|
|
959,528 |
|
| |
35,490 |
|
|
Northwestern Energy Group Inc. |
|
|
2,482,880 |
|
| |
701 |
|
|
Unitil Corp. |
|
|
36,669 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Multi-Utilities |
|
|
3,838,003 |
|
|
|
|
| |
| |
|
|
|
|
| Water Utilities — 0.1% |
|
| |
1,650 |
|
|
American States Water Co. |
|
|
122,974 |
|
| |
1,459 |
|
|
Cadiz Inc.* |
|
|
7,587 |
|
| |
2,383 |
|
|
California Water Service Group |
|
|
107,426 |
|
| |
513 |
|
|
Consolidated Water Co., Ltd. |
|
|
19,417 |
|
| |
11,856 |
|
|
Essential Utilities Inc. |
|
|
473,884 |
|
| |
397 |
|
|
Global Water Resources Inc. |
|
|
3,637 |
|
| |
1,284 |
|
|
H2O America |
|
|
69,066 |
|
| |
732 |
|
|
Middlesex Water Co. |
|
|
39,528 |
|
| |
734 |
|
|
Pure Cycle Corp.* |
|
|
7,758 |
|
| |
643 |
|
|
York Water Co. (The) |
|
|
21,142 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Water Utilities |
|
|
872,419 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
UTILITIES |
|
|
26,986,234 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMON STOCKS
(Cost — $495,983,233) |
|
|
711,228,723 |
|
|
|
|
| |
| |
|
|
|
|
|
| |
Face
Amount† |
|
|
|
|
|
|
|
| |
SHORT-TERM
INVESTMENTS(c) — 2.5% |
|
|
| |
MONEY MARKET FUND —
0.3% |
|
| $ |
1,999,348 |
|
|
Invesco
STIT — Government & Agency Portfolio, Institutional Class,
3.674%(d)
(Cost
— $1,999,348) |
|
|
1,999,348 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
69
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
| |
Face
Amount† |
|
|
Security |
|
Value |
|
|
| TIME DEPOSITS —
2.2% |
|
| |
29,944 |
CAD |
|
BBH — New York, 1.100% due 3/2/26 |
|
$ |
21,948 |
|
| $ |
9,012,009 |
|
|
Citibank — New York, 2.980% due
3/2/26 |
|
|
9,012,009 |
|
| |
222,191 |
|
|
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26 |
|
|
222,191 |
|
| |
7,119,226 |
|
|
Skandinaviska Enskilda Banken AB —
Stockholm, 2.980% due 3/2/26 |
|
|
7,119,226 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
TIME DEPOSITS
(Cost — $16,375,374) |
|
|
16,375,374 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $18,374,722) |
|
|
18,374,722 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS — 100.1%
(Cost — $514,357,955) |
|
|
729,603,445 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Liabilities in Excess of Other Assets —
(0.1)% |
|
|
(922,297 |
) |
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
728,681,148 |
|
|
|
|
| |
| |
|
|
|
| † |
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).
|
| (c) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 2.2%. |
| (d) |
Represents
investments of collateral received from securities lending transactions.
|
| (e) |
Security
is valued in good faith at fair value by or under the direction of the
Board of Trustees. |
| # |
Security
that used significant unobservable inputs to determine fair value. At
February 28, 2026, the Fund held Level 3 securities with a value of
$57,190, representing less than 0.05% of net assets.
|
At
February 28, 2026, for Morgan Stanley Pathway Small-Mid Cap Equity ETF the
aggregate cost of investments and the aggregate gross unrealized appreciation
and depreciation of all investments for federal income tax purposes were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal Income
Tax Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
Morgan
Stanley Pathway Small-Mid Cap Equity ETF |
|
$ |
514,357,955 |
|
|
$ |
259,266,521 |
|
|
$ |
(43,889,457) |
|
|
$ |
215,377,064 |
|
|
|
| |
|
Abbreviations
used in this schedule: |
| ADR |
|
— American
Depositary Receipt |
| PLC |
|
— Public
Limited Company |
| REIT |
|
— Real
Estate Investment Trust |
See
Notes to Financial Statements.
70
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
|
|
|
| |
| Summary of Investments by Security
Sector^ |
|
|
Industrials |
|
|
24.1 |
% |
|
Information
Technology |
|
|
18.2 |
|
|
Health
Care |
|
|
12.9 |
|
|
Financials |
|
|
12.2 |
|
|
Consumer
Discretionary |
|
|
8.8 |
|
|
Materials |
|
|
4.6 |
|
|
Energy |
|
|
4.4 |
|
|
Real
Estate |
|
|
3.8 |
|
|
Utilities |
|
|
3.7 |
|
|
Consumer
Staples |
|
|
3.0 |
|
|
Communication
Services |
|
|
2.0 |
|
|
Short-Term
Investments |
|
|
2.3 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
At
February 28, 2026, Morgan Stanley Pathway Small-Mid Cap Equity ETF had open
exchange-traded futures contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
E-mini
Russell 2000 Index Futures |
|
|
27 |
|
|
|
3/26 |
|
|
$ |
3,563,423 |
|
|
$ |
3,556,845 |
|
|
$ |
(6,578 |
) |
|
S&P
MidCap 400 E-mini Index Futures |
|
|
9 |
|
|
|
3/26 |
|
|
|
3,081,958 |
|
|
|
3,220,110 |
|
|
|
138,152 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
131,574 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Morgan Stanley Pathway Small-Mid Cap Equity ETF had deposited
cash of $496,996 with a broker or brokers as margin collateral on open
exchange-traded futures contracts.
|
|
| |
|
Currency
abbreviation used in this schedule: |
| CAD |
|
—
Canadian Dollar |
See
Notes to Financial Statements.
71
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| COMMON STOCKS —
97.7% |
|
|
| Australia — 3.6% |
|
| |
18,637 |
|
|
Ansell Ltd. |
|
$ |
431,121 |
|
| |
74,791 |
|
|
ANZ Group Holdings Ltd. |
|
|
2,131,374 |
|
| |
30,805 |
|
|
APA Group |
|
|
201,347 |
|
| |
14,230 |
|
|
Aristocrat Leisure Ltd. |
|
|
491,140 |
|
| |
4,534 |
|
|
ASX Ltd. |
|
|
170,898 |
|
| |
50,771 |
|
|
Bendigo & Adelaide Bank Ltd. |
|
|
386,331 |
|
| |
127,038 |
|
|
BHP Group Ltd. |
|
|
5,180,137 |
|
| |
33,193 |
|
|
Brambles Ltd. |
|
|
592,147 |
|
| |
8,699 |
|
|
CAR Group Ltd. |
|
|
163,797 |
|
| |
40,206 |
|
|
Charter Hall Group, REIT |
|
|
630,663 |
|
| |
11,064 |
|
|
Cochlear Ltd. |
|
|
1,564,596 |
|
| |
34,281 |
|
|
Coles Group Ltd. |
|
|
501,358 |
|
| |
41,964 |
|
|
Commonwealth Bank of Australia |
|
|
5,222,371 |
|
| |
12,807 |
|
|
Computershare Ltd. |
|
|
282,199 |
|
| |
33,456 |
|
|
CSL Ltd. |
|
|
3,493,835 |
|
| |
49,822 |
|
|
Evolution Mining Ltd. |
|
|
585,768 |
|
| |
42,573 |
|
|
Fortescue Ltd. |
|
|
639,756 |
|
| |
51,354 |
|
|
Goodman Group, REIT |
|
|
1,055,391 |
|
| |
59,645 |
|
|
Insurance Australia Group Ltd. |
|
|
282,668 |
|
| |
55,569 |
|
|
Lottery Corp., Ltd. (The) |
|
|
217,694 |
|
| |
23,102 |
|
|
Lynas Rare Earths Ltd.* |
|
|
305,873 |
|
| |
9,097 |
|
|
Macquarie Group Ltd. |
|
|
1,379,163 |
|
| |
81,136 |
|
|
Magellan Financial Group Ltd. |
|
|
485,178 |
|
| |
63,348 |
|
|
Medibank Pvt Ltd. |
|
|
197,198 |
|
| |
76,745 |
|
|
National Australia Bank Ltd. |
|
|
2,675,078 |
|
| |
34,558 |
|
|
Northern Star Resources Ltd. |
|
|
743,589 |
|
| |
47,706 |
|
|
Orica Ltd. |
|
|
830,667 |
|
| |
43,497 |
|
|
Origin Energy Ltd. |
|
|
375,925 |
|
| |
55,522 |
|
|
Paladin Energy Ltd.* |
|
|
527,343 |
|
| |
1,559 |
|
|
Pro Medicus Ltd. |
|
|
143,914 |
|
| |
18,779 |
|
|
Qantas Airways Ltd. |
|
|
132,841 |
|
| |
36,916 |
|
|
QBE Insurance Group Ltd. |
|
|
576,255 |
|
| |
439,338 |
|
|
Ramelius Resources Ltd. |
|
|
1,430,353 |
|
| |
1,212 |
|
|
REA Group Ltd. |
|
|
143,105 |
|
| |
28,934 |
|
|
Rio Tinto Ltd. |
|
|
3,436,758 |
|
| |
71,779 |
|
|
Sandfire Resources Ltd.* |
|
|
1,033,821 |
|
| |
82,542 |
|
|
Santos Ltd. |
|
|
398,228 |
|
| |
129,294 |
|
|
Scentre Group, REIT |
|
|
351,794 |
|
| |
5,249 |
|
|
SGH Ltd. |
|
|
174,194 |
|
| |
125,283 |
|
|
Sigma Healthcare Ltd. |
|
|
253,004 |
|
| |
12,023 |
|
|
Sonic Healthcare Ltd. |
|
|
204,457 |
|
| |
114,500 |
|
|
South32 Ltd. |
|
|
377,327 |
|
| |
60,967 |
|
|
Stockland, REIT |
|
|
221,594 |
|
| |
27,269 |
|
|
Suncorp Group Ltd. |
|
|
283,745 |
|
| |
98,741 |
|
|
Telstra Group Ltd. |
|
|
364,071 |
|
| |
78,510 |
|
|
Transurban Group |
|
|
800,719 |
|
| |
147,609 |
|
|
Ventia Services Group Pty Ltd. |
|
|
614,801 |
|
| |
92,090 |
|
|
Vicinity Ltd., REIT |
|
|
160,472 |
|
| |
8,595 |
|
|
Washington H Soul Pattinson & Co.,
Ltd. |
|
|
233,641 |
|
| |
28,383 |
|
|
Wesfarmers Ltd. |
|
|
1,605,755 |
|
| |
85,697 |
|
|
Westpac Banking Corp. |
|
|
2,592,378 |
|
| |
5,248 |
|
|
WiseTech Global Ltd. |
|
|
177,009 |
|
| |
47,906 |
|
|
Woodside Energy Group Ltd. |
|
|
976,010 |
|
| |
30,780 |
|
|
Woolworths Group Ltd. |
|
|
787,749 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Australia |
|
|
49,218,600 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
72
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Austria — 0.3% |
|
| |
1,965 |
|
|
BAWAG Group AG*(a) |
|
$ |
306,483 |
|
| |
1,498 |
|
|
DO & CO AG |
|
|
381,277 |
|
| |
27,276 |
|
|
Erste Group Bank AG |
|
|
3,247,479 |
|
| |
3,984 |
|
|
OMV AG |
|
|
258,105 |
|
| |
3,213 |
|
|
Raiffeisen Bank International AG |
|
|
160,339 |
|
| |
1,579 |
|
|
Verbund AG |
|
|
112,606 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Austria |
|
|
4,466,289 |
|
|
|
|
| |
| |
|
|
|
|
| Belgium — 1.0% |
|
| |
3,630 |
|
|
Ageas SA/NV |
|
|
269,700 |
|
| |
75,884 |
|
|
Anheuser-Busch InBev SA/NV |
|
|
6,157,847 |
|
| |
8,278 |
|
|
Colruyt Group NV |
|
|
335,533 |
|
| |
587 |
|
|
D’ieteren Group |
|
|
126,940 |
|
| |
1,017 |
|
|
Elia Group SA/NV, Class B Shares |
|
|
162,037 |
|
| |
518 |
|
|
Financiere de Tubize SA |
|
|
139,490 |
|
| |
1,875 |
|
|
Groupe Bruxelles Lambert NV |
|
|
188,509 |
|
| |
5,804 |
|
|
KBC Group NV |
|
|
783,403 |
|
| |
9 |
|
|
Lotus Bakeries NV |
|
|
111,306 |
|
| |
403 |
|
|
Sofina SA |
|
|
119,975 |
|
| |
32,139 |
|
|
Syensqo SA |
|
|
1,840,057 |
|
| |
9,858 |
|
|
UCB SA |
|
|
2,937,369 |
|
| |
31,839 |
|
|
Umicore SA |
|
|
670,679 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Belgium |
|
|
13,842,845 |
|
|
|
|
| |
| |
|
|
|
|
| Canada — 2.3% |
|
| |
105,724 |
|
|
Algonquin Power & Utilities
Corp. |
|
|
739,285 |
|
| |
56,435 |
|
|
Alimentation Couche-Tard Inc. |
|
|
3,424,239 |
|
| |
8,336 |
|
|
Aritzia Inc.* |
|
|
737,977 |
|
| |
16,802 |
|
|
Bird Construction Inc. |
|
|
391,878 |
|
| |
10,152 |
|
|
Boardwalk Real Estate Investment Trust,
Class Trust Un Shares |
|
|
486,653 |
|
| |
14,796 |
|
|
Boralex Inc., Class A Shares |
|
|
301,061 |
|
| |
7,447 |
|
|
BRP Inc. |
|
|
545,902 |
|
| |
65,259 |
|
|
Canadian Pacific Kansas City Ltd. |
|
|
5,713,212 |
|
| |
1,466 |
|
|
Celestica Inc.* |
|
|
407,016 |
|
| |
52,828 |
|
|
CES Energy Solutions Corp. |
|
|
651,686 |
|
| |
2,665 |
|
|
Colliers International Group Inc.(b) |
|
|
316,038 |
|
| |
56,335 |
|
|
DPM Metals Inc. |
|
|
2,438,720 |
|
| |
41,294 |
|
|
Enerflex Ltd. |
|
|
926,489 |
|
| |
17,513 |
|
|
Finning International Inc. |
|
|
1,180,456 |
|
| |
6,909 |
|
|
Gildan Activewear Inc., Class A
Shares |
|
|
470,813 |
|
| |
93,595 |
|
|
Headwater Exploration Inc. |
|
|
861,653 |
|
| |
46,412 |
|
|
Hudbay Minerals Inc. |
|
|
1,314,831 |
|
| |
20,216 |
|
|
IMAX Corp.* |
|
|
865,851 |
|
| |
3,654 |
|
|
Kinaxis Inc.* |
|
|
346,866 |
|
| |
15,220 |
|
|
Methanex Corp. |
|
|
767,749 |
|
| |
18,135 |
|
|
Nutrien Ltd. |
|
|
1,363,681 |
|
| |
56,688 |
|
|
OceanaGold Corp. |
|
|
2,410,372 |
|
| |
11,426 |
|
|
Quebecor Inc., Class B Shares |
|
|
472,433 |
|
| |
21,386 |
|
|
Toronto-Dominion Bank (The) |
|
|
2,082,952 |
|
| |
52,176 |
|
|
Vermilion Energy Inc. |
|
|
560,272 |
|
| |
111,497 |
|
|
Whitecap Resources Inc., Class Common S
Shares |
|
|
1,113,090 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Canada |
|
|
30,891,175 |
|
|
|
|
| |
| |
|
|
|
|
| Chile — 0.1% |
|
| |
30,799 |
|
|
Antofagasta PLC |
|
|
1,781,183 |
|
|
|
|
| |
| |
|
|
|
|
| China — 0.4% |
|
| |
17,800 |
|
|
Contemporary Amperex Technology Co.,
Ltd., Class A Shares |
|
|
886,563 |
|
| |
57,600 |
|
|
Tencent Holdings Ltd. |
|
|
3,787,399 |
|
See
Notes to Financial Statements.
73
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 0.4% — (continued) |
|
| |
58,214 |
|
|
Tencent Music Entertainment Group,
ADR |
|
$ |
849,925 |
|
| |
68,000 |
|
|
Yangzijiang Shipbuilding Holdings
Ltd. |
|
|
232,480 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total China |
|
|
5,756,367 |
|
|
|
|
| |
| |
|
|
|
|
| Czech Republic — 0.0%@ |
|
| |
4,998 |
|
|
CSG NV* |
|
|
187,976 |
|
|
|
|
| |
| |
|
|
|
|
| Denmark — 1.5% |
|
| |
60 |
|
|
AP Moller — Maersk AS, Class A
Shares |
|
|
147,016 |
|
| |
108 |
|
|
AP Moller — Maersk AS, Class B
Shares |
|
|
267,608 |
|
| |
2,383 |
|
|
Carlsberg AS, Class B Shares |
|
|
369,507 |
|
| |
32,071 |
|
|
Coloplast AS, Class B Shares |
|
|
2,490,798 |
|
| |
16,827 |
|
|
Danske Bank AS |
|
|
878,656 |
|
| |
2,175 |
|
|
Demant AS* |
|
|
68,035 |
|
| |
5,119 |
|
|
DSV AS |
|
|
1,325,339 |
|
| |
6,171 |
|
|
FLSmidth & Co. AS |
|
|
546,676 |
|
| |
1,483 |
|
|
Genmab AS* |
|
|
435,589 |
|
| |
15,125 |
|
|
ISS AS |
|
|
539,323 |
|
| |
5,263 |
|
|
Jyske Bank AS, Class Registered
Shares |
|
|
783,480 |
|
| |
7,944 |
|
|
Netcompany Group AS*(a) |
|
|
403,168 |
|
| |
208,748 |
|
|
Novo Nordisk AS, Class B Shares |
|
|
7,807,842 |
|
| |
8,948 |
|
|
Novonesis (Novozymes) B, Class B
Shares |
|
|
530,488 |
|
| |
13,420 |
|
|
Orsted AS*(a) |
|
|
315,800 |
|
| |
9,238 |
|
|
Pandora AS |
|
|
731,422 |
|
| |
2,599 |
|
|
Rockwool AS, Class B Shares |
|
|
85,588 |
|
| |
5,987 |
|
|
Royal Unibrew AS |
|
|
589,826 |
|
| |
8,725 |
|
|
Tryg AS |
|
|
215,578 |
|
| |
103,144 |
|
|
Vestas Wind Systems AS |
|
|
2,626,227 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Denmark |
|
|
21,157,966 |
|
|
|
|
| |
| |
|
|
|
|
| Finland — 0.8% |
|
| |
3,799 |
|
|
Elisa OYJ |
|
|
194,978 |
|
| |
11,628 |
|
|
Fortum OYJ |
|
|
269,737 |
|
| |
6,943 |
|
|
Kesko OYJ, Class B Shares |
|
|
171,113 |
|
| |
50,858 |
|
|
Kone OYJ, Class B Shares |
|
|
3,845,786 |
|
| |
9,619 |
|
|
Konecranes OYJ |
|
|
1,140,772 |
|
| |
16,742 |
|
|
Metso OYJ |
|
|
350,594 |
|
| |
10,312 |
|
|
Neste OYJ |
|
|
258,323 |
|
| |
132,547 |
|
|
Nokia OYJ |
|
|
1,016,424 |
|
| |
77,958 |
|
|
Nordea Bank Abp |
|
|
1,512,102 |
|
| |
8,404 |
|
|
Orion OYJ, Class B Shares |
|
|
674,625 |
|
| |
61,717 |
|
|
Sampo OYJ, Class A Shares |
|
|
682,865 |
|
| |
15,420 |
|
|
Stora Enso OYJ, Class R Shares |
|
|
209,518 |
|
| |
13,060 |
|
|
UPM-Kymmene OYJ |
|
|
417,052 |
|
| |
12,324 |
|
|
Wartsila OYJ Abp |
|
|
531,929 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Finland |
|
|
11,275,818 |
|
|
|
|
| |
| |
|
|
|
|
| France — 11.1% |
|
| |
5,012 |
|
|
Accor SA |
|
|
291,937 |
|
| |
880 |
|
|
Aeroports de Paris SA |
|
|
123,558 |
|
| |
31,160 |
|
|
Air Liquide SA |
|
|
6,522,381 |
|
| |
14,848 |
|
|
Airbus SE |
|
|
3,221,315 |
|
| |
355,536 |
|
|
Alstom SA* |
|
|
11,874,838 |
|
| |
1,496 |
|
|
Amundi SA(a) |
|
|
142,368 |
|
| |
42,830 |
|
|
AXA SA |
|
|
2,097,076 |
|
| |
44,157 |
|
|
Ayvens SA(a) |
|
|
563,898 |
|
| |
1,043 |
|
|
BioMerieux |
|
|
123,560 |
|
| |
91,059 |
|
|
BNP Paribas SA |
|
|
10,200,014 |
|
| |
18,376 |
|
|
Bollore SE |
|
|
107,158 |
|
See
Notes to Financial Statements.
74
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| France — 11.1% — (continued) |
|
| |
4,662 |
|
|
Bouygues SA |
|
$ |
289,404 |
|
| |
8,044 |
|
|
Bureau Veritas SA |
|
|
280,383 |
|
| |
40,109 |
|
|
Capgemini SE |
|
|
5,065,851 |
|
| |
14,302 |
|
|
Carrefour SA |
|
|
270,633 |
|
| |
75,961 |
|
|
Cie de Saint-Gobain SA |
|
|
7,791,139 |
|
| |
17,036 |
|
|
Cie Generale des Etablissements
Michelin SCA |
|
|
691,902 |
|
| |
10,603 |
|
|
Covivio SA, REIT |
|
|
778,349 |
|
| |
27,212 |
|
|
Credit Agricole SA |
|
|
603,145 |
|
| |
16,158 |
|
|
Danone SA |
|
|
1,383,888 |
|
| |
518 |
|
|
Dassault Aviation SA |
|
|
207,120 |
|
| |
80,673 |
|
|
Dassault Systemes SE |
|
|
1,769,651 |
|
| |
7,048 |
|
|
Eiffage SA |
|
|
1,213,205 |
|
| |
23,156 |
|
|
Elis SA |
|
|
740,143 |
|
| |
45,716 |
|
|
Engie SA |
|
|
1,563,301 |
|
| |
7,540 |
|
|
EssilorLuxottica SA |
|
|
2,006,802 |
|
| |
1,165 |
|
|
Gecina SA, REIT |
|
|
107,714 |
|
| |
7,155 |
|
|
Getlink SE |
|
|
155,694 |
|
| |
1,880 |
|
|
Hermes International SCA |
|
|
4,499,899 |
|
| |
4,738 |
|
|
Ipsen SA |
|
|
924,211 |
|
| |
45,663 |
|
|
Kering SA |
|
|
15,332,183 |
|
| |
25,799 |
|
|
Klepierre SA, REIT |
|
|
1,085,864 |
|
| |
24,541 |
|
|
Legrand SA |
|
|
4,427,212 |
|
| |
13,358 |
|
|
L’Oréal SA |
|
|
6,248,746 |
|
| |
18,878 |
|
|
LVMH Moët Hennessy Louis Vuitton SE |
|
|
12,010,483 |
|
| |
44,902 |
|
|
Orange SA |
|
|
962,699 |
|
| |
4,982 |
|
|
Pernod Ricard SA |
|
|
460,478 |
|
| |
5,852 |
|
|
Publicis Groupe SA |
|
|
521,774 |
|
| |
4,445 |
|
|
Renault SA |
|
|
167,167 |
|
| |
5,213 |
|
|
Rexel SA |
|
|
226,165 |
|
| |
17,127 |
|
|
Safran SA |
|
|
6,875,082 |
|
| |
79,753 |
|
|
Sanofi SA |
|
|
7,745,808 |
|
| |
679 |
|
|
Sartorius Stedim Biotech |
|
|
147,758 |
|
| |
33,429 |
|
|
Schneider Electric SE |
|
|
10,827,541 |
|
| |
71,892 |
|
|
Societe Generale SA |
|
|
6,229,864 |
|
| |
2,362 |
|
|
Sodexo SA |
|
|
129,532 |
|
| |
2,531 |
|
|
Sopra Steria Group |
|
|
389,773 |
|
| |
15,434 |
|
|
SPIE SA |
|
|
961,768 |
|
| |
15,960 |
|
|
Technip Energies NV |
|
|
690,228 |
|
| |
2,330 |
|
|
Thales SA |
|
|
701,339 |
|
| |
89,475 |
|
|
TotalEnergies SE |
|
|
7,154,066 |
|
| |
3,092 |
|
|
Unibail-Rodamco-Westfield, REIT |
|
|
387,522 |
|
| |
15,838 |
|
|
Veolia Environnement SA |
|
|
671,372 |
|
| |
12,517 |
|
|
Vinci SA |
|
|
2,079,084 |
|
| |
954 |
|
|
Virbac SACA |
|
|
415,207 |
|
| |
200,974 |
|
|
Worldline SA*(a)(c) |
|
|
368,334 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total France |
|
|
152,827,586 |
|
|
|
|
| |
| |
|
|
|
|
| Germany — 8.5% |
|
| |
12,222 |
|
|
adidas AG |
|
|
2,283,441 |
|
| |
16,914 |
|
|
Allianz SE, Class Registered Shares |
|
|
7,636,893 |
|
| |
22,483 |
|
|
BASF SE |
|
|
1,293,354 |
|
| |
24,629 |
|
|
Bayer AG, Class Registered Shares |
|
|
1,222,381 |
|
| |
25,802 |
|
|
Bayerische Motoren Werke AG |
|
|
2,725,791 |
|
| |
8,011 |
|
|
Bechtle AG |
|
|
323,569 |
|
| |
24,625 |
|
|
Beiersdorf AG |
|
|
3,132,090 |
|
| |
4,648 |
|
|
Bilfinger SE |
|
|
654,237 |
|
| |
2,986 |
|
|
Brenntag SE |
|
|
184,425 |
|
See
Notes to Financial Statements.
75
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Germany — 8.5% — (continued) |
|
| |
18,380 |
|
|
Commerzbank AG |
|
$ |
752,099 |
|
| |
2,844 |
|
|
Continental AG |
|
|
245,906 |
|
| |
5,816 |
|
|
CTS Eventim AG & Co. KGaA |
|
|
472,006 |
|
| |
41,864 |
|
|
Daimler Truck Holding AG |
|
|
2,130,636 |
|
| |
4,942 |
|
|
Delivery Hero SE, Class A Shares*(a) |
|
|
114,734 |
|
| |
130,481 |
|
|
Deutsche Bank AG, Class Registered
Shares |
|
|
4,668,689 |
|
| |
4,742 |
|
|
Deutsche Boerse AG |
|
|
1,301,854 |
|
| |
30,821 |
|
|
Deutsche Lufthansa AG, Class Registered
Shares |
|
|
330,879 |
|
| |
23,649 |
|
|
Deutsche Post AG |
|
|
1,401,450 |
|
| |
275,107 |
|
|
Deutsche Telekom AG, Class Registered
Shares |
|
|
11,070,766 |
|
| |
133,017 |
|
|
E.ON SE |
|
|
3,092,194 |
|
| |
5,862 |
|
|
Evonik Industries AG |
|
|
102,504 |
|
| |
16,386 |
|
|
Freenet AG |
|
|
535,728 |
|
| |
5,634 |
|
|
Fresenius Medical Care AG |
|
|
262,686 |
|
| |
10,708 |
|
|
Fresenius SE & Co. KGaA |
|
|
644,042 |
|
| |
11,185 |
|
|
GEA Group AG |
|
|
871,060 |
|
| |
1,559 |
|
|
Hannover Rueck SE |
|
|
474,789 |
|
| |
3,367 |
|
|
Heidelberg Materials AG |
|
|
753,872 |
|
| |
2,844 |
|
|
Henkel AG & Co. KGaA |
|
|
257,936 |
|
| |
1,629 |
|
|
Hensoldt AG |
|
|
143,150 |
|
| |
378 |
|
|
Hochtief AG |
|
|
184,198 |
|
| |
298,297 |
|
|
Infineon Technologies AG |
|
|
16,141,755 |
|
| |
5,784 |
|
|
KION Group AG |
|
|
395,440 |
|
| |
1,895 |
|
|
Knorr-Bremse AG |
|
|
249,646 |
|
| |
118,408 |
|
|
Lanxess AG |
|
|
2,674,264 |
|
| |
2,013 |
|
|
LEG Immobilien SE |
|
|
168,389 |
|
| |
17,805 |
|
|
Mercedes-Benz Group AG |
|
|
1,241,132 |
|
| |
20,347 |
|
|
Merck KGaA |
|
|
3,085,183 |
|
| |
1,364 |
|
|
MTU Aero Engines AG |
|
|
588,686 |
|
| |
3,248 |
|
|
Muenchener
Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares |
|
|
2,131,532 |
|
| |
1,293 |
|
|
Nemetschek SE |
|
|
103,585 |
|
| |
17,383 |
|
|
Nordex SE* |
|
|
885,603 |
|
| |
138 |
|
|
Rational AG |
|
|
119,991 |
|
| |
1,152 |
|
|
Rheinmetall AG |
|
|
2,263,687 |
|
| |
15,868 |
|
|
RWE AG |
|
|
1,022,298 |
|
| |
93,401 |
|
|
SAP SE |
|
|
18,856,028 |
|
| |
7,581 |
|
|
Scout24 SE(a) |
|
|
648,215 |
|
| |
28,353 |
|
|
Siemens AG, Class Registered Shares |
|
|
8,286,714 |
|
| |
19,390 |
|
|
Siemens Energy AG |
|
|
3,811,159 |
|
| |
27,242 |
|
|
Siemens Healthineers AG(a) |
|
|
1,351,395 |
|
| |
7,148 |
|
|
SUSS MicroTec SE |
|
|
466,564 |
|
| |
3,381 |
|
|
Symrise AG, Class A Shares |
|
|
309,877 |
|
| |
39,299 |
|
|
TAG Immobilien AG |
|
|
767,992 |
|
| |
1,652 |
|
|
Talanx AG |
|
|
208,786 |
|
| |
67,938 |
|
|
TUI AG |
|
|
648,665 |
|
| |
19,323 |
|
|
Vonovia SE |
|
|
654,973 |
|
| |
27,131 |
|
|
Zalando SE*(a) |
|
|
663,759 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Germany |
|
|
117,012,677 |
|
|
|
|
| |
| |
|
|
|
|
| Greece — 0.1% |
|
| |
278,680 |
|
|
Eurobank SA |
|
|
1,295,171 |
|
|
|
|
| |
| |
|
|
|
|
| Hong Kong — 2.1% |
|
| |
893,400 |
|
|
AIA Group Ltd. |
|
|
9,881,537 |
|
| |
346,000 |
|
|
BOC Hong Kong Holdings Ltd. |
|
|
1,983,091 |
|
| |
932,000 |
|
|
China Ruyi Holdings Ltd.* |
|
|
242,025 |
|
| |
49,500 |
|
|
CK Asset Holdings Ltd. |
|
|
314,582 |
|
| |
69,500 |
|
|
CK Hutchison Holdings Ltd. |
|
|
573,574 |
|
| |
15,500 |
|
|
CK Infrastructure Holdings Ltd. |
|
|
131,588 |
|
See
Notes to Financial Statements.
76
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Hong Kong — 2.1% — (continued) |
|
| |
41,000 |
|
|
CLP Holdings Ltd. |
|
$ |
388,447 |
|
| |
1,305 |
|
|
Futu Holdings Ltd., ADR* |
|
|
194,236 |
|
| |
50,000 |
|
|
Galaxy Entertainment Group Ltd. |
|
|
266,484 |
|
| |
38,894 |
|
|
Henderson Land Development Co., Ltd. |
|
|
175,917 |
|
| |
96,000 |
|
|
HKT Trust & HKT Ltd., Class
Miscella Shares |
|
|
151,643 |
|
| |
300,380 |
|
|
Hong Kong & China Gas Co., Ltd. |
|
|
291,995 |
|
| |
27,899 |
|
|
Hong Kong Exchanges & Clearing
Ltd. |
|
|
1,490,927 |
|
| |
28,100 |
|
|
Hongkong Land Holdings Ltd. |
|
|
243,594 |
|
| |
39,100 |
|
|
Jardine Matheson Holdings Ltd. |
|
|
3,221,202 |
|
| |
65,780 |
|
|
Link REIT |
|
|
326,972 |
|
| |
42,500 |
|
|
MTR Corp., Ltd. |
|
|
202,700 |
|
| |
36,000 |
|
|
Power Assets Holdings Ltd. |
|
|
291,967 |
|
| |
291,826 |
|
|
Prudential PLC |
|
|
4,441,978 |
|
| |
86,646 |
|
|
Sino Land Co., Ltd. |
|
|
141,969 |
|
| |
35,000 |
|
|
SITC International Holdings Co.,
Ltd. |
|
|
149,899 |
|
| |
35,500 |
|
|
Sun Hung Kai Properties Ltd. |
|
|
665,709 |
|
| |
10,000 |
|
|
Swire Pacific Ltd., Class A Shares |
|
|
107,477 |
|
| |
116,000 |
|
|
Techtronic Industries Co., Ltd. |
|
|
1,880,323 |
|
| |
214,500 |
|
|
WH Group Ltd.(a) |
|
|
270,413 |
|
| |
27,000 |
|
|
Wharf Holdings Ltd. (The) |
|
|
89,172 |
|
| |
47,000 |
|
|
Wharf Real Estate Investment Co.,
Ltd. |
|
|
173,455 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hong Kong |
|
|
28,292,876 |
|
|
|
|
| |
| |
|
|
|
|
| Hungary — 0.1% |
|
| |
43,180 |
|
|
Wizz Air Holdings PLC*(a) |
|
|
710,581 |
|
|
|
|
| |
| |
|
|
|
|
| India — 0.1% |
|
| |
30,315 |
|
|
HDFC Bank Ltd., ADR |
|
|
965,533 |
|
|
|
|
| |
| |
|
|
|
|
| Indonesia — 0.1% |
|
| |
1,560,800 |
|
|
Bank Central Asia Tbk PT |
|
|
667,900 |
|
| |
2,358,900 |
|
|
Bank Mandiri Persero Tbk PT |
|
|
736,276 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Indonesia |
|
|
1,404,176 |
|
|
|
|
| |
| |
|
|
|
|
| Ireland — 1.0% |
|
| |
4,251 |
|
|
AerCap Holdings NV |
|
|
635,270 |
|
| |
51,237 |
|
|
AIB Group PLC |
|
|
535,386 |
|
| |
23,083 |
|
|
Bank of Ireland Group PLC |
|
|
451,353 |
|
| |
191,088 |
|
|
Cairn Homes PLC |
|
|
538,503 |
|
| |
83,528 |
|
|
Experian PLC |
|
|
3,140,403 |
|
| |
3,875 |
|
|
Kerry Group PLC, Class A Shares |
|
|
344,769 |
|
| |
26,408 |
|
|
Kingspan Group PLC |
|
|
2,620,674 |
|
| |
19,902 |
|
|
Ryanair Holdings PLC |
|
|
645,092 |
|
| |
87,513 |
|
|
Smurfit Westrock PLC |
|
|
4,113,986 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Ireland |
|
|
13,025,436 |
|
|
|
|
| |
| |
|
|
|
|
| Israel — 0.6% |
|
| |
1,115 |
|
|
Azrieli Group Ltd. |
|
|
160,122 |
|
| |
31,284 |
|
|
Bank Hapoalim BM |
|
|
788,407 |
|
| |
37,202 |
|
|
Bank Leumi Le-Israel BM |
|
|
899,353 |
|
| |
2,120 |
|
|
Check Point Software Technologies
Ltd.* |
|
|
322,388 |
|
| |
1,279 |
|
|
CyberArk Software Ltd.*(b)# |
|
|
57,555 |
|
| |
692 |
|
|
Elbit Systems Ltd. |
|
|
529,740 |
|
| |
20,044 |
|
|
ICL Group Ltd. |
|
|
94,961 |
|
| |
30,324 |
|
|
Israel Discount Bank Ltd., Class A
Shares |
|
|
366,773 |
|
| |
3,935 |
|
|
Mizrahi Tefahot Bank Ltd. |
|
|
294,539 |
|
| |
1,112 |
|
|
Monday.com Ltd.* |
|
|
80,776 |
|
| |
1,440 |
|
|
Nice Ltd.* |
|
|
167,366 |
|
| |
756 |
|
|
Nova Ltd.* |
|
|
329,858 |
|
| |
5,874 |
|
|
Phoenix Financial Ltd. |
|
|
299,838 |
|
See
Notes to Financial Statements.
77
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Israel — 0.6% — (continued) |
|
| |
99,172 |
|
|
Teva Pharmaceutical Industries Ltd.,
ADR* |
|
$ |
3,357,964 |
|
| |
2,889 |
|
|
Tower Semiconductor Ltd.* |
|
|
364,945 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Israel |
|
|
8,114,585 |
|
|
|
|
| |
| |
|
|
|
|
| Italy — 2.8% |
|
| |
17,029 |
|
|
Azimut Holding SpA |
|
|
702,357 |
|
| |
7,496 |
|
|
Banca Generali SpA |
|
|
482,675 |
|
| |
6,222 |
|
|
Banca Mediolanum SpA |
|
|
133,006 |
|
| |
50,632 |
|
|
Banca Monte dei Paschi di Siena SpA |
|
|
490,559 |
|
| |
27,794 |
|
|
Banco BPM SpA |
|
|
407,181 |
|
| |
35,790 |
|
|
BPER Banca SpA |
|
|
501,421 |
|
| |
17,631 |
|
|
Buzzi SpA |
|
|
1,012,342 |
|
| |
13,455 |
|
|
Davide Campari-Milano NV |
|
|
100,872 |
|
| |
11,714 |
|
|
De’Longhi SpA |
|
|
537,196 |
|
| |
426,779 |
|
|
Enel SpA |
|
|
5,141,957 |
|
| |
51,822 |
|
|
Eni SpA |
|
|
1,211,904 |
|
| |
10,658 |
|
|
Ferrari NV |
|
|
4,035,009 |
|
| |
113,143 |
|
|
FinecoBank Banca Fineco SpA |
|
|
2,649,630 |
|
| |
27,629 |
|
|
Generali |
|
|
1,174,617 |
|
| |
648,156 |
|
|
Intesa Sanpaolo SpA |
|
|
4,420,081 |
|
| |
170,669 |
|
|
Iren SpA |
|
|
573,222 |
|
| |
19,860 |
|
|
Italgas SpA |
|
|
256,724 |
|
| |
9,783 |
|
|
Leonardo SpA |
|
|
655,792 |
|
| |
18,518 |
|
|
Lottomatica Group SpA |
|
|
446,788 |
|
| |
28,025 |
|
|
Maire SpA |
|
|
508,551 |
|
| |
5,777 |
|
|
Moncler SpA |
|
|
397,193 |
|
| |
11,721 |
|
|
Poste Italiane SpA(a) |
|
|
313,166 |
|
| |
7,042 |
|
|
Prysmian SpA |
|
|
859,240 |
|
| |
35,251 |
|
|
Recordati Industria Chimica e
Farmaceutica SpA |
|
|
2,023,828 |
|
| |
3,439 |
|
|
Reply SpA |
|
|
367,693 |
|
| |
50,399 |
|
|
Snam SpA |
|
|
391,950 |
|
| |
448,851 |
|
|
Telecom Italia SpA* |
|
|
355,110 |
|
| |
35,921 |
|
|
Terna — Rete Elettrica Nazionale |
|
|
433,001 |
|
| |
90,663 |
|
|
UniCredit SpA |
|
|
7,646,549 |
|
| |
9,279 |
|
|
Unipol Assicurazioni SpA |
|
|
229,746 |
|
| |
78,639 |
|
|
Webuild SpA |
|
|
305,257 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Italy |
|
|
38,764,617 |
|
|
|
|
| |
| |
|
|
|
|
| Japan — 19.7% |
|
| |
19,300 |
|
|
Advantest Corp. |
|
|
3,315,483 |
|
| |
55,500 |
|
|
Aeon Co., Ltd. |
|
|
790,494 |
|
| |
4,500 |
|
|
AGC Inc. |
|
|
199,298 |
|
| |
12,600 |
|
|
Aisin Corp. |
|
|
223,632 |
|
| |
22,100 |
|
|
Ajinomoto Co., Inc. |
|
|
697,815 |
|
| |
3,600 |
|
|
ANA Holdings Inc. |
|
|
78,255 |
|
| |
29,900 |
|
|
Anritsu Corp. |
|
|
577,374 |
|
| |
15,200 |
|
|
Anycolor Inc. |
|
|
377,113 |
|
| |
37,400 |
|
|
Asahi Group Holdings Ltd. |
|
|
406,954 |
|
| |
108,300 |
|
|
Asahi Intecc Co., Ltd. |
|
|
2,333,303 |
|
| |
32,800 |
|
|
Asahi Kasei Corp. |
|
|
386,596 |
|
| |
17,100 |
|
|
Asics Corp. |
|
|
523,298 |
|
| |
45,700 |
|
|
Astellas Pharma Inc. |
|
|
751,883 |
|
| |
41,000 |
|
|
Azbil Corp. |
|
|
380,961 |
|
| |
14,400 |
|
|
Bandai Namco Holdings Inc. |
|
|
390,706 |
|
| |
9,600 |
|
|
BIPROGY Inc. |
|
|
290,540 |
|
| |
28,800 |
|
|
Bridgestone Corp. |
|
|
696,722 |
|
| |
21,800 |
|
|
Canon Inc. |
|
|
663,729 |
|
| |
90,200 |
|
|
Capcom Co., Ltd. |
|
|
2,045,613 |
|
| |
19,700 |
|
|
Central Japan Railway Co. |
|
|
579,252 |
|
See
Notes to Financial Statements.
78
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Japan — 19.7% — (continued) |
|
| |
13,100 |
|
|
Chiba Bank Ltd. (The) |
|
$ |
194,725 |
|
| |
17,500 |
|
|
Chubu Electric Power Co., Inc. |
|
|
296,174 |
|
| |
16,700 |
|
|
Chugai Pharmaceutical Co., Ltd. |
|
|
1,127,495 |
|
| |
27,200 |
|
|
Credit Saison Co., Ltd. |
|
|
822,376 |
|
| |
9,200 |
|
|
Dai Nippon Printing Co., Ltd. |
|
|
190,517 |
|
| |
47,500 |
|
|
Daicel Corp. |
|
|
497,361 |
|
| |
8,300 |
|
|
Daifuku Co., Ltd. |
|
|
342,158 |
|
| |
87,900 |
|
|
Dai-ichi Life Holdings Inc. |
|
|
904,720 |
|
| |
44,900 |
|
|
Daiichi Sankyo Co., Ltd. |
|
|
887,990 |
|
| |
34,600 |
|
|
Daikin Industries Ltd. |
|
|
4,437,605 |
|
| |
7,500 |
|
|
Daito Trust Construction Co., Ltd. |
|
|
172,962 |
|
| |
13,800 |
|
|
Daiwa House Industry Co., Ltd. |
|
|
497,738 |
|
| |
33,800 |
|
|
Daiwa Securities Group Inc. |
|
|
355,194 |
|
| |
44,200 |
|
|
Denso Corp. |
|
|
635,049 |
|
| |
23,400 |
|
|
Dentsu Soken Inc. |
|
|
294,441 |
|
| |
2,300 |
|
|
Disco Corp. |
|
|
1,104,724 |
|
| |
24,300 |
|
|
East Japan Railway Co. |
|
|
598,970 |
|
| |
32,800 |
|
|
Ebara Corp. |
|
|
1,157,748 |
|
| |
6,200 |
|
|
Eisai Co., Ltd. |
|
|
209,263 |
|
| |
66,050 |
|
|
ENEOS Holdings Inc. |
|
|
629,404 |
|
| |
158,600 |
|
|
FANUC Corp. |
|
|
7,191,920 |
|
| |
10,600 |
|
|
Fast Retailing Co., Ltd. |
|
|
4,638,124 |
|
| |
9,100 |
|
|
Food & Life Cos., Ltd. |
|
|
586,228 |
|
| |
19,800 |
|
|
Fuji Corp. |
|
|
770,001 |
|
| |
3,700 |
|
|
Fuji Electric Co., Ltd. |
|
|
328,072 |
|
| |
89,600 |
|
|
FUJIFILM Holdings Corp. |
|
|
1,858,116 |
|
| |
6,400 |
|
|
Fujikura Ltd. |
|
|
1,090,716 |
|
| |
43,700 |
|
|
Fujitsu Ltd. |
|
|
983,406 |
|
| |
22,200 |
|
|
GS Yuasa Corp. |
|
|
788,051 |
|
| |
5,900 |
|
|
Hankyu Hanshin Holdings Inc. |
|
|
172,122 |
|
| |
400 |
|
|
Hikari Tsushin Inc. |
|
|
113,122 |
|
| |
212,300 |
|
|
Hitachi Ltd. |
|
|
7,031,894 |
|
| |
92,000 |
|
|
Honda Motor Co., Ltd. |
|
|
922,214 |
|
| |
4,200 |
|
|
Horiba Ltd. |
|
|
564,174 |
|
| |
39,800 |
|
|
Hoya Corp. |
|
|
7,178,863 |
|
| |
12,100 |
|
|
Hulic Co., Ltd. |
|
|
160,163 |
|
| |
23,400 |
|
|
Ibiden Co., Ltd. |
|
|
1,420,045 |
|
| |
20,685 |
|
|
Idemitsu Kosan Co., Ltd. |
|
|
197,605 |
|
| |
26,300 |
|
|
IHI Corp. |
|
|
721,219 |
|
| |
48,200 |
|
|
INFRONEER Holdings Inc. |
|
|
807,051 |
|
| |
21,400 |
|
|
Inpex Corp. |
|
|
523,674 |
|
| |
14,200 |
|
|
Isuzu Motors Ltd. |
|
|
264,741 |
|
| |
321,100 |
|
|
ITOCHU Corp. |
|
|
4,625,638 |
|
| |
3,700 |
|
|
Japan Airlines Co., Ltd. |
|
|
76,182 |
|
| |
161,000 |
|
|
Japan Exchange Group Inc. |
|
|
2,185,295 |
|
| |
768 |
|
|
Japan Hotel REIT Investment Corp.,
Class A Shares |
|
|
416,806 |
|
| |
45,000 |
|
|
Japan Post Bank Co., Ltd. |
|
|
879,686 |
|
| |
43,600 |
|
|
Japan Post Holdings Co., Ltd. |
|
|
567,402 |
|
| |
4,900 |
|
|
Japan Post Insurance Co., Ltd. |
|
|
159,801 |
|
| |
29,800 |
|
|
Japan Tobacco Inc. |
|
|
1,140,474 |
|
| |
14,800 |
|
|
JFE Holdings Inc. |
|
|
208,222 |
|
| |
14,100 |
|
|
JX Advanced Metals Corp. |
|
|
378,063 |
|
| |
10,400 |
|
|
Kajima Corp. |
|
|
474,485 |
|
| |
23,400 |
|
|
Kandenko Co., Ltd. |
|
|
1,044,144 |
|
| |
8,700 |
|
|
Kaneka Corp. |
|
|
293,723 |
|
| |
23,500 |
|
|
Kansai Electric Power Co., Inc.
(The) |
|
|
424,664 |
|
| |
11,200 |
|
|
Kao Corp. |
|
|
478,745 |
|
| |
3,900 |
|
|
Kawasaki Heavy Industries Ltd. |
|
|
453,775 |
|
See
Notes to Financial Statements.
79
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Japan — 19.7% — (continued) |
|
| |
8,300 |
|
|
Kawasaki Kisen Kaisha Ltd. |
|
$ |
133,378 |
|
| |
361,700 |
|
|
KDDI Corp. |
|
|
6,213,088 |
|
| |
16,500 |
|
|
Keyence Corp. |
|
|
6,961,417 |
|
| |
18,400 |
|
|
Kikkoman Corp. |
|
|
176,770 |
|
| |
13,200 |
|
|
Kinden Corp. |
|
|
715,792 |
|
| |
4,700 |
|
|
Kioxia Holdings Corp.* |
|
|
633,879 |
|
| |
19,800 |
|
|
Kirin Holdings Co., Ltd. |
|
|
343,737 |
|
| |
23,800 |
|
|
Komatsu Ltd. |
|
|
1,144,536 |
|
| |
2,500 |
|
|
Konami Group Corp. |
|
|
332,763 |
|
| |
25,400 |
|
|
Kubota Corp. |
|
|
515,373 |
|
| |
33,200 |
|
|
Kyocera Corp. |
|
|
585,788 |
|
| |
5,300 |
|
|
Kyowa Kirin Co., Ltd. |
|
|
97,847 |
|
| |
42,000 |
|
|
Kyushu Electric Power Co., Inc. |
|
|
541,266 |
|
| |
2,100 |
|
|
Lasertec Corp. |
|
|
453,226 |
|
| |
33,300 |
|
|
Lion Corp. |
|
|
392,337 |
|
| |
73,800 |
|
|
LY Corp. |
|
|
182,633 |
|
| |
12,700 |
|
|
M3 Inc. |
|
|
138,805 |
|
| |
6,000 |
|
|
Makita Corp. |
|
|
229,810 |
|
| |
35,100 |
|
|
Marubeni Corp. |
|
|
1,346,110 |
|
| |
8,400 |
|
|
MatsukiyoCocokara & Co. |
|
|
139,343 |
|
| |
136,800 |
|
|
Mebuki Financial Group Inc. |
|
|
1,173,704 |
|
| |
8,700 |
|
|
Meidensha Corp. |
|
|
435,195 |
|
| |
8,500 |
|
|
MINEBEA MITSUMI Inc. |
|
|
182,558 |
|
| |
30,700 |
|
|
Mitsubishi Chemical Group Corp. |
|
|
227,626 |
|
| |
80,300 |
|
|
Mitsubishi Corp. |
|
|
2,702,677 |
|
| |
110,400 |
|
|
Mitsubishi Electric Corp. |
|
|
4,216,423 |
|
| |
85,500 |
|
|
Mitsubishi Estate Co., Ltd. |
|
|
2,890,431 |
|
| |
22,400 |
|
|
Mitsubishi HC Capital Inc. |
|
|
216,233 |
|
| |
80,200 |
|
|
Mitsubishi Heavy Industries Ltd. |
|
|
2,569,015 |
|
| |
284,900 |
|
|
Mitsubishi UFJ Financial Group Inc. |
|
|
5,334,378 |
|
| |
61,600 |
|
|
Mitsui & Co., Ltd. |
|
|
2,310,138 |
|
| |
13,100 |
|
|
Mitsui E&S Co., Ltd. |
|
|
657,804 |
|
| |
66,000 |
|
|
Mitsui Fudosan Co., Ltd. |
|
|
887,797 |
|
| |
8,900 |
|
|
Mitsui Kinzoku Co., Ltd. |
|
|
2,089,931 |
|
| |
8,800 |
|
|
Mitsui OSK Lines Ltd. |
|
|
326,445 |
|
| |
62,090 |
|
|
Mizuho Financial Group Inc. |
|
|
2,835,281 |
|
| |
109,900 |
|
|
MonotaRO Co., Ltd. |
|
|
1,461,725 |
|
| |
14,900 |
|
|
Morinaga Milk Industry Co., Ltd. |
|
|
472,795 |
|
| |
146,000 |
|
|
MS&AD Insurance Group Holdings
Inc. |
|
|
4,082,286 |
|
| |
41,500 |
|
|
Murata Manufacturing Co., Ltd. |
|
|
1,087,534 |
|
| |
32,300 |
|
|
NEC Corp. |
|
|
894,913 |
|
| |
9,600 |
|
|
Nexon Co., Ltd. |
|
|
203,624 |
|
| |
17,500 |
|
|
Nextage Co., Ltd. |
|
|
433,474 |
|
| |
33,400 |
|
|
NHK Spring Co., Ltd. |
|
|
641,252 |
|
| |
21,900 |
|
|
Nidec Corp. |
|
|
345,444 |
|
| |
46,700 |
|
|
Nintendo Co., Ltd. |
|
|
2,632,714 |
|
| |
202 |
|
|
Nippon Building Fund Inc., REIT |
|
|
187,806 |
|
| |
14,300 |
|
|
Nippon Electric Glass Co., Ltd. |
|
|
628,284 |
|
| |
25,700 |
|
|
Nippon Paint Holdings Co., Ltd. |
|
|
190,246 |
|
| |
4,200 |
|
|
Nippon Sanso Holdings Corp. |
|
|
160,698 |
|
| |
11,000 |
|
|
Nippon Shinyaku Co., Ltd. |
|
|
361,570 |
|
| |
118,700 |
|
|
Nippon Steel Corp. |
|
|
483,422 |
|
| |
10,300 |
|
|
Nippon Yusen KK |
|
|
354,273 |
|
| |
13,600 |
|
|
Nissan Chemical Corp. |
|
|
617,714 |
|
| |
53,200 |
|
|
Nissan Motor Co., Ltd.* |
|
|
146,659 |
|
| |
72,000 |
|
|
Nissui Corp. |
|
|
712,626 |
|
| |
10,900 |
|
|
Nitori Holdings Co., Ltd. |
|
|
219,053 |
|
| |
11,700 |
|
|
Nitto Boseki Co., Ltd. |
|
|
1,880,082 |
|
See
Notes to Financial Statements.
80
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Japan — 19.7% — (continued) |
|
| |
16,700 |
|
|
Nitto Denko Corp. |
|
$ |
387,474 |
|
| |
75,600 |
|
|
Nomura Holdings Inc. |
|
|
700,515 |
|
| |
63,480 |
|
|
Nomura Research Institute Ltd. |
|
|
1,771,284 |
|
| |
746,200 |
|
|
NTT Inc. |
|
|
732,498 |
|
| |
15,800 |
|
|
Obayashi Corp. |
|
|
445,334 |
|
| |
87,100 |
|
|
Obic Co., Ltd. |
|
|
2,336,612 |
|
| |
28,500 |
|
|
Olympus Corp. |
|
|
279,848 |
|
| |
6,900 |
|
|
Open House Group Co., Ltd. |
|
|
510,541 |
|
| |
1,000 |
|
|
Oracle Corp. Japan |
|
|
60,309 |
|
| |
27,900 |
|
|
Oriental Land Co., Ltd. |
|
|
504,697 |
|
| |
28,900 |
|
|
ORIX Corp. |
|
|
1,020,164 |
|
| |
9,100 |
|
|
Osaka Gas Co., Ltd. |
|
|
378,745 |
|
| |
5,900 |
|
|
Otsuka Corp. |
|
|
118,861 |
|
| |
11,100 |
|
|
Otsuka Holdings Co., Ltd. |
|
|
760,026 |
|
| |
24,800 |
|
|
PAL Group Holdings Co., Ltd. |
|
|
262,802 |
|
| |
48,600 |
|
|
Pan Pacific International Holdings
Corp. |
|
|
323,727 |
|
| |
58,200 |
|
|
Panasonic Holdings Corp. |
|
|
938,778 |
|
| |
39,200 |
|
|
Rakuten Group Inc.* |
|
|
207,366 |
|
| |
77,400 |
|
|
Recruit Holdings Co., Ltd. |
|
|
3,378,575 |
|
| |
675,100 |
|
|
Renesas Electronics Corp. |
|
|
12,783,260 |
|
| |
53,100 |
|
|
Resona Holdings Inc. |
|
|
648,376 |
|
| |
34,200 |
|
|
Resorttrust Inc. |
|
|
422,502 |
|
| |
13,300 |
|
|
Ryohin Keikaku Co., Ltd. |
|
|
306,565 |
|
| |
40,200 |
|
|
Sankyo Co., Ltd. |
|
|
566,792 |
|
| |
6,300 |
|
|
Sankyu Inc. |
|
|
404,924 |
|
| |
4,100 |
|
|
Sanrio Co., Ltd. |
|
|
147,552 |
|
| |
35,000 |
|
|
Santen Pharmaceutical Co., Ltd. |
|
|
392,151 |
|
| |
25,400 |
|
|
Sanwa Holdings Corp. |
|
|
671,383 |
|
| |
28,200 |
|
|
Sawai Group Holdings Co., Ltd. |
|
|
420,647 |
|
| |
14,200 |
|
|
SBI Holdings Inc. |
|
|
303,513 |
|
| |
2,000 |
|
|
SCREEN Holdings Co., Ltd. |
|
|
292,387 |
|
| |
10,100 |
|
|
Secom Co., Ltd. |
|
|
390,083 |
|
| |
5,500 |
|
|
Seibu Holdings Inc. |
|
|
162,619 |
|
| |
8,700 |
|
|
Sekisui Chemical Co., Ltd. |
|
|
169,605 |
|
| |
14,900 |
|
|
Sekisui House Ltd. |
|
|
364,613 |
|
| |
52,000 |
|
|
Seven & i Holdings Co., Ltd.(c) |
|
|
729,869 |
|
| |
35,700 |
|
|
Shimadzu Corp. |
|
|
994,706 |
|
| |
10,300 |
|
|
Shimano Inc. |
|
|
1,104,682 |
|
| |
13,900 |
|
|
Shimizu Corp. |
|
|
310,926 |
|
| |
127,600 |
|
|
Shin-Etsu Chemical Co., Ltd. |
|
|
5,045,578 |
|
| |
18,900 |
|
|
Shionogi & Co., Ltd. |
|
|
445,654 |
|
| |
10,000 |
|
|
Shiseido Co., Ltd. |
|
|
210,181 |
|
| |
22,500 |
|
|
SMC Corp. |
|
|
10,826,944 |
|
| |
711,500 |
|
|
Softbank Corp. |
|
|
973,223 |
|
| |
150,200 |
|
|
SoftBank Group Corp. |
|
|
3,895,150 |
|
| |
133,600 |
|
|
Sompo Holdings Inc. |
|
|
5,245,977 |
|
| |
158,400 |
|
|
Sony Financial Group Inc.* |
|
|
162,052 |
|
| |
284,100 |
|
|
Sony Group Corp. |
|
|
6,565,742 |
|
| |
14,600 |
|
|
Subaru Corp. |
|
|
275,664 |
|
| |
17,100 |
|
|
Sugi Holdings Co., Ltd. |
|
|
393,303 |
|
| |
11,400 |
|
|
Sumitomo Bakelite Co., Ltd. |
|
|
437,956 |
|
| |
27,100 |
|
|
Sumitomo Corp. |
|
|
1,153,527 |
|
| |
17,900 |
|
|
Sumitomo Electric Industries Ltd. |
|
|
1,183,506 |
|
| |
6,400 |
|
|
Sumitomo Metal Mining Co., Ltd. |
|
|
509,156 |
|
| |
301,300 |
|
|
Sumitomo Mitsui Financial Group Inc. |
|
|
11,287,329 |
|
| |
15,500 |
|
|
Sumitomo Mitsui Trust Group Inc. |
|
|
543,157 |
|
| |
15,000 |
|
|
Sumitomo Realty & Development Co.,
Ltd. |
|
|
506,557 |
|
| |
3,400 |
|
|
Suntory Beverage & Food Ltd. |
|
|
107,110 |
|
See
Notes to Financial Statements.
81
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Japan — 19.7% — (continued) |
|
| |
39,900 |
|
|
Suzuki Motor Corp. |
|
$ |
602,509 |
|
| |
7,800 |
|
|
SWCC Corp. |
|
|
767,827 |
|
| |
13,100 |
|
|
Sysmex Corp. |
|
|
124,448 |
|
| |
11,900 |
|
|
T&D Holdings Inc. |
|
|
318,752 |
|
| |
12,800 |
|
|
Taiheiyo Cement Corp. |
|
|
367,616 |
|
| |
3,700 |
|
|
Taisei Corp. |
|
|
480,587 |
|
| |
39,454 |
|
|
Takeda Pharmaceutical Co., Ltd. |
|
|
1,474,835 |
|
| |
48,800 |
|
|
TDK Corp. |
|
|
753,788 |
|
| |
227,900 |
|
|
Terumo Corp. |
|
|
3,077,894 |
|
| |
5,400 |
|
|
TIS Inc. |
|
|
111,110 |
|
| |
14,000 |
|
|
Toho Co., Ltd. |
|
|
140,340 |
|
| |
45,900 |
|
|
Tokio Marine Holdings Inc. |
|
|
1,914,411 |
|
| |
11,200 |
|
|
Tokyo Electron Ltd. |
|
|
3,167,405 |
|
| |
7,800 |
|
|
Tokyo Gas Co., Ltd. |
|
|
381,986 |
|
| |
18,900 |
|
|
Tokyo Ohka Kogyo Co., Ltd. |
|
|
1,110,934 |
|
| |
7,900 |
|
|
Tokyo Seimitsu Co., Ltd. |
|
|
870,862 |
|
| |
22,700 |
|
|
Tokyo Tatemono Co., Ltd. |
|
|
634,554 |
|
| |
11,200 |
|
|
Tokyu Corp. |
|
|
143,280 |
|
| |
65,200 |
|
|
Tokyu Fudosan Holdings Corp. |
|
|
654,363 |
|
| |
6,300 |
|
|
TOPPAN Holdings Inc. |
|
|
216,075 |
|
| |
34,200 |
|
|
Toray Industries Inc. |
|
|
292,197 |
|
| |
7,300 |
|
|
Toyo Suisan Kaisha Ltd. |
|
|
573,834 |
|
| |
15,300 |
|
|
Toyo Tire Corp. |
|
|
471,737 |
|
| |
17,900 |
|
|
Toyoda Gosei Co., Ltd. |
|
|
581,871 |
|
| |
4,100 |
|
|
Toyota Industries Corp. |
|
|
530,723 |
|
| |
358,500 |
|
|
Toyota Motor Corp. |
|
|
8,641,672 |
|
| |
17,600 |
|
|
Toyota Tsusho Corp. |
|
|
784,358 |
|
| |
15,500 |
|
|
Tsumura & Co. |
|
|
416,652 |
|
| |
6,800 |
|
|
Tsuruha Holdings Inc. |
|
|
114,285 |
|
| |
30,400 |
|
|
Unicharm Corp. |
|
|
208,475 |
|
| |
10,500 |
|
|
West Japan Railway Co. |
|
|
225,590 |
|
| |
47,100 |
|
|
Yamaguchi Financial Group Inc. |
|
|
828,458 |
|
| |
22,100 |
|
|
Yamaha Motor Co., Ltd. |
|
|
175,120 |
|
| |
5,700 |
|
|
Yokogawa Electric Corp. |
|
|
227,132 |
|
| |
26,100 |
|
|
Yokohama Financial Group Inc. |
|
|
281,846 |
|
| |
2,700 |
|
|
Zensho Holdings Co., Ltd. |
|
|
171,296 |
|
| |
10,300 |
|
|
ZOZO Inc. |
|
|
75,269 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Japan |
|
|
270,103,157 |
|
|
|
|
| |
| |
|
|
|
|
| Luxembourg — 0.3% |
|
| |
31,897 |
|
|
ArcelorMittal SA |
|
|
2,081,307 |
|
| |
4,657 |
|
|
CVC Capital Partners PLC(a) |
|
|
66,440 |
|
| |
3,068 |
|
|
Eurofins Scientific SE |
|
|
245,790 |
|
| |
13,409 |
|
|
Millicom International Cellular SA |
|
|
977,382 |
|
| |
9,490 |
|
|
Tenaris SA |
|
|
258,522 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Luxembourg |
|
|
3,629,441 |
|
|
|
|
| |
| |
|
|
|
|
| Macau — 0.0%@ |
|
| |
58,400 |
|
|
Sands China Ltd. |
|
|
131,961 |
|
|
|
|
| |
| |
|
|
|
|
| Mexico — 0.0%@ |
|
| |
5,517 |
|
|
Fresnillo PLC |
|
|
317,370 |
|
|
|
|
| |
| |
|
|
|
|
| Netherlands — 5.2% |
|
| |
14,070 |
|
|
ABN AMRO Bank NV, Dutch Certificate,
GDR(a) |
|
|
471,916 |
|
| |
635 |
|
|
Adyen NV*(a) |
|
|
739,800 |
|
| |
33,555 |
|
|
Aegon Ltd. |
|
|
254,810 |
|
| |
37,268 |
|
|
Akzo Nobel NV |
|
|
2,629,624 |
|
| |
1,544 |
|
|
Argenx SE* |
|
|
1,186,209 |
|
| |
2,822 |
|
|
ASM International NV |
|
|
2,374,381 |
|
See
Notes to Financial Statements.
82
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Netherlands — 5.2% — (continued) |
|
| |
18,976 |
|
|
ASML Holding NV |
|
$ |
27,529,680 |
|
| |
13,326 |
|
|
ASR Nederland NV |
|
|
967,067 |
|
| |
5,308 |
|
|
BE Semiconductor Industries NV |
|
|
1,189,887 |
|
| |
6,942 |
|
|
Euronext NV(a) |
|
|
1,147,779 |
|
| |
2,422 |
|
|
EXOR NV |
|
|
212,913 |
|
| |
12,989 |
|
|
Ferrovial SE |
|
|
973,865 |
|
| |
3,257 |
|
|
Heineken Holding NV |
|
|
281,670 |
|
| |
90,939 |
|
|
Heineken NV |
|
|
8,426,253 |
|
| |
180,110 |
|
|
ING Groep NV |
|
|
5,196,036 |
|
| |
4,346 |
|
|
JDE Peet’s NV |
|
|
162,782 |
|
| |
22,490 |
|
|
Koninklijke Ahold Delhaize NV |
|
|
1,109,808 |
|
| |
4,595 |
|
|
Koninklijke Heijmans NV |
|
|
483,671 |
|
| |
99,869 |
|
|
Koninklijke KPN NV |
|
|
567,252 |
|
| |
215,083 |
|
|
Koninklijke Philips NV* |
|
|
6,869,759 |
|
| |
12,733 |
|
|
Magnum Ice Cream Co. NV (The)* |
|
|
202,209 |
|
| |
5,201 |
|
|
Nebius Group NV, Class A Shares* |
|
|
474,279 |
|
| |
6,818 |
|
|
NN Group NV |
|
|
555,266 |
|
| |
32,766 |
|
|
Prosus NV* |
|
|
1,678,721 |
|
| |
15,256 |
|
|
QIAGEN NV |
|
|
755,655 |
|
| |
2,403 |
|
|
Randstad NV |
|
|
79,425 |
|
| |
50,939 |
|
|
Stellantis NV |
|
|
413,755 |
|
| |
121,457 |
|
|
Universal Music Group NV |
|
|
2,742,350 |
|
| |
23,653 |
|
|
Wolters Kluwer NV |
|
|
1,903,285 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Netherlands |
|
|
71,580,107 |
|
|
|
|
| |
| |
|
|
|
|
| New Zealand — 0.1% |
|
| |
42,182 |
|
|
Auckland International Airport Ltd. |
|
|
231,722 |
|
| |
20,347 |
|
|
Contact Energy Ltd. |
|
|
113,192 |
|
| |
14,634 |
|
|
Fisher & Paykel Healthcare Corp.,
Ltd. |
|
|
358,848 |
|
| |
25,258 |
|
|
Infratil Ltd. |
|
|
169,661 |
|
| |
33,439 |
|
|
Meridian Energy Ltd. |
|
|
113,470 |
|
| |
4,157 |
|
|
Xero Ltd.* |
|
|
243,897 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total New Zealand |
|
|
1,230,790 |
|
|
|
|
| |
| |
|
|
|
|
| Norway — 0.6% |
|
| |
8,439 |
|
|
Aker BP ASA |
|
|
253,957 |
|
| |
118,901 |
|
|
DNB Bank ASA |
|
|
3,773,704 |
|
| |
18,200 |
|
|
Equinor ASA |
|
|
541,929 |
|
| |
5,021 |
|
|
Gjensidige Forsikring ASA |
|
|
141,714 |
|
| |
30,506 |
|
|
Kitron ASA |
|
|
340,655 |
|
| |
11,135 |
|
|
Kongsberg Gruppen ASA |
|
|
453,090 |
|
| |
11,654 |
|
|
Mowi ASA |
|
|
274,325 |
|
| |
123,955 |
|
|
Norsk Hydro ASA |
|
|
1,151,106 |
|
| |
17,739 |
|
|
Orkla ASA |
|
|
242,701 |
|
| |
1,787 |
|
|
Salmar ASA |
|
|
106,788 |
|
| |
36,287 |
|
|
Scatec ASA*(a) |
|
|
467,016 |
|
| |
16,084 |
|
|
Telenor ASA |
|
|
297,762 |
|
| |
3,984 |
|
|
Yara International ASA |
|
|
201,497 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Norway |
|
|
8,246,244 |
|
|
|
|
| |
| |
|
|
|
|
| Poland — 0.0%@ |
|
| |
5,745 |
|
|
InPost SA* |
|
|
103,288 |
|
|
|
|
| |
| |
|
|
|
|
| Portugal — 0.2% |
|
| |
194,443 |
|
|
Banco Comercial Portugues SA, Class R
Shares |
|
|
204,989 |
|
| |
79,373 |
|
|
EDP SA |
|
|
423,441 |
|
| |
10,887 |
|
|
Galp Energia SGPS SA |
|
|
234,282 |
|
| |
71,055 |
|
|
Jeronimo Martins SGPS SA |
|
|
1,868,653 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Portugal |
|
|
2,731,365 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
83
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Singapore — 1.4% |
|
| |
1,087,758 |
|
|
CapitaLand Ascendas REIT |
|
$ |
2,311,320 |
|
| |
155,828 |
|
|
CapitaLand Integrated Commercial Trust,
REIT |
|
|
301,498 |
|
| |
57,700 |
|
|
CapitaLand Investment Ltd. |
|
|
139,476 |
|
| |
53,240 |
|
|
DBS Group Holdings Ltd. |
|
|
2,402,604 |
|
| |
60,033 |
|
|
Grab Holdings Ltd., Class A Shares* |
|
|
253,339 |
|
| |
38,200 |
|
|
iFAST Corp., Ltd. |
|
|
280,015 |
|
| |
257,200 |
|
|
Keppel DC REIT |
|
|
469,292 |
|
| |
36,900 |
|
|
Keppel Ltd. |
|
|
379,362 |
|
| |
84,700 |
|
|
Oversea-Chinese Banking Corp., Ltd. |
|
|
1,428,681 |
|
| |
135,100 |
|
|
SATS Ltd. |
|
|
418,370 |
|
| |
18,303 |
|
|
Sea Ltd., ADR* |
|
|
1,984,960 |
|
| |
22,300 |
|
|
Sembcorp Industries Ltd. |
|
|
107,763 |
|
| |
173,100 |
|
|
Sheng Siong Group Ltd. |
|
|
359,691 |
|
| |
40,250 |
|
|
Singapore Airlines Ltd. |
|
|
227,927 |
|
| |
20,400 |
|
|
Singapore Exchange Ltd. |
|
|
293,101 |
|
| |
39,900 |
|
|
Singapore Technologies Engineering
Ltd. |
|
|
314,003 |
|
| |
591,400 |
|
|
Singapore Telecommunications Ltd. |
|
|
2,355,365 |
|
| |
129,603 |
|
|
United Overseas Bank Ltd. |
|
|
3,784,438 |
|
| |
80,000 |
|
|
UOL Group Ltd. |
|
|
713,361 |
|
| |
43,400 |
|
|
Wilmar International Ltd. |
|
|
120,654 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Singapore |
|
|
18,645,220 |
|
|
|
|
| |
| |
|
|
|
|
| South Africa — 0.0%@ |
|
| |
57,442 |
|
|
Investec PLC |
|
|
494,736 |
|
|
|
|
| |
| |
|
|
|
|
| South Korea — 1.4% |
|
| |
14,556 |
|
|
Classys Inc.* |
|
|
589,852 |
|
| |
3,087 |
|
|
Daewoong Pharmaceutical Co., Ltd. |
|
|
377,785 |
|
| |
5,280 |
|
|
Hanwha Corp.* |
|
|
500,274 |
|
| |
9,047 |
|
|
HD-Hyundai Marine Engine* |
|
|
548,002 |
|
| |
260 |
|
|
Hyosung Heavy Industries Corp. |
|
|
508,768 |
|
| |
9,609 |
|
|
Iljin Electric Co., Ltd. |
|
|
595,978 |
|
| |
10,138 |
|
|
IsuPetasys Co., Ltd. |
|
|
900,193 |
|
| |
27,480 |
|
|
JB Financial Group Co., Ltd. |
|
|
605,673 |
|
| |
2,276 |
|
|
KIWOOM Securities Co., Ltd. |
|
|
735,332 |
|
| |
2,350 |
|
|
KT&G Corp. |
|
|
266,067 |
|
| |
12,127 |
|
|
LEENO Industrial Inc. |
|
|
895,520 |
|
| |
2,357 |
|
|
LG Innotek Co., Ltd. |
|
|
521,589 |
|
| |
10,496 |
|
|
Netmarble Corp.(a) |
|
|
383,196 |
|
| |
8,436 |
|
|
Poongsan Corp.* |
|
|
677,963 |
|
| |
24,900 |
|
|
Samsung E&A Co., Ltd. |
|
|
628,954 |
|
| |
45,350 |
|
|
Samsung Electronics Co., Ltd. |
|
|
6,805,557 |
|
| |
3,736 |
|
|
Samsung Fire & Marine Insurance
Co., Ltd. |
|
|
1,372,888 |
|
| |
5,239 |
|
|
Sanil Electric Co., Ltd. |
|
|
605,179 |
|
| |
25,667 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
1,724,368 |
|
| |
16,407 |
|
|
Silicon2 Co., Ltd.* |
|
|
499,629 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total South Korea |
|
|
19,742,767 |
|
|
|
|
| |
| |
|
|
|
|
| Spain — 3.2% |
|
| |
624 |
|
|
Acciona SA |
|
|
182,151 |
|
| |
4,343 |
|
|
ACS Actividades de Construccion y
Servicios SA |
|
|
562,916 |
|
| |
18,498 |
|
|
Aena SME SA(a) |
|
|
583,970 |
|
| |
43,875 |
|
|
Amadeus IT Group SA |
|
|
2,724,103 |
|
| |
50,504 |
|
|
Atalaya Mining Copper SA |
|
|
703,602 |
|
| |
291,395 |
|
|
Banco Bilbao Vizcaya Argentaria SA |
|
|
6,749,609 |
|
| |
122,630 |
|
|
Banco de Sabadell SA |
|
|
456,958 |
|
| |
370,593 |
|
|
Banco Santander SA |
|
|
4,639,659 |
|
| |
197,302 |
|
|
Bankinter SA |
|
|
3,307,172 |
|
| |
98,172 |
|
|
CaixaBank SA |
|
|
1,221,273 |
|
See
Notes to Financial Statements.
84
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Spain — 3.2% — (continued) |
|
| |
12,378 |
|
|
Cellnex Telecom SA(a) |
|
$ |
469,611 |
|
| |
8,575 |
|
|
EDP Renovaveis SA |
|
|
135,293 |
|
| |
8,226 |
|
|
Endesa SA |
|
|
336,159 |
|
| |
7,354 |
|
|
Grifols SA |
|
|
92,817 |
|
| |
297,295 |
|
|
Iberdrola SA |
|
|
7,043,345 |
|
| |
22,880 |
|
|
Indra Sistemas SA |
|
|
1,697,814 |
|
| |
132,716 |
|
|
Industria de Diseno Textil SA |
|
|
8,916,316 |
|
| |
10,500 |
|
|
Logista Integral SA |
|
|
400,265 |
|
| |
192,943 |
|
|
Mapfre SA |
|
|
893,722 |
|
| |
49,264 |
|
|
Merlin Properties Socimi SA, REIT |
|
|
871,247 |
|
| |
5,845 |
|
|
Naturgy Energy Group SA |
|
|
181,931 |
|
| |
6,811 |
|
|
Redeia Corp. SA |
|
|
126,632 |
|
| |
27,610 |
|
|
Repsol SA |
|
|
621,470 |
|
| |
91,870 |
|
|
Telefonica SA |
|
|
417,877 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Spain |
|
|
43,335,912 |
|
|
|
|
| |
| |
|
|
|
|
| Sweden — 2.6% |
|
| |
6,790 |
|
|
AddTech AB, Class B Shares |
|
|
251,847 |
|
| |
7,389 |
|
|
Alfa Laval AB |
|
|
438,137 |
|
| |
25,093 |
|
|
Assa Abloy AB, Class B Shares |
|
|
1,075,139 |
|
| |
67,061 |
|
|
Atlas Copco AB, Class A Shares |
|
|
1,456,605 |
|
| |
191,147 |
|
|
Atlas Copco AB, Class B Shares |
|
|
3,615,142 |
|
| |
19,076 |
|
|
Avanza Bank Holding AB |
|
|
699,204 |
|
| |
9,559 |
|
|
Beijer Ref AB, Class B Shares |
|
|
150,102 |
|
| |
7,011 |
|
|
Boliden AB* |
|
|
559,258 |
|
| |
311,813 |
|
|
Electrolux AB, Class B Shares* |
|
|
2,639,195 |
|
| |
16,786 |
|
|
Epiroc AB, Class A Shares |
|
|
507,266 |
|
| |
9,605 |
|
|
Epiroc AB, Class B Shares |
|
|
250,696 |
|
| |
12,148 |
|
|
EQT AB |
|
|
375,204 |
|
| |
14,647 |
|
|
Essity AB, Class B Shares |
|
|
466,138 |
|
| |
3,313 |
|
|
Evolution AB(a) |
|
|
201,355 |
|
| |
16,569 |
|
|
Fastighets AB Balder, Class B
Shares* |
|
|
124,607 |
|
| |
12,640 |
|
|
H & M Hennes & Mauritz AB,
Class B Shares |
|
|
270,302 |
|
| |
403,688 |
|
|
Hexagon AB, Class B Shares |
|
|
4,605,020 |
|
| |
1,925 |
|
|
Holmen AB, Class B Shares |
|
|
76,059 |
|
| |
2,855 |
|
|
Industrivarden AB, Class A Shares |
|
|
162,632 |
|
| |
4,321 |
|
|
Industrivarden AB, Class C Shares |
|
|
245,108 |
|
| |
6,911 |
|
|
Indutrade AB |
|
|
180,359 |
|
| |
4,075 |
|
|
Investment AB Latour, Class B Shares |
|
|
104,412 |
|
| |
45,568 |
|
|
Investor AB, Class B Shares |
|
|
1,905,668 |
|
| |
1,894 |
|
|
L E Lundbergforetagen AB, Class B
Shares |
|
|
124,475 |
|
| |
5,384 |
|
|
Lifco AB, Class B Shares |
|
|
192,062 |
|
| |
19,246 |
|
|
NCC AB, Class B Shares |
|
|
470,016 |
|
| |
39,898 |
|
|
Nibe Industrier AB, Class B Shares |
|
|
164,559 |
|
| |
7,857 |
|
|
Saab AB, Class B Shares |
|
|
568,290 |
|
| |
5,522 |
|
|
Sagax AB, Class B Shares |
|
|
116,795 |
|
| |
26,888 |
|
|
Sandvik AB |
|
|
1,194,521 |
|
| |
12,816 |
|
|
Securitas AB, Class B Shares |
|
|
228,496 |
|
| |
38,193 |
|
|
Skandinaviska Enskilda Banken AB, Class
A Shares |
|
|
815,258 |
|
| |
8,756 |
|
|
Skanska AB, Class B Shares |
|
|
268,948 |
|
| |
7,901 |
|
|
SKF AB, Class B Shares |
|
|
227,716 |
|
| |
7,776 |
|
|
Spotify Technology SA* |
|
|
4,004,173 |
|
| |
306,385 |
|
|
Storskogen Group AB, Class B Shares |
|
|
313,270 |
|
| |
15,391 |
|
|
Svenska Cellulosa AB SCA, Class B
Shares |
|
|
209,393 |
|
| |
135,679 |
|
|
Svenska Handelsbanken AB, Class A
Shares |
|
|
2,172,330 |
|
| |
21,303 |
|
|
Swedbank AB, Class A Shares |
|
|
822,055 |
|
| |
4,500 |
|
|
Swedish Orphan Biovitrum AB* |
|
|
197,179 |
|
| |
13,907 |
|
|
Tele2 AB, Class B Shares |
|
|
294,001 |
|
| |
70,155 |
|
|
Telefonaktiebolaget LM Ericsson, Class
B Shares |
|
|
814,617 |
|
See
Notes to Financial Statements.
85
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Sweden — 2.6% — (continued) |
|
| |
60,530 |
|
|
Telia Co. AB |
|
$ |
310,810 |
|
| |
5,318 |
|
|
Trelleborg AB, Class B Shares |
|
|
233,018 |
|
| |
39,872 |
|
|
Volvo AB, Class B Shares(c) |
|
|
1,552,947 |
|
| |
44,405 |
|
|
Wihlborgs Fastigheter AB |
|
|
470,755 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Sweden |
|
|
36,125,139 |
|
|
|
|
| |
| |
|
|
|
|
| |
Switzerland
— 8.2% |
|
| |
57,683 |
|
|
ABB Ltd., Class Registered Shares |
|
|
5,351,448 |
|
| |
8,872 |
|
|
Accelleron Industries AG |
|
|
840,352 |
|
| |
16,837 |
|
|
Adecco Group AG, Class Registered
Shares |
|
|
475,459 |
|
| |
79,553 |
|
|
Alcon AG |
|
|
6,987,631 |
|
| |
10,497 |
|
|
Avolta AG |
|
|
688,827 |
|
| |
651 |
|
|
Banque Cantonale Vaudoise, Class
Registered Shares |
|
|
99,838 |
|
| |
82 |
|
|
Barry Callebaut AG, Class Registered
Shares |
|
|
154,133 |
|
| |
251 |
|
|
Belimo Holding AG, Class Registered
Shares |
|
|
253,773 |
|
| |
539 |
|
|
BKW AG |
|
|
106,202 |
|
| |
129 |
|
|
Chocoladefabriken Lindt & Spruengli
AG |
|
|
2,124,295 |
|
| |
3 |
|
|
Chocoladefabriken Lindt & Spruengli
AG, Class Registered Shares |
|
|
494,831 |
|
| |
29,015 |
|
|
Cie Financiere Richemont SA, Class
Registered Shares |
|
|
5,882,813 |
|
| |
13,203 |
|
|
Coca-Cola HBC AG* |
|
|
853,035 |
|
| |
5,857 |
|
|
DKSH Holding AG |
|
|
472,397 |
|
| |
4,340 |
|
|
DSM-Firmenich AG |
|
|
310,005 |
|
| |
16,402 |
|
|
EFG International AG* |
|
|
401,176 |
|
| |
177 |
|
|
EMS-Chemie Holding AG, Class Registered
Shares |
|
|
146,430 |
|
| |
3,869 |
|
|
Galderma Group AG |
|
|
733,857 |
|
| |
5,737 |
|
|
Galenica AG(a) |
|
|
714,519 |
|
| |
852 |
|
|
Geberit AG, Class Registered Shares |
|
|
713,839 |
|
| |
231 |
|
|
Givaudan SA, Class Registered Shares |
|
|
929,715 |
|
| |
251,158 |
|
|
Glencore PLC* |
|
|
1,807,403 |
|
| |
1,986 |
|
|
Helvetia Baloise Holding AG |
|
|
515,422 |
|
| |
12,789 |
|
|
Holcim AG* |
|
|
1,177,137 |
|
| |
24,304 |
|
|
Julius Baer Group Ltd. |
|
|
2,060,770 |
|
| |
827 |
|
|
Kardex Holding AG, Class Registered
Shares |
|
|
281,961 |
|
| |
1,236 |
|
|
Kuehne + Nagel International AG, Class
Registered Shares |
|
|
285,944 |
|
| |
3,741 |
|
|
Logitech International SA, Class
Registered Shares |
|
|
343,923 |
|
| |
9,884 |
|
|
Lonza Group AG, Class Registered
Shares |
|
|
6,897,221 |
|
| |
64,487 |
|
|
Nestlé SA, Class Registered Shares |
|
|
7,029,455 |
|
| |
47,595 |
|
|
Novartis AG, Class Registered Shares |
|
|
8,046,755 |
|
| |
11,170 |
|
|
On Holding AG, Class A Shares* |
|
|
519,182 |
|
| |
575 |
|
|
Partners Group Holding AG |
|
|
637,188 |
|
| |
4,530 |
|
|
PSP Swiss Property AG, Class Registered
Shares |
|
|
976,445 |
|
| |
57,227 |
|
|
Roche Holding AG |
|
|
27,336,237 |
|
| |
10,476 |
|
|
Sandoz Group AG |
|
|
922,556 |
|
| |
1,030 |
|
|
Schindler Holding AG |
|
|
391,713 |
|
| |
582 |
|
|
Schindler Holding AG, Class Registered
Shares |
|
|
212,269 |
|
| |
29,556 |
|
|
SGS SA, Class Registered Shares |
|
|
3,728,313 |
|
| |
3,422 |
|
|
Siegfried Holding AG, Class Registered
Shares* |
|
|
382,419 |
|
| |
3,832 |
|
|
Sika AG, Class Registered Shares |
|
|
787,471 |
|
| |
1,285 |
|
|
Sonova Holding AG, Class Registered
Shares |
|
|
333,266 |
|
| |
17,450 |
|
|
Sportradar Group AG, Class A Shares* |
|
|
318,637 |
|
| |
16,573 |
|
|
STMicroelectronics NV |
|
|
556,295 |
|
| |
11,704 |
|
|
Straumann Holding AG, Class Registered
Shares |
|
|
1,408,802 |
|
| |
4,133 |
|
|
Sulzer AG, Class Registered Shares |
|
|
917,985 |
|
| |
759 |
|
|
Swatch Group AG (The) |
|
|
192,999 |
|
| |
716 |
|
|
Swiss Life Holding AG, Class Registered
Shares |
|
|
818,486 |
|
| |
1,983 |
|
|
Swiss Prime Site AG, Class Registered
Shares |
|
|
378,435 |
|
| |
7,479 |
|
|
Swiss Re AG |
|
|
1,316,045 |
|
| |
664 |
|
|
Swisscom AG, Class Registered Shares |
|
|
622,896 |
|
| |
1,966 |
|
|
Swissquote Group Holding SA, Class
Registered Shares |
|
|
1,051,855 |
|
See
Notes to Financial Statements.
86
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Switzerland — 8.2% — (continued) |
|
| |
5,631 |
|
|
Temenos AG, Class Registered Shares |
|
$ |
523,490 |
|
| |
79,624 |
|
|
UBS Group AG, Class Registered
Shares |
|
|
3,318,864 |
|
| |
6,295 |
|
|
VAT Group AG(a) |
|
|
4,490,590 |
|
| |
698 |
|
|
Ypsomed Holding AG, Class Registered
Shares |
|
|
244,115 |
|
| |
3,673 |
|
|
Zurich Insurance Group AG |
|
|
2,765,902 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Switzerland |
|
|
112,333,021 |
|
|
|
|
| |
| |
|
|
|
|
| Taiwan — 0.7% |
|
| |
125,000 |
|
|
Hon Hai Precision Industry Co., Ltd. |
|
|
958,132 |
|
| |
34,000 |
|
|
Taiwan Semiconductor Manufacturing Co.,
Ltd. |
|
|
2,125,865 |
|
| |
17,340 |
|
|
Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR |
|
|
6,495,217 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Taiwan |
|
|
9,579,214 |
|
|
|
|
| |
| |
|
|
|
|
| United Kingdom — 17.1% |
|
| |
24,849 |
|
|
3i Group PLC |
|
|
1,103,576 |
|
| |
6,622 |
|
|
Admiral Group PLC |
|
|
264,426 |
|
| |
23,454 |
|
|
Airtel Africa PLC(a) |
|
|
110,311 |
|
| |
27,973 |
|
|
Anglo American PLC |
|
|
1,392,047 |
|
| |
7,138 |
|
|
ARM Holdings PLC, ADR* |
|
|
909,738 |
|
| |
10,564 |
|
|
Ashtead Group PLC |
|
|
760,436 |
|
| |
8,234 |
|
|
Associated British Foods PLC |
|
|
218,603 |
|
| |
120,149 |
|
|
AstraZeneca PLC |
|
|
25,304,585 |
|
| |
19,851 |
|
|
Autotrader Group PLC(a) |
|
|
131,669 |
|
| |
76,530 |
|
|
Aviva PLC |
|
|
703,809 |
|
| |
50,581 |
|
|
Babcock International Group PLC |
|
|
922,384 |
|
| |
186,292 |
|
|
BAE Systems PLC |
|
|
5,350,732 |
|
| |
79,665 |
|
|
Balfour Beatty PLC |
|
|
812,382 |
|
| |
1,607,862 |
|
|
Barclays PLC |
|
|
9,708,529 |
|
| |
98,375 |
|
|
Barratt Redrow PLC |
|
|
486,498 |
|
| |
37,147 |
|
|
Beazley PLC |
|
|
632,659 |
|
| |
38,949 |
|
|
Berkeley Group Holdings PLC |
|
|
2,274,937 |
|
| |
1,159,732 |
|
|
BP PLC |
|
|
7,498,735 |
|
| |
101,079 |
|
|
British American Tobacco PLC |
|
|
6,314,853 |
|
| |
87,339 |
|
|
British Land Co. PLC (The), REIT |
|
|
480,365 |
|
| |
147,109 |
|
|
BT Group PLC |
|
|
428,888 |
|
| |
44,623 |
|
|
Bunzl PLC |
|
|
1,315,987 |
|
| |
119,036 |
|
|
Centrica PLC |
|
|
319,683 |
|
| |
5,308 |
|
|
Coca-Cola Europacific Partners PLC |
|
|
586,162 |
|
| |
185,358 |
|
|
Compass Group PLC |
|
|
5,714,286 |
|
| |
12,212 |
|
|
Computacenter PLC |
|
|
521,627 |
|
| |
151,340 |
|
|
ConvaTec Group PLC(a) |
|
|
526,244 |
|
| |
7,440 |
|
|
Cranswick PLC |
|
|
544,391 |
|
| |
357,102 |
|
|
Currys PLC |
|
|
774,897 |
|
| |
367,463 |
|
|
Diageo PLC |
|
|
8,216,022 |
|
| |
54,996 |
|
|
Drax Group PLC |
|
|
657,660 |
|
| |
41,352 |
|
|
easyJet PLC |
|
|
257,728 |
|
| |
24,079 |
|
|
Endeavour Mining PLC |
|
|
1,732,562 |
|
| |
58,492 |
|
|
Entain PLC |
|
|
453,581 |
|
| |
2,066 |
|
|
Games Workshop Group PLC |
|
|
496,505 |
|
| |
10,190 |
|
|
Genus PLC |
|
|
403,536 |
|
| |
203,784 |
|
|
GSK PLC |
|
|
6,044,039 |
|
| |
827,774 |
|
|
Haleon PLC |
|
|
4,531,877 |
|
| |
47,527 |
|
|
Halma PLC |
|
|
2,668,372 |
|
| |
174,153 |
|
|
Harbour Energy PLC |
|
|
595,267 |
|
| |
635,196 |
|
|
HSBC Holdings PLC |
|
|
11,935,040 |
|
| |
16,412 |
|
|
ICG PLC |
|
|
370,307 |
|
| |
13,786 |
|
|
IMI PLC |
|
|
537,432 |
|
| |
19,218 |
|
|
Imperial Brands PLC |
|
|
860,978 |
|
| |
45,349 |
|
|
Inchcape PLC |
|
|
543,043 |
|
See
Notes to Financial Statements.
87
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| United Kingdom — 17.1% — (continued) |
|
| |
31,796 |
|
|
Informa PLC |
|
$ |
358,170 |
|
| |
3,503 |
|
|
InterContinental Hotels Group PLC |
|
|
481,662 |
|
| |
29,935 |
|
|
International Consolidated Airlines
Group SA |
|
|
170,844 |
|
| |
3,969 |
|
|
Intertek Group PLC |
|
|
251,920 |
|
| |
41,478 |
|
|
J Sainsbury PLC |
|
|
195,394 |
|
| |
64,950 |
|
|
JD Sports Fashion PLC |
|
|
71,384 |
|
| |
17,484 |
|
|
JET2 PLC |
|
|
295,181 |
|
| |
322,184 |
|
|
Kingfisher PLC |
|
|
1,608,518 |
|
| |
52,529 |
|
|
Lancashire Holdings Ltd |
|
|
474,086 |
|
| |
17,456 |
|
|
Land Securities Group PLC, REIT |
|
|
151,478 |
|
| |
142,713 |
|
|
Legal & General Group PLC |
|
|
520,089 |
|
| |
3,545,936 |
|
|
Lloyds Banking Group PLC |
|
|
4,864,974 |
|
| |
33,433 |
|
|
London Stock Exchange Group PLC |
|
|
3,969,417 |
|
| |
204,399 |
|
|
LondonMetric Property PLC, REIT |
|
|
590,900 |
|
| |
55,333 |
|
|
M&G PLC |
|
|
236,053 |
|
| |
14,150 |
|
|
Marex Group PLC |
|
|
614,959 |
|
| |
52,387 |
|
|
Marks & Spencer Group PLC |
|
|
278,689 |
|
| |
207,644 |
|
|
Melrose Industries PLC |
|
|
1,592,023 |
|
| |
165,129 |
|
|
Mitie Group PLC |
|
|
400,332 |
|
| |
747,937 |
|
|
National Grid PLC |
|
|
14,019,999 |
|
| |
507,638 |
|
|
NatWest Group PLC |
|
|
4,231,949 |
|
| |
2,807 |
|
|
Next PLC |
|
|
511,594 |
|
| |
55,594 |
|
|
OSB Group PLC |
|
|
457,154 |
|
| |
14,892 |
|
|
Pearson PLC |
|
|
192,473 |
|
| |
18,397 |
|
|
Phoenix Group Holdings PLC |
|
|
189,373 |
|
| |
133,379 |
|
|
Reckitt Benckiser Group PLC |
|
|
11,704,993 |
|
| |
317,654 |
|
|
RELX PLC |
|
|
11,031,396 |
|
| |
62,483 |
|
|
Rentokil Initial PLC |
|
|
384,764 |
|
| |
28,060 |
|
|
Rio Tinto PLC |
|
|
2,789,459 |
|
| |
556,031 |
|
|
Rolls-Royce Holdings PLC |
|
|
10,144,199 |
|
| |
294,779 |
|
|
Sage Group PLC (The) |
|
|
3,265,741 |
|
| |
19,654 |
|
|
Schroders PLC |
|
|
154,623 |
|
| |
348,380 |
|
|
Segro PLC, REIT |
|
|
3,945,484 |
|
| |
6,902 |
|
|
Severn Trent PLC |
|
|
305,040 |
|
| |
278,541 |
|
|
Shell PLC |
|
|
11,592,051 |
|
| |
195,914 |
|
|
Smith & Nephew PLC |
|
|
3,612,500 |
|
| |
55,587 |
|
|
Smiths Group PLC |
|
|
2,047,521 |
|
| |
16,863 |
|
|
Softcat PLC |
|
|
259,198 |
|
| |
1,697 |
|
|
Spirax Group PLC |
|
|
180,660 |
|
| |
30,171 |
|
|
SSE PLC |
|
|
1,094,022 |
|
| |
38,814 |
|
|
St. James’s Place PLC |
|
|
703,910 |
|
| |
168,819 |
|
|
Standard Chartered PLC |
|
|
4,162,358 |
|
| |
352,161 |
|
|
Tesco PLC |
|
|
2,273,395 |
|
| |
110,191 |
|
|
Trainline PLC*(a) |
|
|
289,980 |
|
| |
210,310 |
|
|
Tritax Big Box REIT PLC |
|
|
486,705 |
|
| |
83,685 |
|
|
Unilever PLC |
|
|
6,154,400 |
|
| |
17,187 |
|
|
United Utilities Group PLC |
|
|
322,850 |
|
| |
9,447 |
|
|
Verisure PLC* |
|
|
105,431 |
|
| |
481,332 |
|
|
Vodafone Group PLC |
|
|
742,912 |
|
| |
61,298 |
|
|
Watches of Switzerland Group PLC*(a) |
|
|
421,370 |
|
| |
9,926 |
|
|
Weir Group PLC (The) |
|
|
471,514 |
|
| |
219,590 |
|
|
WH Smith PLC |
|
|
2,034,329 |
|
| |
32,833 |
|
|
Whitbread PLC |
|
|
1,145,068 |
|
| |
15,902 |
|
|
Wise PLC, Class A Shares* |
|
|
183,722 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United Kingdom |
|
|
235,155,598 |
|
|
|
|
| |
| |
|
|
|
|
| United States — 0.5% |
|
| |
183,011 |
|
|
Carnival Corp. |
|
|
5,773,997 |
|
| |
9,529 |
|
|
Kiniksa Pharmaceuticals International
PLC, Class A Shares* |
|
|
423,945 |
|
See
Notes to Financial Statements.
88
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| United States — 0.5% — (continued) |
|
| |
6,115 |
|
|
Liberty Media Corp.-Liberty Formula
One, Class C Shares* |
|
$ |
560,073 |
|
| |
526,000 |
|
|
Nexteer Automotive Group Ltd. |
|
|
501,329 |
|
| |
10 |
|
|
Palo Alto Networks Inc.* |
|
|
1,489 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United States |
|
|
7,260,833 |
|
|
|
|
| |
| |
|
|
|
|
| Uruguay — 0.0%@ |
|
| |
269 |
|
|
MercadoLibre Inc.* |
|
|
472,789 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMON STOCKS
(Cost — $815,985,490) |
|
|
1,342,210,409 |
|
|
|
|
| |
| |
|
|
|
|
| PREFERRED STOCKS —
0.1% |
|
|
| Germany — 0.1% |
|
| |
1,209 |
|
|
Bayerische Motoren Werke AG, Class
Preferred Shares |
|
|
127,065 |
|
| |
3,123 |
|
|
Dr ING hc F Porsche AG, Class Preferred
Shares(a) |
|
|
152,674 |
|
| |
3,864 |
|
|
Henkel AG & Co. KGaA, Class
Preferred Shares |
|
|
379,774 |
|
| |
3,530 |
|
|
Porsche Automobil Holding SE, Class
Preferred Shares |
|
|
150,232 |
|
| |
699 |
|
|
Sartorius AG, Class Preferred Shares |
|
|
198,396 |
|
| |
5,197 |
|
|
Volkswagen AG, Class Preferred
Shares |
|
|
621,213 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
PREFERRED STOCKS
(Cost — $1,540,714) |
|
|
1,629,354 |
|
|
|
|
| |
| |
|
|
|
|
| |
OPEN END MUTUAL
FUND SECURITY — 0.1% |
|
|
| United States — 0.1% |
|
| |
18,811 |
|
|
Vanguard FTSE Developed Markets ETF,
Common Class Shares
(Cost — $819,661) |
|
|
1,321,285 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$818,345,865) |
|
|
1,345,161,048 |
|
|
|
|
| |
| |
|
|
|
|
|
| |
Face
Amount† |
|
|
|
|
|
|
|
|
|
| |
| |
|
| |
|
| |
SHORT-TERM
INVESTMENTS(d) — 1.6% |
|
|
| |
MONEY MARKET FUND —
0.2% |
|
| $ |
2,755,398 |
|
|
Invesco STIT — Government & Agency
Portfolio, Institutional Class, 3.674%(e)
(Cost — $2,755,398) |
|
|
2,755,398 |
|
|
|
|
| |
| |
|
|
|
|
| TIME DEPOSITS —
1.4% |
|
|
|
|
| |
ANZ National Bank — Hong Kong: |
|
|
| |
| |
3,268,666 |
HKD |
|
0.660%
due 3/2/26 |
|
|
417,809 |
|
| |
140,272 |
AUD |
|
2.500%
due 3/2/26 |
|
|
99,817 |
|
|
|
|
| |
BBH — New York: |
|
|
| |
| |
2,370 |
CAD |
|
1.100%
due 3/2/26 |
|
|
1,737 |
|
| |
4,625 |
NZD |
|
1.400%
due 3/2/26 |
|
|
2,774 |
|
| |
287,916 |
NOK |
|
2.700%
due 3/2/26 |
|
|
30,277 |
|
|
|
|
| |
Citibank — London: |
|
|
| |
| |
792,230 |
EUR |
|
0.880%
due 3/2/26 |
|
|
936,099 |
|
| |
328,741 |
GBP |
|
2.680%
due 3/2/26 |
|
|
443,027 |
|
| |
1,535,404 |
|
|
Citibank — New York, 2.980% due
3/2/26 |
|
|
1,535,404 |
|
| |
30,180 |
SGD |
|
HSBC Bank — Singapore, 0.280% due
3/2/26 |
|
|
23,859 |
|
| |
14,646,855 |
|
|
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26 |
|
|
14,646,855 |
|
|
|
|
| |
Skandinaviska Enskilda Banken AB —
Stockholm: |
|
|
| |
| |
143,138 |
CHF |
|
(0.430)%
due 3/2/26 |
|
|
186,196 |
|
| |
152,055 |
DKK |
|
0.650%
due 3/2/26 |
|
|
24,046 |
|
| |
494,198 |
SEK |
|
0.670%
due 3/2/26 |
|
|
54,741 |
|
|
|
|
| |
Sumitomo Mitsui Banking Corp. —
Tokyo: |
|
|
| |
| |
85,994,180 |
JPY |
|
0.200%
due 3/2/26 |
|
|
550,698 |
|
See
Notes to Financial Statements.
89
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
| |
|
Face
Amount† |
|
|
Security |
|
Value |
|
|
| TIME DEPOSITS —
1.4% — (continued) |
|
| $ |
615,314 |
|
|
2.980% due 3/2/26 |
|
$ |
615,314 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
TIME DEPOSITS
(Cost — $19,568,653) |
|
|
19,568,653 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $22,324,051) |
|
|
22,324,051 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS — 99.5%
(Cost — $840,669,916) |
|
|
1,367,485,099 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Other Assets in Excess of Liabilities —
0.5% |
|
|
6,275,202 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
1,373,760,301 |
|
|
|
|
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| * |
Non-income
producing security. |
| @ |
The
amount is less than 0.05%. |
| (a) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to $17,540,754 and
represents 1.3% of net assets. |
| (c) |
All
or a portion of this security is on loan (see Note 1).
|
| (d) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 1.4%. |
| (e) |
Represents
investments of collateral received from securities lending transactions.
|
| # |
Security
that used significant unobservable inputs to determine fair value. At
February 28, 2026, the Fund held a Level 3 security with a value of
$57,555, representing less than 0.05% of net assets.
|
At
February 28, 2026, for International Equity Fund the aggregate cost of
investments and the aggregate gross unrealized appreciation and depreciation of
all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax
Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
International
Equity Fund |
|
$ |
840,669,916 |
|
|
$ |
571,557,308 |
|
|
|
$ (44,644,359 |
) |
|
$ |
526,912,949 |
|
|
|
| |
|
Abbreviations
used in this schedule: |
| ADR |
|
—
American Depositary Receipt |
| ETF |
|
—
Exchange-Traded Fund |
| GDR |
|
—
Global Depositary Receipt |
| PLC |
|
—
Public Limited Company |
| REIT |
|
—
Real Estate Investment Trust |
See
Notes to Financial Statements.
90
|
|
|
|
| |
|
International
Equity Fund |
|
|
|
|
| |
| Summary of Investments by Security
Sector^ |
|
|
Industrials |
|
|
19.7 |
% |
|
Financials |
|
|
19.3 |
|
|
Health
Care |
|
|
12.5 |
|
|
Information
Technology |
|
|
11.8 |
|
|
Consumer
Discretionary |
|
|
10.3 |
|
|
Consumer
Staples |
|
|
7.0 |
|
|
Materials |
|
|
5.8 |
|
|
Communication
Services |
|
|
4.0 |
|
|
Utilities |
|
|
3.3 |
|
|
Energy |
|
|
2.8 |
|
|
Real
Estate |
|
|
2.1 |
|
|
Short-Term
Investments |
|
|
1.4 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
At
February 28, 2026, International Equity Fund had open exchange-traded futures
contracts as described below.
The
unrealized appreciation on the open contracts reflected in the accompanying
financial statements was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Euro
STOXX 50 Futures |
|
|
16 |
|
|
|
3/26 |
|
|
$ |
1,140,988 |
|
|
$ |
1,163,261 |
|
|
$ |
22,273 |
|
|
FTSE
100 Index Futures |
|
|
3 |
|
|
|
3/26 |
|
|
|
415,696 |
|
|
|
440,924 |
|
|
|
25,228 |
|
|
SPI
200 Index Futures |
|
|
2 |
|
|
|
3/26 |
|
|
|
314,171 |
|
|
|
326,268 |
|
|
|
12,097 |
|
|
TOPIX
Index Futures |
|
|
2 |
|
|
|
3/26 |
|
|
|
468,317 |
|
|
|
506,485 |
|
|
|
38,168 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
97,766 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, International Equity Fund had deposited cash of $199,747 with
a broker or brokers as margin collateral on open exchange-traded futures
contracts.
|
|
| |
|
Currency
abbreviations used in this schedule: |
| AUD |
|
—
Australian Dollar |
| CAD |
|
—
Canadian Dollar |
| CHF |
|
—
Swiss Franc |
| DKK |
|
—
Danish Krone |
| EUR |
|
—
Euro |
| GBP |
|
—
British Pound |
| HKD |
|
—
Hong Kong Dollar |
| JPY |
|
—
Japanese Yen |
| NOK |
|
—
Norwegian Krone |
| NZD |
|
—
New Zealand Dollar |
| SEK |
|
—
Swedish Krona |
| SGD |
|
—
Singapore Dollar |
See
Notes to Financial Statements.
91
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| |
COMMON STOCKS —
96.5% |
|
|
| Australia — 0.0%@ |
|
| |
128,000 |
|
|
MMG Ltd.* |
|
$ |
178,457 |
|
|
|
|
| |
| |
|
|
|
|
| Brazil — 4.9% |
|
| |
150,710 |
|
|
Ambev SA |
|
|
478,248 |
|
| |
38,793 |
|
|
Axia Energia |
|
|
463,581 |
|
| |
9,981 |
|
|
Axia Energia* |
|
|
114,936 |
|
| |
8,862 |
|
|
Axia Energia, Class Preferred Shares |
|
|
115,564 |
|
| |
160,199 |
|
|
B3 SA — Brasil Bolsa Balcao |
|
|
559,290 |
|
| |
54,657 |
|
|
Banco Bradesco SA |
|
|
195,830 |
|
| |
37,589 |
|
|
Banco BTG Pactual SA |
|
|
449,119 |
|
| |
446,005 |
|
|
Banco do Brasil SA |
|
|
2,344,350 |
|
| |
286,382 |
|
|
BB Seguridade Participacoes SA |
|
|
1,937,085 |
|
| |
15,025 |
|
|
Caixa Seguridade Participacoes SA |
|
|
52,133 |
|
| |
15,702 |
|
|
Cia de Saneamento Basico do Estado de
Sao Paulo SABESP |
|
|
471,291 |
|
| |
28,327 |
|
|
Cia Paranaense de Energia — Copel |
|
|
80,995 |
|
| |
7,096 |
|
|
CPFL Energia SA |
|
|
69,685 |
|
| |
22,421 |
|
|
Embraer SA |
|
|
404,152 |
|
| |
9,640 |
|
|
Energisa SA |
|
|
101,252 |
|
| |
30,868 |
|
|
Eneva SA* |
|
|
128,839 |
|
| |
143,568 |
|
|
Engie Brasil Energia SA |
|
|
943,092 |
|
| |
38,815 |
|
|
Equatorial SA |
|
|
318,793 |
|
| |
129,091 |
|
|
Inter & Co., Inc., Class A
Shares |
|
|
1,124,383 |
|
| |
20,671 |
|
|
Klabin SA |
|
|
82,890 |
|
| |
438,215 |
|
|
Localiza Rent a Car SA |
|
|
4,338,432 |
|
| |
15,727 |
|
|
Localiza Rent a Car SA* |
|
|
149,720 |
|
| |
22,948 |
|
|
MBRF Global Foods Co. SA |
|
|
92,559 |
|
| |
383,616 |
|
|
Motiva Infraestrutura de Mobilidade
SA |
|
|
1,245,762 |
|
| |
108,000 |
|
|
Multiplan Empreendimentos Imobiliarios
SA |
|
|
741,465 |
|
| |
307,514 |
|
|
NU Holdings Ltd., Class A Shares* |
|
|
4,606,560 |
|
| |
118,602 |
|
|
Petroleo Brasileiro SA — Petrobras |
|
|
988,437 |
|
| |
88,012 |
|
|
Petroleo Brasileiro SA — Petrobras,
ADR |
|
|
1,463,640 |
|
| |
6,183 |
|
|
Porto Seguro SA |
|
|
63,106 |
|
| |
168,364 |
|
|
PRIO SA* |
|
|
1,789,328 |
|
| |
481,420 |
|
|
Raia Drogasil SA |
|
|
2,354,917 |
|
| |
305,807 |
|
|
Rede D’Or Sao Luiz SA(a) |
|
|
2,403,679 |
|
| |
40,743 |
|
|
Rumo SA |
|
|
126,906 |
|
| |
177,864 |
|
|
Smartfit Escola de Ginastica e Danca
SA |
|
|
700,750 |
|
| |
8,382 |
|
|
StoneCo Ltd., Class A Shares* |
|
|
140,818 |
|
| |
111,025 |
|
|
Suzano SA |
|
|
1,255,951 |
|
| |
23,500 |
|
|
TIM SA |
|
|
127,878 |
|
| |
18,187 |
|
|
TOTVS SA |
|
|
134,226 |
|
| |
21,149 |
|
|
Ultrapar Participações SA |
|
|
106,422 |
|
| |
115,736 |
|
|
Vale SA |
|
|
1,997,048 |
|
| |
110,105 |
|
|
Vale SA, Class B Shares, ADR |
|
|
1,891,604 |
|
| |
367,960 |
|
|
Vibra Energia SA |
|
|
2,147,269 |
|
| |
379,013 |
|
|
WEG SA |
|
|
3,673,960 |
|
| |
15,447 |
|
|
XP Inc., Class A Shares |
|
|
332,574 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Brazil |
|
|
43,308,519 |
|
|
|
|
| |
| |
|
|
|
|
| Canada — 0.0%@ |
|
| |
8,200 |
|
|
China Gold International Resources
Corp., Ltd. |
|
|
214,323 |
|
|
|
|
| |
| |
|
|
|
|
| Chile — 0.8% |
|
| |
86,541 |
|
|
Antofagasta PLC |
|
|
5,004,882 |
|
| |
1,448,861 |
|
|
Banco de Chile |
|
|
298,828 |
|
| |
2,814 |
|
|
Banco de Credito e Inversiones SA |
|
|
192,792 |
|
| |
2,179,086 |
|
|
Banco Santander Chile |
|
|
187,266 |
|
| |
39,500 |
|
|
Cencosud SA |
|
|
123,444 |
|
See
Notes to Financial Statements.
92
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Chile — 0.8% — (continued) |
|
| |
32,401 |
|
|
Empresas CMPC SA |
|
$ |
48,004 |
|
| |
13,356 |
|
|
Empresas COPEC SA |
|
|
110,224 |
|
| |
917,604 |
|
|
Enel Chile SA |
|
|
76,807 |
|
| |
22,320 |
|
|
Falabella SA |
|
|
165,726 |
|
| |
10,066,078 |
|
|
Latam Airlines Group SA |
|
|
283,277 |
|
| |
24,430 |
|
|
Plaza SA |
|
|
115,274 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Chile |
|
|
6,606,524 |
|
|
|
|
| |
| |
|
|
|
|
| China — 17.2% |
|
| |
9,300 |
|
|
360 Security Technology Inc., Class A
Shares |
|
|
16,788 |
|
| |
3,900 |
|
|
37 Interactive Entertainment Network
Technology Group Co., Ltd., Class A Shares |
|
|
13,911 |
|
| |
56,500 |
|
|
3SBio Inc.*(a) |
|
|
158,084 |
|
| |
24,000 |
|
|
AAC Technologies Holdings Inc. |
|
|
114,177 |
|
| |
3,200 |
|
|
Accelink Technologies Co., Ltd., Class
A Shares |
|
|
35,346 |
|
| |
1,474 |
|
|
Advanced Micro-Fabrication Equipment
Inc., Class A Shares |
|
|
75,630 |
|
| |
3,000 |
|
|
AECC Aviation Power Co., Ltd., Class A
Shares |
|
|
24,980 |
|
| |
163,100 |
|
|
Agricultural Bank of China Ltd., Class
A Shares |
|
|
152,250 |
|
| |
882,000 |
|
|
Agricultural Bank of China Ltd., Class
H Shares(b) |
|
|
599,896 |
|
| |
11,877 |
|
|
Aier Eye Hospital Group Co., Ltd.,
Class A Shares |
|
|
18,343 |
|
| |
13,600 |
|
|
Air China Ltd., Class A Shares* |
|
|
16,668 |
|
| |
21,000 |
|
|
Akeso Inc.*(a) |
|
|
286,383 |
|
| |
31,400 |
|
|
Aluminum Corp. of China Ltd., Class A
Shares |
|
|
62,925 |
|
| |
120,000 |
|
|
Aluminum Corp. of China Ltd., Class H
Shares(b) |
|
|
218,553 |
|
| |
351 |
|
|
Amlogic Shanghai Co., Ltd., Class A
Shares* |
|
|
4,856 |
|
| |
2,500 |
|
|
Angel Yeast Co., Ltd., Class A
Shares |
|
|
16,028 |
|
| |
6,100 |
|
|
Anhui Conch Cement Co., Ltd., Class A
Shares |
|
|
22,717 |
|
| |
198,216 |
|
|
Anhui Conch Cement Co., Ltd., Class H
Shares(b) |
|
|
623,561 |
|
| |
1,000 |
|
|
Anhui Gujing Distillery Co., Ltd.,
Class A Shares |
|
|
17,673 |
|
| |
100 |
|
|
Anhui Gujing Distillery Co., Ltd.,
Class B Shares |
|
|
887 |
|
| |
3,500 |
|
|
Anhui Jianghuai Automobile Group Corp.,
Ltd., Class A Shares* |
|
|
27,940 |
|
| |
1,900 |
|
|
Anker Innovations Technology Co., Ltd.,
Class A Shares |
|
|
26,784 |
|
| |
168,400 |
|
|
ANTA Sports Products Ltd. |
|
|
1,828,364 |
|
| |
3,600 |
|
|
Avary Holding Shenzhen Co., Ltd., Class
A Shares |
|
|
30,889 |
|
| |
44,000 |
|
|
AviChina Industry & Technology Co.,
Ltd., Class H Shares(b) |
|
|
23,838 |
|
| |
16,800 |
|
|
BAIC BluePark New Energy Technology
Co., Ltd., Class A Shares* |
|
|
19,549 |
|
| |
70,968 |
|
|
Baidu Inc., Class A Shares* |
|
|
1,106,997 |
|
| |
47,000 |
|
|
Bank of Beijing Co., Ltd., Class A
Shares |
|
|
36,933 |
|
| |
16,600 |
|
|
Bank of Changsha Co., Ltd., Class A
Shares |
|
|
23,710 |
|
| |
4,000 |
|
|
Bank of Chengdu Co., Ltd., Class A
Shares |
|
|
9,431 |
|
| |
98,730 |
|
|
Bank of China Ltd., Class A Shares |
|
|
76,003 |
|
| |
2,265,000 |
|
|
Bank of China Ltd., Class H
Shares(b) |
|
|
1,347,358 |
|
| |
106,500 |
|
|
Bank of Communications Co., Ltd., Class
A Shares |
|
|
101,693 |
|
| |
279,000 |
|
|
Bank of Communications Co., Ltd., Class
H Shares(b) |
|
|
245,195 |
|
| |
14,800 |
|
|
Bank of Hangzhou Co., Ltd., Class A
Shares |
|
|
35,059 |
|
| |
35,590 |
|
|
Bank of Jiangsu Co., Ltd., Class A
Shares |
|
|
53,701 |
|
| |
16,600 |
|
|
Bank of Nanjing Co., Ltd., Class A
Shares |
|
|
27,224 |
|
| |
14,790 |
|
|
Bank of Ningbo Co., Ltd., Class A
Shares |
|
|
67,478 |
|
| |
29,640 |
|
|
Bank of Shanghai Co., Ltd., Class A
Shares |
|
|
41,839 |
|
| |
30,184 |
|
|
Baoshan Iron & Steel Co., Ltd.,
Class A Shares |
|
|
31,664 |
|
| |
1,300 |
|
|
Beijing Compass Technology Development
Co., Ltd., Class A Shares* |
|
|
21,942 |
|
| |
9,900 |
|
|
Beijing Enlight Media Co., Ltd., Class
A Shares |
|
|
28,115 |
|
| |
1,276 |
|
|
Beijing Kingsoft Office Software Inc.,
Class A Shares |
|
|
55,962 |
|
| |
2,000 |
|
|
Beijing New Building Materials PLC,
Class A Shares |
|
|
8,156 |
|
| |
760 |
|
|
Beijing Roborock Technology Co., Ltd.,
Class A Shares |
|
|
15,841 |
|
| |
2,600 |
|
|
Beijing Tong Ren Tang Co., Ltd., Class
A Shares |
|
|
11,672 |
|
| |
718 |
|
|
Beijing Wantai Biological Pharmacy
Enterprise Co., Ltd., Class A Shares* |
|
|
4,284 |
|
| |
79,200 |
|
|
Beijing-Shanghai High Speed Railway
Co., Ltd., Class A Shares |
|
|
57,129 |
|
| |
1,400 |
|
|
Bestechnic Shanghai Co., Ltd., Class A
Shares* |
|
|
42,211 |
|
See
Notes to Financial Statements.
93
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
7,627 |
|
|
Bilibili Inc., Class Z Shares* |
|
$ |
213,824 |
|
| |
13,300 |
|
|
Bluefocus Intelligent Communications
Group Co., Ltd., Class A Shares* |
|
|
35,864 |
|
| |
68,500 |
|
|
BOE Technology Group Co., Ltd., Class A
Shares |
|
|
44,706 |
|
| |
8,700 |
|
|
BYD Co., Ltd., Class A Shares |
|
|
113,177 |
|
| |
396,948 |
|
|
BYD Co., Ltd., Class H Shares(b) |
|
|
4,789,931 |
|
| |
903 |
|
|
Cambricon Technologies Corp., Ltd.,
Class A Shares* |
|
|
154,362 |
|
| |
318,000 |
|
|
CGN Power Co., Ltd., Class H
Shares(a)(b) |
|
|
127,494 |
|
| |
300 |
|
|
Changchun High-Tech Industry Group Co.,
Ltd., Class A Shares |
|
|
4,187 |
|
| |
3,900 |
|
|
Chaozhou Three-Circle Group Co., Ltd.,
Class A Shares |
|
|
35,752 |
|
| |
6,800 |
|
|
Chifeng Jilong Gold Mining Co., Ltd.,
Class A Shares |
|
|
40,004 |
|
| |
31,500 |
|
|
China CITIC Bank Corp., Ltd., Class A
Shares |
|
|
33,041 |
|
| |
270,000 |
|
|
China CITIC Bank Corp., Ltd., Class H
Shares(b) |
|
|
248,698 |
|
| |
450,000 |
|
|
China CITIC Financial Asset Management
Co., Ltd., Class H Shares*(a)(b) |
|
|
48,789 |
|
| |
61,000 |
|
|
China Coal Energy Co., Ltd., Class H
Shares(b) |
|
|
101,813 |
|
| |
47,500 |
|
|
China Construction Bank Corp., Class A
Shares |
|
|
59,492 |
|
| |
5,528,224 |
|
|
China Construction Bank Corp., Class H
Shares(b) |
|
|
5,639,887 |
|
| |
16,600 |
|
|
China CSSC Holdings Ltd., Class A
Shares |
|
|
91,254 |
|
| |
27,298 |
|
|
China Eastern Airlines Corp., Ltd.,
Class A Shares* |
|
|
22,800 |
|
| |
47,400 |
|
|
China Energy Engineering Corp., Ltd.,
Class A Shares |
|
|
17,535 |
|
| |
91,612 |
|
|
China Everbright Bank Co., Ltd., Class
A Shares |
|
|
43,259 |
|
| |
127,000 |
|
|
China Feihe Ltd.(a) |
|
|
61,821 |
|
| |
12,000 |
|
|
China Galaxy Securities Co., Ltd.,
Class A Shares |
|
|
25,520 |
|
| |
99,000 |
|
|
China Galaxy Securities Co., Ltd.,
Class H Shares(b) |
|
|
125,038 |
|
| |
10,800 |
|
|
China Greatwall Technology Group Co.,
Ltd., Class A Shares* |
|
|
26,079 |
|
| |
91,000 |
|
|
China Hongqiao Group Ltd. |
|
|
415,885 |
|
| |
20,900 |
|
|
China International Capital Corp.,
Ltd., Class A Shares |
|
|
105,487 |
|
| |
58,800 |
|
|
China International Capital Corp.,
Ltd., Class H Shares(a)(b) |
|
|
151,742 |
|
| |
7,200 |
|
|
China Jushi Co., Ltd., Class A
Shares |
|
|
28,317 |
|
| |
5,300 |
|
|
China Life Insurance Co., Ltd., Class A
Shares |
|
|
34,342 |
|
| |
237,000 |
|
|
China Life Insurance Co., Ltd., Class H
Shares(b) |
|
|
953,044 |
|
| |
10,200 |
|
|
China Literature Ltd.*(a) |
|
|
40,958 |
|
| |
65,000 |
|
|
China Longyuan Power Group Corp., Ltd.,
Class H Shares(b) |
|
|
62,846 |
|
| |
102,000 |
|
|
China Mengniu Dairy Co., Ltd. |
|
|
211,543 |
|
| |
40,800 |
|
|
China Merchants Bank Co., Ltd., Class A
Shares |
|
|
230,122 |
|
| |
1,186,633 |
|
|
China Merchants Bank Co., Ltd., Class H
Shares(b) |
|
|
7,400,149 |
|
| |
17,000 |
|
|
China Merchants Energy Shipping Co.,
Ltd., Class A Shares |
|
|
40,228 |
|
| |
13,200 |
|
|
China Merchants Expressway Network
& Technology Holdings Co., Ltd., Class A Shares |
|
|
18,640 |
|
| |
9,230 |
|
|
China Merchants Securities Co., Ltd.,
Class A Shares |
|
|
22,310 |
|
| |
6,520 |
|
|
China Merchants Shekou Industrial Zone
Holdings Co., Ltd., Class A Shares |
|
|
9,415 |
|
| |
55,920 |
|
|
China Minsheng Banking Corp., Ltd.,
Class A Shares |
|
|
31,626 |
|
| |
236,700 |
|
|
China Minsheng Banking Corp., Ltd.,
Class H Shares(b) |
|
|
122,484 |
|
| |
102,000 |
|
|
China National Building Material Co.,
Ltd., Class H Shares(b) |
|
|
88,878 |
|
| |
19,300 |
|
|
China National Chemical Engineering
Co., Ltd., Class A Shares |
|
|
26,262 |
|
| |
34,000 |
|
|
China National Nuclear Power Co., Ltd.,
Class A Shares |
|
|
42,214 |
|
| |
2,470 |
|
|
China National Software & Service
Co., Ltd., Class A Shares* |
|
|
16,056 |
|
| |
44,000 |
|
|
China Nonferrous Mining Corp., Ltd. |
|
|
85,245 |
|
| |
5,200 |
|
|
China Northern Rare Earth Group
High-Tech Co., Ltd., Class A Shares |
|
|
47,235 |
|
| |
44,000 |
|
|
China Oilfield Services Ltd., Class H
Shares(b) |
|
|
56,927 |
|
| |
12,500 |
|
|
China Pacific Insurance Group Co.,
Ltd., Class A Shares |
|
|
74,311 |
|
| |
84,000 |
|
|
China Pacific Insurance Group Co.,
Ltd., Class H Shares(b) |
|
|
385,246 |
|
| |
43,800 |
|
|
China Petroleum & Chemical Corp.,
Class A Shares |
|
|
41,338 |
|
| |
726,000 |
|
|
China Petroleum & Chemical Corp.,
Class H Shares(b) |
|
|
507,695 |
|
| |
27,800 |
|
|
China Railway Group Ltd., Class A
Shares |
|
|
25,552 |
|
| |
138,000 |
|
|
China Railway Group Ltd., Class H
Shares(b) |
|
|
91,562 |
|
| |
22,980 |
|
|
China Railway Signal &
Communication Corp., Ltd., Class A Shares |
|
|
19,149 |
|
| |
4,498 |
|
|
China Resources Microelectronics Ltd.,
Class A Shares |
|
|
37,375 |
|
| |
148,300 |
|
|
China Resources Mixc Lifestyle Services
Ltd.(a) |
|
|
901,410 |
|
| |
4,836 |
|
|
China Resources Sanjiu Medical &
Pharmaceutical Co., Ltd., Class A Shares |
|
|
20,346 |
|
See
Notes to Financial Statements.
94
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
13,299 |
|
|
China Shenhua Energy Co., Ltd., Class A
Shares |
|
$ |
81,914 |
|
| |
107,500 |
|
|
China Shenhua Energy Co., Ltd., Class H
Shares(b) |
|
|
617,227 |
|
| |
20,400 |
|
|
China Southern Airlines Co., Ltd.,
Class A Shares* |
|
|
21,830 |
|
| |
90,040 |
|
|
China State Construction Engineering
Corp., Ltd., Class A Shares |
|
|
66,128 |
|
| |
41,600 |
|
|
China Three Gorges Renewables Group
Co., Ltd., Class A Shares |
|
|
25,221 |
|
| |
4,435 |
|
|
China Tourism Group Duty Free Corp.,
Ltd., Class A Shares |
|
|
52,283 |
|
| |
141,100 |
|
|
China Tower Corp., Ltd., Class H
Shares(a)(b) |
|
|
200,951 |
|
| |
74,800 |
|
|
China United Network Communications
Ltd., Class A Shares |
|
|
53,623 |
|
| |
15,600 |
|
|
China Vanke Co., Ltd., Class A
Shares* |
|
|
11,001 |
|
| |
18,800 |
|
|
China XD Electric Co., Ltd., Class A
Shares |
|
|
43,850 |
|
| |
50,900 |
|
|
China Yangtze Power Co., Ltd., Class A
Shares |
|
|
193,190 |
|
| |
52,390 |
|
|
China Zheshang Bank Co., Ltd., Class A
Shares |
|
|
22,756 |
|
| |
16,182 |
|
|
Chongqing Changan Automobile Co., Ltd.,
Class A Shares |
|
|
26,079 |
|
| |
28,000 |
|
|
Chongqing Rural Commercial Bank Co.,
Ltd., Class A Shares |
|
|
26,497 |
|
| |
70,000 |
|
|
Chongqing Rural Commercial Bank Co.,
Ltd., Class H Shares(b) |
|
|
52,769 |
|
| |
3,000 |
|
|
Chongqing Zhifei Biological Products
Co., Ltd., Class A Shares* |
|
|
7,551 |
|
| |
120,000 |
|
|
CITIC Ltd. |
|
|
191,754 |
|
| |
22,565 |
|
|
CITIC Securities Co., Ltd., Class A
Shares |
|
|
89,961 |
|
| |
49,925 |
|
|
CITIC Securities Co., Ltd., Class H
Shares(b) |
|
|
178,691 |
|
| |
26,600 |
|
|
CMOC Group Ltd., Class A Shares |
|
|
93,651 |
|
| |
123,000 |
|
|
CMOC Group Ltd., Class H Shares(b) |
|
|
383,163 |
|
| |
1,820 |
|
|
CNGR Advanced Material Co., Ltd., Class
A Shares |
|
|
15,227 |
|
| |
16,100 |
|
|
CNPC Capital Co., Ltd., Class A
Shares |
|
|
21,319 |
|
| |
95,871 |
|
|
Contemporary Amperex Technology Co.,
Ltd., Class A Shares |
|
|
4,775,039 |
|
| |
2,000 |
|
|
Contemporary Amperex Technology Co.,
Ltd., Class H Shares(b) |
|
|
126,314 |
|
| |
5,300 |
|
|
COSCO Shipping Energy Transportation
Co., Ltd., Class A Shares |
|
|
15,890 |
|
| |
20,320 |
|
|
COSCO SHIPPING Holdings Co., Ltd.,
Class A Shares |
|
|
44,445 |
|
| |
82,250 |
|
|
COSCO SHIPPING Holdings Co., Ltd.,
Class H Shares(b) |
|
|
159,884 |
|
| |
51,400 |
|
|
CRRC Corp., Ltd., Class A Shares |
|
|
47,109 |
|
| |
151,000 |
|
|
CRRC Corp., Ltd., Class H Shares(b) |
|
|
111,558 |
|
| |
8,700 |
|
|
CSC Financial Co., Ltd., Class A
Shares |
|
|
30,194 |
|
| |
2,880 |
|
|
CSPC Innovation Pharmaceutical Co.,
Ltd., Class A Shares |
|
|
13,859 |
|
| |
257,120 |
|
|
CSPC Pharmaceutical Group Ltd. |
|
|
324,137 |
|
| |
49,700 |
|
|
Daqin Railway Co., Ltd., Class A
Shares |
|
|
36,939 |
|
| |
342,200 |
|
|
DaShenLin Pharmaceutical Group Co.,
Ltd., Class A Shares |
|
|
973,740 |
|
| |
9,600 |
|
|
Dongfang Electric Corp., Ltd., Class A
Shares |
|
|
51,685 |
|
| |
86,000 |
|
|
Dongfeng Motor Group Co., Ltd., Class H
Shares*(b) |
|
|
107,729 |
|
| |
27,025 |
|
|
East Money Information Co., Ltd., Class
A Shares |
|
|
88,643 |
|
| |
58,680 |
|
|
Eastroc Beverage Group Co., Ltd., Class
A Shares |
|
|
2,065,952 |
|
| |
10,627 |
|
|
Eastroc Beverage Group Co., Ltd., Class
H Shares*(b) |
|
|
336,876 |
|
| |
900 |
|
|
Ecovacs Robotics Co., Ltd., Class A
Shares |
|
|
9,086 |
|
| |
1,300 |
|
|
Empyrean Technology Co., Ltd., Class A
Shares |
|
|
19,121 |
|
| |
25,200 |
|
|
ENN Energy Holdings Ltd. |
|
|
222,062 |
|
| |
387,743 |
|
|
ENN Natural Gas Co., Ltd., Class A
Shares |
|
|
1,152,088 |
|
| |
2,300 |
|
|
Eoptolink Technology Inc. Ltd., Class A
Shares |
|
|
118,158 |
|
| |
5,681 |
|
|
Eve Energy Co., Ltd., Class A Shares |
|
|
51,562 |
|
| |
7,300 |
|
|
Everbright Securities Co., Ltd., Class
A Shares |
|
|
17,686 |
|
| |
20,800 |
|
|
Focus Media Information Technology Co.,
Ltd., Class A Shares |
|
|
21,412 |
|
| |
9,186 |
|
|
Foshan Haitian Flavouring & Food
Co., Ltd., Class A Shares |
|
|
48,133 |
|
| |
17,700 |
|
|
Founder Securities Co., Ltd., Class A
Shares |
|
|
19,789 |
|
| |
26,400 |
|
|
Foxconn Industrial Internet Co., Ltd.,
Class A Shares |
|
|
211,106 |
|
| |
120,000 |
|
|
Full Truck Alliance Co., Ltd., ADR |
|
|
1,125,600 |
|
| |
4,100 |
|
|
Fuyao Glass Industry Group Co., Ltd.,
Class A Shares |
|
|
36,083 |
|
| |
20,800 |
|
|
Fuyao Glass Industry Group Co., Ltd.,
Class H Shares(a)(b) |
|
|
172,686 |
|
| |
3,220 |
|
|
Ganfeng Lithium Group Co., Ltd., Class
A Shares |
|
|
34,238 |
|
| |
15,000 |
|
|
Ganfeng Lithium Group Co., Ltd., Class
H Shares(a)(b) |
|
|
131,278 |
|
| |
21,800 |
|
|
GD Power Development Co., Ltd., Class A
Shares |
|
|
15,600 |
|
| |
38,700 |
|
|
GDS Holdings Ltd., Class A Shares* |
|
|
201,131 |
|
See
Notes to Financial Statements.
95
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
15,100 |
|
|
GEM Co., Ltd., Class A Shares |
|
$ |
21,901 |
|
| |
48,000 |
|
|
Genscript Biotech Corp.* |
|
|
73,405 |
|
| |
26,000 |
|
|
GF Securities Co., Ltd., Class A
Shares |
|
|
78,863 |
|
| |
27,200 |
|
|
GF Securities Co., Ltd., Class H
Shares(b) |
|
|
59,762 |
|
| |
10,400 |
|
|
Giant Biogene Holding Co., Ltd.(a) |
|
|
42,591 |
|
| |
4,700 |
|
|
Giant Network Group Co., Ltd., Class A
Shares |
|
|
25,222 |
|
| |
1,824 |
|
|
Gigadevice Semiconductor Inc., Class A
Shares |
|
|
79,514 |
|
| |
4,300 |
|
|
GoerTek Inc., Class A Shares |
|
|
17,000 |
|
| |
9,900 |
|
|
Goldwind Science & Technology Co.,
Ltd., Class A Shares |
|
|
41,027 |
|
| |
2,233 |
|
|
Goneo Group Co., Ltd., Class A
Shares |
|
|
14,172 |
|
| |
8,900 |
|
|
Gotion High-tech Co., Ltd., Class A
Shares |
|
|
49,115 |
|
| |
68,500 |
|
|
Great Wall Motor Co., Ltd., Class H
Shares(b) |
|
|
113,055 |
|
| |
8,500 |
|
|
Gree Electric Appliances Inc. of
Zhuhai, Class A Shares |
|
|
46,396 |
|
| |
2,200 |
|
|
Guangdong Haid Group Co., Ltd., Class A
Shares |
|
|
17,575 |
|
| |
9,000 |
|
|
Guangdong HEC Technology Holding Co.,
Ltd., Class A Shares*(c)(d) |
|
|
49,588 |
|
| |
15,100 |
|
|
Guangzhou Automobile Group Co., Ltd.,
Class A Shares |
|
|
17,888 |
|
| |
3,220 |
|
|
Guangzhou Tinci Materials Technology
Co., Ltd., Class A Shares |
|
|
19,831 |
|
| |
25,000 |
|
|
Guolian Minsheng Securities Co., Ltd.,
Class A Shares |
|
|
35,875 |
|
| |
9,400 |
|
|
Guosen Securities Co., Ltd., Class A
Shares |
|
|
17,190 |
|
| |
32,378 |
|
|
Guotai Haitong Securities Co., Ltd.,
Class A Shares |
|
|
89,285 |
|
| |
60,864 |
|
|
Guotai Haitong Securities Co., Ltd.,
Class H Shares(a)(b) |
|
|
123,869 |
|
| |
5,900 |
|
|
Guoyuan Securities Co., Ltd., Class A
Shares |
|
|
7,147 |
|
| |
17,924 |
|
|
H World Group Ltd., ADR |
|
|
982,235 |
|
| |
60,000 |
|
|
Haidilao International Holding
Ltd.(a) |
|
|
134,968 |
|
| |
13,300 |
|
|
Haier Smart Home Co., Ltd., Class A
Shares |
|
|
49,816 |
|
| |
77,400 |
|
|
Haier Smart Home Co., Ltd., Class H
Shares(b) |
|
|
263,377 |
|
| |
70,600 |
|
|
Hainan Airlines Holding Co., Ltd.,
Class A Shares* |
|
|
17,478 |
|
| |
29,200 |
|
|
Hainan Airport Infrastructure Co.,
Ltd., Class A Shares |
|
|
18,084 |
|
| |
16,000 |
|
|
Haitian International Holdings Ltd. |
|
|
51,750 |
|
| |
2,000 |
|
|
Hangzhou Chang Chuan Technology Co.,
Ltd., Class A Shares |
|
|
42,046 |
|
| |
4,939 |
|
|
Hangzhou First Applied Material Co.,
Ltd., Class A Shares |
|
|
13,024 |
|
| |
2,700 |
|
|
Hangzhou Silan Microelectronics Co.,
Ltd., Class A Shares |
|
|
12,642 |
|
| |
48,000 |
|
|
Hansoh Pharmaceutical Group Co.,
Ltd.(a) |
|
|
214,201 |
|
| |
389,428 |
|
|
Harbin Electric Co., Ltd., Class H
Shares(b) |
|
|
1,402,734 |
|
| |
5,900 |
|
|
Hebei Changshan Biochemical
Pharmaceutical Co., Ltd., Class A Shares* |
|
|
40,118 |
|
| |
1,600 |
|
|
Henan Shenhuo Coal Industry &
Electricity Power Co., Ltd., Class A Shares |
|
|
7,598 |
|
| |
9,400 |
|
|
Henan Shuanghui Investment &
Development Co., Ltd., Class A Shares |
|
|
35,983 |
|
| |
187,500 |
|
|
Hengan International Group Co., Ltd. |
|
|
700,233 |
|
| |
10,778 |
|
|
Hengli Petrochemical Co., Ltd., Class A
Shares |
|
|
40,341 |
|
| |
8,200 |
|
|
Hengtong Optic-electric Co., Ltd.,
Class A Shares |
|
|
56,689 |
|
| |
1,740 |
|
|
Hesai Group* |
|
|
48,841 |
|
| |
3,600 |
|
|
Hgtech Co., Ltd., Class A Shares |
|
|
47,064 |
|
| |
1,599 |
|
|
Hithink RoyalFlush Information Network
Co., Ltd., Class A Shares |
|
|
77,313 |
|
| |
157,800 |
|
|
Horizon Robotics, Class B Shares* |
|
|
165,039 |
|
| |
900 |
|
|
Hoshine Silicon Industry Co., Ltd.,
Class A Shares |
|
|
6,724 |
|
| |
24,000 |
|
|
Hua Hong Semiconductor Ltd., Class H
Shares*(a) |
|
|
295,459 |
|
| |
18,400 |
|
|
Huadian Power International Corp.,
Ltd., Class A Shares |
|
|
13,674 |
|
| |
1,694 |
|
|
Huadong Medicine Co., Ltd., Class A
Shares |
|
|
8,869 |
|
| |
15,100 |
|
|
Huafon Chemical Co., Ltd., Class A
Shares |
|
|
27,337 |
|
| |
22,500 |
|
|
Huaneng Power International Inc., Class
A Shares |
|
|
23,737 |
|
| |
160,000 |
|
|
Huaneng Power International Inc., Class
H Shares(b) |
|
|
123,179 |
|
| |
2,600 |
|
|
Huaqin Technology Co., Ltd., Class A
Shares |
|
|
34,884 |
|
| |
16,000 |
|
|
Huatai Securities Co., Ltd., Class A
Shares |
|
|
49,818 |
|
| |
49,600 |
|
|
Huatai Securities Co., Ltd., Class H
Shares(a)(b) |
|
|
106,110 |
|
| |
30,500 |
|
|
Huaxia Bank Co., Ltd., Class A
Shares |
|
|
29,747 |
|
| |
289,199 |
|
|
Huayu Automotive Systems Co., Ltd.,
Class A Shares |
|
|
814,451 |
|
| |
1,000 |
|
|
Huizhou Desay Sv Automotive Co., Ltd.,
Class A Shares |
|
|
18,043 |
|
| |
3,785 |
|
|
Hundsun Technologies Inc., Class A
Shares |
|
|
16,455 |
|
See
Notes to Financial Statements.
96
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
1,337 |
|
|
Hwatsing Technology Co., Ltd., Class A
Shares |
|
$ |
37,722 |
|
| |
4,534 |
|
|
Hygon Information Technology Co., Ltd.,
Class A Shares |
|
|
172,238 |
|
| |
1,600 |
|
|
IEIT Systems Co., Ltd., Class A
Shares |
|
|
14,874 |
|
| |
5,400 |
|
|
Iflytek Co., Ltd., Class A Shares |
|
|
43,822 |
|
| |
560 |
|
|
Imeik Technology Development Co., Ltd.,
Class A Shares |
|
|
11,651 |
|
| |
142,500 |
|
|
Industrial & Commercial Bank of
China Ltd., Class A Shares |
|
|
143,766 |
|
| |
2,075,000 |
|
|
Industrial & Commercial Bank of
China Ltd., Class H Shares(b) |
|
|
1,709,377 |
|
| |
39,200 |
|
|
Industrial Bank Co., Ltd., Class A
Shares |
|
|
104,557 |
|
| |
19,760 |
|
|
Industrial Securities Co., Ltd., Class
A Shares |
|
|
19,412 |
|
| |
800 |
|
|
Ingenic Semiconductor Co., Ltd., Class
A Shares |
|
|
15,493 |
|
| |
62,900 |
|
|
Inner Mongolia BaoTou Steel Union Co.,
Ltd., Class A Shares |
|
|
29,683 |
|
| |
7,700 |
|
|
Inner Mongolia Dian Tou Energy Corp.,
Ltd., Class A Shares |
|
|
34,412 |
|
| |
16,300 |
|
|
Inner Mongolia Junzheng Energy &
Chemical Industry Group Co., Ltd., Class A Shares |
|
|
14,254 |
|
| |
5,400 |
|
|
Inner Mongolia Xingye Silver&Tin
Mining Co., Ltd., Class A Shares |
|
|
44,355 |
|
| |
13,600 |
|
|
Inner Mongolia Yili Industrial Group
Co., Ltd., Class A Shares |
|
|
51,734 |
|
| |
41,700 |
|
|
Inner Mongolia Yitai Coal Co., Ltd.,
Class B Shares |
|
|
84,912 |
|
| |
46,500 |
|
|
Innovent Biologics Inc.*(a) |
|
|
504,550 |
|
| |
2,200 |
|
|
Isoftstone Information Technology Group
Co., Ltd., Class A Shares |
|
|
15,800 |
|
| |
66,200 |
|
|
J&T Global Express Ltd.* |
|
|
87,107 |
|
| |
4,116 |
|
|
JA Solar Technology Co., Ltd., Class A
Shares* |
|
|
7,251 |
|
| |
4,000 |
|
|
JCET Group Co., Ltd., Class A Shares |
|
|
28,028 |
|
| |
35,900 |
|
|
JD Health International Inc.*(a) |
|
|
259,649 |
|
| |
57,000 |
|
|
JD Logistics Inc.*(a) |
|
|
81,248 |
|
| |
36,437 |
|
|
JD.com Inc., ADR |
|
|
966,674 |
|
| |
104,506 |
|
|
JD.com Inc., Class A Shares |
|
|
1,385,448 |
|
| |
7,400 |
|
|
Jiangsu Eastern Shenghong Co., Ltd.,
Class A Shares* |
|
|
14,033 |
|
| |
46,000 |
|
|
Jiangsu Expressway Co., Ltd., Class H
Shares(b) |
|
|
59,890 |
|
| |
1,948 |
|
|
Jiangsu Hengli Hydraulic Co., Ltd.,
Class A Shares |
|
|
32,011 |
|
| |
13,501 |
|
|
Jiangsu Hengrui Pharmaceuticals Co.,
Ltd., Class A Shares |
|
|
111,160 |
|
| |
3,000 |
|
|
Jiangsu King’s Luck Brewery JSC Ltd.,
Class A Shares |
|
|
13,667 |
|
| |
6,200 |
|
|
Jiangsu Yanghe Distillery Co., Ltd.,
Class A Shares |
|
|
48,066 |
|
| |
3,200 |
|
|
Jiangsu Yuyue Medical Equipment &
Supply Co., Ltd., Class A Shares |
|
|
18,039 |
|
| |
6,200 |
|
|
Jiangsu Zhongtian Technology Co., Ltd.,
Class A Shares |
|
|
26,296 |
|
| |
3,300 |
|
|
Jiangxi Copper Co., Ltd., Class A
Shares |
|
|
28,245 |
|
| |
35,000 |
|
|
Jiangxi Copper Co., Ltd., Class H
Shares(b) |
|
|
205,602 |
|
| |
13,200 |
|
|
Jinduicheng Molybdenum Co., Ltd., Class
A Shares |
|
|
47,415 |
|
| |
9,597 |
|
|
Jinko Solar Co., Ltd., Class A
Shares* |
|
|
10,541 |
|
| |
1,204 |
|
|
Kangmei Pharmaceutical Co., Ltd., Class
A Shares*(c)# |
|
|
2 |
|
| |
10,693 |
|
|
Kanzhun Ltd., ADR |
|
|
171,943 |
|
| |
51,000 |
|
|
KE Holdings Inc., ADR |
|
|
838,950 |
|
| |
63,104 |
|
|
KE Holdings Inc., Class A Shares |
|
|
349,884 |
|
| |
89,000 |
|
|
Kingdee International Software Group
Co., Ltd.* |
|
|
115,062 |
|
| |
36,000 |
|
|
Kingsoft Corp., Ltd. |
|
|
119,421 |
|
| |
130,400 |
|
|
Kuaishou Technology, Class B
Shares(a) |
|
|
1,043,704 |
|
| |
3,200 |
|
|
Kuang-Chi Technologies Co., Ltd., Class
A Shares* |
|
|
22,257 |
|
| |
2,800 |
|
|
Kunlun Tech Co., Ltd., Class A
Shares* |
|
|
24,903 |
|
| |
2,388 |
|
|
Kweichow Moutai Co., Ltd., Class A
Shares |
|
|
505,675 |
|
| |
900 |
|
|
Laopu Gold Co., Ltd., Class H
Shares(b) |
|
|
83,159 |
|
| |
6,600 |
|
|
LB Group Co., Ltd., Class A Shares |
|
|
22,470 |
|
| |
1,396,000 |
|
|
Lenovo Group Ltd. |
|
|
1,741,218 |
|
| |
9,000 |
|
|
Lens Technology Co., Ltd., Class A
Shares |
|
|
45,963 |
|
| |
39,806 |
|
|
Li Auto Inc., Class A Shares* |
|
|
350,521 |
|
| |
80,500 |
|
|
Li Ning Co., Ltd. |
|
|
231,372 |
|
| |
14,500 |
|
|
Lingyi iTech Guangdong Co., Class A
Shares |
|
|
32,454 |
|
| |
51,500 |
|
|
Longfor Group Holdings Ltd.(a) |
|
|
65,610 |
|
| |
9,072 |
|
|
LONGi Green Energy Technology Co.,
Ltd., Class A Shares* |
|
|
24,198 |
|
| |
1,012 |
|
|
Loongson Technology Corp., Ltd., Class
A Shares* |
|
|
23,380 |
|
| |
16,138 |
|
|
Luxshare Precision Industry Co., Ltd.,
Class A Shares |
|
|
117,743 |
|
See
Notes to Financial Statements.
97
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
3,800 |
|
|
Luzhou Laojiao Co., Ltd., Class A
Shares |
|
$ |
61,202 |
|
| |
3,400 |
|
|
Mango Excellent Media Co., Ltd., Class
A Shares |
|
|
12,072 |
|
| |
41,000 |
|
|
Mao Geping Cosmetics Co., Ltd., Class H
Shares(b) |
|
|
411,076 |
|
| |
864 |
|
|
Maxscend Microelectronics Co., Ltd.,
Class A Shares |
|
|
10,081 |
|
| |
105,500 |
|
|
Meitu Inc.*(a) |
|
|
75,988 |
|
| |
161,483 |
|
|
Meituan, Class B Shares*(a) |
|
|
1,664,385 |
|
| |
36,900 |
|
|
Metallurgical Corp. of China Ltd.,
Class A Shares |
|
|
17,256 |
|
| |
171,600 |
|
|
Midea Group Co., Ltd., Class A
Shares |
|
|
1,966,902 |
|
| |
14,600 |
|
|
Midea Group Co., Ltd., Class H
Shares(b) |
|
|
169,223 |
|
| |
19,516 |
|
|
MINISO Group Holding Ltd. |
|
|
89,120 |
|
| |
45,500 |
|
|
MINISO Group Holding Ltd., ADR(e) |
|
|
819,910 |
|
| |
1,749 |
|
|
Montage Technology Co., Ltd., Class A
Shares |
|
|
41,563 |
|
| |
10,086 |
|
|
Muyuan Foods Co., Ltd., Class A
Shares |
|
|
68,973 |
|
| |
16,595 |
|
|
NARI Technology Co., Ltd., Class A
Shares |
|
|
65,791 |
|
| |
5,493 |
|
|
National Silicon Industry Group Co.,
Ltd., Class A Shares* |
|
|
17,376 |
|
| |
1,680 |
|
|
NAURA Technology Group Co., Ltd., Class
A Shares |
|
|
115,295 |
|
| |
162,775 |
|
|
NetEase Inc. |
|
|
3,738,042 |
|
| |
2,500 |
|
|
New China Life Insurance Co., Ltd.,
Class A Shares |
|
|
27,518 |
|
| |
27,700 |
|
|
New China Life Insurance Co., Ltd.,
Class H Shares(b) |
|
|
195,085 |
|
| |
6,400 |
|
|
New Hope Liuhe Co., Ltd., Class A
Shares |
|
|
8,126 |
|
| |
39,610 |
|
|
New Oriental Education & Technology
Group Inc. |
|
|
218,492 |
|
| |
788 |
|
|
Ningbo Deye Technology Co., Ltd., Class
A Shares |
|
|
11,988 |
|
| |
2,100 |
|
|
Ningbo Orient Wires & Cables Co.,
Ltd., Class A Shares |
|
|
18,106 |
|
| |
4,500 |
|
|
Ningbo Sanxing Medical Electric Co.,
Ltd., Class A Shares |
|
|
17,250 |
|
| |
4,160 |
|
|
Ningbo Tuopu Group Co., Ltd., Class A
Shares |
|
|
41,069 |
|
| |
10,200 |
|
|
Ningxia Baofeng Energy Group Co., Ltd.,
Class A Shares |
|
|
35,608 |
|
| |
60,793 |
|
|
NIO Inc., Class A Shares* |
|
|
301,305 |
|
| |
64,200 |
|
|
Nongfu Spring Co., Ltd., Class H
Shares(a)(b) |
|
|
387,268 |
|
| |
9,000 |
|
|
OFILM Group Co., Ltd., Class A
Shares* |
|
|
12,882 |
|
| |
1,720 |
|
|
OmniVision Integrated Circuits Group
Inc. |
|
|
30,805 |
|
| |
14,464 |
|
|
Orient Securities Co., Ltd., Class A
Shares |
|
|
21,301 |
|
| |
24,800 |
|
|
People’s Insurance Co. Group of China
Ltd. (The), Class A Shares |
|
|
30,958 |
|
| |
278,000 |
|
|
People’s Insurance Co. Group of China
Ltd. (The), Class H Shares(b) |
|
|
227,490 |
|
| |
21,700 |
|
|
PetroChina Co., Ltd., Class A Shares |
|
|
34,487 |
|
| |
672,000 |
|
|
PetroChina Co., Ltd., Class H
Shares(b) |
|
|
823,281 |
|
| |
2,025 |
|
|
Pharmaron Beijing Co., Ltd., Class A
Shares |
|
|
8,726 |
|
| |
224,000 |
|
|
PICC Property & Casualty Co., Ltd.,
Class H Shares(b) |
|
|
462,857 |
|
| |
47,200 |
|
|
Ping An Bank Co., Ltd., Class A
Shares |
|
|
74,985 |
|
| |
21,600 |
|
|
Ping An Insurance Group Co. of China
Ltd., Class A Shares |
|
|
198,532 |
|
| |
856,057 |
|
|
Ping An Insurance Group Co. of China
Ltd., Class H Shares(b) |
|
|
7,475,014 |
|
| |
850 |
|
|
Piotech Inc., Class A Shares |
|
|
45,668 |
|
| |
18,000 |
|
|
Poly Developments & Holdings Group
Co., Ltd., Class A Shares |
|
|
17,833 |
|
| |
17,200 |
|
|
Pop Mart International Group Ltd.(a) |
|
|
504,391 |
|
| |
45,300 |
|
|
Postal Savings Bank of China Co., Ltd.,
Class A Shares |
|
|
32,831 |
|
| |
285,000 |
|
|
Postal Savings Bank of China Co., Ltd.,
Class H Shares(a)(b) |
|
|
179,433 |
|
| |
22,300 |
|
|
Power Construction Corp. of China Ltd.,
Class A Shares |
|
|
18,617 |
|
| |
8,300 |
|
|
Qinghai Salt Lake Industry Co., Ltd.,
Class A Shares* |
|
|
46,157 |
|
| |
4,000 |
|
|
Range Intelligent Computing Technology
Group Co., Ltd., Class A Shares(d) |
|
|
59,874 |
|
| |
6,000 |
|
|
Remegen Co., Ltd., Class H
Shares*(a)(b) |
|
|
61,644 |
|
| |
1,100 |
|
|
Rockchip Electronics Co., Ltd., Class A
Shares |
|
|
28,814 |
|
| |
11,850 |
|
|
Rongsheng Petrochemical Co., Ltd.,
Class A Shares |
|
|
26,922 |
|
| |
11,800 |
|
|
SAIC Motor Corp., Ltd., Class A
Shares |
|
|
24,636 |
|
| |
9,500 |
|
|
Sailun Group Co., Ltd., Class A
Shares |
|
|
21,759 |
|
| |
6,100 |
|
|
Sanan Optoelectronics Co., Ltd., Class
A Shares |
|
|
14,822 |
|
| |
1,800 |
|
|
Sangfor Technologies Inc., Class A
Shares* |
|
|
34,397 |
|
| |
18,900 |
|
|
Sany Heavy Industry Co., Ltd., Class A
Shares |
|
|
63,729 |
|
| |
7,247 |
|
|
Satellite Chemical Co., Ltd., Class A
Shares |
|
|
24,744 |
|
| |
20,600 |
|
|
SDIC Capital Co., Ltd., Class A
Shares |
|
|
22,388 |
|
See
Notes to Financial Statements.
98
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
14,700 |
|
|
SDIC Power Holdings Co., Ltd., Class A
Shares |
|
$ |
28,388 |
|
| |
893,000 |
|
|
SenseTime Group Inc., Class B
Shares*(a) |
|
|
292,212 |
|
| |
2,700 |
|
|
Seres Group Co., Ltd., Class A
Shares |
|
|
42,203 |
|
| |
7,700 |
|
|
SF Holding Co., Ltd., Class A Shares |
|
|
42,489 |
|
| |
1,267 |
|
|
SG Micro Corp., Class A Shares |
|
|
12,688 |
|
| |
16,700 |
|
|
Shaanxi Coal Industry Co., Ltd., Class
A Shares |
|
|
57,658 |
|
| |
5,500 |
|
|
Shandong Gold Mining Co., Ltd., Class A
Shares |
|
|
38,345 |
|
| |
28,500 |
|
|
Shandong Gold Mining Co., Ltd., Class H
Shares(a)(b) |
|
|
149,968 |
|
| |
3,000 |
|
|
Shandong Himile Mechanical Science
& Technology Co., Ltd., Class A Shares |
|
|
42,162 |
|
| |
2,250 |
|
|
Shandong Hualu Hengsheng Chemical Co.,
Ltd., Class A Shares |
|
|
12,650 |
|
| |
14,900 |
|
|
Shandong Nanshan Aluminum Co., Ltd.,
Class A Shares |
|
|
15,430 |
|
| |
6,800 |
|
|
Shandong Sun Paper Industry JSC Ltd.,
Class A Shares |
|
|
17,118 |
|
| |
62,400 |
|
|
Shandong Weigao Group Medical Polymer
Co., Ltd., Class H Shares(b) |
|
|
40,714 |
|
| |
1,987 |
|
|
Shanghai Baosight Software Co., Ltd.,
Class A Shares |
|
|
6,964 |
|
| |
891 |
|
|
Shanghai BOCHU Electronic Technology
Corp., Ltd., Class A Shares |
|
|
19,680 |
|
| |
23,700 |
|
|
Shanghai Electric Group Co., Ltd.,
Class A Shares* |
|
|
31,357 |
|
| |
4,000 |
|
|
Shanghai Fosun Pharmaceutical Group
Co., Ltd., Class A Shares |
|
|
15,431 |
|
| |
2,000 |
|
|
Shanghai International Airport Co.,
Ltd., Class A Shares |
|
|
8,892 |
|
| |
2,700 |
|
|
Shanghai Pharmaceuticals Holding Co.,
Ltd., Class A Shares |
|
|
6,768 |
|
| |
56,200 |
|
|
Shanghai Pudong Development Bank Co.,
Ltd., Class A Shares |
|
|
79,626 |
|
| |
5,102 |
|
|
Shanghai Putailai New Energy Technology
Group Co., Ltd., Class A Shares |
|
|
21,109 |
|
| |
15,800 |
|
|
Shanghai RAAS Blood Products Co., Ltd.,
Class A Shares |
|
|
14,483 |
|
| |
19,600 |
|
|
Shanghai Rural Commercial Bank Co.,
Ltd., Class A Shares |
|
|
24,039 |
|
| |
1,498 |
|
|
Shanghai United Imaging Healthcare Co.,
Ltd., Class A Shares |
|
|
28,512 |
|
| |
7,100 |
|
|
Shanjin International Gold Co., Ltd.,
Class A Shares |
|
|
32,605 |
|
| |
1,900 |
|
|
Shannon Semiconductor Technology Co.,
Ltd., Class A Shares* |
|
|
41,259 |
|
| |
6,100 |
|
|
Shanxi Coking Coal Energy Group Co.,
Ltd., Class A Shares |
|
|
6,530 |
|
| |
7,400 |
|
|
Shanxi Lu’an Environmental Energy
Development Co., Ltd., Class A Shares |
|
|
16,071 |
|
| |
2,140 |
|
|
Shanxi Xinghuacun Fen Wine Factory Co.,
Ltd., Class A Shares |
|
|
50,275 |
|
| |
1,300 |
|
|
Sharetronic Data Technology Co., Ltd.,
Class A Shares |
|
|
50,419 |
|
| |
18,000 |
|
|
Shenergy Co., Ltd., Class A Shares |
|
|
22,461 |
|
| |
2,115 |
|
|
Shengyi Electronics Co., Ltd., Class A
Shares |
|
|
26,247 |
|
| |
4,400 |
|
|
Shengyi Technology Co., Ltd., Class A
Shares |
|
|
43,916 |
|
| |
1,638 |
|
|
Shennan Circuits Co., Ltd., Class A
Shares |
|
|
67,551 |
|
| |
48,700 |
|
|
Shenwan Hongyuan Group Co., Ltd., Class
A Shares |
|
|
35,517 |
|
| |
2,000 |
|
|
Shenzhen Envicool Technology Co., Ltd.,
Class A Shares |
|
|
31,562 |
|
| |
337,524 |
|
|
Shenzhen Inovance Technology Co., Ltd.,
Class A Shares |
|
|
3,582,973 |
|
| |
2,900 |
|
|
Shenzhen Kinwong Electronic Co., Ltd.,
Class A Shares |
|
|
27,814 |
|
| |
800 |
|
|
Shenzhen Longsys Electronics Co., Ltd.,
Class A Shares* |
|
|
33,568 |
|
| |
23,334 |
|
|
Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., Class A Shares |
|
|
631,814 |
|
| |
1,900 |
|
|
Shenzhen New Industries Biomedical
Engineering Co., Ltd., Class A Shares |
|
|
14,488 |
|
| |
3,900 |
|
|
Shenzhen Salubris Pharmaceuticals Co.,
Ltd., Class A Shares |
|
|
27,912 |
|
| |
3,500 |
|
|
Shenzhen Sunway Communication Co.,
Ltd., Class A Shares* |
|
|
39,073 |
|
| |
1,359 |
|
|
Shenzhen Transsion Holdings Co., Ltd.,
Class A Shares |
|
|
11,445 |
|
| |
24,500 |
|
|
Shenzhou International Group Holdings
Ltd. |
|
|
197,738 |
|
| |
12,000 |
|
|
Sichuan Chuantou Energy Co., Ltd.,
Class A Shares |
|
|
25,254 |
|
| |
4,400 |
|
|
Sichuan Kelun Pharmaceutical Co., Ltd.,
Class A Shares |
|
|
19,580 |
|
| |
1,500 |
|
|
Sichuan Kelun-Biotech Biopharmaceutical
Co., Ltd., Class H Shares*(b) |
|
|
74,219 |
|
| |
17,860 |
|
|
Sichuan Road & Bridge Group Co.,
Ltd., Class A Shares |
|
|
25,876 |
|
| |
178,406 |
|
|
Sieyuan Electric Co., Ltd., Class A
Shares |
|
|
5,576,171 |
|
| |
6,600 |
|
|
Sinoma Science & Technology Co.,
Ltd., Class A Shares |
|
|
48,667 |
|
| |
631,372 |
|
|
Sinopharm Group Co., Ltd., Class H
Shares(b) |
|
|
1,709,884 |
|
| |
18,000 |
|
|
Sinotruk Hong Kong Ltd. |
|
|
95,262 |
|
| |
55,000 |
|
|
Smoore International Holdings
Ltd.(a) |
|
|
83,628 |
|
| |
2,000 |
|
|
Spring Airlines Co., Ltd., Class A
Shares |
|
|
15,963 |
|
| |
5,340 |
|
|
Sungrow Power Supply Co., Ltd., Class A
Shares |
|
|
112,229 |
|
| |
24,100 |
|
|
Sunny Optical Technology Group Co.,
Ltd. |
|
|
178,821 |
|
| |
2,800 |
|
|
Sunwoda Electronic Co., Ltd., Class A
Shares |
|
|
10,656 |
|
See
Notes to Financial Statements.
99
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
1,653 |
|
|
SUPCON Technology Co., Ltd., Class A
Shares |
|
$ |
19,226 |
|
| |
4,400 |
|
|
Suzhou Dongshan Precision Manufacturing
Co., Ltd., Class A Shares |
|
|
54,140 |
|
| |
1,160 |
|
|
Suzhou TFC Optical Communication Co.,
Ltd., Class A Shares |
|
|
62,113 |
|
| |
45,700 |
|
|
TAL Education Group, ADR* |
|
|
481,221 |
|
| |
8,060 |
|
|
TBEA Co., Ltd., Class A Shares |
|
|
35,511 |
|
| |
20,020 |
|
|
TCL Technology Group Corp., Class A
Shares |
|
|
14,486 |
|
| |
4,875 |
|
|
TCL Zhonghuan Renewable Energy
Technology Co., Ltd., Class A Shares* |
|
|
7,322 |
|
| |
509,358 |
|
|
Tencent Holdings Ltd. |
|
|
33,492,051 |
|
| |
56,767 |
|
|
Tencent Music Entertainment Group,
ADR |
|
|
828,798 |
|
| |
4,300 |
|
|
Tianqi Lithium Corp., Class A
Shares* |
|
|
35,405 |
|
| |
13,100 |
|
|
Tianshan Aluminum Group Co., Ltd.,
Class A Shares |
|
|
33,999 |
|
| |
782,000 |
|
|
Tingyi Cayman Islands Holding Corp. |
|
|
1,308,374 |
|
| |
41,200 |
|
|
Tongcheng Travel Holdings Ltd. |
|
|
108,649 |
|
| |
5,900 |
|
|
TongFu Microelectronics Co., Ltd.,
Class A Shares |
|
|
44,633 |
|
| |
31,900 |
|
|
Tongling Nonferrous Metals Group Co.,
Ltd., Class A Shares |
|
|
37,397 |
|
| |
10,300 |
|
|
Tongwei Co., Ltd., Class A
Shares*(c)(d) |
|
|
27,314 |
|
| |
6,575 |
|
|
Trina Solar Co., Ltd., Class A
Shares* |
|
|
18,285 |
|
| |
4,000 |
|
|
Tsingtao Brewery Co., Ltd., Class A
Shares |
|
|
36,416 |
|
| |
18,000 |
|
|
Tsingtao Brewery Co., Ltd., Class H
Shares(b) |
|
|
121,702 |
|
| |
5,600 |
|
|
UBTech Robotics Corp., Ltd., Class H
Shares*(b) |
|
|
86,560 |
|
| |
979 |
|
|
Unigroup Guoxin Microelectronics Co.,
Ltd., Class A Shares |
|
|
11,354 |
|
| |
8,160 |
|
|
Unisplendour Corp., Ltd., Class A
Shares |
|
|
30,836 |
|
| |
1,418 |
|
|
Verisilicon Microelectronics Shanghai
Co., Ltd., Class A Shares* |
|
|
56,928 |
|
| |
1,500 |
|
|
Victory Giant Technology Huizhou Co.,
Ltd., Class A Shares |
|
|
65,749 |
|
| |
9,018 |
|
|
Vipshop Holdings Ltd., ADR |
|
|
157,094 |
|
| |
4,700 |
|
|
Wanhua Chemical Group Co., Ltd., Class
A Shares |
|
|
63,606 |
|
| |
12,400 |
|
|
Weichai Power Co., Ltd., Class A
Shares |
|
|
50,306 |
|
| |
306,200 |
|
|
Weichai Power Co., Ltd., Class H
Shares(b) |
|
|
1,272,684 |
|
| |
7,640 |
|
|
Wens Foodstuff Group Co., Ltd., Class A
Shares |
|
|
17,796 |
|
| |
8,300 |
|
|
Western Mining Co., Ltd., Class A
Shares |
|
|
42,223 |
|
| |
11,400 |
|
|
Western Securities Co., Ltd., Class A
Shares |
|
|
13,280 |
|
| |
2,442 |
|
|
Western Superconducting Technologies
Co., Ltd., Class A Shares |
|
|
31,995 |
|
| |
1,600 |
|
|
Wingtech Technology Co., Ltd., Class A
Shares* |
|
|
7,808 |
|
| |
4,880 |
|
|
Wolong Electric Group Co., Ltd., Class
A Shares |
|
|
31,880 |
|
| |
2,038 |
|
|
Wuhan Guide Infrared Co., Ltd., Class A
Shares* |
|
|
4,617 |
|
| |
7,400 |
|
|
Wuliangye Yibin Co., Ltd., Class A
Shares |
|
|
112,216 |
|
| |
2,960 |
|
|
WUS Printed Circuit Kunshan Co., Ltd.,
Class A Shares |
|
|
35,665 |
|
| |
3,964 |
|
|
WuXi AppTec Co., Ltd., Class A
Shares |
|
|
56,523 |
|
| |
11,048 |
|
|
WuXi AppTec Co., Ltd., Class H
Shares(a)(b) |
|
|
167,669 |
|
| |
110,500 |
|
|
Wuxi Biologics Cayman Inc.*(a) |
|
|
565,531 |
|
| |
11,500 |
|
|
WuXi XDC Cayman Inc.* |
|
|
92,553 |
|
| |
22,000 |
|
|
XCMG Construction Machinery Co., Ltd.,
Class A Shares |
|
|
39,264 |
|
| |
4,800 |
|
|
Xiamen Tungsten Co., Ltd., Class A
Shares |
|
|
49,100 |
|
| |
750,600 |
|
|
Xiaomi Corp., Class B Shares*(a) |
|
|
3,325,453 |
|
| |
2,778 |
|
|
Xinjiang Daqo New Energy Co., Ltd.,
Class A Shares* |
|
|
9,667 |
|
| |
112,000 |
|
|
Xinyi Solar Holdings Ltd. |
|
|
49,688 |
|
| |
39,822 |
|
|
XPeng Inc., Class A Shares* |
|
|
349,890 |
|
| |
46,000 |
|
|
XtalPi Holdings Ltd.* |
|
|
60,553 |
|
| |
42,000 |
|
|
Yadea Group Holdings Ltd.(a) |
|
|
61,339 |
|
| |
9,000 |
|
|
Yangtze Optical Fibre & Cable Joint
Stock Co., Ltd., Class H Shares*(a) |
|
|
171,180 |
|
| |
10,660 |
|
|
Yankuang Energy Group Co., Ltd., Class
A Shares |
|
|
27,544 |
|
| |
96,700 |
|
|
Yankuang Energy Group Co., Ltd., Class
H Shares(b) |
|
|
172,868 |
|
| |
1,000 |
|
|
Yantai Jereh Oilfield Services Group
Co., Ltd., Class A Shares |
|
|
16,986 |
|
| |
1,470 |
|
|
Yealink Network Technology Corp., Ltd.,
Class A Shares |
|
|
8,047 |
|
| |
5,330 |
|
|
Yonyou Network Technology Co., Ltd.,
Class A Shares* |
|
|
10,988 |
|
| |
8,200 |
|
|
YTO Express Group Co., Ltd., Class A
Shares |
|
|
23,428 |
|
| |
21,434 |
|
|
Yum China Holdings Inc. |
|
|
1,185,118 |
|
| |
7,900 |
|
|
Yunnan Aluminium Co., Ltd., Class A
Shares |
|
|
36,069 |
|
See
Notes to Financial Statements.
100
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| China — 17.2% — (continued) |
|
| |
5,000 |
|
|
Yunnan Baiyao Group Co., Ltd., Class A
Shares |
|
$ |
40,851 |
|
| |
4,000 |
|
|
Yunnan Energy New Material Group Co.,
Ltd., Class A Shares* |
|
|
36,108 |
|
| |
7,400 |
|
|
Yunnan Yuntianhua Co., Ltd., Class A
Shares |
|
|
47,926 |
|
| |
6,100 |
|
|
Yutong Bus Co., Ltd., Class A Shares |
|
|
26,388 |
|
| |
4,000 |
|
|
Zangge Mining Co., Ltd., Class A
Shares |
|
|
50,130 |
|
| |
1,600 |
|
|
Zhangzhou Pientzehuang Pharmaceutical
Co., Ltd., Class A Shares |
|
|
38,090 |
|
| |
56,000 |
|
|
Zhaojin Mining Industry Co., Ltd.,
Class H Shares(b) |
|
|
244,846 |
|
| |
18,300 |
|
|
Zhejiang Century Huatong Group Co.,
Ltd., Class A Shares* |
|
|
49,107 |
|
| |
10,200 |
|
|
Zhejiang China Commodities City Group
Co., Ltd., Class A Shares |
|
|
22,080 |
|
| |
2,100 |
|
|
Zhejiang Chint Electrics Co., Ltd.,
Class A Shares |
|
|
10,105 |
|
| |
6,400 |
|
|
Zhejiang Dahua Technology Co., Ltd.,
Class A Shares |
|
|
17,948 |
|
| |
5,258 |
|
|
Zhejiang Huayou Cobalt Co., Ltd., Class
A Shares |
|
|
60,138 |
|
| |
1,900 |
|
|
Zhejiang Jingsheng Mechanical &
Electrical Co., Ltd., Class A Shares |
|
|
15,415 |
|
| |
5,900 |
|
|
Zhejiang Juhua Co., Ltd., Class A
Shares |
|
|
35,763 |
|
| |
14,782 |
|
|
Zhejiang Leapmotor Technology Co.,
Ltd., Class H Shares*(a)(b) |
|
|
77,269 |
|
| |
7,200 |
|
|
Zhejiang NHU Co., Ltd., Class A
Shares |
|
|
33,038 |
|
| |
5,500 |
|
|
Zhejiang Sanhua Intelligent Controls
Co., Ltd., Class A Shares |
|
|
41,005 |
|
| |
7,000 |
|
|
Zhejiang Wanfeng Auto Wheel Co., Ltd.,
Class A Shares |
|
|
16,653 |
|
| |
23,800 |
|
|
Zhejiang Zheneng Electric Power Co.,
Ltd., Class A Shares |
|
|
18,486 |
|
| |
7,900 |
|
|
Zheshang Securities Co., Ltd., Class A
Shares |
|
|
12,272 |
|
| |
2,320 |
|
|
Zhongji Innolight Co., Ltd., Class A
Shares |
|
|
180,019 |
|
| |
11,600 |
|
|
Zhongjin Gold Corp., Ltd., Class A
Shares |
|
|
54,379 |
|
| |
2,300 |
|
|
Zhongtai Securities Co., Ltd., Class A
Shares |
|
|
2,147 |
|
| |
1,665 |
|
|
Zhuzhou CRRC Times Electric Co., Ltd.,
Class A Shares |
|
|
14,406 |
|
| |
11,200 |
|
|
Zhuzhou CRRC Times Electric Co., Ltd.,
Class H Shares(b) |
|
|
63,809 |
|
| |
39,700 |
|
|
Zijin Mining Group Co., Ltd., Class A
Shares |
|
|
228,015 |
|
| |
190,000 |
|
|
Zijin Mining Group Co., Ltd., Class H
Shares(b) |
|
|
1,105,498 |
|
| |
13,200 |
|
|
Zoomlion Heavy Industry Science &
Technology Co., Ltd., Class A Shares |
|
|
19,206 |
|
| |
3,100 |
|
|
ZTE Corp., Class A Shares |
|
|
17,437 |
|
| |
18,000 |
|
|
ZTE Corp., Class H Shares(b) |
|
|
62,555 |
|
| |
13,355 |
|
|
ZTO Express Cayman Inc. |
|
|
326,542 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total China |
|
|
150,732,643 |
|
|
|
|
| |
| |
|
|
|
|
| Colombia — 0.0%@ |
|
| |
8,572 |
|
|
Grupo Cibest SA |
|
|
186,939 |
|
| |
12,422 |
|
|
Interconexion Electrica SA ESP |
|
|
90,828 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Colombia |
|
|
277,767 |
|
|
|
|
| |
| |
|
|
|
|
| Czech Republic — 0.1% |
|
| |
4,940 |
|
|
CEZ AS |
|
|
280,037 |
|
| |
2,894 |
|
|
Komercni Banka AS |
|
|
165,899 |
|
| |
9,659 |
|
|
Moneta Money Bank AS(a) |
|
|
92,773 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Czech Republic |
|
|
538,709 |
|
|
|
|
| |
| |
|
|
|
|
| Egypt — 0.3% |
|
| |
80,748 |
|
|
Commercial International Bank — Egypt
(CIB) |
|
|
224,815 |
|
| |
901,503 |
|
|
Commercial International Bank — Egypt
(CIB), Class Registered Shares, GDR |
|
|
2,402,192 |
|
| |
30,598 |
|
|
Eastern Co. SAE |
|
|
26,182 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Egypt |
|
|
2,653,189 |
|
|
|
|
| |
| |
|
|
|
|
| France — 0.1% |
|
| |
5,643 |
|
|
Gaztransport Et Technigaz SA |
|
|
1,291,360 |
|
|
|
|
| |
| |
|
|
|
|
| Greece — 0.8% |
|
| |
70,549 |
|
|
Alpha Bank SA |
|
|
311,110 |
|
| |
288,232 |
|
|
Eurobank SA |
|
|
1,339,564 |
|
| |
1,594 |
|
|
FF Group*(c)# |
|
|
– |
|
| |
5,468 |
|
|
Hellenic Telecommunications
Organization SA |
|
|
113,166 |
|
| |
3,520 |
|
|
JUMBO SA |
|
|
103,295 |
|
See
Notes to Financial Statements.
101
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Greece — 0.8% — (continued) |
|
| |
128,362 |
|
|
National Bank of Greece SA |
|
$ |
2,098,157 |
|
| |
60,425 |
|
|
OPAP Holding SA |
|
|
1,129,631 |
|
| |
155,867 |
|
|
Piraeus Bank SA* |
|
|
1,501,013 |
|
| |
5,371 |
|
|
Public Power Corp. SA |
|
|
120,011 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Greece |
|
|
6,715,947 |
|
|
|
|
| |
| |
|
|
|
|
| Hong Kong — 3.9% |
|
| |
328,857 |
|
|
AIA Group Ltd. |
|
|
3,637,355 |
|
| |
814,210 |
|
|
Alibaba Group Holding Ltd. |
|
|
14,705,922 |
|
| |
57,064 |
|
|
Alibaba Group Holding Ltd., ADR |
|
|
8,223,493 |
|
| |
164,000 |
|
|
Alibaba Health Information Technology
Ltd.* |
|
|
117,526 |
|
| |
20,000 |
|
|
Beijing Enterprises Holdings Ltd. |
|
|
89,977 |
|
| |
1,772,000 |
|
|
Bosideng International Holdings Ltd. |
|
|
1,103,505 |
|
| |
31,500 |
|
|
BYD Electronic International Co.,
Ltd. |
|
|
129,576 |
|
| |
28,000 |
|
|
C&D International Investment Group
Ltd. |
|
|
54,200 |
|
| |
102,000 |
|
|
China Gas Holdings Ltd. |
|
|
105,473 |
|
| |
481,000 |
|
|
China Medical System Holdings Ltd. |
|
|
899,912 |
|
| |
47,538 |
|
|
China Merchants Port Holdings Co.,
Ltd. |
|
|
106,539 |
|
| |
110,500 |
|
|
China Overseas Land & Investment
Ltd. |
|
|
203,561 |
|
| |
131,000 |
|
|
China Power International Development
Ltd. |
|
|
54,887 |
|
| |
53,000 |
|
|
China Resources Beer Holdings Co.,
Ltd. |
|
|
186,577 |
|
| |
27,600 |
|
|
China Resources Gas Group Ltd. |
|
|
74,092 |
|
| |
102,000 |
|
|
China Resources Land Ltd. |
|
|
416,607 |
|
| |
66,000 |
|
|
China Resources Power Holdings Co.,
Ltd. |
|
|
157,457 |
|
| |
364,000 |
|
|
China Ruyi Holdings Ltd.* |
|
|
94,525 |
|
| |
32,000 |
|
|
China State Construction International
Holdings Ltd. |
|
|
38,110 |
|
| |
52,400 |
|
|
China Taiping Insurance Holdings Co.,
Ltd. |
|
|
152,434 |
|
| |
71,800 |
|
|
Chow Tai Fook Jewellery Group Ltd. |
|
|
120,244 |
|
| |
87,000 |
|
|
Far East Horizon Ltd. |
|
|
86,173 |
|
| |
175,000 |
|
|
Galaxy Entertainment Group Ltd. |
|
|
932,696 |
|
| |
707,000 |
|
|
GCL Technology Holdings Ltd.* |
|
|
107,741 |
|
| |
194,000 |
|
|
Geely Automobile Holdings Ltd. |
|
|
399,756 |
|
| |
96,000 |
|
|
Guangdong Investment Ltd. |
|
|
93,677 |
|
| |
116,000 |
|
|
Kunlun Energy Co., Ltd. |
|
|
124,732 |
|
| |
2,700 |
|
|
NetEase Cloud Music Inc.*(a) |
|
|
53,245 |
|
| |
5,500 |
|
|
Orient Overseas International Ltd. |
|
|
105,036 |
|
| |
328,750 |
|
|
Sino Biopharmaceutical Ltd. |
|
|
253,729 |
|
| |
1,532,000 |
|
|
Want Want China Holdings Ltd. |
|
|
961,269 |
|
| |
6,800 |
|
|
Zijin Gold International Co., Ltd.* |
|
|
201,978 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hong Kong |
|
|
33,992,004 |
|
|
|
|
| |
| |
|
|
|
|
| Hungary — 0.7% |
|
| |
137,509 |
|
|
MOL Hungarian Oil & Gas PLC |
|
|
1,520,964 |
|
| |
34,777 |
|
|
OTP Bank Nyrt |
|
|
4,286,190 |
|
| |
4,665 |
|
|
Richter Gedeon Nyrt |
|
|
174,665 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Hungary |
|
|
5,981,819 |
|
|
|
|
| |
| |
|
|
|
|
| India — 12.6% |
|
| |
1,569 |
|
|
ABB India Ltd. |
|
|
105,146 |
|
| |
4,372 |
|
|
Adani Enterprises Ltd. |
|
|
104,528 |
|
| |
17,212 |
|
|
Adani Ports & Special Economic Zone
Ltd. |
|
|
288,925 |
|
| |
102,534 |
|
|
Adani Power Ltd.* |
|
|
158,396 |
|
| |
358,016 |
|
|
Aditya Birla Capital Ltd.* |
|
|
1,358,285 |
|
| |
1,698 |
|
|
Alkem Laboratories Ltd. |
|
|
105,076 |
|
| |
18,959 |
|
|
Ambuja Cements Ltd. |
|
|
104,517 |
|
| |
6,386 |
|
|
APL Apollo Tubes Ltd. |
|
|
156,937 |
|
| |
57,201 |
|
|
Apollo Hospitals Enterprise Ltd. |
|
|
4,912,074 |
|
| |
96,288 |
|
|
Ashok Leyland Ltd. |
|
|
223,907 |
|
| |
12,229 |
|
|
Asian Paints Ltd. |
|
|
319,563 |
|
See
Notes to Financial Statements.
102
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| India — 12.6% — (continued) |
|
| |
3,407 |
|
|
Astral Ltd. |
|
$ |
62,589 |
|
| |
13,713 |
|
|
AU Small Finance Bank Ltd.(a) |
|
|
143,851 |
|
| |
7,814 |
|
|
Aurobindo Pharma Ltd. |
|
|
105,010 |
|
| |
5,325 |
|
|
Avenue Supermarts Ltd.*(a) |
|
|
225,454 |
|
| |
156,765 |
|
|
Axis Bank Ltd. |
|
|
2,392,729 |
|
| |
2,180 |
|
|
Bajaj Auto Ltd. |
|
|
238,737 |
|
| |
89,247 |
|
|
Bajaj Finance Ltd. |
|
|
979,406 |
|
| |
12,229 |
|
|
Bajaj Finserv Ltd. |
|
|
268,851 |
|
| |
806 |
|
|
Bajaj Holdings & Investment Ltd. |
|
|
95,640 |
|
| |
2,232 |
|
|
Balkrishna Industries Ltd. |
|
|
58,642 |
|
| |
38,177 |
|
|
Bank of Baroda |
|
|
135,507 |
|
| |
116,491 |
|
|
Bharat Electronics Ltd. |
|
|
570,584 |
|
| |
6,960 |
|
|
Bharat Forge Ltd. |
|
|
146,609 |
|
| |
37,800 |
|
|
Bharat Heavy Electricals Ltd. |
|
|
109,957 |
|
| |
50,202 |
|
|
Bharat Petroleum Corp., Ltd. |
|
|
212,078 |
|
| |
81,784 |
|
|
Bharti Airtel Ltd. |
|
|
1,691,435 |
|
| |
281 |
|
|
Bosch Ltd. |
|
|
112,655 |
|
| |
3,537 |
|
|
Britannia Industries Ltd. |
|
|
233,019 |
|
| |
3,360 |
|
|
BSE Ltd. |
|
|
100,499 |
|
| |
67,755 |
|
|
Canara Bank |
|
|
117,385 |
|
| |
23,637 |
|
|
CG Power & Industrial Solutions
Ltd. |
|
|
189,069 |
|
| |
66,409 |
|
|
Cholamandalam Investment & Finance
Co., Ltd. |
|
|
1,266,629 |
|
| |
18,022 |
|
|
Cipla Ltd. |
|
|
267,560 |
|
| |
59,756 |
|
|
Coal India Ltd. |
|
|
283,332 |
|
| |
4,494 |
|
|
Colgate-Palmolive India Ltd. |
|
|
111,318 |
|
| |
4,273 |
|
|
Coromandel International Ltd. |
|
|
104,135 |
|
| |
4,476 |
|
|
Cummins India Ltd. |
|
|
241,423 |
|
| |
16,912 |
|
|
Dabur India Ltd. |
|
|
96,516 |
|
| |
171,000 |
|
|
Delhivery Ltd.* |
|
|
813,385 |
|
| |
3,808 |
|
|
Divi’s Laboratories Ltd. |
|
|
267,933 |
|
| |
1,299 |
|
|
Dixon Technologies India Ltd. |
|
|
150,665 |
|
| |
25,246 |
|
|
DLF Ltd. |
|
|
167,819 |
|
| |
17,290 |
|
|
Dr Reddy’s Laboratories Ltd. |
|
|
244,971 |
|
| |
4,371 |
|
|
Eicher Motors Ltd. |
|
|
385,522 |
|
| |
76,918 |
|
|
Eternal Ltd.* |
|
|
208,715 |
|
| |
15,641 |
|
|
Fortis Healthcare Ltd. |
|
|
161,973 |
|
| |
35,213 |
|
|
FSN E-Commerce Ventures Ltd.* |
|
|
102,402 |
|
| |
77,993 |
|
|
GAIL India Ltd. |
|
|
145,691 |
|
| |
4,080 |
|
|
GE Vernova T&D India Ltd. |
|
|
173,483 |
|
| |
101,074 |
|
|
GMR Airports Ltd.* |
|
|
111,675 |
|
| |
12,040 |
|
|
Godrej Consumer Products Ltd. |
|
|
160,570 |
|
| |
4,526 |
|
|
Godrej Properties Ltd.* |
|
|
85,818 |
|
| |
8,676 |
|
|
Grasim Industries Ltd. |
|
|
266,516 |
|
| |
7,939 |
|
|
Havells India Ltd. |
|
|
121,631 |
|
| |
30,272 |
|
|
HCL Technologies Ltd. |
|
|
463,223 |
|
| |
4,988 |
|
|
HDFC Asset Management Co., Ltd.(a) |
|
|
148,258 |
|
| |
456,125 |
|
|
HDFC Bank Ltd. |
|
|
4,458,116 |
|
| |
273,165 |
|
|
HDFC Bank Ltd., ADR |
|
|
8,700,305 |
|
| |
30,924 |
|
|
HDFC Life Insurance Co., Ltd.(a) |
|
|
243,495 |
|
| |
4,066 |
|
|
Hero MotoCorp Ltd. |
|
|
255,160 |
|
| |
44,102 |
|
|
Hindalco Industries Ltd. |
|
|
447,315 |
|
| |
6,395 |
|
|
Hindustan Aeronautics Ltd. |
|
|
276,005 |
|
| |
32,273 |
|
|
Hindustan Petroleum Corp., Ltd. |
|
|
155,951 |
|
| |
26,211 |
|
|
Hindustan Unilever Ltd. |
|
|
675,067 |
|
| |
412 |
|
|
Hitachi Energy India Ltd. |
|
|
116,039 |
|
| |
5,884 |
|
|
Hyundai Motor India Ltd. |
|
|
140,361 |
|
| |
164,143 |
|
|
ICICI Bank Ltd. |
|
|
2,491,209 |
|
| |
203,217 |
|
|
ICICI Bank Ltd., ADR |
|
|
6,200,151 |
|
See
Notes to Financial Statements.
103
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| India — 12.6% — (continued) |
|
| |
7,010 |
|
|
ICICI Lombard General Insurance Co.,
Ltd.(a) |
|
$ |
145,695 |
|
| |
10,058 |
|
|
ICICI Prudential Life Insurance Co.,
Ltd.(a) |
|
|
72,970 |
|
| |
127,471 |
|
|
IDFC First Bank Ltd. |
|
|
102,569 |
|
| |
27,863 |
|
|
Indian Hotels Co., Ltd. (The), Class A
Shares |
|
|
204,370 |
|
| |
91,396 |
|
|
Indian Oil Corp., Ltd. |
|
|
188,203 |
|
| |
444,759 |
|
|
Indus Towers Ltd.* |
|
|
2,215,613 |
|
| |
16,128 |
|
|
IndusInd Bank Ltd.* |
|
|
169,527 |
|
| |
12,029 |
|
|
Info Edge India Ltd. |
|
|
135,986 |
|
| |
105,930 |
|
|
Infosys Ltd. |
|
|
1,525,801 |
|
| |
87,526 |
|
|
Infosys Ltd., ADR(e) |
|
|
1,263,875 |
|
| |
6,274 |
|
|
InterGlobe Aviation Ltd.(a) |
|
|
334,381 |
|
| |
95,967 |
|
|
ITC Ltd. |
|
|
331,816 |
|
| |
12,688 |
|
|
Jindal Stainless Ltd. |
|
|
108,923 |
|
| |
12,948 |
|
|
Jindal Steel Ltd. |
|
|
176,245 |
|
| |
408,540 |
|
|
Jio Financial Services Ltd. |
|
|
1,150,035 |
|
| |
12,171 |
|
|
JSW Energy Ltd. |
|
|
64,901 |
|
| |
19,785 |
|
|
JSW Steel Ltd. |
|
|
276,096 |
|
| |
11,798 |
|
|
Jubilant Foodworks Ltd. |
|
|
67,285 |
|
| |
11,490 |
|
|
Kalyan Jewellers India Ltd. |
|
|
51,928 |
|
| |
17,400 |
|
|
KEI Industries Ltd. |
|
|
974,911 |
|
| |
830,896 |
|
|
Kotak Mahindra Bank Ltd. |
|
|
3,786,935 |
|
| |
36,483 |
|
|
Larsen & Toubro Ltd. |
|
|
1,720,084 |
|
| |
515,000 |
|
|
Lemon Tree Hotels Ltd.*(a) |
|
|
649,415 |
|
| |
10,651 |
|
|
Lodha Developers Ltd.(a) |
|
|
115,893 |
|
| |
2,283 |
|
|
LTIMindtree Ltd.(a) |
|
|
111,963 |
|
| |
7,557 |
|
|
Lupin Ltd. |
|
|
190,941 |
|
| |
128,807 |
|
|
Mahindra & Mahindra Ltd. |
|
|
4,816,198 |
|
| |
12,809 |
|
|
MakeMyTrip Ltd.* |
|
|
723,324 |
|
| |
3,608 |
|
|
Mankind Pharma Ltd. |
|
|
89,382 |
|
| |
18,994 |
|
|
Marico Ltd. |
|
|
164,791 |
|
| |
4,008 |
|
|
Maruti Suzuki India Ltd. |
|
|
655,336 |
|
| |
24,904 |
|
|
Max Healthcare Institute Ltd. |
|
|
299,226 |
|
| |
3,048 |
|
|
Mphasis Ltd. |
|
|
77,127 |
|
| |
71 |
|
|
MRF Ltd. |
|
|
110,016 |
|
| |
4,164 |
|
|
Muthoot Finance Ltd. |
|
|
153,828 |
|
| |
21,511 |
|
|
Nestle India Ltd. |
|
|
306,835 |
|
| |
113,758 |
|
|
NHPC Ltd. |
|
|
94,130 |
|
| |
111,037 |
|
|
NMDC Ltd. |
|
|
100,011 |
|
| |
139,077 |
|
|
NTPC Ltd. |
|
|
585,290 |
|
| |
71,426 |
|
|
Oberoi Realty Ltd. |
|
|
1,195,206 |
|
| |
100,242 |
|
|
Oil & Natural Gas Corp., Ltd. |
|
|
308,614 |
|
| |
20,395 |
|
|
Oil India Ltd. |
|
|
108,284 |
|
| |
12,775 |
|
|
One 97 Communications Ltd.* |
|
|
153,059 |
|
| |
553 |
|
|
Oracle Financial Services Software
Ltd. |
|
|
41,862 |
|
| |
185 |
|
|
Page Industries Ltd. |
|
|
65,514 |
|
| |
10,980 |
|
|
PB Fintech Ltd.* |
|
|
178,206 |
|
| |
3,717 |
|
|
Persistent Systems Ltd. |
|
|
193,057 |
|
| |
23,014 |
|
|
Petronet LNG Ltd. |
|
|
81,520 |
|
| |
75,085 |
|
|
Phoenix Mills Ltd. (The) |
|
|
1,372,071 |
|
| |
2,152 |
|
|
PI Industries Ltd. |
|
|
73,263 |
|
| |
10,872 |
|
|
Pidilite Industries Ltd. |
|
|
177,456 |
|
| |
49,000 |
|
|
PN Gadgil Jewellers Ltd.* |
|
|
297,034 |
|
| |
1,776 |
|
|
Polycab India Ltd. |
|
|
167,865 |
|
| |
49,366 |
|
|
Power Finance Corp., Ltd. |
|
|
225,081 |
|
| |
148,218 |
|
|
Power Grid Corp. of India Ltd. |
|
|
487,668 |
|
| |
6,639 |
|
|
Prestige Estates Projects Ltd. |
|
|
101,760 |
|
| |
80,292 |
|
|
Punjab National Bank |
|
|
114,239 |
|
| |
21,176 |
|
|
Rail Vikas Nigam Ltd. |
|
|
73,294 |
|
See
Notes to Financial Statements.
104
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| India — 12.6% — (continued) |
|
| |
36,067 |
|
|
REC Ltd. |
|
$ |
138,191 |
|
| |
673,114 |
|
|
Reliance Industries Ltd. |
|
|
10,340,417 |
|
| |
137,242 |
|
|
Samvardhana Motherson International
Ltd. |
|
|
201,553 |
|
| |
11,234 |
|
|
SBI Cards & Payment Services
Ltd.* |
|
|
95,754 |
|
| |
14,380 |
|
|
SBI Life Insurance Co., Ltd.(a) |
|
|
321,550 |
|
| |
275 |
|
|
Shree Cement Ltd. |
|
|
78,643 |
|
| |
44,965 |
|
|
Shriram Finance Ltd. |
|
|
532,650 |
|
| |
3,178 |
|
|
Siemens Energy India Ltd. |
|
|
103,058 |
|
| |
2,571 |
|
|
Siemens Ltd.* |
|
|
96,537 |
|
| |
790 |
|
|
Solar Industries India Ltd. |
|
|
117,543 |
|
| |
4,915 |
|
|
SRF Ltd. |
|
|
139,011 |
|
| |
124,782 |
|
|
State Bank of India |
|
|
1,652,896 |
|
| |
30,589 |
|
|
Sun Pharmaceutical Industries Ltd. |
|
|
585,091 |
|
| |
2,112 |
|
|
Sundaram Finance Ltd. |
|
|
127,656 |
|
| |
1,866 |
|
|
Supreme Industries Ltd. |
|
|
81,770 |
|
| |
352,181 |
|
|
Suzlon Energy Ltd.* |
|
|
165,625 |
|
| |
45,140 |
|
|
Swiggy Ltd.* |
|
|
149,920 |
|
| |
4,373 |
|
|
Tata Communications Ltd. |
|
|
77,127 |
|
| |
139,672 |
|
|
Tata Consultancy Services Ltd. |
|
|
4,055,249 |
|
| |
19,112 |
|
|
Tata Consumer Products Ltd. |
|
|
241,092 |
|
| |
67,613 |
|
|
Tata Motors Ltd.* |
|
|
375,129 |
|
| |
63,244 |
|
|
Tata Motors Passenger Vehicles Ltd. |
|
|
266,385 |
|
| |
49,496 |
|
|
Tata Power Co., Ltd. (The) |
|
|
205,175 |
|
| |
238,729 |
|
|
Tata Steel Ltd. |
|
|
559,726 |
|
| |
17,172 |
|
|
Tech Mahindra Ltd. |
|
|
255,964 |
|
| |
123,209 |
|
|
Titan Co., Ltd. |
|
|
5,870,036 |
|
| |
3,612 |
|
|
Torrent Pharmaceuticals Ltd. |
|
|
172,013 |
|
| |
5,829 |
|
|
Torrent Power Ltd. |
|
|
100,090 |
|
| |
5,863 |
|
|
Trent Ltd. |
|
|
251,630 |
|
| |
3,306 |
|
|
Tube Investments of India Ltd. |
|
|
100,717 |
|
| |
7,604 |
|
|
TVS Motor Co., Ltd. |
|
|
323,946 |
|
| |
24,715 |
|
|
UltraTech Cement Ltd. |
|
|
3,449,318 |
|
| |
52,190 |
|
|
Union Bank of India Ltd. |
|
|
116,258 |
|
| |
9,798 |
|
|
United Spirits Ltd. |
|
|
149,201 |
|
| |
160,951 |
|
|
UPL Ltd. |
|
|
1,130,911 |
|
| |
43,227 |
|
|
Varun Beverages Ltd. |
|
|
213,699 |
|
| |
45,562 |
|
|
Vedanta Ltd. |
|
|
360,934 |
|
| |
64,656 |
|
|
Vishal Mega Mart Ltd.* |
|
|
83,807 |
|
| |
963,317 |
|
|
Vodafone Idea Ltd.* |
|
|
111,519 |
|
| |
7,606 |
|
|
Voltas Ltd. |
|
|
130,075 |
|
| |
2,657 |
|
|
WAAREE Energies Ltd. |
|
|
79,552 |
|
| |
81,946 |
|
|
Wipro Ltd. |
|
|
181,247 |
|
| |
512,972 |
|
|
Yes Bank Ltd.* |
|
|
116,997 |
|
| |
8,154 |
|
|
Zydus Lifesciences Ltd. |
|
|
82,853 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total India |
|
|
110,452,820 |
|
|
|
|
| |
| |
|
|
|
|
| Indonesia — 1.3% |
|
| |
579,800 |
|
|
Alamtri Resources Indonesia Tbk PT |
|
|
80,981 |
|
| |
462,300 |
|
|
Amman Mineral Internasional PT* |
|
|
210,527 |
|
| |
4,610,600 |
|
|
Astra International Tbk PT |
|
|
1,833,787 |
|
| |
6,593,191 |
|
|
Bank Central Asia Tbk PT |
|
|
2,821,371 |
|
| |
6,776,348 |
|
|
Bank Mandiri Persero Tbk PT |
|
|
2,115,080 |
|
| |
494,700 |
|
|
Bank Negara Indonesia Persero Tbk PT |
|
|
129,614 |
|
| |
2,173,724 |
|
|
Bank Rakyat Indonesia Persero Tbk PT |
|
|
506,544 |
|
| |
560,447 |
|
|
Barito Pacific Tbk PT* |
|
|
65,955 |
|
| |
255,800 |
|
|
Barito Renewables Energy Tbk PT* |
|
|
124,934 |
|
| |
1,807,600 |
|
|
Bumi Resources Minerals Tbk PT* |
|
|
104,239 |
|
| |
266,300 |
|
|
Chandra Asri Pacific Tbk PT |
|
|
105,968 |
|
See
Notes to Financial Statements.
105
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Indonesia — 1.3% — (continued) |
|
| |
243,100 |
|
|
Charoen Pokphand Indonesia Tbk PT |
|
$ |
61,609 |
|
| |
31,900 |
|
|
Dian Swastatika Sentosa Tbk PT* |
|
|
148,996 |
|
| |
27,884,300 |
|
|
GoTo Gojek Tokopedia Tbk PT, Class A
Shares* |
|
|
101,264 |
|
| |
716,600 |
|
|
Petrindo Jaya Kreasi Tbk PT |
|
|
68,152 |
|
| |
564,000 |
|
|
Sumber Alfaria Trijaya Tbk PT |
|
|
56,141 |
|
| |
1,578,687 |
|
|
Telkom Indonesia Persero Tbk PT, ADR |
|
|
333,487 |
|
| |
83,743 |
|
|
Telkom Indonesia Persero Tbk PT, ADR |
|
|
1,781,214 |
|
| |
524,005 |
|
|
United Tractors Tbk PT |
|
|
885,011 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Indonesia |
|
|
11,534,874 |
|
|
|
|
| |
| |
|
|
|
|
| Ireland — 0.4% |
|
| |
29,624 |
|
|
PDD Holdings Inc., ADR* |
|
|
3,072,897 |
|
|
|
|
| |
| |
|
|
|
|
| Kazakhstan — 0.1% |
|
| |
15,500 |
|
|
Kaspi.KZ JSC, ADR* |
|
|
1,094,145 |
|
|
|
|
| |
| |
|
|
|
|
| Kuwait — 0.2% |
|
| |
45,974 |
|
|
Boubyan Bank KSCP |
|
|
102,198 |
|
| |
81,310 |
|
|
Gulf Bank KSCP |
|
|
90,220 |
|
| |
353,350 |
|
|
Kuwait Finance House KSCP |
|
|
931,564 |
|
| |
17,796 |
|
|
Mabanee Co., KPSC |
|
|
57,050 |
|
| |
62,567 |
|
|
Mobile Telecommunications Co., KSCP |
|
|
111,242 |
|
| |
264,723 |
|
|
National Bank of Kuwait SAKP |
|
|
817,566 |
|
| |
71,685 |
|
|
Warba Bank KSCP* |
|
|
67,583 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Kuwait |
|
|
2,177,423 |
|
|
|
|
| |
| |
|
|
|
|
| Luxembourg — 0.2% |
|
| |
18,294 |
|
|
Globant SA* |
|
|
910,309 |
|
| |
4,054 |
|
|
Reinet Investments SCA |
|
|
143,361 |
|
| |
21,284 |
|
|
Ternium SA, ADR |
|
|
925,216 |
|
| |
13,978 |
|
|
Zabka Group SA* |
|
|
87,419 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Luxembourg |
|
|
2,066,305 |
|
|
|
|
| |
| |
|
|
|
|
| Malaysia — 0.5% |
|
| |
87,800 |
|
|
AMMB Holdings Bhd |
|
|
145,034 |
|
| |
114,300 |
|
|
Axiata Group Bhd |
|
|
67,256 |
|
| |
114,300 |
|
|
CELCOMDIGI BHD |
|
|
93,762 |
|
| |
257,507 |
|
|
CIMB Group Holdings Bhd |
|
|
531,651 |
|
| |
164,600 |
|
|
Gamuda Bhd |
|
|
177,080 |
|
| |
22,200 |
|
|
Hong Leong Bank Bhd |
|
|
132,774 |
|
| |
64,800 |
|
|
IHH Healthcare Bhd |
|
|
151,447 |
|
| |
60,300 |
|
|
IOI Corp. Bhd |
|
|
61,348 |
|
| |
17,300 |
|
|
Kuala Lumpur Kepong Bhd |
|
|
84,408 |
|
| |
192,509 |
|
|
Malayan Banking Bhd |
|
|
591,544 |
|
| |
57,900 |
|
|
Maxis Bhd |
|
|
57,717 |
|
| |
48,400 |
|
|
MISC Bhd |
|
|
100,435 |
|
| |
103,300 |
|
|
MR DIY Group M Bhd(a) |
|
|
47,538 |
|
| |
1,900 |
|
|
Nestle Malaysia Bhd |
|
|
53,654 |
|
| |
72,100 |
|
|
Petronas Chemicals Group Bhd |
|
|
55,557 |
|
| |
8,600 |
|
|
Petronas Dagangan Bhd |
|
|
48,570 |
|
| |
23,900 |
|
|
Petronas Gas Bhd |
|
|
110,424 |
|
| |
118,200 |
|
|
Press Metal Aluminium Holdings Bhd |
|
|
216,576 |
|
| |
464,000 |
|
|
Public Bank Bhd |
|
|
587,675 |
|
| |
47,250 |
|
|
QL Resources Bhd |
|
|
49,391 |
|
| |
55,600 |
|
|
RHB Bank Bhd |
|
|
119,961 |
|
| |
56,800 |
|
|
SD Guthrie Bhd |
|
|
83,896 |
|
| |
81,500 |
|
|
Sunway Bhd |
|
|
122,661 |
|
| |
31,400 |
|
|
Telekom Malaysia Bhd |
|
|
60,134 |
|
| |
83,600 |
|
|
Tenaga Nasional Bhd |
|
|
308,827 |
|
See
Notes to Financial Statements.
106
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Malaysia — 0.5% — (continued) |
|
| |
99,360 |
|
|
YTL Corp. Bhd |
|
$ |
46,880 |
|
| |
113,460 |
|
|
YTL Power International Bhd |
|
|
82,457 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Malaysia |
|
|
4,188,657 |
|
|
|
|
| |
| |
|
|
|
|
| Mexico — 2.4% |
|
| |
71,936 |
|
|
America Movil SAB de CV, ADR |
|
|
1,871,775 |
|
| |
630,403 |
|
|
America Movil SAB de CV,
Series B |
|
|
821,676 |
|
| |
15,950 |
|
|
Arca Continental SAB de CV |
|
|
192,522 |
|
| |
21,500 |
|
|
BBB Foods Inc., Class A Shares* |
|
|
783,675 |
|
| |
14,849 |
|
|
Coca-Cola Femsa SAB de CV |
|
|
165,103 |
|
| |
142,000 |
|
|
Corp. Inmobiliaria Vesta SAB de CV |
|
|
521,535 |
|
| |
76,327 |
|
|
Fibra Uno Administracion SA de CV,
REIT |
|
|
132,323 |
|
| |
54,798 |
|
|
Fomento Economico Mexicano SAB de CV |
|
|
616,032 |
|
| |
5,872 |
|
|
Gruma SAB de CV, Class B Shares |
|
|
105,862 |
|
| |
10,352 |
|
|
Grupo Aeroportuario del Centro Norte
SAB de CV, Class B Shares |
|
|
158,165 |
|
| |
6,343 |
|
|
Grupo Aeroportuario del Pacifico SAB de
CV, ADR |
|
|
1,654,001 |
|
| |
12,320 |
|
|
Grupo Aeroportuario del Pacifico SAB de
CV, Class B Shares |
|
|
321,848 |
|
| |
6,154 |
|
|
Grupo Aeroportuario del Sureste SAB de
CV, Class B Shares |
|
|
221,639 |
|
| |
44,684 |
|
|
Grupo Bimbo SAB de CV, Series A |
|
|
162,402 |
|
| |
18,121 |
|
|
Grupo Carso SAB de CV,
Series A1 |
|
|
141,957 |
|
| |
10,056 |
|
|
Grupo Comercial Chedraui SA de CV |
|
|
64,386 |
|
| |
548,531 |
|
|
Grupo Financiero Banorte SAB de CV,
Class O Shares |
|
|
6,236,578 |
|
| |
54,226 |
|
|
Grupo Financiero Inbursa SAB de CV,
Class O Shares |
|
|
138,084 |
|
| |
99,252 |
|
|
Grupo México SAB de CV,
Series B |
|
|
1,257,707 |
|
| |
6,334 |
|
|
Industrias Peñoles SAB de CV* |
|
|
403,156 |
|
| |
472,552 |
|
|
Kimberly-Clark de México SAB de CV,
Class A Shares |
|
|
1,184,947 |
|
| |
37,023 |
|
|
Prologis Property Mexico SA de CV,
REIT |
|
|
182,514 |
|
| |
5,386 |
|
|
Promotora y Operadora de
Infraestructura SAB de CV |
|
|
88,717 |
|
| |
99,000 |
|
|
Regional SAB de CV |
|
|
925,107 |
|
| |
109,459 |
|
|
Sigma Foods SAB de CV, Class A
Shares |
|
|
122,652 |
|
| |
7,151 |
|
|
Vista Energy SAB de CV, ADR* |
|
|
412,899 |
|
| |
773,802 |
|
|
Wal-Mart de Mexico SAB de CV |
|
|
2,511,352 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Mexico |
|
|
21,398,614 |
|
|
|
|
| |
| |
|
|
|
|
| Netherlands — 0.2% |
|
| |
4,382 |
|
|
JBS NV* |
|
|
73,253 |
|
| |
13,259 |
|
|
JBS NV, Class A Shares* |
|
|
223,945 |
|
| |
20,772 |
|
|
NEPI Rockcastle NV* |
|
|
193,334 |
|
| |
18,500 |
|
|
Prosus NV* |
|
|
947,822 |
|
| |
3,377 |
|
|
X5 Retail Group NV, Class Registered
Shares, GDR*(c)# |
|
|
1 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Netherlands |
|
|
1,438,355 |
|
|
|
|
| |
| |
|
|
|
|
| Peru — 0.3% |
|
| |
6,677 |
|
|
Cia de Minas Buenaventura SAA, ADR |
|
|
291,585 |
|
| |
7,445 |
|
|
Credicorp Ltd. |
|
|
2,578,799 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Peru |
|
|
2,870,384 |
|
|
|
|
| |
| |
|
|
|
|
| Philippines — 0.5% |
|
| |
7,250 |
|
|
Ayala Corp. |
|
|
75,364 |
|
| |
183,660 |
|
|
Ayala Land Inc. |
|
|
66,536 |
|
| |
64,946 |
|
|
Bank of the Philippine Islands |
|
|
130,657 |
|
| |
80,230 |
|
|
BDO Unibank Inc. |
|
|
190,709 |
|
| |
297,250 |
|
|
International Container Terminal
Services Inc. |
|
|
3,697,080 |
|
| |
14,290 |
|
|
Jollibee Foods Corp. |
|
|
53,021 |
|
| |
9,080 |
|
|
Manila Electric Co. |
|
|
100,408 |
|
| |
55,726 |
|
|
Metropolitan Bank & Trust Co. |
|
|
74,335 |
|
| |
2,295 |
|
|
PLDT Inc. |
|
|
55,675 |
|
See
Notes to Financial Statements.
107
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Philippines — 0.5% — (continued) |
|
| |
7,820 |
|
|
SM Investments Corp. |
|
$ |
95,565 |
|
| |
340,100 |
|
|
SM Prime Holdings Inc. |
|
|
126,676 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Philippines |
|
|
4,666,026 |
|
|
|
|
| |
| |
|
|
|
|
| Poland — 1.2% |
|
| |
22,947 |
|
|
Allegro.eu SA*(a) |
|
|
177,899 |
|
| |
18,675 |
|
|
Bank Millennium SA* |
|
|
90,675 |
|
| |
5,942 |
|
|
Bank Polska Kasa Opieki SA |
|
|
376,458 |
|
| |
324 |
|
|
Budimex SA |
|
|
73,156 |
|
| |
2,179 |
|
|
CD Projekt SA |
|
|
147,711 |
|
| |
8,900 |
|
|
Diagnostyka SA |
|
|
469,131 |
|
| |
155,035 |
|
|
Dino Polska SA*(a) |
|
|
1,745,229 |
|
| |
52,466 |
|
|
InPost SA* |
|
|
943,271 |
|
| |
4,462 |
|
|
KGHM Polska Miedz SA* |
|
|
421,523 |
|
| |
37 |
|
|
LPP SA |
|
|
213,516 |
|
| |
507 |
|
|
mBank SA* |
|
|
146,679 |
|
| |
18,582 |
|
|
ORLEN SA |
|
|
594,213 |
|
| |
23,212 |
|
|
PGE Polska Grupa Energetyczna SA* |
|
|
73,038 |
|
| |
165,931 |
|
|
Powszechna Kasa Oszczednosci Bank
Polski SA |
|
|
4,297,970 |
|
| |
19,534 |
|
|
Powszechny Zaklad Ubezpieczen SA |
|
|
368,937 |
|
| |
1,303 |
|
|
Santander Bank Polska SA |
|
|
214,873 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Poland |
|
|
10,354,279 |
|
|
|
|
| |
| |
|
|
|
|
| Qatar — 0.2% |
|
| |
185,855 |
|
|
Al Rayan Bank |
|
|
118,851 |
|
| |
104,607 |
|
|
Barwa Real Estate Co. |
|
|
73,482 |
|
| |
113,208 |
|
|
Commercial Bank PSQC (The) |
|
|
150,664 |
|
| |
50,646 |
|
|
Dukhan Bank |
|
|
49,887 |
|
| |
44,158 |
|
|
Industries Qatar QSC |
|
|
146,510 |
|
| |
113,710 |
|
|
Mesaieed Petrochemical Holding Co. |
|
|
32,612 |
|
| |
14,392 |
|
|
Nebras Energy |
|
|
58,231 |
|
| |
27,407 |
|
|
Ooredoo QPSC |
|
|
101,793 |
|
| |
16,292 |
|
|
Qatar Fuel QSC |
|
|
66,107 |
|
| |
82,215 |
|
|
Qatar Gas Transport Co., Ltd. |
|
|
111,208 |
|
| |
37,060 |
|
|
Qatar International Islamic Bank QSC |
|
|
114,949 |
|
| |
56,485 |
|
|
Qatar Islamic Bank QPSC |
|
|
367,197 |
|
| |
147,195 |
|
|
Qatar National Bank QPSC |
|
|
778,551 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Qatar |
|
|
2,170,042 |
|
|
|
|
| |
| |
|
|
|
|
| Russia — 0.0%@ |
|
| |
64,081 |
|
|
Alrosa PJSC*(c)# |
|
|
641 |
|
| |
24,130 |
|
|
Mobile TeleSystems PJSC*(c)# |
|
|
241 |
|
| |
135,663 |
|
|
Mobile TeleSystems PJSC, ADR*(c)# |
|
|
1,357 |
|
| |
39,065 |
|
|
Moscow Exchange MICEX-RTS PJSC*(c)# |
|
|
391 |
|
| |
1,593 |
|
|
Ozon Holdings PLC, ADR*(c)# |
|
|
– |
|
| |
19 |
|
|
PhosAgro PJSC, Class Registered Shares,
GDR*(c)# |
|
|
– |
|
| |
8,690 |
|
|
Polyus PJSC*(c)# |
|
|
87 |
|
| |
28,885 |
|
|
Rosneft Oil Co. PJSC*(c)# |
|
|
289 |
|
| |
891,342 |
|
|
Sberbank of Russia PJSC, (Cost —
$1,699,436, acquired 8/10/15)*(c)(f)# |
|
|
8,913 |
|
| |
5,523 |
|
|
Severstal PAO*(c)# |
|
|
55 |
|
| |
2,925 |
|
|
T-Tekhnologii MKPAO, Class Registered
Shares, GDR*(c)# |
|
|
– |
|
| |
88,972 |
|
|
United Co. RUSAL International
PJSC*(c)# |
|
|
12 |
|
| |
2,330 |
|
|
VK IPJSC, GDR*(c)# |
|
|
– |
|
| |
12,017 |
|
|
VTB Bank PJSC*(c)# |
|
|
2 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Russia |
|
|
11,988 |
|
|
|
|
| |
| |
|
|
|
|
| Saudi Arabia — 2.2% |
|
| |
4,886 |
|
|
ACWA Power Co.* |
|
|
215,972 |
|
| |
8,788 |
|
|
Ades Holding Co. |
|
|
42,001 |
|
| |
224,124 |
|
|
Al Rajhi Bank |
|
|
6,032,435 |
|
| |
40,261 |
|
|
Alinma Bank |
|
|
300,149 |
|
| |
15,945 |
|
|
Almarai Co. JSC |
|
|
169,352 |
|
| |
30,028 |
|
|
Arab National Bank |
|
|
164,699 |
|
See
Notes to Financial Statements.
108
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Saudi Arabia — 2.2% — (continued) |
|
| |
773 |
|
|
Arabian Internet & Communications
Services Co. |
|
$ |
38,538 |
|
| |
23,426 |
|
|
Bank AlBilad |
|
|
159,604 |
|
| |
18,653 |
|
|
Bank Al-Jazira |
|
|
57,572 |
|
| |
39,044 |
|
|
Banque Saudi Fransi |
|
|
206,278 |
|
| |
2,413 |
|
|
Bupa Arabia for Cooperative Insurance
Co. |
|
|
114,023 |
|
| |
2,823 |
|
|
Co. for Cooperative Insurance (The) |
|
|
101,854 |
|
| |
15,526 |
|
|
Dar Al Arkan Real Estate Development
Co.* |
|
|
82,405 |
|
| |
39,415 |
|
|
Dr Sulaiman Al Habib Medical Services
Group Co. |
|
|
2,426,903 |
|
| |
765 |
|
|
Elm Co. |
|
|
130,688 |
|
| |
117,946 |
|
|
Etihad Etisalat Co. |
|
|
2,020,917 |
|
| |
17,803 |
|
|
Jabal Omar Development Co.* |
|
|
70,656 |
|
| |
15,972 |
|
|
Jarir Marketing Co. |
|
|
59,543 |
|
| |
3,017 |
|
|
Makkah Construction & Development
Co. |
|
|
62,837 |
|
| |
3,443 |
|
|
Mouwasat Medical Services Co. |
|
|
58,405 |
|
| |
46,853 |
|
|
Riyad Bank |
|
|
346,176 |
|
| |
7,435 |
|
|
SABIC Agri-Nutrients Co. |
|
|
245,289 |
|
| |
1,528 |
|
|
SAL Saudi Logistics Services |
|
|
66,010 |
|
| |
43,381 |
|
|
Saudi Arabian Mining Co.* |
|
|
817,781 |
|
| |
192,830 |
|
|
Saudi Arabian Oil Co.(a) |
|
|
1,283,233 |
|
| |
32,091 |
|
|
Saudi Awwal Bank |
|
|
292,752 |
|
| |
28,685 |
|
|
Saudi Basic Industries Corp. |
|
|
414,441 |
|
| |
25,347 |
|
|
Saudi Electricity Co. |
|
|
91,410 |
|
| |
18,780 |
|
|
Saudi Investment Bank (The) |
|
|
67,563 |
|
| |
156,706 |
|
|
Saudi National Bank (The) |
|
|
1,740,986 |
|
| |
1,501 |
|
|
Saudi Tadawul Group Holding Co. |
|
|
54,439 |
|
| |
63,745 |
|
|
Saudi Telecom Co. |
|
|
710,828 |
|
| |
42,000 |
|
|
United International Transportation
Co. |
|
|
452,187 |
|
| |
8,700 |
|
|
Yanbu National Petrochemical Co. |
|
|
58,417 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Saudi Arabia |
|
|
19,156,343 |
|
|
|
|
| |
| |
|
|
|
|
| Singapore — 0.7% |
|
| |
27,400 |
|
|
ASMPT Ltd. |
|
|
390,913 |
|
| |
8,500 |
|
|
BOC Aviation Ltd.(a) |
|
|
94,566 |
|
| |
170,000 |
|
|
Grab Holdings Ltd., Class A Shares* |
|
|
717,400 |
|
| |
10,000 |
|
|
Sea Ltd., ADR* |
|
|
1,084,500 |
|
| |
19,814 |
|
|
Trip.com Group Ltd. |
|
|
1,039,380 |
|
| |
48,628 |
|
|
Trip.com Group Ltd., ADR |
|
|
2,558,805 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Singapore |
|
|
5,885,564 |
|
|
|
|
| |
| |
|
|
|
|
| South Africa — 4.0% |
|
| |
28,406 |
|
|
Absa Group Ltd. |
|
|
484,492 |
|
| |
10,738 |
|
|
Bid Corp., Ltd. |
|
|
283,374 |
|
| |
112,253 |
|
|
Bidvest Group Ltd. |
|
|
1,785,605 |
|
| |
22,572 |
|
|
Capitec Bank Holdings Ltd. |
|
|
6,725,892 |
|
| |
97,641 |
|
|
Clicks Group Ltd. |
|
|
1,954,133 |
|
| |
18,414 |
|
|
Discovery Ltd. |
|
|
302,647 |
|
| |
192,911 |
|
|
FirstRand Ltd. |
|
|
1,203,159 |
|
| |
94,129 |
|
|
Gold Fields Ltd. |
|
|
5,518,097 |
|
| |
18,267 |
|
|
Harmony Gold Mining Co., Ltd. |
|
|
415,801 |
|
| |
28,825 |
|
|
Impala Platinum Holdings Ltd. |
|
|
636,575 |
|
| |
29,566 |
|
|
Kumba Iron Ore Ltd. |
|
|
685,558 |
|
| |
948,240 |
|
|
Life Healthcare Group Holdings Ltd. |
|
|
722,347 |
|
| |
55,522 |
|
|
MTN Group Ltd. |
|
|
725,415 |
|
| |
24,975 |
|
|
Naspers Ltd., Class N Shares |
|
|
1,405,758 |
|
| |
118,889 |
|
|
Nedbank Group Ltd. |
|
|
2,356,509 |
|
| |
11,477 |
|
|
Northam Platinum Holdings Ltd. |
|
|
316,751 |
|
| |
379,000 |
|
|
Optasia Group* |
|
|
499,954 |
|
| |
23,929 |
|
|
OUTsurance Group Ltd. |
|
|
110,548 |
|
| |
381,835 |
|
|
Pepkor Holdings Ltd.(a) |
|
|
639,554 |
|
| |
17,630 |
|
|
Remgro Ltd. |
|
|
214,926 |
|
| |
292,082 |
|
|
Sanlam Ltd. |
|
|
1,948,190 |
|
| |
17,899 |
|
|
Sasol Ltd.* |
|
|
164,070 |
|
See
Notes to Financial Statements.
109
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| South Africa — 4.0% — (continued) |
|
| |
15,078 |
|
|
Shoprite Holdings Ltd. |
|
$ |
250,575 |
|
| |
90,218 |
|
|
Sibanye Stillwater Ltd.* |
|
|
398,691 |
|
| |
126,725 |
|
|
Standard Bank Group Ltd. |
|
|
2,557,912 |
|
| |
8,456 |
|
|
Valterra Platinum Ltd. |
|
|
1,004,431 |
|
| |
179,957 |
|
|
Vodacom Group Ltd. |
|
|
1,842,138 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total South Africa |
|
|
35,153,102 |
|
|
|
|
| |
| |
|
|
|
|
| South Korea — 17.0% |
|
| |
1,279 |
|
|
Alteogen Inc. |
|
|
362,130 |
|
| |
963 |
|
|
Amorepacific Corp. |
|
|
101,190 |
|
| |
793 |
|
|
APR Corp.* |
|
|
171,973 |
|
| |
4,784 |
|
|
Celltrion Inc.* |
|
|
791,876 |
|
| |
5,848 |
|
|
Coway Co., Ltd.* |
|
|
332,509 |
|
| |
1,381 |
|
|
DB Insurance Co., Ltd. |
|
|
176,322 |
|
| |
229 |
|
|
Doosan Co., Ltd. |
|
|
202,752 |
|
| |
14,292 |
|
|
Doosan Enerbility Co., Ltd.* |
|
|
1,056,871 |
|
| |
1,673 |
|
|
Ecopro BM Co., Ltd.* |
|
|
257,049 |
|
| |
3,134 |
|
|
Ecopro Co., Ltd.* |
|
|
401,670 |
|
| |
8,871 |
|
|
Hana Financial Group Inc. |
|
|
749,061 |
|
| |
699 |
|
|
Hanjin Kal Corp.* |
|
|
75,301 |
|
| |
2,739 |
|
|
Hankook Tire & Technology Co.,
Ltd. |
|
|
138,594 |
|
| |
1,217 |
|
|
Hanmi Semiconductor Co., Ltd. |
|
|
272,714 |
|
| |
1,068 |
|
|
Hanwha Aerospace Co., Ltd. |
|
|
885,690 |
|
| |
4,395 |
|
|
Hanwha Ocean Co., Ltd.* |
|
|
430,651 |
|
| |
2,327 |
|
|
Hanwha Systems Co., Ltd.* |
|
|
183,433 |
|
| |
1,385 |
|
|
HD Hyundai Co., Ltd. |
|
|
281,028 |
|
| |
8,191 |
|
|
HD Hyundai Electric Co., Ltd. |
|
|
5,964,062 |
|
| |
1,171 |
|
|
HD Hyundai Heavy Industries Co.,
Ltd. |
|
|
489,765 |
|
| |
500 |
|
|
HD Hyundai Marine Solution Co., Ltd. |
|
|
64,060 |
|
| |
1,362 |
|
|
HD Korea Shipbuilding & Offshore
Engineering Co., Ltd. |
|
|
425,210 |
|
| |
3,423 |
|
|
HLB Inc.* |
|
|
123,266 |
|
| |
8,366 |
|
|
HMM Co., Ltd. |
|
|
124,004 |
|
| |
752 |
|
|
HYBE Co., Ltd.* |
|
|
202,510 |
|
| |
173 |
|
|
Hyosung Heavy Industries Corp. |
|
|
338,526 |
|
| |
1,264 |
|
|
Hyundai Engineering & Construction
Co., Ltd.* |
|
|
144,558 |
|
| |
1,125 |
|
|
Hyundai Glovis Co., Ltd. |
|
|
225,959 |
|
| |
5,885 |
|
|
Hyundai Mobis Co., Ltd. |
|
|
2,114,707 |
|
| |
4,242 |
|
|
Hyundai Motor Co. |
|
|
1,983,672 |
|
| |
2,435 |
|
|
Hyundai Rotem Co., Ltd. |
|
|
389,370 |
|
| |
9,580 |
|
|
Industrial Bank of Korea |
|
|
171,082 |
|
| |
9,869 |
|
|
Kakao Corp. |
|
|
426,488 |
|
| |
5,216 |
|
|
KakaoBank Corp. |
|
|
98,282 |
|
| |
32,356 |
|
|
KB Financial Group Inc. |
|
|
3,566,475 |
|
| |
23,186 |
|
|
Kia Corp. |
|
|
3,306,733 |
|
| |
2,330 |
|
|
Korea Aerospace Industries Ltd. |
|
|
310,094 |
|
| |
8,184 |
|
|
Korea Electric Power Corp. |
|
|
332,082 |
|
| |
1,397 |
|
|
Korea Investment Holdings Co., Ltd. |
|
|
250,454 |
|
| |
6,819 |
|
|
Korean Air Lines Co., Ltd.* |
|
|
133,098 |
|
| |
952 |
|
|
Krafton Inc.* |
|
|
164,166 |
|
| |
31,221 |
|
|
KT Corp. |
|
|
1,383,826 |
|
| |
18,065 |
|
|
KT&G Corp. |
|
|
2,045,320 |
|
| |
1,575 |
|
|
LG Chem Ltd. |
|
|
457,226 |
|
| |
3,153 |
|
|
LG Corp. |
|
|
235,651 |
|
| |
7,553 |
|
|
LG Display Co., Ltd.* |
|
|
75,107 |
|
| |
3,304 |
|
|
LG Electronics Inc. |
|
|
334,059 |
|
| |
1,492 |
|
|
LG Energy Solution Ltd.* |
|
|
441,742 |
|
| |
5,863 |
|
|
LG Uplus Corp. |
|
|
67,329 |
|
| |
407 |
|
|
LIG Nex1 Co., Ltd.* |
|
|
144,465 |
|
See
Notes to Financial Statements.
110
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| South Korea — 17.0% — (continued) |
|
| |
495 |
|
|
LS Electric Co., Ltd. |
|
$ |
270,049 |
|
| |
2,319 |
|
|
Meritz Financial Group Inc.* |
|
|
204,725 |
|
| |
5,822 |
|
|
Mirae Asset Securities Co., Ltd. |
|
|
290,531 |
|
| |
4,499 |
|
|
NAVER Corp. |
|
|
795,672 |
|
| |
5,554 |
|
|
NH Investment & Securities Co.,
Ltd. |
|
|
136,746 |
|
| |
1,199 |
|
|
POSCO Future M Co., Ltd.* |
|
|
205,453 |
|
| |
2,322 |
|
|
POSCO Holdings Inc. |
|
|
661,114 |
|
| |
2,038 |
|
|
Posco International Corp. |
|
|
102,291 |
|
| |
1,084 |
|
|
Samsung Biologics Co., Ltd.*(a) |
|
|
1,336,720 |
|
| |
2,709 |
|
|
Samsung C&T Corp. |
|
|
658,612 |
|
| |
1,786 |
|
|
Samsung Electro-Mechanics Co., Ltd. |
|
|
553,892 |
|
| |
346,500 |
|
|
Samsung Electronics Co., Ltd. |
|
|
51,998,354 |
|
| |
953 |
|
|
Samsung Fire & Marine Insurance
Co., Ltd. |
|
|
350,204 |
|
| |
23,380 |
|
|
Samsung Heavy Industries Co., Ltd.* |
|
|
469,358 |
|
| |
2,656 |
|
|
Samsung Life Insurance Co., Ltd. |
|
|
423,941 |
|
| |
1,773 |
|
|
Samsung SDI Co., Ltd.* |
|
|
574,878 |
|
| |
1,283 |
|
|
Samsung SDS Co., Ltd. |
|
|
173,331 |
|
| |
128 |
|
|
Samyang Foods Co., Ltd. |
|
|
108,487 |
|
| |
136,658 |
|
|
Shinhan Financial Group Co., Ltd. |
|
|
9,180,999 |
|
| |
946 |
|
|
SK Biopharmaceuticals Co., Ltd.* |
|
|
78,628 |
|
| |
60,506 |
|
|
SK hynix Inc. |
|
|
44,319,250 |
|
| |
1,081 |
|
|
SK Inc. |
|
|
300,628 |
|
| |
2,022 |
|
|
SK Innovation Co., Ltd. |
|
|
179,164 |
|
| |
2,957 |
|
|
SK Square Co., Ltd.* |
|
|
1,320,903 |
|
| |
3,355 |
|
|
SK Telecom Co., Ltd. |
|
|
186,006 |
|
| |
1,576 |
|
|
S-Oil Corp.* |
|
|
120,602 |
|
| |
21,057 |
|
|
Woori Financial Group Inc. |
|
|
526,141 |
|
| |
1,615 |
|
|
Yuhan Corp. |
|
|
123,492 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total South Korea |
|
|
149,054,333 |
|
|
|
|
| |
| |
|
|
|
|
| Taiwan — 20.1% |
|
| |
16,000 |
|
|
Accton Technology Corp. |
|
|
694,821 |
|
| |
16,753 |
|
|
Advantech Co., Ltd. |
|
|
178,508 |
|
| |
4,139 |
|
|
Airtac International Group |
|
|
158,975 |
|
| |
3,000 |
|
|
Alchip Technologies Ltd. |
|
|
333,646 |
|
| |
319,498 |
|
|
ASE Technology Holding Co., Ltd. |
|
|
3,808,461 |
|
| |
78,000 |
|
|
Asia Cement Corp. |
|
|
89,146 |
|
| |
11,000 |
|
|
Asia Vital Components Co., Ltd. |
|
|
608,525 |
|
| |
1,000 |
|
|
ASPEED Technology Inc. |
|
|
305,822 |
|
| |
23,000 |
|
|
Asustek Computer Inc. |
|
|
385,155 |
|
| |
5,000 |
|
|
Bizlink Holding Inc. |
|
|
221,060 |
|
| |
31,000 |
|
|
Caliway Biopharmaceuticals Co.,
Ltd.* |
|
|
161,065 |
|
| |
15,000 |
|
|
Catcher Technology Co., Ltd. |
|
|
91,222 |
|
| |
303,550 |
|
|
Cathay Financial Holding Co., Ltd. |
|
|
768,831 |
|
| |
47,988 |
|
|
Chailease Holding Co., Ltd. |
|
|
158,729 |
|
| |
237,361 |
|
|
Chang Hwa Commercial Bank Ltd. |
|
|
163,091 |
|
| |
71,000 |
|
|
China Airlines Ltd. |
|
|
47,531 |
|
| |
376,000 |
|
|
China Steel Corp. |
|
|
248,716 |
|
| |
104,000 |
|
|
Chroma ATE Inc. |
|
|
4,500,816 |
|
| |
122,000 |
|
|
Chunghwa Telecom Co., Ltd. |
|
|
522,145 |
|
| |
117,000 |
|
|
Compal Electronics Inc. |
|
|
117,219 |
|
| |
531,880 |
|
|
CTBC Financial Holding Co., Ltd. |
|
|
947,205 |
|
| |
227,762 |
|
|
Delta Electronics Inc. |
|
|
10,256,871 |
|
| |
24,000 |
|
|
E Ink Holdings Inc. |
|
|
143,034 |
|
| |
464,228 |
|
|
E.Sun Financial Holding Co., Ltd. |
|
|
519,516 |
|
| |
10,000 |
|
|
Elite Material Co., Ltd. |
|
|
757,269 |
|
| |
2,000 |
|
|
eMemory Technology Inc. |
|
|
159,169 |
|
| |
80,000 |
|
|
Eva Airways Corp. |
|
|
96,911 |
|
See
Notes to Financial Statements.
111
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Taiwan — 20.1% — (continued) |
|
| |
34,791 |
|
|
Evergreen Marine Corp. Taiwan Ltd. |
|
$ |
218,486 |
|
| |
89,000 |
|
|
Far Eastern New Century Corp. |
|
|
81,506 |
|
| |
53,000 |
|
|
Far EasTone Telecommunications Co.,
Ltd. |
|
|
155,237 |
|
| |
366,674 |
|
|
First Financial Holding Co., Ltd. |
|
|
349,062 |
|
| |
116,000 |
|
|
Formosa Chemicals & Fibre Corp. |
|
|
187,396 |
|
| |
105,000 |
|
|
Formosa Plastics Corp. |
|
|
171,820 |
|
| |
5,830 |
|
|
Fortune Electric Co., Ltd. |
|
|
198,802 |
|
| |
268,100 |
|
|
Fubon Financial Holding Co., Ltd. |
|
|
801,923 |
|
| |
15,000 |
|
|
Gigabyte Technology Co., Ltd. |
|
|
113,694 |
|
| |
3,000 |
|
|
Global Unichip Corp. |
|
|
264,754 |
|
| |
84,000 |
|
|
Globalwafers Co., Ltd. |
|
|
1,217,906 |
|
| |
11,000 |
|
|
Gold Circuit Electronics Ltd. |
|
|
289,458 |
|
| |
400,480 |
|
|
Hon Hai Precision Industry Co., Ltd. |
|
|
3,069,703 |
|
| |
3,000 |
|
|
Hon Precision Inc. |
|
|
462,399 |
|
| |
9,140 |
|
|
Hotai Motor Co., Ltd. |
|
|
170,883 |
|
| |
287,872 |
|
|
Hua Nan Financial Holdings Co., Ltd. |
|
|
348,947 |
|
| |
196,164 |
|
|
Innolux Corp. |
|
|
166,425 |
|
| |
8,000 |
|
|
International Games System Co., Ltd. |
|
|
176,617 |
|
| |
72,000 |
|
|
Inventec Corp. |
|
|
106,136 |
|
| |
3,000 |
|
|
Jentech Precision Industrial Co.,
Ltd. |
|
|
293,807 |
|
| |
509,033 |
|
|
KGI Financial Holding Co., Ltd. |
|
|
355,018 |
|
| |
2,000 |
|
|
King Slide Works Co., Ltd. |
|
|
217,804 |
|
| |
33,000 |
|
|
King Yuan Electronics Co., Ltd. |
|
|
343,824 |
|
| |
3,541 |
|
|
Largan Precision Co., Ltd. |
|
|
284,433 |
|
| |
58,264 |
|
|
Lite-On Technology Corp., ADR |
|
|
317,817 |
|
| |
3,000 |
|
|
Lotes Co., Ltd. |
|
|
167,793 |
|
| |
145,814 |
|
|
MediaTek Inc. |
|
|
8,877,554 |
|
| |
377,889 |
|
|
Mega Financial Holding Co., Ltd. |
|
|
487,630 |
|
| |
164,000 |
|
|
Nan Ya Plastics Corp. |
|
|
488,949 |
|
| |
86,000 |
|
|
Novatek Microelectronics Corp. |
|
|
1,071,984 |
|
| |
59,000 |
|
|
Pegatron Corp. |
|
|
138,229 |
|
| |
10,768 |
|
|
PharmaEssentia Corp. |
|
|
247,222 |
|
| |
20,539 |
|
|
President Chain Store Corp. |
|
|
146,017 |
|
| |
611,484 |
|
|
Quanta Computer Inc. |
|
|
5,641,804 |
|
| |
16,000 |
|
|
Realtek Semiconductor Corp. |
|
|
244,065 |
|
| |
114,598 |
|
|
Shanghai Commercial & Savings Bank
Ltd. (The) |
|
|
146,540 |
|
| |
392,538 |
|
|
SinoPac Financial Holdings Co., Ltd. |
|
|
414,520 |
|
| |
258,560 |
|
|
Taiwan Business Bank |
|
|
135,179 |
|
| |
350,274 |
|
|
Taiwan Cooperative Financial Holding
Co., Ltd. |
|
|
267,687 |
|
| |
56,000 |
|
|
Taiwan High Speed Rail Corp. |
|
|
48,239 |
|
| |
56,000 |
|
|
Taiwan Mobile Co., Ltd. |
|
|
191,922 |
|
| |
1,636,752 |
|
|
Taiwan Semiconductor Manufacturing Co.,
Ltd. |
|
|
102,338,630 |
|
| |
26,740 |
|
|
Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR |
|
|
10,016,269 |
|
| |
194,668 |
|
|
TCC Group Holdings Co., Ltd. |
|
|
163,252 |
|
| |
38,000 |
|
|
Teco Electric and Machinery Co.,
Ltd. |
|
|
100,385 |
|
| |
673,455 |
|
|
TS Financial Holding Co., Ltd. |
|
|
548,169 |
|
| |
37,834 |
|
|
Unimicron Technology Corp. |
|
|
571,769 |
|
| |
154,000 |
|
|
Uni-President Enterprises Corp. |
|
|
355,533 |
|
| |
360,000 |
|
|
United Microelectronics Corp. |
|
|
744,599 |
|
| |
32,013 |
|
|
Vanguard International Semiconductor
Corp. |
|
|
134,130 |
|
| |
19,630 |
|
|
Wan Hai Lines Ltd. |
|
|
47,808 |
|
| |
92,000 |
|
|
Wistron Corp. |
|
|
398,733 |
|
| |
27,300 |
|
|
Wiwynn Corp. |
|
|
3,391,073 |
|
| |
119,003 |
|
|
Yageo Corp. |
|
|
1,109,418 |
|
| |
48,000 |
|
|
Yang Ming Marine Transport Corp. |
|
|
87,828 |
|
See
Notes to Financial Statements.
112
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| Taiwan — 20.1% — (continued) |
|
| |
340,292 |
|
|
Yuanta Financial Holding Co., Ltd. |
|
$ |
531,946 |
|
| |
23,000 |
|
|
Zhen Ding Technology Holding Ltd. |
|
|
151,630 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Taiwan |
|
|
176,213,822 |
|
|
|
|
| |
| |
|
|
|
|
| Thailand — 0.7% |
|
| |
35,100 |
|
|
Advanced Info Service PCL, NVDR |
|
|
428,483 |
|
| |
133,500 |
|
|
Airports of Thailand PCL, NVDR |
|
|
233,346 |
|
| |
400,300 |
|
|
Bangkok Dusit Medical Services PCL,
NVDR |
|
|
279,241 |
|
| |
20,900 |
|
|
Bumrungrad Hospital PCL, NVDR |
|
|
142,900 |
|
| |
60,900 |
|
|
Central Pattana PCL, NVDR |
|
|
137,004 |
|
| |
118,200 |
|
|
Charoen Pokphand Foods PCL, NVDR |
|
|
79,863 |
|
| |
180,200 |
|
|
CP ALL PCL, NVDR |
|
|
299,871 |
|
| |
99,400 |
|
|
Delta Electronics Thailand PCL, NVDR |
|
|
885,413 |
|
| |
129,100 |
|
|
Gulf Development PCL, NVDR* |
|
|
256,799 |
|
| |
168,200 |
|
|
Kasikornbank PCL |
|
|
1,093,192 |
|
| |
24,800 |
|
|
Kasikornbank PCL, NVDR |
|
|
160,353 |
|
| |
134,400 |
|
|
Krung Thai Bank PCL, NVDR |
|
|
147,857 |
|
| |
91,300 |
|
|
Minor International PCL, NVDR |
|
|
76,310 |
|
| |
165,700 |
|
|
PTT Exploration & Production PCL |
|
|
717,074 |
|
| |
59,600 |
|
|
PTT Exploration & Production PCL,
NVDR |
|
|
262,499 |
|
| |
370,300 |
|
|
PTT PCL, NVDR |
|
|
440,468 |
|
| |
40,200 |
|
|
SCB X PCL, NVDR |
|
|
192,052 |
|
| |
23,000 |
|
|
Siam Cement PCL (The), NVDR |
|
|
166,275 |
|
| |
643,500 |
|
|
TMBThanachart Bank PCL, NVDR |
|
|
48,857 |
|
| |
362,821 |
|
|
True Corp. PCL, NVDR |
|
|
169,163 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Thailand |
|
|
6,217,020 |
|
|
|
|
| |
| |
|
|
|
|
| Turkey — 0.5% |
|
| |
96,369 |
|
|
Akbank TAS |
|
|
197,833 |
|
| |
39,612 |
|
|
Aselsan Elektronik Sanayi Ve Ticaret
AS |
|
|
290,383 |
|
| |
89,752 |
|
|
BIM Birlesik Magazalar AS |
|
|
1,362,140 |
|
| |
69,832 |
|
|
Eregli Demir ve Celik Fabrikalari
TAS |
|
|
51,951 |
|
| |
17,990 |
|
|
Ford Otomotiv Sanayi AS |
|
|
47,481 |
|
| |
25,546 |
|
|
Haci Ömer Sabanci Holding AS |
|
|
58,537 |
|
| |
19,638 |
|
|
KOC Holding AS |
|
|
89,265 |
|
| |
145,000 |
|
|
MLP Saglik Hizmetleri AS, Class B
Shares*(a) |
|
|
1,441,216 |
|
| |
13,822 |
|
|
Turk Hava Yollari AO |
|
|
96,661 |
|
| |
31,232 |
|
|
Turkcell Iletisim Hizmetleri AS |
|
|
82,232 |
|
| |
204,992 |
|
|
Turkiye Is Bankasi AS, Class C
Shares |
|
|
78,951 |
|
| |
26,836 |
|
|
Turkiye Petrol Rafinerileri AS |
|
|
133,518 |
|
| |
81,036 |
|
|
Yapi ve Kredi Bankasi AS* |
|
|
79,908 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Turkey |
|
|
4,010,076 |
|
|
|
|
| |
| |
|
|
|
|
| United Arab Emirates — 0.8% |
|
| |
246,177 |
|
|
Abu Dhabi Commercial Bank PJSC |
|
|
1,015,540 |
|
| |
46,577 |
|
|
Abu Dhabi Islamic Bank PJSC |
|
|
323,325 |
|
| |
124,060 |
|
|
Abu Dhabi National Oil Co. for
Distribution PJSC |
|
|
135,084 |
|
| |
383,553 |
|
|
ADNOC Drilling Co. PJSC |
|
|
534,512 |
|
| |
191,588 |
|
|
Adnoc Gas PLC |
|
|
177,379 |
|
| |
58,953 |
|
|
ADNOC Logistics & Services |
|
|
87,937 |
|
| |
124,455 |
|
|
Aldar Properties PJSC |
|
|
365,873 |
|
| |
191,236 |
|
|
Dubai Electricity & Water Authority
PJSC |
|
|
156,190 |
|
| |
99,099 |
|
|
Dubai Islamic Bank PJSC |
|
|
223,936 |
|
| |
28,338 |
|
|
Emaar Development PJSC |
|
|
149,269 |
|
| |
441,787 |
|
|
Emaar Properties PJSC |
|
|
1,947,921 |
|
| |
60,398 |
|
|
Emirates NBD Bank PJSC |
|
|
542,723 |
|
| |
110,876 |
|
|
Emirates Telecommunications Group Co.
PJSC |
|
|
612,121 |
|
| |
140,847 |
|
|
First Abu Dhabi Bank PJSC |
|
|
751,820 |
|
| |
57,729 |
|
|
Salik Co. PJSC |
|
|
100,589 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United Arab Emirates |
|
|
7,124,219 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
113
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Shares/Units |
|
|
Security |
|
Value |
|
|
| United Kingdom — 0.7% |
|
| |
16,049 |
|
|
Anglogold Ashanti PLC |
|
$ |
2,051,868 |
|
| |
500,000 |
|
|
Helios Towers PLC* |
|
|
1,350,873 |
|
| |
12,000 |
|
|
Lion Finance Group PLC |
|
|
1,880,220 |
|
| |
13,977 |
|
|
Unilever PLC |
|
|
1,028,288 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United Kingdom |
|
|
6,311,249 |
|
|
|
|
| |
| |
|
|
|
|
| United States — 0.5% |
|
| |
2,400 |
|
|
BeOne Medicines Ltd., ADR* |
|
|
760,776 |
|
| |
27,262 |
|
|
BeOne Medicines Ltd., Class H
Shares* |
|
|
665,317 |
|
| |
8,070 |
|
|
EPAM Systems Inc.* |
|
|
1,137,870 |
|
| |
2,342 |
|
|
Legend Biotech Corp., ADR* |
|
|
44,498 |
|
| |
24,331 |
|
|
SLB Ltd. |
|
|
1,249,154 |
|
| |
3,343 |
|
|
Southern Copper Corp. |
|
|
729,777 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United States |
|
|
4,587,392 |
|
|
|
|
| |
| |
|
|
|
|
| Uruguay — 0.4% |
|
| |
80,299 |
|
|
Arcos Dorados Holdings Inc., Class A
Shares |
|
|
706,631 |
|
| |
1,470 |
|
|
MercadoLibre Inc.* |
|
|
2,583,643 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Uruguay |
|
|
3,290,274 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMON STOCKS
(Cost — $506,195,883) |
|
|
846,991,464 |
|
|
|
|
| |
| |
|
|
|
|
| |
PREFERRED STOCKS —
1.8% |
|
|
| Brazil — 0.7% |
|
| |
168,548 |
|
|
Banco Bradesco SA, Class Preferred
Shares |
|
|
695,277 |
|
| |
48,798 |
|
|
Cia Energetica de Minas Gerais, Class
Preferred Shares |
|
|
114,877 |
|
| |
36,434 |
|
|
Gerdau SA, Class Preferred Shares |
|
|
149,157 |
|
| |
324,342 |
|
|
Itau Unibanco Holding SA, Class
Preferred Shares |
|
|
2,959,289 |
|
| |
188,484 |
|
|
Itausa SA, Class Preferred Shares |
|
|
524,593 |
|
| |
153,315 |
|
|
Petroleo Brasileiro SA — Petrobras,
Class Preferred Shares |
|
|
1,176,068 |
|
| |
26,031 |
|
|
Telefonica Brasil SA, Class Preferred
Shares |
|
|
219,229 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Brazil |
|
|
5,838,490 |
|
|
|
|
| |
| |
|
|
|
|
| Chile — 0.0%@ |
|
| |
4,284 |
|
|
Sociedad Quimica y Minera de Chile SA,
Class Preferred B Shares* |
|
|
327,415 |
|
|
|
|
| |
| |
|
|
|
|
| Colombia — 0.0%@ |
|
| |
14,341 |
|
|
Grupo Cibest SA |
|
|
242,588 |
|
|
|
|
| |
| |
|
|
|
|
| India — 0.0%@ |
|
| |
29,960 |
|
|
TVS Motor Co., Ltd.*(d) |
|
|
3,292 |
|
|
|
|
| |
| |
|
|
|
|
| Mexico — 0.1% |
|
| |
483,029 |
|
|
Cemex SAB de CV, Class Preferred
Shares |
|
|
606,310 |
|
|
|
|
| |
| |
|
|
|
|
| South Korea — 1.0% |
|
| |
1,142 |
|
|
Hyundai Motor Co., Class Preferred 2nd
Shares |
|
|
258,866 |
|
| |
797 |
|
|
Hyundai Motor Co., Class Preferred
Shares |
|
|
177,722 |
|
| |
85,007 |
|
|
Samsung Electronics Co., Ltd., Class
Preferred Shares |
|
|
8,507,310 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total South Korea |
|
|
8,943,898 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
PREFERRED STOCKS
(Cost — $7,937,799) |
|
|
15,961,993 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$514,133,682) |
|
|
862,953,457 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
114
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
|
Face
Amount† |
|
|
Security |
|
Value |
|
|
| |
SHORT-TERM
INVESTMENTS(g) — 2.1% |
|
|
| |
MONEY MARKET FUND —
0.2% |
|
| $ |
2,088,847 |
|
|
Invesco STIT — Government & Agency
Portfolio, Institutional Class, 3.674%(h)
(Cost — $2,088,847) |
|
$ |
2,088,847 |
|
|
|
|
| |
| |
|
|
|
|
| |
TIME DEPOSITS —
1.9% |
|
| |
188
|
HKD |
|
ANZ National Bank — Hong Kong, 0.660%
due 3/2/26 |
|
|
24 |
|
| |
21,178 |
ZAR |
|
BBH — New York, 4.400% due 3/2/26 |
|
|
1,330 |
|
| |
1,602,599 |
HKD |
|
BNP Paribas — Paris, 0.660% due
3/2/26 |
|
|
204,848 |
|
|
|
|
| |
Citibank — London: |
|
|
| |
| |
1,381 |
EUR |
|
0.880%
due 3/2/26 |
|
|
1,631 |
|
| |
4 |
GBP |
|
2.680%
due 3/2/26 |
|
|
6 |
|
| |
8,936,009 |
|
|
Citibank — New York, 2.980% due
3/2/26 |
|
|
8,936,009 |
|
| |
29 |
EUR |
|
Deutsche Bank AG — Frankfurt, 0.880%
due 3/2/26 |
|
|
35 |
|
| |
6,590,246 |
|
|
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26 |
|
|
6,590,246 |
|
| |
234 |
GBP |
|
Skandinaviska Enskilda Banken AB —
Stockholm, 2.680% due 3/2/26 |
|
|
315 |
|
| |
101,549 |
ZAR |
|
Standard Chartered Bank — Johannesburg,
4.400% due 3/2/26 |
|
|
6,377 |
|
| |
754,549 |
|
|
Sumitomo Mitsui Banking Corp. — Tokyo,
2.980% due 3/2/26 |
|
|
754,549 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
TIME DEPOSITS
(Cost — $16,495,370) |
|
|
16,495,370 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $18,584,217) |
|
|
18,584,217 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS — 100.4%
(Cost — $532,717,899) |
|
|
881,537,674 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Liabilities in Excess of Other Assets —
(0.4)% |
|
|
(3,612,484 |
) |
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
877,925,190 |
|
|
|
|
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| * |
Non-income
producing security. |
| @ |
The
amount is less than 0.05%. |
| (a) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to $24,749,490 and
represents 2.8% of net assets. |
| (b) |
Security
trades on the Hong Kong exchange. |
| (d) |
Security
is valued in good faith at fair value by or under the direction of the
Board of Trustees. |
| (e) |
All
or a portion of this security is on loan (see Note 1).
|
| (f) |
The
aggregate value of restricted securities (excluding 144A holdings) at
February 28, 2026, amounts to $8,913 and represents less than 0.05% of net
assets. |
| (g) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 1.9%. |
| (h) |
Represents
investments of collateral received from securities lending transactions.
|
| # |
Security
that used significant unobservable inputs to determine fair value. At
February 28, 2026, the Fund held Level 3 securities with a value of
$11,991, representing less than 0.05% of net assets.
|
At
February 28, 2026, for Emerging Markets Equity Fund the aggregate cost of
investments and the aggregate gross unrealized appreciation and depreciation of
all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax
Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
Emerging
Markets Equity Fund |
|
$ |
532,717,899 |
|
|
$ |
387,457,808 |
|
|
|
$ (38,586,786 |
) |
|
$ |
348,871,022 |
|
See
Notes to Financial Statements.
115
|
|
|
|
| |
| Emerging Markets Equity
Fund |
|
|
| |
|
Abbreviations
used in this schedule: |
| ADR |
|
—
American Depositary Receipt |
| GDR |
|
—
Global Depositary Receipt |
| NVDR |
|
—
Non Voting Depository Receipt |
| PCL |
|
—
Public Company Limited |
| PJSC |
|
—
Private Joint Stock Company |
| PLC |
|
—
Public Limited Company |
| REIT |
|
—
Real Estate Investment Trust |
|
|
|
|
| |
| Summary of Investments by Security
Sector^ |
|
|
|
|
Information
Technology |
|
|
| |
|
Semiconductors
& Semiconductor Equipment |
|
|
20.2 |
% |
|
Technology
Hardware, Storage & Peripherals |
|
|
8.8 |
|
|
Electronic
Equipment, Instruments & Components |
|
|
2.9 |
|
|
Other |
|
|
1.5 |
|
|
Financials |
|
|
| |
|
Banks |
|
|
17.0 |
|
|
Insurance |
|
|
2.6 |
|
|
Financial
Services |
|
|
0.7 |
|
|
Other |
|
|
1.0 |
|
|
Consumer
Discretionary |
|
|
10.4 |
|
|
Industrials |
|
|
8.0 |
|
|
Communication
Services |
|
|
7.2 |
|
|
Materials |
|
|
5.2 |
|
|
Consumer
Staples |
|
|
3.7 |
|
|
Energy |
|
|
3.5 |
|
|
Health
Care |
|
|
3.1 |
|
|
Real
Estate |
|
|
1.2 |
|
|
Utilities |
|
|
1.1 |
|
|
Short-Term
Investments |
|
|
1.9 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
At
February 28, 2026, Emerging Markets Equity Fund had open exchange-traded futures
contracts as described below.
The
unrealized appreciation on the open contracts reflected in the accompanying
financial statements was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation |
|
|
Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
E-mini
MSCI Emerging Markets Index Futures |
|
|
12 |
|
|
|
3/26 |
|
|
$ |
910,986 |
|
|
$ |
962,220 |
|
|
$ |
51,234 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Emerging Markets Equity Fund had deposited cash of $30,000
with a broker or brokers as margin collateral on open exchange-traded futures
contracts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
|
Value |
|
|
Settlement
Date |
|
|
Unrealized
Appreciation |
|
|
Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Chinese
Offshore Renminbi |
|
|
1,722,808 |
|
|
|
USD 251,107 |
|
|
|
BNP |
|
|
$ |
251,118 |
|
|
|
3/3/26 |
|
|
$ |
11 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Currency
abbreviations used in this schedule: |
|
|
|
Counterparty
abbreviations used in this schedule: |
| EUR |
|
—Euro |
|
| |
ZAR |
|
—South African Rand |
|
GBP |
|
—British
Pound |
|
| |
BNP |
|
— BNP Paribas SA |
|
HKD |
|
—Hong
Kong Dollar |
|
| |
| |
|
See
Notes to Financial Statements.
116
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| CORPORATE BONDS
& NOTES — 30.9% |
|
|
| Advertising — 0.0%@ |
|
| $ |
215,000 |
|
|
B |
|
Clear Channel Outdoor Holdings Inc.,
Senior Secured Notes, 7.125% due 2/15/31(a) |
|
$ |
227,259 |
|
|
|
|
| |
| |
Lamar Media Corp., Company Guaranteed
Notes: |
|
|
| |
| |
175,000 |
|
|
BB |
|
4.000%
due 2/15/30 |
|
|
169,645 |
|
| |
20,000 |
|
|
BB |
|
5.375%
due 11/1/33(a) |
|
|
20,063 |
|
|
|
|
| |
| |
Outfront Media Capital LLC/Outfront
Media Capital Corp.: |
|
|
| |
| |
10,000 |
|
|
BB |
|
Senior
Secured Notes, 7.375% due 2/15/31(a) |
|
|
10,563 |
|
| |
125,000 |
|
|
B |
|
Senior
Unsecured Notes, 4.250% due 1/15/29(a) |
|
|
122,747 |
|
| |
135,000 |
|
|
BB- |
|
Stagwell Global LLC, Company Guaranteed
Notes, 5.625% due 8/15/29(a) |
|
|
124,636 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Advertising |
|
|
674,913 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Aerospace/Defense — 0.3% |
|
| |
150,000 |
|
|
BB |
|
ATI Inc., Senior Unsecured Notes,
5.875% due 12/1/27 |
|
|
150,596 |
|
|
|
|
| |
| |
Boeing Co. (The), Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB- |
|
6.298%
due 5/1/29 |
|
|
53,301 |
|
| |
100,000 |
|
|
BBB- |
|
5.150%
due 5/1/30 |
|
|
103,614 |
|
| |
50,000 |
|
|
BBB- |
|
3.625%
due 2/1/31 |
|
|
48,595 |
|
| |
100,000 |
|
|
BBB- |
|
3.600%
due 5/1/34 |
|
|
92,298 |
|
| |
50,000 |
|
|
BBB- |
|
6.528%
due 5/1/34 |
|
|
56,105 |
|
| |
25,000 |
|
|
BBB- |
|
3.500%
due 3/1/39 |
|
|
20,989 |
|
| |
630,000 |
|
|
BBB- |
|
5.805%
due 5/1/50 |
|
|
632,743 |
|
| |
100,000 |
|
|
BBB- |
|
3.950%
due 8/1/59 |
|
|
71,895 |
|
| |
101,000 |
|
|
BBB- |
|
5.930%
due 5/1/60 |
|
|
101,458 |
|
| |
59,000 |
|
|
BB- |
|
Bombardier Inc., Senior Unsecured
Notes, 6.000% due 2/15/28(a) |
|
|
59,037 |
|
|
|
|
| |
| |
General Dynamics Corp., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
2.850%
due 6/1/41 |
|
|
19,341 |
|
| |
25,000 |
|
|
A |
|
4.250%
due 4/1/50 |
|
|
21,697 |
|
| |
50,000 |
|
|
A- |
|
General Electric Co., Senior Unsecured
Notes, 5.875% due 1/14/38 |
|
|
54,972 |
|
|
|
|
| |
| |
L3Harris Technologies Inc., Senior
Unsecured Notes: |
|
|
| |
| |
261,000 |
|
|
BBB |
|
4.400%
due 6/15/28 |
|
|
263,010 |
|
| |
50,000 |
|
|
BBB |
|
5.600%
due 7/31/53 |
|
|
50,360 |
|
|
|
|
| |
| |
Lockheed Martin Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
5.000%
due 8/15/35 |
|
|
51,699 |
|
| |
50,000 |
|
|
A- |
|
4.070%
due 12/15/42 |
|
|
43,858 |
|
| |
50,000 |
|
|
A- |
|
3.800%
due 3/1/45 |
|
|
41,025 |
|
| |
50,000 |
|
|
A- |
|
4.700%
due 5/15/46 |
|
|
46,307 |
|
| |
25,000 |
|
|
A- |
|
2.800%
due 6/15/50 |
|
|
16,373 |
|
| |
50,000 |
|
|
A- |
|
4.090%
due 9/15/52 |
|
|
40,650 |
|
| |
24,000 |
|
|
A- |
|
4.150%
due 6/15/53 |
|
|
19,648 |
|
| |
25,000 |
|
|
A- |
|
5.700%
due 11/15/54 |
|
|
25,846 |
|
| |
50,000 |
|
|
A- |
|
5.200%
due 2/15/55 |
|
|
48,199 |
|
|
|
|
| |
| |
Northrop Grumman Corp., Senior
Unsecured Notes: |
|
|
| |
| |
600,000 |
|
|
BBB+ |
|
3.250%
due 1/15/28 |
|
|
594,157 |
|
| |
334,000 |
|
|
BBB+ |
|
4.700%
due 3/15/33 |
|
|
341,326 |
|
| |
64,000 |
|
|
BBB+ |
|
4.750%
due 6/1/43 |
|
|
60,340 |
|
| |
51,000 |
|
|
BBB+ |
|
4.030%
due 10/15/47 |
|
|
41,906 |
|
| |
280,000 |
|
|
BBB+ |
|
5.250%
due 5/1/50 |
|
|
270,733 |
|
|
|
|
| |
| |
RTX Corp., Senior Unsecured Notes: |
|
|
| |
| |
150,000 |
|
|
BBB+ |
|
3.500%
due 3/15/27 |
|
|
149,637 |
|
| |
100,000 |
|
|
BBB+ |
|
4.125%
due 11/16/28 |
|
|
100,663 |
|
| |
140,000 |
|
|
BBB+ |
|
5.750%
due 1/15/29 |
|
|
147,229 |
|
| |
116,000 |
|
|
BBB+ |
|
2.375%
due 3/15/32 |
|
|
104,644 |
|
| |
164,000 |
|
|
BBB+ |
|
6.100%
due 3/15/34 |
|
|
181,427 |
|
| |
25,000 |
|
|
BBB+ |
|
6.125%
due 7/15/38 |
|
|
27,885 |
|
| |
25,000 |
|
|
BBB+ |
|
4.450%
due 11/16/38 |
|
|
23,892 |
|
See
Notes to Financial Statements.
117
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Aerospace/Defense — 0.3% — (continued) |
|
| $ |
430,000 |
|
|
BBB+ |
|
4.500%
due 6/1/42 |
|
$ |
396,693 |
|
| |
76,000 |
|
|
BBB+ |
|
3.750%
due 11/1/46 |
|
|
60,323 |
|
| |
177,000 |
|
|
BBB+ |
|
2.820%
due 9/1/51 |
|
|
113,217 |
|
| |
100,000 |
|
|
BBB+ |
|
5.375%
due 2/27/53 |
|
|
97,655 |
|
|
|
|
| |
| |
TransDigm Inc., Senior Secured
Notes: |
|
|
| |
| |
265,000 |
|
|
BB- |
|
7.125%
due 12/1/31(a) |
|
|
278,097 |
|
| |
10,000 |
|
|
BB- |
|
6.625%
due 3/1/32(a) |
|
|
10,373 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Aerospace/Defense |
|
|
5,133,813 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Agriculture — 0.4% |
|
|
|
|
| |
| |
Altria Group Inc., Company Guaranteed
Notes: |
|
|
| |
| |
210,000 |
|
|
BBB+ |
|
6.200%
due 11/1/28 |
|
|
221,846 |
|
| |
300,000 |
|
|
BBB+ |
|
4.800%
due 2/14/29 |
|
|
306,624 |
|
| |
1,290,000 |
|
|
BBB+ |
|
2.450%
due 2/4/32 |
|
|
1,158,793 |
|
| |
669,000 |
|
|
BBB+ |
|
6.875%
due 11/1/33 |
|
|
763,162 |
|
| |
50,000 |
|
|
BBB+ |
|
5.800%
due 2/14/39 |
|
|
52,176 |
|
| |
320,000 |
|
|
BBB+ |
|
5.950%
due 2/14/49 |
|
|
324,756 |
|
| |
25,000 |
|
|
A |
|
Archer-Daniels-Midland Co., Senior
Unsecured Notes, 3.250% due 3/27/30 |
|
|
24,357 |
|
|
|
|
| |
| |
BAT Capital Corp., Company Guaranteed
Notes: |
|
|
| |
| |
224,000 |
|
|
BBB+ |
|
3.557%
due 8/15/27 |
|
|
222,988 |
|
| |
148,000 |
|
|
BBB+ |
|
2.259%
due 3/25/28 |
|
|
143,226 |
|
| |
105,000 |
|
|
BBB+ |
|
5.834%
due 2/20/31 |
|
|
112,375 |
|
| |
90,000 |
|
|
BBB+ |
|
6.000%
due 2/20/34 |
|
|
97,747 |
|
| |
50,000 |
|
|
BBB+ |
|
4.390%
due 8/15/37 |
|
|
46,805 |
|
| |
791,000 |
|
|
BBB+ |
|
4.540%
due 8/15/47 |
|
|
669,125 |
|
| |
368,000 |
|
|
BBB+ |
|
4.758%
due 9/6/49 |
|
|
317,626 |
|
| |
183,000 |
|
|
BBB+ |
|
7.081%
due 8/2/53 |
|
|
210,002 |
|
| |
770,000 |
|
|
BBB+ |
|
6.250%
due 8/15/55 |
|
|
804,553 |
|
|
|
|
| |
| |
BAT International Finance PLC, Company
Guaranteed Notes: |
|
|
| |
| |
110,000 |
|
|
BBB+ |
|
4.448%
due 3/16/28 |
|
|
111,102 |
|
| |
50,000 |
|
|
BBB+ |
|
5.931%
due 2/2/29 |
|
|
52,698 |
|
| |
145,000 |
|
|
BB+ |
|
Darling Ingredients Inc., Company
Guaranteed Notes, 5.250% due 4/15/27(a) |
|
|
145,153 |
|
| |
690,000 |
|
|
BBB |
|
Imperial Brands Finance PLC, Company
Guaranteed Notes, 5.875% due 7/1/34(a) |
|
|
730,584 |
|
|
|
|
| |
| |
Philip Morris International Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
234,000 |
|
|
A- |
|
5.125%
due 11/17/27 |
|
|
239,026 |
|
| |
180,000 |
|
|
A- |
|
4.875%
due 2/13/29 |
|
|
185,142 |
|
| |
210,000 |
|
|
A- |
|
2.100%
due 5/1/30 |
|
|
194,394 |
|
| |
40,000 |
|
|
A- |
|
5.125%
due 2/13/31 |
|
|
41,754 |
|
| |
50,000 |
|
|
A- |
|
5.375%
due 2/15/33 |
|
|
52,808 |
|
| |
25,000 |
|
|
A- |
|
5.625%
due 9/7/33 |
|
|
26,821 |
|
| |
190,000 |
|
|
A- |
|
5.250%
due 2/13/34 |
|
|
199,065 |
|
| |
25,000 |
|
|
A- |
|
6.375%
due 5/16/38 |
|
|
28,129 |
|
| |
25,000 |
|
|
A- |
|
3.875%
due 8/21/42 |
|
|
20,993 |
|
| |
25,000 |
|
|
A- |
|
4.125%
due 3/4/43 |
|
|
21,707 |
|
| |
25,000 |
|
|
A- |
|
4.250%
due 11/10/44 |
|
|
21,676 |
|
|
|
|
| |
| |
Reynolds American Inc., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
5.700%
due 8/15/35 |
|
|
26,405 |
|
| |
89,000 |
|
|
BBB+ |
|
5.850%
due 8/15/45 |
|
|
89,534 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Agriculture |
|
|
7,663,152 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Airlines — 0.3% |
|
| |
609,200 |
|
|
A- |
|
American Airlines Class A Pass-Through
Trust, Pass-Thru Certificates, 3.375% due 5/1/27 |
|
|
602,772 |
|
| |
35,833 |
|
|
Ba1(b) |
|
American
Airlines Inc./AAdvantage Loyalty IP Ltd., Senior Secured Notes, 5.500%
due 4/20/26(a) |
|
|
35,905 |
|
| |
1,184,213 |
|
|
AA |
|
British Airways Class AA Pass Through
Trust, Pass-Thru Certificates, 3.300% due 12/15/32(a) |
|
|
1,133,344 |
|
See
Notes to Financial Statements.
118
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Airlines — 0.3% — (continued) |
|
| $ |
335,567 |
|
|
AA |
|
Delta Air Lines Class AA Pass Through
Trust, Pass-Thru Certificates, 2.000% due 6/10/28 |
|
$ |
321,969 |
|
| |
2,287,083 |
|
|
A3(b) |
|
Delta Air Lines Inc./SkyMiles IP Ltd.,
Senior Secured Notes, 4.750% due 10/20/28(a) |
|
|
2,307,912 |
|
| |
95,000 |
|
|
B+ |
|
JetBlue Airways Corp./JetBlue Loyalty
LP, Senior Secured Notes, 9.875% due 9/20/31(a) |
|
|
96,860 |
|
| |
670,000 |
|
|
BBB |
|
Southwest Airlines Co., Senior
Unsecured Notes, 5.250% due 11/15/35 |
|
|
665,116 |
|
|
|
|
| |
| |
United Airlines Class AA Pass-Through
Trust, Pass-Thru Certificates: |
|
|
| |
| |
39,737 |
|
|
Aa2(b) |
|
4.150%
due 8/25/31 |
|
|
39,621 |
|
| |
46,987 |
|
|
AA |
|
5.450%
due 2/15/37 |
|
|
49,311 |
|
| |
195,000 |
|
|
BBB- |
|
United Airlines Inc., Senior Secured
Notes, 4.625% due 4/15/29(a) |
|
|
194,983 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Airlines |
|
|
5,447,793 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Apparel — 0.0%@ |
|
| |
495,000 |
|
|
BBB- |
|
Gildan Activewear Inc., Company
Guaranteed Notes, 5.400% due 10/7/35(a) |
|
|
501,481 |
|
|
|
|
| |
| |
NIKE Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A+ |
|
3.250%
due 3/27/40 |
|
|
20,624 |
|
| |
25,000 |
|
|
A+ |
|
3.875%
due 11/1/45 |
|
|
20,614 |
|
| |
50,000 |
|
|
A+ |
|
3.375%
due 3/27/50 |
|
|
36,655 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Apparel |
|
|
579,374 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Auto Manufacturers — 0.7% |
|
| |
185,000 |
|
|
Ba2(b) |
|
Allison Transmission Inc., Company
Guaranteed Notes, 5.875% due 6/1/29(a) |
|
|
187,243 |
|
| |
100,000 |
|
|
A- |
|
American Honda Finance Corp., Senior
Unsecured Notes, 4.900% due 3/12/27 |
|
|
101,131 |
|
|
|
|
| |
| |
Cummins Inc., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
5.300%
due 5/9/35 |
|
|
52,471 |
|
| |
25,000 |
|
|
A |
|
2.600%
due 9/1/50 |
|
|
15,572 |
|
|
|
|
| |
| |
Ford Motor Co., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB- |
|
4.750%
due 1/15/43 |
|
|
40,257 |
|
| |
50,000 |
|
|
BBB- |
|
5.291%
due 12/8/46 |
|
|
42,810 |
|
|
|
|
| |
| |
Ford Motor Credit Co. LLC, Senior
Unsecured Notes: |
|
|
| |
| |
890,000 |
|
|
BBB- |
|
5.125%
due 11/5/26 |
|
|
895,330 |
|
| |
200,000 |
|
|
BBB- |
|
5.800%
due 3/5/27 |
|
|
202,764 |
|
| |
460,000 |
|
|
BBB- |
|
2.900%
due 2/16/28 |
|
|
446,476 |
|
| |
220,000 |
|
|
BBB- |
|
2.900%
due 2/10/29 |
|
|
209,761 |
|
| |
200,000 |
|
|
BBB- |
|
5.875%
due 11/7/29 |
|
|
206,970 |
|
| |
1,000,000 |
|
|
BBB- |
|
4.000%
due 11/13/30 |
|
|
959,149 |
|
| |
648,000 |
|
|
BBB- |
|
5.753%
due 4/6/33 |
|
|
660,764 |
|
| |
230,000 |
|
|
BBB- |
|
7.122%
due 11/7/33 |
|
|
251,408 |
|
| |
1,290,000 |
|
|
BBB- |
|
5.869%
due 10/31/35 |
|
|
1,296,067 |
|
|
|
|
| |
| |
General Motors Co., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
5.600%
due 10/15/32 |
|
|
52,708 |
|
| |
50,000 |
|
|
BBB |
|
6.600%
due 4/1/36 |
|
|
54,897 |
|
| |
50,000 |
|
|
BBB |
|
5.150%
due 4/1/38 |
|
|
48,793 |
|
| |
260,000 |
|
|
BBB |
|
6.250%
due 10/2/43 |
|
|
267,440 |
|
| |
25,000 |
|
|
BBB |
|
5.200%
due 4/1/45 |
|
|
22,811 |
|
| |
25,000 |
|
|
BBB |
|
6.750%
due 4/1/46 |
|
|
27,062 |
|
| |
25,000 |
|
|
BBB |
|
5.400%
due 4/1/48 |
|
|
23,060 |
|
|
|
|
| |
| |
General Motors Financial Co., Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
5.350%
due 1/7/30 |
|
|
103,832 |
|
| |
100,000 |
|
|
BBB |
|
3.600%
due 6/21/30 |
|
|
97,209 |
|
| |
50,000 |
|
|
BBB |
|
5.950%
due 4/4/34 |
|
|
53,063 |
|
| |
50,000 |
|
|
BBB |
|
5.900%
due 1/7/35 |
|
|
52,626 |
|
| |
50,000 |
|
|
BBB |
|
6.150%
due 7/15/35 |
|
|
53,545 |
|
|
|
|
| |
|
|
|
| |
| |
Honda Motor Co., Ltd., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
2.534%
due 3/10/27 |
|
|
98,751 |
|
| |
100,000 |
|
|
A- |
|
4.688%
due 7/8/30 |
|
|
101,991 |
|
| |
50,000 |
|
|
A- |
|
5.337%
due 7/8/35 |
|
|
51,783 |
|
See
Notes to Financial Statements.
119
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Auto Manufacturers — 0.7% —
(continued) |
|
|
|
|
| |
|
|
|
| |
| |
Hyundai Capital America, Senior
Unsecured Notes: |
|
|
| |
| $ |
700,000 |
|
|
A- |
|
5.650%
due 6/26/26(a)(c) |
|
$ |
703,664 |
|
| |
305,000 |
|
|
A- |
|
5.300%
due 3/19/27(a) |
|
|
309,318 |
|
| |
800,000 |
|
|
A- |
|
5.800%
due 4/1/30(a) |
|
|
845,742 |
|
| |
800,000 |
|
|
A- |
|
4.500%
due 9/18/30(a) |
|
|
808,043 |
|
| |
1,470,000 |
|
|
A- |
|
5.400%
due 6/23/32(a) |
|
|
1,544,482 |
|
| |
900,000 |
EUR |
|
BBB- |
|
RCI
Banque SA, Senior Unsecured Notes, (Cost — $1,035,879, acquired 1/13/26),
3.625% due 11/3/32(d) |
|
|
1,060,432 |
|
|
|
|
| |
|
|
|
| |
| |
Toyota Motor Credit Corp., Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A+ |
|
3.050%
due 3/22/27 |
|
|
99,422 |
|
| |
150,000 |
|
|
A+ |
|
3.750%
due 1/12/28 |
|
|
150,283 |
|
| |
150,000 |
|
|
A+ |
|
2.150%
due 2/13/30 |
|
|
140,518 |
|
| |
100,000 |
|
|
A+ |
|
5.550%
due 11/20/30 |
|
|
106,625 |
|
| |
100,000 |
|
|
A+ |
|
5.350%
due 1/9/35 |
|
|
105,914 |
|
|
|
|
| |
| |
Volkswagen Group of America Finance
LLC, Company Guaranteed Notes: |
|
|
| |
| |
260,000 |
|
|
BBB+ |
|
4.750%
due 11/13/28(a) |
|
|
263,446 |
|
| |
580,000 |
|
|
BBB+ |
|
5.350%
due 3/27/30(a) |
|
|
601,705 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Auto Manufacturers |
|
|
13,417,338 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Auto Parts & Equipment — 0.1% |
|
|
|
|
| |
| |
Adient Global Holdings Ltd.: |
|
|
| |
| |
430,000 |
|
|
BB |
|
Company
Guaranteed Notes, 7.500% due 2/15/33(a) |
|
|
451,615 |
|
| |
195,000 |
|
|
BBB- |
|
Senior
Secured Notes, 7.000% due 4/15/28(a) |
|
|
198,969 |
|
|
|
|
| |
| |
Aptiv Swiss Holdings Ltd., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
3.100%
due 12/1/51 |
|
|
16,352 |
|
| |
25,000 |
|
|
BBB |
|
4.150%
due 5/1/52 |
|
|
19,415 |
|
| |
110,000 |
|
|
BB- |
|
Clarios Global LP/Clarios US Finance
Co., Senior Secured Notes, 6.750% due 2/15/30(a) |
|
|
115,275 |
|
| |
140,000 |
|
|
CCC+ |
|
Cooper-Standard Automotive Inc., Senior
Secured Notes, 9.250% due 3/1/31(a) |
|
|
140,707 |
|
| |
250,000 |
|
|
B+ |
|
Goodyear Tire & Rubber Co. (The),
Company Guaranteed Notes, 5.000% due 7/15/29 |
|
|
245,219 |
|
| |
175,000 |
|
|
BB+ |
|
Qnity Electronics Inc., Senior Secured
Notes, 5.750% due 8/15/32(a) |
|
|
179,548 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Auto Parts & Equipment |
|
|
1,367,100 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Automobile ABS — 0.1% |
|
| |
2,020,000 |
|
|
NR |
|
Camber
Credit Auto Trust, AUTO, 5.625% due 12/15/31(a)(e) |
|
|
2,020,000 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Banks — 7.4% |
|
|
|
|
| |
| |
ABN AMRO Bank NV: |
|
|
| |
| |
600,000 |
EUR |
|
Ba1u(b) |
|
Junior
Subordinated Notes, (Cost — $619,344, acquired 3/7/24), 4.750%
(5-Year
EUR Swap Rate + 3.898%)(d)(f)(g) |
|
|
720,186 |
|
| |
800,000 |
|
|
BBB |
|
Senior
Non-Preferred Notes, 2.470% (1-Year CMT Index + 1.100%) due
12/13/29(a)(f) |
|
|
765,591 |
|
|
|
|
| |
| |
AIB Group PLC, Senior Unsecured
Notes: |
|
|
| |
| |
1,025,000 |
|
|
BBB+ |
|
5.320%
(SOFR + 1.650%) due 5/15/31(a)(f) |
|
|
1,065,271 |
|
| |
200,000 |
|
|
BBB+ |
|
5.871%
(SOFR + 1.910%) due 3/28/35(a)(f) |
|
|
213,242 |
|
| |
800,000 |
|
|
A+ |
|
Banco Bilbao Vizcaya Argentaria SA,
Senior Preferred Notes, 5.381% due 3/13/29 |
|
|
832,779 |
|
| |
1,140,000 |
|
|
BB |
|
Banco Bradesco SA, Senior Unsecured
Notes, 5.375% due 1/20/31(a) |
|
|
1,147,980 |
|
| |
1,000,000 |
|
|
BB- |
|
Banco
Mercantil del Norte SA, Junior Subordinated Notes, 5.875%
(5-Year CMT
Index + 4.643%)(a)(f)(g) |
|
|
999,667 |
|
| |
720,000 |
|
|
Ba1(b) |
|
Banco
Nacional de Comercio Exterior SNC, Subordinated Notes, 2.720%
(5-Year
CMT Index + 2.000%) due 8/11/31(a)(f) |
|
|
714,941 |
|
| |
615,000 |
|
|
A- |
|
Banco Santander Chile, Senior Unsecured
Notes, 4.550% due 11/20/30(a) |
|
|
619,945 |
|
| |
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)(f) |
|
|
856,682 |
|
|
|
|
| |
| |
Banco Santander SA: |
|
|
| |
| |
400,000 |
|
|
BBB- |
|
Junior
Subordinated Notes, 9.625% (5-Year CMT Index + 5.306%)(f)(g) |
|
|
445,868 |
|
|
|
|
| |
| |
Senior
Non-Preferred Notes: |
|
|
| |
| |
600,000 |
|
|
A- |
|
4.551%
due 11/6/30 |
|
|
605,111 |
|
| |
200,000 |
|
|
A- |
|
5.127%
due 11/6/35 |
|
|
201,302 |
|
See
Notes to Financial Statements.
120
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 7.4% — (continued) |
|
|
|
|
| |
| |
Senior
Preferred Notes: |
|
|
| |
| $ |
800,000 |
|
|
A+ |
|
5.588%
due 8/8/28 |
|
$ |
829,554 |
|
| |
200,000 |
|
|
A+ |
|
6.938%
due 11/7/33 |
|
|
231,227 |
|
|
|
|
| |
| |
Bank of America Corp.: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
420,000 |
|
|
BBB- |
|
6.250%
(5-Year CMT Index + 2.351%)(f)(g) |
|
|
431,752 |
|
| |
841,000 |
|
|
BBB- |
|
6.625%
(5-Year CMT Index + 2.684%)(f)(g) |
|
|
881,021 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
740,000 |
|
|
A- |
|
1.658%
(SOFR + 0.910%) due 3/11/27(f) |
|
|
739,588 |
|
| |
230,000 |
|
|
A- |
|
4.376%
(SOFR + 1.580%) due 4/27/28(f) |
|
|
231,112 |
|
| |
150,000 |
|
|
A- |
|
3.593%
(3-Month Term SOFR + 1.632%) due 7/21/28(f) |
|
|
149,302 |
|
| |
100,000 |
|
|
A- |
|
4.948%
(SOFR + 2.040%) due 7/22/28(f) |
|
|
101,284 |
|
| |
100,000 |
|
|
A- |
|
6.204%
(SOFR + 1.990%) due 11/10/28(f) |
|
|
103,593 |
|
| |
535,000 |
|
|
A- |
|
3.419%
(3-Month Term SOFR + 1.302%) due 12/20/28(f) |
|
|
529,675 |
|
| |
3,850,000 |
|
|
A- |
|
3.970%
(3-Month Term SOFR + 1.332%) due 3/5/29(f) |
|
|
3,848,134 |
|
| |
100,000 |
|
|
A- |
|
2.087%
(SOFR + 1.060%) due 6/14/29(f) |
|
|
95,863 |
|
| |
100,000 |
|
|
A- |
|
4.271%
(3-Month Term SOFR + 1.572%) due 7/23/29(f) |
|
|
100,593 |
|
| |
141,000 |
|
|
A- |
|
5.819%
(SOFR + 1.570%) due 9/15/29(f) |
|
|
147,096 |
|
| |
659,000 |
|
|
A- |
|
3.974%
(3-Month Term SOFR + 1.472%) due 2/7/30(f) |
|
|
658,604 |
|
| |
583,000 |
|
|
A- |
|
2.592%
(SOFR + 2.150%) due 4/29/31(f) |
|
|
548,426 |
|
| |
585,000 |
|
|
A- |
|
1.922%
(SOFR + 1.370%) due 10/24/31(f) |
|
|
528,101 |
|
| |
790,000 |
|
|
A- |
|
2.687%
(SOFR + 1.320%) due 4/22/32(f) |
|
|
732,020 |
|
| |
600,000 |
|
|
A- |
|
2.572%
(SOFR + 1.210%) due 10/20/32(f) |
|
|
547,052 |
|
| |
752,000 |
|
|
A- |
|
2.972%
(SOFR + 1.330%) due 2/4/33(f) |
|
|
695,776 |
|
| |
1,490,000 |
|
|
A- |
|
4.571%
(SOFR + 1.830%) due 4/27/33(f) |
|
|
1,497,260 |
|
| |
411,000 |
|
|
A- |
|
5.872%
(SOFR + 1.840%) due 9/15/34(f) |
|
|
441,302 |
|
| |
655,000 |
|
|
A- |
|
5.468%
(SOFR + 1.650%) due 1/23/35(f) |
|
|
686,654 |
|
| |
200,000 |
|
|
A- |
|
5.511%
(SOFR + 1.310%) due 1/24/36(f) |
|
|
210,003 |
|
| |
860,000 |
|
|
A- |
|
5.045%
(SOFR + 1.130%) due 2/6/37(f) |
|
|
872,716 |
|
| |
250,000 |
|
|
A- |
|
4.244%
(3-Month Term SOFR + 2.076%) due 4/24/38(f) |
|
|
234,617 |
|
| |
350,000 |
|
|
A- |
|
2.676%
(SOFR + 1.930%) due 6/19/41(f) |
|
|
260,263 |
|
| |
360,000 |
|
|
A- |
|
4.330%
(3-Month Term SOFR + 1.782%) due 3/15/50(f) |
|
|
306,393 |
|
| |
360,000 |
|
|
A- |
|
4.083%
(3-Month Term SOFR + 3.412%) due 3/20/51(f) |
|
|
292,161 |
|
| |
50,000 |
|
|
A- |
|
2.831%
(SOFR + 1.880%) due 10/24/51(f) |
|
|
32,252 |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| |
20,000 |
|
|
BBB+ |
|
4.250%
due 10/22/26 |
|
|
20,039 |
|
| |
100,000 |
|
|
BBB+ |
|
4.183%
due 11/25/27 |
|
|
100,105 |
|
| |
790,000 |
|
|
BBB+ |
|
5.425%
(SOFR + 1.913%) due 8/15/35(f) |
|
|
809,749 |
|
| |
1,730,000 |
|
|
BBB+ |
|
5.518%
(SOFR + 1.738%) due 10/25/35(f) |
|
|
1,776,601 |
|
| |
770,000 |
|
|
BBB+ |
|
2.482%
(5-Year CMT Index + 1.200%) due 9/21/36(f) |
|
|
681,938 |
|
| |
680,000 |
|
|
BBB+ |
|
3.846%
(5-Year CMT Index + 2.000%) due 3/8/37(f) |
|
|
643,994 |
|
| |
100,000 |
|
|
A- |
|
Bank of Montreal, Senior Unsecured
Notes, 2.650% due 3/8/27 |
|
|
98,989 |
|
|
|
|
| |
| |
Bank of New York Mellon Corp. (The): |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
390,000 |
|
|
A |
|
4.289%
(SOFR + 1.418%) due 6/13/33(f) |
|
|
387,311 |
|
| |
50,000 |
|
|
A |
|
4.967%
(SOFR + 1.606%) due 4/26/34(f) |
|
|
51,386 |
|
| |
100,000 |
|
|
A |
|
5.188%
(SOFR + 1.418%) due 3/14/35(f) |
|
|
104,081 |
|
| |
200,000 |
|
|
A- |
|
Subordinated
Notes, 3.000% due 10/30/28 |
|
|
195,402 |
|
|
|
|
| |
| |
Bank of Nova Scotia (The): |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
2.951%
due 3/11/27 |
|
|
49,643 |
|
| |
100,000 |
|
|
A- |
|
5.650%
due 2/1/34 |
|
|
107,246 |
|
| |
180,000 |
|
|
BBB+ |
|
Subordinated
Notes, 4.588% (5-Year CMT Index + 2.050%) due 5/4/37(f) |
|
|
177,198 |
|
| |
1,500,000 |
|
|
A+ |
|
Banque Federative du Credit Mutuel SA,
Senior Preferred Notes, 5.194% due 2/16/28(a) |
|
|
1,534,639 |
|
See
Notes to Financial Statements.
121
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 7.4% — (continued) |
|
|
|
|
| |
| |
Barclays PLC, Senior Unsecured
Notes: |
|
|
| |
| $ |
2,050,000 |
|
|
BBB+ |
|
4.972%
(3-Month USD-LIBOR + 1.902%) due 5/16/29(f) |
|
$ |
2,086,985 |
|
| |
200,000 |
|
|
BBB+ |
|
6.490%
(SOFR + 2.220%) due 9/13/29(f) |
|
|
211,274 |
|
| |
2,305,000 |
|
|
BBB+ |
|
5.367%
(SOFR + 1.230%) due 2/25/31(f) |
|
|
2,393,574 |
|
| |
400,000 |
|
|
BBB+ |
|
4.521%
(SOFR + 1.135%) due 2/24/32(f) |
|
|
400,692 |
|
| |
200,000 |
|
|
BBB+ |
|
2.894%
(1-Year CMT Index + 1.300%) due 11/24/32(f) |
|
|
183,613 |
|
| |
200,000 |
|
|
BBB+ |
|
6.224%
(SOFR + 2.980%) due 5/9/34(f) |
|
|
216,607 |
|
| |
930,000 |
|
|
BBB+ |
|
5.207%
(SOFR + 1.506%) due 2/24/37(f) |
|
|
930,061 |
|
| |
200,000 |
|
|
BBB+ |
|
5.860%
(SOFR + 1.830%) due 8/11/46(f) |
|
|
206,797 |
|
| |
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%)(d)(f)(g) |
|
|
762,823 |
|
|
|
|
| |
| |
BNP Paribas SA: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
1,135,000 |
|
|
BBB- |
|
6.875%
(5-Year CMT Index + 2.853%)(a)(f)(g) |
|
|
1,141,426 |
|
| |
550,000 |
|
|
BBB- |
|
7.750%
(5-Year CMT Index + 4.899%)(a)(f)(g) |
|
|
585,694 |
|
| |
200,000 |
|
|
BBB- |
|
8.000%
(5-Year CMT Index + 3.727%)(a)(f)(g) |
|
|
219,233 |
|
|
|
|
| |
| |
Senior
Non-Preferred Notes: |
|
|
| |
| |
950,000 |
|
|
A- |
|
4.400%
due 8/14/28(a) |
|
|
956,651 |
|
| |
200,000 |
|
|
A- |
|
2.871%
(3-Month Term SOFR + 1.387%) due 4/19/32(a)(f) |
|
|
185,250 |
|
| |
600,000 |
|
|
A+ |
|
Senior
Preferred Notes, 5.894% (SOFR + 1.866%) due 12/5/34(a)(f) |
|
|
644,019 |
|
| |
200,000 |
|
|
BBB+ |
|
Subordinated
Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(f) |
|
|
199,227 |
|
|
|
|
| |
| |
BPCE SA, Senior Non-Preferred Notes: |
|
|
| |
| |
1,120,000 |
|
|
BBB+ |
|
6.714%
(SOFR + 2.270%) due 10/19/29(a)(f) |
|
|
1,189,851 |
|
| |
1,375,000 |
|
|
BBB+ |
|
5.936%
(SOFR + 1.850%) due 5/30/35(a)(f) |
|
|
1,453,049 |
|
|
|
|
| |
| |
CaixaBank SA: |
|
|
| |
| |
200,000 |
|
|
BBB+ |
|
Senior
Non-Preferred Notes, 5.581% (SOFR + 1.790%) due 7/3/36(a)(f) |
|
|
207,660 |
|
| |
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(d)(f) |
|
|
1,123,379 |
|
| |
1,665,000 |
|
|
A- |
|
Canadian
Imperial Bank of Commerce, Senior Unsecured Notes, 4.283%
(SOFR +
0.790%) due 1/29/30(f) |
|
|
1,676,673 |
|
|
|
|
| |
| |
Citigroup Inc.: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
1,135,000 |
|
|
BB+ |
|
6.625%
(5-Year CMT Index + 3.001%)(f)(g) |
|
|
1,174,134 |
|
| |
210,000 |
|
|
BB+ |
|
6.950%
(5-Year CMT Index + 2.726%)(f)(g) |
|
|
216,396 |
|
| |
700,000 |
|
|
BB+ |
|
7.125%
(5-Year CMT Index + 2.693%)(f)(g) |
|
|
725,608 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
70,000 |
|
|
BBB+ |
|
4.658%
(SOFR + 1.887%) due 5/24/28(f) |
|
|
70,497 |
|
| |
2,540,000 |
|
|
BBB+ |
|
3.520%
(3-Month Term SOFR + 1.413%) due 10/27/28(f) |
|
|
2,521,620 |
|
| |
100,000 |
|
|
BBB+ |
|
3.980%
(3-Month Term SOFR + 1.600%) due 3/20/30(f) |
|
|
99,692 |
|
| |
550,000 |
|
|
BBB+ |
|
4.412%
(SOFR + 3.914%) due 3/31/31(f) |
|
|
553,077 |
|
| |
70,000 |
|
|
BBB+ |
|
2.572%
(SOFR + 2.107%) due 6/3/31(f) |
|
|
65,458 |
|
| |
70,000 |
|
|
BBB+ |
|
4.503%
(SOFR + 1.171%) due 9/11/31(f) |
|
|
70,583 |
|
| |
690,000 |
|
|
BBB+ |
|
2.561%
(SOFR + 1.167%) due 5/1/32(f) |
|
|
632,191 |
|
| |
160,000 |
|
|
BBB+ |
|
2.520%
(SOFR + 1.177%) due 11/3/32(f) |
|
|
144,837 |
|
| |
250,000 |
|
|
BBB+ |
|
3.785%
(SOFR + 1.939%) due 3/17/33(f) |
|
|
240,714 |
|
| |
220,000 |
|
|
BBB+ |
|
4.910%
(SOFR + 2.086%) due 5/24/33(f) |
|
|
224,668 |
|
| |
2,230,000 |
|
|
BBB+ |
|
5.174%
(SOFR + 1.488%) due 9/11/36(f) |
|
|
2,270,268 |
|
| |
70,000 |
|
|
BBB+ |
|
4.650%
due 7/23/48 |
|
|
62,528 |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| |
890,000 |
|
|
BBB |
|
4.300%
due 11/20/26 |
|
|
891,733 |
|
| |
30,000 |
|
|
BBB |
|
6.625%
due 6/15/32 |
|
|
33,436 |
|
| |
100,000 |
|
|
BBB |
|
6.675%
due 9/13/43 |
|
|
113,099 |
|
| |
286,000 |
|
|
BBB |
|
5.300%
due 5/6/44 |
|
|
278,094 |
|
| |
1,945,000 |
|
|
A- |
|
Commonwealth
Bank of Australia, Subordinated Notes, 5.929%
(1-Year CMT Index +
1.320%) due 3/14/46(a)(f) |
|
|
2,034,219 |
|
See
Notes to Financial Statements.
122
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 7.4% — (continued) |
|
| $ |
270,000 |
|
|
A- |
|
Cooperatieve
Rabobank UA, Senior Non-Preferred Notes, 3.758%
(1-Year CMT Index +
1.420%) due 4/6/33(a)(f) |
|
$ |
259,557 |
|
|
|
|
| |
| |
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%)(d)(f)(g) |
|
|
1,273,357 |
|
|
|
|
| |
| |
Senior
Non-Preferred Notes: |
|
|
| |
| |
915,000 |
|
|
A- |
|
5.222%
(SOFR + 1.460%) due 5/27/31(a)(f) |
|
|
946,800 |
|
| |
890,000 |
|
|
A- |
|
4.818%
(SOFR + 1.360%) due 9/25/33(a)(f) |
|
|
897,474 |
|
| |
490,000 |
|
|
A- |
|
5.862%
(SOFR + 1.740%) due 1/9/36(a)(f) |
|
|
521,001 |
|
|
|
|
| |
| |
Danske Bank AS, Senior Non-Preferred
Notes: |
|
|
| |
| |
2,100,000 |
|
|
A- |
|
4.298%
(1-Year CMT Index + 1.750%) due 4/1/28(a)(f) |
|
|
2,108,214 |
|
| |
1,250,000 |
|
|
A- |
|
5.705%
(1-Year CMT Index + 1.400%) due 3/1/30(a)(f) |
|
|
1,305,211 |
|
| |
310,000 |
|
|
A- |
|
4.613%
(1-Year CMT Index + 1.100%) due 10/2/30(a)(f) |
|
|
314,226 |
|
|
|
|
| |
| |
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(d)(f) |
|
|
250,997 |
|
| |
150,000 |
|
|
BBB |
|
5.297%
(SOFR + 1.720%) due 5/9/31(f) |
|
|
154,974 |
|
| |
150,000 |
|
|
BBB |
|
4.725%
(SOFR + 1.135%) due 2/6/32(f) |
|
|
151,350 |
|
| |
1,600,000 |
|
|
A |
|
Senior
Preferred Notes, 4.469% (SOFR + 1.100%) due 12/10/31(f) |
|
|
1,610,133 |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| |
400,000 |
|
|
BBB- |
|
3.742%
(SOFR + 2.257%) due 1/7/33(f) |
|
|
375,455 |
|
| |
310,000 |
|
|
BBB- |
|
7.079%
(SOFR + 3.650%) due 2/10/34(f) |
|
|
341,678 |
|
| |
300,000 |
|
|
AA- |
|
DNB Bank ASA, Senior Preferred Notes,
4.853% (SOFR + 1.050%) due 11/5/30(a)(f) |
|
|
308,448 |
|
|
|
|
| |
| |
Fifth Third Bancorp, Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
BBB+ |
|
2.550%
due 5/5/27 |
|
|
98,510 |
|
| |
100,000 |
|
|
BBB+ |
|
6.339%
(SOFR + 2.340%) due 7/27/29(f) |
|
|
105,187 |
|
| |
175,000 |
|
|
BBB+ |
|
4.566%
(SOFR + 0.950%) due 4/29/32(f) |
|
|
176,107 |
|
|
|
|
| |
| |
Goldman Sachs Group Inc. (The): |
|
|
| |
| |
590,000 |
|
|
BB+ |
|
Junior
Subordinated Notes, 7.500% (5-Year CMT Index + 2.809%)(f)(g) |
|
|
628,378 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
150,000 |
|
|
BBB+ |
|
3.500%
due 11/16/26 |
|
|
149,731 |
|
| |
70,000 |
|
|
BBB+ |
|
3.615%
(SOFR + 1.846%) due 3/15/28(f) |
|
|
69,682 |
|
| |
791,000 |
|
|
BBB+ |
|
3.814%
(3-Month Term SOFR + 1.420%) due 4/23/29(f) |
|
|
786,739 |
|
| |
2,394,000 |
|
|
BBB+ |
|
4.223%
(3-Month Term SOFR + 1.563%) due 5/1/29(f) |
|
|
2,401,881 |
|
| |
174,000 |
|
|
BBB+ |
|
6.484%
(SOFR + 1.770%) due 10/24/29(f) |
|
|
184,303 |
|
| |
400,000 |
|
|
BBB+ |
|
5.218%
(SOFR + 1.580%) due 4/23/31(f) |
|
|
414,235 |
|
| |
1,950,000 |
|
|
BBB+ |
|
4.369%
(SOFR + 1.060%) due 10/21/31(f) |
|
|
1,952,039 |
|
| |
1,075,000 |
|
|
BBB+ |
|
4.516%
(SOFR + 0.960%) due 1/21/32(f) |
|
|
1,082,082 |
|
| |
57,000 |
|
|
BBB+ |
|
1.992%
(SOFR + 1.090%) due 1/27/32(f) |
|
|
51,026 |
|
| |
984,000 |
|
|
BBB+ |
|
2.615%
(SOFR + 1.281%) due 4/22/32(f) |
|
|
904,550 |
|
| |
1,800,000 |
|
|
BBB+ |
|
2.383%
(SOFR + 1.248%) due 7/21/32(f) |
|
|
1,624,454 |
|
| |
288,000 |
|
|
BBB+ |
|
2.650%
(SOFR + 1.264%) due 10/21/32(f) |
|
|
262,471 |
|
| |
284,000 |
|
|
BBB+ |
|
6.561%
(SOFR + 1.950%) due 10/24/34(f) |
|
|
316,884 |
|
| |
340,000 |
|
|
BBB+ |
|
5.330%
(SOFR + 1.550%) due 7/23/35(f) |
|
|
351,150 |
|
| |
430,000 |
|
|
BBB+ |
|
4.939%
(SOFR + 1.330%) due 10/21/36(f) |
|
|
428,631 |
|
| |
2,127,000 |
|
|
BBB+ |
|
5.065%
(SOFR + 1.190%) due 1/21/37(f) |
|
|
2,142,670 |
|
| |
50,000 |
|
|
BBB+ |
|
4.017%
(3-Month Term SOFR + 1.635%) due 10/31/38(f) |
|
|
45,211 |
|
| |
50,000 |
|
|
BBB+ |
|
4.411%
(3-Month Term SOFR + 1.692%) due 4/23/39(f) |
|
|
46,586 |
|
| |
210,000 |
|
|
BBB+ |
|
6.250%
due 2/1/41 |
|
|
229,596 |
|
| |
330,000 |
|
|
BBB+ |
|
3.210%
(SOFR + 1.513%) due 4/22/42(f) |
|
|
255,078 |
|
| |
10,000 |
|
|
BBB+ |
|
2.908%
(SOFR + 1.472%) due 7/21/42(f) |
|
|
7,402 |
|
| |
300,000 |
|
|
BBB+ |
|
3.436%
(SOFR + 1.632%) due 2/24/43(f) |
|
|
236,034 |
|
| |
100,000 |
|
|
BBB+ |
|
5.734%
(SOFR + 1.696%) due 1/28/56(f) |
|
|
101,505 |
|
See
Notes to Financial Statements.
123
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 7.4% — (continued) |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| $ |
150,000 |
|
|
BBB |
|
6.750%
due 10/1/37 |
|
$ |
168,544 |
|
| |
290,000 |
|
|
BBB |
|
5.150%
due 5/22/45 |
|
|
274,188 |
|
|
|
|
| |
| |
HSBC Holdings PLC: |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
A- |
|
4.041%
(3-Month Term SOFR + 1.808%) due 3/13/28(f) |
|
|
200,154 |
|
| |
200,000 |
|
|
A- |
|
4.583%
(3-Month Term SOFR + 1.796%) due 6/19/29(f) |
|
|
202,125 |
|
| |
900,000 |
|
|
A- |
|
5.286%
(SOFR + 1.290%) due 11/19/30(f) |
|
|
933,347 |
|
| |
2,045,000 |
|
|
A- |
|
5.240%
(SOFR + 1.570%) due 5/13/31(f) |
|
|
2,119,368 |
|
| |
295,000 |
|
|
A- |
|
4.619%
(SOFR + 1.190%) due 11/6/31(f) |
|
|
298,513 |
|
| |
1,030,000 |
|
|
A- |
|
2.804%
(SOFR + 1.187%) due 5/24/32(f) |
|
|
951,767 |
|
| |
400,000 |
|
|
A- |
|
5.402%
(SOFR + 2.870%) due 8/11/33(f) |
|
|
417,980 |
|
| |
200,000 |
|
|
A- |
|
6.254%
(SOFR + 2.390%) due 3/9/34(f) |
|
|
218,777 |
|
| |
305,000 |
|
|
A- |
|
5.133%
(SOFR + 1.430%) due 11/6/36(f) |
|
|
308,177 |
|
| |
200,000 |
|
|
A- |
|
6.332%
(SOFR + 2.650%) due 3/9/44(f) |
|
|
221,012 |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| |
220,000 |
|
|
BBB+ |
|
4.762%
(SOFR + 2.530%) due 3/29/33(f) |
|
|
220,617 |
|
| |
200,000 |
|
|
BBB+ |
|
6.547%
(SOFR + 2.980%) due 6/20/34(f) |
|
|
217,387 |
|
| |
100,000 |
|
|
BBB+ |
|
6.500%
due 9/15/37 |
|
|
109,712 |
|
| |
200,000 |
|
|
A- |
|
HSBC USA Inc., Senior Unsecured Notes,
5.294% due 3/4/27 |
|
|
202,980 |
|
| |
350,000 |
|
|
BBB- |
|
Intesa
Sanpaolo SpA, Subordinated Notes, 4.950%
(1-Year CMT Index + 2.750%)
due 6/1/42(a)(f) |
|
|
312,471 |
|
|
|
|
| |
| |
JPMorgan Chase & Co.: |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
53,000 |
|
|
A |
|
5.299%
(SOFR + 1.450%) due 7/24/29(f) |
|
|
54,569 |
|
| |
2,082,000 |
|
|
A |
|
5.012%
(SOFR + 1.310%) due 1/23/30(f) |
|
|
2,140,213 |
|
| |
46,000 |
|
|
A |
|
4.565%
(SOFR + 1.750%) due 6/14/30(f) |
|
|
46,743 |
|
| |
1,330,000 |
|
|
A |
|
2.739%
(3-Month Term SOFR + 1.510%) due 10/15/30(f) |
|
|
1,272,235 |
|
| |
200,000 |
|
|
A |
|
5.103%
(SOFR + 1.435%) due 4/22/31(f) |
|
|
207,556 |
|
| |
495,000 |
|
|
A |
|
4.347%
(SOFR + 0.840%) due 1/22/32(f) |
|
|
497,794 |
|
| |
1,955,000 |
|
|
A |
|
2.580%
(3-Month Term SOFR + 1.250%) due 4/22/32(f) |
|
|
1,805,295 |
|
| |
872,000 |
|
|
A |
|
5.350%
(SOFR + 1.845%) due 6/1/34(f) |
|
|
912,310 |
|
| |
100,000 |
|
|
A |
|
5.502%
(SOFR + 1.315%) due 1/24/36(f) |
|
|
105,297 |
|
| |
400,000 |
|
|
A |
|
5.572%
(SOFR + 1.680%) due 4/22/36(f) |
|
|
423,099 |
|
| |
100,000 |
|
|
A |
|
4.898%
(SOFR + 1.070%) due 1/22/37(f) |
|
|
100,585 |
|
| |
50,000 |
|
|
A |
|
3.882%
(3-Month Term SOFR + 1.622%) due 7/24/38(f) |
|
|
45,318 |
|
| |
150,000 |
|
|
A |
|
3.109%
(SOFR + 2.440%) due 4/22/51(f) |
|
|
103,071 |
|
| |
200,000 |
|
|
A |
|
3.328%
(SOFR + 1.580%) due 4/22/52(f) |
|
|
143,088 |
|
| |
3,085,000 |
|
|
A- |
|
Subordinated
Notes, 5.576% (SOFR + 1.635%) due 7/23/36(f) |
|
|
3,207,265 |
|
| |
800,000 |
EUR |
|
BBB- |
|
KBC
Group NV, Junior Subordinated Notes, (Cost — $940,004, acquired 3/8/24),
8.000%
(5-Year EURIBOR ICE Swap + 4.928%)(d)(f)(g) |
|
|
1,039,341 |
|
|
|
|
| |
| |
Kreditanstalt fuer Wiederaufbau,
Government Guaranteed Notes: |
|
|
| |
| |
400,000 |
|
|
AAA |
|
4.375%
due 3/1/27 |
|
|
403,420 |
|
| |
200,000 |
|
|
AAA |
|
3.750%
due 2/15/28 |
|
|
201,386 |
|
| |
200,000 |
|
|
AAA |
|
4.625%
due 3/18/30 |
|
|
208,731 |
|
| |
200,000 |
|
|
AAA |
|
3.750%
due 3/14/31 |
|
|
202,138 |
|
|
|
|
| |
| |
Lloyds Banking Group PLC: |
|
|
| |
| |
665,000 |
|
|
BBB- |
|
Junior
Subordinated Notes, 6.750% (5-Year CMT Index + 4.815%)(f)(g) |
|
|
671,932 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
A- |
|
4.375%
due 3/22/28 |
|
|
201,737 |
|
| |
400,000 |
|
|
A- |
|
5.679%
(1-Year CMT Index + 1.750%) due 1/5/35(f) |
|
|
424,182 |
|
| |
345,000 |
|
|
A- |
|
4.943%
(1-Year CMT Index + 0.970%) due 11/4/36(f) |
|
|
343,903 |
|
|
|
|
| |
| |
M&T Bank Corp., Senior Unsecured
Notes: |
|
|
| |
| |
199,000 |
|
|
BBB+ |
|
6.082%
(SOFR + 2.260%) due 3/13/32(f) |
|
|
213,042 |
|
| |
244,000 |
|
|
BBB+ |
|
5.385%
(SOFR + 1.610%) due 1/16/36(f) |
|
|
250,985 |
|
See
Notes to Financial Statements.
124
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 7.4% — (continued) |
|
|
|
|
| |
| |
Mizuho Financial Group Inc., Senior
Unsecured Notes: |
|
|
| |
| $ |
200,000 |
|
|
A- |
|
2.201%
(3-Month Term SOFR + 1.772%) due 7/10/31(f) |
|
$ |
184,103 |
|
| |
200,000 |
|
|
A- |
|
5.748%
(1-Year CMT Index + 1.900%) due 7/6/34(f) |
|
|
213,819 |
|
| |
200,000 |
|
|
A- |
|
5.422%
(1-Year CMT Index + 0.980%) due 5/13/36(f) |
|
|
209,334 |
|
| |
1,500,000 |
|
|
A- |
|
National
Australia Bank Ltd., Subordinated Notes, 3.347%
(5-Year CMT Index +
1.700%) due 1/12/37(a)(f) |
|
|
1,392,905 |
|
|
|
|
| |
| |
NatWest Group PLC, Senior Unsecured
Notes: |
|
|
| |
| |
400,000 |
|
|
A- |
|
5.076%
(3-Month USD-LIBOR + 1.905%) due 1/27/30(f) |
|
|
410,601 |
|
| |
915,000 |
|
|
A- |
|
5.115%
(1-Year CMT Index + 1.050%) due 5/23/31(f) |
|
|
944,269 |
|
| |
500,000 |
|
|
A |
|
NatWest Markets PLC, Senior Unsecured
Notes, 1.600% due 9/29/26(a) |
|
|
493,402 |
|
| |
150,000 |
|
|
AA+ |
|
Oesterreichische Kontrollbank AG,
Government Guaranteed Notes, 4.000% due 5/28/28 |
|
|
151,867 |
|
|
|
|
| |
| |
PNC Financial Services Group Inc.
(The): |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
420,000 |
|
|
A- |
|
5.582%
(SOFR + 1.841%) due 6/12/29(f) |
|
|
435,473 |
|
| |
50,000 |
|
|
A- |
|
2.550%
due 1/22/30 |
|
|
47,451 |
|
| |
100,000 |
|
|
A- |
|
5.222%
(SOFR + 1.072%) due 1/29/31(f) |
|
|
104,054 |
|
| |
50,000 |
|
|
A- |
|
6.037%
(SOFR + 2.140%) due 10/28/33(f) |
|
|
54,337 |
|
| |
50,000 |
|
|
A- |
|
5.068%
(SOFR + 1.933%) due 1/24/34(f) |
|
|
51,696 |
|
| |
200,000 |
|
|
A- |
|
6.875%
(SOFR + 2.284%) due 10/20/34(f) |
|
|
227,836 |
|
| |
50,000 |
|
|
A- |
|
5.676%
(SOFR + 1.902%) due 1/22/35(f) |
|
|
53,085 |
|
| |
25,000 |
|
|
A- |
|
5.401%
(SOFR + 1.599%) due 7/23/35(f) |
|
|
26,050 |
|
| |
160,000 |
|
|
A- |
|
5.373%
(SOFR + 1.417%) due 7/21/36(f) |
|
|
165,971 |
|
| |
320,000 |
|
|
BBB+ |
|
Subordinated
Notes, 5.423% (5-Year CMT Index + 1.170%) due 1/25/41(f) |
|
|
323,656 |
|
| |
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(d)(f) |
|
|
1,003,474 |
|
|
|
|
| |
| |
Royal Bank of Canada, Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
4.950%
due 2/1/29 |
|
|
103,228 |
|
| |
200,000 |
|
|
A |
|
5.153%
(SOFR + 1.030%) due 2/4/31(f) |
|
|
207,507 |
|
| |
100,000 |
|
|
A |
|
5.150%
due 2/1/34 |
|
|
105,342 |
|
| |
89,000 |
|
|
BBB+ |
|
Santander
Holdings USA Inc., Senior Unsecured Notes, 6.174%
(SOFR + 2.500%) due
1/9/30(f) |
|
|
92,977 |
|
| |
950,000 |
|
|
BBB |
|
Santander
UK Group Holdings PLC, Senior Unsecured Notes, 4.858%
(SOFR + 1.554%)
due 9/11/30(f) |
|
|
969,070 |
|
|
|
|
| |
| |
Societe Generale SA, Senior
Non-Preferred Notes: |
|
|
| |
| |
1,080,000 |
|
|
BBB |
|
5.512%
(SOFR + 1.650%) due 5/22/31(a)(f) |
|
|
1,124,613 |
|
| |
540,000 |
|
|
BBB |
|
6.066%
(1-Year CMT Index + 2.100%) due 1/19/35(a)(f) |
|
|
576,352 |
|
| |
410,000 |
|
|
BBB |
|
5.400%
(SOFR + 1.601%) due 4/10/37(a)(f) |
|
|
412,742 |
|
|
|
|
| |
| |
State Street Corp.: |
|
|
| |
| |
62,000 |
|
|
BBB |
|
Junior
Subordinated Notes, 6.700% (5-Year CMT Index + 2.613%)(f)(g) |
|
|
64,965 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
4.530%
(SOFR + 1.018%) due 2/20/29(f) |
|
|
101,380 |
|
| |
100,000 |
|
|
A |
|
5.684%
(SOFR + 1.484%) due 11/21/29(f) |
|
|
104,658 |
|
| |
50,000 |
|
|
A |
|
4.164%
(SOFR + 1.726%) due 8/4/33(f) |
|
|
49,384 |
|
|
|
|
| |
| |
Sumitomo Mitsui Financial Group Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
A- |
|
2.130%
due 7/8/30 |
|
|
184,264 |
|
| |
200,000 |
|
|
A- |
|
5.808%
due 9/14/33 |
|
|
216,221 |
|
| |
200,000 |
|
|
A- |
|
5.570%
(SOFR + 1.360%) due 1/15/47(f) |
|
|
204,040 |
|
|
|
|
| |
| |
Toronto-Dominion Bank (The), Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
2.800%
due 3/10/27 |
|
|
99,106 |
|
| |
100,000 |
|
|
A- |
|
5.298%
due 1/30/32 |
|
|
105,349 |
|
| |
300,000 |
|
|
A- |
|
4.456%
due 6/8/32 |
|
|
302,966 |
|
|
|
|
| |
| |
Truist Financial Corp., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
5.122%
(SOFR + 1.852%) due 1/26/34(f) |
|
|
51,305 |
|
| |
25,000 |
|
|
A- |
|
5.867%
(SOFR + 2.361%) due 6/8/34(f) |
|
|
26,771 |
|
| |
800,000 |
|
|
A- |
|
5.711%
(SOFR + 1.922%) due 1/24/35(f) |
|
|
849,450 |
|
See
Notes to Financial Statements.
125
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 7.4% — (continued) |
|
|
|
|
| |
| |
UBS Group AG: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| $ |
250,000 |
|
|
BBB- |
|
4.875%
(5-Year CMT Index + 3.404%)(a)(f)(g) |
|
$ |
249,134 |
|
| |
795,000 |
|
|
BBB- |
|
6.850%
(5-Year USD SOFR ICE Swap Rate + 3.630%)(a)(f)(g) |
|
|
814,534 |
|
| |
200,000 |
|
|
BBB- |
|
9.250%
(5-Year CMT Index + 4.745%)(a)(f)(g) |
|
|
218,704 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
500,000 |
|
|
A- |
|
4.703%
(1-Year CMT Index + 2.050%) due 8/5/27(a)(f) |
|
|
501,505 |
|
| |
1,500,000 |
|
|
A- |
|
1.494%
(1-Year CMT Index + 0.850%) due 8/10/27(a)(f) |
|
|
1,483,389 |
|
| |
500,000 |
|
|
A- |
|
4.751%
(1-Year CMT Index + 1.750%) due 5/12/28(a)(f) |
|
|
504,140 |
|
| |
1,415,000 |
|
|
A- |
|
3.091%
(SOFR + 1.730%) due 5/14/32(a)(f) |
|
|
1,325,015 |
|
| |
200,000 |
|
|
A- |
|
5.010%
(SOFR + 1.340%) due 3/23/37(a)(f) |
|
|
199,502 |
|
|
|
|
| |
| |
US Bancorp, Senior Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
A |
|
4.548%
(SOFR + 1.660%) due 7/22/28(f) |
|
|
201,806 |
|
| |
155,000 |
|
|
A |
|
5.083%
(SOFR + 1.296%) due 5/15/31(f) |
|
|
160,403 |
|
| |
50,000 |
|
|
A |
|
5.850%
(SOFR + 2.090%) due 10/21/33(f) |
|
|
53,917 |
|
| |
50,000 |
|
|
A |
|
4.839%
(SOFR + 1.600%) due 2/1/34(f) |
|
|
50,757 |
|
| |
50,000 |
|
|
A |
|
5.836%
(SOFR + 2.260%) due 6/12/34(f) |
|
|
53,729 |
|
| |
50,000 |
|
|
A |
|
5.678%
(SOFR + 1.860%) due 1/23/35(f) |
|
|
53,099 |
|
|
|
|
| |
| |
Wells Fargo & Co.: |
|
|
| |
| |
150,000 |
|
|
BB+ |
|
Junior
Subordinated Notes, 6.850% (5-Year CMT Index + 2.767%)(f)(g) |
|
|
158,094 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
500,000 |
|
|
BBB+ |
|
3.000%
due 10/23/26 |
|
|
497,102 |
|
| |
300,000 |
|
|
BBB+ |
|
5.707%
(SOFR + 1.070%) due 4/22/28(f) |
|
|
305,596 |
|
| |
510,000 |
|
|
BBB+ |
|
2.393%
(SOFR + 2.100%) due 6/2/28(f) |
|
|
500,132 |
|
| |
490,000 |
|
|
BBB+ |
|
4.150%
due 1/24/29 |
|
|
493,202 |
|
| |
510,000 |
|
|
BBB+ |
|
5.574%
(SOFR + 1.740%) due 7/25/29(f) |
|
|
527,786 |
|
| |
111,000 |
|
|
BBB+ |
|
6.303%
(SOFR + 1.790%) due 10/23/29(f) |
|
|
117,101 |
|
| |
103,000 |
|
|
BBB+ |
|
2.572%
(3-Month Term SOFR + 1.262%) due 2/11/31(f) |
|
|
96,992 |
|
| |
100,000 |
|
|
BBB+ |
|
4.478%
(3-Month Term SOFR + 4.032%) due 4/4/31(f) |
|
|
101,083 |
|
| |
733,000 |
|
|
BBB+ |
|
5.150%
(SOFR + 1.500%) due 4/23/31(f) |
|
|
759,077 |
|
| |
1,730,000 |
|
|
BBB+ |
|
3.350%
(SOFR + 1.500%) due 3/2/33(f) |
|
|
1,626,156 |
|
| |
425,000 |
|
|
BBB+ |
|
5.389%
(SOFR + 2.020%) due 4/24/34(f) |
|
|
442,992 |
|
| |
863,000 |
|
|
BBB+ |
|
5.557%
(SOFR + 1.990%) due 7/25/34(f) |
|
|
908,274 |
|
| |
140,000 |
|
|
BBB+ |
|
6.491%
(SOFR + 2.060%) due 10/23/34(f) |
|
|
155,530 |
|
| |
491,000 |
|
|
BBB+ |
|
4.892%
(SOFR + 1.340%) due 9/15/36(f) |
|
|
492,569 |
|
| |
240,000 |
|
|
BBB+ |
|
4.960%
(SOFR + 1.100%) due 1/23/37(f) |
|
|
241,523 |
|
| |
200,000 |
|
|
BBB+ |
|
3.068%
(SOFR + 2.530%) due 4/30/41(f) |
|
|
156,304 |
|
| |
50,000 |
|
|
BBB+ |
|
3.900%
due 5/1/45 |
|
|
40,964 |
|
| |
1,340,000 |
|
|
BBB+ |
|
5.013%
(3-Month Term SOFR + 4.502%) due 4/4/51(f) |
|
|
1,227,257 |
|
| |
200,000 |
|
|
BBB+ |
|
4.611%
(SOFR + 2.130%) due 4/25/53(f) |
|
|
172,804 |
|
|
|
|
| |
| |
Westpac Banking Corp.: |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
AA- |
|
3.350%
due 3/8/27 |
|
|
99,726 |
|
| |
50,000 |
|
|
AA- |
|
2.150%
due 6/3/31 |
|
|
45,816 |
|
| |
100,000 |
|
|
A- |
|
Subordinated
Notes, 2.668% (5-Year CMT Index + 1.750%) due 11/15/35(f) |
|
|
92,014 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Banks |
|
|
138,333,822 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Beverages — 0.2% |
|
|
|
|
| |
| |
Anheuser-Busch Cos. LLC/Anheuser-Busch
InBev Worldwide Inc., Company Guaranteed Notes: |
|
|
| |
| |
125,000 |
|
|
A- |
|
4.700%
due 2/1/36 |
|
|
125,515 |
|
| |
924,000 |
|
|
A- |
|
4.900%
due 2/1/46 |
|
|
869,169 |
|
| |
50,000 |
|
|
A- |
|
Anheuser-Busch InBev Finance Inc.,
Company Guaranteed Notes, 4.900% due 2/1/46 |
|
|
46,925 |
|
|
|
|
| |
| |
Anheuser-Busch InBev Worldwide Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
260,000 |
|
|
A- |
|
3.500%
due 6/1/30 |
|
|
256,377 |
|
| |
50,000 |
|
|
A- |
|
4.375%
due 4/15/38 |
|
|
48,158 |
|
See
Notes to Financial Statements.
126
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Beverages — 0.2% — (continued) |
|
| $ |
50,000 |
|
|
A- |
|
5.450%
due 1/23/39 |
|
$ |
52,497 |
|
| |
25,000 |
|
|
A- |
|
4.950%
due 1/15/42 |
|
|
24,292 |
|
| |
50,000 |
|
|
A- |
|
4.439%
due 10/6/48 |
|
|
43,863 |
|
| |
210,000 |
|
|
A- |
|
5.550%
due 1/23/49 |
|
|
212,613 |
|
| |
50,000 |
|
|
A- |
|
4.750%
due 4/15/58 |
|
|
44,781 |
|
| |
50,000 |
|
|
A- |
|
5.800%
due 1/23/59 |
|
|
52,324 |
|
| |
990,000 |
|
|
BBB- |
|
Becle SAB de CV, Senior Unsecured
Notes, 2.500% due 10/14/31(a) |
|
|
869,150 |
|
|
|
|
| |
| |
Coca-Cola Co. (The), Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A+ |
|
3.375%
due 3/25/27 |
|
|
99,863 |
|
| |
50,000 |
|
|
A+ |
|
5.000%
due 5/13/34 |
|
|
52,703 |
|
| |
50,000 |
|
|
A+ |
|
2.500%
due 6/1/40 |
|
|
38,052 |
|
| |
25,000 |
|
|
A+ |
|
2.600%
due 6/1/50 |
|
|
15,928 |
|
| |
25,000 |
|
|
A+ |
|
3.000%
due 3/5/51 |
|
|
17,029 |
|
| |
50,000 |
|
|
A+ |
|
2.500%
due 3/15/51 |
|
|
30,866 |
|
| |
50,000 |
|
|
A+ |
|
5.300%
due 5/13/54 |
|
|
49,727 |
|
| |
25,000 |
|
|
A+ |
|
5.400%
due 5/13/64 |
|
|
24,765 |
|
|
|
|
| |
| |
Constellation Brands Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
3.600%
due 2/15/28 |
|
|
99,468 |
|
| |
25,000 |
|
|
BBB |
|
5.250%
due 11/15/48 |
|
|
23,584 |
|
| |
30,000 |
|
|
BBB |
|
Senior
Unsecured Notes, 2.250% due 8/1/31 |
|
|
26,997 |
|
|
|
|
| |
| |
Keurig Dr Pepper Inc., Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
5.200%
due 3/15/31 |
|
|
103,395 |
|
| |
25,000 |
|
|
BBB |
|
3.800%
due 5/1/50 |
|
|
18,471 |
|
| |
25,000 |
|
|
BBB |
|
3.350%
due 3/15/51 |
|
|
17,069 |
|
| |
50,000 |
|
|
BBB |
|
Molson Coors Beverage Co., Company
Guaranteed Notes, 4.200% due 7/15/46 |
|
|
40,687 |
|
|
|
|
| |
| |
PepsiCo Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A+ |
|
2.625%
due 3/19/27 |
|
|
98,928 |
|
| |
100,000 |
|
|
A+ |
|
3.000%
due 10/15/27 |
|
|
99,253 |
|
| |
100,000 |
|
|
A+ |
|
4.100%
due 1/15/29 |
|
|
101,108 |
|
| |
50,000 |
|
|
A+ |
|
4.800%
due 7/17/34 |
|
|
51,820 |
|
| |
25,000 |
|
|
A+ |
|
2.625%
due 10/21/41 |
|
|
18,612 |
|
| |
25,000 |
|
|
A+ |
|
4.450%
due 4/14/46 |
|
|
22,749 |
|
| |
25,000 |
|
|
A+ |
|
2.875%
due 10/15/49 |
|
|
16,917 |
|
| |
25,000 |
|
|
A+ |
|
3.625%
due 3/19/50 |
|
|
19,329 |
|
| |
50,000 |
|
|
A+ |
|
2.750%
due 10/21/51 |
|
|
32,239 |
|
| |
25,000 |
|
|
A+ |
|
4.200%
due 7/18/52 |
|
|
21,098 |
|
| |
25,000 |
|
|
A+ |
|
3.875%
due 3/19/60 |
|
|
19,403 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Beverages |
|
|
3,805,724 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Biotechnology — 0.1% |
|
|
|
|
| |
| |
Amgen Inc., Senior Unsecured Notes: |
|
|
| |
| |
171,000 |
|
|
BBB+ |
|
5.150%
due 3/2/28 |
|
|
175,195 |
|
| |
180,000 |
|
|
BBB+ |
|
4.050%
due 8/18/29 |
|
|
181,008 |
|
| |
221,000 |
|
|
BBB+ |
|
2.450%
due 2/21/30 |
|
|
208,600 |
|
| |
426,000 |
|
|
BBB+ |
|
4.850%
due 2/19/36 |
|
|
428,473 |
|
| |
25,000 |
|
|
BBB+ |
|
6.375%
due 6/1/37 |
|
|
28,259 |
|
| |
100,000 |
|
|
BBB+ |
|
3.150%
due 2/21/40 |
|
|
80,532 |
|
| |
43,000 |
|
|
BBB+ |
|
3.375%
due 2/21/50 |
|
|
31,369 |
|
| |
50,000 |
|
|
BBB+ |
|
4.663%
due 6/15/51 |
|
|
43,698 |
|
| |
69,000 |
|
|
BBB+ |
|
4.200%
due 2/22/52 |
|
|
56,010 |
|
| |
50,000 |
|
|
BBB+ |
|
4.875%
due 3/1/53 |
|
|
44,753 |
|
| |
50,000 |
|
|
BBB+ |
|
5.650%
due 3/2/53 |
|
|
49,962 |
|
| |
50,000 |
|
|
BBB+ |
|
2.770%
due 9/1/53 |
|
|
30,634 |
|
| |
38,000 |
|
|
BBB+ |
|
4.400%
due 2/22/62 |
|
|
30,540 |
|
| |
67,000 |
|
|
BBB+ |
|
5.750%
due 3/2/63 |
|
|
66,499 |
|
See
Notes to Financial Statements.
127
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Biotechnology — 0.1% — (continued) |
|
| $ |
50,000 |
|
|
BBB+ |
|
Biogen Inc., Senior Unsecured Notes,
3.150% due 5/1/50 |
|
$ |
32,957 |
|
|
|
|
| |
| |
Gilead Sciences Inc., Senior Unsecured
Notes: |
|
|
| |
| |
474,000 |
|
|
A- |
|
1.650%
due 10/1/30 |
|
|
428,933 |
|
| |
90,000 |
|
|
A- |
|
4.000%
due 9/1/36 |
|
|
85,076 |
|
| |
100,000 |
|
|
A- |
|
2.600%
due 10/1/40 |
|
|
74,965 |
|
| |
142,000 |
|
|
A- |
|
4.800%
due 4/1/44 |
|
|
132,994 |
|
| |
99,000 |
|
|
A- |
|
4.500%
due 2/1/45 |
|
|
88,750 |
|
| |
70,000 |
|
|
A- |
|
4.750%
due 3/1/46 |
|
|
64,241 |
|
| |
100,000 |
|
|
BBB- |
|
Royalty Pharma PLC, Company Guaranteed
Notes, 5.400% due 9/2/34 |
|
|
103,648 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Biotechnology |
|
|
2,467,096 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Building Materials — 0.2% |
|
| |
335,000 |
|
|
BB- |
|
Builders FirstSource Inc., Company
Guaranteed Notes, 4.250% due 2/1/32(a) |
|
|
319,732 |
|
| |
660,000 |
|
|
B- |
|
Camelot Return Merger Sub Inc., Senior
Secured Notes, 8.750% due 8/1/28(a) |
|
|
499,693 |
|
|
|
|
| |
| |
Carrier Global Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
3.377%
due 4/5/40 |
|
|
41,072 |
|
| |
50,000 |
|
|
BBB+ |
|
3.577%
due 4/5/50 |
|
|
37,515 |
|
| |
525,000 |
|
|
BB- |
|
EMRLD Borrower LP/Emerald Co.-Issuer
Inc., Senior Secured Notes, 6.625% due 12/15/30(a) |
|
|
544,022 |
|
| |
155,000 |
|
|
B+ |
|
Griffon Corp., Company Guaranteed
Notes, 5.750% due 3/1/28 |
|
|
155,031 |
|
| |
135,000 |
|
|
BB |
|
Knife River Corp., Company Guaranteed
Notes, 7.750% due 5/1/31(a) |
|
|
140,807 |
|
|
|
|
| |
| |
Martin Marietta Materials Inc., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
4.250%
due 12/15/47 |
|
|
21,108 |
|
| |
25,000 |
|
|
BBB+ |
|
3.200%
due 7/15/51 |
|
|
17,099 |
|
| |
115,000 |
|
|
BB |
|
Masterbrand Inc., Company Guaranteed
Notes, 7.000% due 7/15/32(a) |
|
|
116,042 |
|
| |
190,000 |
|
|
BB- |
|
Miter
Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured Notes,
6.750% due 4/1/32(a) |
|
|
191,726 |
|
|
|
|
| |
| |
Owens Corning, Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.400%
due 1/30/48 |
|
|
21,171 |
|
| |
50,000 |
|
|
BBB |
|
5.950%
due 6/15/54 |
|
|
51,875 |
|
| |
320,000 |
|
|
BB |
|
Quikrete Holdings Inc., Senior Secured
Notes, 6.375% due 3/1/32(a) |
|
|
332,711 |
|
| |
205,000 |
|
|
B+ |
|
Smyrna Ready Mix Concrete LLC, Senior
Secured Notes, 6.000% due 11/1/28(a) |
|
|
205,099 |
|
|
|
|
| |
| |
Standard Industries Inc., Senior
Unsecured Notes: |
|
|
| |
| |
110,000 |
|
|
BB+ |
|
4.750%
due 1/15/28(a) |
|
|
109,725 |
|
| |
335,000 |
|
|
BB+ |
|
4.375%
due 7/15/30(a) |
|
|
323,428 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Building Materials |
|
|
3,127,856 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Chemicals — 0.3% |
|
|
|
|
| |
| |
Air Products & Chemicals Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
4.850%
due 2/8/34 |
|
|
25,697 |
|
| |
25,000 |
|
|
A |
|
2.700%
due 5/15/40 |
|
|
19,193 |
|
| |
50,000 |
|
|
A |
|
2.800%
due 5/15/50 |
|
|
32,760 |
|
| |
25,000 |
|
|
BBB- |
|
Albemarle Corp., Senior Unsecured
Notes, 5.650% due 6/1/52 |
|
|
22,957 |
|
| |
190,000 |
|
|
BB+ |
|
Axalta Coating Systems LLC, Company
Guaranteed Notes, 3.375% due 2/15/29(a) |
|
|
183,405 |
|
|
|
|
| |
| |
Braskem Netherlands Finance BV, Company
Guaranteed Notes: |
|
|
| |
| |
200,000 |
|
|
CCC- |
|
4.500%
due 1/31/30(a) |
|
|
84,570 |
|
| |
625,000 |
|
|
CCC- |
|
7.250%
due 2/13/33(a) |
|
|
258,209 |
|
| |
25,000 |
|
|
BBB |
|
Cabot Corp., Senior Unsecured Notes,
5.000% due 6/30/32 |
|
|
25,626 |
|
|
|
|
| |
| |
Celanese US Holdings LLC, Company
Guaranteed Notes: |
|
|
| |
| |
130,000 |
|
|
BB |
|
7.000%
due 2/15/31 |
|
|
133,989 |
|
| |
296,000 |
|
|
BB |
|
7.375%
due 2/15/34 |
|
|
304,289 |
|
| |
25,000 |
|
|
BBB |
|
CF Industries Inc., Company Guaranteed
Notes, 5.375% due 3/15/44 |
|
|
23,992 |
|
|
|
|
| |
| |
Chemours Co. (The), Company Guaranteed
Notes: |
|
|
| |
| |
85,000 |
|
|
BB- |
|
5.750%
due 11/15/28(a) |
|
|
85,555 |
|
| |
455,000 |
|
|
BB- |
|
8.000%
due 1/15/33(a)(c) |
|
|
463,106 |
|
|
|
|
| |
| |
Dow Chemical Co. (The), Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB- |
|
4.800%
due 1/15/31 |
|
|
49,961 |
|
See
Notes to Financial Statements.
128
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Chemicals — 0.3% — (continued) |
|
| $ |
25,000 |
|
|
BBB- |
|
5.150%
due 2/15/34 |
|
$ |
24,828 |
|
| |
25,000 |
|
|
BBB- |
|
5.250%
due 11/15/41 |
|
|
22,434 |
|
| |
25,000 |
|
|
BBB- |
|
4.625%
due 10/1/44 |
|
|
20,263 |
|
| |
25,000 |
|
|
BBB- |
|
4.800%
due 5/15/49 |
|
|
19,677 |
|
| |
25,000 |
|
|
BBB- |
|
6.900%
due 5/15/53 |
|
|
25,691 |
|
| |
25,000 |
|
|
BBB- |
|
5.600%
due 2/15/54 |
|
|
21,678 |
|
|
|
|
| |
| |
DuPont de Nemours Inc., Senior
Unsecured Notes: |
|
|
| |
| |
32,000 |
|
|
BBB+ |
|
5.319%
due 11/15/38 |
|
|
32,499 |
|
| |
11,000 |
|
|
BBB+ |
|
5.419%
due 11/15/48 |
|
|
10,553 |
|
|
|
|
| |
| |
Eastman Chemical Co., Senior Unsecured
Notes: |
|
|
| |
| |
176,000 |
|
|
BBB |
|
4.500%
due 12/1/28 |
|
|
178,136 |
|
| |
25,000 |
|
|
BBB |
|
5.625%
due 2/20/34 |
|
|
26,113 |
|
|
|
|
| |
| |
Ecolab Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.950%
due 12/1/47 |
|
|
20,976 |
|
| |
25,000 |
|
|
A- |
|
2.125%
due 8/15/50 |
|
|
14,079 |
|
| |
25,000 |
|
|
A- |
|
2.700%
due 12/15/51 |
|
|
15,783 |
|
| |
25,000 |
|
|
A- |
|
2.750%
due 8/18/55 |
|
|
15,482 |
|
| |
25,000 |
|
|
A- |
|
EIDP Inc., Senior Unsecured Notes,
4.800% due 5/15/33 |
|
|
25,319 |
|
| |
65,000 |
|
|
BB |
|
Element Solutions Inc., Company
Guaranteed Notes, 3.875% due 9/1/28(a) |
|
|
63,929 |
|
| |
200,000 |
|
|
B+ |
|
INEOS Finance PLC, Senior Secured
Notes, 7.500% due 4/15/29(a) |
|
|
178,700 |
|
| |
25,000 |
|
|
BBB- |
|
International Flavors & Fragrances
Inc., Senior Unsecured Notes, 4.375% due 6/1/47 |
|
|
20,791 |
|
| |
25,000 |
|
|
A |
|
Linde Inc., Company Guaranteed Notes,
3.550% due 11/7/42 |
|
|
20,598 |
|
| |
25,000 |
|
|
BBB |
|
LYB International Finance BV, Company
Guaranteed Notes, 4.875% due 3/15/44 |
|
|
20,971 |
|
|
|
|
| |
| |
LYB International Finance III LLC,
Company Guaranteed Notes: |
|
|
| |
| |
370,000 |
|
|
BBB |
|
5.500%
due 3/1/34 |
|
|
372,944 |
|
| |
645,000 |
|
|
BBB |
|
5.875%
due 1/15/36 |
|
|
654,688 |
|
| |
25,000 |
|
|
BBB |
|
4.200%
due 10/15/49 |
|
|
18,179 |
|
| |
50,000 |
|
|
BBB |
|
4.200%
due 5/1/50 |
|
|
36,118 |
|
| |
25,000 |
|
|
BBB |
|
3.800%
due 10/1/60 |
|
|
15,853 |
|
| |
25,000 |
|
|
BBB |
|
Mosaic Co. (The), Senior Unsecured
Notes, 5.625% due 11/15/43 |
|
|
24,506 |
|
|
|
|
| |
| |
NOVA Chemicals Corp.: |
|
|
| |
| |
150,000 |
|
|
BB+ |
|
Senior
Secured Notes, 8.500% due 11/15/28(a) |
|
|
157,215 |
|
| |
165,000 |
|
|
BB- |
|
Senior
Unsecured Notes, 9.000% due 2/15/30(a) |
|
|
175,588 |
|
|
|
|
| |
| |
Nutrien Ltd., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.900%
due 6/1/43 |
|
|
23,165 |
|
| |
25,000 |
|
|
BBB |
|
5.000%
due 4/1/49 |
|
|
23,035 |
|
| |
25,000 |
|
|
BBB |
|
3.950%
due 5/13/50 |
|
|
19,590 |
|
| |
400,000 |
|
|
BBB- |
|
OCP SA, Senior Unsecured Notes, 5.125%
due 6/23/51(a) |
|
|
334,843 |
|
| |
530,000 |
|
|
BBB- |
|
Orbia Advance Corp. SAB de CV, Company
Guaranteed Notes, 7.500% due 5/13/35(a) |
|
|
534,728 |
|
| |
163,000 |
|
|
BBB |
|
RPM International Inc., Senior
Unsecured Notes, 3.750% due 3/15/27 |
|
|
162,546 |
|
|
|
|
| |
| |
Sherwin-Williams Co. (The), Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
4.500%
due 8/15/30 |
|
|
50,798 |
|
| |
25,000 |
|
|
BBB |
|
3.800%
due 8/15/49 |
|
|
19,082 |
|
| |
25,000 |
|
|
BBB |
|
3.300%
due 5/15/50 |
|
|
17,421 |
|
| |
25,000 |
|
|
BBB |
|
2.900%
due 3/15/52 |
|
|
15,771 |
|
| |
155,000 |
|
|
BB+ |
|
Solstice Advanced Materials Inc.,
Senior Unsecured Notes, 5.625% due 9/30/33(a) |
|
|
156,771 |
|
|
|
|
| |
| |
Westlake Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
3.125%
due 8/15/51 |
|
|
31,183 |
|
| |
25,000 |
|
|
BBB |
|
3.375%
due 8/15/61 |
|
|
15,233 |
|
| |
80,000 |
|
|
B- |
|
WR Grace Holdings LLC, Senior Secured
Notes, 6.625% due 8/15/32(a) |
|
|
80,993 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Chemicals |
|
|
5,432,059 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Commercial Services — 0.6% |
|
| |
185,000 |
|
|
BB |
|
ADT Security Corp. (The), Senior
Secured Notes, 4.875% due 7/15/32(a) |
|
|
179,873 |
|
| |
213,000 |
|
|
B |
|
Avis
Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes,
5.750% due 7/15/27(a) |
|
|
212,867 |
|
See
Notes to Financial Statements.
129
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Commercial Services — 0.6% —
(continued) |
|
|
|
|
| |
| |
Block Inc., Senior Unsecured Notes: |
|
|
| |
| $ |
300,000 |
|
|
BB+ |
|
6.500%
due 5/15/32 |
|
$ |
308,832 |
|
| |
500,000 |
|
|
BB+ |
|
6.000%
due 8/15/33(a) |
|
|
508,473 |
|
| |
145,000 |
|
|
BB- |
|
Clarivate Science Holdings Corp.,
Senior Secured Notes, 3.875% due 7/1/28(a) |
|
|
135,450 |
|
| |
25,000 |
|
|
BBB |
|
Equifax Inc., Senior Unsecured Notes,
5.100% due 6/1/28 |
|
|
25,550 |
|
|
|
|
| |
| |
GEO Group Inc. (The): |
|
|
| |
| |
270,000 |
|
|
BB- |
|
Company
Guaranteed Notes, 10.250% due 4/15/31 |
|
|
290,082 |
|
| |
400,000 |
|
|
BB+ |
|
Senior
Secured Notes, 8.625% due 4/15/29 |
|
|
417,131 |
|
|
|
|
| |
| |
Global Payments Inc., Senior Unsecured
Notes: |
|
|
| |
| |
176,000 |
|
|
BBB- |
|
4.450%
due 6/1/28 |
|
|
176,518 |
|
| |
44,000 |
|
|
BBB- |
|
3.200%
due 8/15/29 |
|
|
42,245 |
|
| |
2,025,000 |
|
|
BBB- |
|
4.875%
due 11/15/30 |
|
|
2,024,343 |
|
| |
100,000 |
EUR |
|
BBB- |
|
4.875%
due 3/17/31 |
|
|
123,971 |
|
| |
97,000 |
|
|
BBB- |
|
2.900%
due 11/15/31 |
|
|
87,437 |
|
| |
1,125,000 |
|
|
BBB- |
|
5.200%
due 11/15/32 |
|
|
1,132,553 |
|
| |
140,000 |
|
|
BBB- |
|
5.550%
due 11/15/35 |
|
|
139,309 |
|
| |
780,000 |
|
|
BBB- |
|
5.950%
due 8/15/52(c) |
|
|
744,040 |
|
| |
118,000 |
|
|
BB- |
|
Herc Holdings Inc., Company Guaranteed
Notes, 7.000% due 6/15/30(a) |
|
|
123,828 |
|
|
|
|
| |
| |
Moody’s Corp., Senior Unsecured
Notes: |
|
|
| |
| |
245,000 |
|
|
A- |
|
4.250%
due 2/1/29 |
|
|
247,947 |
|
| |
42,000 |
|
|
A- |
|
2.000%
due 8/19/31 |
|
|
37,744 |
|
|
|
|
| |
| |
PayPal Holdings Inc., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
2.850%
due 10/1/29 |
|
|
48,205 |
|
| |
50,000 |
|
|
A- |
|
2.300%
due 6/1/30 |
|
|
46,741 |
|
| |
25,000 |
|
|
A- |
|
5.150%
due 6/1/34 |
|
|
25,365 |
|
| |
25,000 |
|
|
A- |
|
3.250%
due 6/1/50 |
|
|
17,126 |
|
| |
25,000 |
|
|
A- |
|
5.050%
due 6/1/52 |
|
|
22,541 |
|
| |
155,000 |
|
|
BB |
|
Prime
Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes,
3.375% due 8/31/27(a) |
|
|
152,534 |
|
| |
285,000 |
|
|
BBB |
|
Quanta Services Inc., Senior Unsecured
Notes, 4.500% due 1/15/31 |
|
|
288,583 |
|
| |
118,000 |
|
|
A- |
|
RELX Capital Inc., Company Guaranteed
Notes, 4.000% due 3/18/29 |
|
|
118,077 |
|
|
|
|
| |
| |
S&P Global Inc., Company Guaranteed
Notes: |
|
|
| |
| |
50,000 |
|
|
A3(b) |
|
2.450%
due 3/1/27 |
|
|
49,336 |
|
| |
230,000 |
|
|
A3(b) |
|
3.250%
due 12/1/49 |
|
|
164,327 |
|
| |
25,000 |
|
|
A3(b) |
|
3.700%
due 3/1/52 |
|
|
19,036 |
|
| |
25,000 |
|
|
A3(b) |
|
2.300%
due 8/15/60 |
|
|
12,929 |
|
| |
25,000 |
|
|
A3(b) |
|
3.900%
due 3/1/62 |
|
|
18,952 |
|
| |
220,000 |
|
|
BB |
|
Service Corp. International, Senior
Unsecured Notes, 5.125% due 6/1/29 |
|
|
220,701 |
|
| |
265,000 |
|
|
BB- |
|
Shift4
Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes,
6.750% due 8/15/32(a) |
|
|
259,599 |
|
| |
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(d) |
|
|
249,614 |
|
|
|
|
| |
| |
United Rentals North America Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
55,000 |
|
|
BB+ |
|
3.875%
due 2/15/31 |
|
|
53,031 |
|
| |
130,000 |
|
|
BB+ |
|
3.750%
due 1/15/32 |
|
|
122,845 |
|
| |
320,000 |
|
|
BB+ |
|
6.125%
due 3/15/34(a) |
|
|
335,624 |
|
| |
670,000 |
|
|
B |
|
Upbound Group Inc., Company Guaranteed
Notes, 6.375% due 2/15/29(a) |
|
|
664,267 |
|
| |
25,000 |
|
|
BBB |
|
Verisk Analytics Inc., Senior Unsecured
Notes, 4.125% due 3/15/29 |
|
|
25,097 |
|
| |
185,000 |
|
|
B |
|
Wand NewCo 3 Inc., Senior Secured
Notes, 7.625% due 1/30/32(a) |
|
|
193,994 |
|
| |
135,000 |
|
|
BB- |
|
Williams Scotsman Inc., Senior Secured
Notes, 7.375% due 10/1/31(a) |
|
|
141,430 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Commercial Services |
|
|
10,208,147 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Computers — 0.2% |
|
| |
100,000 |
|
|
AA- |
|
Accenture Capital Inc., Company
Guaranteed Notes, 4.250% due 10/4/31 |
|
|
100,435 |
|
| |
405,000 |
EUR |
|
BB- |
|
Almaviva-The Italian Innovation Co.
SpA, Senior Secured Notes, 5.000% due 10/30/30(a) |
|
|
465,487 |
|
See
Notes to Financial Statements.
130
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Computers — 0.2% — (continued) |
|
|
|
|
| |
| |
Apple Inc., Senior Unsecured Notes: |
|
|
| |
| $ |
100,000 |
|
|
AA+ |
|
4.000%
due 5/12/28 |
|
$ |
100,929 |
|
| |
50,000 |
|
|
AA+ |
|
2.200%
due 9/11/29 |
|
|
47,690 |
|
| |
100,000 |
|
|
AA+ |
|
4.300%
due 5/10/33 |
|
|
102,234 |
|
| |
100,000 |
|
|
AA+ |
|
4.750%
due 5/12/35 |
|
|
103,691 |
|
| |
25,000 |
|
|
AA+ |
|
4.500%
due 2/23/36 |
|
|
25,595 |
|
| |
50,000 |
|
|
AA+ |
|
2.375%
due 2/8/41 |
|
|
36,725 |
|
| |
50,000 |
|
|
AA+ |
|
3.850%
due 5/4/43 |
|
|
42,911 |
|
| |
100,000 |
|
|
AA+ |
|
3.450%
due 2/9/45 |
|
|
79,290 |
|
| |
50,000 |
|
|
AA+ |
|
4.375%
due 5/13/45 |
|
|
45,406 |
|
| |
25,000 |
|
|
AA+ |
|
3.750%
due 9/12/47 |
|
|
20,215 |
|
| |
50,000 |
|
|
AA+ |
|
2.650%
due 5/11/50 |
|
|
31,895 |
|
| |
100,000 |
|
|
AA+ |
|
2.650%
due 2/8/51 |
|
|
63,168 |
|
| |
50,000 |
|
|
AA+ |
|
2.700%
due 8/5/51 |
|
|
31,914 |
|
| |
50,000 |
|
|
AA+ |
|
3.950%
due 8/8/52 |
|
|
40,341 |
|
| |
50,000 |
|
|
AA+ |
|
2.800%
due 2/8/61 |
|
|
29,803 |
|
| |
25,000 |
|
|
AA+ |
|
2.850%
due 8/5/61 |
|
|
15,175 |
|
| |
50,000 |
|
|
AA+ |
|
4.100%
due 8/8/62 |
|
|
39,907 |
|
|
|
|
| |
| |
Dell International LLC/EMC Corp.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
5.300%
due 4/1/32 |
|
|
104,014 |
|
| |
100,000 |
|
|
BBB |
|
4.750%
due 10/6/32 |
|
|
100,977 |
|
| |
100,000 |
|
|
BBB |
|
5.100%
due 2/15/36 |
|
|
100,425 |
|
| |
50,000 |
|
|
BBB |
|
3.450%
due 12/15/51 |
|
|
35,125 |
|
| |
23,000 |
|
|
BBB |
|
Senior
Unsecured Notes, 8.350% due 7/15/46 |
|
|
29,428 |
|
| |
88,000 |
|
|
BBB- |
|
DXC Technology Co., Senior Unsecured
Notes, 2.375% due 9/15/28 |
|
|
83,062 |
|
|
|
|
| |
| |
Hewlett Packard Enterprise Co., Senior
Unsecured Notes: |
|
|
| |
| |
248,000 |
|
|
BBB |
|
5.250%
due 7/1/28 |
|
|
254,672 |
|
| |
25,000 |
|
|
BBB |
|
5.000%
due 10/15/34 |
|
|
24,785 |
|
| |
815,000 |
|
|
BBB |
|
5.600%
due 10/15/54 |
|
|
751,926 |
|
|
|
|
| |
| |
HP Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.750%
due 1/15/28 |
|
|
25,329 |
|
| |
25,000 |
|
|
BBB |
|
6.000%
due 9/15/41 |
|
|
25,099 |
|
| |
100,000 |
|
|
A- |
|
IBM International Capital Pte Ltd., Company Guaranteed Notes, 4.900% due 2/5/34 |
|
|
101,240 |
|
| |
120,000 |
|
|
BB+ |
|
Insight Enterprises Inc., Company
Guaranteed Notes, 6.625% due 5/15/32(a) |
|
|
120,420 |
|
|
|
|
| |
| |
International Business Machines Corp.,
Senior Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
1.700%
due 5/15/27 |
|
|
97,537 |
|
| |
100,000 |
|
|
A- |
|
4.150%
due 5/15/39 |
|
|
90,002 |
|
| |
100,000 |
|
|
A- |
|
4.000%
due 6/20/42 |
|
|
84,538 |
|
| |
100,000 |
|
|
A- |
|
4.250%
due 5/15/49 |
|
|
81,327 |
|
| |
25,000 |
|
|
BBB- |
|
Kyndryl Holdings Inc., Senior Unsecured
Notes, 2.700% due 10/15/28 |
|
|
23,030 |
|
| |
25,000 |
|
|
BBB |
|
Leidos Inc., Company Guaranteed Notes,
2.300% due 2/15/31 |
|
|
22,724 |
|
| |
190,000 |
|
|
B+ |
|
NCR Atleos Corp., Senior Secured Notes,
9.500% due 4/1/29(a) |
|
|
204,116 |
|
| |
245,000 |
|
|
B+ |
|
NCR Voyix Corp., Company Guaranteed
Notes, 5.000% due 10/1/28(a) |
|
|
240,953 |
|
| |
50,000 |
|
|
BB- |
|
Science Applications International
Corp., Company Guaranteed Notes, 5.875% due 11/1/33(a) |
|
|
49,727 |
|
|
|
|
| |
| |
Seagate Data Storage Technology Pte
Ltd., Company Guaranteed Notes: |
|
|
| |
| |
120,000 |
|
|
BB+ |
|
3.125%
due 7/15/29(a) |
|
|
107,462 |
|
| |
220,000 |
|
|
BB+ |
|
8.250%
due 12/15/29(a) |
|
|
232,346 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Computers |
|
|
4,413,075 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Cosmetics/Personal Care — 0.1% |
|
|
|
|
| |
| |
Coty Inc./HFC Prestige Products
Inc./HFC Prestige International US LLC: |
|
|
| |
| |
585,000 |
|
|
BBB- |
|
Company
Guaranteed Notes, 5.600% due 1/15/31(a) |
|
|
586,801 |
|
| |
750,000 |
|
|
BBB- |
|
Senior
Secured Notes, 4.750% due 1/15/29(a) |
|
|
738,309 |
|
| |
125,000 |
|
|
BB- |
|
Edgewell Personal Care Co., Company
Guaranteed Notes, 5.500% due 6/1/28(a) |
|
|
125,057 |
|
See
Notes to Financial Statements.
131
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Cosmetics/Personal Care — 0.1% —
(continued) |
|
|
|
|
| |
| |
Estee Lauder Cos Inc. (The), Senior
Unsecured Notes: |
|
|
| |
| $ |
25,000 |
|
|
A- |
|
4.150%
due 3/15/47 |
|
$ |
20,585 |
|
| |
25,000 |
|
|
A- |
|
3.125%
due 12/1/49 |
|
|
17,123 |
|
| |
25,000 |
|
|
A- |
|
5.150%
due 5/15/53 |
|
|
23,442 |
|
|
|
|
| |
| |
Kenvue Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
540,000 |
|
|
A |
|
4.900%
due 3/22/33 |
|
|
558,034 |
|
| |
25,000 |
|
|
A |
|
5.200%
due 3/22/63 |
|
|
23,327 |
|
| |
50,000 |
|
|
A |
|
Senior
Unsecured Notes, 5.050% due 3/22/53 |
|
|
46,679 |
|
|
|
|
| |
| |
Procter & Gamble Co. (The), Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
AA- |
|
3.950%
due 1/26/28 |
|
|
100,883 |
|
| |
100,000 |
|
|
AA- |
|
4.050%
due 5/1/30 |
|
|
101,307 |
|
| |
25,000 |
|
|
AA- |
|
3.600%
due 3/25/50 |
|
|
19,711 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Cosmetics/Personal Care |
|
|
2,361,258 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Distribution/Wholesale — 0.0%@ |
|
| |
110,000 |
|
|
BBB- |
|
American
Builders & Contractors Supply Co., Inc., Senior Secured Notes, 4.000%
due 1/15/28(a) |
|
|
108,502 |
|
| |
175,000 |
|
|
BB- |
|
RB Global Holdings Inc., Company
Guaranteed Notes, 7.750% due 3/15/31(a) |
|
|
182,167 |
|
| |
110,000 |
|
|
BB |
|
Resideo Funding Inc., Company
Guaranteed Notes, 6.500% due 7/15/32(a) |
|
|
112,359 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Distribution/Wholesale |
|
|
403,028 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Diversified Financial Services — 1.4% |
|
|
|
|
| |
| |
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust, Company Guaranteed Notes: |
|
|
| |
| |
1,800,000 |
|
|
BBB+ |
|
2.450%
due 10/29/26 |
|
|
1,782,964 |
|
| |
150,000 |
|
|
BBB+ |
|
6.450%
due 4/15/27 |
|
|
153,813 |
|
| |
340,000 |
|
|
BBB+ |
|
3.000%
due 10/29/28 |
|
|
330,946 |
|
| |
150,000 |
|
|
BBB+ |
|
4.375%
due 11/15/30 |
|
|
150,505 |
|
| |
150,000 |
|
|
BBB+ |
|
4.750%
due 1/15/33 |
|
|
150,356 |
|
| |
150,000 |
|
|
BBB+ |
|
3.400%
due 10/29/33 |
|
|
136,975 |
|
| |
655,000 |
|
|
BBB- |
|
6.950%
(5-Year CMT Index + 2.720%) due 3/10/55(f) |
|
|
692,618 |
|
|
|
|
| |
| |
Air Lease Corp., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.850%
due 12/15/27 |
|
|
25,764 |
|
| |
50,000 |
|
|
BBB |
|
5.300%
due 2/1/28 |
|
|
51,074 |
|
| |
50,000 |
|
|
BBB |
|
2.100%
due 9/1/28 |
|
|
47,550 |
|
| |
25,000 |
|
|
BBB |
|
3.000%
due 2/1/30 |
|
|
23,700 |
|
| |
25,000 |
|
|
BBB |
|
3.125%
due 12/1/30 |
|
|
23,528 |
|
| |
745,000 |
|
|
BBB |
|
Aircastle Ltd., Company Guaranteed
Notes, 5.950% due 2/15/29(a) |
|
|
780,748 |
|
|
|
|
| |
| |
Ally Financial Inc.: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
Senior
Unsecured Notes, 6.184% (SOFR + 2.290%) due 7/26/35(f) |
|
|
25,816 |
|
| |
95,000 |
|
|
BB+ |
|
Subordinated
Notes, 6.700% due 2/14/33 |
|
|
99,125 |
|
|
|
|
| |
| |
American Express Co., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
2.550%
due 3/4/27 |
|
|
98,899 |
|
| |
220,000 |
|
|
A- |
|
4.050%
due 5/3/29 |
|
|
221,950 |
|
| |
100,000 |
|
|
A- |
|
5.085%
(SOFR + 1.020%) due 1/30/31(f) |
|
|
103,361 |
|
| |
345,000 |
|
|
A- |
|
5.016%
(SOFR + 1.440%) due 4/25/31(f) |
|
|
356,633 |
|
| |
380,000 |
|
|
A- |
|
4.918%
(SOFR + 1.220%) due 7/20/33(f) |
|
|
389,457 |
|
| |
100,000 |
|
|
A- |
|
5.043%
(SOFR + 1.835%) due 5/1/34(f) |
|
|
102,875 |
|
| |
100,000 |
|
|
A- |
|
5.442%
(SOFR + 1.320%) due 1/30/36(f) |
|
|
104,333 |
|
| |
110,000 |
|
|
A- |
|
5.667%
(SOFR + 1.790%) due 4/25/36(f) |
|
|
116,601 |
|
| |
2,060,000 |
|
|
A- |
|
4.804%
(SOFR + 1.237%) due 10/24/36(f) |
|
|
2,040,982 |
|
| |
100,000 |
|
|
A- |
|
4.050%
due 12/3/42 |
|
|
87,289 |
|
| |
920,000 |
|
|
BBB+ |
|
Ares Finance Co. II LLC, Company
Guaranteed Notes, 3.250% due 6/15/30(a) |
|
|
881,789 |
|
|
|
|
| |
| |
Avolon Holdings Funding Ltd.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
419,000 |
|
|
BBB- |
|
2.528%
due 11/18/27(a) |
|
|
408,218 |
|
See
Notes to Financial Statements.
132
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Diversified Financial Services — 1.4% —
(continued) |
|
| $ |
500,000 |
|
|
BBB- |
|
5.750%
due 3/1/29(a) |
|
$ |
520,723 |
|
| |
2,960,000 |
|
|
BBB- |
|
5.150%
due 1/15/30(a) |
|
|
3,035,098 |
|
| |
500,000 |
|
|
BBB- |
|
Senior
Unsecured Notes, 2.750% due 2/21/28(a) |
|
|
486,950 |
|
| |
400,000 |
|
|
A- |
|
Brookfield Asset Management Ltd.,
Senior Unsecured Notes, 6.077% due 9/15/55 |
|
|
406,854 |
|
|
|
|
| |
| |
Capital One Financial Corp.: |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
3.750%
due 3/9/27 |
|
|
99,905 |
|
| |
50,000 |
|
|
BBB |
|
5.817%
(SOFR + 2.600%) due 2/1/34(f) |
|
|
52,781 |
|
| |
50,000 |
|
|
BBB |
|
6.377%
(SOFR + 2.860%) due 6/8/34(f) |
|
|
54,248 |
|
| |
100,000 |
|
|
BBB |
|
5.197%
(SOFR + 1.630%) due 9/11/36(f) |
|
|
99,771 |
|
| |
2,400,000 |
|
|
BBB |
|
5.399%
(SOFR + 1.508%) due 1/30/37(f) |
|
|
2,426,840 |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| |
27,000 |
|
|
BBB- |
|
2.359%
(SOFR + 1.337%) due 7/29/32(f) |
|
|
23,835 |
|
| |
110,000 |
|
|
BBB- |
|
6.183%
(SOFR + 2.036%) due 1/30/36(f) |
|
|
114,417 |
|
|
|
|
| |
| |
Charles Schwab Corp. (The), Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
2.450%
due 3/3/27 |
|
|
49,386 |
|
| |
25,000 |
|
|
A- |
|
3.300%
due 4/1/27 |
|
|
24,873 |
|
| |
50,000 |
|
|
A- |
|
2.000%
due 3/20/28 |
|
|
48,326 |
|
| |
25,000 |
|
|
A- |
|
4.000%
due 2/1/29 |
|
|
25,204 |
|
| |
50,000 |
|
|
A- |
|
5.643%
(SOFR + 2.210%) due 5/19/29(f) |
|
|
51,916 |
|
| |
50,000 |
|
|
A- |
|
6.196%
(SOFR + 1.878%) due 11/17/29(f) |
|
|
52,942 |
|
| |
25,000 |
|
|
A- |
|
2.900%
due 3/3/32 |
|
|
23,152 |
|
| |
50,000 |
|
|
A- |
|
6.136%
(SOFR + 2.010%) due 8/24/34(f) |
|
|
54,673 |
|
| |
390,000 |
|
|
A- |
|
4.914%
(SOFR + 1.230%) due 11/14/36(f) |
|
|
390,277 |
|
|
|
|
| |
| |
Citadel Finance LLC, Company Guaranteed
Notes: |
|
|
| |
| |
1,000,000 |
|
|
BBB- |
|
5.900%
due 2/10/30(a) |
|
|
1,027,034 |
|
| |
605,000 |
|
|
BBB- |
|
5.150%
due 2/14/31(a) |
|
|
603,073 |
|
| |
1,650,000 |
|
|
A+ |
|
Equitable America Global Funding,
Secured Notes, 4.950% due 6/9/30(a) |
|
|
1,687,466 |
|
|
|
|
| |
| |
Intercontinental Exchange Inc., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
4.000%
due 9/15/27 |
|
|
50,164 |
|
| |
50,000 |
|
|
A- |
|
4.350%
due 6/15/29 |
|
|
50,646 |
|
| |
13,000 |
|
|
A- |
|
2.100%
due 6/15/30 |
|
|
12,023 |
|
| |
50,000 |
|
|
A- |
|
4.600%
due 3/15/33 |
|
|
50,743 |
|
| |
25,000 |
|
|
A- |
|
2.650%
due 9/15/40 |
|
|
18,859 |
|
| |
25,000 |
|
|
A- |
|
4.250%
due 9/21/48 |
|
|
21,028 |
|
| |
50,000 |
|
|
A- |
|
3.000%
due 6/15/50 |
|
|
33,269 |
|
| |
50,000 |
|
|
A- |
|
4.950%
due 6/15/52 |
|
|
46,101 |
|
| |
50,000 |
|
|
A- |
|
3.000%
due 9/15/60 |
|
|
30,400 |
|
|
|
|
| |
| |
Jefferies Financial Group Inc., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
5.875%
due 7/21/28 |
|
|
51,621 |
|
| |
50,000 |
|
|
BBB |
|
4.150%
due 1/23/30 |
|
|
49,224 |
|
| |
50,000 |
|
|
BBB |
|
6.200%
due 4/14/34 |
|
|
52,322 |
|
| |
970,000 |
|
|
BBB |
|
5.500%
due 2/15/36 |
|
|
952,390 |
|
| |
650,000 |
|
|
NR |
|
Lehman Brothers Holdings Inc.,
Subordinated Notes, 6.750% due 12/28/17*(h)(i)# |
|
|
– |
|
| |
100,000 |
|
|
BBB- |
|
LPL Holdings Inc., Company Guaranteed
Notes, 5.200% due 3/15/30 |
|
|
102,187 |
|
|
|
|
| |
| |
Mastercard Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A+ |
|
4.875%
due 5/9/34 |
|
|
103,234 |
|
| |
25,000 |
|
|
A+ |
|
3.650%
due 6/1/49 |
|
|
19,325 |
|
| |
50,000 |
|
|
A+ |
|
3.850%
due 3/26/50 |
|
|
39,799 |
|
| |
25,000 |
|
|
A+ |
|
2.950%
due 3/15/51 |
|
|
16,679 |
|
| |
232,000 |
|
|
BBB+ |
|
Nasdaq Inc., Senior Unsecured Notes,
5.550% due 2/15/34 |
|
|
244,541 |
|
| |
200,000 |
|
|
BBB+ |
|
Nomura Holdings Inc., Senior Unsecured
Notes, 6.070% due 7/12/28 |
|
|
209,061 |
|
| |
275,000 |
|
|
BB |
|
OneMain Finance Corp., Company
Guaranteed Notes, 6.625% due 5/15/29 |
|
|
281,634 |
|
| |
90,000 |
|
|
BB |
|
PRA Group Inc., Company Guaranteed
Notes, 5.000% due 10/1/29(a)(c) |
|
|
82,877 |
|
| |
25,000 |
|
|
BBB- |
|
Radian Group Inc., Senior Unsecured
Notes, 4.875% due 3/15/27 |
|
|
25,069 |
|
See
Notes to Financial Statements.
133
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Diversified Financial Services — 1.4% —
(continued) |
|
| $ |
100,000 |
|
|
A- |
|
Raymond James Financial Inc., Senior
Unsecured Notes, 5.650% due 9/11/55 |
|
$ |
98,013 |
|
| |
20,000 |
|
|
BB |
|
Rocket Cos Inc., Company Guaranteed
Notes, 6.125% due 8/1/30(a) |
|
|
20,532 |
|
| |
305,000 |
|
|
BB |
|
Rocket
Mortgage LLC/Rocket Mortgage Co.-Issuer Inc., Company Guaranteed Notes,
3.625% due 3/1/29(a) |
|
|
294,100 |
|
| |
490,000 |
|
|
BBB+ |
|
TPG Operating Group II LP, Company
Guaranteed Notes, 5.875% due 3/5/34 |
|
|
508,066 |
|
| |
559,000 |
|
|
A+ |
|
UBS Americas Inc., Company Guaranteed
Notes, 7.125% due 7/15/32 |
|
|
645,274 |
|
| |
95,000 |
|
|
Ba3(b) |
|
United Wholesale Mortgage LLC, Senior
Unsecured Notes, 5.500% due 4/15/29(a) |
|
|
93,350 |
|
|
|
|
| |
| |
Visa Inc., Senior Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
AA- |
|
2.050%
due 4/15/30 |
|
|
93,525 |
|
| |
25,000 |
|
|
AA- |
|
2.700%
due 4/15/40 |
|
|
19,567 |
|
| |
25,000 |
|
|
AA- |
|
3.650%
due 9/15/47 |
|
|
19,884 |
|
| |
50,000 |
|
|
AA- |
|
2.000%
due 8/15/50 |
|
|
27,602 |
|
| |
540,000 |
|
|
BBB |
|
Western Union Co. (The), Senior
Unsecured Notes, 4.750% due 6/15/29 |
|
|
541,453 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Diversified Financial Services |
|
|
25,652,175 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Electric — 2.7% |
|
|
|
|
| |
| |
AEP Texas Inc., Senior Unsecured
Notes: |
|
|
| |
| |
43,000 |
|
|
BBB+ |
|
5.400%
due 6/1/33 |
|
|
44,847 |
|
| |
82,000 |
|
|
BBB+ |
|
3.450%
due 1/15/50 |
|
|
57,713 |
|
| |
41,000 |
|
|
BBB+ |
|
3.450%
due 5/15/51 |
|
|
28,310 |
|
|
|
|
| |
| |
AEP Transmission Co. LLC, Senior
Unsecured Notes: |
|
|
| |
| |
70,000 |
|
|
BBB+ |
|
3.750%
due 12/1/47 |
|
|
54,821 |
|
| |
59,000 |
|
|
BBB+ |
|
3.150%
due 9/15/49 |
|
|
40,748 |
|
| |
45,000 |
|
|
BBB+ |
|
2.750%
due 8/15/51 |
|
|
27,911 |
|
| |
40,000 |
|
|
BBB+ |
|
4.500%
due 6/15/52 |
|
|
34,222 |
|
| |
80,000 |
|
|
BB |
|
AES
Corp. (The), Junior Subordinated Notes, 7.600%
(5-Year CMT Index +
3.201%) due 1/15/55(f) |
|
|
80,489 |
|
|
|
|
| |
| |
Alabama Power Co., Senior Unsecured
Notes: |
|
|
| |
| |
64,000 |
|
|
A |
|
3.700%
due 12/1/47 |
|
|
49,923 |
|
| |
60,000 |
|
|
A |
|
3.450%
due 10/1/49 |
|
|
43,824 |
|
| |
116,000 |
|
|
A |
|
3.125%
due 7/15/51 |
|
|
78,123 |
|
| |
111,000 |
|
|
A |
|
3.000%
due 3/15/52 |
|
|
72,961 |
|
|
|
|
| |
| |
Ameren Illinois Co., 1st Mortgage
Notes: |
|
|
| |
| |
43,000 |
|
|
A |
|
3.250%
due 3/15/50 |
|
|
30,139 |
|
| |
95,000 |
|
|
A |
|
2.900%
due 6/15/51 |
|
|
61,819 |
|
| |
170,000 |
|
|
A |
|
5.550%
due 7/1/54 |
|
|
170,355 |
|
| |
150,000 |
|
|
A |
|
American Transmission Systems Inc.,
Senior Unsecured Notes, 2.650% due 1/15/32(a) |
|
|
137,374 |
|
|
|
|
| |
| |
Arizona Public Service Co., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
5.550%
due 8/1/33 |
|
|
26,326 |
|
| |
25,000 |
|
|
BBB+ |
|
3.350%
due 5/15/50 |
|
|
17,500 |
|
|
|
|
| |
| |
Baltimore Gas & Electric Co.,
Senior Unsecured Notes: |
|
|
| |
| |
174,000 |
|
|
A |
|
5.450%
due 6/1/35 |
|
|
182,650 |
|
| |
6,000 |
|
|
A |
|
3.500%
due 8/15/46 |
|
|
4,571 |
|
| |
50,000 |
|
|
A |
|
3.750%
due 8/15/47 |
|
|
39,194 |
|
| |
80,000 |
|
|
A |
|
3.200%
due 9/15/49 |
|
|
55,783 |
|
| |
67,000 |
|
|
A |
|
2.900%
due 6/15/50 |
|
|
43,864 |
|
| |
54,000 |
|
|
A |
|
4.550%
due 6/1/52 |
|
|
46,533 |
|
| |
65,000 |
|
|
A |
|
5.400%
due 6/1/53 |
|
|
63,520 |
|
| |
555,000 |
|
|
A |
|
Basin Electric Power Cooperative, 1st
Mortgage Notes, 5.850% due 10/15/55(a) |
|
|
559,367 |
|
|
|
|
| |
| |
Berkshire Hathaway Energy Co., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
6.125%
due 4/1/36 |
|
|
27,436 |
|
| |
50,000 |
|
|
A- |
|
4.500%
due 2/1/45 |
|
|
43,838 |
|
| |
310,000 |
|
|
BBB |
|
Calpine LLC, Senior Unsecured Notes,
5.125% due 3/15/28(a) |
|
|
310,072 |
|
|
|
|
| |
| |
CenterPoint Energy Houston Electric
LLC: |
|
|
| |
| |
118,000 |
|
|
A |
|
1st
Mortgage Notes, 3.600% due 3/1/52 |
|
|
88,437 |
|
See
Notes to Financial Statements.
134
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Electric — 2.7% — (continued) |
|
|
|
|
| |
| |
General
Refinance Mortgage: |
|
|
| |
| $ |
129,000 |
|
|
A |
|
4.450%
due 10/1/32 |
|
$ |
130,167 |
|
| |
620,000 |
|
|
A |
|
4.850%
due 4/1/36 |
|
|
622,268 |
|
|
|
|
| |
| |
Comision Federal de Electricidad,
Company Guaranteed Notes: |
|
|
| |
| |
1,500,000 |
|
|
BBB |
|
3.348%
due 2/9/31(a) |
|
|
1,380,066 |
|
| |
1,000,000 |
|
|
BBB |
|
3.875%
due 7/26/33(a) |
|
|
895,875 |
|
| |
25,000 |
|
|
A |
|
Commonwealth Edison Co., 1st Mortgage
Notes, 5.900% due 3/15/36 |
|
|
27,211 |
|
|
|
|
| |
| |
Consolidated Edison Co. of New York
Inc., Senior Unsecured Notes: |
|
|
| |
| |
40,000 |
|
|
A- |
|
3.950%
due 4/1/50 |
|
|
31,728 |
|
| |
134,000 |
|
|
A- |
|
5.900%
due 11/15/53 |
|
|
138,905 |
|
| |
100,000 |
|
|
A- |
|
5.700%
due 5/15/54 |
|
|
101,348 |
|
| |
25,000 |
|
|
A- |
|
4.625%
due 12/1/54 |
|
|
21,524 |
|
|
|
|
| |
| |
Constellation Energy Generation LLC,
Senior Unsecured Notes: |
|
|
| |
| |
350,000 |
|
|
BBB+ |
|
4.625%
due 2/1/29(a) |
|
|
350,091 |
|
| |
174,000 |
|
|
BBB+ |
|
5.600%
due 6/15/42 |
|
|
177,190 |
|
| |
50,000 |
|
|
BBB+ |
|
5.875%
due 1/15/66 |
|
|
49,953 |
|
|
|
|
| |
| |
Consumers Energy Co., 1st Mortgage
Notes: |
|
|
| |
| |
56,000 |
|
|
A |
|
3.500%
due 8/1/51 |
|
|
41,350 |
|
| |
53,000 |
|
|
A |
|
2.650%
due 8/15/52 |
|
|
33,420 |
|
| |
113,000 |
|
|
A |
|
4.200%
due 9/1/52 |
|
|
92,895 |
|
|
|
|
| |
| |
Dominion Energy Inc.: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
1,600,000 |
|
|
BBB- |
|
6.625%
(5-Year CMT Index + 2.207%) due 5/15/55(f) |
|
|
1,661,848 |
|
| |
308,000 |
|
|
BBB- |
|
6.000%
(5-Year CMT Index + 2.262%) due 2/15/56(f) |
|
|
312,859 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
4.250%
due 6/1/28 |
|
|
100,738 |
|
| |
50,000 |
|
|
BBB |
|
5.000%
due 6/15/30 |
|
|
51,643 |
|
|
|
|
| |
| |
Dominion Energy South Carolina Inc.,
1st Mortgage Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
5.300%
due 1/15/35 |
|
|
52,287 |
|
| |
83,000 |
|
|
A |
|
6.250%
due 10/15/53 |
|
|
90,307 |
|
|
|
|
| |
| |
DTE Electric Co., General Refinance
Mortgage: |
|
|
| |
| |
350,000 |
|
|
A |
|
5.200%
due 3/1/34 |
|
|
366,126 |
|
| |
180,000 |
|
|
A |
|
3.250%
due 4/1/51 |
|
|
127,303 |
|
| |
100,000 |
|
|
BBB |
|
DTE Energy Co., Senior Unsecured Notes,
5.050% due 10/1/35 |
|
|
100,968 |
|
|
|
|
| |
| |
Duke Energy Carolinas LLC, 1st Mortgage
Notes: |
|
|
| |
| |
104,000 |
|
|
A |
|
3.950%
due 11/15/28 |
|
|
104,519 |
|
| |
100,000 |
|
|
A |
|
4.950%
due 1/15/33 |
|
|
103,696 |
|
| |
25,000 |
|
|
A |
|
6.050%
due 4/15/38 |
|
|
27,493 |
|
| |
500,000 |
|
|
A |
|
4.250%
due 12/15/41 |
|
|
448,324 |
|
| |
105,000 |
|
|
A |
|
3.200%
due 8/15/49 |
|
|
73,858 |
|
| |
80,000 |
|
|
A |
|
3.550%
due 3/15/52 |
|
|
58,785 |
|
| |
202,000 |
|
|
A |
|
5.350%
due 1/15/53 |
|
|
196,645 |
|
| |
700,000 |
EUR |
|
BBB |
|
Duke Energy Corp., Senior Unsecured
Notes, 3.100% due 6/15/28 |
|
|
835,653 |
|
|
|
|
| |
| |
Duke Energy Florida LLC, 1st Mortgage
Notes: |
|
|
| |
| |
145,000 |
|
|
A |
|
2.500%
due 12/1/29 |
|
|
138,193 |
|
| |
133,000 |
|
|
A |
|
1.750%
due 6/15/30 |
|
|
121,290 |
|
| |
495,000 |
|
|
A |
|
4.850%
due 12/1/35 |
|
|
499,312 |
|
| |
25,000 |
|
|
A |
|
6.400%
due 6/15/38 |
|
|
28,119 |
|
| |
24,000 |
|
|
A |
|
4.200%
due 7/15/48 |
|
|
19,874 |
|
| |
26,000 |
|
|
A |
|
5.950%
due 11/15/52 |
|
|
27,274 |
|
| |
350,000 |
|
|
A |
|
6.200%
due 11/15/53 |
|
|
381,493 |
|
|
|
|
| |
| |
Duke Energy Indiana LLC, 1st Mortgage
Notes: |
|
|
| |
| |
380,000 |
|
|
A |
|
2.750%
due 4/1/50 |
|
|
240,856 |
|
| |
500,000 |
|
|
A |
|
5.400%
due 4/1/53 |
|
|
484,514 |
|
|
|
|
| |
| |
Duke Energy Ohio Inc., 1st Mortgage
Notes: |
|
|
| |
| |
529,000 |
|
|
A |
|
3.650%
due 2/1/29 |
|
|
527,216 |
|
| |
20,000 |
|
|
A |
|
5.650%
due 4/1/53 |
|
|
20,140 |
|
See
Notes to Financial Statements.
135
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Electric — 2.7% — (continued) |
|
|
|
|
| |
| |
Duke Energy Progress LLC, 1st Mortgage
Notes: |
|
|
| |
| $ |
130,000 |
|
|
A |
|
3.450%
due 3/15/29 |
|
$ |
128,578 |
|
| |
43,000 |
|
|
A |
|
5.250%
due 3/15/33 |
|
|
45,129 |
|
| |
81,000 |
|
|
A |
|
4.150%
due 12/1/44 |
|
|
69,115 |
|
| |
67,000 |
|
|
A |
|
2.900%
due 8/15/51 |
|
|
43,131 |
|
|
|
|
| |
| |
Edison International: |
|
|
| |
| |
142,000 |
|
|
BB |
|
Junior
Subordinated Notes, 8.125% (5-Year CMT Index + 3.864%) due
6/15/53(f) |
|
|
147,650 |
|
| |
180,000 |
|
|
BB+ |
|
Senior
Unsecured Notes, 6.950% due 11/15/29 |
|
|
193,798 |
|
| |
781,000 |
|
|
BB+ |
|
Emera
Inc., Junior Subordinated Notes, 6.750% (3-Month USD-LIBOR + 5.440%)
due 6/15/76(f) |
|
|
787,549 |
|
| |
770,000 |
|
|
BBB- |
|
Emera US Finance LP, Company Guaranteed
Notes, 2.639% due 6/15/31 |
|
|
707,838 |
|
|
|
|
| |
| |
Enel Finance International NV, Company
Guaranteed Notes: |
|
|
| |
| |
450,000 |
|
|
BBB |
|
5.000%
due 9/30/35(a) |
|
|
449,787 |
|
| |
310,000 |
|
|
BBB |
|
5.750%
due 9/30/55(a) |
|
|
304,204 |
|
| |
87,000 |
|
|
A |
|
Entergy Arkansas LLC, 1st Mortgage
Notes, 3.350% due 6/15/52 |
|
|
60,634 |
|
|
|
|
| |
| |
Entergy Corp., Junior Subordinated
Notes: |
|
|
| |
| |
486,000 |
|
|
BBB- |
|
7.125%
(5-Year CMT Index + 2.670%) due 12/1/54(f) |
|
|
508,864 |
|
| |
30,000 |
|
|
BBB- |
|
5.875%
(5-Year CMT Index + 2.179%) due 6/15/56(f) |
|
|
30,154 |
|
|
|
|
| |
| |
Entergy Louisiana LLC: |
|
|
| |
|
|
|
| |
| |
1st
Mortgage Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
5.150%
due 9/15/34 |
|
|
25,865 |
|
| |
25,000 |
|
|
A |
|
2.900%
due 3/15/51 |
|
|
16,016 |
|
| |
615,000 |
|
|
A |
|
5.650%
due 4/15/56 |
|
|
610,589 |
|
| |
25,000 |
|
|
A |
|
Collateral
Trust, 4.200% due 9/1/48 |
|
|
20,573 |
|
|
|
|
| |
| |
Entergy Mississippi LLC, 1st Mortgage
Notes: |
|
|
| |
| |
370,000 |
|
|
A |
|
5.000%
due 9/1/33 |
|
|
381,772 |
|
| |
525,000 |
|
|
A |
|
5.800%
due 4/15/55 |
|
|
533,058 |
|
|
|
|
| |
| |
Entergy Texas Inc., 1st Mortgage
Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
5.250%
due 4/15/35 |
|
|
51,933 |
|
| |
565,000 |
|
|
A |
|
5.550%
due 9/15/54 |
|
|
553,312 |
|
| |
200,000 |
EUR |
|
A |
|
ESB
Finance DAC, Company Guaranteed Notes, (Cost — $222,761, acquired 3/6/24),
4.000% due 10/3/28(d) |
|
|
244,313 |
|
| |
855,000 |
|
|
BB+ |
|
EUSHI
Finance Inc., Company Guaranteed Notes, 7.625%
(5-Year CMT Index +
3.136%) due 12/15/54(f) |
|
|
903,085 |
|
| |
725,000 |
|
|
BBB- |
|
Evergy
Inc., Junior Subordinated Notes, 6.650%
(5-Year CMT Index + 2.558%) due
6/1/55(f) |
|
|
749,535 |
|
|
|
|
| |
| |
Eversource Energy, Senior Unsecured
Notes: |
|
|
| |
| |
128,000 |
|
|
BBB |
|
5.450%
due 3/1/28 |
|
|
131,416 |
|
| |
100,000 |
|
|
BBB |
|
4.450%
due 12/15/30 |
|
|
100,649 |
|
| |
198,101 |
|
|
BBB |
|
FIEMEX
Energia — Banco Actinver SA Institucion de Banca Multiple, Senior Secured
Notes, 7.250% due 1/31/41 |
|
|
206,852 |
|
|
|
|
| |
| |
FirstEnergy Corp., Senior Unsecured
Notes: |
|
|
| |
| |
470,000 |
|
|
BBB |
|
3.900%
due 7/15/27 |
|
|
472,428 |
|
| |
240,000 |
|
|
BBB |
|
4.850%
due 7/15/47 |
|
|
214,478 |
|
|
|
|
| |
| |
Florida Power & Light Co., 1st
Mortgage Notes: |
|
|
| |
| |
25,000 |
|
|
A+ |
|
5.650%
due 2/1/37 |
|
|
27,060 |
|
| |
251,000 |
|
|
A+ |
|
3.950%
due 3/1/48 |
|
|
203,363 |
|
| |
122,000 |
|
|
A+ |
|
2.875%
due 12/4/51 |
|
|
79,277 |
|
|
|
|
| |
| |
Georgia Power Co., Senior Unsecured
Notes: |
|
|
| |
| |
278,000 |
|
|
A |
|
4.950%
due 5/17/33 |
|
|
287,220 |
|
| |
430,000 |
|
|
A |
|
5.250%
due 3/15/34 |
|
|
449,316 |
|
| |
100,000 |
|
|
BBB+ |
|
Interstate Power & Light Co.,
Senior Unsecured Notes, 2.300% due 6/1/30 |
|
|
93,431 |
|
| |
1,365,000 |
|
|
BBB+ |
|
ITC Holdings Corp., Senior Unsecured
Notes, 5.650% due 5/9/34(a)(c) |
|
|
1,439,424 |
|
| |
75,000 |
|
|
BBB+ |
|
Jersey Central Power & Light Co.,
Senior Unsecured Notes, 5.150% due 1/15/36(a) |
|
|
76,961 |
|
| |
50,000 |
|
|
A |
|
Kentucky Utilities Co., 1st Mortgage
Notes, 5.850% due 8/15/55 |
|
|
51,469 |
|
| |
50,000 |
|
|
A |
|
Louisville Gas & Electric Co., 1st
Mortgage Notes, 5.450% due 4/15/33 |
|
|
52,914 |
|
See
Notes to Financial Statements.
136
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Electric — 2.7% — (continued) |
|
|
|
|
| |
| |
MidAmerican Energy Co., 1st Mortgage
Notes: |
|
|
| |
| $ |
47,000 |
|
|
A |
|
3.100%
due 5/1/27 |
|
$ |
46,780 |
|
| |
141,000 |
|
|
A |
|
5.850%
due 9/15/54 |
|
|
147,299 |
|
| |
167,000 |
|
|
A |
|
5.300%
due 2/1/55 |
|
|
162,123 |
|
| |
100,000 |
|
|
A- |
|
National
Rural Utilities Cooperative Finance Corp., Senior Unsecured Notes, 4.850%
due 2/7/29 |
|
|
102,735 |
|
|
|
|
| |
| |
NextEra Energy Capital Holdings Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
200,000 |
|
|
BBB+ |
|
2.750%
due 11/1/29 |
|
|
191,892 |
|
| |
50,000 |
|
|
BBB+ |
|
2.250%
due 6/1/30 |
|
|
46,425 |
|
| |
50,000 |
|
|
BBB+ |
|
5.050%
due 2/28/33 |
|
|
51,669 |
|
| |
50,000 |
|
|
BBB+ |
|
5.250%
due 3/15/34 |
|
|
51,834 |
|
| |
160,000 |
|
|
BBB |
|
6.500%
(5-Year CMT Index + 1.979%) due 8/15/55(f) |
|
|
169,700 |
|
| |
1,835,000 |
|
|
BBB+ |
|
Niagara Mohawk Power Corp., Senior
Unsecured Notes, 5.996% due 7/3/55(a) |
|
|
1,875,310 |
|
|
|
|
| |
| |
Northern States Power Co., 1st Mortgage
Notes: |
|
|
| |
| |
211,000 |
|
|
A |
|
2.900%
due 3/1/50 |
|
|
141,401 |
|
| |
136,000 |
|
|
A |
|
2.600%
due 6/1/51 |
|
|
85,782 |
|
| |
62,000 |
|
|
A |
|
5.100%
due 5/15/53 |
|
|
58,302 |
|
|
|
|
| |
| |
NRG Energy Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
205,000 |
|
|
BB |
|
5.750%
due 1/15/28 |
|
|
205,095 |
|
| |
380,000 |
|
|
BB |
|
5.250%
due 6/15/29(a) |
|
|
381,635 |
|
|
|
|
| |
| |
Senior
Secured Notes: |
|
|
| |
| |
80,000 |
|
|
BBB- |
|
4.734%
due 10/15/30(a) |
|
|
80,806 |
|
| |
977,000 |
|
|
BBB- |
|
5.407%
due 10/15/35(a) |
|
|
988,080 |
|
|
|
|
| |
| |
Ohio Power Co., Senior Unsecured
Notes: |
|
|
| |
| |
113,000 |
|
|
BBB+ |
|
2.600%
due 4/1/30 |
|
|
106,796 |
|
| |
89,000 |
|
|
BBB+ |
|
5.000%
due 6/1/33 |
|
|
91,124 |
|
| |
66,000 |
|
|
BBB+ |
|
4.000%
due 6/1/49 |
|
|
51,814 |
|
| |
438,000 |
|
|
BBB+ |
|
2.900%
due 10/1/51 |
|
|
276,997 |
|
|
|
|
| |
| |
Oncor Electric Delivery Co. LLC: |
|
|
| |
| |
25,000 |
|
|
A |
|
1st
Mortgage Notes, 2.700% due 11/15/51 |
|
|
15,300 |
|
|
|
|
| |
| |
Senior
Secured Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
4.550%
due 9/15/32 |
|
|
50,669 |
|
| |
50,000 |
|
|
A |
|
5.650%
due 11/15/33 |
|
|
53,663 |
|
| |
50,000 |
|
|
A |
|
4.950%
due 9/15/52 |
|
|
45,681 |
|
|
|
|
| |
| |
Pacific Gas & Electric Co., 1st
Mortgage Notes: |
|
|
| |
| |
500,000 |
|
|
BBB |
|
5.450%
due 6/15/27 |
|
|
508,534 |
|
| |
124,000 |
|
|
BBB |
|
5.000%
due 6/4/28 |
|
|
126,374 |
|
| |
2,090,000 |
|
|
BBB |
|
4.550%
due 7/1/30 |
|
|
2,104,250 |
|
| |
89,000 |
|
|
BBB |
|
2.500%
due 2/1/31 |
|
|
81,422 |
|
| |
1,020,000 |
|
|
BBB |
|
5.050%
due 10/15/32 |
|
|
1,040,123 |
|
| |
136,000 |
|
|
BBB |
|
6.150%
due 1/15/33 |
|
|
146,205 |
|
| |
179,000 |
|
|
BBB |
|
6.400%
due 6/15/33 |
|
|
195,125 |
|
| |
111,000 |
|
|
BBB |
|
6.950%
due 3/15/34 |
|
|
125,176 |
|
| |
100,000 |
|
|
BBB |
|
4.500%
due 7/1/40 |
|
|
88,874 |
|
| |
50,000 |
|
|
BBB |
|
3.300%
due 8/1/40 |
|
|
38,782 |
|
| |
50,000 |
|
|
BBB |
|
4.950%
due 7/1/50 |
|
|
43,317 |
|
| |
90,000 |
|
|
BBB |
|
3.500%
due 8/1/50 |
|
|
62,214 |
|
| |
28,000 |
|
|
BBB |
|
6.750%
due 1/15/53 |
|
|
30,292 |
|
| |
55,000 |
|
|
BBB |
|
6.700%
due 4/1/53 |
|
|
59,470 |
|
| |
55,000 |
|
|
BBB |
|
6.000%
due 5/1/56 |
|
|
54,322 |
|
|
|
|
| |
| |
PacifiCorp, 1st Mortgage Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
5.450%
due 2/15/34 |
|
|
51,394 |
|
| |
25,000 |
|
|
BBB+ |
|
5.750%
due 4/1/37 |
|
|
25,564 |
|
| |
890,000 |
|
|
BBB+ |
|
5.800%
due 1/15/55 |
|
|
848,307 |
|
See
Notes to Financial Statements.
137
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Electric — 2.7% — (continued) |
|
|
|
|
| |
| |
PECO Energy Co., 1st Mortgage Notes: |
|
|
| |
| $ |
46,000 |
|
|
A |
|
3.050%
due 3/15/51 |
|
$ |
30,850 |
|
| |
74,000 |
|
|
A |
|
4.600%
due 5/15/52 |
|
|
64,545 |
|
| |
91,000 |
|
|
A |
|
4.375%
due 8/15/52 |
|
|
76,320 |
|
|
|
|
| |
| |
PG&E Corp.: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
1,480,000 |
|
|
B |
|
7.375%
(5-Year CMT Index + 3.883%) due 3/15/55(f) |
|
|
1,532,753 |
|
| |
225,000 |
|
|
B |
|
6.850%
(5-Year CMT Index + 3.225%) due 9/15/56(f) |
|
|
226,026 |
|
|
|
|
| |
| |
Senior
Secured Notes: |
|
|
| |
| |
145,000 |
|
|
BB |
|
5.000%
due 7/1/28 |
|
|
144,715 |
|
| |
180,000 |
|
|
BB |
|
5.250%
due 7/1/30 |
|
|
180,250 |
|
| |
100,000 |
|
|
AAA |
|
PG&E Recovery Funding LLC, Senior
Secured Notes, 5.231% due 6/1/42 |
|
|
103,189 |
|
|
|
|
| |
| |
PPL Electric Utilities Corp., 1st
Mortgage Notes: |
|
|
| |
| |
25,000 |
|
|
A+ |
|
5.000%
due 5/15/33 |
|
|
25,859 |
|
| |
25,000 |
|
|
A+ |
|
4.850%
due 2/15/34 |
|
|
25,592 |
|
| |
25,000 |
|
|
A+ |
|
5.250%
due 5/15/53 |
|
|
24,117 |
|
| |
860,000 |
|
|
BBB |
|
PSEG Power LLC, Senior Unsecured Notes,
5.750% due 5/15/35(a) |
|
|
901,789 |
|
| |
270,000 |
|
|
A |
|
Public Service Co. of Colorado, 1st
Mortgage Notes, 2.700% due 1/15/51 |
|
|
166,656 |
|
| |
102,000 |
|
|
A |
|
Public Service Co. of New Hampshire,
1st Mortgage Notes, 5.150% due 1/15/53 |
|
|
96,490 |
|
|
|
|
| |
| |
Public Service Electric & Gas Co.,
1st Mortgage Notes: |
|
|
| |
| |
199,000 |
|
|
A |
|
3.200%
due 5/15/29 |
|
|
195,455 |
|
| |
185,000 |
|
|
A |
|
4.900%
due 12/15/32 |
|
|
191,551 |
|
| |
350,000 |
|
|
A- |
|
Puget Sound Energy Inc., Senior Secured
Notes, 5.685% due 6/15/54 |
|
|
355,143 |
|
| |
200,000 |
|
|
Ba2(b) |
|
Saavi Energia Sarl, Senior Unsecured
Notes, 8.875% due 2/10/35 |
|
|
221,050 |
|
|
|
|
| |
| |
San Diego Gas & Electric Co., 1st
Mortgage Notes: |
|
|
| |
| |
370,000 |
|
|
A |
|
3.320%
due 4/15/50 |
|
|
259,485 |
|
| |
120,000 |
|
|
A |
|
5.350%
due 4/1/53 |
|
|
114,367 |
|
|
|
|
| |
| |
Sempra: |
|
|
| |
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
905,000 |
|
|
BBB- |
|
6.625%
(5-Year CMT Index + 2.354%) due 4/1/55(f) |
|
|
923,268 |
|
| |
61,000 |
|
|
BBB- |
|
6.375%
(5-Year CMT Index + 2.632%) due 4/1/56(f) |
|
|
62,470 |
|
| |
25,000 |
|
|
BBB |
|
Senior
Unsecured Notes, 3.800% due 2/1/38 |
|
|
21,854 |
|
|
|
|
| |
| |
Southern California Edison Co.: |
|
|
| |
|
|
|
| |
| |
1st
Mortgage Notes: |
|
|
| |
| |
310,000 |
|
|
BBB+ |
|
5.300%
due 3/1/28 |
|
|
317,402 |
|
| |
208,000 |
|
|
BBB+ |
|
5.650%
due 10/1/28 |
|
|
215,883 |
|
| |
199,000 |
|
|
BBB+ |
|
5.950%
due 11/1/32 |
|
|
213,482 |
|
| |
619,000 |
|
|
BBB+ |
|
5.200%
due 6/1/34 |
|
|
629,600 |
|
| |
752,000 |
|
|
BBB+ |
|
5.450%
due 3/1/35 |
|
|
773,938 |
|
| |
60,000 |
|
|
BBB+ |
|
3.650%
due 6/1/51 |
|
|
42,278 |
|
| |
30,000 |
|
|
BBB+ |
|
5.875%
due 12/1/53 |
|
|
29,499 |
|
| |
850,000 |
|
|
BBB+ |
|
5.750%
due 4/15/54 |
|
|
820,353 |
|
| |
25,000 |
|
|
BBB+ |
|
1st
Refinanced Mortgage Notes, 5.950% due 2/1/38 |
|
|
26,151 |
|
| |
50,000 |
|
|
BBB+ |
|
System Energy Resources Inc., 1st
Refinanced Mortgage Notes, 5.300% due 12/15/34 |
|
|
51,083 |
|
| |
45,000 |
|
|
B |
|
Talen Energy Supply LLC, Company
Guaranteed Notes, 6.250% due 2/1/34(a) |
|
|
45,820 |
|
|
|
|
| |
| |
Union Electric Co., 1st Mortgage
Notes: |
|
|
| |
| |
350,000 |
|
|
A |
|
5.200%
due 4/1/34 |
|
|
365,483 |
|
| |
51,000 |
|
|
A |
|
5.450%
due 3/15/53 |
|
|
50,250 |
|
|
|
|
| |
| |
Virginia Electric & Power Co.,
Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
6.000%
due 5/15/37 |
|
|
27,033 |
|
| |
52,000 |
|
|
BBB+ |
|
2.950%
due 11/15/51 |
|
|
33,167 |
|
| |
126,000 |
|
|
BBB+ |
|
5.700%
due 8/15/53 |
|
|
125,233 |
|
| |
15,000 |
|
|
BBB+ |
|
5.350%
due 1/15/54 |
|
|
14,268 |
|
| |
50,000 |
|
|
BBB+ |
|
5.600%
due 9/15/55 |
|
|
49,084 |
|
See
Notes to Financial Statements.
138
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Electric — 2.7% — (continued) |
|
|
|
|
| |
| |
Vistra Operations Co. LLC: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| $ |
1,390,000 |
|
|
BB+ |
|
5.000%
due 7/31/27(a) |
|
$ |
1,390,712 |
|
| |
115,000 |
|
|
BB+ |
|
7.750%
due 10/15/31(a) |
|
|
121,589 |
|
|
|
|
| |
| |
Senior
Secured Notes: |
|
|
| |
| |
117,000 |
|
|
BBB- |
|
3.700%
due 1/30/27(a) |
|
|
116,606 |
|
| |
451,000 |
|
|
BBB- |
|
4.300%
due 10/15/28(a) |
|
|
451,929 |
|
| |
871,000 |
|
|
BBB- |
|
4.600%
due 10/15/30(a) |
|
|
876,936 |
|
| |
210,000 |
|
|
BBB- |
|
4.700%
due 1/31/31(a) |
|
|
211,443 |
|
| |
710,000 |
|
|
BBB- |
|
6.000%
due 4/15/34(a) |
|
|
752,464 |
|
| |
1,005,000 |
|
|
BBB- |
|
5.350%
due 1/31/36(a) |
|
|
1,012,474 |
|
|
|
|
| |
| |
Wisconsin Power & Light Co., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
5.375%
due 3/30/34 |
|
|
26,017 |
|
| |
25,000 |
|
|
A- |
|
3.650%
due 4/1/50 |
|
|
18,636 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electric |
|
|
51,131,998 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Electrical Components & Equipment —
0.0%@ |
|
|
|
|
| |
| |
Emerson Electric Co., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
2.750%
due 10/15/50 |
|
|
16,284 |
|
| |
25,000 |
|
|
A |
|
2.800%
due 12/21/51 |
|
|
16,232 |
|
| |
120,000 |
|
|
B |
|
Energizer Holdings Inc., Company
Guaranteed Notes, 4.750% due 6/15/28(a) |
|
|
119,313 |
|
| |
85,000 |
|
|
BB+ |
|
EnerSys, Company Guaranteed Notes,
6.625% due 1/15/32(a) |
|
|
87,813 |
|
| |
330,000 |
|
|
BB |
|
WESCO Distribution Inc., Company
Guaranteed Notes, 6.625% due 3/15/32(a) |
|
|
343,712 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electrical Components &
Equipment |
|
|
583,354 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Electronics — 0.1% |
|
| |
140,000 |
|
|
B+ |
|
Coherent Corp., Company Guaranteed
Notes, 5.000% due 12/15/29(a) |
|
|
140,192 |
|
| |
1,130,000 |
|
|
BBB- |
|
Flex Ltd., Senior Unsecured Notes,
5.375% due 11/13/35 |
|
|
1,144,217 |
|
|
|
|
| |
| |
Honeywell International Inc., Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
1.100%
due 3/1/27 |
|
|
97,480 |
|
| |
50,000 |
|
|
A |
|
5.000%
due 3/1/35 |
|
|
51,619 |
|
| |
25,000 |
|
|
A |
|
3.812%
due 11/21/47 |
|
|
19,959 |
|
| |
50,000 |
|
|
A |
|
2.800%
due 6/1/50 |
|
|
33,918 |
|
| |
25,000 |
|
|
A |
|
5.250%
due 3/1/54 |
|
|
24,101 |
|
| |
25,000 |
|
|
A |
|
5.350%
due 3/1/64 |
|
|
24,263 |
|
| |
210,000 |
|
|
BB |
|
Imola Merger Corp., Senior Secured
Notes, 4.750% due 5/15/29(a) |
|
|
206,568 |
|
|
|
|
| |
| |
Sensata Technologies Inc., Company
Guaranteed Notes: |
|
|
| |
| |
205,000 |
|
|
BB+ |
|
4.375%
due 2/15/30(a) |
|
|
201,275 |
|
| |
80,000 |
|
|
BB+ |
|
3.750%
due 2/15/31(a) |
|
|
75,475 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electronics |
|
|
2,019,067 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Energy — Alternate Sources — 0.0%@ |
|
| |
200,000 |
|
|
Ba3(b) |
|
FS Luxembourg Sarl, Company Guaranteed
Notes, 8.625% due 6/25/33(a) |
|
|
197,706 |
|
| |
85,000 |
|
|
BB- |
|
TerraForm Power Operating LLC, Company
Guaranteed Notes, 4.750% due 1/15/30(a) |
|
|
83,295 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Energy — Alternate Sources |
|
|
281,001 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Engineering & Construction — 0.1% |
|
| |
105,000 |
|
|
BB |
|
AECOM, Company Guaranteed Notes, 6.000%
due 8/1/33(a) |
|
|
107,347 |
|
| |
290,000 |
|
|
BBB- |
|
CIMIC Finance USA Pty Ltd., Company
Guaranteed Notes, 7.000% due 3/25/34(a) |
|
|
319,413 |
|
| |
120,000 |
|
|
BB- |
|
Dycom Industries Inc., Company
Guaranteed Notes, 4.500% due 4/15/29(a) |
|
|
118,254 |
|
| |
220,000 |
|
|
BB |
|
Global Infrastructure Solutions Inc.,
Company Guaranteed Notes, 5.625% due 6/1/29(a) |
|
|
220,813 |
|
|
|
|
| |
| |
Jacobs Solutions Inc., Company
Guaranteed Notes: |
|
|
| |
| |
1,160,000 |
|
|
BBB- |
|
4.750%
due 3/3/31 |
|
|
1,161,759 |
|
| |
695,000 |
|
|
BBB- |
|
5.375%
due 3/3/36 |
|
|
695,384 |
|
| |
23,000 |
|
|
BB+ |
|
TopBuild Corp., Company Guaranteed
Notes, 5.625% due 1/31/34(a) |
|
|
23,233 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Engineering & Construction |
|
|
2,646,203 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
139
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Entertainment — 0.2% |
|
| $ |
120,000 |
|
|
B |
|
Boyne USA Inc., Senior Unsecured Notes,
4.750% due 5/15/29(a) |
|
$ |
119,206 |
|
|
|
|
| |
| |
Caesars Entertainment Inc., Senior
Secured Notes: |
|
|
| |
| |
100,000 |
|
|
BB- |
|
7.000%
due 2/15/30(a) |
|
|
102,591 |
|
| |
290,000 |
|
|
BB- |
|
6.500%
due 2/15/32(a) |
|
|
294,902 |
|
| |
50,000 |
|
|
B+ |
|
Churchill Downs Inc., Company
Guaranteed Notes, 6.750% due 5/1/31(a) |
|
|
51,556 |
|
| |
70,000 |
|
|
BB |
|
Cinemark USA Inc., Company Guaranteed
Notes, 5.250% due 7/15/28(a) |
|
|
70,035 |
|
|
|
|
| |
| |
Discovery Global Holdings Inc., Company
Guaranteed Notes: |
|
|
| |
| |
270,000 |
|
|
BB |
|
4.279%
due 3/15/32(c) |
|
|
248,063 |
|
| |
25,000 |
|
|
BB |
|
5.050%
due 3/15/42 |
|
|
18,000 |
|
| |
330,000 |
|
|
BB- |
|
Live Nation Entertainment Inc., Company
Guaranteed Notes, 4.750% due 10/15/27(a) |
|
|
330,205 |
|
| |
400,000 |
EUR |
|
B- |
|
Motion
Finco Sarl, Senior Secured Notes, (Cost — $441,229, acquired 3/21/25),
7.375% due 6/15/30(d) |
|
|
411,575 |
|
| |
50,000 |
|
|
B |
|
Six Flags Entertainment Corp., Company
Guaranteed Notes, 7.250% due 5/15/31(a) |
|
|
49,133 |
|
| |
295,000 |
|
|
B |
|
Six
Flags Entertainment Corp./Canada’s Wonderland Co./Magnum Management Corp.,
Company Guaranteed Notes, 5.250% due 7/15/29 |
|
|
283,943 |
|
| |
700,000 |
EUR |
|
BBB+ |
|
Universal
Music Group NV, Senior Unsecured Notes, (Cost — $780,944, acquired
12/3/24), 4.000% due 6/13/31(d) |
|
|
859,114 |
|
| |
180,000 |
|
|
BB- |
|
Vail Resorts Inc., Company Guaranteed
Notes, 6.500% due 5/15/32(a) |
|
|
186,486 |
|
|
|
|
| |
| |
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp., Company Guaranteed Notes: |
|
|
| |
| |
340,000 |
|
|
BB- |
|
7.125%
due 2/15/31(a) |
|
|
367,357 |
|
| |
125,000 |
|
|
BB- |
|
6.250%
due 3/15/33(a) |
|
|
127,726 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Entertainment |
|
|
3,519,892 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Environmental Control — 0.1% |
|
| |
305,000 |
|
|
BB |
|
GFL Environmental Inc., Company
Guaranteed Notes, 6.750% due 1/15/31(a) |
|
|
320,339 |
|
|
|
|
| |
| |
Republic Services Inc., Senior
Unsecured Notes: |
|
|
| |
| |
66,000 |
|
|
A- |
|
3.375%
due 11/15/27 |
|
|
65,633 |
|
| |
260,000 |
|
|
A- |
|
4.875%
due 4/1/29 |
|
|
267,433 |
|
|
|
|
| |
| |
Waste Connections Inc., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.050%
due 4/1/50 |
|
|
17,284 |
|
| |
25,000 |
|
|
BBB+ |
|
2.950%
due 1/15/52 |
|
|
16,565 |
|
|
|
|
| |
| |
Waste Management Inc., Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
3.875%
due 1/15/29 |
|
|
100,213 |
|
| |
100,000 |
|
|
A- |
|
4.950%
due 3/15/35 |
|
|
102,896 |
|
| |
50,000 |
|
|
A- |
|
2.950%
due 6/1/41 |
|
|
38,906 |
|
| |
315,000 |
|
|
BB |
|
Wrangler Holdco Corp., Company
Guaranteed Notes, 6.625% due 4/1/32(a) |
|
|
328,808 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Environmental Control |
|
|
1,258,077 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Food — 0.5% |
|
| |
90,000 |
|
|
BB+ |
|
Albertsons Cos Inc., Company Guaranteed
Notes, 5.625% due 3/31/32(a) |
|
|
90,371 |
|
|
|
|
| |
| |
Albertsons
Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed
Notes: |
|
|
| |
| |
36,000 |
|
|
BB+ |
|
5.500%
due 3/31/31(a) |
|
|
36,286 |
|
| |
35,000 |
|
|
BB+ |
|
5.750%
due 3/31/34(a) |
|
|
34,867 |
|
| |
25,000 |
|
|
BBB |
|
General Mills Inc., Senior Unsecured
Notes, 3.000% due 2/1/51 |
|
|
16,425 |
|
| |
200,000 |
|
|
Baa3(b) |
|
Grupo Nutresa SA, Company Guaranteed
Notes, 9.000% due 5/12/35(a) |
|
|
230,100 |
|
| |
597,000 |
GBP |
|
B |
|
Iceland
Bondsco PLC, Senior Secured Notes, (Cost — $794,419, acquired 5/29/24),
10.875% due 12/15/27(d) |
|
|
853,972 |
|
|
|
|
| |
| |
J.M. Smucker Co. (The), Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.250%
due 3/15/35 |
|
|
23,997 |
|
| |
25,000 |
|
|
BBB |
|
6.500%
due 11/15/53 |
|
|
27,497 |
|
|
|
|
| |
| |
JBS
NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, Senior
Unsecured Notes: |
|
|
| |
| |
370,000 |
|
|
BBB- |
|
3.625%
due 1/15/32 |
|
|
350,675 |
|
| |
750,000 |
|
|
BBB- |
|
5.500%
due 1/15/36 |
|
|
771,109 |
|
See
Notes to Financial Statements.
140
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Food — 0.5% — (continued) |
|
| $ |
50,000 |
|
|
BBB- |
|
4.375%
due 2/2/52 |
|
$ |
39,566 |
|
| |
225,000 |
|
|
BBB- |
|
6.500%
due 12/1/52 |
|
|
237,971 |
|
| |
80,000 |
|
|
BBB- |
|
6.375%
due 4/15/66 |
|
|
81,529 |
|
|
|
|
| |
| |
Kraft Heinz Foods Co., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
6.875%
due 1/26/39 |
|
|
28,219 |
|
| |
25,000 |
|
|
BBB |
|
6.500%
due 2/9/40 |
|
|
27,215 |
|
| |
50,000 |
|
|
BBB |
|
5.200%
due 7/15/45 |
|
|
45,853 |
|
| |
75,000 |
|
|
BBB |
|
4.375%
due 6/1/46 |
|
|
61,654 |
|
| |
50,000 |
|
|
BBB |
|
4.875%
due 10/1/49 |
|
|
43,177 |
|
|
|
|
| |
| |
Kroger Co. (The), Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
5.000%
due 9/15/34 |
|
|
50,849 |
|
| |
25,000 |
|
|
BBB |
|
3.875%
due 10/15/46 |
|
|
19,883 |
|
| |
25,000 |
|
|
BBB |
|
4.450%
due 2/1/47 |
|
|
21,436 |
|
| |
25,000 |
|
|
BBB |
|
5.400%
due 1/15/49 |
|
|
24,297 |
|
| |
25,000 |
|
|
BBB |
|
3.950%
due 1/15/50 |
|
|
19,410 |
|
| |
850,000 |
|
|
BBB |
|
5.500%
due 9/15/54 |
|
|
822,379 |
|
| |
75,000 |
|
|
BB+ |
|
Lamb Weston Holdings Inc., Company
Guaranteed Notes, 4.125% due 1/31/30(a) |
|
|
72,767 |
|
|
|
|
| |
| |
Mars Inc.: |
|
|
| |
| |
230,000 |
|
|
A |
|
Company
Guaranteed Notes, 3.200% due 4/1/30(a) |
|
|
223,698 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
70,000 |
|
|
A |
|
5.000%
due 3/1/32(a) |
|
|
72,558 |
|
| |
2,560,000 |
|
|
A |
|
5.200%
due 3/1/35(a) |
|
|
2,651,427 |
|
| |
1,845,000 |
|
|
A |
|
5.700%
due 5/1/55(a) |
|
|
1,872,337 |
|
| |
235,000 |
|
|
BB |
|
Post Holdings Inc., Senior Secured
Notes, 6.250% due 2/15/32(a) |
|
|
242,052 |
|
|
|
|
| |
| |
Sysco Corp., Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.950%
due 4/1/30 |
|
|
26,622 |
|
| |
100,000 |
|
|
BBB |
|
6.000%
due 1/17/34 |
|
|
109,178 |
|
| |
25,000 |
|
|
BBB |
|
4.450%
due 3/15/48 |
|
|
21,581 |
|
| |
25,000 |
|
|
BBB |
|
3.150%
due 12/14/51 |
|
|
16,932 |
|
| |
25,000 |
|
|
BBB |
|
Tyson Foods Inc., Senior Unsecured
Notes, 5.100% due 9/28/48 |
|
|
23,546 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Food |
|
|
9,291,435 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
International Paper Co., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
6.000%
due 11/15/41 |
|
|
26,091 |
|
| |
25,000 |
|
|
BBB |
|
4.800%
due 6/15/44 |
|
|
22,382 |
|
| |
25,000 |
|
|
BBB |
|
4.350%
due 8/15/48 |
|
|
20,536 |
|
| |
50,000 |
|
|
BBB- |
|
Suzano Austria GmbH, Company Guaranteed
Notes, 3.750% due 1/15/31 |
|
|
47,627 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Forest Products & Paper |
|
|
116,636 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Gas — 0.2% |
|
| |
1,000,000 |
EUR |
|
BBB |
|
APA
Infrastructure Ltd., (Cost — $1,003,784, acquired 5/31/24), Company
Guaranteed Notes, 2.000% due 7/15/30(d) |
|
|
1,132,967 |
|
| |
92,000 |
|
|
A- |
|
Atmos Energy Corp., Senior Unsecured
Notes, 4.125% due 10/15/44 |
|
|
79,499 |
|
| |
790,000 |
|
|
BBB+ |
|
Brooklyn Union Gas Co. (The), Senior
Unsecured Notes, 6.388% due 9/15/33(a) |
|
|
858,516 |
|
|
|
|
| |
| |
CenterPoint Energy Resources Corp.,
Senior Unsecured Notes: |
|
|
| |
| |
108,000 |
|
|
BBB+ |
|
5.250%
due 3/1/28 |
|
|
110,983 |
|
| |
52,000 |
|
|
BBB+ |
|
1.750%
due 10/1/30 |
|
|
46,930 |
|
| |
25,000 |
|
|
BBB- |
|
National Fuel Gas Co., Senior Unsecured
Notes, 5.500% due 3/15/30 |
|
|
26,034 |
|
|
|
|
| |
| |
NiSource Inc.: |
|
|
| |
| |
115,000 |
|
|
BBB- |
|
Junior
Subordinated Notes, 6.950% (5-Year CMT Index + 2.451%) due
11/30/54(f) |
|
|
120,306 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
75,000 |
|
|
BBB+ |
|
3.490%
due 5/15/27 |
|
|
74,638 |
|
| |
61,000 |
|
|
BBB+ |
|
5.250%
due 3/30/28 |
|
|
62,572 |
|
| |
153,000 |
|
|
BBB+ |
|
3.600%
due 5/1/30 |
|
|
150,220 |
|
| |
50,000 |
|
|
BBB+ |
|
5.350%
due 7/15/35 |
|
|
51,686 |
|
| |
25,000 |
|
|
BBB+ |
|
5.850%
due 4/1/55 |
|
|
25,231 |
|
See
Notes to Financial Statements.
141
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Gas — 0.2% — (continued) |
|
|
|
|
| |
| |
Piedmont Natural Gas Co., Inc., Senior
Unsecured Notes: |
|
|
| |
| $ |
90,000 |
|
|
BBB+ |
|
3.500%
due 6/1/29 |
|
$ |
88,839 |
|
| |
96,000 |
|
|
BBB+ |
|
2.500%
due 3/15/31 |
|
|
88,616 |
|
| |
109,000 |
|
|
BBB+ |
|
3.350%
due 6/1/50 |
|
|
76,027 |
|
| |
50,000 |
|
|
A |
|
Southern California Gas Co., 1st
Mortgage Notes, 5.450% due 6/15/35 |
|
|
52,759 |
|
| |
490,000 |
|
|
A- |
|
Southern Co. Gas Capital Corp., Company
Guaranteed Notes, 5.750% due 9/15/33 |
|
|
524,524 |
|
| |
55,000 |
|
|
BBB+ |
|
Southwest Gas Corp., Senior Unsecured
Notes, 5.450% due 3/23/28 |
|
|
56,558 |
|
| |
75,000 |
|
|
A |
|
Spire Missouri Inc., 1st Mortgage
Notes, 4.800% due 2/15/33 |
|
|
76,762 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Gas |
|
|
3,703,667 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Healthcare — Products — 0.5% |
|
|
|
|
| |
| |
Abbott Laboratories, Senior Unsecured
Notes: |
|
|
| |
| |
2,535,000 |
|
|
AA- |
|
4.650%
due 3/15/36 |
|
|
2,537,021 |
|
| |
50,000 |
|
|
AA- |
|
4.750%
due 11/30/36 |
|
|
50,445 |
|
| |
75,000 |
|
|
AA- |
|
4.900%
due 11/30/46 |
|
|
71,134 |
|
| |
1,485,000 |
|
|
AA- |
|
5.500%
due 3/15/56 |
|
|
1,493,929 |
|
| |
60,000 |
|
|
BBB+ |
|
Agilent Technologies Inc., Senior
Unsecured Notes, 2.300% due 3/12/31 |
|
|
54,853 |
|
| |
160,000 |
|
|
BB |
|
Avantor Funding Inc., Company
Guaranteed Notes, 4.625% due 7/15/28(a) |
|
|
158,731 |
|
| |
22,000 |
|
|
B |
|
Bausch + Lomb Corp., Senior Secured
Notes, 8.375% due 10/1/28(a) |
|
|
22,825 |
|
|
|
|
| |
| |
Baxter International Inc., Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
BBB- |
|
2.272%
due 12/1/28 |
|
|
94,593 |
|
| |
25,000 |
|
|
BBB- |
|
3.132%
due 12/1/51 |
|
|
15,602 |
|
| |
25,000 |
|
|
A- |
|
Boston Scientific Corp., Senior
Unsecured Notes, 4.700% due 3/1/49 |
|
|
23,049 |
|
|
|
|
| |
| |
Danaher Corp., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
2.600%
due 10/1/50 |
|
|
15,505 |
|
| |
25,000 |
|
|
A- |
|
2.800%
due 12/10/51 |
|
|
16,057 |
|
| |
25,000 |
|
|
A- |
|
DH Europe Finance II Sarl, Company
Guaranteed Notes, 3.400% due 11/15/49 |
|
|
18,268 |
|
| |
200,000 |
|
|
BBB |
|
GE HealthCare Technologies Inc., Senior
Unsecured Notes, 4.150% due 12/15/28 |
|
|
201,185 |
|
| |
140,000 |
|
|
BB+ |
|
Hologic Inc., Company Guaranteed Notes,
3.250% due 2/15/29(a) |
|
|
139,358 |
|
| |
1,505,000 |
|
|
BBB- |
|
Medline Borrower LP, Senior Secured
Notes, 3.875% due 4/1/29(a) |
|
|
1,480,787 |
|
| |
575,000 |
|
|
BBB- |
|
Medline Borrower LP/Medline Co.-Issuer
Inc., Senior Secured Notes, 6.250% due 4/1/29(a) |
|
|
593,486 |
|
|
|
|
| |
| |
Medtronic Inc., Company Guaranteed
Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
4.375%
due 3/15/35 |
|
|
49,520 |
|
| |
50,000 |
|
|
A |
|
4.625%
due 3/15/45 |
|
|
46,447 |
|
|
|
|
| |
| |
Solventum Corp., Senior Unsecured
Notes: |
|
|
| |
| |
430,000 |
|
|
BBB |
|
5.450%
due 3/13/31 |
|
|
451,632 |
|
| |
590,000 |
|
|
BBB |
|
5.600%
due 3/23/34 |
|
|
616,618 |
|
| |
465,000 |
|
|
BBB |
|
5.900%
due 4/30/54 |
|
|
464,980 |
|
|
|
|
| |
| |
Stryker Corp., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
4.625%
due 3/15/46 |
|
|
22,686 |
|
| |
25,000 |
|
|
BBB+ |
|
2.900%
due 6/15/50 |
|
|
16,652 |
|
|
|
|
| |
| |
Thermo Fisher Scientific Inc., Senior
Unsecured Notes: |
|
|
| |
| |
164,000 |
|
|
A- |
|
2.000%
due 10/15/31 |
|
|
147,635 |
|
| |
200,000 |
|
|
A- |
|
5.086%
due 8/10/33 |
|
|
208,886 |
|
| |
545,000 |
|
|
A- |
|
4.902%
due 2/12/36 |
|
|
554,986 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Healthcare — Products |
|
|
9,566,870 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Healthcare — Services — 0.6% |
|
|
|
|
| |
| |
Aetna Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
6.625%
due 6/15/36 |
|
|
27,894 |
|
| |
25,000 |
|
|
BBB |
|
4.750%
due 3/15/44 |
|
|
21,946 |
|
|
|
|
| |
| |
Centene Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB- |
|
4.250%
due 12/15/27 |
|
|
49,724 |
|
| |
50,000 |
|
|
BBB- |
|
2.450%
due 7/15/28 |
|
|
47,156 |
|
| |
100,000 |
|
|
BBB- |
|
4.625%
due 12/15/29 |
|
|
97,679 |
|
See
Notes to Financial Statements.
142
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Healthcare — Services — 0.6% —
(continued) |
|
| $ |
50,000 |
|
|
BBB- |
|
3.375%
due 2/15/30 |
|
$ |
46,413 |
|
| |
50,000 |
|
|
BBB- |
|
3.000%
due 10/15/30 |
|
|
45,061 |
|
| |
50,000 |
|
|
BBB- |
|
2.500%
due 3/1/31 |
|
|
43,430 |
|
| |
110,000 |
|
|
BB |
|
Charles
River Laboratories International Inc., Company Guaranteed Notes, 3.750%
due 3/15/29(a) |
|
|
105,634 |
|
|
|
|
| |
| |
Cigna Group (The): |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
3.400%
due 3/1/27 |
|
|
99,660 |
|
| |
930,000 |
|
|
A- |
|
4.375%
due 10/15/28 |
|
|
940,005 |
|
| |
50,000 |
|
|
A- |
|
4.800%
due 8/15/38 |
|
|
48,499 |
|
| |
50,000 |
|
|
A- |
|
4.800%
due 7/15/46 |
|
|
44,909 |
|
| |
25,000 |
|
|
A- |
|
3.875%
due 10/15/47 |
|
|
19,492 |
|
| |
25,000 |
|
|
A- |
|
4.900%
due 12/15/48 |
|
|
22,519 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
5.250%
due 1/15/36 |
|
|
102,797 |
|
| |
50,000 |
|
|
A- |
|
3.400%
due 3/15/50 |
|
|
35,460 |
|
| |
50,000 |
|
|
A- |
|
3.400%
due 3/15/51 |
|
|
35,278 |
|
| |
25,000 |
|
|
A- |
|
5.600%
due 2/15/54 |
|
|
24,520 |
|
| |
100,000 |
|
|
A- |
|
City of Hope, Senior Secured Notes,
5.623% due 11/15/43 |
|
|
101,837 |
|
|
|
|
| |
| |
CommonSpirit Health, Senior Secured
Notes: |
|
|
| |
| |
50,000 |
|
|
AA |
|
3.817%
due 10/1/49 |
|
|
38,920 |
|
| |
95,000 |
|
|
A- |
|
3.910%
due 10/1/50 |
|
|
73,100 |
|
| |
100,000 |
|
|
AA |
|
Corewell Health Obligated Group, Senior
Unsecured Notes, 3.487% due 7/15/49 |
|
|
75,645 |
|
|
|
|
| |
| |
DaVita Inc., Company Guaranteed
Notes: |
|
|
| |
| |
255,000 |
|
|
BB- |
|
4.625%
due 6/1/30(a) |
|
|
249,571 |
|
| |
425,000 |
|
|
BB- |
|
6.750%
due 7/15/33(a) |
|
|
441,523 |
|
| |
50,000 |
|
|
AA- |
|
Duke University Health System Inc.,
Senior Unsecured Notes, 3.920% due 6/1/47 |
|
|
41,846 |
|
|
|
|
| |
| |
Elevance Health Inc., Senior Unsecured
Notes: |
|
|
| |
| |
97,000 |
|
|
A- |
|
4.550%
due 3/1/48 |
|
|
84,190 |
|
| |
25,000 |
|
|
A- |
|
3.125%
due 5/15/50 |
|
|
16,719 |
|
| |
25,000 |
|
|
A- |
|
3.600%
due 3/15/51 |
|
|
18,048 |
|
| |
25,000 |
|
|
A- |
|
4.550%
due 5/15/52 |
|
|
21,005 |
|
| |
66,000 |
|
|
A- |
|
6.100%
due 10/15/52 |
|
|
68,563 |
|
| |
50,000 |
|
|
A- |
|
5.700%
due 9/15/55 |
|
|
49,454 |
|
| |
200,000 |
|
|
BB- |
|
Encompass Health Corp., Company
Guaranteed Notes, 4.750% due 2/1/30 |
|
|
199,068 |
|
| |
140,000 |
|
|
A |
|
Franciscan Missionaries of Our Lady
Health System Inc., Secured Notes, 3.914% due 7/1/49 |
|
|
110,409 |
|
|
|
|
| |
| |
HCA Inc., Company Guaranteed Notes: |
|
|
| |
| |
200,000 |
|
|
BBB- |
|
5.200%
due 6/1/28 |
|
|
205,080 |
|
| |
90,000 |
|
|
BBB- |
|
5.875%
due 2/1/29 |
|
|
93,841 |
|
| |
104,000 |
|
|
BBB- |
|
4.125%
due 6/15/29 |
|
|
104,186 |
|
| |
805,000 |
|
|
BBB- |
|
3.500%
due 9/1/30 |
|
|
780,296 |
|
| |
286,000 |
|
|
BBB- |
|
4.600%
due 11/15/32 |
|
|
286,692 |
|
| |
25,000 |
|
|
BBB- |
|
5.125%
due 6/15/39 |
|
|
24,426 |
|
| |
60,000 |
|
|
BBB- |
|
5.250%
due 6/15/49 |
|
|
55,103 |
|
| |
178,000 |
|
|
BBB- |
|
3.500%
due 7/15/51 |
|
|
122,986 |
|
| |
150,000 |
|
|
BBB- |
|
6.000%
due 4/1/54 |
|
|
150,314 |
|
| |
64,000 |
|
|
BBB- |
|
5.950%
due 9/15/54 |
|
|
63,749 |
|
| |
50,000 |
|
|
BBB- |
|
6.200%
due 3/1/55 |
|
|
51,425 |
|
| |
41,000 |
|
|
AA |
|
Hoag Memorial Hospital Presbyterian,
Unsecured Notes, 3.803% due 7/15/52 |
|
|
32,435 |
|
|
|
|
| |
| |
Humana Inc., Senior Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
3.950%
due 3/15/27 |
|
|
49,969 |
|
| |
25,000 |
|
|
BBB |
|
5.875%
due 3/1/33 |
|
|
26,190 |
|
| |
25,000 |
|
|
BBB |
|
5.950%
due 3/15/34 |
|
|
26,252 |
|
| |
25,000 |
|
|
BBB |
|
3.950%
due 8/15/49 |
|
|
18,414 |
|
| |
25,000 |
|
|
BBB |
|
5.500%
due 3/15/53 |
|
|
22,560 |
|
See
Notes to Financial Statements.
143
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Healthcare — Services — 0.6% —
(continued) |
|
|
|
|
| |
| |
IQVIA Inc., Company Guaranteed
Notes: |
|
|
| |
| $ |
200,000 |
|
|
BB |
|
5.000%
due 10/15/26(a) |
|
$ |
200,177 |
|
| |
325,000 |
|
|
BB |
|
6.250%
due 6/1/32(a) |
|
|
334,733 |
|
| |
100,000 |
|
|
AA- |
|
Kaiser Foundation Hospitals, Company
Guaranteed Notes, 4.875% due 4/1/42 |
|
|
98,384 |
|
| |
88,000 |
|
|
A+ |
|
Mount Nittany Medical Center Obligated
Group, Unsecured Notes, 3.799% due 11/15/52 |
|
|
67,804 |
|
| |
90,000 |
|
|
Aa2(b) |
|
Nationwide Children’s Hospital Inc.,
Unsecured Notes, 4.556% due 11/1/52 |
|
|
80,560 |
|
| |
90,000 |
|
|
AA- |
|
Presbyterian Healthcare Services,
Unsecured Notes, 4.875% due 8/1/52 |
|
|
82,699 |
|
| |
110,000 |
|
|
AA- |
|
Queen’s Health Systems (The), Secured
Notes, 4.810% due 7/1/52 |
|
|
101,494 |
|
| |
240,000 |
|
|
AA |
|
Roche Holdings Inc., Company Guaranteed
Notes, 2.607% due 12/13/51(a) |
|
|
151,030 |
|
| |
65,000 |
|
|
Aa2(b) |
|
Seattle Children’s Hospital, Unsecured
Notes, 2.719% due 10/1/50 |
|
|
41,945 |
|
|
|
|
| |
| |
Tenet Healthcare Corp., Senior Secured
Notes: |
|
|
| |
| |
610,000 |
|
|
BB |
|
4.625%
due 6/15/28 |
|
|
609,509 |
|
| |
470,000 |
|
|
BB |
|
6.125%
due 6/15/30 |
|
|
479,965 |
|
|
|
|
| |
| |
UnitedHealth Group Inc., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A+ |
|
2.950%
due 10/15/27 |
|
|
49,453 |
|
| |
100,000 |
|
|
A+ |
|
3.850%
due 6/15/28 |
|
|
100,136 |
|
| |
100,000 |
|
|
A+ |
|
4.250%
due 1/15/29 |
|
|
101,132 |
|
| |
490,000 |
|
|
A+ |
|
4.650%
due 1/15/31 |
|
|
501,054 |
|
| |
100,000 |
|
|
A+ |
|
2.300%
due 5/15/31 |
|
|
91,364 |
|
| |
50,000 |
|
|
A+ |
|
4.500%
due 4/15/33 |
|
|
49,957 |
|
| |
100,000 |
|
|
A+ |
|
5.150%
due 7/15/34 |
|
|
103,386 |
|
| |
165,000 |
|
|
A+ |
|
5.300%
due 6/15/35 |
|
|
172,478 |
|
| |
25,000 |
|
|
A+ |
|
5.800%
due 3/15/36 |
|
|
26,896 |
|
| |
50,000 |
|
|
A+ |
|
3.500%
due 8/15/39 |
|
|
42,013 |
|
| |
25,000 |
|
|
A+ |
|
2.750%
due 5/15/40 |
|
|
18,883 |
|
| |
153,000 |
|
|
A+ |
|
3.750%
due 10/15/47 |
|
|
117,703 |
|
| |
25,000 |
|
|
A+ |
|
4.250%
due 6/15/48 |
|
|
20,669 |
|
| |
375,000 |
|
|
A+ |
|
3.700%
due 8/15/49 |
|
|
282,113 |
|
| |
224,000 |
|
|
A+ |
|
3.250%
due 5/15/51 |
|
|
153,590 |
|
| |
50,000 |
|
|
A+ |
|
4.750%
due 5/15/52 |
|
|
43,614 |
|
| |
885,000 |
|
|
A+ |
|
5.050%
due 4/15/53 |
|
|
806,366 |
|
| |
950,000 |
|
|
A+ |
|
5.625%
due 7/15/54 |
|
|
938,032 |
|
| |
85,000 |
|
|
A+ |
|
5.950%
due 6/15/55 |
|
|
88,091 |
|
| |
120,000 |
|
|
A+ |
|
3.875%
due 8/15/59 |
|
|
87,517 |
|
| |
50,000 |
|
|
A+ |
|
3.125%
due 5/15/60 |
|
|
30,948 |
|
| |
65,000 |
|
|
A+ |
|
4.950%
due 5/15/62 |
|
|
56,778 |
|
| |
53,000 |
|
|
A+ |
|
5.200%
due 4/15/63 |
|
|
48,084 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Healthcare — Services |
|
|
11,740,449 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Home Builders — 0.1% |
|
| |
1,485,000 |
|
|
BB |
|
Century Communities Inc., Company
Guaranteed Notes, 6.625% due 9/15/33(a) |
|
|
1,510,119 |
|
| |
10,000 |
|
|
BBB |
|
Lennar Corp., Company Guaranteed Notes,
4.750% due 11/29/27 |
|
|
10,094 |
|
| |
60,000 |
|
|
BB- |
|
LGI Homes Inc., Company Guaranteed
Notes, 8.750% due 12/15/28(a) |
|
|
62,639 |
|
| |
25,000 |
|
|
BBB |
|
Sekisui House US Inc., Company
Guaranteed Notes, 6.000% due 1/15/43 |
|
|
23,912 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Home Builders |
|
|
1,606,764 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Home Furnishings — 0.0%@ |
|
| |
240,000 |
|
|
BB |
|
Somnigroup International Inc., Company
Guaranteed Notes, 4.000% due 4/15/29(a) |
|
|
233,371 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Household Products/Wares — 0.0%@ |
|
| |
165,000 |
|
|
B |
|
ACCO Brands Corp., Company Guaranteed
Notes, 4.250% due 3/15/29(a) |
|
|
152,132 |
|
| |
25,000 |
|
|
A |
|
Kimberly-Clark Corp., Senior Unsecured
Notes, 3.200% due 7/30/46 |
|
|
18,386 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Household Products/Wares |
|
|
170,518 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Housewares — 0.1% |
|
| |
105,000 |
|
|
BB |
|
Central Garden & Pet Co., Company
Guaranteed Notes, 4.125% due 10/15/30 |
|
|
101,404 |
|
See
Notes to Financial Statements.
144
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Housewares — 0.1% — (continued) |
|
|
|
|
| |
| |
Newell Brands Inc., Senior Unsecured
Notes: |
|
|
| |
| $ |
375,000 |
|
|
B+ |
|
6.625%
due 9/15/29 |
|
$ |
381,144 |
|
| |
105,000 |
|
|
B+ |
|
6.375%
due 5/15/30 |
|
|
105,410 |
|
| |
250,000 |
|
|
B- |
|
Scotts Miracle-Gro Co. (The), Company
Guaranteed Notes, 4.500% due 10/15/29 |
|
|
247,457 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Housewares |
|
|
835,415 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Insurance — 1.4% |
|
|
|
|
| |
| |
Aflac Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.600%
due 4/1/30 |
|
|
24,650 |
|
| |
25,000 |
|
|
A- |
|
4.750%
due 1/15/49 |
|
|
22,351 |
|
|
|
|
| |
| |
Allianz SE, Subordinated Notes: |
|
|
| |
| |
1,000,000 |
|
|
A+ |
|
6.350%
(5-Year CMT Index + 3.232%) due 9/6/53(a)(f) |
|
|
1,075,229 |
|
| |
1,000,000 |
|
|
A+ |
|
5.600%
(5-Year CMT Index + 2.771%) due 9/3/54(a)(f) |
|
|
1,026,698 |
|
|
|
|
| |
| |
Allstate Corp. (The), Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
1.450%
due 12/15/30 |
|
|
22,075 |
|
| |
25,000 |
|
|
BBB+ |
|
5.250%
due 3/30/33 |
|
|
26,125 |
|
| |
25,000 |
|
|
BBB+ |
|
4.200%
due 12/15/46 |
|
|
20,693 |
|
| |
25,000 |
|
|
BBB+ |
|
3.850%
due 8/10/49 |
|
|
19,265 |
|
|
|
|
| |
| |
American International Group Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
5.125%
due 3/27/33 |
|
|
51,588 |
|
| |
83,000 |
|
|
A- |
|
4.750%
due 4/1/48 |
|
|
74,641 |
|
|
|
|
| |
| |
Aon Corp., Company Guaranteed Notes: |
|
|
| |
| |
22,000 |
|
|
A- |
|
4.500%
due 12/15/28 |
|
|
22,333 |
|
| |
49,000 |
|
|
A- |
|
3.750%
due 5/2/29 |
|
|
48,612 |
|
| |
38,000 |
|
|
A- |
|
2.800%
due 5/15/30 |
|
|
36,065 |
|
| |
50,000 |
|
|
A- |
|
Aon Corp./Aon Global Holdings PLC,
Company Guaranteed Notes, 5.350% due 2/28/33 |
|
|
52,346 |
|
|
|
|
| |
| |
Aon North America Inc., Company
Guaranteed Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
5.450%
due 3/1/34 |
|
|
52,193 |
|
| |
50,000 |
|
|
A- |
|
5.750%
due 3/1/54 |
|
|
49,442 |
|
| |
25,000 |
|
|
A- |
|
Arch Capital Group Ltd., Senior
Unsecured Notes, 3.635% due 6/30/50 |
|
|
18,689 |
|
|
|
|
| |
| |
Arthur J. Gallagher & Co., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.450%
due 7/15/34 |
|
|
25,940 |
|
| |
25,000 |
|
|
BBB |
|
3.500%
due 5/20/51 |
|
|
17,391 |
|
| |
25,000 |
|
|
BBB |
|
5.750%
due 3/2/53 |
|
|
24,331 |
|
| |
25,000 |
|
|
BBB |
|
5.750%
due 7/15/54 |
|
|
24,579 |
|
| |
805,000 |
|
|
BBB |
|
Aspen Insurance Holdings Ltd., Senior
Unsecured Notes, 5.750% due 7/1/30 |
|
|
845,002 |
|
| |
25,000 |
|
|
A |
|
Assured Guaranty US Holdings Inc.,
Company Guaranteed Notes, 3.150% due 6/15/31 |
|
|
23,609 |
|
|
|
|
| |
| |
Athene Global Funding: |
|
|
| |
| |
1,065,000 |
|
|
A+ |
|
Secured
Notes, 5.033% due 7/17/30(a) |
|
|
1,072,327 |
|
| |
1,250,000 |
|
|
A+ |
|
Senior
Secured Notes, 5.543% due 8/22/35(a) |
|
|
1,246,465 |
|
|
|
|
| |
| |
Athene Holding Ltd., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
6.150%
due 4/3/30 |
|
|
26,209 |
|
| |
25,000 |
|
|
A- |
|
3.500%
due 1/15/31 |
|
|
23,612 |
|
| |
25,000 |
|
|
A- |
|
5.875%
due 1/15/34 |
|
|
25,427 |
|
| |
50,000 |
|
|
A- |
|
6.250%
due 4/1/54 |
|
|
46,813 |
|
|
|
|
| |
| |
Berkshire Hathaway Finance Corp.,
Company Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
AA |
|
1.450%
due 10/15/30 |
|
|
22,598 |
|
| |
50,000 |
|
|
AA |
|
2.875%
due 3/15/32 |
|
|
47,173 |
|
| |
25,000 |
|
|
AA |
|
5.750%
due 1/15/40 |
|
|
27,594 |
|
| |
25,000 |
|
|
AA |
|
4.400%
due 5/15/42 |
|
|
23,147 |
|
| |
50,000 |
|
|
AA |
|
4.200%
due 8/15/48 |
|
|
42,192 |
|
| |
460,000 |
|
|
AA |
|
4.250%
due 1/15/49 |
|
|
390,047 |
|
| |
50,000 |
|
|
AA |
|
2.850%
due 10/15/50 |
|
|
32,414 |
|
| |
25,000 |
|
|
AA |
|
2.500%
due 1/15/51 |
|
|
15,103 |
|
| |
75,000 |
|
|
AA |
|
3.850%
due 3/15/52 |
|
|
58,324 |
|
See
Notes to Financial Statements.
145
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Insurance — 1.4% — (continued) |
|
| $ |
25,000 |
|
|
AA |
|
Berkshire Hathaway Inc., Senior
Unsecured Notes, 4.500% due 2/11/43 |
|
$ |
23,537 |
|
| |
25,000 |
|
|
BBB |
|
Brighthouse Financial Inc., Senior
Unsecured Notes, 5.625% due 5/15/30 |
|
|
25,244 |
|
|
|
|
| |
| |
Brown & Brown Inc., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
4.500%
due 3/15/29 |
|
|
25,143 |
|
| |
25,000 |
|
|
BBB- |
|
2.375%
due 3/15/31 |
|
|
22,488 |
|
| |
50,000 |
|
|
BBB- |
|
6.250%
due 6/23/55 |
|
|
51,119 |
|
|
|
|
| |
| |
Chubb INA Holdings LLC, Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
1.375%
due 9/15/30 |
|
|
22,321 |
|
| |
25,000 |
|
|
A |
|
4.150%
due 3/13/43 |
|
|
22,044 |
|
| |
50,000 |
|
|
A |
|
3.050%
due 12/15/61 |
|
|
31,417 |
|
| |
930,000 |
|
|
BBB+ |
|
Cincinnati Financial Corp., Senior
Unsecured Notes, 6.125% due 11/1/34 |
|
|
1,007,047 |
|
| |
25,000 |
|
|
A- |
|
CNA Financial Corp., Senior Unsecured
Notes, 5.500% due 6/15/33 |
|
|
26,132 |
|
|
|
|
| |
| |
Corebridge Financial Inc.: |
|
|
| |
| |
140,000 |
|
|
BBB- |
|
Junior
Subordinated Notes, 6.875% (5-Year CMT Index + 3.846%) due
12/15/52(f) |
|
|
143,097 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
3.650%
due 4/5/27 |
|
|
49,755 |
|
| |
50,000 |
|
|
BBB+ |
|
3.850%
due 4/5/29 |
|
|
49,474 |
|
| |
25,000 |
|
|
BBB+ |
|
6.050%
due 9/15/33 |
|
|
26,690 |
|
| |
25,000 |
|
|
BBB+ |
|
5.750%
due 1/15/34 |
|
|
25,969 |
|
| |
25,000 |
|
|
BBB+ |
|
4.350%
due 4/5/42 |
|
|
21,349 |
|
| |
25,000 |
|
|
BBB+ |
|
4.400%
due 4/5/52 |
|
|
19,992 |
|
|
|
|
| |
| |
Corebridge Global Funding, Senior
Secured Notes: |
|
|
| |
| |
1,080,000 |
|
|
A+ |
|
4.550%
due 1/9/31(a) |
|
|
1,084,323 |
|
| |
106,000 |
|
|
A+ |
|
4.900%
due 8/21/32(a) |
|
|
106,896 |
|
|
|
|
| |
| |
Equitable Holdings Inc., Senior
Unsecured Notes: |
|
|
| |
| |
17,000 |
|
|
A- |
|
4.350%
due 4/20/28 |
|
|
17,097 |
|
| |
25,000 |
|
|
A- |
|
5.594%
due 1/11/33 |
|
|
26,058 |
|
| |
17,000 |
|
|
A- |
|
5.000%
due 4/20/48 |
|
|
15,097 |
|
|
|
|
| |
| |
Everest Reinsurance Holdings Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.500%
due 10/15/50 |
|
|
17,572 |
|
| |
25,000 |
|
|
BBB+ |
|
3.125%
due 10/15/52 |
|
|
16,002 |
|
|
|
|
| |
| |
Fairfax Financial Holdings Ltd., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
6.000%
due 12/7/33 |
|
|
26,729 |
|
| |
25,000 |
|
|
A- |
|
6.350%
due 3/22/54 |
|
|
25,940 |
|
| |
25,000 |
|
|
BBB |
|
Fidelity National Financial Inc.,
Senior Unsecured Notes, 3.400% due 6/15/30 |
|
|
23,976 |
|
| |
615,000 |
|
|
AA- |
|
Guardian Life Insurance Co. of America
(The), Subordinated Notes, 4.850% due 1/24/77(a) |
|
|
520,676 |
|
|
|
|
| |
| |
Hartford Insurance Group Inc. (The),
Senior Unsecured Notes: |
|
|
| |
| |
98,000 |
|
|
A- |
|
5.950%
due 10/15/36 |
|
|
106,469 |
|
| |
4,000 |
|
|
A- |
|
4.300%
due 4/15/43 |
|
|
3,550 |
|
| |
120,000 |
|
|
B+ |
|
HUB International Ltd., Senior Secured
Notes, 7.250% due 6/15/30(a) |
|
|
123,881 |
|
| |
25,000 |
|
|
BBB |
|
Jackson Financial Inc., Senior
Unsecured Notes, 3.125% due 11/23/31 |
|
|
22,813 |
|
| |
25,000 |
|
|
BBB- |
|
Kemper Corp., Senior Unsecured Notes,
3.800% due 2/23/32 |
|
|
23,087 |
|
|
|
|
| |
| |
Lincoln National Corp., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.800%
due 3/1/28 |
|
|
24,783 |
|
| |
25,000 |
|
|
BBB+ |
|
3.050%
due 1/15/30 |
|
|
23,796 |
|
|
|
|
| |
| |
Loews Corp., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
3.200%
due 5/15/30 |
|
|
24,144 |
|
| |
1,030,000 |
|
|
A |
|
4.940%
due 4/1/36 |
|
|
1,029,153 |
|
| |
25,000 |
|
|
A |
|
Manulife Financial Corp., Senior
Unsecured Notes, 5.375% due 3/4/46 |
|
|
24,963 |
|
|
|
|
| |
| |
Markel Group Inc., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
3.350%
due 9/17/29 |
|
|
24,344 |
|
| |
25,000 |
|
|
BBB |
|
5.000%
due 4/5/46 |
|
|
22,997 |
|
|
|
|
| |
| |
Marsh & McLennan Cos., Inc., Senior
Unsecured Notes: |
|
|
| |
| |
290,000 |
|
|
A- |
|
2.250%
due 11/15/30 |
|
|
266,285 |
|
| |
25,000 |
|
|
A- |
|
5.450%
due 3/15/53 |
|
|
24,110 |
|
| |
25,000 |
|
|
A- |
|
5.700%
due 9/15/53 |
|
|
25,016 |
|
See
Notes to Financial Statements.
146
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Insurance — 1.4% — (continued) |
|
|
|
|
| |
| |
MetLife Inc.: |
|
|
| |
| $ |
540,000 |
|
|
BBB |
|
Junior
Subordinated Notes, 6.400% due 12/15/36 |
|
$ |
565,246 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
5.375%
due 7/15/33 |
|
|
52,727 |
|
| |
25,000 |
|
|
A- |
|
6.375%
due 6/15/34 |
|
|
27,915 |
|
| |
25,000 |
|
|
A- |
|
5.700%
due 6/15/35 |
|
|
26,734 |
|
| |
25,000 |
|
|
A- |
|
4.125%
due 8/13/42 |
|
|
21,328 |
|
| |
25,000 |
|
|
A- |
|
4.875%
due 11/13/43 |
|
|
23,203 |
|
| |
25,000 |
|
|
A- |
|
4.050%
due 3/1/45 |
|
|
20,697 |
|
| |
25,000 |
|
|
A- |
|
5.000%
due 7/15/52 |
|
|
22,595 |
|
| |
25,000 |
|
|
A- |
|
5.250%
due 1/15/54 |
|
|
23,530 |
|
| |
1,243,000 |
|
|
BBB |
|
Subordinated
Notes, 5.850% (5-Year CMT Index + 1.817%) due 3/15/56(f) |
|
|
1,234,144 |
|
| |
980,000 |
|
|
AA- |
|
New York Life Insurance Co.,
Subordinated Notes, 5.875% due 5/15/33(a) |
|
|
1,049,724 |
|
|
|
|
| |
| |
Northwestern Mutual Life Insurance Co.
(The), Subordinated Notes: |
|
|
| |
| |
1,590,000 |
|
|
AA- |
|
3.450%
due 3/30/51(a) |
|
|
1,142,814 |
|
| |
510,000 |
|
|
AA- |
|
6.170%
due 5/29/55(a) |
|
|
550,692 |
|
| |
25,000 |
|
|
BBB+ |
|
Old Republic International Corp.,
Senior Unsecured Notes, 3.850% due 6/11/51 |
|
|
18,111 |
|
| |
1,405,000 |
|
|
A |
|
Omnis Funding Trust, Senior Unsecured
Notes, 6.722% due 5/15/55(a) |
|
|
1,466,548 |
|
| |
610,000 |
|
|
BBB |
|
PartnerRe
Finance B LLC, Company Guaranteed Notes, 4.500%
(5-Year CMT Index +
3.815%) due 10/1/50(f) |
|
|
592,040 |
|
|
|
|
| |
| |
Principal Financial Group Inc., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.700%
due 5/15/29 |
|
|
24,778 |
|
| |
25,000 |
|
|
A- |
|
2.125%
due 6/15/30 |
|
|
22,968 |
|
| |
25,000 |
|
|
A- |
|
5.375%
due 3/15/33 |
|
|
26,175 |
|
| |
25,000 |
|
|
A- |
|
5.500%
due 3/15/53 |
|
|
24,192 |
|
|
|
|
| |
| |
Progressive Corp. (The), Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
3.200%
due 3/26/30 |
|
|
24,301 |
|
| |
50,000 |
|
|
A |
|
3.000%
due 3/15/32 |
|
|
46,431 |
|
| |
25,000 |
|
|
A |
|
4.950%
due 6/15/33 |
|
|
25,813 |
|
| |
25,000 |
|
|
A |
|
4.200%
due 3/15/48 |
|
|
20,926 |
|
| |
25,000 |
|
|
A |
|
3.950%
due 3/26/50 |
|
|
19,747 |
|
| |
25,000 |
|
|
A |
|
3.700%
due 3/15/52 |
|
|
18,776 |
|
|
|
|
| |
| |
Protective Life Corp., Senior Unsecured
Notes: |
|
|
| |
| |
755,000 |
|
|
A- |
|
4.700%
due 1/15/31(a) |
|
|
763,517 |
|
| |
740,000 |
|
|
A- |
|
5.350%
due 12/15/35(a) |
|
|
754,069 |
|
|
|
|
| |
| |
Prudential Financial Inc.: |
|
|
| |
| |
875,000 |
|
|
BBB+ |
|
Junior
Subordinated Notes, 3.700% (5-Year CMT Index + 3.035%) due
10/1/50(f) |
|
|
817,019 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
3.878%
due 3/27/28 |
|
|
25,033 |
|
| |
25,000 |
|
|
A |
|
2.100%
due 3/10/30 |
|
|
23,398 |
|
| |
50,000 |
|
|
A |
|
5.750%
due 7/15/33 |
|
|
54,485 |
|
| |
25,000 |
|
|
A |
|
5.700%
due 12/14/36 |
|
|
26,445 |
|
| |
25,000 |
|
|
A |
|
3.000%
due 3/10/40 |
|
|
19,534 |
|
| |
50,000 |
|
|
A |
|
3.905%
due 12/7/47 |
|
|
38,733 |
|
| |
25,000 |
|
|
A |
|
3.935%
due 12/7/49 |
|
|
19,312 |
|
| |
50,000 |
|
|
A |
|
4.350%
due 2/25/50 |
|
|
41,089 |
|
| |
50,000 |
|
|
A |
|
3.700%
due 3/13/51 |
|
|
36,646 |
|
| |
25,000 |
|
|
A |
|
Reinsurance Group of America Inc.,
Senior Unsecured Notes, 6.000% due 9/15/33 |
|
|
26,755 |
|
| |
600,000 |
|
|
BBB+ |
|
RenaissanceRe Holdings Ltd., Senior
Unsecured Notes, 5.750% due 6/5/33 |
|
|
632,445 |
|
|
|
|
| |
| |
RGA Global Funding, Secured Notes: |
|
|
| |
| |
1,035,000 |
|
|
AA- |
|
4.600%
due 11/25/30(a) |
|
|
1,043,504 |
|
| |
990,000 |
|
|
AA- |
|
5.050%
due 12/6/31(a) |
|
|
1,017,506 |
|
| |
555,000 |
|
|
AA |
|
Transatlantic Holdings Inc., Senior
Unsecured Notes, 8.000% due 11/30/39 |
|
|
698,681 |
|
|
|
|
| |
| |
Unum Group, Senior Unsecured Notes: |
|
|
| |
| |
500,000 |
|
|
BBB |
|
4.046%
due 8/15/41(a) |
|
|
415,899 |
|
| |
25,000 |
|
|
BBB |
|
4.125%
due 6/15/51 |
|
|
18,581 |
|
See
Notes to Financial Statements.
147
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Insurance — 1.4% — (continued) |
|
|
|
|
| |
| |
Willis North America Inc., Company
Guaranteed Notes: |
|
|
| |
| $ |
25,000 |
|
|
BBB+ |
|
4.500%
due 9/15/28 |
|
$ |
25,171 |
|
| |
25,000 |
|
|
BBB+ |
|
2.950%
due 9/15/29 |
|
|
23,909 |
|
| |
25,000 |
|
|
BBB+ |
|
5.900%
due 3/5/54 |
|
|
24,910 |
|
| |
25,000 |
|
|
A- |
|
WR Berkley Corp., Senior Unsecured
Notes, 3.550% due 3/30/52 |
|
|
17,822 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Insurance |
|
|
25,602,485 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Internet — 0.6% |
|
| |
200,000 |
|
|
A+ |
|
Alibaba Group Holding Ltd., Senior
Unsecured Notes, 5.250% due 5/26/35 |
|
|
210,076 |
|
|
|
|
| |
| |
Alphabet Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
AA+ |
|
4.100%
due 11/15/30 |
|
|
100,941 |
|
| |
50,000 |
|
|
AA+ |
|
4.700%
due 11/15/35 |
|
|
50,645 |
|
| |
680,000 |
|
|
AA+ |
|
4.800%
due 2/15/36 |
|
|
691,500 |
|
| |
50,000 |
|
|
AA+ |
|
5.350%
due 11/15/45 |
|
|
50,271 |
|
| |
50,000 |
|
|
AA+ |
|
5.500%
due 2/15/46 |
|
|
50,937 |
|
| |
50,000 |
|
|
AA+ |
|
2.050%
due 8/15/50 |
|
|
27,645 |
|
| |
50,000 |
|
|
AA+ |
|
5.450%
due 11/15/55 |
|
|
49,734 |
|
| |
1,280,000 |
|
|
AA+ |
|
5.650%
due 2/15/56 |
|
|
1,313,214 |
|
| |
50,000 |
|
|
AA+ |
|
2.250%
due 8/15/60 |
|
|
26,305 |
|
| |
50,000 |
|
|
AA+ |
|
5.700%
due 11/15/75 |
|
|
50,008 |
|
|
|
|
| |
| |
Amazon.com Inc., Senior Unsecured
Notes: |
|
|
| |
| |
200,000 |
|
|
AA |
|
3.300%
due 4/13/27 |
|
|
199,388 |
|
| |
50,000 |
|
|
AA |
|
4.100%
due 11/20/30 |
|
|
50,391 |
|
| |
100,000 |
|
|
AA |
|
2.100%
due 5/12/31 |
|
|
91,166 |
|
| |
100,000 |
|
|
AA |
|
3.600%
due 4/13/32 |
|
|
97,491 |
|
| |
50,000 |
|
|
AA |
|
4.650%
due 11/20/35 |
|
|
50,305 |
|
| |
50,000 |
|
|
AA |
|
3.875%
due 8/22/37 |
|
|
46,327 |
|
| |
50,000 |
|
|
AA |
|
2.875%
due 5/12/41 |
|
|
38,443 |
|
| |
50,000 |
|
|
AA |
|
4.950%
due 12/5/44 |
|
|
48,539 |
|
| |
75,000 |
|
|
AA |
|
3.100%
due 5/12/51 |
|
|
50,996 |
|
| |
75,000 |
|
|
AA |
|
3.950%
due 4/13/52 |
|
|
59,527 |
|
| |
50,000 |
|
|
AA |
|
5.450%
due 11/20/55 |
|
|
49,291 |
|
| |
50,000 |
|
|
AA |
|
2.700%
due 6/3/60 |
|
|
28,345 |
|
| |
50,000 |
|
|
AA |
|
3.250%
due 5/12/61 |
|
|
32,159 |
|
| |
25,000 |
|
|
AA |
|
4.100%
due 4/13/62 |
|
|
19,371 |
|
| |
50,000 |
|
|
AA |
|
5.550%
due 11/20/65 |
|
|
48,991 |
|
| |
25,000 |
|
|
BBB+ |
|
eBay Inc., Senior Unsecured Notes,
3.650% due 5/10/51 |
|
|
18,585 |
|
|
|
|
| |
| |
Meta Platforms Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
AA- |
|
4.200%
due 11/15/30 |
|
|
100,950 |
|
| |
100,000 |
|
|
AA- |
|
4.600%
due 11/15/32 |
|
|
101,783 |
|
| |
450,000 |
|
|
AA- |
|
4.750%
due 8/15/34 |
|
|
457,558 |
|
| |
2,023,000 |
|
|
AA- |
|
4.875%
due 11/15/35 |
|
|
2,042,710 |
|
| |
485,000 |
|
|
AA- |
|
5.500%
due 11/15/45 |
|
|
479,756 |
|
| |
225,000 |
|
|
AA- |
|
4.450%
due 8/15/52 |
|
|
185,307 |
|
| |
260,000 |
|
|
AA- |
|
5.400%
due 8/15/54 |
|
|
246,977 |
|
| |
2,160,000 |
|
|
AA- |
|
5.625%
due 11/15/55 |
|
|
2,115,944 |
|
| |
115,000 |
|
|
AA- |
|
4.650%
due 8/15/62 |
|
|
93,614 |
|
| |
25,000 |
|
|
A |
|
Netflix Inc., Senior Unsecured Notes,
4.900% due 8/15/34 |
|
|
25,794 |
|
|
|
|
| |
| |
Uber Technologies Inc., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
4.150%
due 1/15/31 |
|
|
49,831 |
|
| |
650,000 |
|
|
BBB |
|
4.800%
due 9/15/34 |
|
|
651,371 |
|
| |
640,000 |
|
|
BBB |
|
4.800%
due 9/15/35 |
|
|
637,498 |
|
|
|
|
| |
| |
Wayfair LLC, Senior Secured Notes: |
|
|
| |
| |
110,000 |
|
|
BB- |
|
7.250%
due 10/31/29(a) |
|
|
113,751 |
|
| |
150,000 |
|
|
BB- |
|
6.750%
due 11/15/32(a) |
|
|
152,997 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Internet |
|
|
11,006,432 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
148
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Investment Companies — 0.3% |
|
|
|
|
| |
| |
Ares Capital Corp., Senior Unsecured
Notes: |
|
|
| |
| $ |
50,000 |
|
|
BBB |
|
2.875%
due 6/15/28 |
|
$ |
47,721 |
|
| |
320,000 |
|
|
BBB |
|
5.875%
due 3/1/29 |
|
|
326,090 |
|
| |
845,000 |
|
|
BBB |
|
5.500%
due 9/1/30 |
|
|
838,361 |
|
| |
785,000 |
|
|
BBB |
|
5.100%
due 1/15/31 |
|
|
766,678 |
|
| |
25,000 |
|
|
BBB |
|
5.800%
due 3/8/32 |
|
|
24,933 |
|
|
|
|
| |
| |
Ares Strategic Income Fund, Senior
Unsecured Notes: |
|
|
| |
| |
865,000 |
|
|
BBB- |
|
5.700%
due 3/15/28 |
|
|
872,353 |
|
| |
50,000 |
|
|
BBB- |
|
5.800%
due 9/9/30(a) |
|
|
49,732 |
|
| |
50,000 |
|
|
BBB- |
|
6.200%
due 3/21/32 |
|
|
50,270 |
|
|
|
|
| |
| |
Blackstone Private Credit Fund, Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB- |
|
3.250%
due 3/15/27 |
|
|
49,176 |
|
| |
25,000 |
|
|
BBB- |
|
6.250%
due 1/25/31(a) |
|
|
25,183 |
|
| |
50,000 |
|
|
BBB- |
|
6.000%
due 11/22/34 |
|
|
48,491 |
|
| |
25,000 |
|
|
Baa2(b) |
|
Blackstone Secured Lending Fund, Senior
Unsecured Notes, 2.850% due 9/30/28 |
|
|
23,436 |
|
| |
1,045,000 |
|
|
BBB- |
|
Blue Owl Capital Corp., Senior
Unsecured Notes, 5.950% due 3/15/29(c) |
|
|
1,041,721 |
|
|
|
|
| |
| |
Blue Owl Credit Income Corp., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
7.750%
due 9/16/27 |
|
|
25,484 |
|
| |
25,000 |
|
|
BBB- |
|
7.750%
due 1/15/29 |
|
|
25,967 |
|
|
|
|
| |
| |
FS KKR Capital Corp., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
Baa3(b) |
|
3.125%
due 10/12/28 |
|
|
22,778 |
|
| |
25,000 |
|
|
Baa3(b) |
|
6.125%
due 1/15/30(c) |
|
|
24,037 |
|
| |
200,000 |
|
|
Aa3(b) |
|
Gaci
First Investment Co., Company Guaranteed Notes, (Cost — $204,022, acquired
3/14/23), 5.250% due 10/13/32(d) |
|
|
206,737 |
|
| |
25,000 |
|
|
BBB- |
|
Golub Capital BDC Inc., Senior
Unsecured Notes, 6.000% due 7/15/29 |
|
|
25,117 |
|
| |
75,000 |
|
|
BB- |
|
Icahn
Enterprises LP/Icahn Enterprises Finance Corp., Senior Secured Notes,
5.250% due 5/15/27 |
|
|
73,932 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Investment Companies |
|
|
4,568,197 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Iron/Steel — 0.1% |
|
| |
25,000 |
|
|
BBB |
|
ArcelorMittal SA, Senior Unsecured
Notes, 6.750% due 3/1/41 |
|
|
27,899 |
|
| |
60,000 |
|
|
BB+ |
|
Big River Steel LLC/BRS Finance Corp.,
Senior Secured Notes, 6.625% due 1/31/29(a) |
|
|
60,405 |
|
|
|
|
| |
| |
Cleveland-Cliffs Inc., Company
Guaranteed Notes: |
|
|
| |
| |
145,000 |
|
|
Ba3(b) |
|
6.875%
due 11/1/29(a) |
|
|
149,472 |
|
| |
60,000 |
|
|
B+ |
|
6.750%
due 4/15/30(a) |
|
|
60,963 |
|
| |
135,000 |
|
|
Ba3(b) |
|
4.875%
due 3/1/31(a) |
|
|
128,194 |
|
| |
75,000 |
|
|
BB+ |
|
Commercial Metals Co., Senior Unsecured
Notes, 5.750% due 11/15/33(a) |
|
|
76,565 |
|
|
|
|
| |
| |
Nucor Corp., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
6.400%
due 12/1/37 |
|
|
28,337 |
|
| |
25,000 |
|
|
A- |
|
3.850%
due 4/1/52 |
|
|
19,470 |
|
| |
25,000 |
|
|
A- |
|
2.979%
due 12/15/55 |
|
|
15,983 |
|
| |
25,000 |
|
|
BBB+ |
|
Reliance Inc., Senior Unsecured Notes,
2.150% due 8/15/30 |
|
|
22,908 |
|
| |
25,000 |
|
|
BBB |
|
Steel Dynamics Inc., Senior Unsecured
Notes, 3.250% due 10/15/50 |
|
|
17,176 |
|
| |
60,000 |
|
|
BB+ |
|
United States Steel Corp., Senior
Unsecured Notes, 6.875% due 3/1/29 |
|
|
60,140 |
|
|
|
|
| |
| |
Vale Overseas Ltd., Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
6.875%
due 11/21/36 |
|
|
28,663 |
|
| |
13,000 |
|
|
BBB |
|
6.875%
due 11/10/39 |
|
|
14,901 |
|
| |
50,000 |
|
|
BBB |
|
6.400%
due 6/28/54 |
|
|
52,412 |
|
| |
25,000 |
|
|
BBB |
|
Vale SA, Senior Unsecured Notes, 5.625%
due 9/11/42 |
|
|
25,488 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Iron/Steel |
|
|
788,976 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Leisure Time — 0.3% |
|
| |
20,000 |
|
|
BB |
|
Acushnet Co., Company Guaranteed Notes,
5.625% due 12/1/33(a) |
|
|
20,405 |
|
| |
95,000 |
|
|
BBB- |
|
Amer Sports Co., Senior Secured Notes,
6.750% due 2/16/31(a) |
|
|
99,171 |
|
| |
2,715,000 |
|
|
BB+ |
|
Carnival Corp., Company Guaranteed
Notes, 6.125% due 2/15/33(a) |
|
|
2,812,216 |
|
See
Notes to Financial Statements.
149
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Leisure Time — 0.3% — (continued) |
|
| $ |
40,000 |
|
|
B+ |
|
NCL Corp., Ltd., Senior Unsecured
Notes, 5.875% due 1/15/31(a) |
|
$ |
40,431 |
|
|
|
|
| |
| |
Royal Caribbean Cruises Ltd., Senior
Unsecured Notes: |
|
|
| |
| |
130,000 |
|
|
BBB |
|
5.625%
due 9/30/31(a) |
|
|
134,082 |
|
| |
320,000 |
|
|
BBB |
|
6.250%
due 3/15/32(a) |
|
|
333,838 |
|
| |
1,950,000 |
|
|
BBB |
|
6.000%
due 2/1/33(a) |
|
|
2,017,546 |
|
| |
630,000 |
|
|
BBB |
|
5.250%
due 2/27/38 |
|
|
631,261 |
|
| |
210,000 |
|
|
BB |
|
Viking Cruises Ltd., Senior Unsecured
Notes, 5.875% due 10/15/33(a) |
|
|
214,324 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Leisure Time |
|
|
6,303,274 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Lodging — 0.2% |
|
| |
1,200,000 |
|
|
EURB+ |
|
Essendi
SA, Senior Secured Notes, (Cost — $1,437,987, acquired 10/20/25), 5.500%
due 11/15/31(d) |
|
|
1,470,231 |
|
|
|
|
| |
| |
Hilton Domestic Operating Co., Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
270,000 |
|
|
BB+ |
|
3.625%
due 2/15/32(a) |
|
|
251,783 |
|
| |
245,000 |
|
|
BB+ |
|
5.875%
due 3/15/33(a) |
|
|
252,340 |
|
|
|
|
| |
| |
Las Vegas Sands Corp., Senior Unsecured
Notes: |
|
|
| |
| |
525,000 |
|
|
BB+ |
|
5.625%
due 6/15/28 |
|
|
538,062 |
|
| |
685,000 |
|
|
BB+ |
|
6.200%
due 8/15/34 |
|
|
724,247 |
|
| |
155,000 |
|
|
BBB |
|
Marriott International Inc., Senior
Unsecured Notes, 5.300% due 5/15/34 |
|
|
161,287 |
|
| |
305,000 |
|
|
BB- |
|
MGM Resorts International, Company
Guaranteed Notes, 6.125% due 9/15/29 |
|
|
313,591 |
|
| |
200,000 |
|
|
BBB- |
|
Sands China Ltd., Senior Unsecured
Notes, 2.300% due 3/8/27 |
|
|
196,436 |
|
| |
160,000 |
|
|
B |
|
Station Casinos LLC, Company Guaranteed
Notes, 4.500% due 2/15/28(a) |
|
|
159,451 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Lodging |
|
|
4,067,428 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Machinery — Construction & Mining —
0.0%@ |
|
| |
45,000 |
|
|
BB- |
|
BWX Technologies Inc., Company
Guaranteed Notes, 4.125% due 6/30/28(a) |
|
|
44,567 |
|
| |
250,000 |
|
|
A |
|
Caterpillar Financial Services Corp.,
Senior Unsecured Notes, 3.700% due 1/10/28 |
|
|
250,789 |
|
|
|
|
| |
| |
Caterpillar Inc., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
3.803% due
8/15/42 |
|
|
42,796 |
|
| |
25,000 |
|
|
A |
|
3.250%
due 9/19/49 |
|
|
18,243 |
|
| |
50,000 |
|
|
A |
|
3.250%
due 4/9/50 |
|
|
36,418 |
|
| |
170,000 |
|
|
BB |
|
Terex Corp., Company Guaranteed Notes,
5.000% due 5/15/29(a) |
|
|
170,243 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Machinery — Construction &
Mining |
|
|
563,056 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Machinery — Diversified — 0.1% |
|
| |
220,000 |
|
|
BB- |
|
Chart Industries Inc., Senior Secured
Notes, 7.500% due 1/1/30(a) |
|
|
228,843 |
|
| |
185,000 |
|
|
BBB+ |
|
CNH Industrial Capital LLC, Company
Guaranteed Notes, 4.550% due 4/10/28 |
|
|
186,928 |
|
|
|
|
| |
| |
Deere & Co., Senior Unsecured
Notes: |
|
|
| |
| |
75,000 |
|
|
A |
|
5.450%
due 1/16/35 |
|
|
80,097 |
|
| |
50,000 |
|
|
A |
|
3.900%
due 6/9/42 |
|
|
44,180 |
|
| |
25,000 |
|
|
A |
|
3.750%
due 4/15/50 |
|
|
20,118 |
|
| |
90,000 |
|
|
BB+ |
|
Esab Corp., Company Guaranteed Notes,
6.250% due 4/15/29(a) |
|
|
92,363 |
|
|
|
|
| |
| |
John Deere Capital Corp., Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
1.750%
due 3/9/27 |
|
|
98,093 |
|
| |
100,000 |
|
|
A |
|
4.550%
due 6/5/30 |
|
|
102,502 |
|
|
|
|
| |
| |
Otis Worldwide Corp., Senior Unsecured
Notes: |
|
|
| |
| |
29,000 |
|
|
BBB |
|
5.250%
due 8/16/28 |
|
|
29,940 |
|
| |
210,000 |
|
|
BBB |
|
2.565%
due 2/15/30 |
|
|
198,575 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Machinery — Diversified |
|
|
1,081,639 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Media — 1.2% |
|
|
|
|
| |
| |
CCO Holdings LLC/CCO Holdings Capital
Corp., Senior Unsecured Notes: |
|
|
| |
| |
645,000 |
|
|
BB- |
|
4.500%
due 8/15/30(a) |
|
|
615,639 |
|
| |
165,000 |
|
|
BB- |
|
4.750%
due 2/1/32(a) |
|
|
153,501 |
|
| |
815,000 |
|
|
BB- |
|
4.500%
due 5/1/32 |
|
|
746,414 |
|
| |
405,000 |
|
|
BB- |
|
4.500%
due 6/1/33(a) |
|
|
362,288 |
|
| |
2,370,000 |
|
|
BB- |
|
4.250%
due 1/15/34(a)(c) |
|
|
2,066,011 |
|
See
Notes to Financial Statements.
150
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Media — 1.2% — (continued) |
|
|
|
|
| |
| |
Charter
Communications Operating LLC/Charter Communications Operating Capital,
Senior Secured Notes: |
|
|
| |
| $ |
175,000 |
|
|
BBB- |
|
4.200%
due 3/15/28 |
|
$ |
174,967 |
|
| |
1,425,000 |
|
|
BBB- |
|
6.100%
due 6/1/29 |
|
|
1,494,113 |
|
| |
1,830,000 |
|
|
BBB- |
|
2.800%
due 4/1/31 |
|
|
1,666,833 |
|
| |
280,000 |
|
|
BBB- |
|
6.550%
due 6/1/34 |
|
|
297,961 |
|
| |
25,000 |
|
|
BBB- |
|
6.384%
due 10/23/35 |
|
|
26,130 |
|
| |
50,000 |
|
|
BBB- |
|
5.850%
due 12/1/35 |
|
|
50,355 |
|
| |
50,000 |
|
|
BBB- |
|
3.500%
due 3/1/42 |
|
|
35,400 |
|
| |
92,000 |
|
|
BBB- |
|
5.750%
due 4/1/48 |
|
|
80,250 |
|
| |
315,000 |
|
|
BBB- |
|
4.800%
due 3/1/50 |
|
|
240,467 |
|
| |
451,000 |
|
|
BBB- |
|
3.900%
due 6/1/52 |
|
|
297,523 |
|
| |
718,000 |
|
|
BBB- |
|
3.850%
due 4/1/61 |
|
|
435,244 |
|
| |
101,000 |
|
|
BBB- |
|
3.950%
due 6/30/62 |
|
|
61,818 |
|
|
|
|
| |
| |
Comcast Corp., Company Guaranteed
Notes: |
|
|
| |
| |
45,000 |
|
|
A- |
|
1.950%
due 1/15/31 |
|
|
40,706 |
|
| |
188,000 |
|
|
A- |
|
1.500%
due 2/15/31 |
|
|
166,179 |
|
| |
182,000 |
|
|
A- |
|
4.800%
due 5/15/33 |
|
|
185,801 |
|
| |
25,000 |
|
|
A- |
|
3.200%
due 7/15/36 |
|
|
21,713 |
|
| |
365,000 |
|
|
A- |
|
3.900%
due 3/1/38 |
|
|
324,781 |
|
| |
20,000 |
|
|
A- |
|
3.250%
due 11/1/39 |
|
|
15,985 |
|
| |
27,000 |
|
|
A- |
|
4.750%
due 3/1/44 |
|
|
24,285 |
|
| |
153,000 |
|
|
A- |
|
3.969%
due 11/1/47 |
|
|
118,042 |
|
| |
20,000 |
|
|
A- |
|
4.000%
due 3/1/48 |
|
|
15,451 |
|
| |
43,000 |
|
|
A- |
|
3.999%
due 11/1/49 |
|
|
32,558 |
|
| |
60,000 |
|
|
A- |
|
3.450%
due 2/1/50 |
|
|
41,353 |
|
| |
149,000 |
|
|
A- |
|
2.887%
due 11/1/51 |
|
|
90,067 |
|
| |
1,051,000 |
|
|
A- |
|
4.049%
due 11/1/52 |
|
|
789,482 |
|
| |
700,000 |
|
|
A- |
|
6.050%
due 5/15/55(c) |
|
|
717,373 |
|
| |
889,000 |
|
|
A- |
|
2.937%
due 11/1/56 |
|
|
519,018 |
|
| |
79,000 |
|
|
A- |
|
2.650%
due 8/15/62 |
|
|
41,163 |
|
| |
400,000 |
|
|
A- |
|
2.987%
due 11/1/63 |
|
|
223,338 |
|
| |
765,000 |
|
|
A- |
|
5.500%
due 5/15/64 |
|
|
705,330 |
|
| |
100,000 |
|
|
CCC+ |
|
DISH DBS Corp., Senior Secured Notes,
5.250% due 12/1/26(a) |
|
|
97,228 |
|
| |
205,000 |
|
|
B |
|
DISH Network Corp., Senior Secured
Notes, 11.750% due 11/15/27(a) |
|
|
212,335 |
|
| |
321,000 |
|
|
Baa3(b) |
|
FactSet Research Systems Inc., Senior
Unsecured Notes, 3.450% due 3/1/32 |
|
|
294,323 |
|
|
|
|
| |
| |
Gray Media Inc., Senior Secured
Notes: |
|
|
| |
| |
95,000 |
|
|
B+ |
|
10.500%
due 7/15/29(a) |
|
|
101,865 |
|
| |
65,000 |
|
|
B+ |
|
7.250%
due 8/15/33(a) |
|
|
67,165 |
|
|
|
|
| |
| |
iHeartCommunications Inc., Senior
Secured Notes: |
|
|
| |
| |
65,000 |
|
|
CCC+ |
|
9.125%
due 5/1/29(a) |
|
|
57,912 |
|
| |
70,000 |
|
|
CCC+ |
|
7.750%
due 8/15/30(a) |
|
|
55,733 |
|
|
|
|
| |
| |
News Corp.: |
|
|
| |
| |
335,000 |
|
|
BBB- |
|
Company
Guaranteed Notes, 5.125% due 2/15/32(a) |
|
|
333,734 |
|
| |
1,982,000 |
|
|
BBB- |
|
Senior
Unsecured Notes, 3.875% due 5/15/29(a) |
|
|
1,934,268 |
|
| |
220,000 |
|
|
BB+ |
|
Nexstar Media Inc., Company Guaranteed
Notes, 5.625% due 7/15/27(a) |
|
|
220,172 |
|
|
|
|
| |
| |
Paramount Global, Company Guaranteed
Notes: |
|
|
| |
| |
42,000 |
|
|
BB+ |
|
5.850%
due 9/1/43 |
|
|
31,155 |
|
| |
43,000 |
|
|
BB+ |
|
5.250%
due 4/1/44 |
|
|
28,829 |
|
| |
34,000 |
|
|
BB+ |
|
4.900%
due 8/15/44 |
|
|
22,102 |
|
| |
50,000 |
|
|
BB+ |
|
4.600%
due 1/15/45 |
|
|
31,306 |
|
| |
48,000 |
|
|
BB+ |
|
4.950%
due 5/19/50 |
|
|
30,355 |
|
|
|
|
| |
| |
Sinclair Television Group Inc., Senior
Secured Notes: |
|
|
| |
| |
43,000 |
|
|
B- |
|
4.375%
due 12/31/32(a) |
|
|
34,630 |
|
| |
65,000 |
|
|
B+ |
|
8.125%
due 2/15/33(a) |
|
|
67,730 |
|
See
Notes to Financial Statements.
151
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Media — 1.2% — (continued) |
|
|
|
|
| |
| |
Sirius XM Radio LLC, Company Guaranteed
Notes: |
|
|
| |
| $ |
380,000 |
|
|
BB+ |
|
4.000%
due 7/15/28(a) |
|
$ |
371,210 |
|
| |
320,000 |
|
|
BB+ |
|
4.125%
due 7/1/30(a) |
|
|
302,449 |
|
|
|
|
| |
| |
TEGNA Inc., Company Guaranteed
Notes: |
|
|
| |
| |
150,000 |
|
|
BB+ |
|
4.625%
due 3/15/28 |
|
|
149,651 |
|
| |
155,000 |
|
|
BB+ |
|
5.000%
due 9/15/29 |
|
|
154,957 |
|
| |
50,000 |
|
|
BBB- |
|
Time Warner Cable Enterprises LLC,
Senior Secured Notes, 8.375% due 7/15/33 |
|
|
58,489 |
|
|
|
|
| |
| |
Time Warner Cable LLC, Senior Secured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
6.550%
due 5/1/37 |
|
|
25,777 |
|
| |
25,000 |
|
|
BBB- |
|
7.300%
due 7/1/38 |
|
|
27,072 |
|
| |
25,000 |
|
|
BBB- |
|
6.750%
due 6/15/39 |
|
|
25,636 |
|
| |
2,202,000 |
|
|
BBB- |
|
5.500%
due 9/1/41 |
|
|
1,973,737 |
|
| |
100,000 |
|
|
B+ |
|
Univision Communications Inc., Senior
Secured Notes, 7.375% due 6/30/30(a) |
|
|
100,082 |
|
| |
115,000 |
|
|
B+ |
|
Virgin Media Secured Finance PLC,
Senior Secured Notes, 4.500% due 8/15/30(a) |
|
|
104,924 |
|
|
|
|
| |
| |
Walt Disney Co. (The), Company
Guaranteed Notes: |
|
|
| |
| |
200,000 |
|
|
A |
|
3.700%
due 3/23/27 |
|
|
200,149 |
|
| |
100,000 |
|
|
A |
|
2.200%
due 1/13/28 |
|
|
97,713 |
|
| |
100,000 |
|
|
A |
|
2.650%
due 1/13/31 |
|
|
94,759 |
|
| |
50,000 |
|
|
A |
|
6.200%
due 12/15/34 |
|
|
56,560 |
|
| |
25,000 |
|
|
A |
|
6.400%
due 12/15/35 |
|
|
28,479 |
|
| |
50,000 |
|
|
A |
|
3.500%
due 5/13/40 |
|
|
42,421 |
|
| |
50,000 |
|
|
A |
|
2.750%
due 9/1/49 |
|
|
32,328 |
|
| |
100,000 |
|
|
A |
|
3.600%
due 1/13/51 |
|
|
75,198 |
|
| |
1,590,000 |
EUR |
|
B+ |
|
Ziggo
BV, Senior Secured Notes, (Cost — $1,773,638, acquired 12/3/25), 2.875%
due 1/15/30(d) |
|
|
1,795,713 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Media |
|
|
22,215,685 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Mining — 0.2% |
|
| |
380,000 |
|
|
BBB |
|
Anglo American Capital PLC, Company
Guaranteed Notes, 2.625% due 9/10/30(a) |
|
|
354,985 |
|
|
|
|
| |
| |
Barrick North America Finance LLC,
Company Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
5.700%
due 5/30/41 |
|
|
26,006 |
|
| |
25,000 |
|
|
BBB+ |
|
5.750%
due 5/1/43 |
|
|
25,997 |
|
|
|
|
| |
| |
BHP Billsiton Finance USA Ltd., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
A1(b) |
|
5.250%
due 9/8/30 |
|
|
26,261 |
|
| |
50,000 |
|
|
A1(b) |
|
5.250%
due 9/8/33 |
|
|
52,503 |
|
| |
25,000 |
|
|
A1(b) |
|
4.125%
due 2/24/42 |
|
|
22,052 |
|
| |
25,000 |
|
|
A1(b) |
|
5.000%
due 9/30/43 |
|
|
24,288 |
|
| |
25,000 |
|
|
A1(b) |
|
5.500%
due 9/8/53 |
|
|
25,240 |
|
| |
50,000 |
|
|
A1(b) |
|
5.750%
due 9/5/55 |
|
|
52,257 |
|
|
|
|
| |
| |
Freeport-McMoRan Inc., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
4.125%
due 3/1/28 |
|
|
25,002 |
|
| |
290,000 |
|
|
BBB- |
|
4.625%
due 8/1/30 |
|
|
293,514 |
|
| |
25,000 |
|
|
BBB- |
|
5.450%
due 3/15/43 |
|
|
24,750 |
|
| |
1,055,000 |
|
|
BBB+ |
|
Glencore Funding LLC, Company
Guaranteed Notes, 5.634% due 4/4/34(a) |
|
|
1,116,960 |
|
| |
25,000 |
|
|
BBB- |
|
Kinross Gold Corp., Senior Unsecured
Notes, 6.250% due 7/15/33 |
|
|
27,501 |
|
|
|
|
| |
| |
Newmont Corp., Company Guaranteed
Notes: |
|
|
| |
| |
61,000 |
|
|
BBB+ |
|
2.600%
due 7/15/32 |
|
|
56,130 |
|
| |
108,000 |
|
|
BBB+ |
|
5.875%
due 4/1/35 |
|
|
117,529 |
|
| |
25,000 |
|
|
A |
|
Rio Tinto Finance USA Ltd., Company
Guaranteed Notes, 2.750% due 11/2/51 |
|
|
15,878 |
|
|
|
|
| |
| |
Rio Tinto Finance USA PLC, Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
4.875%
due 3/14/30 |
|
|
103,338 |
|
| |
50,000 |
|
|
A |
|
5.000%
due 3/9/33 |
|
|
51,966 |
|
| |
25,000 |
|
|
A |
|
4.750%
due 3/22/42 |
|
|
23,816 |
|
| |
25,000 |
|
|
A |
|
4.125%
due 8/21/42 |
|
|
21,959 |
|
| |
25,000 |
|
|
A |
|
5.125%
due 3/9/53 |
|
|
23,750 |
|
| |
1,370,000 |
|
|
A |
|
5.750%
due 3/14/55 |
|
|
1,424,147 |
|
See
Notes to Financial Statements.
152
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Mining — 0.2% — (continued) |
|
|
|
|
| |
| |
Southern Copper Corp., Senior Unsecured
Notes: |
|
|
| |
| $ |
25,000 |
|
|
BBB+ |
|
6.750%
due 4/16/40 |
|
$ |
28,731 |
|
| |
25,000 |
|
|
BBB+ |
|
5.250%
due 11/8/42 |
|
|
24,606 |
|
| |
25,000 |
|
|
BBB- |
|
Yamana Gold Inc., Company Guaranteed
Notes, 2.630% due 8/15/31 |
|
|
22,911 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Mining |
|
|
4,012,077 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Miscellaneous Manufacturers — 0.1% |
|
|
|
|
| |
| |
3M Co., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
4.000%
due 9/14/48 |
|
|
20,259 |
|
| |
50,000 |
|
|
BBB+ |
|
3.250%
due 8/26/49 |
|
|
35,045 |
|
| |
25,000 |
|
|
BBB+ |
|
3.700%
due 4/15/50 |
|
|
18,891 |
|
| |
120,000 |
|
|
BB- |
|
Avient Corp., Senior Unsecured Notes,
7.125% due 8/1/30(a) |
|
|
123,752 |
|
| |
65,000 |
|
|
BB+ |
|
Axon Enterprise Inc., Senior Unsecured
Notes, 6.125% due 3/15/30(a) |
|
|
67,171 |
|
|
|
|
| |
| |
Eaton Corp., Company Guaranteed
Notes: |
|
|
| |
| |
115,000 |
|
|
A- |
|
4.150%
due 11/2/42 |
|
|
102,386 |
|
| |
25,000 |
|
|
A- |
|
4.700%
due 8/23/52 |
|
|
22,933 |
|
|
|
|
| |
| |
Entegris Inc.: |
|
|
| |
| |
235,000 |
|
|
BB- |
|
Company
Guaranteed Notes, 5.950% due 6/15/30(a) |
|
|
239,875 |
|
| |
1,100,000 |
|
|
BB |
|
Senior
Secured Notes, 4.750% due 4/15/29(a) |
|
|
1,101,763 |
|
|
|
|
| |
| |
Parker-Hannifin Corp., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
BBB+ |
|
4.250%
due 9/15/27 |
|
|
100,681 |
|
| |
25,000 |
|
|
BBB+ |
|
4.000%
due 6/14/49 |
|
|
20,540 |
|
| |
218,000 |
|
|
BBB |
|
Textron Inc., Senior Unsecured Notes,
3.900% due 9/17/29 |
|
|
216,977 |
|
| |
120,000 |
|
|
BB+ |
|
Trinity Industries Inc., Company
Guaranteed Notes, 7.750% due 7/15/28(a) |
|
|
123,540 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Miscellaneous Manufacturers |
|
|
2,193,813 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Multi-National — 0.4% |
|
| |
200,000 |
|
|
AAA |
|
African Development Bank, Senior
Unsecured Notes, 4.125% due 1/22/36 |
|
|
201,858 |
|
| |
1,245,000 |
|
|
Baa2(b) |
|
African Export-Import Bank (The),
Senior Unsecured Notes, 3.798% due 5/17/31(a) |
|
|
1,132,091 |
|
|
|
|
| |
| |
Asian Development Bank, Senior
Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
AAA |
|
2.500%
due 11/2/27 |
|
|
197,095 |
|
| |
100,000 |
|
|
AAA |
|
4.375%
due 1/14/28 |
|
|
101,746 |
|
| |
200,000 |
|
|
AAA |
|
3.750%
due 4/25/28 |
|
|
201,417 |
|
| |
200,000 |
|
|
AAA |
|
3.625%
due 8/28/29 |
|
|
201,180 |
|
| |
200,000 |
|
|
AAA |
|
3.875%
due 9/28/32 |
|
|
201,935 |
|
| |
200,000 |
|
|
AAA |
|
4.250%
due 1/14/36 |
|
|
204,337 |
|
| |
200,000 |
|
|
AAA |
|
Asian Infrastructure Investment Bank
(The), Senior Unsecured Notes, 4.500% due 1/16/30 |
|
|
207,331 |
|
|
|
|
| |
| |
Banque Ouest Africaine de
Developpement, Senior Unsecured Notes: |
|
|
| |
| |
500,000 |
|
|
Baa1(b) |
|
5.000%
due 7/27/27(a) |
|
|
499,740 |
|
| |
1,100,000 |
|
|
Baa1(b) |
|
4.700%
due 10/22/31(a) |
|
|
1,033,602 |
|
| |
1,000,000 |
EUR |
|
Baa1(b) |
|
(Cost
— $899,756, acquired 5/30/24), 2.750% due 1/22/33(d) |
|
|
1,017,275 |
|
|
|
|
| |
| |
European Investment Bank, Senior
Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
AAA |
|
4.375%
due 3/19/27 |
|
|
201,865 |
|
| |
400,000 |
|
|
AAA |
|
3.750%
due 11/15/29 |
|
|
404,049 |
|
| |
200,000 |
|
|
AAA |
|
4.500%
due 3/14/30 |
|
|
207,626 |
|
| |
200,000 |
|
|
AAA |
|
3.750%
due 3/13/31 |
|
|
201,745 |
|
| |
300,000 |
|
|
AAA |
|
4.125%
due 2/13/34 |
|
|
306,180 |
|
| |
200,000 |
|
|
AAA |
|
4.625%
due 2/12/35 |
|
|
210,586 |
|
| |
200,000 |
|
|
AAA |
|
4.250%
due 2/8/36 |
|
|
204,355 |
|
|
|
|
| |
| |
Inter-American Development Bank, Senior
Unsecured Notes: |
|
|
| |
| |
400,000 |
|
|
AAA |
|
4.375%
due 7/17/34 |
|
|
413,699 |
|
| |
200,000 |
|
|
AAA |
|
4.125%
due 1/23/36 |
|
|
201,859 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Multi-National |
|
|
7,551,571 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Office/Business Equipment — 0.0%@ |
|
| |
25,000 |
|
|
BBB- |
|
CDW LLC/CDW Finance Corp., Company
Guaranteed Notes, 3.250% due 2/15/29 |
|
|
24,171 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
153
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Oil & Gas — 1.7% |
|
|
|
|
| |
| |
Aker BP ASA, Senior Unsecured Notes: |
|
|
| |
| $ |
600,000 |
EUR |
|
BBB |
|
(Cost
— $608,492, acquired 3/7/24), 1.125% due 5/12/29(d) |
|
$ |
670,992 |
|
| |
655,000 |
|
|
BBB |
|
5.800%
due 10/1/54(a) |
|
|
616,190 |
|
|
|
|
| |
| |
APA Corp., Senior Unsecured Notes: |
|
|
| |
| |
159,000 |
|
|
BBB- |
|
4.250%
due 1/15/30 |
|
|
158,018 |
|
| |
720,000 |
|
|
BBB- |
|
5.350%
due 7/1/49 |
|
|
628,672 |
|
| |
110,976 |
|
|
B+ |
|
Borr IHC Ltd./Borr Finance LLC, Senior
Secured Notes, 10.000% due 11/15/28(a) |
|
|
115,780 |
|
|
|
|
| |
| |
BP Capital Markets America Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
110,000 |
|
|
A- |
|
3.633%
due 4/6/30 |
|
|
108,921 |
|
| |
50,000 |
|
|
A- |
|
4.812%
due 2/13/33 |
|
|
51,274 |
|
| |
93,000 |
|
|
A- |
|
4.989%
due 4/10/34 |
|
|
95,804 |
|
| |
50,000 |
|
|
A- |
|
2.772%
due 11/10/50 |
|
|
31,761 |
|
| |
100,000 |
|
|
A- |
|
2.939%
due 6/4/51 |
|
|
65,468 |
|
| |
50,000 |
|
|
A- |
|
3.001%
due 3/17/52 |
|
|
32,890 |
|
| |
50,000 |
|
|
A- |
|
3.379%
due 2/8/61 |
|
|
33,522 |
|
|
|
|
| |
| |
BP Capital Markets PLC, Company
Guaranteed Notes: |
|
|
| |
| |
2,000,000 |
|
|
BBB |
|
4.875%
(5-Year CMT Index + 4.398%)(f)(g) |
|
|
1,994,498 |
|
| |
1,000,000 |
|
|
BBB |
|
6.450%
(5-Year CMT Index + 2.153%)(f)(g) |
|
|
1,066,371 |
|
| |
50,000 |
|
|
Baa1(b) |
|
Canadian Natural Resources Ltd., Senior
Unsecured Notes, 4.950% due 6/1/47 |
|
|
45,678 |
|
|
|
|
| |
| |
Chevron USA Inc., Company Guaranteed
Notes: |
|
|
| |
| |
10,000 |
|
|
AA- |
|
3.850%
due 1/15/28 |
|
|
10,050 |
|
| |
100,000 |
|
|
AA- |
|
4.687%
due 4/15/30 |
|
|
103,109 |
|
| |
100,000 |
|
|
AA- |
|
4.300%
due 10/15/30 |
|
|
101,810 |
|
| |
25,000 |
|
|
AA- |
|
2.343%
due 8/12/50 |
|
|
15,023 |
|
|
|
|
| |
| |
Chord Energy Corp., Company Guaranteed
Notes: |
|
|
| |
| |
65,000 |
|
|
BB |
|
6.000%
due 10/1/30(a) |
|
|
66,362 |
|
| |
70,000 |
|
|
BB |
|
6.750%
due 3/15/33(a) |
|
|
72,757 |
|
| |
25,000 |
|
|
A+ |
|
CNOOC Petroleum North America ULC,
Company Guaranteed Notes, 6.400% due 5/15/37 |
|
|
29,828 |
|
| |
35,000 |
|
|
BB |
|
CNX Resources Corp., Company Guaranteed
Notes, 5.875% due 3/1/34(a) |
|
|
35,104 |
|
| |
150,000 |
|
|
B |
|
Comstock Resources Inc., Company
Guaranteed Notes, 6.750% due 3/1/29(a) |
|
|
149,592 |
|
|
|
|
| |
| |
ConocoPhillips Co., Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
5.050%
due 9/15/33 |
|
|
26,027 |
|
| |
25,000 |
|
|
A- |
|
6.500%
due 2/1/39 |
|
|
28,590 |
|
| |
25,000 |
|
|
A- |
|
3.800%
due 3/15/52 |
|
|
18,924 |
|
| |
50,000 |
|
|
A- |
|
5.300%
due 5/15/53 |
|
|
47,480 |
|
| |
25,000 |
|
|
A- |
|
5.550%
due 3/15/54 |
|
|
24,688 |
|
| |
50,000 |
|
|
A- |
|
4.025%
due 3/15/62 |
|
|
37,234 |
|
| |
25,000 |
|
|
A- |
|
5.700%
due 9/15/63 |
|
|
24,901 |
|
| |
340,000 |
|
|
A- |
|
5.650%
due 1/15/65 |
|
|
335,325 |
|
|
|
|
| |
| |
Continental Resources Inc., Company
Guaranteed Notes: |
|
|
| |
| |
180,000 |
|
|
BBB- |
|
2.268%
due 11/15/26(a) |
|
|
177,492 |
|
| |
580,000 |
|
|
BBB- |
|
4.375%
due 1/15/28 |
|
|
581,392 |
|
| |
80,000 |
|
|
BBB- |
|
5.750%
due 1/15/31(a) |
|
|
83,014 |
|
|
|
|
| |
| |
Coterra Energy Inc., Senior Unsecured
Notes: |
|
|
| |
| |
950,000 |
|
|
BBB |
|
3.900%
due 5/15/27 |
|
|
949,386 |
|
| |
150,000 |
|
|
BBB |
|
4.375%
due 3/15/29 |
|
|
151,710 |
|
| |
295,000 |
|
|
BBB |
|
5.400%
due 2/15/35 |
|
|
304,748 |
|
| |
621,000 |
|
|
BBB |
|
5.900%
due 2/15/55 |
|
|
618,369 |
|
|
|
|
| |
| |
Crescent Energy Finance LLC, Company
Guaranteed Notes: |
|
|
| |
| |
180,000 |
|
|
BB- |
|
9.250%
due 2/15/28(a) |
|
|
185,372 |
|
| |
125,000 |
|
|
BB- |
|
7.875%
due 4/15/32(a) |
|
|
127,416 |
|
|
|
|
| |
| |
Devon Energy Corp., Senior Unsecured
Notes: |
|
|
| |
| |
92,000 |
|
|
BBB |
|
5.875%
due 6/15/28 |
|
|
92,029 |
|
| |
129,000 |
|
|
BBB |
|
4.500%
due 1/15/30 |
|
|
130,265 |
|
| |
25,000 |
|
|
BBB |
|
5.200%
due 9/15/34 |
|
|
25,641 |
|
See
Notes to Financial Statements.
154
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Oil & Gas — 1.7% — (continued) |
|
| $ |
485,000 |
|
|
BBB |
|
5.600%
due 7/15/41 |
|
$ |
486,233 |
|
| |
10,000 |
|
|
BBB |
|
4.750%
due 5/15/42 |
|
|
9,091 |
|
| |
640,000 |
|
|
BBB |
|
5.000%
due 6/15/45 |
|
|
585,012 |
|
| |
95,000 |
|
|
BB+ |
|
Diamond Foreign Asset Co./Diamond
Finance LLC, Secured Notes, 8.500% due 10/1/30(a) |
|
|
101,317 |
|
|
|
|
| |
| |
Diamondback Energy Inc., Company
Guaranteed Notes: |
|
|
| |
| |
694,000 |
|
|
BBB |
|
3.500%
due 12/1/29 |
|
|
679,783 |
|
| |
200,000 |
|
|
BBB |
|
3.125%
due 3/24/31 |
|
|
189,838 |
|
| |
2,000,000 |
|
|
NR |
|
Diversified Gas & Oil Corp., Senior
Secured Notes, 9.750% due 4/9/29(a) |
|
|
1,959,881 |
|
| |
100,000 |
|
|
BB |
|
Ecopetrol SA, Senior Unsecured Notes,
8.375% due 1/19/36 |
|
|
102,891 |
|
| |
220,000 |
|
|
A- |
|
Eni SpA, Senior Unsecured Notes, 5.950%
due 5/15/54(a) |
|
|
225,784 |
|
| |
190,000 |
|
|
A- |
|
EOG Resources Inc., Senior Unsecured
Notes, 4.375% due 4/15/30 |
|
|
192,830 |
|
|
|
|
| |
| |
EQT Corp., Senior Unsecured Notes: |
|
|
| |
| |
236,000 |
|
|
BBB- |
|
3.900%
due 10/1/27 |
|
|
235,761 |
|
| |
52,000 |
|
|
BBB- |
|
5.700%
due 4/1/28 |
|
|
53,783 |
|
| |
201,000 |
|
|
BBB- |
|
5.000%
due 1/15/29 |
|
|
205,027 |
|
| |
462,000 |
|
|
BBB- |
|
4.750%
due 1/15/31 |
|
|
468,822 |
|
| |
200,000 |
|
|
BBB- |
|
3.625%
due 5/15/31(a) |
|
|
191,673 |
|
| |
128,000 |
|
|
BBB- |
|
5.750%
due 2/1/34 |
|
|
135,622 |
|
|
|
|
| |
| |
Equinor ASA, Company Guaranteed
Notes: |
|
|
| |
| |
50,000 |
|
|
AA- |
|
3.625%
due 9/10/28 |
|
|
50,067 |
|
| |
50,000 |
|
|
AA- |
|
3.250%
due 11/18/49 |
|
|
35,877 |
|
| |
25,000 |
|
|
AA- |
|
3.700%
due 4/6/50 |
|
|
19,389 |
|
|
|
|
| |
| |
Expand Energy Corp., Company Guaranteed
Notes: |
|
|
| |
| |
10,000 |
|
|
BBB- |
|
5.375%
due 2/1/29 |
|
|
9,993 |
|
| |
105,000 |
|
|
BBB- |
|
6.750%
due 4/15/29(a) |
|
|
105,308 |
|
| |
1,340,000 |
|
|
BBB- |
|
5.375%
due 3/15/30 |
|
|
1,361,455 |
|
| |
1,515,000 |
|
|
BBB- |
|
4.750%
due 2/1/32 |
|
|
1,513,497 |
|
|
|
|
| |
| |
Exxon Mobil Corp., Senior Unsecured
Notes: |
|
|
| |
| |
180,000 |
|
|
AA- |
|
3.482%
due 3/19/30 |
|
|
177,676 |
|
| |
460,000 |
|
|
AA- |
|
4.227%
due 3/19/40 |
|
|
429,493 |
|
| |
75,000 |
|
|
AA- |
|
4.114%
due 3/1/46 |
|
|
64,114 |
|
| |
185,000 |
|
|
AA- |
|
4.327%
due 3/19/50 |
|
|
158,587 |
|
| |
200,000 |
|
|
AA- |
|
3.452%
due 4/15/51 |
|
|
146,799 |
|
| |
125,000 |
|
|
BB- |
|
Gulfport Energy Operating Corp.,
Company Guaranteed Notes, 6.750% due 9/1/29(a) |
|
|
129,596 |
|
| |
1,450,000 |
|
|
BBB- |
|
Harbour Energy PLC, Senior Unsecured
Notes, 6.327% due 4/1/35(a) |
|
|
1,510,829 |
|
| |
75,000 |
|
|
AA- |
|
Hess Corp., Senior Unsecured Notes,
5.800% due 4/1/47 |
|
|
78,758 |
|
| |
210,000 |
|
|
BB+ |
|
Hilcorp Energy I LP/Hilcorp Finance
Co., Senior Unsecured Notes, 5.750% due 2/1/29(a) |
|
|
211,020 |
|
|
|
|
| |
| |
Marathon Petroleum Corp., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.150%
due 3/1/30 |
|
|
25,931 |
|
| |
25,000 |
|
|
BBB |
|
6.500%
due 3/1/41 |
|
|
27,402 |
|
| |
260,000 |
|
|
BB- |
|
Matador Resources Co., Company
Guaranteed Notes, 6.500% due 4/15/32(a) |
|
|
265,715 |
|
| |
65,000 |
|
|
BB- |
|
Noble Finance II LLC, Company
Guaranteed Notes, 8.000% due 4/15/30(a) |
|
|
67,690 |
|
|
|
|
| |
| |
Occidental Petroleum Corp., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BB+ |
|
5.550%
due 10/1/34 |
|
|
52,147 |
|
| |
50,000 |
|
|
BB+ |
|
6.450%
due 9/15/36 |
|
|
54,490 |
|
| |
25,000 |
|
|
BB+ |
|
6.200%
due 3/15/40 |
|
|
26,107 |
|
| |
50,000 |
|
|
BB+ |
|
6.600%
due 3/15/46 |
|
|
53,158 |
|
| |
177,000 |
|
|
BBB- |
|
Ovintiv Inc., Company Guaranteed Notes,
6.250% due 7/15/33 |
|
|
191,068 |
|
|
|
|
| |
| |
Permian Resources Operating LLC,
Company Guaranteed Notes: |
|
|
| |
| |
190,000 |
|
|
BB+ |
|
5.875%
due 7/1/29(a) |
|
|
190,735 |
|
| |
155,000 |
|
|
BB+ |
|
6.250%
due 2/1/33(a) |
|
|
160,288 |
|
|
|
|
| |
| |
Petroleos Mexicanos, Company Guaranteed
Notes: |
|
|
| |
| |
300,000 |
|
|
BBB |
|
6.840%
due 1/23/30 |
|
|
307,695 |
|
| |
150,000 |
|
|
BBB |
|
6.700%
due 2/16/32 |
|
|
150,570 |
|
See
Notes to Financial Statements.
155
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Oil & Gas — 1.7% — (continued) |
|
| $ |
100,000 |
|
|
BBB |
|
10.000%
due 2/7/33 |
|
$ |
117,140 |
|
| |
530,000 |
|
|
BBB |
|
7.690%
due 1/23/50 |
|
|
483,007 |
|
| |
100,000 |
|
|
BBB+ |
|
Phillips 66, Company Guaranteed Notes,
4.650% due 11/15/34 |
|
|
99,340 |
|
| |
50,000 |
|
|
BBB+ |
|
Phillips 66 Co., Company Guaranteed
Notes, 5.500% due 3/15/55 |
|
|
47,489 |
|
|
|
|
| |
| |
Pioneer Natural Resources Co., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
AA- |
|
1.900%
due 8/15/30 |
|
|
45,885 |
|
| |
330,000 |
|
|
AA- |
|
2.150%
due 1/15/31 |
|
|
303,951 |
|
| |
665,000 |
|
|
BBB- |
|
Santos Finance Ltd., Company Guaranteed
Notes, 5.750% due 11/13/35(a) |
|
|
680,353 |
|
|
|
|
| |
| |
Saudi Arabian Oil Co., Senior Unsecured
Notes: |
|
|
| |
| |
1,880,000 |
|
|
Aa3(b) |
|
5.000%
due 2/2/36(a) |
|
|
1,883,666 |
|
| |
880,000 |
|
|
Aa3(b) |
|
6.375%
due 6/2/55(a) |
|
|
928,397 |
|
|
|
|
| |
| |
Shell Finance US Inc., Company
Guaranteed Notes: |
|
|
| |
| |
220,000 |
|
|
A+ |
|
3.875%
due 11/13/28(a) |
|
|
221,421 |
|
| |
25,000 |
|
|
A+ |
|
4.125%
due 5/11/35 |
|
|
24,396 |
|
| |
90,000 |
|
|
A+ |
|
4.550%
due 8/12/43 |
|
|
82,405 |
|
| |
140,000 |
|
|
A+ |
|
4.375%
due 5/11/45 |
|
|
122,837 |
|
| |
340,000 |
|
|
A+ |
|
4.000%
due 5/10/46 |
|
|
281,454 |
|
| |
480,000 |
|
|
A+ |
|
3.250%
due 4/6/50 |
|
|
339,171 |
|
| |
50,000 |
|
|
A+ |
|
3.000%
due 11/26/51(a) |
|
|
33,311 |
|
|
|
|
| |
| |
SM Energy Co., Company Guaranteed
Notes: |
|
|
| |
| |
235,000 |
|
|
BB |
|
6.625%
due 1/15/27 |
|
|
235,645 |
|
| |
275,000 |
|
|
BB |
|
8.375%
due 7/1/28(a) |
|
|
284,360 |
|
| |
275,000 |
|
|
BB |
|
8.750%
due 7/1/31(a) |
|
|
288,873 |
|
|
|
|
| |
| |
Sunoco LP, Company Guaranteed Notes: |
|
|
| |
| |
161,000 |
|
|
BB+ |
|
5.625%
due 3/15/31(a) |
|
|
161,853 |
|
| |
120,000 |
|
|
BB+ |
|
7.250%
due 5/1/32(a) |
|
|
126,832 |
|
| |
185,000 |
|
|
BB+ |
|
Sunoco LP/Sunoco Finance Corp., Company
Guaranteed Notes, 6.000% due 4/15/27 |
|
|
185,173 |
|
| |
50,000 |
|
|
A+ |
|
TotalEnergies Capital International SA,
Company Guaranteed Notes, 3.127% due 5/29/50 |
|
|
34,289 |
|
|
|
|
| |
| |
TotalEnergies Capital SA, Company
Guaranteed Notes: |
|
|
| |
| |
50,000 |
|
|
A+ |
|
5.150%
due 4/5/34 |
|
|
52,375 |
|
| |
100,000 |
|
|
A+ |
|
4.724%
due 9/10/34 |
|
|
102,097 |
|
| |
25,000 |
|
|
A+ |
|
5.425%
due 9/10/64 |
|
|
23,931 |
|
| |
25,000 |
|
|
BBB |
|
Valero Energy Corp., Senior Unsecured
Notes, 6.625% due 6/15/37 |
|
|
28,137 |
|
| |
700,000 |
EUR |
|
Ba1(b) |
|
Wintershall
Dea Finance 2 BV, Company Guaranteed Notes, (Cost — $689,948, acquired
12/10/24), 3.000% (3.319% — 5-Year EUR Swap Rate)(d)(g)(j) |
|
|
800,887 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Oil & Gas |
|
|
31,686,954 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Oil & Gas Services — 0.1% |
|
| |
95,000 |
|
|
BB- |
|
Archrock
Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes,
6.250% due 4/1/28(a) |
|
|
95,123 |
|
| |
100,000 |
|
|
BBB+ |
|
Halliburton Co., Senior Unsecured
Notes, 5.000% due 11/15/45 |
|
|
91,994 |
|
|
|
|
| |
| |
Kodiak Gas Services LLC, Company
Guaranteed Notes: |
|
|
| |
| |
110,000 |
|
|
BB- |
|
7.250%
due 2/15/29(a) |
|
|
114,164 |
|
| |
50,000 |
|
|
BB- |
|
6.500%
due 10/1/33(a) |
|
|
51,589 |
|
| |
400,000 |
EUR |
|
B1(b) |
|
OEG
Finance PLC, Senior Secured Notes, (Cost — $437,741, acquired 12/11/24),
7.250% due 9/27/29(d) |
|
|
497,914 |
|
|
|
|
| |
| |
Schlumberger Holdings Corp.: |
|
|
| |
| |
910,000 |
|
|
A |
|
Company
Guaranteed Notes, 4.850% due 5/15/33(a)(c) |
|
|
928,530 |
|
| |
171,000 |
|
|
A |
|
Senior
Unsecured Notes, 3.900% due 5/17/28(a) |
|
|
171,243 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Oil & Gas Services |
|
|
1,950,557 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Packaging & Containers — 0.1% |
|
|
|
|
| |
| |
Amcor Flexibles North America Inc.
North America Inc., Company Guaranteed Notes: |
|
|
| |
| |
570,000 |
|
|
BBB |
|
5.100%
due 3/17/30 |
|
|
590,591 |
|
| |
94,000 |
|
|
BBB |
|
2.690%
due 5/25/31 |
|
|
86,948 |
|
See
Notes to Financial Statements.
156
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Packaging & Containers — 0.1% —
(continued) |
|
|
|
|
| |
| |
Ball Corp., Company Guaranteed
Notes: |
|
|
| |
| $ |
135,000 |
|
|
BB+ |
|
6.000%
due 6/15/29 |
|
$ |
139,351 |
|
| |
55,000 |
|
|
BB+ |
|
5.500%
due 9/15/33 |
|
|
56,631 |
|
| |
25,000 |
|
|
BBB |
|
Berry Global Inc., Senior Secured
Notes, 5.650% due 1/15/34 |
|
|
26,422 |
|
| |
40,000 |
|
|
B+ |
|
Clydesdale Acquisition Holdings Inc.,
Senior Secured Notes, 6.750% due 4/15/32(a) |
|
|
40,326 |
|
| |
185,000 |
|
|
BB |
|
Graphic Packaging International LLC,
Company Guaranteed Notes, 6.375% due 7/15/32(a)(c) |
|
|
187,624 |
|
| |
160,000 |
|
|
B |
|
Mauser Packaging Solutions Holding Co.,
Senior Secured Notes, 7.875% due 4/15/30(a) |
|
|
163,884 |
|
| |
85,000 |
|
|
B+ |
|
Owens-Brockway Glass Container Inc.,
Company Guaranteed Notes, 6.625% due 5/13/27(a) |
|
|
85,132 |
|
|
|
|
| |
| |
Packaging Corp. of America, Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.700%
due 12/1/33 |
|
|
26,667 |
|
| |
25,000 |
|
|
BBB |
|
3.050%
due 10/1/51 |
|
|
16,550 |
|
| |
135,000 |
|
|
BB+ |
|
Sealed Air Corp., Company Guaranteed
Notes, 4.000% due 12/1/27(a) |
|
|
134,688 |
|
| |
239,000 |
|
|
BBB- |
|
Sonoco Products Co., Senior Unsecured
Notes, 3.125% due 5/1/30 |
|
|
228,722 |
|
| |
100,000 |
|
|
BB- |
|
TriMas Corp., Company Guaranteed Notes,
4.125% due 4/15/29(a) |
|
|
96,606 |
|
| |
331,000 |
|
|
B |
|
Trivium Packaging Finance BV, Senior
Secured Notes, 8.250% due 7/15/30(a) |
|
|
354,768 |
|
|
|
|
| |
| |
WRKCo Inc., Company Guaranteed
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB |
|
3.900%
due 6/1/28 |
|
|
49,992 |
|
| |
25,000 |
|
|
BBB |
|
4.900%
due 3/15/29 |
|
|
25,613 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Packaging & Containers |
|
|
2,310,515 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Pharmaceuticals — 0.7% |
|
| |
255,000 |
|
|
B |
|
1261229 BC Ltd., Senior Secured Notes,
10.000% due 4/15/32(a) |
|
|
264,514 |
|
|
|
|
| |
| |
AbbVie Inc., Senior Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A- |
|
4.800%
due 3/15/27 |
|
|
100,960 |
|
| |
400,000 |
|
|
A- |
|
4.800%
due 3/15/29 |
|
|
411,073 |
|
| |
1,430,000 |
|
|
A- |
|
3.200%
due 11/21/29 |
|
|
1,397,311 |
|
| |
100,000 |
|
|
A- |
|
4.875%
due 3/15/30 |
|
|
103,442 |
|
| |
180,000 |
|
|
A- |
|
4.950%
due 3/15/31 |
|
|
187,495 |
|
| |
240,000 |
|
|
A- |
|
5.050%
due 3/15/34 |
|
|
249,207 |
|
| |
200,000 |
|
|
A- |
|
4.550%
due 3/15/35 |
|
|
199,240 |
|
| |
200,000 |
|
|
A- |
|
4.500%
due 5/14/35 |
|
|
198,242 |
|
| |
145,000 |
|
|
A- |
|
4.750%
due 3/15/36 |
|
|
145,801 |
|
| |
10,000 |
|
|
A- |
|
4.875%
due 11/14/48 |
|
|
9,248 |
|
| |
840,000 |
|
|
A- |
|
4.250%
due 11/21/49 |
|
|
707,441 |
|
| |
75,000 |
|
|
A- |
|
5.400%
due 3/15/54 |
|
|
73,722 |
|
| |
50,000 |
|
|
BB- |
|
AdaptHealth LLC, Company Guaranteed
Notes, 4.625% due 8/1/29(a) |
|
|
48,215 |
|
|
|
|
| |
| |
Astrazeneca Finance LLC, Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
A+ |
|
4.900%
due 3/3/30 |
|
|
103,725 |
|
| |
50,000 |
|
|
A+ |
|
5.000%
due 2/26/34 |
|
|
52,069 |
|
|
|
|
| |
| |
AstraZeneca PLC, Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A+ |
|
4.000%
due 9/18/42 |
|
|
21,848 |
|
| |
25,000 |
|
|
A+ |
|
4.375%
due 11/16/45 |
|
|
22,467 |
|
| |
25,000 |
|
|
A+ |
|
4.375%
due 8/17/48 |
|
|
22,245 |
|
| |
25,000 |
|
|
A+ |
|
2.125%
due 8/6/50 |
|
|
14,311 |
|
| |
25,000 |
|
|
A+ |
|
3.000%
due 5/28/51 |
|
|
17,196 |
|
|
|
|
| |
| |
Becton Dickinson & Co., Senior
Unsecured Notes: |
|
|
| |
| |
243,000 |
|
|
BBB |
|
4.693%
due 2/13/28 |
|
|
246,520 |
|
| |
25,000 |
|
|
BBB |
|
3.794%
due 5/20/50 |
|
|
19,355 |
|
|
|
|
| |
| |
Bristol-Myers Squibb Co., Senior
Unsecured Notes: |
|
|
| |
| |
273,000 |
|
|
A |
|
5.100%
due 2/22/31 |
|
|
285,649 |
|
| |
98,000 |
|
|
A |
|
4.125%
due 6/15/39 |
|
|
90,140 |
|
| |
50,000 |
|
|
A |
|
3.550%
due 3/15/42 |
|
|
41,066 |
|
| |
50,000 |
|
|
A |
|
4.350%
due 11/15/47 |
|
|
42,868 |
|
| |
50,000 |
|
|
A |
|
4.550%
due 2/20/48 |
|
|
43,829 |
|
| |
50,000 |
|
|
A |
|
4.250%
due 10/26/49 |
|
|
41,651 |
|
See
Notes to Financial Statements.
157
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pharmaceuticals — 0.7% — (continued) |
|
| $ |
50,000 |
|
|
A |
|
2.550%
due 11/13/50 |
|
$ |
30,297 |
|
| |
50,000 |
|
|
A |
|
3.700%
due 3/15/52 |
|
|
37,377 |
|
| |
898,000 |
|
|
A |
|
5.550%
due 2/22/54 |
|
|
892,470 |
|
| |
50,000 |
|
|
A |
|
3.900%
due 3/15/62 |
|
|
36,954 |
|
|
|
|
| |
| |
Cencora Inc., Senior Unsecured
Notes: |
|
|
| |
| |
235,000 |
|
|
BBB+ |
|
4.600%
due 2/13/33 |
|
|
236,824 |
|
| |
122,000 |
|
|
BBB+ |
|
4.900%
due 2/13/36 |
|
|
122,903 |
|
|
|
|
| |
| |
CVS Health Corp., Senior Unsecured
Notes: |
|
|
| |
| |
150,000 |
|
|
BBB |
|
4.300%
due 3/25/28 |
|
|
150,980 |
|
| |
150,000 |
|
|
BBB |
|
5.000%
due 1/30/29 |
|
|
154,061 |
|
| |
394,000 |
|
|
BBB |
|
2.125%
due 9/15/31 |
|
|
349,928 |
|
| |
100,000 |
|
|
BBB |
|
4.780%
due 3/25/38 |
|
|
95,665 |
|
| |
100,000 |
|
|
BBB |
|
5.125%
due 7/20/45 |
|
|
91,603 |
|
| |
200,000 |
|
|
BBB |
|
5.050%
due 3/25/48 |
|
|
178,528 |
|
|
|
|
| |
| |
Eli Lilly & Co., Senior Unsecured
Notes: |
|
|
| |
| |
595,000 |
|
|
A+ |
|
4.700%
due 2/9/34 |
|
|
608,888 |
|
| |
200,000 |
|
|
A+ |
|
4.600%
due 8/14/34 |
|
|
203,145 |
|
| |
100,000 |
|
|
A+ |
|
4.900%
due 10/15/35 |
|
|
102,577 |
|
| |
25,000 |
|
|
A+ |
|
3.950%
due 3/15/49 |
|
|
20,471 |
|
| |
25,000 |
|
|
A+ |
|
4.875%
due 2/27/53 |
|
|
23,038 |
|
| |
50,000 |
|
|
A+ |
|
5.000%
due 2/9/54 |
|
|
47,021 |
|
| |
100,000 |
|
|
A+ |
|
5.550%
due 10/15/55 |
|
|
101,782 |
|
| |
25,000 |
|
|
A+ |
|
4.150%
due 3/15/59 |
|
|
20,300 |
|
| |
25,000 |
|
|
A+ |
|
4.950%
due 2/27/63 |
|
|
22,852 |
|
| |
475,000 |
|
|
A+ |
|
5.100%
due 2/9/64 |
|
|
443,159 |
|
| |
800,000 |
|
|
A+ |
|
5.650%
due 10/15/65 |
|
|
813,932 |
|
| |
50,000 |
|
|
A |
|
GlaxoSmithKline Capital Inc., Company
Guaranteed Notes, 6.375% due 5/15/38 |
|
|
57,102 |
|
|
|
|
| |
| |
Johnson & Johnson, Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
AAA |
|
4.550%
due 3/1/28 |
|
|
101,968 |
|
| |
50,000 |
|
|
AAA |
|
4.950%
due 6/1/34 |
|
|
52,965 |
|
| |
50,000 |
|
|
AAA |
|
5.000%
due 3/1/35 |
|
|
52,648 |
|
| |
50,000 |
|
|
AAA |
|
3.625%
due 3/3/37 |
|
|
46,144 |
|
| |
50,000 |
|
|
AAA |
|
3.700%
due 3/1/46 |
|
|
41,095 |
|
| |
50,000 |
|
|
AAA |
|
5.250%
due 6/1/54 |
|
|
50,756 |
|
| |
25,000 |
|
|
AAA |
|
2.450%
due 9/1/60 |
|
|
14,007 |
|
|
|
|
| |
| |
Merck & Co., Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
A+ |
|
3.850%
due 9/15/27 |
|
|
100,543 |
|
| |
100,000 |
|
|
A+ |
|
4.150%
due 9/15/30 |
|
|
101,162 |
|
| |
100,000 |
|
|
A+ |
|
4.950%
due 9/15/35 |
|
|
102,597 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A+ |
|
3.900%
due 3/7/39 |
|
|
22,810 |
|
| |
25,000 |
|
|
A+ |
|
3.600%
due 9/15/42 |
|
|
20,694 |
|
| |
50,000 |
|
|
A+ |
|
4.150%
due 5/18/43 |
|
|
44,012 |
|
| |
50,000 |
|
|
A+ |
|
3.700%
due 2/10/45 |
|
|
40,558 |
|
| |
50,000 |
|
|
A+ |
|
4.000%
due 3/7/49 |
|
|
40,760 |
|
| |
50,000 |
|
|
A+ |
|
2.450%
due 6/24/50 |
|
|
30,166 |
|
| |
390,000 |
|
|
A+ |
|
2.750%
due 12/10/51 |
|
|
245,935 |
|
| |
440,000 |
|
|
A+ |
|
5.550%
due 12/4/55 |
|
|
441,361 |
|
| |
50,000 |
|
|
A+ |
|
2.900%
due 12/10/61 |
|
|
29,707 |
|
|
|
|
| |
| |
Novartis Capital Corp., Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
AA- |
|
3.800%
due 9/18/29 |
|
|
100,144 |
|
| |
100,000 |
|
|
AA- |
|
4.100%
due 11/5/30 |
|
|
100,705 |
|
| |
100,000 |
|
|
AA- |
|
4.300%
due 11/5/32 |
|
|
100,802 |
|
See
Notes to Financial Statements.
158
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pharmaceuticals — 0.7% — (continued) |
|
| $ |
255,000 |
|
|
BB |
|
Organon
& Co./Organon Foreign Debt Co.-Issuer BV, Senior Secured Notes, 4.125%
due 4/30/28(a) |
|
$ |
250,463 |
|
|
|
|
| |
| |
Pfizer Inc., Senior Unsecured Notes: |
|
|
| |
| |
160,000 |
|
|
A |
|
2.625%
due 4/1/30 |
|
|
152,367 |
|
| |
140,000 |
|
|
A |
|
1.700%
due 5/28/30 |
|
|
128,358 |
|
| |
25,000 |
|
|
A |
|
4.000%
due 12/15/36 |
|
|
23,719 |
|
| |
25,000 |
|
|
A |
|
3.900%
due 3/15/39 |
|
|
22,532 |
|
| |
100,000 |
|
|
A |
|
7.200%
due 3/15/39 |
|
|
120,841 |
|
|
|
|
| |
| |
Pfizer Investment Enterprises Pte Ltd.,
Company Guaranteed Notes: |
|
|
| |
| |
200,000 |
|
|
A |
|
4.750%
due 5/19/33 |
|
|
204,267 |
|
| |
200,000 |
|
|
A |
|
5.300%
due 5/19/53 |
|
|
191,605 |
|
| |
158,000 |
|
|
A |
|
5.340%
due 5/19/63 |
|
|
148,471 |
|
| |
256,000 |
|
|
BBB+ |
|
Takeda Pharmaceutical Co., Ltd., Senior
Unsecured Notes, 2.050% due 3/31/30 |
|
|
236,499 |
|
| |
200,000 |
|
|
BBB+ |
|
Takeda US Financing Inc., Company
Guaranteed Notes, 5.200% due 7/7/35 |
|
|
205,774 |
|
| |
25,000 |
|
|
BB+ |
|
Utah Acquisition Sub Inc., Company
Guaranteed Notes, 5.250% due 6/15/46 |
|
|
21,079 |
|
| |
50,000 |
|
|
BB+ |
|
Viatris Inc., Company Guaranteed Notes,
4.000% due 6/22/50 |
|
|
34,320 |
|
| |
50,000 |
|
|
A |
|
Wyeth LLC, Company Guaranteed Notes,
5.950% due 4/1/37 |
|
|
54,706 |
|
|
|
|
| |
| |
Zoetis Inc., Senior Unsecured Notes: |
|
|
| |
| |
160,000 |
|
|
BBB+ |
|
5.000%
due 8/17/35 |
|
|
163,310 |
|
| |
25,000 |
|
|
BBB+ |
|
4.700%
due 2/1/43 |
|
|
23,278 |
|
| |
25,000 |
|
|
BBB+ |
|
3.950%
due 9/12/47 |
|
|
20,652 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pharmaceuticals |
|
|
13,886,487 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Pipelines — 1.4% |
|
| |
235,000 |
|
|
BB+ |
|
Antero
Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed
Notes, 5.750% due 1/15/28(a) |
|
|
235,050 |
|
| |
155,000 |
|
|
B+ |
|
Blue
Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes,
7.250% due 7/15/32(a) |
|
|
163,980 |
|
|
|
|
| |
| |
Buckeye Partners LP, Senior Unsecured
Notes: |
|
|
| |
| |
130,000 |
|
|
BB |
|
4.125%
due 12/1/27 |
|
|
129,605 |
|
| |
135,000 |
|
|
BB |
|
6.875%
due 7/1/29(a) |
|
|
140,100 |
|
|
|
|
| |
| |
Cheniere Corpus Christi Holdings LLC,
Senior Secured Notes: |
|
|
| |
| |
72,000 |
|
|
BBB+ |
|
5.125%
due 6/30/27 |
|
|
72,704 |
|
| |
199,000 |
|
|
BBB+ |
|
3.700%
due 11/15/29 |
|
|
196,367 |
|
| |
260,000 |
|
|
BBB |
|
Cheniere Energy Inc., Senior Unsecured
Notes, 4.625% due 10/15/28 |
|
|
260,159 |
|
|
|
|
| |
| |
Cheniere Energy Partners LP, Company
Guaranteed Notes: |
|
|
| |
| |
72,000 |
|
|
BBB+ |
|
4.500%
due 10/1/29 |
|
|
72,456 |
|
| |
143,000 |
|
|
BBB+ |
|
4.000%
due 3/1/31 |
|
|
140,247 |
|
| |
436,000 |
|
|
BBB+ |
|
3.250%
due 1/31/32 |
|
|
406,797 |
|
| |
105,000 |
|
|
BBB+ |
|
5.950%
due 6/30/33 |
|
|
112,679 |
|
| |
600,000 |
|
|
Baa1(b) |
|
Columbia Pipelines Operating Co. LLC,
Senior Unsecured Notes, 6.036% due 11/15/33(a) |
|
|
650,304 |
|
|
|
|
| |
| |
DT Midstream Inc., Company Guaranteed
Notes: |
|
|
| |
| |
100,000 |
|
|
BBB- |
|
4.125%
due 6/15/29(a) |
|
|
99,349 |
|
| |
55,000 |
|
|
BBB- |
|
4.375%
due 6/15/31(a) |
|
|
54,263 |
|
| |
50,000 |
|
|
A- |
|
Eastern Energy Gas Holdings LLC, Senior
Unsecured Notes, 6.200% due 1/15/55 |
|
|
53,413 |
|
|
|
|
| |
| |
Enbridge Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
BBB+ |
|
5.700%
due 3/8/33 |
|
|
106,350 |
|
| |
50,000 |
|
|
BBB+ |
|
2.500%
due 8/1/33 |
|
|
43,655 |
|
| |
25,000 |
|
|
BBB+ |
|
5.625%
due 4/5/34 |
|
|
26,472 |
|
| |
50,000 |
|
|
BBB+ |
|
3.400%
due 8/1/51 |
|
|
34,969 |
|
| |
50,000 |
|
|
BBB+ |
|
6.700%
due 11/15/53 |
|
|
56,179 |
|
|
|
|
| |
| |
Subordinated
Notes: |
|
|
| |
| |
725,000 |
|
|
BBB- |
|
5.750%
(5-Year CMT Index + 5.314%) due 7/15/80(f) |
|
|
738,760 |
|
| |
435,000 |
|
|
BBB- |
|
8.250%
(5-Year CMT Index + 3.785%) due 1/15/84(f) |
|
|
468,954 |
|
See
Notes to Financial Statements.
159
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pipelines — 1.4% — (continued) |
|
|
|
|
| |
| |
Energy Transfer LP: |
|
|
| |
| $ |
340,000 |
|
|
BBB |
|
Company
Guaranteed Notes, 5.250% due 4/15/29 |
|
$ |
351,259 |
|
|
|
|
| |
| |
Junior
Subordinated Notes: |
|
|
| |
| |
405,000 |
|
|
BB+ |
|
8.000%
(5-Year CMT Index + 4.020%) due 5/15/54(f) |
|
|
434,927 |
|
| |
380,000 |
|
|
BB+ |
|
6.500%
(5-Year CMT Index + 2.676%) due 2/15/56(f) |
|
|
384,187 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
49,000 |
|
|
BBB |
|
5.500%
due 6/1/27 |
|
|
49,771 |
|
| |
76,000 |
|
|
BBB |
|
5.550%
due 2/15/28 |
|
|
78,268 |
|
| |
30,000 |
|
|
BBB |
|
4.950%
due 6/15/28 |
|
|
30,614 |
|
| |
800,000 |
|
|
BBB |
|
3.750%
due 5/15/30 |
|
|
787,394 |
|
| |
280,000 |
|
|
BBB |
|
5.550%
due 5/15/34 |
|
|
291,452 |
|
| |
25,000 |
|
|
BBB |
|
5.800%
due 6/15/38 |
|
|
26,025 |
|
| |
340,000 |
|
|
BBB |
|
5.300%
due 4/1/44 |
|
|
317,544 |
|
| |
18,000 |
|
|
BBB |
|
5.300%
due 4/15/47 |
|
|
16,471 |
|
| |
750,000 |
|
|
BBB |
|
6.250%
due 4/15/49 |
|
|
760,313 |
|
| |
147,000 |
|
|
BBB |
|
5.000%
due 5/15/50 |
|
|
125,915 |
|
| |
1,860,000 |
|
|
BBB |
|
5.950%
due 5/15/54 |
|
|
1,799,663 |
|
| |
675,000 |
|
|
BBB |
|
6.200%
due 4/1/55 |
|
|
675,402 |
|
|
|
|
| |
| |
Enterprise Products Operating LLC,
Company Guaranteed Notes: |
|
|
| |
| |
660,000 |
|
|
A- |
|
4.150%
due 10/16/28 |
|
|
666,407 |
|
| |
50,000 |
|
|
A- |
|
4.850%
due 1/31/34 |
|
|
51,157 |
|
| |
150,000 |
|
|
A- |
|
6.650%
due 10/15/34 |
|
|
170,836 |
|
| |
50,000 |
|
|
A- |
|
4.950%
due 2/15/35 |
|
|
51,285 |
|
| |
110,000 |
|
|
A- |
|
5.200%
due 1/15/36 |
|
|
113,496 |
|
| |
250,000 |
|
|
A- |
|
4.850%
due 3/15/44 |
|
|
234,226 |
|
| |
25,000 |
|
|
A- |
|
5.100%
due 2/15/45 |
|
|
23,999 |
|
| |
25,000 |
|
|
A- |
|
4.250%
due 2/15/48 |
|
|
20,865 |
|
| |
50,000 |
|
|
A- |
|
4.800%
due 2/1/49 |
|
|
45,099 |
|
| |
50,000 |
|
|
A- |
|
4.200%
due 1/31/50 |
|
|
41,113 |
|
| |
130,000 |
|
|
A- |
|
3.700%
due 1/31/51 |
|
|
97,810 |
|
| |
25,000 |
|
|
A- |
|
3.200%
due 2/15/52 |
|
|
16,855 |
|
| |
25,000 |
|
|
A- |
|
3.300%
due 2/15/53 |
|
|
17,062 |
|
| |
180,000 |
|
|
A- |
|
5.550%
due 2/16/55 |
|
|
178,403 |
|
| |
180,000 |
|
|
A- |
|
3.950%
due 1/31/60 |
|
|
134,725 |
|
| |
60,000 |
|
|
BBB |
|
5.375%
(3-Month Term SOFR + 2.832%) due 2/15/78(f) |
|
|
60,517 |
|
| |
105,000 |
|
|
B |
|
Genesis
Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 7.750%
due 2/1/28 |
|
|
105,220 |
|
| |
100,000 |
|
|
BB- |
|
Harvest Midstream I LP, Senior
Unsecured Notes, 7.500% due 5/15/32(a) |
|
|
103,864 |
|
|
|
|
| |
| |
Hess Midstream Operations LP, Company
Guaranteed Notes: |
|
|
| |
| |
145,000 |
|
|
BBB- |
|
5.875%
due 3/1/28(a) |
|
|
147,455 |
|
| |
5,000 |
|
|
BBB- |
|
5.125%
due 6/15/28(a) |
|
|
5,007 |
|
|
|
|
| |
| |
Howard Midstream Energy Partners LLC,
Senior Unsecured Notes: |
|
|
| |
| |
70,000 |
|
|
BB- |
|
7.375%
due 7/15/32(a) |
|
|
73,913 |
|
| |
40,000 |
|
|
BB- |
|
6.625%
due 1/15/34(a) |
|
|
41,412 |
|
| |
25,000 |
|
|
BBB+ |
|
Kinder Morgan Energy Partners LP,
Company Guaranteed Notes, 6.950% due 1/15/38 |
|
|
28,840 |
|
|
|
|
| |
| |
Kinder Morgan Inc., Company Guaranteed
Notes: |
|
|
| |
| |
110,000 |
|
|
BBB+ |
|
5.000%
due 2/1/29 |
|
|
113,363 |
|
| |
170,000 |
|
|
BBB+ |
|
5.150%
due 6/1/30 |
|
|
176,995 |
|
| |
50,000 |
|
|
BBB+ |
|
5.550%
due 6/1/45 |
|
|
49,486 |
|
| |
25,000 |
|
|
BBB+ |
|
5.200%
due 3/1/48 |
|
|
23,426 |
|
| |
55,000 |
|
|
BBB+ |
|
3.250%
due 8/1/50 |
|
|
37,263 |
|
| |
82,000 |
|
|
BBB+ |
|
3.600%
due 2/15/51 |
|
|
58,952 |
|
| |
25,000 |
|
|
BBB+ |
|
5.450%
due 8/1/52 |
|
|
23,758 |
|
| |
705,000 |
|
|
BB+ |
|
Kinetik Holdings LP, Company Guaranteed
Notes, 5.875% due 6/15/30(a) |
|
|
714,562 |
|
See
Notes to Financial Statements.
160
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pipelines — 1.4% — (continued) |
|
|
|
|
| |
| |
MPLX LP, Senior Unsecured Notes: |
|
|
| |
| $ |
100,000 |
|
|
BBB |
|
4.125%
due 3/1/27 |
|
$ |
100,093 |
|
| |
850,000 |
|
|
BBB |
|
4.800%
due 2/15/29 |
|
|
867,140 |
|
| |
180,000 |
|
|
BBB |
|
4.800%
due 2/15/31 |
|
|
183,848 |
|
| |
100,000 |
|
|
BBB |
|
5.400%
due 9/15/35 |
|
|
102,202 |
|
| |
885,000 |
|
|
BBB |
|
5.300%
due 4/1/36 |
|
|
893,322 |
|
| |
130,000 |
|
|
BBB |
|
4.500%
due 4/15/38 |
|
|
120,881 |
|
| |
140,000 |
|
|
BBB |
|
4.700%
due 4/15/48 |
|
|
118,269 |
|
| |
50,000 |
|
|
BBB |
|
5.500%
due 2/15/49 |
|
|
46,955 |
|
| |
50,000 |
|
|
BBB |
|
4.950%
due 3/14/52 |
|
|
43,054 |
|
| |
100,000 |
|
|
B+ |
|
NGL
Energy Operating LLC/NGL Energy Finance Corp., Senior Secured Notes,
8.125% due 2/15/29(a) |
|
|
103,769 |
|
| |
100,000 |
|
|
BB- |
|
Northriver Midstream Finance LP, Senior
Secured Notes, 6.750% due 7/15/32(a) |
|
|
102,893 |
|
| |
74,000 |
|
|
BBB+ |
|
Northwest Pipeline LLC, Senior
Unsecured Notes, 4.000% due 4/1/27 |
|
|
74,055 |
|
| |
95,000 |
|
|
Ba1(b) |
|
NuStar Logistics LP, Company Guaranteed
Notes, 6.375% due 10/1/30 |
|
|
100,077 |
|
|
|
|
| |
| |
ONEOK Inc., Company Guaranteed
Notes: |
|
|
| |
| |
200,000 |
|
|
BBB |
|
5.800%
due 11/1/30 |
|
|
212,294 |
|
| |
165,000 |
|
|
BBB |
|
6.050%
due 9/1/33 |
|
|
177,326 |
|
| |
25,000 |
|
|
BBB |
|
5.050%
due 11/1/34 |
|
|
25,103 |
|
| |
25,000 |
|
|
BBB |
|
5.150%
due 10/15/43 |
|
|
23,146 |
|
| |
100,000 |
|
|
BBB |
|
5.200%
due 7/15/48 |
|
|
91,313 |
|
| |
25,000 |
|
|
BBB |
|
4.850%
due 2/1/49 |
|
|
21,509 |
|
| |
50,000 |
|
|
BBB |
|
3.950%
due 3/1/50 |
|
|
37,008 |
|
| |
25,000 |
|
|
BBB |
|
4.500%
due 3/15/50 |
|
|
20,791 |
|
| |
105,000 |
|
|
BBB |
|
6.625%
due 9/1/53 |
|
|
111,707 |
|
| |
25,000 |
|
|
BBB |
|
ONEOK Partners LP, Company Guaranteed
Notes, 6.650% due 10/1/36 |
|
|
27,812 |
|
| |
150,020 |
|
|
B2(b) |
|
Peru LNG Srl, Senior Unsecured Notes,
5.375% due 3/22/30(a) |
|
|
146,223 |
|
| |
100,000 |
|
|
BBB |
|
Plains
All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 5.600%
due 1/15/36 |
|
|
102,676 |
|
| |
500,000 |
|
|
B- |
|
Prairie Acquiror LP, Senior Secured
Notes, 9.000% due 8/1/29(a) |
|
|
523,961 |
|
| |
200,000 |
|
|
BB |
|
Rockies Express Pipeline LLC, Senior
Unsecured Notes, 4.950% due 7/15/29(a) |
|
|
200,154 |
|
|
|
|
| |
| |
Sabine Pass Liquefaction LLC, Senior
Secured Notes: |
|
|
| |
| |
46,000 |
|
|
BBB+ |
|
5.000%
due 3/15/27 |
|
|
46,238 |
|
| |
40,000 |
|
|
BBB+ |
|
4.200%
due 3/15/28 |
|
|
40,189 |
|
| |
130,300 |
|
|
BBB+ |
|
5.900%
due 9/15/37 |
|
|
138,824 |
|
| |
1,120,000 |
|
|
BBB- |
|
South
Bow USA Infrastructure Holdings LLC, Company Guaranteed Notes, 5.026%
due 10/1/29 |
|
|
1,145,549 |
|
| |
25,000 |
|
|
BBB+ |
|
Spectra Energy Partners LP, Company
Guaranteed Notes, 4.500% due 3/15/45 |
|
|
21,685 |
|
|
|
|
| |
| |
Tallgrass Energy Partners LP/Tallgrass
Energy Finance Corp., Company Guaranteed Notes: |
|
|
| |
| |
110,000 |
|
|
B+ |
|
5.500%
due 1/15/28(a) |
|
|
110,220 |
|
| |
890,000 |
|
|
B+ |
|
6.000%
due 12/31/30(a) |
|
|
902,481 |
|
|
|
|
| |
| |
Targa Resources Corp., Company
Guaranteed Notes: |
|
|
| |
| |
72,000 |
|
|
BBB |
|
6.150%
due 3/1/29 |
|
|
76,246 |
|
| |
130,000 |
|
|
BBB |
|
4.200%
due 2/1/33 |
|
|
126,321 |
|
| |
50,000 |
|
|
BBB |
|
6.500%
due 2/15/53 |
|
|
53,094 |
|
|
|
|
| |
| |
Targa
Resources Partners LP/Targa Resources Partners Finance Corp., Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
5.000%
due 1/15/28 |
|
|
100,059 |
|
| |
113,000 |
|
|
BBB |
|
5.500%
due 3/1/30 |
|
|
115,072 |
|
| |
489,000 |
|
|
BBB |
|
4.875%
due 2/1/31 |
|
|
495,449 |
|
| |
40,000 |
|
|
BBB |
|
4.000%
due 1/15/32 |
|
|
38,878 |
|
|
|
|
| |
| |
TransCanada PipeLines Ltd., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
7.625%
due 1/15/39 |
|
|
60,723 |
|
| |
25,000 |
|
|
BBB+ |
|
5.100%
due 3/15/49 |
|
|
24,081 |
|
| |
420,000 |
|
|
BBB- |
|
Transcanada Trust, Company Guaranteed
Notes, 5.500% (SOFR + 4.416%) due 9/15/79(f) |
|
|
425,542 |
|
See
Notes to Financial Statements.
161
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pipelines — 1.4% — (continued) |
|
|
|
|
| |
| |
Transcontinental Gas Pipe Line Co. LLC,
Senior Unsecured Notes: |
|
|
| |
| $ |
137,000 |
|
|
BBB+ |
|
4.000%
due 3/15/28 |
|
$ |
137,370 |
|
| |
138,000 |
|
|
BBB+ |
|
4.600%
due 3/15/48 |
|
|
120,890 |
|
|
|
|
| |
| |
Venture Global Calcasieu Pass LLC,
Senior Secured Notes: |
|
|
| |
| |
220,000 |
|
|
BBB- |
|
3.875%
due 8/15/29(a) |
|
|
210,808 |
|
| |
120,000 |
|
|
BBB- |
|
3.875%
due 11/1/33(a) |
|
|
106,885 |
|
|
|
|
| |
| |
Venture Global LNG Inc.: |
|
|
| |
| |
695,000 |
|
|
B- |
|
Junior
Subordinated Notes, 9.000% (5-Year CMT Index + 5.440%)(a)(f)(g) |
|
|
607,808 |
|
|
|
|
| |
| |
Senior
Secured Notes: |
|
|
| |
| |
200,000 |
|
|
BB |
|
8.125%
due 6/1/28(a) |
|
|
205,322 |
|
| |
725,000 |
|
|
BB |
|
9.500%
due 2/1/29(a) |
|
|
777,968 |
|
| |
330,000 |
|
|
BB |
|
7.000%
due 1/15/30(a)(c) |
|
|
334,897 |
|
| |
95,000 |
|
|
BB+ |
|
Venture Global Plaquemines LNG LLC,
Senior Secured Notes, 6.500% due 1/15/34(a) |
|
|
100,030 |
|
|
|
|
| |
| |
Western Midstream Operating LP, Senior
Unsecured Notes: |
|
|
| |
| |
630,000 |
|
|
BBB- |
|
4.050%
due 2/1/30 |
|
|
622,779 |
|
| |
100,000 |
|
|
BBB- |
|
4.800%
due 3/1/31 |
|
|
100,917 |
|
| |
115,000 |
|
|
BBB- |
|
5.250%
due 2/1/50 |
|
|
99,945 |
|
|
|
|
| |
| |
Williams Cos., Inc. (The), Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
6.000%
due 3/15/55 |
|
|
51,350 |
|
| |
100,000 |
|
|
BBB+ |
|
5.950%
due 3/15/56 |
|
|
101,580 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pipelines |
|
|
26,096,169 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Private
Equity — 0.1% |
|
|
|
|
| |
| |
Brookfield Finance Inc., Company
Guaranteed Notes: |
|
|
| |
| |
50,000 |
|
|
A- |
|
3.900%
due 1/25/28 |
|
|
49,924 |
|
| |
25,000 |
|
|
A- |
|
4.850%
due 3/29/29 |
|
|
25,467 |
|
| |
1,000,000 |
|
|
A- |
|
5.330%
due 1/15/36 |
|
|
999,226 |
|
| |
50,000 |
|
|
A- |
|
5.968%
due 3/4/54 |
|
|
50,121 |
|
| |
25,000 |
|
|
A- |
|
Brookfield
Finance LLC/Brookfield Finance Inc., Company Guaranteed Notes, 3.450%
due 4/15/50 |
|
|
16,897 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Private Equity |
|
|
1,141,635 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Real
Estate — 0.1% |
|
| |
1,000,000 |
EUR |
|
BBB |
|
Aroundtown
SA, Senior Unsecured Notes, (Cost — $1,165,400, acquired 10/20/25), 3.500%
due 5/13/30(d) |
|
|
1,182,133 |
|
| |
490,000 |
EUR |
|
Ba1(b) |
|
Castellum
AB, Junior Subordinated Notes, (Cost — $494,518, acquired 12/4/24), 3.125%
(3.454% — 5-Year EUR Swap Rate)(d)(g)(j) |
|
|
576,089 |
|
| |
675,000 |
|
|
BBB+ |
|
CBRE Services Inc., Company Guaranteed
Notes, 4.900% due 1/15/33 |
|
|
683,879 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Real Estate |
|
|
2,442,101 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Real
Estate Investment Trusts (REITs) — 0.9% |
|
|
|
|
| |
| |
Alexandria Real Estate Equities Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.950%
due 1/15/28 |
|
|
24,960 |
|
| |
25,000 |
|
|
BBB+ |
|
4.500%
due 7/30/29 |
|
|
25,225 |
|
| |
25,000 |
|
|
BBB+ |
|
1.875%
due 2/1/33 |
|
|
20,812 |
|
| |
25,000 |
|
|
BBB+ |
|
4.750%
due 4/15/35 |
|
|
24,374 |
|
| |
765,000 |
|
|
BBB+ |
|
5.250%
due 3/15/36 |
|
|
765,061 |
|
| |
25,000 |
|
|
BBB+ |
|
3.550%
due 3/15/52 |
|
|
18,007 |
|
| |
370,000 |
|
|
BBB+ |
|
5.150%
due 4/15/53 |
|
|
336,107 |
|
| |
25,000 |
|
|
BBB+ |
|
5.625%
due 5/15/54 |
|
|
24,209 |
|
|
|
|
| |
| |
American Homes 4 Rent LP, Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.250%
due 2/15/28 |
|
|
25,066 |
|
| |
25,000 |
|
|
BBB |
|
3.625%
due 4/15/32 |
|
|
23,750 |
|
| |
25,000 |
|
|
BBB |
|
5.500%
due 2/1/34 |
|
|
25,868 |
|
|
|
|
| |
| |
American Tower Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
3.650%
due 3/15/27 |
|
|
49,845 |
|
| |
100,000 |
|
|
BBB+ |
|
5.800%
due 11/15/28 |
|
|
104,561 |
|
See
Notes to Financial Statements.
162
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Real Estate Investment Trusts (REITs) — 0.9% —
(continued) |
|
| $ |
86,000 |
|
|
BBB+ |
|
3.800%
due 8/15/29 |
|
$ |
85,350 |
|
| |
100,000 |
|
|
BBB+ |
|
2.100%
due 6/15/30 |
|
|
91,887 |
|
| |
112,000 |
|
|
BBB+ |
|
1.875%
due 10/15/30 |
|
|
101,191 |
|
| |
106,000 |
|
|
BBB+ |
|
2.700%
due 4/15/31 |
|
|
98,560 |
|
| |
47,000 |
|
|
BBB+ |
|
2.300%
due 9/15/31 |
|
|
42,328 |
|
| |
1,865,000 |
|
|
NR |
|
Arbor Realty SR Inc., Company
Guaranteed Notes, 5.000% due 12/30/28(a) |
|
|
1,678,683 |
|
|
|
|
| |
| |
AvalonBay Communities Inc., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.300%
due 6/1/29 |
|
|
24,558 |
|
| |
25,000 |
|
|
A- |
|
2.300%
due 3/1/30 |
|
|
23,435 |
|
| |
50,000 |
|
|
A- |
|
2.050%
due 1/15/32 |
|
|
44,525 |
|
| |
25,000 |
|
|
A- |
|
5.000%
due 2/15/33 |
|
|
25,916 |
|
| |
25,000 |
|
|
A- |
|
5.300%
due 12/7/33 |
|
|
26,343 |
|
|
|
|
| |
| |
Boston Properties LP, Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.500%
due 12/1/28 |
|
|
25,235 |
|
| |
25,000 |
|
|
BBB |
|
3.400%
due 6/21/29 |
|
|
24,372 |
|
| |
25,000 |
|
|
BBB |
|
3.250%
due 1/30/31 |
|
|
23,565 |
|
| |
25,000 |
|
|
BBB |
|
2.450%
due 10/1/33 |
|
|
20,689 |
|
| |
25,000 |
|
|
BBB |
|
6.500%
due 1/15/34 |
|
|
26,834 |
|
| |
25,000 |
|
|
BBB |
|
Brixmor Operating Partnership LP,
Senior Unsecured Notes, 5.500% due 2/15/34 |
|
|
26,039 |
|
| |
25,000 |
|
|
A- |
|
Camden Property Trust, Senior Unsecured
Notes, 4.900% due 1/15/34 |
|
|
25,619 |
|
|
|
|
| |
| |
Crown Castle Inc., Senior Unsecured
Notes: |
|
|
| |
| |
109,000 |
|
|
BBB |
|
5.000%
due 1/11/28 |
|
|
110,966 |
|
| |
113,000 |
|
|
BBB |
|
3.800%
due 2/15/28 |
|
|
112,590 |
|
| |
69,000 |
|
|
BBB |
|
3.100%
due 11/15/29 |
|
|
66,308 |
|
| |
83,000 |
|
|
BBB |
|
2.250%
due 1/15/31 |
|
|
75,152 |
|
| |
66,000 |
|
|
BBB |
|
2.100%
due 4/1/31 |
|
|
58,893 |
|
| |
80,000 |
|
|
BBB |
|
2.500%
due 7/15/31 |
|
|
72,382 |
|
| |
25,000 |
|
|
BBB |
|
CubeSmart LP, Company Guaranteed Notes,
2.500% due 2/15/32 |
|
|
22,461 |
|
| |
300,000 |
EUR |
|
BBB+ |
|
Digital
Intrepid Holding BV, Company Guaranteed Notes, (Cost — $253,504, acquired
5/30/23), 0.625% due 7/15/31(d) |
|
|
308,197 |
|
| |
25,000 |
|
|
BBB+ |
|
Digital Realty Trust LP, Company
Guaranteed Notes, 5.550% due 1/15/28 |
|
|
25,741 |
|
|
|
|
| |
| |
EPR Properties, Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
3.750%
due 8/15/29 |
|
|
24,401 |
|
| |
305,000 |
|
|
BBB- |
|
3.600%
due 11/15/31 |
|
|
286,591 |
|
| |
1,100,000 |
|
|
BBB+ |
|
Equinix Asia Financing Corp. Pte Ltd.,
Company Guaranteed Notes, 4.400% due 3/15/31 |
|
|
1,099,687 |
|
|
|
|
| |
| |
Equinix Inc., Senior Unsecured
Notes: |
|
|
| |
| |
130,000 |
|
|
BBB+ |
|
1.550%
due 3/15/28 |
|
|
124,073 |
|
| |
183,000 |
|
|
BBB+ |
|
2.000%
due 5/15/28 |
|
|
175,502 |
|
| |
183,000 |
|
|
BBB+ |
|
3.200%
due 11/18/29 |
|
|
176,999 |
|
| |
170,000 |
|
|
BBB+ |
|
2.500%
due 5/15/31 |
|
|
155,284 |
|
|
|
|
| |
| |
ERP Operating LP, Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.500%
due 3/1/28 |
|
|
24,844 |
|
| |
25,000 |
|
|
A- |
|
4.150%
due 12/1/28 |
|
|
25,186 |
|
| |
25,000 |
|
|
A- |
|
3.000%
due 7/1/29 |
|
|
24,310 |
|
| |
25,000 |
|
|
A- |
|
2.500%
due 2/15/30 |
|
|
23,714 |
|
| |
25,000 |
|
|
A- |
|
1.850%
due 8/1/31 |
|
|
22,336 |
|
| |
1,331,000 |
|
|
BBB |
|
Essential Properties LP, Company
Guaranteed Notes, 2.950% due 7/15/31 |
|
|
1,230,978 |
|
|
|
|
| |
| |
Essex Portfolio LP, Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.625%
due 5/1/27 |
|
|
24,940 |
|
| |
25,000 |
|
|
BBB+ |
|
4.000%
due 3/1/29 |
|
|
24,961 |
|
| |
170,000 |
|
|
BBB+ |
|
5.500%
due 4/1/34 |
|
|
177,439 |
|
|
|
|
| |
| |
Extra Space Storage LP, Company
Guaranteed Notes: |
|
|
| |
| |
106,000 |
|
|
BBB+ |
|
5.700%
due 4/1/28 |
|
|
109,520 |
|
| |
50,000 |
|
|
BBB+ |
|
5.500%
due 7/1/30 |
|
|
52,350 |
|
See
Notes to Financial Statements.
163
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Real Estate Investment Trusts (REITs) — 0.9% —
(continued) |
|
|
|
|
| |
| |
GLP Capital LP/GLP Financing II Inc.,
Company Guaranteed Notes: |
|
|
| |
| $ |
87,000 |
|
|
BBB- |
|
5.300%
due 1/15/29 |
|
$ |
88,885 |
|
| |
267,000 |
|
|
BBB- |
|
4.000%
due 1/15/30 |
|
|
260,926 |
|
| |
65,000 |
|
|
BBB- |
|
4.000%
due 1/15/31 |
|
|
62,697 |
|
| |
86,000 |
|
|
BBB- |
|
3.250%
due 1/15/32 |
|
|
78,528 |
|
|
|
|
| |
| |
Healthpeak OP LLC, Company Guaranteed
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
3.000%
due 1/15/30 |
|
|
47,886 |
|
| |
25,000 |
|
|
BBB+ |
|
2.875%
due 1/15/31 |
|
|
23,444 |
|
| |
25,000 |
|
|
BBB- |
|
Host Hotels & Resorts LP, Senior
Unsecured Notes, 2.900% due 12/15/31 |
|
|
22,884 |
|
| |
146,000 |
|
|
BBB |
|
Invitation
Homes Operating Partnership LP, Company Guaranteed Notes, 2.300%
due 11/15/28 |
|
|
139,092 |
|
| |
495,000 |
|
|
BB- |
|
Iron Mountain Inc., Company Guaranteed
Notes, 4.875% due 9/15/27(a) |
|
|
495,088 |
|
| |
1,530,000 |
|
|
BB- |
|
Iron
Mountain Information Management Services Inc., Company Guaranteed Notes,
5.000% due 7/15/32(a) |
|
|
1,481,780 |
|
|
|
|
| |
| |
Kilroy Realty LP, Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
4.250%
due 8/15/29 |
|
|
24,584 |
|
| |
25,000 |
|
|
BBB- |
|
2.650%
due 11/15/33 |
|
|
20,495 |
|
|
|
|
| |
| |
Kimco Realty OP LLC, Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.800%
due 4/1/27 |
|
|
25,015 |
|
| |
50,000 |
|
|
A- |
|
2.250%
due 12/1/31 |
|
|
45,119 |
|
| |
25,000 |
|
|
A- |
|
3.200%
due 4/1/32 |
|
|
23,535 |
|
| |
25,000 |
|
|
A- |
|
4.600%
due 2/1/33 |
|
|
25,278 |
|
| |
65,000 |
|
|
BB+ |
|
Ladder
Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company
Guaranteed Notes, 7.000% due 7/15/31(a) |
|
|
68,538 |
|
| |
25,000 |
|
|
A- |
|
Mid-America Apartments LP, Senior
Unsecured Notes, 5.000% due 3/15/34 |
|
|
25,500 |
|
|
|
|
| |
| |
NNN REIT Inc., Senior Unsecured
Notes: |
|
|
| |
| |
124,000 |
|
|
BBB+ |
|
3.100%
due 4/15/50 |
|
|
83,076 |
|
| |
238,000 |
|
|
BBB+ |
|
3.500%
due 4/15/51 |
|
|
172,698 |
|
|
|
|
| |
| |
Omega Healthcare Investors Inc.,
Company Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB- |
|
4.750%
due 1/15/28 |
|
|
25,261 |
|
| |
25,000 |
|
|
BBB- |
|
3.625%
due 10/1/29 |
|
|
24,390 |
|
|
|
|
| |
| |
Piedmont Operating Partnership LP,
Company Guaranteed Notes: |
|
|
| |
| |
153,000 |
|
|
BBB- |
|
9.250%
due 7/20/28 |
|
|
168,648 |
|
| |
765,000 |
|
|
BBB- |
|
2.750%
due 4/1/32 |
|
|
668,242 |
|
|
|
|
| |
| |
Prologis LP, Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
4.875%
due 6/15/28 |
|
|
25,600 |
|
| |
147,000 |
|
|
A |
|
2.250%
due 4/15/30 |
|
|
137,764 |
|
| |
25,000 |
|
|
A |
|
4.625%
due 1/15/33 |
|
|
25,413 |
|
| |
25,000 |
|
|
A |
|
5.125%
due 1/15/34 |
|
|
25,932 |
|
| |
25,000 |
|
|
A |
|
5.000%
due 3/15/34 |
|
|
25,723 |
|
| |
140,000 |
|
|
A |
|
2.125%
due 10/15/50 |
|
|
77,351 |
|
| |
25,000 |
|
|
A |
|
5.250%
due 6/15/53 |
|
|
24,214 |
|
|
|
|
| |
| |
Public Storage Operating Co., Company
Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
1.850%
due 5/1/28 |
|
|
23,997 |
|
| |
25,000 |
|
|
A |
|
3.385%
due 5/1/29 |
|
|
24,706 |
|
| |
25,000 |
|
|
A |
|
2.250%
due 11/9/31 |
|
|
22,663 |
|
| |
25,000 |
|
|
A |
|
5.100%
due 8/1/33 |
|
|
26,107 |
|
|
|
|
| |
| |
Realty Income Corp., Senior Unsecured
Notes: |
|
|
| |
| |
57,000 |
|
|
A- |
|
3.100%
due 12/15/29 |
|
|
55,356 |
|
| |
74,000 |
|
|
A- |
|
3.250%
due 1/15/31 |
|
|
71,143 |
|
| |
134,000 |
|
|
A- |
|
5.125%
due 2/15/34 |
|
|
138,984 |
|
| |
25,000 |
|
|
A- |
|
Regency Centers LP, Company Guaranteed
Notes, 5.250% due 1/15/34 |
|
|
25,965 |
|
|
|
|
| |
| |
RHP Hotel Properties LP/RHP Finance
Corp., Company Guaranteed Notes: |
|
|
| |
| |
265,000 |
|
|
BB |
|
4.750%
due 10/15/27 |
|
|
265,117 |
|
| |
110,000 |
|
|
BB |
|
6.500%
due 4/1/32(a) |
|
|
113,894 |
|
See
Notes to Financial Statements.
164
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Real Estate Investment Trusts (REITs) — 0.9% —
(continued) |
|
| $ |
170,000 |
|
|
BB+ |
|
SBA Communications Corp., Senior
Unsecured Notes, 3.125% due 2/1/29 |
|
$ |
163,550 |
|
|
|
|
| |
| |
Simon Property Group LP, Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
3.375%
due 6/15/27 |
|
|
49,779 |
|
| |
50,000 |
|
|
A |
|
3.375%
due 12/1/27 |
|
|
49,705 |
|
| |
50,000 |
|
|
A |
|
2.450%
due 9/13/29 |
|
|
47,560 |
|
| |
50,000 |
|
|
A |
|
2.650%
due 7/15/30 |
|
|
47,274 |
|
| |
25,000 |
|
|
A |
|
2.200%
due 2/1/31 |
|
|
22,838 |
|
| |
25,000 |
|
|
A |
|
2.250%
due 1/15/32 |
|
|
22,411 |
|
| |
25,000 |
|
|
A |
|
2.650%
due 2/1/32 |
|
|
22,832 |
|
| |
25,000 |
|
|
A |
|
5.500%
due 3/8/33 |
|
|
26,551 |
|
| |
25,000 |
|
|
A |
|
6.250%
due 1/15/34 |
|
|
27,682 |
|
| |
50,000 |
|
|
A |
|
3.250%
due 9/13/49 |
|
|
35,310 |
|
| |
25,000 |
|
|
A |
|
3.800%
due 7/15/50 |
|
|
19,337 |
|
| |
120,000 |
|
|
BB- |
|
Starwood Property Trust Inc., Senior
Unsecured Notes, 7.250% due 4/1/29(a) |
|
|
125,874 |
|
|
|
|
| |
| |
UDR Inc., Company Guaranteed Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.000%
due 8/15/31 |
|
|
23,452 |
|
| |
255,000 |
|
|
BBB+ |
|
2.100%
due 8/1/32 |
|
|
222,380 |
|
| |
170,000 |
|
|
BBB+ |
|
5.125%
due 9/1/34 |
|
|
173,704 |
|
|
|
|
| |
| |
Ventas Realty LP, Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
4.000%
due 3/1/28 |
|
|
25,002 |
|
| |
25,000 |
|
|
BBB+ |
|
4.400%
due 1/15/29 |
|
|
25,257 |
|
| |
25,000 |
|
|
BBB+ |
|
3.000%
due 1/15/30 |
|
|
23,980 |
|
| |
25,000 |
|
|
BBB+ |
|
4.875%
due 4/15/49 |
|
|
22,481 |
|
| |
312,000 |
|
|
BBB- |
|
VICI Properties LP, Senior Unsecured
Notes, 4.750% due 2/15/28 |
|
|
315,251 |
|
| |
160,000 |
|
|
BBB- |
|
VICI Properties LP/VICI Notes Co.,
Inc., Company Guaranteed Notes, 4.500% due 1/15/28(a) |
|
|
160,702 |
|
| |
605,000 |
|
|
BBB- |
|
Vornado Realty LP, Senior Unsecured
Notes, 5.750% due 2/1/33 |
|
|
614,203 |
|
|
|
|
| |
| |
Welltower OP LLC, Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
2.050%
due 1/15/29 |
|
|
23,771 |
|
| |
25,000 |
|
|
A- |
|
4.125%
due 3/15/29 |
|
|
25,150 |
|
| |
25,000 |
|
|
A- |
|
3.100%
due 1/15/30 |
|
|
24,186 |
|
| |
25,000 |
|
|
A- |
|
2.750%
due 1/15/31 |
|
|
23,515 |
|
| |
25,000 |
|
|
A- |
|
2.750%
due 1/15/32 |
|
|
23,098 |
|
|
|
|
| |
| |
Weyerhaeuser Co., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
4.000%
due 11/15/29 |
|
|
24,899 |
|
| |
25,000 |
|
|
BBB |
|
4.000%
due 3/9/52 |
|
|
19,371 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Real Estate Investment Trusts
(REITs) |
|
|
16,161,402 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Retail
— 0.3% |
|
| |
110,000 |
|
|
BB |
|
Asbury Automotive Group Inc., Company
Guaranteed Notes, 4.625% due 11/15/29(a) |
|
|
108,351 |
|
| |
50,000 |
|
|
BBB |
|
AutoZone Inc., Senior Unsecured Notes,
5.400% due 7/15/34 |
|
|
52,268 |
|
| |
325,000 |
|
|
BB+ |
|
Bath & Body Works Inc., Company
Guaranteed Notes, 7.500% due 6/15/29 |
|
|
331,874 |
|
| |
100,000 |
|
|
AA |
|
Costco Wholesale Corp., Senior
Unsecured Notes, 1.600% due 4/20/30 |
|
|
91,590 |
|
| |
25,000 |
|
|
BBB |
|
Dick’s Sporting Goods Inc., Senior
Unsecured Notes, 4.100% due 1/15/52 |
|
|
18,245 |
|
| |
25,000 |
|
|
BBB |
|
Dollar General Corp., Senior Unsecured
Notes, 4.125% due 4/3/50 |
|
|
19,910 |
|
| |
340,000 |
EUR |
|
BB+ |
|
Dufry
One BV, Senior Unsecured Notes, (Cost — $402,402, acquired 7/9/25), 4.500%
due 5/23/32(d) |
|
|
415,403 |
|
| |
130,000 |
|
|
BB+ |
|
Gap Inc. (The), Company Guaranteed
Notes, 3.625% due 10/1/29(a) |
|
|
123,802 |
|
| |
55,000 |
|
|
BB+ |
|
Group 1 Automotive Inc., Company
Guaranteed Notes, 4.000% due 8/15/28(a) |
|
|
54,009 |
|
|
|
|
| |
| |
Home Depot Inc. (The), Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
3.750%
due 9/15/28 |
|
|
50,254 |
|
| |
100,000 |
|
|
A |
|
2.950%
due 6/15/29 |
|
|
97,546 |
|
| |
50,000 |
|
|
A |
|
4.950%
due 6/25/34 |
|
|
51,691 |
|
| |
50,000 |
|
|
A |
|
5.875%
due 12/16/36 |
|
|
54,743 |
|
| |
70,000 |
|
|
A |
|
3.300%
due 4/15/40 |
|
|
58,237 |
|
| |
25,000 |
|
|
A |
|
4.200%
due 4/1/43 |
|
|
22,084 |
|
See
Notes to Financial Statements.
165
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Retail — 0.3% — (continued) |
|
| $ |
25,000 |
|
|
A |
|
4.875%
due 2/15/44 |
|
$ |
23,808 |
|
| |
25,000 |
|
|
A |
|
4.400%
due 3/15/45 |
|
|
22,177 |
|
| |
50,000 |
|
|
A |
|
4.250%
due 4/1/46 |
|
|
43,096 |
|
| |
50,000 |
|
|
A |
|
4.500%
due 12/6/48 |
|
|
43,865 |
|
| |
50,000 |
|
|
A |
|
3.125%
due 12/15/49 |
|
|
34,652 |
|
| |
50,000 |
|
|
A |
|
2.375%
due 3/15/51 |
|
|
29,211 |
|
| |
50,000 |
|
|
A |
|
2.750%
due 9/15/51 |
|
|
31,517 |
|
| |
50,000 |
|
|
A |
|
3.625%
due 4/15/52 |
|
|
37,254 |
|
| |
25,000 |
|
|
A |
|
4.950%
due 9/15/52 |
|
|
23,161 |
|
| |
25,000 |
|
|
A |
|
3.500%
due 9/15/56 |
|
|
17,759 |
|
| |
105,000 |
|
|
BB+ |
|
Lithia Motors Inc., Senior Unsecured
Notes, 3.875% due 6/1/29(a) |
|
|
101,550 |
|
|
|
|
| |
| |
Lowe’s Cos., Inc., Senior Unsecured
Notes: |
|
|
| |
| |
405,000 |
|
|
BBB+ |
|
3.650%
due 4/5/29 |
|
|
401,882 |
|
| |
284,000 |
|
|
BBB+ |
|
1.700%
due 10/15/30 |
|
|
255,510 |
|
| |
91,000 |
|
|
BBB+ |
|
2.625%
due 4/1/31 |
|
|
84,470 |
|
| |
50,000 |
|
|
BBB+ |
|
4.050%
due 5/3/47 |
|
|
40,331 |
|
| |
50,000 |
|
|
BBB+ |
|
3.000%
due 10/15/50 |
|
|
32,496 |
|
| |
25,000 |
|
|
BBB+ |
|
4.250%
due 4/1/52 |
|
|
19,994 |
|
| |
50,000 |
|
|
BBB+ |
|
5.625%
due 4/15/53 |
|
|
49,289 |
|
| |
25,000 |
|
|
BBB+ |
|
4.450%
due 4/1/62 |
|
|
19,854 |
|
|
|
|
| |
| |
Macy’s Retail Holdings LLC, Company
Guaranteed Notes: |
|
|
| |
| |
360,000 |
|
|
BB+ |
|
5.875%
due 3/15/30(a)(c) |
|
|
361,957 |
|
| |
95,000 |
|
|
BB+ |
|
6.125%
due 3/15/32(a) |
|
|
95,768 |
|
|
|
|
| |
| |
McDonald’s Corp., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
BBB+ |
|
3.500%
due 3/1/27 |
|
|
99,745 |
|
| |
25,000 |
|
|
BBB+ |
|
4.700%
due 12/9/35 |
|
|
25,293 |
|
| |
25,000 |
|
|
BBB+ |
|
6.300%
due 3/1/38 |
|
|
28,088 |
|
| |
25,000 |
|
|
BBB+ |
|
4.450%
due 9/1/48 |
|
|
21,720 |
|
| |
50,000 |
|
|
BBB+ |
|
3.625%
due 9/1/49 |
|
|
37,750 |
|
| |
425,000 |
|
|
BBB+ |
|
4.200%
due 4/1/50 |
|
|
351,935 |
|
| |
25,000 |
|
|
BBB+ |
|
5.150%
due 9/9/52 |
|
|
23,611 |
|
| |
25,000 |
|
|
BBB+ |
|
5.450%
due 8/14/53 |
|
|
24,682 |
|
| |
120,000 |
|
|
BB+ |
|
Nordstrom Inc., Senior Secured Notes,
4.375% due 4/1/30 |
|
|
115,632 |
|
| |
115,000 |
|
|
BB- |
|
Penske Automotive Group Inc., Company
Guaranteed Notes, 3.750% due 6/15/29 |
|
|
111,289 |
|
| |
925,000 |
|
|
BB- |
|
PetSmart LLC/PetSmart Finance Corp.,
Senior Secured Notes, 7.500% due 9/15/32(a) |
|
|
936,664 |
|
| |
165,000 |
|
|
BB- |
|
Sonic Automotive Inc., Company
Guaranteed Notes, 4.625% due 11/15/29(a) |
|
|
162,897 |
|
|
|
|
| |
| |
Starbucks Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
4.900%
due 2/15/31 |
|
|
51,803 |
|
| |
25,000 |
|
|
BBB+ |
|
3.750%
due 12/1/47 |
|
|
19,459 |
|
| |
25,000 |
|
|
BBB+ |
|
4.500%
due 11/15/48 |
|
|
21,556 |
|
| |
25,000 |
|
|
BBB+ |
|
4.450%
due 8/15/49 |
|
|
21,373 |
|
| |
25,000 |
|
|
BBB+ |
|
3.350%
due 3/12/50 |
|
|
17,686 |
|
| |
25,000 |
|
|
BBB+ |
|
3.500%
due 11/15/50 |
|
|
18,122 |
|
| |
80,000 |
|
|
BB- |
|
Superior
Plus LP/Superior General Partner Inc., Company Guaranteed Notes, 4.500%
due 3/15/29(a) |
|
|
77,780 |
|
|
|
|
| |
| |
Target Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
4.500%
due 9/15/32(c) |
|
|
51,174 |
|
| |
25,000 |
|
|
A |
|
4.000%
due 7/1/42 |
|
|
21,617 |
|
| |
25,000 |
|
|
A |
|
3.625%
due 4/15/46 |
|
|
19,721 |
|
| |
50,000 |
|
|
A |
|
2.950%
due 1/15/52 |
|
|
32,962 |
|
|
|
|
| |
| |
Walmart Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
AA |
|
1.800%
due 9/22/31 |
|
|
90,225 |
|
| |
100,000 |
|
|
AA |
|
4.100%
due 4/15/33 |
|
|
100,715 |
|
| |
25,000 |
|
|
AA |
|
6.200%
due 4/15/38 |
|
|
28,575 |
|
See
Notes to Financial Statements.
166
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Retail — 0.3% — (continued) |
|
| $ |
25,000 |
|
|
AA |
|
3.950%
due 6/28/38 |
|
$ |
23,702 |
|
| |
25,000 |
|
|
AA |
|
5.625%
due 4/15/41 |
|
|
27,021 |
|
| |
25,000 |
|
|
AA |
|
2.500%
due 9/22/41 |
|
|
18,597 |
|
| |
25,000 |
|
|
AA |
|
3.625%
due 12/15/47 |
|
|
20,045 |
|
| |
50,000 |
|
|
AA |
|
4.050%
due 6/29/48 |
|
|
42,505 |
|
| |
25,000 |
|
|
AA |
|
2.950%
due 9/24/49 |
|
|
17,477 |
|
| |
50,000 |
|
|
AA |
|
2.650%
due 9/22/51 |
|
|
32,256 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Retail |
|
|
6,013,285 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Semiconductors
— 0.4% |
|
| |
70,000 |
|
|
BB |
|
Amkor Technology Inc., Company
Guaranteed Notes, 5.875% due 10/1/33(a) |
|
|
71,514 |
|
|
|
|
| |
| |
Analog Devices Inc., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
2.800%
due 10/1/41 |
|
|
18,851 |
|
| |
25,000 |
|
|
A- |
|
2.950%
due 10/1/51 |
|
|
16,559 |
|
|
|
|
| |
| |
Applied Materials Inc., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
3.300%
due 4/1/27 |
|
|
49,839 |
|
| |
25,000 |
|
|
A |
|
5.850%
due 6/15/41 |
|
|
27,146 |
|
| |
25,000 |
|
|
A |
|
4.350%
due 4/1/47 |
|
|
22,188 |
|
|
|
|
| |
| |
Broadcom Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
296,000 |
|
|
A- |
|
4.150%
due 11/15/30 |
|
|
297,105 |
|
| |
50,000 |
|
|
A- |
|
3.500%
due 2/15/41 |
|
|
41,488 |
|
| |
100,000 |
|
|
A- |
|
3.750%
due 2/15/51 |
|
|
77,225 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
170,000 |
|
|
A- |
|
4.150%
due 4/15/32(a) |
|
|
168,451 |
|
| |
230,000 |
|
|
A- |
|
4.900%
due 7/15/32 |
|
|
237,031 |
|
| |
100,000 |
|
|
A- |
|
3.469%
due 4/15/34 |
|
|
92,585 |
|
| |
1,054,000 |
|
|
A- |
|
3.137%
due 11/15/35(a) |
|
|
921,945 |
|
| |
234,000 |
|
|
A- |
|
4.800%
due 2/15/36 |
|
|
234,743 |
|
|
|
|
| |
| |
Foundry JV Holdco LLC, Senior Secured
Notes: |
|
|
| |
| |
320,000 |
|
|
BBB |
|
5.875%
due 1/25/34(a) |
|
|
334,382 |
|
| |
2,300,000 |
|
|
BBB |
|
6.200%
due 1/25/37(a) |
|
|
2,465,951 |
|
|
|
|
| |
| |
Intel Corp., Senior Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
BBB |
|
4.875%
due 2/10/28 |
|
|
101,648 |
|
| |
100,000 |
|
|
BBB |
|
2.450%
due 11/15/29 |
|
|
94,343 |
|
| |
100,000 |
|
|
BBB |
|
4.150%
due 8/5/32 |
|
|
97,921 |
|
| |
735,000 |
|
|
BBB |
|
3.250%
due 11/15/49 |
|
|
482,623 |
|
| |
100,000 |
|
|
BBB |
|
4.750%
due 3/25/50 |
|
|
83,595 |
|
| |
100,000 |
|
|
BBB |
|
4.900%
due 8/5/52 |
|
|
84,556 |
|
| |
50,000 |
|
|
BBB |
|
5.700%
due 2/10/53 |
|
|
47,617 |
|
| |
25,000 |
|
|
BBB |
|
5.600%
due 2/21/54 |
|
|
23,637 |
|
| |
64,000 |
|
|
BBB |
|
5.900%
due 2/10/63 |
|
|
61,648 |
|
|
|
|
| |
| |
KLA Corp., Senior Unsecured Notes: |
|
|
| |
| |
258,000 |
|
|
A- |
|
4.100%
due 3/15/29 |
|
|
259,864 |
|
| |
50,000 |
|
|
A- |
|
5.250%
due 7/15/62 |
|
|
47,300 |
|
|
|
|
| |
| |
Lam Research Corp., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
4.875%
due 3/15/49 |
|
|
23,418 |
|
| |
25,000 |
|
|
A- |
|
3.125%
due 6/15/60 |
|
|
16,015 |
|
|
|
|
| |
| |
Marvell Technology Inc.: |
|
|
| |
| |
55,000 |
|
|
BBB |
|
Company
Guaranteed Notes, 4.750% due 7/15/30 |
|
|
56,094 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.750%
due 2/15/29 |
|
|
26,145 |
|
| |
175,000 |
|
|
BBB |
|
5.450%
due 7/15/35 |
|
|
182,300 |
|
See
Notes to Financial Statements.
167
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Semiconductors — 0.4% — (continued) |
|
|
|
|
| |
| |
Micron Technology Inc., Senior
Unsecured Notes: |
|
|
| |
| $ |
25,000 |
|
|
BBB |
|
5.875%
due 9/15/33 |
|
$ |
26,910 |
|
| |
335,000 |
|
|
BBB |
|
6.050%
due 11/1/35 |
|
|
364,071 |
|
|
|
|
| |
| |
NVIDIA Corp., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
AA- |
|
3.500%
due 4/1/40 |
|
|
21,568 |
|
| |
50,000 |
|
|
AA- |
|
3.500%
due 4/1/50 |
|
|
38,207 |
|
| |
296,000 |
|
|
BBB+ |
|
NXP BV/NXP Funding LLC/NXP USA Inc.,
Company Guaranteed Notes, 2.500% due 5/11/31 |
|
|
271,214 |
|
| |
70,000 |
|
|
BB |
|
ON Semiconductor Corp., Company
Guaranteed Notes, 3.875% due 9/1/28(a) |
|
|
68,593 |
|
|
|
|
| |
| |
QUALCOMM Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
3.250%
due 5/20/27 |
|
|
99,533 |
|
| |
25,000 |
|
|
A |
|
2.150%
due 5/20/30 |
|
|
23,268 |
|
| |
25,000 |
|
|
A |
|
4.800%
due 5/20/45 |
|
|
23,154 |
|
| |
25,000 |
|
|
A |
|
3.250%
due 5/20/50 |
|
|
17,524 |
|
| |
25,000 |
|
|
A |
|
4.500%
due 5/20/52 |
|
|
21,227 |
|
| |
25,000 |
|
|
A |
|
6.000%
due 5/20/53 |
|
|
26,463 |
|
| |
105,000 |
|
|
BB- |
|
Synaptics Inc., Company Guaranteed
Notes, 4.000% due 6/15/29(a) |
|
|
101,399 |
|
|
|
|
| |
| |
Texas Instruments Inc., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A+ |
|
3.875%
due 3/15/39 |
|
|
22,612 |
|
| |
50,000 |
|
|
A+ |
|
4.150%
due 5/15/48 |
|
|
42,112 |
|
| |
62,000 |
|
|
A+ |
|
5.050%
due 5/18/63 |
|
|
56,651 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Semiconductors |
|
|
7,990,233 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Shipbuilding
— 0.0%@ |
|
| |
137,000 |
|
|
BBB- |
|
Huntington Ingalls Industries Inc.,
Company Guaranteed Notes, 2.043% due 8/16/28 |
|
|
130,793 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Software
— 0.8% |
|
| |
50,000 |
|
|
A+ |
|
Adobe Inc., Senior Unsecured Notes,
2.300% due 2/1/30 |
|
|
46,910 |
|
| |
500,000 |
|
|
CCC |
|
AthenaHealth Group Inc., Senior
Unsecured Notes, 6.500% due 2/15/30(a) |
|
|
472,510 |
|
| |
90,000 |
|
|
BBB+ |
|
Autodesk Inc., Senior Unsecured Notes,
2.850% due 1/15/30 |
|
|
85,783 |
|
| |
750,000 |
|
|
B |
|
Cloud Software Group Inc., Senior
Secured Notes, 8.250% due 6/30/32(a) |
|
|
750,697 |
|
| |
25,000 |
|
|
BBB- |
|
Concentrix Corp., Senior Unsecured
Notes, 6.600% due 8/2/28(c) |
|
|
25,230 |
|
| |
55,000 |
|
|
B |
|
CoreWeave Inc., Company Guaranteed
Notes, 9.250% due 6/1/30(a) |
|
|
53,943 |
|
| |
115,000 |
|
|
BB |
|
Elastic NV, Senior Unsecured Notes,
4.125% due 7/15/29(a) |
|
|
108,321 |
|
| |
25,000 |
|
|
BB+ |
|
Fair Isaac Corp., Senior Unsecured
Notes, 6.000% due 5/15/33(a) |
|
|
25,294 |
|
|
|
|
| |
| |
Fidelity National Information Services
Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
1.650%
due 3/1/28 |
|
|
23,876 |
|
| |
25,000 |
|
|
BBB |
|
3.100%
due 3/1/41 |
|
|
18,594 |
|
|
|
|
| |
| |
Fiserv Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.450%
due 3/2/28 |
|
|
25,588 |
|
| |
25,000 |
|
|
BBB |
|
5.375%
due 8/21/28 |
|
|
25,633 |
|
| |
25,000 |
|
|
BBB |
|
4.200%
due 10/1/28 |
|
|
25,024 |
|
| |
100,000 |
|
|
BBB |
|
3.500%
due 7/1/29 |
|
|
97,176 |
|
| |
25,000 |
|
|
BBB |
|
2.650%
due 6/1/30 |
|
|
23,211 |
|
| |
50,000 |
|
|
BBB |
|
4.400%
due 7/1/49 |
|
|
39,619 |
|
|
|
|
| |
| |
Intuit Inc., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A |
|
1.350%
due 7/15/27 |
|
|
24,199 |
|
| |
25,000 |
|
|
A |
|
5.125%
due 9/15/28 |
|
|
25,743 |
|
| |
25,000 |
|
|
A |
|
1.650%
due 7/15/30 |
|
|
22,582 |
|
| |
900,000 |
|
|
A |
|
5.500%
due 9/15/53 |
|
|
851,900 |
|
|
|
|
| |
| |
Microsoft Corp., Senior Unsecured
Notes: |
|
|
| |
| |
50,000 |
|
|
AAA |
|
3.450%
due 8/8/36 |
|
|
46,195 |
|
| |
150,000 |
|
|
AAA |
|
2.525%
due 6/1/50 |
|
|
93,485 |
|
| |
50,000 |
|
|
AAA |
|
2.500%
due 9/15/50 |
|
|
30,939 |
|
| |
150,000 |
|
|
AAA |
|
2.921%
due 3/17/52 |
|
|
100,000 |
|
| |
50,000 |
|
|
AAA |
|
4.500%
due 2/6/57 |
|
|
45,035 |
|
| |
50,000 |
|
|
AAA |
|
3.041%
due 3/17/62 |
|
|
31,462 |
|
See
Notes to Financial Statements.
168
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Software — 0.8% — (continued) |
|
|
|
|
| |
| |
Oracle Corp., Senior Unsecured
Notes: |
|
|
| |
| $ |
525,000 |
|
|
BBB |
|
4.550%
due 2/4/29 |
|
$ |
526,417 |
|
| |
100,000 |
|
|
BBB |
|
2.950%
due 4/1/30 |
|
|
93,089 |
|
| |
1,570,000 |
|
|
BBB |
|
4.450%
due 9/26/30 |
|
|
1,543,828 |
|
| |
600,000 |
|
|
BBB |
|
2.875%
due 3/25/31 |
|
|
545,700 |
|
| |
46,000 |
|
|
BBB |
|
6.250%
due 11/9/32 |
|
|
48,600 |
|
| |
238,000 |
|
|
BBB |
|
4.300%
due 7/8/34 |
|
|
218,396 |
|
| |
100,000 |
|
|
BBB |
|
5.200%
due 9/26/35 |
|
|
96,900 |
|
| |
3,017,000 |
|
|
BBB |
|
5.700%
due 2/4/36 |
|
|
3,020,285 |
|
| |
37,000 |
|
|
BBB |
|
3.850%
due 7/15/36 |
|
|
31,587 |
|
| |
200,000 |
|
|
BBB |
|
3.800%
due 11/15/37 |
|
|
164,977 |
|
| |
88,000 |
|
|
BBB |
|
5.375%
due 7/15/40 |
|
|
80,563 |
|
| |
500,000 |
|
|
BBB |
|
3.650%
due 3/25/41 |
|
|
371,665 |
|
| |
330,000 |
|
|
BBB |
|
6.550%
due 2/4/46 |
|
|
322,681 |
|
| |
111,000 |
|
|
BBB |
|
4.000%
due 7/15/46 |
|
|
77,533 |
|
| |
91,000 |
|
|
BBB |
|
4.000%
due 11/15/47 |
|
|
62,699 |
|
| |
280,000 |
|
|
BBB |
|
3.600%
due 4/1/50 |
|
|
175,153 |
|
| |
60,000 |
|
|
BBB |
|
3.950%
due 3/25/51 |
|
|
39,736 |
|
| |
317,000 |
|
|
BBB |
|
5.375%
due 9/27/54 |
|
|
257,439 |
|
| |
232,000 |
|
|
BBB |
|
4.375%
due 5/15/55 |
|
|
160,438 |
|
| |
25,000 |
|
|
BBB |
|
6.000%
due 8/3/55 |
|
|
22,052 |
|
| |
1,040,000 |
|
|
BBB |
|
5.950%
due 9/26/55 |
|
|
918,441 |
|
| |
1,475,000 |
|
|
BBB |
|
6.700%
due 2/4/56 |
|
|
1,434,425 |
|
| |
600,000 |
|
|
BBB |
|
3.850%
due 4/1/60 |
|
|
365,515 |
|
| |
475,000 |
|
|
Baa2(b) |
|
6.850%
due 2/4/66 |
|
|
455,391 |
|
| |
135,000 |
|
|
BB |
|
RingCentral Inc., Senior Unsecured
Notes, 8.500% due 8/15/30(a) |
|
|
141,882 |
|
|
|
|
| |
| |
Roper Technologies Inc., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
2.950%
due 9/15/29 |
|
|
23,980 |
|
| |
80,000 |
|
|
BBB+ |
|
4.450%
due 9/15/30 |
|
|
80,575 |
|
| |
25,000 |
|
|
BBB+ |
|
1.750%
due 2/15/31 |
|
|
21,976 |
|
| |
25,000 |
|
|
BBB+ |
|
4.900%
due 10/15/34 |
|
|
24,818 |
|
|
|
|
| |
| |
Salesforce Inc., Senior Unsecured
Notes: |
|
|
| |
| |
140,000 |
|
|
A+ |
|
2.700%
due 7/15/41 |
|
|
99,508 |
|
| |
50,000 |
|
|
A+ |
|
2.900%
due 7/15/51 |
|
|
30,724 |
|
| |
25,000 |
|
|
A+ |
|
3.050%
due 7/15/61 |
|
|
14,567 |
|
| |
205,000 |
|
|
B+ |
|
SS&C Technologies Inc., Company
Guaranteed Notes, 5.500% due 9/30/27(a) |
|
|
204,853 |
|
|
|
|
| |
| |
Synopsys Inc., Senior Unsecured
Notes: |
|
|
| |
| |
210,000 |
|
|
BBB |
|
4.850%
due 4/1/30 |
|
|
215,176 |
|
| |
130,000 |
|
|
BBB |
|
5.000%
due 4/1/32 |
|
|
134,140 |
|
| |
182,000 |
|
|
BBB |
|
5.700%
due 4/1/55 |
|
|
182,086 |
|
|
|
|
| |
| |
Workday Inc., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
3.500%
due 4/1/27 |
|
|
24,875 |
|
| |
25,000 |
|
|
BBB+ |
|
3.700%
due 4/1/29 |
|
|
24,589 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Software |
|
|
15,376,208 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Telecommunications
— 1.3% |
|
|
|
|
| |
| |
AT&T Inc., Senior Unsecured
Notes: |
|
|
| |
| |
175,000 |
|
|
BBB |
|
4.250%
due 3/1/27 |
|
|
175,498 |
|
| |
100,000 |
|
|
BBB |
|
2.300%
due 6/1/27 |
|
|
98,144 |
|
| |
50,000 |
|
|
BBB |
|
1.650%
due 2/1/28 |
|
|
47,986 |
|
| |
55,000 |
|
|
BBB |
|
4.350%
due 3/1/29 |
|
|
55,628 |
|
| |
117,000 |
|
|
BBB |
|
2.750%
due 6/1/31 |
|
|
109,092 |
|
| |
83,000 |
|
|
BBB |
|
5.400%
due 2/15/34 |
|
|
87,079 |
|
| |
325,000 |
|
|
BBB |
|
4.900%
due 11/1/35 |
|
|
325,838 |
|
| |
200,000 |
|
|
BBB |
|
5.125%
due 4/30/36 |
|
|
203,061 |
|
| |
25,000 |
|
|
BBB |
|
5.250%
due 3/1/37 |
|
|
25,584 |
|
See
Notes to Financial Statements.
169
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Telecommunications — 1.3% —
(continued) |
|
| $ |
25,000 |
|
|
BBB |
|
4.900%
due 8/15/37 |
|
$ |
24,706 |
|
| |
25,000 |
|
|
BBB |
|
4.850%
due 3/1/39 |
|
|
24,097 |
|
| |
80,000 |
|
|
BBB |
|
5.550%
due 8/15/41 |
|
|
80,162 |
|
| |
73,000 |
|
|
BBB |
|
4.350%
due 6/15/45 |
|
|
61,603 |
|
| |
132,000 |
|
|
BBB |
|
4.750%
due 5/15/46 |
|
|
116,286 |
|
| |
238,000 |
|
|
BBB |
|
4.500%
due 3/9/48 |
|
|
200,026 |
|
| |
270,000 |
|
|
BBB |
|
3.500%
due 9/15/53 |
|
|
184,375 |
|
| |
1,470,000 |
|
|
BBB |
|
5.700%
due 11/1/54 |
|
|
1,427,592 |
|
| |
2,677,000 |
|
|
BBB |
|
3.550%
due 9/15/55 |
|
|
1,815,683 |
|
| |
190,000 |
|
|
BBB |
|
6.050%
due 8/15/56 |
|
|
193,563 |
|
| |
52,000 |
|
|
BBB |
|
3.800%
due 12/1/57 |
|
|
36,513 |
|
| |
432,000 |
|
|
BBB |
|
3.650%
due 9/15/59 |
|
|
291,174 |
|
| |
18,000 |
|
|
BBB |
|
3.850%
due 6/1/60 |
|
|
12,584 |
|
| |
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(d)(f) |
|
|
727,200 |
|
| |
900,000 |
EUR |
|
BBB |
|
Chorus
Ltd., Company Guaranteed Notes, (Cost — $1,043,806, acquired 1/13/26),
3.529% due 11/26/32(d) |
|
|
1,071,459 |
|
| |
105,000 |
|
|
Ba3(b) |
|
Cipher Compute LLC, Senior Secured
Notes, 7.125% due 11/15/30(a) |
|
|
109,545 |
|
|
|
|
| |
| |
Cisco Systems Inc., Senior Unsecured
Notes: |
|
|
| |
| |
100,000 |
|
|
AA- |
|
4.950%
due 2/26/31 |
|
|
104,192 |
|
| |
50,000 |
|
|
AA- |
|
5.900%
due 2/15/39 |
|
|
54,702 |
|
| |
50,000 |
|
|
AA- |
|
5.500%
due 1/15/40 |
|
|
52,521 |
|
| |
25,000 |
|
|
AA- |
|
5.350%
due 2/26/64 |
|
|
23,974 |
|
| |
505,000 |
|
|
B+ |
|
Colombia Telecomunicaciones SA ESP,
Senior Unsecured Notes, 4.950% due 7/17/30(a) |
|
|
473,541 |
|
|
|
|
| |
| |
Corning Inc., Senior Unsecured
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
5.350%
due 11/15/48 |
|
|
24,869 |
|
| |
25,000 |
|
|
BBB+ |
|
4.375%
due 11/15/57 |
|
|
20,919 |
|
| |
200,000 |
|
|
B |
|
Digicel International Finance Ltd./Difl
US LLC, Senior Secured Notes, 8.625% due 8/1/32(a) |
|
|
207,967 |
|
| |
80,000 |
|
|
B |
|
EchoStar Corp., Senior Secured Notes,
10.750% due 11/30/29 |
|
|
87,424 |
|
| |
370,000 |
EUR |
|
BB+ |
|
Fibercop SpA, Senior Secured Notes,
1.625% due 1/18/29 |
|
|
420,855 |
|
| |
63,000 |
|
|
BBB |
|
Juniper Networks Inc., Senior Unsecured
Notes, 2.000% due 12/10/30 |
|
|
56,620 |
|
| |
1,065,000 |
|
|
B+ |
|
Level 3 Financing Inc., Senior Secured
Notes, 7.000% due 3/31/34(a) |
|
|
1,108,417 |
|
| |
89,362 |
EUR |
|
BB+ |
|
Lorca
Telecom Bondsco SA, Senior Secured Notes, (Cost — $94,217, acquired
12/3/24), 4.000% due 9/18/27(d) |
|
|
105,751 |
|
|
|
|
| |
| |
Motorola Solutions Inc., Senior
Unsecured Notes: |
|
|
| |
| |
83,000 |
|
|
BBB |
|
4.600%
due 5/23/29 |
|
|
84,324 |
|
| |
37,000 |
|
|
BBB |
|
2.750%
due 5/24/31 |
|
|
34,330 |
|
| |
26,000 |
|
|
BBB |
|
5.600%
due 6/1/32 |
|
|
27,637 |
|
| |
350,000 |
|
|
BBB- |
|
Nokia OYJ, Senior Unsecured Notes,
6.625% due 5/15/39 |
|
|
380,093 |
|
|
|
|
| |
| |
Rogers Communications Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
100,000 |
|
|
BBB- |
|
3.200%
due 3/15/27 |
|
|
99,302 |
|
| |
240,000 |
|
|
BBB- |
|
5.300%
due 2/15/34 |
|
|
245,366 |
|
| |
950,000 |
|
|
BB |
|
Subordinated
Notes, 7.125% (5-Year CMT Index + 2.620%) due 4/15/55(f) |
|
|
1,006,922 |
|
| |
715,000 |
EUR |
|
Ba3(b) |
|
SES
SA, Company Guaranteed Notes, (Cost — $810,665, acquired 6/11/25), 5.500%
(5-Year EURIBOR ICE Swap +
3.232%) due 9/12/54(d)(f) |
|
|
832,294 |
|
| |
675,000 |
|
|
Aa2(b) |
|
Sprint
Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC,
Senior Secured Notes, 5.152% due 3/20/28(a) |
|
|
679,848 |
|
| |
150,000 |
|
|
BBB- |
|
Telefonica Emisiones SA, Company
Guaranteed Notes, 5.213% due 3/8/47 |
|
|
135,361 |
|
| |
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%)(d)(f)(g) |
|
|
508,082 |
|
|
|
|
| |
| |
TELUS Corp., Junior Subordinated
Notes: |
|
|
| |
| |
650,000 |
|
|
BB |
|
7.000%
(5-Year CMT Index + 2.709%) due 10/15/55(f) |
|
|
686,185 |
|
| |
710,000 |
|
|
BB |
|
6.625%
(5-Year CMT Index + 2.515%) due 6/9/56(f) |
|
|
717,303 |
|
See
Notes to Financial Statements.
170
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Telecommunications — 1.3% — (continued)
|
|
|
|
|
| |
| |
T-Mobile USA Inc., Company Guaranteed
Notes: |
|
|
| |
| $ |
152,000 |
|
|
BBB |
|
3.750%
due 4/15/27 |
|
$ |
151,819 |
|
| |
110,000 |
|
|
BBB |
|
2.625%
due 2/15/29 |
|
|
105,919 |
|
| |
300,000 |
|
|
BBB |
|
3.375%
due 4/15/29 |
|
|
294,706 |
|
| |
80,000 |
|
|
BBB |
|
2.875%
due 2/15/31 |
|
|
75,157 |
|
| |
100,000 |
|
|
BBB |
|
3.500%
due 4/15/31 |
|
|
96,652 |
|
| |
290,000 |
|
|
BBB |
|
2.250%
due 11/15/31 |
|
|
260,570 |
|
| |
330,000 |
|
|
BBB |
|
2.700%
due 3/15/32 |
|
|
300,831 |
|
| |
199,000 |
|
|
BBB |
|
5.050%
due 7/15/33 |
|
|
205,336 |
|
| |
50,000 |
|
|
BBB |
|
5.300%
due 5/15/35 |
|
|
51,816 |
|
| |
100,000 |
|
|
BBB |
|
4.375%
due 4/15/40 |
|
|
91,384 |
|
| |
100,000 |
|
|
BBB |
|
3.300%
due 2/15/51 |
|
|
68,273 |
|
| |
100,000 |
|
|
BBB |
|
3.400%
due 10/15/52 |
|
|
68,326 |
|
| |
250,000 |
|
|
BBB |
|
5.500%
due 1/15/55 |
|
|
239,118 |
|
| |
50,000 |
|
|
BBB |
|
5.875%
due 11/15/55 |
|
|
50,547 |
|
| |
100,000 |
|
|
BBB |
|
5.700%
due 1/15/56 |
|
|
98,708 |
|
|
|
|
| |
| |
Verizon Communications Inc., Senior
Unsecured Notes: |
|
|
| |
| |
37,000 |
|
|
BBB+ |
|
4.016%
due 12/3/29 |
|
|
37,068 |
|
| |
10,000 |
|
|
BBB+ |
|
3.150%
due 3/22/30 |
|
|
9,682 |
|
| |
138,000 |
|
|
BBB+ |
|
1.680%
due 10/30/30 |
|
|
123,817 |
|
| |
145,000 |
|
|
BBB+ |
|
1.750%
due 1/20/31 |
|
|
129,765 |
|
| |
115,000 |
|
|
BBB+ |
|
2.550%
due 3/21/31 |
|
|
106,447 |
|
| |
100,000 |
|
|
BBB+ |
|
2.355%
due 3/15/32 |
|
|
89,353 |
|
| |
64,000 |
|
|
BBB+ |
|
5.050%
due 5/9/33 |
|
|
66,447 |
|
| |
101,000 |
|
|
BBB+ |
|
5.850%
due 9/15/35 |
|
|
109,631 |
|
| |
21,000 |
|
|
BBB+ |
|
4.272%
due 1/15/36 |
|
|
19,984 |
|
| |
1,990,000 |
|
|
BBB+ |
|
5.000%
due 1/15/36 |
|
|
2,002,160 |
|
| |
100,000 |
|
|
BBB+ |
|
5.401%
due 7/2/37 |
|
|
102,965 |
|
| |
143,000 |
|
|
BBB+ |
|
2.650%
due 11/20/40 |
|
|
104,376 |
|
| |
100,000 |
|
|
BBB+ |
|
4.000%
due 3/22/50 |
|
|
78,817 |
|
| |
50,000 |
|
|
BBB+ |
|
2.875%
due 11/20/50 |
|
|
31,641 |
|
| |
150,000 |
|
|
BBB+ |
|
3.550%
due 3/22/51 |
|
|
108,774 |
|
| |
705,000 |
|
|
BBB+ |
|
5.875%
due 11/30/55 |
|
|
709,582 |
|
| |
69,000 |
|
|
BBB+ |
|
2.987%
due 10/30/56 |
|
|
42,096 |
|
| |
100,000 |
|
|
BBB+ |
|
3.000%
due 11/20/60 |
|
|
59,832 |
|
| |
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(d) |
|
|
575,121 |
|
|
|
|
| |
| |
Vodafone Group PLC, Senior Unsecured
Notes: |
|
|
| |
| |
9,000 |
|
|
BBB |
|
6.150%
due 2/27/37 |
|
|
9,932 |
|
| |
25,000 |
|
|
BBB |
|
4.875%
due 6/19/49 |
|
|
22,320 |
|
| |
25,000 |
|
|
BBB |
|
4.250%
due 9/17/50 |
|
|
20,108 |
|
| |
50,000 |
|
|
BBB |
|
5.750%
due 6/28/54 |
|
|
49,370 |
|
| |
25,000 |
|
|
BBB |
|
5.875%
due 6/28/64 |
|
|
24,685 |
|
| |
665,000 |
|
|
BB |
|
WULF Compute LLC, Senior Secured Notes,
7.750% due 10/15/30(a) |
|
|
704,764 |
|
| |
540,000 |
EUR |
|
Ba2(b) |
|
Zegona Finance PLC, Senior Secured
Notes, 6.750% due 7/15/29(a) |
|
|
670,224 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Telecommunications |
|
|
23,851,400 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Toys/Games/Hobbies
— 0.1% |
|
| |
460,000 |
|
|
BBB |
|
Hasbro Inc., Senior Unsecured Notes,
6.050% due 5/14/34 |
|
|
494,171 |
|
|
|
|
| |
| |
Mattel Inc.: |
|
|
| |
| |
765,000 |
|
|
BBB |
|
Company
Guaranteed Notes, 5.875% due 12/15/27(a) |
|
|
765,180 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
515,000 |
|
|
BBB |
|
5.000%
due 11/17/30 |
|
|
523,190 |
|
| |
595,000 |
|
|
BBB |
|
5.450%
due 11/1/41 |
|
|
563,468 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Toys/Games/Hobbies |
|
|
2,346,009 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
171
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Transportation
— 0.2% |
|
|
|
|
| |
| |
Burlington Northern Santa Fe LLC,
Senior Unsecured Notes: |
|
|
| |
| $ |
201,000 |
|
|
AA- |
|
4.150%
due 12/15/48 |
|
$ |
168,547 |
|
| |
52,000 |
|
|
AA- |
|
3.050%
due 2/15/51 |
|
|
35,095 |
|
| |
134,000 |
|
|
AA- |
|
2.875%
due 6/15/52 |
|
|
86,212 |
|
| |
500,000 |
|
|
AA- |
|
5.500%
due 3/15/55 |
|
|
500,347 |
|
|
|
|
| |
| |
Canadian National Railway Co., Senior
Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
A- |
|
3.200%
due 8/2/46 |
|
|
18,617 |
|
| |
25,000 |
|
|
A- |
|
3.650%
due 2/3/48 |
|
|
19,460 |
|
| |
25,000 |
|
|
A- |
|
4.450%
due 1/20/49 |
|
|
21,817 |
|
|
|
|
| |
| |
Canadian Pacific Railway Co., Company
Guaranteed Notes: |
|
|
| |
| |
50,000 |
|
|
BBB+ |
|
3.000%
due 12/2/41 |
|
|
38,318 |
|
| |
25,000 |
|
|
BBB+ |
|
4.300%
due 5/15/43 |
|
|
22,229 |
|
| |
25,000 |
|
|
BBB+ |
|
4.700%
due 5/1/48 |
|
|
22,746 |
|
| |
25,000 |
|
|
BBB+ |
|
3.500%
due 5/1/50 |
|
|
18,510 |
|
| |
270,000 |
|
|
BBB+ |
|
3.100%
due 12/2/51 |
|
|
184,529 |
|
|
|
|
| |
| |
CSX Corp., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB+ |
|
4.100%
due 11/15/32 |
|
|
24,944 |
|
| |
25,000 |
|
|
BBB+ |
|
4.750%
due 5/30/42 |
|
|
23,632 |
|
| |
25,000 |
|
|
BBB+ |
|
3.800%
due 11/1/46 |
|
|
20,079 |
|
| |
25,000 |
|
|
BBB+ |
|
4.750%
due 11/15/48 |
|
|
22,688 |
|
| |
25,000 |
|
|
BBB+ |
|
3.350%
due 9/15/49 |
|
|
18,073 |
|
| |
25,000 |
|
|
BBB+ |
|
3.800%
due 4/15/50 |
|
|
19,445 |
|
| |
25,000 |
|
|
BBB+ |
|
3.950%
due 5/1/50 |
|
|
19,878 |
|
| |
25,000 |
|
|
BBB+ |
|
4.500%
due 11/15/52 |
|
|
21,695 |
|
| |
25,000 |
|
|
BBB+ |
|
4.500%
due 8/1/54 |
|
|
21,552 |
|
| |
25,000 |
|
|
BBB+ |
|
4.250%
due 11/1/66 |
|
|
19,724 |
|
|
|
|
| |
| |
FedEx Corp., Company Guaranteed
Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
3.250%
due 5/15/41 |
|
|
19,732 |
|
| |
25,000 |
|
|
BBB |
|
4.100%
due 4/15/43 |
|
|
21,107 |
|
| |
25,000 |
|
|
BBB |
|
5.100%
due 1/15/44 |
|
|
23,860 |
|
| |
25,000 |
|
|
BBB |
|
4.750%
due 11/15/45 |
|
|
22,445 |
|
| |
25,000 |
|
|
BBB |
|
4.400%
due 1/15/47 |
|
|
20,330 |
|
| |
24,000 |
|
|
BBB |
|
5.250%
due 5/15/50 |
|
|
23,077 |
|
| |
145,000 |
|
|
BB |
|
Genesee & Wyoming Inc., Senior
Secured Notes, 6.250% due 4/15/32(a) |
|
|
149,653 |
|
|
|
|
| |
| |
Norfolk Southern Corp., Senior
Unsecured Notes: |
|
|
| |
| |
46,000 |
|
|
BBB+ |
|
2.550%
due 11/1/29 |
|
|
43,861 |
|
| |
166,000 |
|
|
BBB+ |
|
2.300%
due 5/15/31 |
|
|
151,605 |
|
| |
138,000 |
|
|
BBB+ |
|
3.942%
due 11/1/47 |
|
|
111,156 |
|
| |
52,000 |
|
|
BBB+ |
|
3.155%
due 5/15/55 |
|
|
34,196 |
|
| |
100,000 |
|
|
BBB+ |
|
Ryder System Inc., Senior Unsecured
Notes, 5.300% due 3/15/27 |
|
|
101,351 |
|
|
|
|
| |
| |
Union Pacific Corp., Senior Unsecured
Notes: |
|
|
| |
| |
153,000 |
|
|
A- |
|
2.800%
due 2/14/32 |
|
|
142,493 |
|
| |
44,000 |
|
|
A- |
|
2.891%
due 4/6/36 |
|
|
37,883 |
|
| |
35,000 |
|
|
A- |
|
4.300%
due 3/1/49 |
|
|
29,805 |
|
| |
138,000 |
|
|
A- |
|
3.250%
due 2/5/50 |
|
|
97,227 |
|
| |
45,000 |
|
|
A- |
|
2.950%
due 3/10/52 |
|
|
29,289 |
|
| |
144,000 |
|
|
A- |
|
3.500%
due 2/14/53 |
|
|
104,096 |
|
|
|
|
| |
| |
United Parcel Service Inc., Senior
Unsecured Notes: |
|
|
| |
| |
50,000 |
|
|
A |
|
4.875%
due 3/3/33 |
|
|
52,160 |
|
| |
50,000 |
|
|
A |
|
5.150%
due 5/22/34 |
|
|
52,672 |
|
| |
25,000 |
|
|
A |
|
6.200%
due 1/15/38 |
|
|
28,114 |
|
| |
25,000 |
|
|
A |
|
4.250%
due 3/15/49 |
|
|
21,063 |
|
| |
25,000 |
|
|
A |
|
3.400%
due 9/1/49 |
|
|
18,211 |
|
| |
25,000 |
|
|
A |
|
5.300%
due 4/1/50 |
|
|
24,320 |
|
See
Notes to Financial Statements.
172
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Transportation
— 0.2% — (continued) |
|
| $ |
100,000 |
|
|
A |
|
6.050%
due 5/14/65 |
|
$ |
104,740 |
|
| |
160,000 |
|
|
B+ |
|
XPO Inc., Company Guaranteed Notes,
7.125% due 6/1/31(a) |
|
|
166,644 |
|
| |
223,981 |
|
|
Ba1(b) |
|
Yinson Bergenia Production BV, Senior
Secured Notes, 8.498% due 1/31/45(a) |
|
|
238,110 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Transportation |
|
|
3,217,337 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Trucking
& Leasing — 0.2% |
|
| |
335,000 |
|
|
BBB- |
|
Avolon Holdings Funding Ltd., Company
Guaranteed Notes, 4.900% due 10/10/30(a) |
|
|
339,958 |
|
| |
1,890,000 |
|
|
BB |
|
FTAI Aviation Investors LLC, Company
Guaranteed Notes, 7.000% due 6/15/32(a) |
|
|
1,985,657 |
|
|
|
|
| |
| |
GATX Corp., Senior Unsecured Notes: |
|
|
| |
| |
25,000 |
|
|
BBB |
|
5.400%
due 3/15/27 |
|
|
25,359 |
|
| |
25,000 |
|
|
BBB |
|
3.850%
due 3/30/27 |
|
|
24,984 |
|
| |
25,000 |
|
|
BBB |
|
4.700%
due 4/1/29 |
|
|
25,473 |
|
| |
25,000 |
|
|
BBB |
|
4.000%
due 6/30/30 |
|
|
24,875 |
|
| |
25,000 |
|
|
BBB |
|
3.500%
due 6/1/32 |
|
|
23,675 |
|
| |
25,000 |
|
|
BBB |
|
5.450%
due 9/15/33 |
|
|
26,242 |
|
| |
25,000 |
|
|
BBB |
|
6.900%
due 5/1/34 |
|
|
28,373 |
|
| |
840,000 |
|
|
A- |
|
SMBC Aviation Capital Finance DAC,
Company Guaranteed Notes, 5.250% due 11/26/35(a) |
|
|
854,573 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Trucking & Leasing |
|
|
3,359,169 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Water
— 0.0%@ |
|
|
|
|
| |
| |
American Water Capital Corp., Senior
Unsecured Notes: |
|
|
| |
| |
100,000 |
|
|
A |
|
5.250%
due 3/1/35 |
|
|
104,035 |
|
| |
50,000 |
|
|
A |
|
5.450%
due 3/1/54 |
|
|
49,489 |
|
| |
351,000 |
EUR |
|
BB+ |
|
Holding
d’Infrastructures des Metiers de l’Environnement SAS, Senior Unsecured
Notes, (Cost — $377,179, acquired 12/5/24), 4.875% due
10/24/29(d) |
|
|
433,221 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Water |
|
|
586,745 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
CORPORATE BONDS & NOTES |
|
|
| |
|
|
|
| |
| |
(Cost — $561,599,397) |
|
|
579,738,243 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
MORTGAGE-BACKED
SECURITIES — 25.8% |
|
|
| |
FHLMC
— 6.4% |
|
|
|
|
| |
| |
Federal Home Loan Mortgage Corp.
(FHLMC): |
|
|
| |
| |
1,771,451 |
|
|
| |
4.500%
due 4/1/29 — 1/1/55 |
|
|
1,766,275 |
|
| |
27,894,461 |
|
|
| |
5.500%
due 1/1/30 — 11/1/55 |
|
|
28,520,867 |
|
| |
22,361,993 |
|
|
| |
3.000%
due 3/1/31 — 6/1/52 |
|
|
20,451,022 |
|
| |
3,202,654 |
|
|
| |
1.500%
due 5/1/31 — 12/1/50 |
|
|
2,674,212 |
|
| |
19,965,838 |
|
|
| |
2.500%
due 11/1/31 — 5/1/52 |
|
|
17,491,813 |
|
| |
8,128,318 |
|
|
| |
3.500%
due 11/1/33 — 4/1/52 |
|
|
7,841,937 |
|
| |
3,494,029 |
|
|
| |
5.000%
due 12/1/34 — 4/1/54 |
|
|
3,552,389 |
|
| |
18,018,299 |
|
|
| |
2.000%
due 3/1/36 — 8/1/52 |
|
|
15,175,088 |
|
| |
11,834,719 |
|
|
| |
4.000%
due 4/1/38 — 5/1/54 |
|
|
11,649,649 |
|
| |
6,581,445 |
|
|
| |
6.000%
due 5/1/38 — 8/1/55 |
|
|
6,803,438 |
|
| |
4,607,672 |
|
|
| |
6.500%
due 7/1/53 — 7/1/55 |
|
|
4,804,965 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total FHLMC |
|
|
120,731,655 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
FNMA
— 12.0% |
|
|
|
|
| |
| |
Federal National Mortgage Association
(FNMA): |
|
|
| |
| |
32,645,680 |
|
|
| |
2.500%
due 11/1/27 — 7/1/61 |
|
|
28,693,901 |
|
| |
32,135,241 |
|
|
| |
3.000%
due 12/1/27 — 9/1/61 |
|
|
29,407,220 |
|
| |
13,409,756 |
|
|
| |
5.500%
due 12/1/27 — 1/1/56 |
|
|
13,685,470 |
|
| |
8,887,376 |
|
|
| |
4.500%
due 3/1/29 — 5/1/53 |
|
|
8,866,769 |
|
| |
9,460,463 |
|
|
| |
5.000%
due 3/1/29 — 2/1/56 |
|
|
9,616,830 |
|
| |
12,666,503 |
|
|
| |
3.500%
due 7/1/29 — 6/1/52 |
|
|
12,074,782 |
|
| |
1,757,000 |
|
|
| |
4.690%
due 5/1/30 |
|
|
1,812,052 |
|
| |
4,155,000 |
|
|
| |
4.330%
due 6/1/30 |
|
|
4,251,430 |
|
| |
6,363,848 |
|
|
| |
2.590%
due 9/1/30 |
|
|
6,065,069 |
|
| |
3,171,747 |
|
|
| |
1.500%
due 6/1/31 — 8/1/51 |
|
|
2,817,587 |
|
See
Notes to Financial Statements.
173
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
|
|
Security |
|
Value |
|
|
| |
FNMA
— 12.0% — (continued) |
|
| $ |
8,000,000 |
|
|
| |
3.670%
due 7/1/33 |
|
$ |
7,846,119 |
|
| |
1,995,494 |
|
|
| |
4.635%
due 10/1/33 |
|
|
2,044,323 |
|
| |
3,000,000 |
|
|
| |
2.060%
due 1/1/34 |
|
|
2,606,987 |
|
| |
38,313 |
|
|
| |
6.402%
(1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.527%)
due 3/1/34(f) |
|
|
39,115 |
|
| |
4,000,000 |
|
|
| |
2.440%
due 4/1/35 |
|
|
3,482,611 |
|
| |
2,199,000 |
|
|
| |
1.890%
due 5/1/35 |
|
|
1,825,512 |
|
| |
4,000,000 |
|
|
| |
4.290%
due 5/1/35 |
|
|
4,020,442 |
|
| |
1,097,000 |
|
|
| |
5.180%
due 5/1/35 |
|
|
1,171,862 |
|
| |
33,502,893 |
|
|
| |
2.000%
due 6/1/36 — 12/1/53 |
|
|
28,292,634 |
|
| |
6,291 |
|
|
| |
7.000%
due 4/1/37 |
|
|
6,471 |
|
| |
33,093 |
|
|
| |
6.265%
(1-Year Refinitiv USD IBOR Consumer Cash Fallbacks Term + 1.265%)
due 5/1/37(f) |
|
|
33,647 |
|
| |
6,737,635 |
|
|
| |
4.000%
due 11/1/39 — 2/1/55 |
|
|
6,608,839 |
|
| |
5,094,031 |
|
|
| |
6.500%
due 5/1/40 — 6/1/55 |
|
|
5,305,216 |
|
| |
12,492,587 |
|
|
| |
6.000%
due 11/1/52 — 11/1/55 |
|
|
12,833,131 |
|
| |
7,100,000 |
|
|
| |
3.000%
due 3/1/56(k) |
|
|
6,422,962 |
|
| |
15,000,000 |
|
|
| |
5.000%
due 3/1/56(k) |
|
|
15,070,493 |
|
| |
6,250,000 |
|
|
| |
5.500%
due 3/1/56(k) |
|
|
6,350,198 |
|
| |
3,050,000 |
|
|
| |
6.000%
due 3/1/56(k) |
|
|
3,128,923 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total FNMA |
|
|
224,380,595 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
GNMA
— 7.4% |
|
|
|
|
| |
| |
Government National Mortgage
Association (GNMA): |
|
|
| |
| |
9,548 |
|
|
| |
6.000%
due 12/15/33 — 6/15/37 |
|
|
9,849 |
|
| |
222,618 |
|
|
| |
5.000%
due 10/15/34 — 9/15/40 |
|
|
229,376 |
|
| |
14,271 |
|
|
| |
5.500%
due 5/15/37 — 6/15/38 |
|
|
14,860 |
|
| |
22,807 |
|
|
| |
6.500%
due 1/15/38 — 10/15/38 |
|
|
24,152 |
|
| |
32,142 |
|
|
| |
4.500%
due 3/15/41 |
|
|
32,548 |
|
| |
284,243 |
|
|
| |
4.000%
due 6/15/41 — 11/15/45 |
|
|
283,505 |
|
|
|
|
| |
| |
Government National Mortgage
Association II (GNMA): |
|
|
| |
| |
14,615,853 |
|
|
| |
6.000%
due 11/20/38 — 11/20/55 |
|
|
15,040,564 |
|
| |
3,613,191 |
|
|
| |
4.000%
due 11/20/40 — 3/20/55 |
|
|
3,522,132 |
|
| |
22,999,209 |
|
|
| |
5.000%
due 11/20/40 — 12/20/55 |
|
|
23,148,356 |
|
| |
5,452,324 |
|
|
| |
4.500%
due 6/20/41 — 5/20/53 |
|
|
5,433,382 |
|
| |
11,469,885 |
|
|
| |
3.000%
due 1/20/43 — 1/20/54 |
|
|
10,559,122 |
|
| |
8,790,063 |
|
|
| |
3.500%
due 6/20/43 — 10/20/52 |
|
|
8,381,145 |
|
| |
44,220,716 |
|
|
| |
2.500%
due 9/20/50 — 5/20/55 |
|
|
39,113,696 |
|
| |
8,413,019 |
|
|
| |
2.000%
due 10/20/50 — 4/20/52 |
|
|
7,135,450 |
|
| |
22,498,271 |
|
|
| |
5.500%
due 4/20/53 — 2/20/56 |
|
|
22,866,001 |
|
| |
991,953 |
|
|
| |
7.500%
due 4/20/55 |
|
|
1,060,369 |
|
| |
158,124 |
|
|
| |
6.500%
due 7/20/55 — 11/20/55 |
|
|
164,545 |
|
| |
2,240,000 |
|
|
| |
5.000%
due 3/20/56(k) |
|
|
2,248,123 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total GNMA |
|
|
139,267,175 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
MORTGAGE-BACKED SECURITIES |
|
|
| |
|
|
|
| |
| |
(Cost — $487,253,312) |
|
|
484,379,425 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
U.S. GOVERNMENT
AGENCIES & OBLIGATIONS — 20.1% |
|
|
| |
U.S.
GOVERNMENT AGENCIES — 0.0%@ |
|
| |
150,000 |
|
|
| |
Federal Farm Credit Banks Funding
Corp., 1.650% due 7/23/35 |
|
|
120,872 |
|
| |
300,000 |
|
|
| |
Federal Home Loan Mortgage Corp.,
1.500% due 10/29/32 |
|
|
259,189 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total U.S. GOVERNMENT AGENCIES |
|
|
380,061 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
U.S.
GOVERNMENT OBLIGATIONS — 20.1% |
|
|
|
|
| |
| |
U.S. Treasury Bonds: |
|
|
| |
| |
1,520,000 |
|
|
| |
5.000%
due 5/15/37 |
|
|
1,659,294 |
|
| |
105,000 |
|
|
| |
4.375%
due 2/15/38 |
|
|
108,296 |
|
| |
1,180,000 |
|
|
| |
1.125%
due 8/15/40 |
|
|
767,668 |
|
See
Notes to Financial Statements.
174
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
|
|
Security |
|
Value |
|
|
| |
U.S.
GOVERNMENT OBLIGATIONS — 20.1% — (continued) |
|
| $ |
2,480,000 |
|
|
| |
1.375%
due 11/15/40 |
|
$ |
1,666,686 |
|
| |
2,343,000 |
|
|
| |
1.875%
due 2/15/41 |
|
|
1,692,314 |
|
| |
580,000 |
|
|
| |
2.250%
due 5/15/41 |
|
|
440,845 |
|
| |
1,940,000 |
|
|
| |
1.750%
due 8/15/41 |
|
|
1,355,310 |
|
| |
920,000 |
|
|
| |
3.125%
due 11/15/41 |
|
|
784,659 |
|
| |
1,435,000 |
|
|
| |
2.375%
due 2/15/42 |
|
|
1,091,805 |
|
| |
1,252,000 |
|
|
| |
3.250%
due 5/15/42 |
|
|
1,076,916 |
|
| |
1,115,000 |
|
|
| |
3.375%
due 8/15/42 |
|
|
972,206 |
|
| |
3,671,000 |
|
|
| |
4.000%
due 11/15/42 |
|
|
3,464,506 |
|
| |
100,000 |
|
|
| |
3.125%
due 2/15/43 |
|
|
83,574 |
|
| |
1,625,000 |
|
|
| |
3.875%
due 2/15/43 |
|
|
1,506,299 |
|
| |
215,000 |
|
|
| |
3.875%
due 5/15/43 |
|
|
198,858 |
|
| |
502,500 |
|
|
| |
3.625%
due 8/15/43 |
|
|
447,853 |
|
| |
540,000 |
|
|
| |
4.375%
due 8/15/43 |
|
|
531,478 |
|
| |
10,310,000 |
|
|
| |
3.750%
due 11/15/43 |
|
|
9,322,898 |
|
| |
2,493,700 |
|
|
| |
4.750%
due 11/15/43 |
|
|
2,568,024 |
|
| |
1,125,000 |
|
|
| |
3.625%
due 2/15/44 |
|
|
997,866 |
|
| |
385,000 |
|
|
| |
4.500%
due 2/15/44 |
|
|
383,977 |
|
| |
20,500,000 |
|
|
| |
4.625%
due 5/15/44 |
|
|
20,743,438 |
|
| |
415,000 |
|
|
| |
3.125%
due 8/15/44 |
|
|
340,138 |
|
| |
1,248,000 |
|
|
| |
4.125%
due 8/15/44 |
|
|
1,182,334 |
|
| |
1,375,000 |
|
|
| |
3.000%
due 11/15/44 |
|
|
1,101,611 |
|
| |
838,000 |
|
|
| |
4.625%
due 11/15/44 |
|
|
846,315 |
|
| |
1,248,000 |
|
|
| |
4.750%
due 2/15/45 |
|
|
1,279,834 |
|
| |
485,000 |
|
|
| |
5.000%
due 5/15/45 |
|
|
512,888 |
|
| |
245,000 |
|
|
| |
2.875%
due 8/15/45 |
|
|
190,574 |
|
| |
880,000 |
|
|
| |
4.875%
due 8/15/45 |
|
|
915,750 |
|
| |
1,412,500 |
|
|
| |
3.000%
due 11/15/45 |
|
|
1,118,799 |
|
| |
23,747,000 |
|
|
| |
4.625%
due 11/15/45 |
|
|
23,912,116 |
|
| |
370,000 |
|
|
| |
2.500%
due 2/15/46 |
|
|
267,556 |
|
| |
7,071,000 |
|
|
| |
4.625%
due 2/15/46 |
|
|
7,122,375 |
|
| |
1,110,000 |
|
|
| |
2.875%
due 11/15/46 |
|
|
851,101 |
|
| |
3,342,000 |
|
|
| |
3.000%
due 2/15/47 |
|
|
2,610,807 |
|
| |
335,000 |
|
|
| |
3.000%
due 5/15/47 |
|
|
260,934 |
|
| |
680,000 |
|
|
| |
2.750%
due 8/15/47 |
|
|
504,581 |
|
| |
260,000 |
|
|
| |
3.000%
due 2/15/48 |
|
|
200,840 |
|
| |
2,126,300 |
|
|
| |
3.000%
due 8/15/48 |
|
|
1,634,261 |
|
| |
2,878,000 |
|
|
| |
3.375%
due 11/15/48 |
|
|
2,360,859 |
|
| |
2,000,000 |
|
|
| |
2.000%
due 2/15/50 |
|
|
1,223,867 |
|
| |
1,026,000 |
|
|
| |
1.250%
due 5/15/50 |
|
|
514,483 |
|
| |
885,000 |
|
|
| |
1.375%
due 8/15/50 |
|
|
455,879 |
|
| |
1,245,000 |
|
|
| |
1.625%
due 11/15/50 |
|
|
683,777 |
|
| |
2,003,000 |
|
|
| |
1.875%
due 2/15/51 |
|
|
1,169,642 |
|
| |
5,815,000 |
|
|
| |
2.375%
due 5/15/51 |
|
|
3,819,387 |
|
| |
96,000 |
|
|
| |
1.875%
due 11/15/51 |
|
|
55,459 |
|
| |
2,989,000 |
|
|
| |
2.250%
due 2/15/52 |
|
|
1,892,411 |
|
| |
280,000 |
|
|
| |
2.875%
due 5/15/52 |
|
|
203,547 |
|
| |
1,240,000 |
|
|
| |
3.000%
due 8/15/52 |
|
|
924,042 |
|
| |
904,000 |
|
|
| |
4.000%
due 11/15/52 |
|
|
812,700 |
|
| |
4,096,000 |
|
|
| |
3.625%
due 2/15/53 |
|
|
3,439,680 |
|
| |
1,097,000 |
|
|
| |
3.625%
due 5/15/53 |
|
|
920,623 |
|
| |
904,000 |
|
|
| |
4.125%
due 8/15/53 |
|
|
829,773 |
|
| |
1,049,900 |
|
|
| |
4.750%
due 11/15/53 |
|
|
1,067,248 |
|
| |
1,022,000 |
|
|
| |
4.250%
due 2/15/54 |
|
|
957,746 |
|
| |
1,810,000 |
|
|
| |
4.625%
due 5/15/54 |
|
|
1,804,627 |
|
| |
2,961,000 |
|
|
| |
4.250%
due 8/15/54 |
|
|
2,775,070 |
|
See
Notes to Financial Statements.
175
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
|
|
Security |
|
Value |
|
|
| |
U.S.
GOVERNMENT OBLIGATIONS — 20.1% — (continued) |
|
| $ |
4,314,000 |
|
|
| |
4.500%
due 11/15/54 |
|
$ |
4,215,081 |
|
| |
1,055,000 |
|
|
| |
4.625%
due 2/15/55 |
|
|
1,052,280 |
|
| |
940,000 |
|
|
| |
4.750%
due 5/15/55 |
|
|
956,891 |
|
| |
4,024,000 |
|
|
| |
4.750%
due 8/15/55 |
|
|
4,098,507 |
|
| |
2,795,000 |
|
|
| |
4.625%
due 11/15/55 |
|
|
2,790,633 |
|
| |
390,000 |
|
|
| |
4.750%
due 2/15/56 |
|
|
397,465 |
|
|
|
|
| |
| |
U.S. Treasury Notes: |
|
|
| |
| |
1,880,000 |
|
|
| |
2.500%
due 3/31/27 |
|
|
1,860,539 |
|
| |
2,000,000 |
|
|
| |
4.500%
due 4/15/27 |
|
|
2,022,344 |
|
| |
3,000,000 |
|
|
| |
2.750%
due 4/30/27 |
|
|
2,975,566 |
|
| |
2,000,000 |
|
|
| |
4.500%
due 5/15/27 |
|
|
2,023,906 |
|
| |
710,000 |
|
|
| |
2.625%
due 5/31/27 |
|
|
702,789 |
|
| |
2,000,000 |
|
|
| |
4.625%
due 6/15/27 |
|
|
2,029,336 |
|
| |
1,000,000 |
|
|
| |
4.375%
due 7/15/27 |
|
|
1,012,520 |
|
| |
765,000 |
|
|
| |
2.750%
due 7/31/27 |
|
|
757,783 |
|
| |
4,725,000 |
|
|
| |
3.750%
due 8/15/27 |
|
|
4,746,779 |
|
| |
2,160,000 |
|
|
| |
3.125%
due 8/31/27 |
|
|
2,150,550 |
|
| |
862,000 |
|
|
| |
3.625%
due 8/31/27 |
|
|
864,458 |
|
| |
860,000 |
|
|
| |
3.375%
due 9/15/27 |
|
|
859,412 |
|
| |
1,945,000 |
|
|
| |
3.500%
due 9/30/27 |
|
|
1,947,507 |
|
| |
2,000,000 |
|
|
| |
3.875%
due 10/15/27 |
|
|
2,014,453 |
|
| |
270,000 |
|
|
| |
3.500%
due 10/31/27 |
|
|
270,369 |
|
| |
1,343,000 |
|
|
| |
4.125%
due 10/31/27 |
|
|
1,358,371 |
|
| |
1,090,000 |
|
|
| |
4.125%
due 11/15/27 |
|
|
1,102,901 |
|
| |
1,020,000 |
|
|
| |
3.375%
due 11/30/27 |
|
|
1,019,602 |
|
| |
2,500,000 |
|
|
| |
3.875%
due 11/30/27 |
|
|
2,520,020 |
|
| |
1,086,000 |
|
|
| |
4.000%
due 12/15/27 |
|
|
1,097,390 |
|
| |
1,950,000 |
|
|
| |
3.375%
due 12/31/27 |
|
|
1,949,467 |
|
| |
2,000,000 |
|
|
| |
3.875%
due 12/31/27 |
|
|
2,016,953 |
|
| |
2,287,000 |
|
|
| |
4.250%
due 1/15/28 |
|
|
2,322,288 |
|
| |
1,836,000 |
|
|
| |
0.750%
due 1/31/28 |
|
|
1,747,356 |
|
| |
19,000,000 |
|
|
| |
3.500%
due 1/31/28 |
|
|
19,040,820 |
|
| |
2,286,000 |
|
|
| |
4.250%
due 2/15/28 |
|
|
2,323,192 |
|
| |
1,867,000 |
|
|
| |
1.125%
due 2/29/28 |
|
|
1,786,559 |
|
| |
1,746,000 |
|
|
| |
3.875%
due 3/15/28 |
|
|
1,763,153 |
|
| |
1,723,000 |
|
|
| |
3.750%
due 4/15/28 |
|
|
1,736,023 |
|
| |
1,521,000 |
|
|
| |
3.750%
due 5/15/28 |
|
|
1,532,972 |
|
| |
3,120,000 |
|
|
| |
3.875%
due 6/15/28 |
|
|
3,154,673 |
|
| |
3,700,000 |
|
|
| |
3.875%
due 7/15/28 |
|
|
3,741,697 |
|
| |
1,930,000 |
|
|
| |
3.625%
due 8/15/28 |
|
|
1,941,384 |
|
| |
2,250,000 |
|
|
| |
3.375%
due 9/15/28 |
|
|
2,249,912 |
|
| |
1,410,000 |
|
|
| |
3.500%
due 11/15/28 |
|
|
1,414,406 |
|
| |
1,746,000 |
|
|
| |
3.500%
due 12/15/28 |
|
|
1,751,661 |
|
| |
1,285,000 |
|
|
| |
3.750%
due 12/31/28 |
|
|
1,297,875 |
|
| |
2,774,000 |
|
|
| |
4.000%
due 1/31/29 |
|
|
2,821,407 |
|
| |
955,000 |
|
|
| |
4.250%
due 2/28/29 |
|
|
978,278 |
|
| |
415,000 |
|
|
| |
2.375%
due 3/31/29 |
|
|
402,745 |
|
| |
6,000,000 |
|
|
| |
4.125%
due 3/31/29 |
|
|
6,128,320 |
|
| |
1,130,000 |
|
|
| |
4.625%
due 4/30/29 |
|
|
1,171,249 |
|
| |
2,000,000 |
|
|
| |
4.500%
due 5/31/29 |
|
|
2,066,992 |
|
| |
4,000,000 |
|
|
| |
4.250%
due 6/30/29 |
|
|
4,105,234 |
|
| |
1,000,000 |
|
|
| |
4.000%
due 7/31/29 |
|
|
1,018,867 |
|
| |
930,000 |
|
|
| |
3.125%
due 8/31/29 |
|
|
920,882 |
|
| |
4,800,000 |
|
|
| |
3.625%
due 8/31/29 |
|
|
4,831,594 |
|
| |
2,000,000 |
|
|
| |
3.500%
due 9/30/29 |
|
|
2,004,727 |
|
| |
285,000 |
|
|
| |
3.875%
due 9/30/29 |
|
|
289,225 |
|
See
Notes to Financial Statements.
176
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
|
|
Security |
|
Value |
|
|
| |
U.S.
GOVERNMENT OBLIGATIONS — 20.1% — (continued) |
|
| $ |
930,000 |
|
|
| |
4.000%
due 10/31/29 |
|
$ |
947,946 |
|
| |
2,000,000 |
|
|
| |
4.125%
due 10/31/29 |
|
|
2,046,992 |
|
| |
2,597,000 |
|
|
| |
3.875%
due 11/30/29 |
|
|
2,636,158 |
|
| |
706,000 |
|
|
| |
4.125%
due 11/30/29 |
|
|
722,809 |
|
| |
1,617,000 |
|
|
| |
4.375%
due 12/31/29 |
|
|
1,670,595 |
|
| |
614,000 |
|
|
| |
4.250%
due 1/31/30 |
|
|
631,832 |
|
| |
1,553,000 |
|
|
| |
4.000%
due 2/28/30 |
|
|
1,584,212 |
|
| |
2,951,000 |
|
|
| |
3.625%
due 3/31/30 |
|
|
2,969,271 |
|
| |
2,533,000 |
|
|
| |
4.000%
due 3/31/30 |
|
|
2,584,353 |
|
| |
1,000,000 |
|
|
| |
3.875%
due 4/30/30 |
|
|
1,015,664 |
|
| |
1,556,000 |
|
|
| |
3.750%
due 5/31/30 |
|
|
1,572,776 |
|
| |
1,847,000 |
|
|
| |
4.000%
due 5/31/30 |
|
|
1,885,167 |
|
| |
1,919,000 |
|
|
| |
3.875%
due 6/30/30 |
|
|
1,949,359 |
|
| |
1,613,000 |
|
|
| |
3.875%
due 7/31/30 |
|
|
1,638,802 |
|
| |
9,886,000 |
|
|
| |
3.625%
due 8/31/30 |
|
|
9,940,064 |
|
| |
1,480,000 |
|
|
| |
3.625%
due 9/30/30 |
|
|
1,488,094 |
|
| |
1,350,000 |
|
|
| |
3.625%
due 10/31/30 |
|
|
1,357,119 |
|
| |
555,000 |
|
|
| |
4.875%
due 10/31/30 |
|
|
587,585 |
|
| |
4,101,000 |
|
|
| |
3.500%
due 11/30/30 |
|
|
4,100,359 |
|
| |
1,512,000 |
|
|
| |
4.375%
due 11/30/30 |
|
|
1,568,730 |
|
| |
2,370,000 |
|
|
| |
3.625%
due 12/31/30 |
|
|
2,381,665 |
|
| |
1,000,000 |
|
|
| |
3.750%
due 12/31/30 |
|
|
1,010,312 |
|
| |
11,688,000 |
|
|
| |
3.750%
due 1/31/31 |
|
|
11,811,272 |
|
| |
1,668,000 |
|
|
| |
4.000%
due 1/31/31 |
|
|
1,703,706 |
|
| |
1,560,000 |
|
|
| |
1.125%
due 2/15/31 |
|
|
1,393,214 |
|
| |
1,660,000 |
|
|
| |
3.500%
due 2/28/31 |
|
|
1,659,157 |
|
| |
1,345,000 |
|
|
| |
4.250%
due 2/28/31 |
|
|
1,389,212 |
|
| |
640,000 |
|
|
| |
4.125%
due 3/31/31 |
|
|
657,412 |
|
| |
2,912,000 |
|
|
| |
1.625%
due 5/15/31 |
|
|
2,647,531 |
|
| |
1,000,000 |
|
|
| |
4.625%
due 5/31/31 |
|
|
1,050,996 |
|
| |
800,000 |
|
|
| |
4.250%
due 6/30/31 |
|
|
826,703 |
|
| |
1,000,000 |
|
|
| |
4.125%
due 7/31/31 |
|
|
1,027,441 |
|
| |
800,000 |
|
|
| |
3.625%
due 9/30/31 |
|
|
801,625 |
|
| |
1,000,000 |
|
|
| |
4.125%
due 10/31/31 |
|
|
1,026,914 |
|
| |
1,000,000 |
|
|
| |
4.125%
due 11/30/31 |
|
|
1,026,914 |
|
| |
255,000 |
|
|
| |
4.375%
due 1/31/32 |
|
|
265,195 |
|
| |
340,000 |
|
|
| |
4.000%
due 4/30/32 |
|
|
346,634 |
|
| |
1,178,000 |
|
|
| |
2.875%
due 5/15/32 |
|
|
1,127,176 |
|
| |
65,000 |
|
|
| |
4.000%
due 6/30/32 |
|
|
66,248 |
|
| |
121,000 |
|
|
| |
4.000%
due 7/31/32 |
|
|
123,283 |
|
| |
3,650,000 |
|
|
| |
2.750%
due 8/15/32 |
|
|
3,456,521 |
|
| |
103,000 |
|
|
| |
3.875%
due 8/31/32 |
|
|
104,171 |
|
| |
253,000 |
|
|
| |
3.875%
due 9/30/32 |
|
|
255,792 |
|
| |
467,000 |
|
|
| |
3.750%
due 10/31/32 |
|
|
468,487 |
|
| |
4,066,000 |
|
|
| |
4.125%
due 11/15/32 |
|
|
4,169,079 |
|
| |
160,000 |
|
|
| |
3.875%
due 12/31/32 |
|
|
161,613 |
|
| |
853,000 |
|
|
| |
4.000%
due 1/31/33 |
|
|
867,928 |
|
| |
1,470,000 |
|
|
| |
3.375%
due 5/15/33 |
|
|
1,436,293 |
|
| |
1,447,000 |
|
|
| |
3.875%
due 8/15/33 |
|
|
1,458,050 |
|
| |
2,694,000 |
|
|
| |
4.500%
due 11/15/33 |
|
|
2,823,333 |
|
| |
4,275,000 |
|
|
| |
4.000%
due 2/15/34 |
|
|
4,332,278 |
|
| |
2,193,000 |
|
|
| |
4.375%
due 5/15/34 |
|
|
2,277,336 |
|
| |
2,233,000 |
|
|
| |
3.875%
due 8/15/34 |
|
|
2,237,100 |
|
| |
18,313,500 |
|
|
| |
4.250%
due 11/15/34 |
|
|
18,819,267 |
|
See
Notes to Financial Statements.
177
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
U.S.
GOVERNMENT OBLIGATIONS — 20.1% — (continued) |
|
| $ |
1,550,000 |
|
|
| |
4.625%
due 2/15/35 |
|
$ |
1,635,522 |
|
| |
1,960,000 |
|
|
| |
4.250%
due 5/15/35 |
|
|
2,010,646 |
|
| |
1,779,000 |
|
|
| |
4.250%
due 8/15/35 |
|
|
1,823,475 |
|
| |
4,716,000 |
|
|
| |
4.000%
due 11/15/35 |
|
|
4,733,685 |
|
| |
1,262,000 |
|
|
| |
4.125%
due 2/15/36 |
|
|
1,278,860 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total U.S. GOVERNMENT OBLIGATIONS |
|
|
377,575,700 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
U.S. GOVERNMENT AGENCIES & OBLIGATIONS
(Cost —
$384,281,150) |
|
|
377,955,761 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
COLLATERALIZED
MORTGAGE OBLIGATIONS — 13.3% |
|
|
| |
Asset-Backed
Securities — 6.2% |
|
| |
1,400,000 |
|
|
NR |
|
AMSR Trust, Series 2025-SFR1, Class E2,
3.655% due 6/17/42(a) |
|
|
1,300,870 |
|
| |
2,084,128 |
|
|
NR |
|
Angel
Oak Mortgage Trust, Series 2025-HB2, Class A1, 5.267%
(30-Day Average
SOFR + 1.600%) due 12/25/55(a)(f) |
|
|
2,100,262 |
|
| |
918,158 |
|
|
NR |
|
Aqua Finance Issuer Trust, Series
2025-A, Class C, 5.810% due 12/19/50(a) |
|
|
942,862 |
|
| |
1,243,097 |
|
|
A3(b) |
|
Aqua Finance Trust, Series 2020-AA,
Class C, 3.970% due 7/17/46(a) |
|
|
1,212,433 |
|
|
|
|
| |
| |
Business Jet Securities LLC: |
|
|
| |
| |
454,839 |
|
|
BB |
|
Series
2024-1A, Class C, 9.132% due 5/15/39(a) |
|
|
473,642 |
|
| |
1,960,937 |
|
|
BB |
|
Series
2024-2A, Class C, 7.974% due 9/15/39(a) |
|
|
1,982,341 |
|
| |
3,755,000 |
|
|
NR |
|
Cajun Global LLC, Series 2025-2A, Class
A2, 5.912% due 11/20/55(a) |
|
|
3,828,458 |
|
| |
1,000,000 |
|
|
NR |
|
Cascade MH Asset Trust, Series
2019-MH1, Class M, 5.985% due 11/25/44(a)(f) |
|
|
978,262 |
|
| |
3,545,000 |
|
|
NR |
|
CCAS LLC, Series 2024-1A, Class A,
7.124% due 6/16/31(a) |
|
|
3,594,313 |
|
| |
750,000 |
|
|
NR |
|
Cherry Securitization Trust, Series
2025-1A, Class A, 6.130% due 11/15/32(a) |
|
|
763,501 |
|
| |
1,139,394 |
|
|
NR |
|
Crockett Partners Equipment Co. IIA
LLC, Series 2024-1C, Class A, 6.050% due 1/20/31(a) |
|
|
1,165,403 |
|
|
|
|
| |
| |
DataBank Issuer: |
|
|
| |
| |
3,810,000 |
|
|
NR |
|
Series
2024-1A, Class A2, 5.300% due 1/26/54(a) |
|
|
3,824,488 |
|
| |
520,000 |
|
|
A3(b) |
|
Series
2026-1A, Class A2, 5.811% due 2/25/56(a) |
|
|
527,257 |
|
|
|
|
| |
| |
FirstKey Homes Trust: |
|
|
| |
| |
805,000 |
|
|
NR |
|
Series
2021-SFR1, Class E1, 2.389% due 8/17/38(a) |
|
|
794,453 |
|
| |
2,000,000 |
|
|
NR |
|
Series
2021-SFR1, Class E2, 2.489% due 8/17/38(a) |
|
|
1,974,197 |
|
| |
2,500,000 |
|
|
NR |
|
Series
2021-SFR1, Class F1, 3.238% due 8/17/38(a) |
|
|
2,474,307 |
|
| |
2,009,563 |
|
|
BBB- |
|
Five Guys Holdings Inc., Series
2023-1A, Class A2, 7.549% due 1/26/54(a) |
|
|
2,069,660 |
|
| |
198,857 |
|
|
NR |
|
Flexential Issuer, Series 2021-1A,
Class A2, 3.250% due 11/27/51(a) |
|
|
196,633 |
|
|
|
|
| |
| |
GS Mortgage-Backed Securities Trust: |
|
|
| |
| |
1,700,000 |
|
|
NR |
|
Series
2025-HE2, Class M1, 5.567% (30-Day Average SOFR + 1.900%) due
12/25/65(a)(f) |
|
|
1,723,311 |
|
| |
2,291,299 |
|
|
AAA(l) |
|
Series
2025-SL1, Class A1, 5.847% due 11/25/67(a)(f) |
|
|
2,323,259 |
|
| |
529,744 |
|
|
BB-(l) |
|
Hilton Grand Vacations Trust, Series
2025-3EXT, Class D, 7.380% due 10/25/44(a) |
|
|
543,246 |
|
| |
869,179 |
|
|
Ba2(b) |
|
HINNT LLC, Series 2024-A, Class D,
7.000% due 3/15/43(a) |
|
|
877,744 |
|
| |
2,384,626 |
|
|
Aa3(b) |
|
Home Partners of America Trust, Series
2022-1, Class D, 4.730% due 4/17/39(a) |
|
|
2,367,588 |
|
| |
4,227,500 |
|
|
BBB |
|
Jack in the Box Funding LLC, Series
2019-1A, Class A23, 4.970% due 8/25/49(a) |
|
|
4,087,516 |
|
| |
860,000 |
|
|
NR |
|
Lafayette
Federal Credit Union Asset Trust 2026-HI1A, Series 2026-HI1A, Class A2,
5.375% due 1/25/46(a)(e) |
|
|
868,593 |
|
|
|
|
| |
| |
Lendmark Funding Trust: |
|
|
| |
| |
1,250,000 |
|
|
BB- |
|
Series
2024-2A, Class E, 8.470% due 2/21/34(a) |
|
|
1,284,927 |
|
| |
1,395,000 |
|
|
BB |
|
Series
2025-1A, Class E, 8.910% due 9/20/34(a) |
|
|
1,455,700 |
|
| |
1,210,000 |
|
|
BBB |
|
Series
2025-3A, Class D, 5.640% due 5/21/35(a) |
|
|
1,230,763 |
|
| |
1,750,000 |
|
|
BB- |
|
Mariner Finance Issuance Trust, Series
2025-AA, Class E, 8.640% due 5/20/38(a) |
|
|
1,821,372 |
|
| |
1,135,000 |
|
|
A-(l) |
|
Marlette Funding Trust, Series 2025-1A,
Class C, 5.260% due 7/16/35(a) |
|
|
1,146,481 |
|
| |
765,998 |
|
|
BBB(l) |
|
MVW LLC, Series 2025-1A, Class C,
5.750% due 9/22/42(a) |
|
|
778,280 |
|
| |
2,311,650 |
|
|
NR |
|
NBC Funding LLC, Series 2024-1A, Class
A2, 6.750% due 7/30/54(a) |
|
|
2,384,513 |
|
| |
1,090,000 |
|
|
BBB+ |
|
New Economy Assets Phase 1 Sponsor LLC,
Series 2021-1, Class B1, 2.410% due 10/20/61(a) |
|
|
718,461 |
|
| |
1,888,819 |
|
|
AA |
|
NMABS Issuer I LLC, Series 2025-1A,
Class B, 5.330% due 11/22/55(a) |
|
|
1,895,972 |
|
| |
1,675,000 |
|
|
BBB- |
|
Oak
Street Investment Grade Net Lease Fund, Series 2020-1A, Class B1, 5.110%
due 11/20/50(a) |
|
|
948,462 |
|
|
|
|
| |
| |
Oportun Issuance Trust: |
|
|
| |
| |
562,176 |
|
|
NR |
|
Series
2021-C, Class A, 2.180% due 10/8/31(a) |
|
|
553,611 |
|
See
Notes to Financial Statements.
178
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Asset-Backed
Securities — 6.2% — (continued) |
|
| $ |
1,400,000 |
|
|
NR |
|
Series
2024-2, Class D, 10.470% due 2/9/32(a) |
|
$ |
1,442,114 |
|
| |
1,000,000 |
|
|
AA-(l) |
|
Series
2025-B, Class B, 5.280% due 5/9/33(a) |
|
|
1,006,394 |
|
| |
3,000,000 |
|
|
AA-(l) |
|
Series
2025-C, Class B, 4.930% due 7/8/33(a) |
|
|
3,009,430 |
|
| |
1,021,090 |
|
|
NR |
|
PowerPay Issuance Trust, Series
2025-1A, Class A, 5.230% due 11/18/41(a) |
|
|
1,032,224 |
|
|
|
|
| |
| |
Progress Residential Trust: |
|
|
| |
| |
1,750,000 |
|
|
NR |
|
Series
2021-SFR9, Class F, 4.053% due 11/17/40(a) |
|
|
1,717,064 |
|
| |
2,500,000 |
|
|
NR |
|
Series
2022-SFR1, Class F, 4.880% due 2/17/41(a) |
|
|
2,489,061 |
|
| |
2,081,000 |
|
|
NR |
|
Series
2022-SFR2, Class E2, 4.800% due 4/17/27(a) |
|
|
2,051,823 |
|
| |
1,781,000 |
|
|
NR |
|
Series
2023-SFR2, Class E1, 4.750% due 10/17/40(a) |
|
|
1,764,757 |
|
| |
2,992,500 |
|
|
NR |
|
Qdoba Funding LLC, Series 2023-1A,
Class A2, 8.500% due 9/14/53(a) |
|
|
3,135,129 |
|
| |
961,456 |
|
|
AAA(l) |
|
RCKT
Mortgage Trust, Series 2024-CES9, Class A1A, step bond to yield, 5.582%
due 12/25/44(a) |
|
|
972,982 |
|
| |
1,900,000 |
|
|
A |
|
Sabey Data Center Issuer LLC, Series
2026-1, Class A2, 5.482% due 1/20/51(a) |
|
|
1,933,095 |
|
|
|
|
| |
| |
Saluda Grade Alternative Mortgage
Trust: |
|
|
| |
| |
1,067,734 |
|
|
NR |
|
Series
2023-FIG3, Class A, 7.067% due 8/25/53(a)(f) |
|
|
1,116,513 |
|
| |
2,597,620 |
|
|
NR |
|
Series
2023-FIG4, Class A, 6.718% due 11/25/53(a)(f) |
|
|
2,729,190 |
|
| |
2,592,736 |
|
|
NR |
|
Series
2024-CES1, Class A1, 6.306% due 3/25/54(a)(f) |
|
|
2,651,299 |
|
| |
830,000 |
|
|
Aaa(b) |
|
SCF Equipment Leasing LLC, Series
2025-1A, Class A3, 5.110% due 11/21/33(a) |
|
|
853,770 |
|
| |
4,174,538 |
|
|
BBB- |
|
SEB Funding LLC, Series 2021-1A, Class
A2, 4.969% due 1/30/52(a) |
|
|
4,176,872 |
|
| |
3,097,420 |
|
|
NR |
|
Service Experts Issuer LLC, Series
2024-1A, Class A, 6.390% due 11/20/35(a) |
|
|
3,185,371 |
|
| |
1,298,500 |
|
|
BBB- |
|
SERVPRO Master Issuer LLC, Series
2024-1A, Class A2, 6.174% due 1/25/54(a) |
|
|
1,352,176 |
|
|
|
|
| |
| |
Sierra Timeshare Receivables Funding
LLC: |
|
|
| |
| |
970,416 |
|
|
Ba2(b) |
|
Series
2023-1A, Class D, 9.800% due 1/20/40(a) |
|
|
1,026,578 |
|
| |
865,940 |
|
|
BB- |
|
Series
2025-2A, Class D, 6.790% due 4/20/44(a) |
|
|
884,503 |
|
| |
345,000 |
|
|
NR |
|
Sotheby’s Artfi Master Trust, Series
2026-1A, Class B, 4.900% due 6/20/33(a) |
|
|
346,901 |
|
| |
3,500,000 |
|
|
A- |
|
Stack Infrastructure Issuer LLC, Series
2024-1A, Class A2, 5.900% due 3/25/49(a) |
|
|
3,543,627 |
|
|
|
|
| |
| |
Stream Innovations Issuer Trust: |
|
|
| |
| |
1,455,065 |
|
|
NR |
|
Series
2024-2A, Class C, 9.050% due 2/15/45(a) |
|
|
1,542,302 |
|
| |
963,578 |
|
|
NR |
|
Series
2025-1A, Class D, 8.400% due 9/15/45(a) |
|
|
989,578 |
|
| |
889,084 |
|
|
AAA(l) |
|
Towd
Point Mortgage Trust, Series 2026-CES1, Class A1, step bond to yield,
4.961% due 1/25/66(a) |
|
|
894,594 |
|
| |
943,624 |
|
|
A2(b) |
|
Upstart Securitization Trust, Series
2025-1, Class A, 5.450% due 4/20/35(a) |
|
|
951,955 |
|
| |
2,950,000 |
|
|
NR |
|
Vital Care Issuer LLC, Series 2025-1A,
Class A2, 6.737% due 1/30/56(a) |
|
|
3,009,861 |
|
| |
2,946,175 |
|
|
NR |
|
Zaxbys Funding LLC, Series 2021-1A,
Class A2, 3.238% due 7/30/51(a) |
|
|
2,829,447 |
|
|
|
|
| |
| |
Zayo Issuer LLC: |
|
|
| |
| |
2,285,000 |
|
|
A-(l) |
|
Series
2025-1A, Class A2, 5.648% due 3/20/55(a) |
|
|
2,340,347 |
|
| |
3,400,000 |
|
|
A3(b) |
|
Series
2025-2A, Class A2, 5.953% due 6/20/55(a) |
|
|
3,513,563 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Asset-Backed Securities |
|
|
115,705,661 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Mortgage
Securities — 7.1% |
|
| |
1,638,033 |
|
|
AAA |
|
A&D Mortgage Trust, Series
2024-NQM4, Class A1, 5.464% due 8/25/69(a) |
|
|
1,648,237 |
|
|
|
|
| |
| |
ABL: |
|
|
| |
| |
1,750,000 |
|
|
NR |
|
Series
2024-RTL1, Class A1, step bond to yield, 6.075% due 9/25/29(a) |
|
|
1,759,429 |
|
| |
800,000 |
|
|
NR |
|
Series
2025-RTL1, Class A1, step bond to yield, 6.040% due 6/25/30(a) |
|
|
812,445 |
|
|
|
|
| |
| |
BAMLL Re-REMIC Trust: |
|
|
| |
| |
2,000,000 |
|
|
NR |
|
Series
2024-FRR2, Class C, 1.215% due 7/27/50(a)(f) |
|
|
1,893,279 |
|
| |
2,400,000 |
|
|
NR |
|
Series
2024-FRR3, Class C, 0.676% due 1/27/50(a)(f) |
|
|
2,294,640 |
|
| |
11,122 |
|
|
AA+ |
|
Banc of America Mortgage Trust, Series
2004-F, Class 1A1, 5.808% due 7/25/34(f) |
|
|
10,763 |
|
|
|
|
| |
| |
BBCMS Mortgage Trust: |
|
|
| |
| |
280,000 |
|
|
AAA |
|
Series
2022-C16, Class A5, 4.600% due 6/15/55(f) |
|
|
282,092 |
|
| |
590,000 |
|
|
AAA |
|
Series
2023-C19, Class A2B, 5.753% due 4/15/56 |
|
|
602,166 |
|
| |
250,000 |
|
|
AAA |
|
Series
2024-C28, Class A5, 5.403% due 9/15/57 |
|
|
264,907 |
|
|
|
|
| |
| |
BMD2 Re-Remic Trust: |
|
|
| |
| |
1,650,000 |
|
|
NR |
|
Series
2019-FRR1, Class 4A, zero coupon due 5/25/52(a)(m) |
|
|
1,437,237 |
|
| |
2,000,000 |
|
|
NR |
|
Series
2019-FRR1, Class 5A1, 3.413% due 5/25/52(a)(f) |
|
|
1,907,728 |
|
| |
1,750,000 |
|
|
NR |
|
Series
2019-FRR1, Class 6B10, 2.347% due 5/25/52(a)(f) |
|
|
1,561,135 |
|
See
Notes to Financial Statements.
179
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Mortgage
Securities — 7.1% — (continued) |
|
|
|
|
| |
| |
BMO Mortgage Trust: |
|
|
| |
| $ |
280,000 |
|
|
AAA |
|
Series
2022-C1, Class A5, 3.374% due 2/15/55(f) |
|
$ |
265,064 |
|
| |
100,000 |
|
|
A-(l) |
|
Series
2024-5C6, Class C, 5.885% due 9/15/57(f) |
|
|
101,073 |
|
| |
648,465 |
|
|
NR |
|
Brean Asset Backed Securities Trust,
Series 2025-RM11, Class A1, 4.750% due 5/25/65(a)(f) |
|
|
647,242 |
|
| |
1,215,000 |
|
|
BBB(l) |
|
BX
Mortgage Trust, Series 2021-PAC, Class D, 5.073%
(1-Month Term SOFR +
1.413%) due 10/15/36(a)(f) |
|
|
1,211,966 |
|
|
|
|
| |
| |
BX Trust: |
|
|
| |
| |
685,684 |
|
|
Aaa(b) |
|
Series
2022-VAMF, Class A, 4.510% (1-Month Term SOFR + 0.850%) due
1/15/39(a)(f) |
|
|
685,603 |
|
| |
969,000 |
|
|
A3(b) |
|
Series
2024-BIO, Class C, 6.300% (1-Month Term SOFR + 2.640%) due
2/15/41(a)(f) |
|
|
963,191 |
|
| |
1,200,000 |
|
|
NR |
|
CAFL Issuer LP, Series 2025-RRTL1,
Class A1, step bond to yield, 5.684% due 5/28/40(a) |
|
|
1,213,931 |
|
|
|
|
| |
| |
CIM Trust: |
|
|
| |
| |
594,546 |
|
|
NR |
|
Series
2019-R4, Class A1, 3.000% due 10/25/59(a)(f) |
|
|
567,258 |
|
| |
332,157 |
|
|
NR |
|
Series
2020-R6, Class A1A, 2.250% due 12/25/60(a)(f) |
|
|
310,139 |
|
| |
1,164,747 |
|
|
NR |
|
Series
2021-R1, Class A2, 2.400% due 8/25/56(a)(f) |
|
|
1,084,105 |
|
| |
565,725 |
|
|
NR |
|
Series
2021-R3, Class A1A, 1.951% due 6/25/57(a)(f) |
|
|
533,094 |
|
| |
746,423 |
|
|
NR |
|
Series
2021-R4, Class A1A, 2.000% due 5/1/61(a)(f) |
|
|
702,128 |
|
| |
1,567,617 |
|
|
NR |
|
Series
2021-R5, Class A1, 2.000% due 8/25/61(a)(f) |
|
|
1,396,030 |
|
| |
1,755,250 |
|
|
NR |
|
Series
2023-R1, Class A1A, 5.400% due 4/25/62(a)(f) |
|
|
1,750,848 |
|
| |
1,543,505 |
|
|
NR |
|
Series
2023-R3, Class A1A, 4.500% due 1/25/63(a)(f) |
|
|
1,530,924 |
|
|
|
|
| |
| |
Citigroup Commercial Mortgage Trust: |
|
|
| |
| |
285,000 |
|
|
Aa3(b) |
|
Series
2016-C2, Class B, 3.176% due 8/10/49 |
|
|
282,010 |
|
| |
534,650 |
|
|
Aaa(b) |
|
Series
2016-C3, Class A3, 2.896% due 11/15/49 |
|
|
530,489 |
|
| |
44,960 |
|
|
Aaa(b) |
|
Series
2017-P7, Class AAB, 3.509% due 4/14/50 |
|
|
44,843 |
|
| |
644,956 |
|
|
AAA(l) |
|
COLT Mortgage Loan Trust, Series
2021-2, Class A1, 0.924% due 8/25/66(a)(f) |
|
|
555,770 |
|
|
|
|
| |
| |
Commercial Mortgage Trust: |
|
|
| |
| |
46 |
|
|
PIF(l) |
|
Series
2014-CR21, Class C, 4.697% due 12/10/47(e)(f) |
|
|
45 |
|
| |
165,000 |
|
|
Aaa(b) |
|
Series
2018-COR3, Class A3, 4.228% due 5/10/51 |
|
|
163,297 |
|
| |
621,305 |
|
|
Aa2(b) |
|
Connecticut
Avenue Securities Trust, Series 2025-R03, Class 2A1, 5.117%
(30-Day
Average SOFR + 1.450%) due 3/25/45(a)(f) |
|
|
624,915 |
|
| |
310,000 |
|
|
Aaa(b) |
|
CSAIL Commercial Mortgage Trust, Series
2018-CX12, Class A4, 4.224% due 8/15/51(f) |
|
|
310,569 |
|
| |
100,000 |
|
|
B+ |
|
CSMC OA LLC, Series 2014-USA, Class D,
4.373% due 9/15/37(a) |
|
|
86,594 |
|
| |
1,695,000 |
|
|
BB-(l) |
|
CSTL Commercial Mortgage Trust, Series
2025-GATE2, Class E, 6.355% due 11/10/42(a)(f) |
|
|
1,722,854 |
|
| |
2,025,000 |
|
|
NR |
|
DBSG Mortgage Trust, Series 2024-ALTA,
Class A, 5.946% due 6/10/37(a)(f) |
|
|
2,055,173 |
|
| |
1,750,000 |
|
|
AAA(l) |
|
DOLP Trust, Series 2021-NYC, Class A,
2.956% due 5/10/41(a) |
|
|
1,596,680 |
|
| |
1,308,227 |
|
|
AAA(l) |
|
EFMT, Series 2025-NQM3, Class A1, step
bond to yield, zero coupon due 8/25/70(a) |
|
|
1,323,792 |
|
| |
6,482,110 |
|
|
NR |
|
Federal
Home Loan Mortgage Corp. (FHLMC), REMICS, Series 4995, Class QE, 1.250%
due 7/25/50 |
|
|
5,186,686 |
|
| |
1,148,755 |
|
|
A- |
|
Federal
Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk, Series 2021-DNA6, Class M2, 5.167%
(30-Day Average SOFR + 1.500%) due 10/25/41(a)(f) |
|
|
1,152,141 |
|
|
|
|
| |
| |
Federal National Mortgage Association
(FNMA), ACES: |
|
|
| |
| |
245,000 |
|
|
NR |
|
Series
2021-M2S, Class A2, 1.807% due 10/25/31(f) |
|
|
221,290 |
|
| |
253,612 |
|
|
NR |
|
Series
2022-M10, Class A2, 1.925% due 1/25/32(f) |
|
|
228,660 |
|
| |
2,035,000 |
|
|
NR |
|
Series
2023-M2, Class 3A2, 2.006% due 4/25/32(f) |
|
|
1,818,150 |
|
|
|
|
| |
| |
Federal National Mortgage Association
(FNMA), REMICS: |
|
|
| |
| |
3,878,682 |
|
|
NR |
|
Series
2020-57, Class NI, 2.500% due 8/25/50(n) |
|
|
652,948 |
|
| |
544,166 |
|
|
NR |
|
Series
2020-73, Class KI, 3.000% due 10/25/50(n) |
|
|
94,337 |
|
| |
463,875 |
|
|
NR |
|
Series
2021-61, Class KI, 2.500% due 4/25/49(n) |
|
|
68,348 |
|
|
|
|
| |
| |
FHLMC Multifamily Structured
Pass-Through Certificates: |
|
|
| |
| |
2,700,000 |
|
|
AA+(l) |
|
Series
K104, Class XAM, 1.379% due 1/25/30(f)(n) |
|
|
130,890 |
|
| |
440,000 |
|
|
AAA(l) |
|
Series
K144, Class A2, 2.450% due 4/25/32 |
|
|
405,324 |
|
| |
500,000 |
|
|
Aaa(b) |
|
Series
K146, Class A2, 2.920% due 6/25/32 |
|
|
472,230 |
|
| |
736,000 |
|
|
Aaa(b) |
|
Series
K148, Class A2, 3.500% due 7/25/32(f) |
|
|
718,386 |
|
| |
250,000 |
|
|
NR |
|
Series
K154, Class A2, 3.424% due 4/25/32 |
|
|
247,760 |
|
| |
1,000,000 |
|
|
NR |
|
Series
K541, Class A2, 4.348% due 2/25/30(a)(f) |
|
|
1,021,023 |
|
|
|
|
| |
| |
Freddie Mac Multifamily Structured
Credit Risk: |
|
|
| |
| |
2,500,000 |
|
|
NR |
|
Series
2021-MN1, Class M2, 7.417% (30-Day Average SOFR + 3.750%) due
1/25/51(a)(f) |
|
|
2,600,196 |
|
See
Notes to Financial Statements.
180
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Mortgage
Securities — 7.1% — (continued) |
|
| $ |
2,000,000 |
|
|
NR |
|
Series
2021-MN3, Class M2, 7.667% (30-Day Average SOFR + 4.000%) due
11/25/51(a)(f) |
|
$ |
2,075,039 |
|
| |
1,250,000 |
|
|
NR |
|
Series
2025-MN11, Class M2, 6.317% (30-Day Average SOFR + 2.650%) due
7/25/45(a)(f) |
|
|
1,252,674 |
|
| |
1,200,000 |
|
|
BB-(l) |
|
Series
2025-MN12, Class M2, 6.417% (30-Day Average SOFR +
2.750%)
due 11/25/45(a)(f) |
|
|
1,203,712 |
|
| |
725,000 |
|
|
NR |
|
FS
Trust, Series 2026-HULA, Class B, 5.320%
(1-Month Term SOFR + 1.650%)
due 3/15/41(a)(f) |
|
|
726,316 |
|
|
|
|
| |
| |
GAM RE-REMIC Trust: |
|
|
| |
| |
2,352,000 |
|
|
NR |
|
Series
2021-FRR1, Class 2C, zero coupon due 11/29/50(a)(m) |
|
|
2,115,024 |
|
| |
799,000 |
|
|
NR |
|
Series
2021-FRR2, Class CK78, zero coupon due 9/27/51(a)(m) |
|
|
642,075 |
|
| |
2,000,000 |
|
|
NR |
|
Series
2022-FRR3, Class BK61, zero coupon due 11/27/49(a)(m) |
|
|
1,914,737 |
|
| |
2,000,000 |
|
|
NR |
|
Series
2022-FRR3, Class CK89, zero coupon due 1/27/52(a)(m) |
|
|
1,650,058 |
|
|
|
|
| |
| |
Government National Mortgage
Association (GNMA): |
|
|
| |
| |
61,834 |
|
|
NR |
|
Series
2018-124, Class NW, 3.500% due 9/20/48 |
|
|
58,984 |
|
| |
3,230,620 |
|
|
NR |
|
Series
2021-119, Class JG, 1.500% due 6/20/51 |
|
|
2,833,301 |
|
| |
1,129,123 |
|
|
NR |
|
Series
2023-53, Class SL, 5.177% (12.500% – 30-Day Average SOFR) due
4/20/53(j) |
|
|
1,110,530 |
|
| |
6,126,219 |
|
|
NR |
|
Series
2024-51, Class GC, 3.500% due 7/20/48 |
|
|
6,061,556 |
|
| |
36,677 |
|
|
WR(b) |
|
Harborview Mortgage Loan Trust, Series
2004-5, Class 2A6, 4.723% due 6/19/34(f) |
|
|
35,321 |
|
| |
1,000,000 |
|
|
NR |
|
ICAP Trust, Series 2025-RTL1, Class A1,
step bond to yield, 6.472% due 7/25/30(a) |
|
|
1,019,158 |
|
|
|
|
| |
| |
JPMDB Commercial Mortgage Securities
Trust: |
|
|
| |
| |
190,000 |
|
|
Aaa(b) |
|
Series
2017-C7, Class A5, 3.409% due 10/15/50 |
|
|
187,302 |
|
| |
130,000 |
|
|
AA- |
|
Series
2018-C8, Class B, 4.522% due 6/15/51 |
|
|
124,697 |
|
| |
1,370,436 |
|
|
Aaa(b) |
|
JPMorgan Mortgage Trust, Series
2021-13, Class A3, 2.500% due 4/25/52(a)(f) |
|
|
1,177,332 |
|
| |
1,200,000 |
|
|
NR |
|
KREST
Commercial Mortgage Securities Trust, Series 2021-CHIP, Class B,
2.861%
due 11/5/44(a) |
|
|
933,395 |
|
| |
510,000 |
|
|
NR |
|
Lhome Mortgage Trust, Series 2025-RTL2,
Class A1, 5.612% due 4/25/40(a)(f) |
|
|
515,232 |
|
| |
1,700,000 |
|
|
NR |
|
LHOME
Mortgage Trust, Series 2025-RTL1, Class A1, step bond to yield,
5.652%
due 1/25/40(a) |
|
|
1,715,178 |
|
| |
500,000 |
|
|
NR |
|
LOANDEPOT
GMSR Master Trust, Series 2025-GT2, Class A, 6.814%
(1-Month Term SOFR
+ 3.150%) due 7/16/30(a)(f) |
|
|
505,082 |
|
| |
672,290 |
|
|
Aaa(b) |
|
MCR
Mortgage Trust, Series 2024-HF1, Class A, 5.453%
(1-Month Term SOFR +
1.793%) due 12/15/41(a)(f) |
|
|
673,530 |
|
| |
2,000,000 |
|
|
NR |
|
MFA Trust, Series 2024-RTL3, Class A1,
step bond to yield, 5.913% due 11/25/39(a) |
|
|
2,013,415 |
|
| |
2,000,000 |
|
|
NR |
|
MRCD Mortgage Trust, Series 2019-PARK,
Class E, 2.718% due 12/15/36(a) |
|
|
1,532,125 |
|
|
|
|
| |
| |
Multifamily Connecticut Avenue
Securities Trust: |
|
|
| |
| |
2,556,168 |
|
|
NR |
|
Series
2019-01, Class M10, 7.032% (30-Day Average SOFR + 3.364%) due
10/25/49(a)(f) |
|
|
2,599,639 |
|
| |
1,646,792 |
|
|
NR |
|
Series
2020-01, Class M10, 7.532% (30-Day Average SOFR + 3.864%) due
3/25/50(a)(f) |
|
|
1,674,903 |
|
| |
1,500,000 |
|
|
NR |
|
Series
2023-01, Class M10, 10.167% (30-Day Average SOFR + 6.500%) due
11/25/53(a)(f) |
|
|
1,728,610 |
|
| |
2,182,500 |
|
|
NR |
|
Neighborly Issuer, Series 2023-1A,
Class A2, 7.308% due 1/30/53(a) |
|
|
2,210,318 |
|
| |
2,096,383 |
|
|
NR |
|
NRM
FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, step bond to yield,
6.545%
due 3/25/32(a) |
|
|
2,139,301 |
|
| |
2,055,952 |
|
|
AAA(l) |
|
OBX Trust, Series 2021-NQM4, Class A1,
1.957% due 10/25/61(a)(f) |
|
|
1,821,408 |
|
| |
2,000,000 |
|
|
Aaa(b) |
|
One Bryant Park Trust, Series 2019-OBP,
Class A, 2.516% due 9/15/54(a) |
|
|
1,880,473 |
|
| |
3,052,600 |
|
|
A+ |
|
One
New York Plaza Trust, Series 2020-1NYP, Class A, 4.724%
(1-Month Term
SOFR + 1.064%) due 1/15/36(a)(f) |
|
|
2,987,699 |
|
| |
2,336,031 |
|
|
NR |
|
PRET LLC, Series 2025-NPL3, Class A1,
step bond to yield, 6.708% due 4/25/55(a) |
|
|
2,345,216 |
|
| |
403,252 |
|
|
AAA |
|
PRKCM Trust, Series 2023-AFC1, Class
A1, step bond to yield, 6.598% due 2/25/58(a) |
|
|
402,599 |
|
| |
340,000 |
|
|
NR |
|
PRM7 Trust, Series 2025-PRM7, Class E,
6.618% due 11/10/42(a)(f) |
|
|
344,748 |
|
| |
656,658 |
|
|
AAA(l) |
|
PRPM LLC, Series 2022-NQM1, Class A1,
step bond to yield, 5.500% due 8/25/67(a) |
|
|
655,192 |
|
| |
1,710,146 |
|
|
NR |
|
RCO IX Mortgage LLC, Series 2025-2,
Class A1, step bond to yield, 6.513% due 4/25/30(a) |
|
|
1,716,094 |
|
| |
2,547,468 |
|
|
NR |
|
RFM Reremic Trust, Series 2022-FRR1,
Class BK64, 1.650% due 3/1/50(a)(f) |
|
|
2,431,599 |
|
|
|
|
| |
| |
ROCK Trust: |
|
|
| |
| |
210,000 |
|
|
Aaa(b) |
|
Series
2024-CNTR, Class A, 5.388% due 11/13/41(a) |
|
|
217,549 |
|
| |
1,900,000 |
|
|
Aa3(b) |
|
Series
2024-CNTR, Class B, 5.930% due 11/13/41(a) |
|
|
1,979,612 |
|
| |
3,445,000 |
|
|
AA- |
|
SDAL
Trust, Series 2025-DAL, Class B, 6.600% (1-Month Term SOFR +
2.941%)
due 4/15/42(a)(f) |
|
|
3,461,062 |
|
See
Notes to Financial Statements.
181
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Mortgage
Securities — 7.1% — (continued) |
|
|
|
|
| |
| |
Seasoned Loans Structured Transaction
Trust: |
|
|
| |
| $ |
4,927,687 |
|
|
NR |
|
Series
2025-1, Class A1, 3.000% due 5/25/35 |
|
$ |
4,682,206 |
|
| |
1,729,976 |
|
|
NR |
|
Series
2025-2, Class A1, 3.000% due 10/25/35 |
|
|
1,649,811 |
|
| |
3,715,000 |
|
|
Aaa(b) |
|
SHR
Trust, Series 2024-LXRY, Class A, 5.610%
(1-Month Term SOFR + 1.950%)
due 10/15/41(a)(f) |
|
|
3,725,483 |
|
| |
910,000 |
|
|
AAA(l) |
|
SLG Office Trust, Series 2021-OVA,
Class A, 2.585% due 7/15/41(a) |
|
|
830,964 |
|
| |
20,270 |
|
|
WR(b) |
|
Structured
Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3,
4.281%
(1-Month Term SOFR + 0.614%) due 7/19/35(f) |
|
|
19,667 |
|
| |
2,000,000 |
|
|
NR |
|
Toorak
Mortgage Trust, Series 2025-RRTL1, Class A1, step bond to yield,
5.524%
due 2/25/40(a) |
|
|
2,014,579 |
|
| |
469,980 |
|
|
Aaa(b) |
|
UBS Commercial Mortgage Trust, Series
2019-C17, Class A3, 2.669% due 10/15/52 |
|
|
452,586 |
|
| |
1,791,863 |
|
|
NR |
|
VCAT LLC, Series 2025-NPL2, Class A1,
step bond to yield, 5.977% due 1/25/55(a) |
|
|
1,796,786 |
|
| |
578,727 |
|
|
NR |
|
Velocity Commercial Capital Loan Trust,
Series 2019-1, Class A, 3.760% due 3/25/49(a)(f) |
|
|
562,362 |
|
|
|
|
| |
| |
Verus Securitization Trust: |
|
|
| |
| |
548,351 |
|
|
AAA |
|
Series
2021-5, Class A1, 1.013% due 9/25/66(a)(f) |
|
|
486,082 |
|
| |
2,030,714 |
|
|
AAA |
|
Series
2021-7, Class A1, step bond to yield, 2.829% due 10/25/66(a) |
|
|
1,909,256 |
|
| |
385,221 |
|
|
A+ |
|
WaMu
Mortgage Pass-Through Certificates Trust, Series 2005-AR19, Class A1B3,
4.488%
(1-Month Term SOFR + 0.814%) due 12/25/45(f) |
|
|
390,075 |
|
| |
238,178 |
|
|
Aaa(b) |
|
Wells Fargo Commercial Mortgage Trust,
Series 2018-C44, Class A4, 3.948% due 5/15/51 |
|
|
238,088 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Mortgage Securities |
|
|
133,181,794 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost — $245,213,391) |
|
|
248,887,455 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SOVEREIGN BONDS —
3.6% |
|
|
| |
Argentina
— 0.1% |
|
|
|
|
| |
| |
Argentine Republic Government
International Bonds: |
|
|
| |
| |
720,000 |
|
|
CCC+ |
|
step
bond to yield, 4.125% due 7/9/35 |
|
|
544,536 |
|
| |
200,000 |
|
|
CCC+ |
|
step
bond to yield, 3.500% due 7/9/41 |
|
|
140,500 |
|
| |
825,000 |
|
|
B- |
|
Ciudad Autonoma de Buenos
Aires/Government Bonds, 7.800% due 11/26/33(a) |
|
|
846,607 |
|
| |
980,000 |
|
|
B3(b) |
|
Province of Santa Fe, 8.100% due
12/11/34(a) |
|
|
960,400 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Argentina |
|
|
2,492,043 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Australia
— 0.3% |
|
|
|
|
| |
| |
Australia Government Bonds: |
|
|
| |
| |
2,910,000 |
AUD |
|
Aaau(b) |
|
(Cost
— $1,888,787, acquired 12/10/25), 2.750% due 11/21/27(d) |
|
|
2,021,990 |
|
| |
2,860,000 |
AUD |
|
Aaau(b) |
|
(Cost
— $1,911,097, acquired 1/27/26), 2.250% due 5/21/28(d) |
|
|
1,952,527 |
|
| |
1,485,000 |
AUD |
|
AA+ |
|
New
South Wales Treasury Corp., (Cost — $954,476, acquired 7/10/25),
3.000%
due 4/20/29(d) |
|
|
1,013,284 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Australia |
|
|
4,987,801 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Bahamas
— 0.0%@ |
|
| |
200,000 |
|
|
BB- |
|
Bahamas Government International Bonds,
8.250% due 6/24/36(a) |
|
|
224,756 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Belgium
— 0.1% |
|
| |
1,600,000 |
EUR |
|
NR |
|
Kingdom
of Belgium Government Bonds, (Cost — $1,925,858, acquired 2/27/26),
3.400%
due 6/22/36(a)(d) |
|
|
1,931,229 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Benin
— 0.0%@ |
|
| |
200,000 |
|
|
BB- |
|
Benin Government International Bonds,
7.960% due 2/13/38(a) |
|
|
211,054 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Brazil
— 0.2% |
|
| |
22,000,000 |
BRL |
|
BB(l) |
|
Brazil Notas do Tesouro Nacional Serie
F, 10.000% due 1/1/31 |
|
|
3,911,842 |
|
| |
200,000 |
|
|
BB |
|
Brazilian Government International
Bonds, 7.125% due 5/13/54 |
|
|
203,924 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Brazil |
|
|
4,115,766 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Canada
— 0.1% |
|
| |
200,000 |
|
|
AAA |
|
Export Development Canada, 3.000% due
5/25/27 |
|
|
198,877 |
|
|
|
|
| |
| |
Province of British Columbia Canada: |
|
|
| |
| |
50,000 |
|
|
A+ |
|
4.200%
due 7/6/33 |
|
|
50,626 |
|
See
Notes to Financial Statements.
182
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Canada
— 0.1% — (continued) |
|
| $ |
300,000 |
|
|
A+ |
|
4.750%
due 6/12/34 |
|
$ |
313,778 |
|
|
|
|
| |
| |
Province of Ontario Canada: |
|
|
| |
| |
200,000 |
|
|
AA- |
|
3.100%
due 5/19/27 |
|
|
199,034 |
|
| |
50,000 |
|
|
AA- |
|
5.050%
due 4/24/34 |
|
|
53,464 |
|
| |
200,000 |
|
|
Aa3(b) |
|
4.450%
due 11/20/35 |
|
|
203,818 |
|
| |
200,000 |
|
|
A+ |
|
Province of Quebec Canada, 4.625% due
8/28/35 |
|
|
206,241 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Canada |
|
|
1,225,838 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Chile
— 0.1% |
|
| |
840,000,000 |
CLP |
|
NR |
|
Bonos
de la Tesoreria de la Republica en pesos, (Cost — $996,449, acquired
2/11/26), 4.700%
due 9/1/30(a)(d) |
|
|
978,528 |
|
|
|
|
| |
| |
Chile Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
A |
|
3.240%
due 2/6/28 |
|
|
197,245 |
|
| |
200,000 |
|
|
A |
|
4.350%
due 4/13/31 |
|
|
200,540 |
|
| |
45,000 |
|
|
A |
|
2.550%
due 1/27/32 |
|
|
40,770 |
|
| |
200,000 |
|
|
A |
|
3.500%
due 1/25/50 |
|
|
151,940 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Chile |
|
|
1,569,023 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Colombia
— 0.2% |
|
|
|
|
| |
| |
Colombia Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
BB |
|
8.000%
due 4/20/33 |
|
|
214,800 |
|
| |
200,000 |
|
|
BB |
|
7.750%
due 11/7/36 |
|
|
208,150 |
|
| |
200,000 |
|
|
BB |
|
8.750%
due 11/14/53 |
|
|
219,946 |
|
| |
14,500,000,000 |
COP |
|
BB+ |
|
Colombian TES, 5.750% due 11/3/27 |
|
|
3,405,246 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Colombia |
|
|
4,048,142 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Czech
Republic — 0.1% |
|
| |
37,630,000 |
CZK |
|
AA-(l) |
|
Czech Republic Government Bonds, 5.000%
due 9/30/30 |
|
|
1,942,082 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Dominican
Republic — 0.0%@ |
|
| |
300,000 |
|
|
BB |
|
Dominican Republic International Bonds,
6.950% due 3/15/37(a) |
|
|
322,050 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Ecuador
— 0.1% |
|
|
|
|
| |
| |
Ecuador Government International
Bonds: |
|
|
| |
| |
412,624 |
|
|
B- |
|
step
bond to yield 6.900% due 7/31/35(a) |
|
|
375,488 |
|
| |
400,000 |
|
|
B- |
|
9.250%
due 1/29/39(a) |
|
|
407,000 |
|
| |
85,734 |
|
|
B- |
|
step
bond to yield 5.000% due 7/31/40(a) |
|
|
70,259 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Ecuador |
|
|
852,747 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Egypt
— 0.0%@ |
|
|
|
|
| |
| |
Egypt Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
B |
|
7.600%
due 3/1/29 |
|
|
210,955 |
|
| |
200,000 |
|
|
B |
|
7.625%
due 5/29/32 |
|
|
206,445 |
|
| |
200,000 |
|
|
B |
|
8.875%
due 5/29/50 |
|
|
196,532 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Egypt |
|
|
613,932 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
El
Salvador — 0.0%@ |
|
| |
150,000 |
|
|
B- |
|
El Salvador Government International
Bonds, 9.650% due 11/21/54(a) |
|
|
171,000 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
France
— 0.2% |
|
| |
3,175,000 |
EUR |
|
A+u(l) |
|
French
Republic Government Bonds OAT, (Cost — $3,686,896, acquired 6/12/25),
2.700%
due 2/25/31(a)(d) |
|
|
3,779,359 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Guatemala
— 0.0%@ |
|
| |
200,000 |
|
|
BB+ |
|
Guatemala Government Bonds, 6.050% due
8/6/31 |
|
|
210,022 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Honduras
— 0.0%@ |
|
| |
150,000 |
|
|
BB- |
|
Honduras Government International
Bonds, 8.625% due 11/27/34(a) |
|
|
174,435 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
183
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Hungary
— 0.0%@ |
|
| $ |
200,000 |
|
|
BBB- |
|
Hungary
Government International Bonds, (Cost — $198,380, acquired 12/6/21),
2.125%
due 9/22/31(d) |
|
$ |
175,393 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Indonesia
— 0.1% |
|
|
|
|
| |
| |
Indonesia Government International
Bonds: |
|
|
| |
| |
80,000 |
|
|
BBB |
|
4.100%
due 4/24/28 |
|
|
80,499 |
|
| |
445,000 |
|
|
BBB |
|
2.850%
due 2/14/30 |
|
|
423,992 |
|
| |
120,000 |
|
|
BBB |
|
2.150%
due 7/28/31 |
|
|
107,410 |
|
| |
200,000 |
|
|
BBB |
|
3.050%
due 3/12/51 |
|
|
132,763 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Indonesia |
|
|
744,664 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Israel
— 0.2% |
|
|
|
|
| |
| |
Israel Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
A |
|
5.375%
due 2/19/30 |
|
|
207,271 |
|
| |
200,000 |
|
|
A |
|
2.750%
due 7/3/30 |
|
|
187,466 |
|
| |
1,225,000 |
|
|
A |
|
4.500%
due 1/13/31 |
|
|
1,229,828 |
|
| |
1,735,000 |
|
|
A |
|
5.750%
due 3/12/54 |
|
|
1,701,307 |
|
| |
725,000 |
|
|
A |
|
5.875%
due 1/13/56 |
|
|
722,656 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Israel |
|
|
4,048,528 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Italy
— 0.0%@ |
|
| |
200,000 |
|
|
Baa2u(b) |
|
Republic of Italy Government
International Bonds, 3.875% due 5/6/51 |
|
|
152,994 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Ivory
Coast — 0.1% |
|
|
|
|
| |
| |
Ivory Coast Government International
Bonds: |
|
|
| |
| |
400,000 |
|
|
BB |
|
8.075%
due 4/1/36(a) |
|
|
433,826 |
|
| |
715,000 |
|
|
BB |
|
8.250%
due 1/30/37(a) |
|
|
782,937 |
|
| |
200,000 |
|
|
BB |
|
6.750%
due 2/25/41(a) |
|
|
191,183 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Ivory Coast |
|
|
1,407,946 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Japan
— 0.0%@ |
|
| |
200,000 |
|
|
A+ |
|
Japan Bank for International
Cooperation, 3.875% due 7/3/28 |
|
|
201,479 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Jordan
— 0.0%@ |
|
|
|
|
| |
| |
Jordan Government International
Bonds: |
|
|
| |
| |
283,000 |
|
|
BB- |
|
5.750%
due 11/12/32(a) |
|
|
278,815 |
|
| |
200,000 |
|
|
BB- |
|
7.375%
due 10/10/47 |
|
|
198,224 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Jordan |
|
|
477,039 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Kenya
— 0.0%@ |
|
|
|
|
| |
| |
Kenya Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
B |
|
9.750%
due 2/16/31(a) |
|
|
219,345 |
|
| |
200,000 |
|
|
B |
|
7.875%
due 10/9/33(a) |
|
|
199,461 |
|
| |
200,000 |
|
|
B |
|
8.800%
due 10/9/38(a) |
|
|
198,557 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Kenya |
|
|
617,363 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Mexico
— 0.4% |
|
| |
34,675,000 |
MXN |
|
Baa2(b) |
|
Mexican Bonos, 8.500% due 2/28/30 |
|
|
2,059,609 |
|
|
|
|
| |
| |
Mexico Government International
Bonds: |
|
|
| |
| |
272,000 |
|
|
BBB |
|
4.500%
due 4/22/29 |
|
|
273,006 |
|
| |
200,000 |
|
|
BBB |
|
3.250%
due 4/16/30 |
|
|
189,915 |
|
| |
245,000 |
|
|
BBB |
|
2.659%
due 5/24/31 |
|
|
220,255 |
|
| |
1,700,000 |
|
|
BBB |
|
6.350%
due 2/9/35 |
|
|
1,795,115 |
|
| |
825,000 |
|
|
BBB |
|
5.625%
due 9/22/35 |
|
|
823,763 |
|
| |
1,200,000 |
|
|
BBB |
|
6.125%
due 2/9/38 |
|
|
1,215,900 |
|
| |
100,000 |
|
|
BBB |
|
4.750%
due 3/8/44 |
|
|
83,520 |
|
| |
200,000 |
|
|
BBB |
|
4.600%
due 1/23/46 |
|
|
159,890 |
|
| |
225,000 |
|
|
BBB |
|
4.600%
due 2/10/48 |
|
|
177,592 |
|
See
Notes to Financial Statements.
184
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Mexico
— 0.4% — (continued) |
|
| $ |
200,000 |
|
|
BBB |
|
6.338%
due 5/4/53 |
|
$ |
194,580 |
|
| |
1,275,000 |
|
|
BBB |
|
3.771%
due 5/24/61 |
|
|
803,314 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Mexico |
|
|
7,996,459 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Nigeria
— 0.0%@ |
|
| |
260,000 |
|
|
B- |
|
Nigeria Government International Bonds,
7.143% due 2/23/30(a) |
|
|
268,372 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Oman
— 0.0%@ |
|
| |
200,000 |
|
|
Baa3(b) |
|
Oman
Government International Bonds, (Cost — $210,132, acquired 12/6/21),
5.625%
due 1/17/28(d) |
|
|
204,887 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Pakistan
— 0.0%@ |
|
|
|
|
| |
| |
Pakistan Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
Caa1(b) |
|
7.375%
due 4/8/31(a) |
|
|
198,291 |
|
| |
200,000 |
|
|
Caa1(b) |
|
8.875%
due 4/8/51(a) |
|
|
198,146 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pakistan |
|
|
396,437 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Panama
— 0.1% |
|
|
|
|
| |
| |
Panama Government International
Bonds: |
|
|
| |
| |
210,000 |
|
|
BBB- |
|
3.875%
due 3/17/28 |
|
|
208,194 |
|
| |
300,000 |
|
|
BBB- |
|
3.160%
due 1/23/30 |
|
|
285,180 |
|
| |
890,000 |
|
|
BBB- |
|
2.252%
due 9/29/32 |
|
|
750,581 |
|
| |
350,000 |
|
|
BBB- |
|
3.298%
due 1/19/33 |
|
|
313,215 |
|
| |
10,000 |
|
|
BBB- |
|
4.500%
due 4/1/56 |
|
|
7,846 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Panama |
|
|
1,565,016 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Paraguay
— 0.0%@ |
|
| |
400,000 |
|
|
BBB- |
|
Paraguay Government International
Bonds, 5.400% due 3/30/50 |
|
|
378,396 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Peru
— 0.1% |
|
|
|
|
| |
| |
Peruvian Government International
Bonds: |
|
|
| |
| |
550,000 |
|
|
BBB- |
|
2.783%
due 1/23/31 |
|
|
512,820 |
|
| |
100,000 |
|
|
BBB- |
|
3.000%
due 1/15/34 |
|
|
88,175 |
|
| |
50,000 |
|
|
BBB- |
|
5.625%
due 11/18/50 |
|
|
49,720 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Peru |
|
|
650,715 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Philippines
— 0.1% |
|
|
|
|
| |
| |
Philippine Government International
Bonds: |
|
|
| |
| |
360,000 |
|
|
BBB+ |
|
1.648%
due 6/10/31 |
|
|
318,030 |
|
| |
550,000 |
|
|
BBB+ |
|
1.950%
due 1/6/32 |
|
|
484,126 |
|
| |
200,000 |
|
|
BBB+ |
|
5.000%
due 1/27/36 |
|
|
203,461 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Philippines |
|
|
1,005,617 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Poland
— 0.0%@ |
|
|
|
|
| |
| |
Republic of Poland Government
International Bonds: |
|
|
| |
| |
50,000 |
|
|
A- |
|
5.500%
due 11/16/27 |
|
|
51,519 |
|
| |
100,000 |
|
|
A- |
|
4.875%
due 10/4/33 |
|
|
103,021 |
|
| |
50,000 |
|
|
A- |
|
5.500%
due 4/4/53 |
|
|
49,265 |
|
| |
100,000 |
|
|
A- |
|
5.500%
due 3/18/54 |
|
|
98,456 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Poland |
|
|
302,261 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Romania
— 0.0%@ |
|
| |
198,000EUR |
|
|
BBB- |
|
Romanian Government International
Bonds, 6.000% due 9/24/44(a) |
|
|
234,300 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Singapore
— 0.1% |
|
| |
2,265,000 |
SGD |
|
AAAu(l) |
|
Singapore Government Bonds, 2.875% due
9/1/30 |
|
|
1,896,077 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
South
Africa — 0.1% |
|
| |
200,000 |
|
|
BB |
|
Republic of South Africa Government
International Bonds, 7.100% due 11/19/36(a) |
|
|
215,562 |
|
See
Notes to Financial Statements.
185
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
South
Africa — 0.1% — ( continued) |
|
| |
29,800,000 |
ZAR |
|
BB+ |
|
South Africa Government Bonds, 8.000%
due 1/31/30 |
|
$ |
1,926,977 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total South Africa |
|
|
2,142,539 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
South
Korea — 0.0%@ |
|
| $ |
200,000 |
|
|
AA |
|
Export-Import Bank of Korea, 5.250% due
1/14/35 |
|
|
214,712 |
|
| |
200,000 |
|
|
AA |
|
Korea Development Bank (The), 3.750%
due 9/16/30 |
|
|
200,026 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total South Korea |
|
|
414,738 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Supranational
— 0.3% |
|
| |
3,165,000 |
EUR |
|
AA+ |
|
European Union, (Cost — $3,764,956,
acquired 9/5/25), 2.625% due 7/4/28(d) |
|
|
3,779,396 |
|
|
|
|
| |
| |
International Bank for Reconstruction
& Development: |
|
|
| |
| |
100,000 |
|
|
AAA |
|
3.125%
due 6/15/27 |
|
|
99,590 |
|
| |
100,000 |
|
|
Aaa(b) |
|
2.500%
due 11/22/27 |
|
|
98,472 |
|
| |
200,000 |
|
|
AAA |
|
1.375%
due 4/20/28 |
|
|
191,676 |
|
| |
150,000 |
|
|
AAA |
|
3.500%
due 7/12/28 |
|
|
150,402 |
|
| |
100,000 |
|
|
AAA |
|
3.625%
due 9/21/29 |
|
|
100,559 |
|
| |
100,000 |
|
|
AAA |
|
4.000%
due 7/25/30 |
|
|
102,038 |
|
| |
100,000 |
|
|
AAA |
|
4.500%
due 4/10/31 |
|
|
104,355 |
|
| |
300,000 |
|
|
AAA |
|
4.625%
due 1/15/32 |
|
|
315,587 |
|
| |
500,000 |
|
|
AAA |
|
3.875%
due 8/28/34 |
|
|
499,459 |
|
| |
200,000 |
|
|
AAA |
|
4.375%
due 8/27/35 |
|
|
206,553 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Supranational |
|
|
5,648,087 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Suriname
— 0.0%@ |
|
|
|
|
| |
| |
Suriname Government International
Bonds: |
|
|
| |
| |
200,000 |
|
|
CCC+ |
|
7.700%
due 11/6/30(a) |
|
|
206,050 |
|
| |
208,000 |
|
|
CCC+ |
|
8.500%
due 11/6/35(a) |
|
|
221,390 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Suriname |
|
|
427,440 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Sweden
— 0.1% |
|
| |
19,800,000 |
SEK |
|
NR |
|
Sweden Government Bonds, (Cost —
$1,911,765, acquired 1/15/26), 0.125% due 5/12/31(d) |
|
|
1,975,546 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Trinidad
— 0.1% |
|
| |
685,000 |
|
|
BBB- |
|
Trinidad & Tobago Government
International Bonds, 6.500% due 1/28/36(a) |
|
|
693,905 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Turkey
— 0.0%@ |
|
| |
200,000 |
|
|
Ba3(b) |
|
Istanbul Metropolitan Municipality,
10.500% due 12/6/28(a) |
|
|
221,059 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
United
Kingdom — 0.3% |
|
|
|
|
| |
| |
United Kingdom Gilt: |
|
|
| |
| |
1,385,000 |
GBP |
|
Aa3u(b) |
|
(Cost
— $1,876,674, acquired 9/19/25), 3.750% due 3/7/27(d) |
|
|
1,870,981 |
|
| |
2,045,000 |
GBP |
|
AA-u(l) |
|
(Cost
— $2,823,415, acquired 1/23/26), 4.375% due 3/7/30(d) |
|
|
2,827,101 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total United Kingdom |
|
|
4,698,082 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Uruguay
— 0.0%@ |
|
|
|
|
| |
| |
Uruguay Government International
Bonds: |
|
|
| |
| |
100,000 |
|
|
BBB+ |
|
5.750%
due 10/28/34 |
|
|
107,710 |
|
| |
50,000 |
|
|
BBB+ |
|
5.442%
due 2/14/37 |
|
|
52,560 |
|
| |
100,000 |
|
|
BBB+ |
|
5.100%
due 6/18/50 |
|
|
96,275 |
|
| |
50,000 |
|
|
BBB+ |
|
4.975%
due 4/20/55 |
|
|
46,472 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Uruguay |
|
|
303,017 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SOVEREIGN BONDS
(Cost — $66,748,120) |
|
|
68,119,635 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
ASSET-BACKED
SECURITIES — 2.1% |
|
|
| |
Automobiles
— 1.8% |
|
| |
1,235,000 |
|
|
BBB |
|
American
Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.500%
due
7/14/31(a) |
|
|
1,262,391 |
|
| |
759,000 |
|
|
BBB(l) |
|
AutoNation Finance Trust, Series
2025-1A, Class D, 5.630% due 9/10/32(a) |
|
|
780,748 |
|
See
Notes to Financial Statements.
186
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
Automobiles
— 1.8% — (continued) |
|
|
|
|
| |
| |
Avis Budget Rental Car Funding AESOP
LLC: |
|
|
| |
| $ |
4,000,000 |
|
|
Aaa(b) |
|
Series
2024-3A, Class A, 5.230% due 12/20/30(a) |
|
$ |
4,153,487 |
|
| |
440,000 |
|
|
Baa3(b) |
|
Series
2024-3A, Class C, 6.110% due 12/20/30(a) |
|
|
457,342 |
|
| |
1,600,000 |
|
|
Baa3(b) |
|
Series
2025-1A, Class C, 5.870% due 8/20/29(a) |
|
|
1,641,991 |
|
|
|
|
| |
| |
Bridgecrest Lending Auto Securitization
Trust: |
|
|
| |
| |
1,500,000 |
|
|
BB |
|
Series
2024-3, Class E, 7.700% due 4/15/31(a) |
|
|
1,555,906 |
|
| |
950,000 |
|
|
BB |
|
Series
2024-4, Class E, 7.470% due 8/15/31(a) |
|
|
983,728 |
|
| |
1,000,000 |
|
|
BB |
|
Series
2025-1, Class E, 7.460% due 2/17/32(a) |
|
|
1,034,008 |
|
| |
1,080,000 |
|
|
BBB |
|
Series
2025-2, Class D, 5.620% due 3/17/31 |
|
|
1,107,326 |
|
| |
662,000 |
|
|
BB |
|
Series
2026-1, Class E, 6.630% due 2/15/33(a) |
|
|
669,433 |
|
|
|
|
| |
| |
Carmax Auto Owner Trust: |
|
|
| |
| |
870,000 |
|
|
AAA |
|
Series
2025-2, Class A4, 4.650% due 11/15/30 |
|
|
891,093 |
|
| |
570,000 |
|
|
AA- |
|
Series
2025-2, Class C, 5.160% due 1/15/31 |
|
|
587,786 |
|
| |
1,850,000 |
|
|
BBB |
|
Consumer Portfolio Services Auto Trust,
Series 2025-B, Class D, 5.560% due 7/15/31(a) |
|
|
1,891,041 |
|
| |
1,500,000 |
|
|
A |
|
Credit Acceptance Auto Loan Trust,
Series 2025-2A, Class C, 5.380% due 3/17/36(a) |
|
|
1,530,832 |
|
| |
1,000,000 |
|
|
Baa1(b) |
|
Drive Auto Receivables Trust, Series
2025-1, Class D, 5.410% due 9/15/32 |
|
|
1,019,340 |
|
| |
1,440,000 |
|
|
AAA |
|
Enterprise Fleet Financing LLC, Series
2025-2, Class A4, 4.580% due 12/22/31(a) |
|
|
1,473,695 |
|
|
|
|
| |
| |
Exeter Select Automobile Receivables
Trust: |
|
|
| |
| |
1,500,000 |
|
|
AA |
|
Series
2025-1, Class B, 4.870% due 8/15/31 |
|
|
1,522,468 |
|
| |
1,200,000 |
|
|
A |
|
Series
2025-1, Class C, 5.400% due 8/15/31 |
|
|
1,230,679 |
|
| |
583,000 |
|
|
AAA |
|
Ford Credit Floorplan Master Owner
Trust A, Series 2018-4, Class A, 4.060% due 11/15/30 |
|
|
588,489 |
|
|
|
|
| |
| |
GLS Auto Receivables Issuer Trust: |
|
|
| |
| |
1,800,000 |
|
|
BBB |
|
Series
2025-2A, Class D, 5.590% due 1/15/31(a) |
|
|
1,854,437 |
|
| |
1,500,000 |
|
|
BBB |
|
Series
2025-4A, Class D, 5.130% due 8/15/31(a) |
|
|
1,522,293 |
|
| |
270,000 |
|
|
Aaa(b) |
|
Hertz Vehicle Financing III LLC, Series
2023-4A, Class A, 6.150% due 3/25/30(a) |
|
|
284,958 |
|
| |
236,168 |
|
|
AAA |
|
Hyundai Auto Receivables Trust, Series
2023-C, Class A3, 5.540% due 10/16/28 |
|
|
238,559 |
|
| |
933,000 |
|
|
AAA |
|
Octane Receivables Trust, Series
2024-1A, Class B, 5.660% due 5/20/30(a) |
|
|
946,275 |
|
|
|
|
| |
| |
Santander Drive Auto Receivables
Trust: |
|
|
| |
| |
2,000,000 |
|
|
A2(b) |
|
Series
2024-2, Class D, 6.280% due 8/15/31 |
|
|
2,078,192 |
|
| |
1,200,000 |
|
|
Baa3(b) |
|
Series
2025-3, Class D, 5.110% due 9/15/31 |
|
|
1,223,243 |
|
| |
365,000 |
|
|
Baa3(b) |
|
Series
2025-4, Class D, 4.950% due 1/15/32 |
|
|
369,895 |
|
| |
1,000,000 |
|
|
Baa2(b) |
|
Series
2026-1, Class D, 4.750% due 4/15/32 |
|
|
1,005,718 |
|
| |
505,000 |
|
|
A+ |
|
Westlake Automobile Receivables Trust,
Series 2023-2A, Class D, 7.010% due 11/15/28(a) |
|
|
514,195 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Automobiles |
|
|
34,419,548 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Credit
Cards — 0.2% |
|
|
|
|
| |
| |
American Express Credit Account Master
Trust: |
|
|
| |
| |
275,000 |
|
|
AAA |
|
Series
2023-2, Class A, 4.800% due 5/15/30 |
|
|
282,213 |
|
| |
300,000 |
|
|
AAA |
|
Series
2024-3, Class A, 4.650% due 7/15/29 |
|
|
304,120 |
|
|
|
|
| |
| |
Perimeter Master Notes Business
Trust: |
|
|
| |
| |
1,100,000 |
|
|
NR |
|
Series
2025-1A, Class A, 5.580% due 12/16/30(a) |
|
|
1,107,908 |
|
| |
999,000 |
|
|
NR |
|
Series
2025-1A, Class B, 6.120% due 12/16/30(a) |
|
|
1,007,218 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Credit Cards |
|
|
2,701,459 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Student
Loans — 0.1% |
|
| |
781,466 |
|
|
Aa1(b) |
|
ECMC
Group Student Loan Trust, Series 2017-2A, Class A, 4.832%
(30-Day
Average SOFR + 1.164%) due 5/25/67(a)(f) |
|
|
787,695 |
|
| |
845,700 |
|
|
AA+ |
|
Navient
Student Loan Trust, Series 2017-3A, Class A3, 4.832%
(30-Day Average
SOFR + 1.164%) due 7/26/66(a)(f) |
|
|
858,542 |
|
| |
457,190 |
|
|
AAA |
|
Nelnet
Student Loan Trust, Series 2006-1, Class A6, 4.376%
(3-Month Term SOFR
+ 0.712%) due 8/23/36(a)(f) |
|
|
455,195 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Student Loans |
|
|
2,101,432 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
ASSET-BACKED SECURITIES
(Cost — $38,499,408) |
|
|
39,222,439 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
| |
|
| |
See
Notes to Financial Statements.
187
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Shares/Units |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
OPEN END MUTUAL
FUND SECURITIES - 0.2% |
|
|
| |
FINANCIALS —
0.2% |
|
|
| |
Capital
Markets — 0.2% |
|
| $ |
7,300 |
|
|
| |
State Street SPDR Portfolio High Yield
Bond ETF |
|
$ |
173,010 |
|
| |
36,241 |
|
|
| |
Vanguard Intermediate-Term Corporate
Bond ETF |
|
|
3,070,338 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
OPEN END MUTUAL FUND SECURITIES
(Cost — $3,205,566) |
|
|
3,243,348 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
Face
Amount/Units† |
|
|
|
|
|
|
|
|
|
|
|
| |
| |
| |
|
| |
|
| |
MUNICIPAL BONDS -
0.1% |
|
|
| |
California
— 0.1% |
|
| |
310,000 |
|
|
AA- |
|
California Health Facilities Financing
Authority, Revenue Bonds, 3.000% due 8/15/51 |
|
|
233,608 |
|
| |
100,000 |
|
|
AA- |
|
California State University, Revenue
Bonds, Series B, 5.183% due 11/1/53 |
|
|
98,465 |
|
| |
205,000 |
|
|
A |
|
Los Angeles Department of Water &
Power, Revenue Bonds, 6.574% due 7/1/45 |
|
|
225,811 |
|
|
|
|
| |
| |
State of California, GO: |
|
|
| |
| |
150,000 |
|
|
AA- |
|
5.875%
due 10/1/41 |
|
|
160,131 |
|
| |
100,000 |
|
|
AA- |
|
4.600%
due 4/1/38 |
|
|
102,216 |
|
|
|
|
| |
| |
University of California, Revenue
Bonds: |
|
|
| |
| |
25,000 |
|
|
AA |
|
Series AD,
4.858% due 5/15/12 |
|
|
21,771 |
|
| |
266,000 |
|
|
AA |
|
Series AQ,
4.767% due 5/15/15 |
|
|
227,293 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total California |
|
|
1,069,295 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Connecticut
— 0.0%@ |
|
| |
200,000 |
|
|
AA- |
|
State of Connecticut, GO, 5.850% due
3/15/32 |
|
|
217,499 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Florida
— 0.0%@ |
|
| |
50,000 |
|
|
AA |
|
State Board of Administration Finance
Corp., Series A, Revenue Bonds, 5.526% due 7/1/34 |
|
|
53,903 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Illinois
— 0.0%@ |
|
| |
150,000 |
|
|
A+ |
|
Chicago O’Hare International Airport,
Revenue Bonds, Series C, 4.472% due 1/1/49 |
|
|
137,327 |
|
| |
218,137 |
|
|
A- |
|
State of Illinois, GO, 5.100% due
6/1/33 |
|
|
226,028 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Illinois |
|
|
363,355 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Minnesota
— 0.0%@ |
|
| |
260,000 |
|
|
AA |
|
University of Minnesota, Revenue Bonds,
4.048% due 4/1/52 |
|
|
221,946 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
New
Jersey — 0.0%@ |
|
| |
215,000 |
|
|
Aa3(b) |
|
Jersey City Municipal Utilities
Authority, Revenue Bonds, Series B, 5.470% due 5/15/27 |
|
|
217,794 |
|
| |
85,000 |
|
|
A |
|
New
Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B,
6.561%
due 12/15/40 |
|
|
97,670 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total New Jersey |
|
|
315,464 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
New
York — 0.0%@ |
|
| |
100,000 |
|
|
AA |
|
City of New York, GO, 5.263% due
10/1/52 |
|
|
99,841 |
|
| |
150,000 |
|
|
AA- |
|
Port Authority of New York & New
Jersey, Revenue Bonds, Series 239, 5.072% due 7/15/53 |
|
|
148,666 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total New York |
|
|
248,507 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Texas
— 0.0%@ |
|
| |
40,000 |
|
|
AA- |
|
Dallas Fort Worth International
Airport, Series A, Revenue Bonds, 3.144% due 11/1/45 |
|
|
31,892 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
MUNICIPAL BONDS
(Cost —
$2,693,462) |
|
|
2,521,861 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
188
|
|
|
|
|
|
|
|
|
|
| |
| Core Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
COLLATERALIZED LOAN
OBLIGATION — 0.1% |
|
|
| |
Commercial
MBS — 0.1% |
|
| $ |
1,060,000 |
|
|
Aaa(b) |
|
TRTX
Issuer Ltd., Series 2025-FL7, Class A, 5.114%
(1-Month Term SOFR +
1.450%) due 6/18/43(a)(f)
(Cost
— $1,060,000) |
|
|
1,061,655 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SENIOR LOANS —
0.0%@ |
|
|
| |
Airlines
— 0.0%@ |
|
| |
49,500 |
|
|
NR |
|
VistaJet Malta Finance PLC, 7.411%
(3-Month CME Term SOFR + 3.750%) due 4/1/31(f) |
|
|
49,639 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Healthcare-Services
— 0.0%@ |
|
| |
334,730 |
|
|
NR |
|
ModivCare Buyer LLC, 8.690% (3-Month
CME Term SOFR + 5.000%) due 12/29/30(f) |
|
|
312,972 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Software
— 0.0%@ |
|
| |
368,466 |
|
|
NR |
|
Rocket Software Inc., 7.423% (1-Month
CME Term SOFR + 3.750%) due 11/28/28(f) |
|
|
343,749 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SENIOR LOANS
(Cost — $754,222) |
|
|
706,360 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| Shares/Units |
|
|
|
|
|
|
|
|
|
|
|
| |
| |
| |
|
| |
|
| |
COMMON STOCK —
0.0%@ |
|
|
| |
Healthcare
— Services — 0.0%@ |
|
| |
45,243 |
|
|
| |
ModivCare Topco LLC*(e)(i) |
|
|
| |
|
|
|
| |
| |
(Cost — $150,537) |
|
|
254,492 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$1,791,458,565) |
|
|
1,806,090,674 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
Face
Amount/Units† |
|
|
|
|
|
|
|
|
|
| |
SHORT-TERM
INVESTMENTS(o) — 5.1% |
|
|
| |
MONEY MARKET FUND —
0.5% |
|
| |
9,178,517 |
|
|
| |
Invesco STIT — Government & Agency
Portfolio, Institutional Class, 3.674%(p)
(Cost — $9,178,517) |
|
|
9,178,517 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
TIME DEPOSITS —
3.3% |
|
| |
350,798 |
EUR |
|
| |
Citibank — London, 0.880% due 3/2/26 |
|
|
414,503 |
|
| |
42,663,512 |
|
|
| |
Citibank — New York, 2.980% due
3/2/26 |
|
|
42,663,512 |
|
| |
14,155,527 |
|
|
| |
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26 |
|
|
14,155,527 |
|
| |
5,380,911 |
|
|
| |
Skandinaviska Enskilda Banken AB —
Stockholm, 2.980% due 3/2/26 |
|
|
5,380,911 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
TIME DEPOSITS
(Cost — $62,614,453) |
|
|
62,614,453 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
U.S. GOVERNMENT
OBLIGATIONS — 1.3% |
|
|
|
|
| |
| |
U.S. Treasury Bills: |
|
|
| |
| |
2,000,000 |
|
|
| |
3.638%
due 3/24/26(q) |
|
|
1,993,765 |
|
| |
22,000,000 |
|
|
| |
3.622%
due 4/16/26(q) |
|
|
21,898,730 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
U.S. GOVERNMENT OBLIGATIONS
(Cost — $23,892,495) |
|
|
23,892,495 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $95,685,465) |
|
|
95,685,465 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS — 101.4%
(Cost — $1,887,144,030) |
|
|
1,901,776,139 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Liabilities in Excess of Other Assets —
(1.4)% |
|
|
(26,018,119 |
) |
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
1,875,758,020 |
|
|
|
|
| |
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| †† |
All
ratings are by Standard & Poor’s Rating Service, unless otherwise
noted. |
| * |
Non-income
producing security. |
See
Notes to Financial Statements.
189
| @ |
The
amount is less than 0.05%. |
| (a) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to $439,700,352 and
represents 23.4% of net assets. |
| (b) |
Rating
by Moody’s Investors Service. |
| (c) |
All
or a portion of this security is on loan (see Note 1).
|
| (d) |
The
aggregate value of restricted securities (excluding 144A holdings) at
February 28, 2026, amounts to $46,690,464 and represents 2.5% of net
assets. |
| (e) |
Security
is valued in good faith at fair value by or under the direction of the
Board of Trustees. |
| (f) |
Variable
rate security. Interest rate disclosed is that which was in effect at
February 28, 2026. |
| (g) |
Security
is perpetual in nature and has no stated maturity date.
|
| (h) |
Security
is currently in default. |
| (j) |
Inverse
Floating Rate Security - interest rate fluctuates with an inverse
relationship to an associated interest rate. Indicated rate is the
effective rate as of February 28, 2026. |
| (k) |
This
security is traded on a TBA basis (see Note 1). |
| (l) |
Rating
by Fitch Ratings Service. |
| (m) |
Principal
only security. |
| (n) |
Interest
only security. |
| (o) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 4.6%. |
| (p) |
Represents
investments of collateral received from securities lending transactions.
|
| (q) |
Rate
shown represents yield-to-maturity. |
| # |
Security
that used significant unobservable inputs to determine fair value. At
February 28, 2026, the Fund held a Level 3 security with a value of $0,
representing 0.0% of net assets. |
At
February 28, 2026, for Core Fixed Income Fund the aggregate cost of investments
and the aggregate gross unrealized appreciation and depreciation of all
investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax
Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
| Core Fixed Income Fund |
|
$ |
1,887,144,030 |
|
|
$ |
47,847,705 |
|
|
|
$ (33,050,270) |
|
|
$ |
14,797,435 |
|
|
|
| |
|
Abbreviations
used in this schedule: |
| ABS |
|
—
Asset-Backed Security |
| ACES |
|
—
Alternative Credit Enhancement Securities |
| CME |
|
—
Chicago Mercantile Exchange |
| CMT |
|
—
Constant Maturity Treasury Rate |
| DAC |
|
—
Designated Activity Company |
| EURIBOR |
|
—
Euro Interbank Offered Rate |
| ETF |
|
—
Exchange-Traded Fund |
| GO |
|
—
General Obligation |
| IBOR |
|
—
Interbank Offered Rate |
| ICE |
|
—
Intercontinental Exchange |
| LIBOR |
|
—
London Interbank Offered Rate |
| LLC |
|
—
Limited Liability Company |
| MBS |
|
—
Mortgage-Backed Security |
| OAT |
|
—
Obligations assimilables du Trésor |
| PLC |
|
—
Public Limited Company |
| REMICS |
|
—
Real Estate Mortgage Investment Conduits |
| SOFR |
|
—
Secured Overnight Financing Rate |
See
Notes to Financial Statements.
190
|
|
|
|
| |
| Summary of Investments by Security
Type^ |
|
|
Corporate
Bonds & Notes |
|
|
30.6 |
% |
|
Mortgage-Backed
Securities |
|
|
25.6 |
|
|
U.S.
Government Agencies & Obligations |
|
|
20.0 |
|
|
Collateralized
Mortgage Obligations |
|
|
13.1 |
|
|
Sovereign
Bonds |
|
|
3.6 |
|
|
Asset-Backed
Securities |
|
|
2.1 |
|
|
Open
End Mutual Fund Securities |
|
|
0.2 |
|
|
Municipal
Bonds |
|
|
0.1 |
|
|
Collateralized
Loan Obligation |
|
|
0.1 |
|
|
Senior
Loans |
|
|
0.0 |
* |
|
Common
Stock |
|
|
0.0 |
* |
|
Short-Term
Investments |
|
|
4.6 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| * |
Position
represents less than 0.05%. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
At
February 28, 2026, Core Fixed Income Fund had open exchange-traded futures
contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Treasury 2-Year Note Futures |
|
|
706 |
|
|
|
6/26 |
|
|
$ |
147,584,297 |
|
|
$ |
147,747,047 |
|
|
$ |
162,750 |
|
|
U.S.
Treasury 5-Year Note Futures |
|
|
450 |
|
|
|
6/26 |
|
|
|
49,427,888 |
|
|
|
49,563,281 |
|
|
|
135,393 |
|
|
U.S.
Treasury 10-Year Note Futures |
|
|
578 |
|
|
|
6/26 |
|
|
|
65,527,512 |
|
|
|
65,783,625 |
|
|
|
256,113 |
|
|
U.S.
Treasury Long Bond Futures |
|
|
157 |
|
|
|
6/26 |
|
|
|
18,464,672 |
|
|
|
18,599,594 |
|
|
|
134,922 |
|
|
U.S.
Treasury Ultra Long Bond Futures |
|
|
236 |
|
|
|
6/26 |
|
|
|
28,424,756 |
|
|
|
28,696,124 |
|
|
|
271,368 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
960,546 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| Contracts
to Sell: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Euro-Bobl
Futures |
|
|
47 |
|
|
|
3/26 |
|
|
|
6,468,846 |
|
|
|
6,523,164 |
|
|
|
(54,318 |
) |
|
Euro-Bund
Futures |
|
|
40 |
|
|
|
3/26 |
|
|
|
6,068,698 |
|
|
|
6,155,191 |
|
|
|
(86,493 |
) |
|
U.S.
Ultra Long Bond Futures |
|
|
86 |
|
|
|
6/26 |
|
|
|
9,981,375 |
|
|
|
10,039,156 |
|
|
|
(57,781 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
(198,592 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Net
Unrealized Appreciation on Open Exchange-Traded Futures Contracts |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
761,954 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Core Fixed Income Fund had deposited cash of $1,974,000 with
a broker or brokers as margin collateral on open exchange-traded futures
contracts.
See
Notes to Financial Statements.
191
At
February 28, 2026, Core Fixed Income Fund had open forward foreign currency
contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
|
Value |
|
|
Settlement
Date |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Brazilian
Real |
|
|
31,075,000 |
|
|
|
USD |
|
|
|
5,902,408 |
|
|
|
SSB |
|
|
$ |
6,039,181 |
|
|
|
3/16/26 |
|
|
$ |
136,773 |
|
|
Euro |
|
|
3,465,000 |
|
|
|
USD |
|
|
|
4,077,209 |
|
|
|
BNY |
|
|
|
4,095,430 |
|
|
|
3/9/26 |
|
|
|
18,221 |
|
|
Singapore
Dollar |
|
|
80,000 |
|
|
|
USD |
|
|
|
63,197 |
|
|
|
BNY |
|
|
|
63,344 |
|
|
|
3/23/26 |
|
|
|
147 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
155,141 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| Contracts
to Sell: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Australian
Dollar |
|
|
7,072,000 |
|
|
|
USD |
|
|
|
5,034,719 |
|
|
|
BNY |
|
|
|
5,032,166 |
|
|
|
3/18/26 |
|
|
|
2,553 |
|
|
Brazilian
Real |
|
|
41,790,000 |
|
|
|
USD |
|
|
|
7,587,766 |
|
|
|
GSC |
|
|
|
8,121,557 |
|
|
|
3/16/26 |
|
|
|
(533,791 |
) |
|
British
Pound |
|
|
4,660,000 |
|
|
|
USD |
|
|
|
6,361,678 |
|
|
|
BNY |
|
|
|
6,281,703 |
|
|
|
5/18/26 |
|
|
|
79,975 |
|
|
Chilean
Peso |
|
|
865,000,000 |
|
|
|
USD |
|
|
|
1,011,637 |
|
|
|
BNY |
|
|
|
991,075 |
|
|
|
3/23/26 |
|
|
|
20,562 |
|
|
Colombian
Peso |
|
|
14,148,000,000 |
|
|
|
USD |
|
|
|
3,818,005 |
|
|
|
GSC |
|
|
|
3,721,110 |
|
|
|
4/13/26 |
|
|
|
96,895 |
|
|
Czech
Koruna |
|
|
36,100,000 |
|
|
|
USD |
|
|
|
1,732,829 |
|
|
|
BNY |
|
|
|
1,760,742 |
|
|
|
3/31/26 |
|
|
|
(27,913 |
) |
|
Euro |
|
|
203,737 |
|
|
|
USD |
|
|
|
240,806 |
|
|
|
BNP |
|
|
|
241,112 |
|
|
|
3/31/26 |
|
|
|
(306 |
) |
|
Euro |
|
|
29,210,000 |
|
|
|
USD |
|
|
|
34,159,115 |
|
|
|
BNY |
|
|
|
34,524,535 |
|
|
|
3/9/26 |
|
|
|
(365,420 |
) |
|
Euro |
|
|
1,800,000 |
|
|
|
USD |
|
|
|
2,102,094 |
|
|
|
BNY |
|
|
|
2,127,496 |
|
|
|
3/9/26 |
|
|
|
(25,402 |
) |
|
Euro |
|
|
1,860,000 |
|
|
|
USD |
|
|
|
2,230,400 |
|
|
|
BNY |
|
|
|
2,198,412 |
|
|
|
3/9/26 |
|
|
|
31,988 |
|
|
Mexican
Peso |
|
|
36,525,000 |
|
|
|
USD |
|
|
|
2,118,595 |
|
|
|
SSB |
|
|
|
2,114,789 |
|
|
|
3/31/26 |
|
|
|
3,806 |
|
|
Singapore
Dollar |
|
|
2,500,000 |
|
|
|
USD |
|
|
|
1,948,526 |
|
|
|
GSC |
|
|
|
1,979,489 |
|
|
|
3/23/26 |
|
|
|
(30,963 |
) |
|
South
African Rand |
|
|
30,710,000 |
|
|
|
USD |
|
|
|
1,915,890 |
|
|
|
BNY |
|
|
|
1,926,249 |
|
|
|
3/18/26 |
|
|
|
(10,359 |
) |
|
Swedish
Krona |
|
|
17,620,000 |
|
|
|
USD |
|
|
|
1,925,646 |
|
|
|
SSB |
|
|
|
1,953,437 |
|
|
|
3/18/26 |
|
|
|
(27,791 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
(786,166 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Net
Unrealized Depreciation on Open Forward Foreign Currency Contracts |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(631,025 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Core Fixed Income Fund held the following Centrally Cleared
Credit Default Swap Contract:
Centrally Cleared —
Credit Default Swap on Index — Sell Protection (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Reference Obligation & Rating |
|
Fixed Deal
Receive Rate |
|
Maturity
Date |
|
|
Payment
Frequency |
|
|
Implied Credit
Spread at
2/28/26
(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 |
|
|
3.070% |
|
|
USD |
|
|
|
3,494,700 |
|
|
$ |
283,750 |
|
|
$ |
249,353 |
|
|
$ |
34,397 |
|
|
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (1) |
If
the Fund is a seller of protection and a credit event occurs, as defined
under the terms of that particular swap agreement, the Fund will either
(i) pay to the buyer of protection an amount equal to the notional amount
of the swap and take delivery of the referenced obligation or underlying
securities comprising the referenced index or (ii) pay a net settlement
amount in the form of cash or securities equal to the notional amount of
the swap less the recovery value of the referenced obligation or
underlying securities comprising the referenced index.
|
| (2) |
Implied
credit spreads, represented in absolute terms, utilized in determining the
market value of credit default swap agreements on corporate issues or
sovereign issues of an emerging country as of period end serve as an
indicator of the current status of the payment/performance risk and
represent the likelihood or risk of default for the credit derivative. The
implied credit spread of a particular referenced entity reflects the cost
of buying/selling protection and may include upfront payments required to
be made to enter into the agreement. Wider credit spreads represent a
deterioration of the referenced entity’s credit soundness and a greater
likelihood or risk of default or other credit event occurring as defined
under the terms of the agreement. A credit spread identified as
‘‘Defaulted’’ indicates a credit event has occurred for the referenced
entity or obligation. |
| (3) |
The
maximum potential amount the Fund could be required to make as a seller of
credit protection or receive as a buyer of credit protection if a credit
event occurs as defined under the terms of that particular swap agreement.
|
See
Notes to Financial Statements.
192
At February
28, 2026, Core Fixed Income Fund had cash collateral from brokers in the amount
of $730,000 for open centrally cleared swap contracts.
|
|
|
|
|
|
| |
|
Currency
abbreviations used in this schedule: |
|
Counterparty abbreviations used in this
schedule: |
| AUD |
|
—
Australian Dollar |
|
BNP |
|
—
BNP Paribas SA |
| BRL |
|
—
Brazilian Real |
|
BNY |
|
—
Bank of New York Mellon |
| CLP |
|
—
Chilean Peso |
|
GSC |
|
—
Goldman Sachs & Co. |
| COP |
|
—
Colombian Peso |
|
SSB |
|
—
State Street Bank & Trust Co. |
| CZK |
|
—
Czech Koruna |
|
|
| EUR |
|
—
Euro |
|
| |
|
| GBP |
|
—
British Pound |
|
| |
|
| MXN |
|
—
Mexican Peso |
|
| |
|
| SEK |
|
—
Swedish Krona |
|
| |
|
| SGD |
|
—
Singapore Dollar |
|
| |
|
| USD |
|
—
United States Dollar |
|
| |
|
| ZAR |
|
—
South African Rand |
|
| |
|
|
|
|
| |
|
| See pages 268-269 for definitions of
ratings. |
See
Notes to Financial Statements.
193
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| CORPORATE BONDS
& NOTES — 94.2% |
|
|
| |
Advertising
— 0.9% |
|
| $ |
1,378,000 |
|
|
B- |
|
Neptune Bidco U.S. Inc., Senior Secured
Notes, 9.290% due 4/15/29(a) |
|
$ |
1,381,612 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Aerospace/Defense
— 0.4% |
|
|
|
|
| |
| |
ATI Inc., Senior Unsecured Notes: |
|
|
| |
| |
484,000 |
|
|
BB |
|
4.875%
due 10/1/29 |
|
|
483,708 |
|
| |
210,000 |
|
|
BB |
|
5.125%
due 10/1/31 |
|
|
211,158 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Aerospace/Defense |
|
|
694,866 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Airlines
— 1.1% |
|
| |
405,000 |
|
|
BBB- |
|
Air Canada, Senior Secured Notes,
3.875% due 8/15/26(a) |
|
|
405,342 |
|
| |
615,000 |
|
|
BB- |
|
American Airlines Inc., Senior Secured
Notes, 7.250% due 2/15/28(a) |
|
|
627,000 |
|
| |
141,000 |
|
|
BB+ |
|
United Airlines Holdings Inc., Company
Guaranteed Notes, 5.375% due 3/1/31 |
|
|
143,727 |
|
| |
451,000 |
|
|
BBB- |
|
United Airlines Inc., Senior Secured
Notes, 4.625% due 4/15/29(a) |
|
|
450,959 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Airlines |
|
|
1,627,028 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Auto
Parts & Equipment — 0.8% |
|
|
|
|
| |
| |
American Axle & Manufacturing
Inc.: |
|
|
| |
| |
360,000 |
|
|
B+ |
|
Company
Guaranteed Notes, 7.750% due 10/15/33(a) |
|
|
366,496 |
|
| |
420,000 |
|
|
BB |
|
Senior
Secured Notes, 6.375% due 10/15/32(a) |
|
|
427,720 |
|
| |
450,000 |
|
|
BB- |
|
ZF North America Capital Inc., Company
Guaranteed Notes, 6.875% due 4/23/32(a) |
|
|
451,767 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Auto Parts & Equipment |
|
|
1,245,983 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Banks
— 0.4% |
|
| |
664,000 |
|
|
BB |
|
Walker & Dunlop Inc., Company
Guaranteed Notes, 6.625% due 4/1/33(a) |
|
|
658,180 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Biotechnology
— 0.5% |
|
| |
745,000 |
|
|
BB |
|
BioMarin Pharmaceutical Inc., Company
Guaranteed Notes, 5.500% due 2/15/34(a) |
|
|
752,027 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Building
Materials — 0.4% |
|
| |
88,000 |
|
|
BB+ |
|
Standard Building Solutions Inc.,
Company Guaranteed Notes, 5.875% due 3/15/34(a) |
|
|
87,928 |
|
| |
615,000 |
|
|
BB+ |
|
Standard Industries Inc., Senior
Unsecured Notes, 3.375% due 1/15/31(a) |
|
|
568,109 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Building Materials |
|
|
656,037 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Chemicals
— 1.5% |
|
| |
901,000 |
|
|
CCC+ |
|
Consolidated Energy Finance SA, Company
Guaranteed Notes, 5.625% due 10/15/28(a) |
|
|
757,966 |
|
|
|
|
| |
| |
Methanex Corp., Senior Unsecured
Notes: |
|
|
| |
| |
215,000 |
|
|
BB |
|
5.125%
due 10/15/27 |
|
|
215,992 |
|
| |
4,000 |
|
|
BB |
|
5.250%
due 12/15/29 |
|
|
4,037 |
|
| |
800,000 |
|
|
BB |
|
Methanex U.S. Operations Inc., Company
Guaranteed Notes, 6.250% due 3/15/32(a) |
|
|
828,559 |
|
| |
557,000 |
|
|
BB- |
|
Minerals Technologies Inc., Company
Guaranteed Notes, 5.000% due 7/1/28(a) |
|
|
556,858 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Chemicals |
|
|
2,363,412 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Coal
— 0.1% |
|
| |
152,000 |
|
|
BB+ |
|
Warrior Met Coal Inc., Senior Secured
Notes, 7.875% due 12/1/28(a) |
|
|
155,177 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Commercial Services — 5.3% |
|
|
|
|
| |
| |
Block Inc., Senior Unsecured Notes: |
|
|
| |
| |
390,000 |
|
|
BB+ |
|
6.500%
due 5/15/32(a) |
|
|
401,482 |
|
| |
160,000 |
|
|
BB+ |
|
6.000%
due 8/15/33(a) |
|
|
162,711 |
|
| |
709,000 |
|
|
B- |
|
Champions Financing Inc., Senior
Secured Notes, 8.750% due 2/15/29(a)(b) |
|
|
674,913 |
|
|
|
|
| |
| |
EquipmentShare.com Inc., Secured
Notes: |
|
|
| |
| |
395,000 |
|
|
B |
|
8.625%
due 5/15/32(a) |
|
|
422,835 |
|
| |
701,000 |
|
|
B |
|
8.000%
due 3/15/33(a) |
|
|
746,601 |
|
| |
745,000 |
|
|
B |
|
Garda World Security Corp., Senior
Secured Notes, 6.500% due 1/15/31(a) |
|
|
765,801 |
|
|
|
|
| |
| |
Herc Holdings Inc., Company Guaranteed
Notes: |
|
|
| |
| |
219,000 |
|
|
BB- |
|
7.000%
due 6/15/30(a) |
|
|
229,815 |
|
| |
455,000 |
|
|
BB- |
|
7.250%
due 6/15/33(a) |
|
|
481,287 |
|
See
Notes to Financial Statements.
194
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Commercial Services — 5.3%
—(continued) |
|
|
|
|
| |
| |
Hertz Corp. (The): |
|
|
| |
| $ |
$147,000 |
|
|
CCC+ |
|
Company
Guaranteed Notes, 4.625% due 12/1/26(a)(b) |
|
$ |
134,062 |
|
| |
161,000 |
|
|
B |
|
Senior
Secured Notes, 12.625% due 7/15/29(a) |
|
|
148,521 |
|
| |
430,000 |
|
|
B+ |
|
ION Platform Finance U.S. Inc., Senior
Secured Notes, 7.875% due 9/30/32(a) |
|
|
344,627 |
|
| |
890,000 |
|
|
B |
|
Mobius Merger Sub Inc., Senior Secured
Notes, 9.000% due 6/1/30(a) |
|
|
606,916 |
|
| |
702,000 |
|
|
BB- |
|
Shift4
Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes,
6.750%
due 8/15/32(a) |
|
|
687,691 |
|
| |
660,000 |
|
|
B+ |
|
Veritiv Operating Co., Senior Secured
Notes, 10.500% due 11/30/30(a) |
|
|
706,965 |
|
| |
909,000 |
|
|
B |
|
VM Consolidated Inc., Company
Guaranteed Notes, 5.500% due 4/15/29(a) |
|
|
892,167 |
|
| |
874,000 |
|
|
B |
|
WEX Inc., Company Guaranteed Notes,
6.500% due 3/15/33(a) |
|
|
878,808 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Commercial Services |
|
|
8,285,202 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Computers
— 0.5% |
|
| |
337,000 |
|
|
NR |
|
CACI International Inc., Company
Guaranteed Notes, 6.375% due 6/15/33(a) |
|
|
347,716 |
|
| |
34,000 |
|
|
B+ |
|
NCR Voyix Corp., Company Guaranteed
Notes, 5.125% due 4/15/29(a) |
|
|
33,363 |
|
|
|
|
| |
| |
Seagate Data Storage Technology Pte
Ltd., Company Guaranteed Notes: |
|
|
| |
| |
210,000 |
|
|
BB+ |
|
4.091%
due 6/1/29(a) |
|
|
206,132 |
|
| |
188,000 |
|
|
BB+ |
|
4.125%
due 1/15/31(a)(b) |
|
|
179,199 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Computers |
|
|
766,410 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Cosmetics/Personal
Care — 1.0% |
|
| |
913,000 |
|
|
BB- |
|
Edgewell Personal Care Co., Company
Guaranteed Notes, 4.125% due 4/1/29(a) |
|
|
881,752 |
|
| |
740,000 |
|
|
B+ |
|
Perrigo Finance Unlimited Co., Company
Guaranteed Notes, 6.125% due 9/30/32 |
|
|
725,151 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Cosmetics/Personal Care |
|
|
1,606,903 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Diversified Financial Services — 7.4% |
|
|
|
|
| |
| |
Air Lease Corp., Junior Subordinated
Notes: |
|
|
| |
| |
325,000 |
|
|
BB+ |
|
4.125%
(5-Year CMT Index + 3.149%)(c)(d) |
|
|
322,490 |
|
| |
414,000 |
|
|
BB+ |
|
4.650%
(5-Year CMT Index + 4.076%)(c)(d) |
|
|
413,909 |
|
| |
735,000 |
|
|
BB+ |
|
Aircastle Ltd., Junior Subordinated
Notes, 5.250% (5-Year CMT Index + 4.410%)(a)(c)(d) |
|
|
735,091 |
|
|
|
|
| |
| |
Ally Financial Inc., Subordinated
Notes: |
|
|
| |
| |
747,000 |
|
|
BB+ |
|
6.700%
due 2/14/33 |
|
|
779,437 |
|
| |
300,000 |
|
|
BB+ |
|
6.646%
(5-Year CMT Index + 2.450%) due 1/17/40(c) |
|
|
299,449 |
|
| |
700,000 |
|
|
BB- |
|
Bread Financial Holdings Inc., Company
Guaranteed Notes, 6.750% due 5/15/31(a) |
|
|
714,020 |
|
| |
513,000 |
|
|
BB |
|
Burford Capital Global Finance LLC,
Company Guaranteed Notes, 6.250% due 4/15/28(a) |
|
|
510,525 |
|
| |
941,000 |
|
|
CCC |
|
Cobra AcquisitionCo LLC, Company
Guaranteed Notes, 6.375% due 11/1/29(a) |
|
|
813,986 |
|
|
|
|
| |
| |
Credit Acceptance Corp., Company
Guaranteed Notes: |
|
|
| |
| |
627,000 |
|
|
BB |
|
9.250%
due 12/15/28(a) |
|
|
655,903 |
|
| |
285,000 |
|
|
BB |
|
6.625%
due 3/15/30(a) |
|
|
284,048 |
|
| |
715,000 |
|
|
B |
|
Focus Financial Partners LLC, Senior
Secured Notes, 6.750% due 9/15/31(a) |
|
|
713,767 |
|
|
|
|
| |
| |
goeasy Ltd.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
470,000 |
|
|
BB- |
|
6.875%
due 5/15/30(a) |
|
|
415,152 |
|
| |
320,000 |
|
|
BB- |
|
6.875%
due 2/15/31(a) |
|
|
276,060 |
|
| |
297,000 |
|
|
BB- |
|
Senior
Unsecured Notes, 7.625% due 7/1/29(a) |
|
|
279,842 |
|
|
|
|
| |
| |
Jane Street Group/JSG Finance Inc.,
Senior Secured Notes: |
|
|
| |
| |
200,000 |
|
|
BB |
|
4.500%
due 11/15/29(a) |
|
|
195,462 |
|
| |
405,000 |
|
|
BB |
|
7.125%
due 4/30/31(a) |
|
|
421,303 |
|
| |
440,000 |
|
|
BB |
|
6.125%
due 11/1/32(a) |
|
|
442,958 |
|
| |
123,000 |
|
|
BB |
|
6.750%
due 5/1/33(a) |
|
|
126,427 |
|
| |
700,000 |
|
|
B2(e) |
|
Phoenix Aviation Capital Ltd., Senior
Unsecured Notes, 9.250% due 7/15/30(a) |
|
|
733,956 |
|
| |
875,000 |
|
|
B- |
|
Planet Financial Group LLC, Company
Guaranteed Notes, 10.500% due 12/15/29(a) |
|
|
846,052 |
|
| |
735,000 |
|
|
B1(e) |
|
Rfna LP, Senior Unsecured Notes, 7.875%
due 2/15/30(a) |
|
|
731,262 |
|
| |
710,000 |
|
|
B+ |
|
VFH Parent LLC/Valor Co.-Issuer Inc.,
Senior Secured Notes, 7.500% due 6/15/31(a) |
|
|
740,523 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Diversified Financial Services |
|
|
11,451,622 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
195
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Electric — 4.8% |
|
| $ |
488,000 |
|
|
BB |
|
Atlantica Sustainable Infrastructure
Ltd., Company Guaranteed Notes, 4.125% due 6/15/28(a) |
|
$ |
477,789 |
|
| |
232,000 |
|
|
B+ |
|
California
Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Senior Unsecured
Notes, 6.375%
due 2/15/32(a) |
|
|
231,341 |
|
| |
795,000 |
|
|
BB |
|
Clearway Energy Operating LLC, Company
Guaranteed Notes, 3.750% due 1/15/32(a) |
|
|
739,846 |
|
|
|
|
| |
| |
NRG Energy Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
174,000 |
|
|
BB |
|
5.750%
due 1/15/28 |
|
|
174,081 |
|
| |
290,000 |
|
|
BB |
|
5.250%
due 6/15/29(a) |
|
|
291,248 |
|
| |
597,000 |
|
|
BB |
|
3.625%
due 2/15/31(a) |
|
|
564,213 |
|
| |
345,000 |
|
|
BB |
|
6.250%
due 11/1/34(a) |
|
|
357,463 |
|
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
125,000 |
|
|
BB |
|
5.750%
due 1/15/34(a) |
|
|
126,851 |
|
| |
100,000 |
|
|
BB |
|
6.000%
due 1/15/36(a) |
|
|
101,819 |
|
| |
910,000 |
|
|
Ba3(e) |
|
Pattern
Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed
Notes,
4.500% due 8/15/28(a) |
|
|
899,889 |
|
|
|
|
| |
| |
Talen Energy Supply LLC, Company
Guaranteed Notes: |
|
|
| |
| |
375,000 |
|
|
B |
|
6.250%
due 2/1/34(a) |
|
|
381,832 |
|
| |
375,000 |
|
|
B |
|
6.500%
due 2/1/36(a) |
|
|
386,003 |
|
|
|
|
| |
| |
Vistra Operations Co. LLC, Company
Guaranteed Notes: |
|
|
| |
| |
170,000 |
|
|
BB+ |
|
7.750%
due 10/15/31(a) |
|
|
179,740 |
|
| |
770,000 |
|
|
BB+ |
|
6.875%
due 4/15/32(a) |
|
|
810,457 |
|
|
|
|
| |
| |
XPLR Infrastructure Operating Partners
LP: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
445,000 |
|
|
BB |
|
4.500%
due 9/15/27(a) |
|
|
443,280 |
|
| |
127,000 |
|
|
BB |
|
8.375%
due 1/15/31(a) |
|
|
134,548 |
|
| |
331,000 |
|
|
BB |
|
7.750%
due 4/15/34(a) |
|
|
343,411 |
|
| |
838,000 |
|
|
BB |
|
Senior
Unsecured Notes, 7.250% due 1/15/29(a) |
|
|
869,464 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electric |
|
|
7,513,275 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Electrical
Components & Equipment — 0.7% |
|
|
|
|
| |
| |
EnerSys, Company Guaranteed Notes: |
|
|
| |
| |
485,000 |
|
|
BB+ |
|
4.375%
due 12/15/27(a) |
|
|
484,799 |
|
| |
29,000 |
|
|
BB+ |
|
6.625%
due 1/15/32(a) |
|
|
29,960 |
|
| |
504,000 |
|
|
BB |
|
WESCO Distribution Inc., Company
Guaranteed Notes, 6.375% due 3/15/33(a) |
|
|
527,246 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electrical Components &
Equipment |
|
|
1,042,005 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Electronics
— 0.9% |
|
| |
700,000 |
|
|
BB |
|
Imola Merger Corp., Senior Secured
Notes, 4.750% due 5/15/29(a) |
|
|
688,559 |
|
| |
730,000 |
|
|
BB- |
|
TTM Technologies Inc., Company
Guaranteed Notes, 4.000% due 3/1/29(a) |
|
|
708,891 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electronics |
|
|
1,397,450 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Entertainment
— 3.5% |
|
| |
755,000 |
|
|
B+ |
|
Banijay Entertainment SAS, Senior
Secured Notes, 8.125% due 5/1/29(a) |
|
|
782,110 |
|
| |
715,000 |
|
|
BB |
|
Discovery Global Holdings Inc., Company
Guaranteed Notes, 5.050% due 3/15/42 |
|
|
514,800 |
|
| |
875,000 |
|
|
BBB- |
|
Flutter Treasury DAC, Senior Secured
Notes, 5.875% due 6/4/31(a) |
|
|
875,564 |
|
| |
720,000 |
|
|
B+ |
|
Light & Wonder International Inc.,
Company Guaranteed Notes, 6.250% due 10/1/33(a) |
|
|
723,560 |
|
| |
795,000 |
|
|
B- |
|
Ontario Gaming GTA LP/OTG Co.-Issuer
Inc., Senior Secured Notes, 8.000% due 8/1/30(a) |
|
|
768,860 |
|
| |
753,000 |
|
|
B+ |
|
SeaWorld Parks & Entertainment
Inc., Company Guaranteed Notes, 5.250% due 8/15/29(a) |
|
|
731,292 |
|
| |
990,000 |
|
|
B |
|
Voyager Parent LLC, Senior Secured
Notes, 9.250% due 7/1/32(a) |
|
|
1,057,750 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Entertainment |
|
|
5,453,936 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Environmental Control — 0.8% |
|
| |
715,000 |
|
|
BB+ |
|
Clean Harbors Inc., Company Guaranteed
Notes, 5.750% due 10/15/33(a) |
|
|
733,660 |
|
| |
445,000 |
|
|
BB |
|
GFL Environmental Holdings U.S. Inc.,
Company Guaranteed Notes, 5.500% due 2/1/34(a) |
|
|
447,167 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Environmental Control |
|
|
1,180,827 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
196
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Food — 2.6% |
|
|
|
|
| |
| |
Albertsons
Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company
Guaranteed
Notes: |
|
|
| |
| $ |
76,000 |
|
|
BB+ |
|
5.500%
due 3/31/31(a) |
|
$ |
76,604 |
|
| |
355,000 |
|
|
BB+ |
|
6.250%
due 3/15/33(a) |
|
|
365,557 |
|
| |
1,051,000 |
|
|
BB+ |
|
5.750%
due 3/31/34(a) |
|
|
1,046,997 |
|
| |
745,000 |
|
|
B |
|
Industrial F&B Investments III
Inc., Senior Secured Notes, 7.750% due 2/11/33(a) |
|
|
764,694 |
|
| |
536,000 |
|
|
BB |
|
Land O’Lakes Capital Trust I, Limited
Guaranteed Notes, 7.450% due 3/15/28(a) |
|
|
553,667 |
|
|
|
|
| |
| |
Performance Food Group Inc., Company
Guaranteed Notes: |
|
|
| |
| |
70,000 |
|
|
BB |
|
4.250%
due 8/1/29(a) |
|
|
68,732 |
|
| |
539,000 |
|
|
BB |
|
5.625%
due 3/1/34(a) |
|
|
540,942 |
|
| |
603,000 |
|
|
B+ |
|
Post Holdings Inc., Company Guaranteed
Notes, 6.250% due 10/15/34(a) |
|
|
616,081 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Food |
|
|
4,033,274 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Healthcare
— Products — 1.5% |
|
| |
760,000 |
|
|
BB |
|
Avantor Funding Inc., Company
Guaranteed Notes, 3.875% due 11/1/29(a) |
|
|
726,811 |
|
| |
698,000 |
|
|
B+ |
|
Insulet Corp., Senior Unsecured Notes,
6.500% due 4/1/33(a) |
|
|
726,418 |
|
| |
297,000 |
|
|
BBB- |
|
Medline Borrower LP, Senior Secured
Notes, 3.875% due 4/1/29(a) |
|
|
292,222 |
|
| |
625,000 |
|
|
BBB- |
|
Medline Borrower LP/Medline Co.-Issuer
Inc., Senior Secured Notes, 6.250% due 4/1/29(a) |
|
|
645,094 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Healthcare — Products |
|
|
2,390,545 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Healthcare
— Services — 2.3% |
|
| |
778,000 |
|
|
B |
|
Concentra Health Services Inc., Company
Guaranteed Notes, 6.875% due 7/15/32(a) |
|
|
813,345 |
|
| |
629,000 |
|
|
BB- |
|
Sotera Health Holdings LLC, Senior
Secured Notes, 7.375% due 6/1/31(a) |
|
|
662,632 |
|
| |
685,000 |
|
|
B |
|
Star Parent Inc., Senior Secured Notes,
9.000% due 10/1/30(a) |
|
|
696,097 |
|
|
|
|
| |
| |
Tenet Healthcare Corp.: |
|
|
| |
| |
1,016,000 |
|
|
BB |
|
Senior
Secured Notes, 5.500% due 11/15/32(a) |
|
|
1,029,318 |
|
| |
405,000 |
|
|
B |
|
Senior
Unsecured Notes, 6.000% due 11/15/33(a) |
|
|
418,784 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Healthcare — Services |
|
|
3,620,176 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Home
Builders — 1.2% |
|
| |
695,000 |
|
|
BB- |
|
Ashton
Woods USA LLC/Ashton Woods Finance Co., Senior Unsecured Notes,
6.875%
due 8/1/33(a) |
|
|
702,055 |
|
|
|
|
| |
| |
Mattamy Group Corp., Senior Unsecured
Notes: |
|
|
| |
| |
521,000 |
|
|
BB+ |
|
4.625%
due 3/1/30(a) |
|
|
509,112 |
|
| |
600,000 |
|
|
BB+ |
|
6.000%
due 12/15/33(a) |
|
|
591,172 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Home Builders |
|
|
1,802,339 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Insurance
— 2.8% |
|
| |
666,000 |
|
|
B |
|
Acrisure LLC/Acrisure Finance Inc.,
Senior Secured Notes, 6.750% due 7/1/32(a) |
|
|
653,845 |
|
| |
590,000 |
|
|
B |
|
Alliant
Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Secured
Notes, 6.500%
due 10/1/31(a) |
|
|
594,266 |
|
|
|
|
| |
| |
Asurion LLC & Asurion Co.- Issuer
Inc., Senior Secured Notes: |
|
|
| |
| |
1,300,000 |
|
|
BB- |
|
8.000%
due 12/31/32(a) |
|
|
1,366,389 |
|
| |
495,000 |
|
|
B |
|
8.375%
due 2/1/34(a) |
|
|
492,951 |
|
| |
488,000 |
|
|
B |
|
Baldwin
Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance,
Senior
Secured Notes, 7.125% due 5/15/31(a) |
|
|
489,997 |
|
| |
785,000 |
|
|
B |
|
Panther Escrow Issuer LLC, Senior
Secured Notes, 7.125% due 6/1/31(a) |
|
|
799,270 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Insurance |
|
|
4,396,718 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Internet — 2.3% |
|
|
|
|
| |
| |
Gen Digital Inc., Company Guaranteed
Notes: |
|
|
| |
| |
101,000 |
|
|
BB- |
|
6.750%
due 9/30/27(a) |
|
|
101,863 |
|
| |
198,000 |
|
|
BB- |
|
7.125%
due 9/30/30(a) |
|
|
201,269 |
|
| |
354,000 |
|
|
BB- |
|
6.250%
due 4/1/33(a) |
|
|
352,497 |
|
| |
795,760 |
|
|
CCC+ |
|
GrubHub
Holdings Inc., Senior Secured Notes, 13.000% (7.000% cash and 6.000% PIK
until
3/31/26 then 5.500% until 9/30/26) due 7/31/30(a)(b)(f) |
|
|
536,088 |
|
See
Notes to Financial Statements.
197
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Internet — 2.3% — (continued) |
|
|
|
|
| |
| |
ION Platform Finance U.S. Inc./ION
Platform Finance Sarl, Senior Secured Notes: |
|
|
| |
| $ |
450,000 |
|
|
B+ |
|
4.625%
due 5/1/28(a) |
|
$ |
416,872 |
|
| |
490,000 |
|
|
B+ |
|
5.750%
due 5/15/28(a) |
|
|
460,103 |
|
|
|
|
| |
| |
Match Group Holdings II LLC, Senior
Unsecured Notes: |
|
|
| |
| |
434,000 |
|
|
BB |
|
4.125%
due 8/1/30(a) |
|
|
412,745 |
|
| |
149,000 |
|
|
BB |
|
3.625%
due 10/1/31(a) |
|
|
135,313 |
|
| |
265,000 |
|
|
BB |
|
6.125%
due 9/15/33(a) |
|
|
264,372 |
|
| |
715,000 |
|
|
BB- |
|
Wayfair LLC, Senior Secured Notes,
6.750% due 11/15/32(a) |
|
|
729,286 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Internet |
|
|
3,610,408 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Investment
Companies — 0.9% |
|
|
|
|
| |
| |
HA Sustainable Infrastructure Capital
Inc., Company Guaranteed Notes: |
|
|
| |
| |
233,000 |
|
|
BBB- |
|
6.750%
due 7/15/35 |
|
|
245,664 |
|
| |
435,000 |
|
|
BB |
|
8.000%
(5-Year CMT Index + 4.301%) due 6/1/56(c) |
|
|
458,399 |
|
| |
369,000 |
|
|
BB |
|
7.125%
(5-Year CMT Index + 3.478%) due 11/15/56(c) |
|
|
372,399 |
|
| |
390,000 |
|
|
BBB- |
|
HAT
Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes,
3.750%
due 9/15/30(a) |
|
|
366,440 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Investment Companies |
|
|
1,442,902 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Iron/Steel
— 2.2% |
|
|
|
|
| |
| |
Cleveland-Cliffs Inc.: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
330,000 |
|
|
B+ |
|
7.000%
due 3/15/32(a) |
|
|
335,582 |
|
| |
660,000 |
|
|
Ba3(e) |
|
7.375%
due 5/1/33(a) |
|
|
677,760 |
|
| |
320,000 |
|
|
Ba3(e) |
|
7.625%
due 1/15/34(a) |
|
|
328,672 |
|
| |
48,000 |
|
|
B- |
|
Senior
Unsecured Notes, 6.250% due 10/1/40 |
|
|
40,995 |
|
|
|
|
| |
| |
Commercial Metals Co., Senior Unsecured
Notes: |
|
|
| |
| |
665,000 |
|
|
BB+ |
|
3.875%
due 2/15/31 |
|
|
635,027 |
|
| |
69,000 |
|
|
BB+ |
|
5.750%
due 11/15/33(a) |
|
|
70,440 |
|
| |
138,000 |
|
|
BB+ |
|
6.000%
due 12/15/35(a) |
|
|
141,440 |
|
|
|
|
| |
| |
Mineral Resources Ltd., Senior
Unsecured Notes: |
|
|
| |
| |
398,000 |
|
|
Ba3(e) |
|
9.250%
due 10/1/28(a) |
|
|
417,259 |
|
| |
639,000 |
|
|
Ba3(e) |
|
8.500%
due 5/1/30(a) |
|
|
662,057 |
|
| |
142,000 |
|
|
Ba3(e) |
|
7.000%
due 4/1/31(a) |
|
|
149,513 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Iron/Steel |
|
|
3,458,745 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Leisure
Time — 2.4% |
|
|
|
|
| |
| |
Carnival Corp., Company Guaranteed
Notes: |
|
|
| |
| |
595,000 |
|
|
BB+ |
|
5.750%
due 8/1/32(a) |
|
|
618,212 |
|
| |
595,000 |
|
|
BB+ |
|
6.125%
due 2/15/33(a) |
|
|
616,305 |
|
|
|
|
| |
| |
NCL Corp., Ltd., Senior Unsecured
Notes: |
|
|
| |
| |
374,000 |
|
|
B+ |
|
7.750%
due 2/15/29(a) |
|
|
399,809 |
|
| |
350,000 |
|
|
B+ |
|
6.250%
due 3/1/30(a) |
|
|
358,501 |
|
| |
585,000 |
|
|
B+ |
|
6.250%
due 9/15/33(a) |
|
|
590,852 |
|
|
|
|
| |
| |
Royal Caribbean Cruises Ltd., Senior
Unsecured Notes: |
|
|
| |
| |
290,000 |
|
|
BBB |
|
6.250%
due 3/15/32(a) |
|
|
302,541 |
|
| |
735,000 |
|
|
BBB |
|
6.000%
due 2/1/33(a) |
|
|
760,460 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Leisure Time |
|
|
3,646,680 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Lodging — 2.3% |
|
| |
1,136,000 |
|
|
B |
|
Hilton
Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc.,
Company
Guaranteed Notes, 4.875% due 7/1/31(a) |
|
|
1,069,976 |
|
| |
565,000 |
|
|
BB- |
|
Melco Resorts Finance Ltd., Senior
Unsecured Notes, 5.375% due 12/4/29(a) |
|
|
552,731 |
|
| |
802,000 |
|
|
B |
|
Station Casinos LLC, Company Guaranteed
Notes, 6.625% due 3/15/32(a) |
|
|
822,821 |
|
|
|
|
| |
| |
Travel + Leisure Co., Senior Secured
Notes: |
|
|
| |
| |
500,000 |
|
|
BB- |
|
4.500%
due 12/1/29(a) |
|
|
490,093 |
|
| |
590,000 |
|
|
BB- |
|
6.125%
due 9/1/33(a) |
|
|
600,129 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Lodging |
|
|
3,535,750 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
198
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Media — 5.7% |
|
| $ |
345,000 |
|
|
BB+ |
|
Belo Corp., Company Guaranteed Notes,
7.750% due 6/1/27 |
|
$ |
360,078 |
|
| |
834,000 |
|
|
B |
|
Cable One Inc., Company Guaranteed
Notes, 4.000% due 11/15/30(a)(b) |
|
|
577,978 |
|
|
|
|
| |
| |
CCO Holdings LLC/CCO Holdings Capital
Corp., Senior Unsecured Notes: |
|
|
| |
| |
509,000 |
|
|
BB- |
|
6.375%
due 9/1/29(a) |
|
|
516,326 |
|
| |
680,000 |
|
|
BB- |
|
4.500%
due 5/1/32 |
|
|
622,775 |
|
| |
660,000 |
|
|
BB- |
|
7.000%
due 2/1/33(a) |
|
|
674,783 |
|
| |
290,000 |
|
|
BB- |
|
4.250%
due 1/15/34(a)(b) |
|
|
252,803 |
|
|
|
|
| |
| |
CSC Holdings LLC, Company Guaranteed
Notes: |
|
|
| |
| |
890,000 |
|
|
CCC+ |
|
(Cost
— $697,767, acquired 11/2/22), 6.500% due 2/1/29(a)(g) |
|
|
562,891 |
|
| |
415,000 |
|
|
CCC+ |
|
(Cost
— $307,801, acquired 5/13/25), 4.125% due 12/1/30(a)(g) |
|
|
253,575 |
|
| |
200,000 |
|
|
CCC+ |
|
(Cost
— $173,189, acquired 7/14/22), 4.500% due 11/15/31(a)(g) |
|
|
120,204 |
|
|
|
|
| |
| |
Paramount Global, Company Guaranteed
Notes: |
|
|
| |
| |
619,000 |
|
|
B+ |
|
6.250%
(3-Month USD-LIBOR + 3.899%) due 2/28/57(c) |
|
|
484,553 |
|
| |
222,000 |
|
|
B+ |
|
6.375%
(5-Year CMT Index + 3.999%) due 3/30/62(c) |
|
|
175,380 |
|
|
|
|
| |
| |
Sirius XM Radio LLC, Company Guaranteed
Notes: |
|
|
| |
| |
560,000 |
|
|
BB+ |
|
4.000%
due 7/15/28(a) |
|
|
547,047 |
|
| |
726,000 |
|
|
BB+ |
|
3.875%
due 9/1/31(a) |
|
|
665,467 |
|
| |
195,000 |
|
|
BB+ |
|
5.875%
due 4/15/32(a) |
|
|
194,876 |
|
| |
952,000 |
|
|
BB- |
|
Sunrise FinCo I BV, Senior Secured
Notes, 4.875% due 7/15/31(a) |
|
|
916,548 |
|
| |
130,000 |
|
|
BB+ |
|
TEGNA Inc., Company Guaranteed Notes,
4.625% due 3/15/28(a) |
|
|
129,697 |
|
|
|
|
| |
| |
Univision Communications Inc., Senior
Secured Notes: |
|
|
| |
| |
112,000 |
|
|
B+ |
|
7.375%
due 6/30/30(a) |
|
|
112,092 |
|
| |
715,000 |
|
|
B+ |
|
8.500%
due 7/31/31(a) |
|
|
732,277 |
|
| |
705,000 |
|
|
B+ |
|
9.375%
due 8/1/32(a) |
|
|
746,134 |
|
| |
168,000 |
|
|
B- |
|
Virgin Media Finance PLC, Company
Guaranteed Notes, 5.000% due 7/15/30(a) |
|
|
139,916 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Media |
|
|
8,785,400 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Metal
Fabricate/Hardware — 0.3% |
|
| |
455,000 |
|
|
BB- |
|
Advanced Drainage Systems Inc., Senior
Unsecured Notes, 5.375% due 3/1/34(a) |
|
|
458,700 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Mining
— 1.6% |
|
| |
692,000 |
|
|
BB- |
|
Capstone Copper Corp., Company
Guaranteed Notes, 6.750% due 3/31/33(a) |
|
|
715,542 |
|
| |
650,000 |
|
|
BB+ |
|
Fortescue Treasury Pty Ltd., Company
Guaranteed Notes, 4.375% due 4/1/31(a) |
|
|
630,341 |
|
| |
482,000 |
|
|
BB- |
|
Hudbay Minerals Inc., Company
Guaranteed Notes, 6.125% due 4/1/29(a) |
|
|
486,169 |
|
| |
714,000 |
|
|
BB |
|
Novelis Corp., Company Guaranteed
Notes, 6.375% due 8/15/33(a) |
|
|
722,344 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Mining |
|
|
2,554,396 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Miscellaneous
Manufacturers — 0.2% |
|
| |
12,101 |
|
|
WD(h) |
|
Anagram
Holdings LLC/Anagram International Inc., Secured Notes,
10.000%
due 8/15/26*(a)(i)# |
|
|
— |
|
| |
320,000 |
|
|
BB- |
|
Entegris Inc., Company Guaranteed
Notes, 5.950% due 6/15/30(a) |
|
|
326,639 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Miscellaneous Manufacturers |
|
|
326,639 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Oil & Gas — 6.4% |
|
|
|
|
| |
| |
Comstock Resources Inc., Company
Guaranteed Notes: |
|
|
| |
| |
505,000 |
|
|
B |
|
6.750%
due 3/1/29(a) |
|
|
503,627 |
|
| |
170,000 |
|
|
B |
|
5.875%
due 1/15/30(a) |
|
|
163,999 |
|
|
|
|
| |
| |
Crescent Energy Finance LLC, Company
Guaranteed Notes: |
|
|
| |
| |
387,000 |
|
|
BB- |
|
7.625%
due 4/1/32(a) |
|
|
391,681 |
|
| |
735,000 |
|
|
BB- |
|
7.875%
due 4/15/32(a) |
|
|
749,208 |
|
| |
710,000 |
|
|
BB- |
|
DBR Land Holdings LLC, Company
Guaranteed Notes, 6.250% due 12/1/30(a) |
|
|
732,716 |
|
|
|
|
| |
| |
Hilcorp Energy I LP/Hilcorp Finance
Co., Senior Unsecured Notes: |
|
|
| |
| |
342,000 |
|
|
BB+ |
|
5.750%
due 2/1/29(a) |
|
|
343,661 |
|
| |
50,000 |
|
|
BB+ |
|
6.000%
due 2/1/31(a) |
|
|
48,755 |
|
| |
590,000 |
|
|
BB+ |
|
6.250%
due 4/15/32(a) |
|
|
574,560 |
|
| |
150,000 |
|
|
BB+ |
|
8.375%
due 11/1/33(a) |
|
|
158,367 |
|
| |
600,000 |
|
|
BB+ |
|
7.250%
due 2/15/35(a) |
|
|
594,624 |
|
| |
745,000 |
|
|
BB |
|
Murphy Oil Corp., Senior Unsecured
Notes, 6.500% due 2/15/34 |
|
|
744,922 |
|
| |
836,000 |
|
|
B+ |
|
Northern Oil & Gas Inc., Senior
Unsecured Notes, 7.875% due 10/15/33(a) |
|
|
855,349 |
|
See
Notes to Financial Statements.
199
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Oil & Gas — 6.4% — (continued) |
|
|
|
|
| |
| |
SM Energy Co., Company Guaranteed
Notes: |
|
|
| |
| $ |
397,000 |
|
|
BB |
|
8.625%
due 11/1/30(a) |
|
$ |
420,413 |
|
| |
285,000 |
|
|
BB |
|
9.625%
due 6/15/33(a) |
|
|
315,360 |
|
|
|
|
| |
| |
Sunoco LP, Company Guaranteed Notes: |
|
|
| |
| |
95,000 |
|
|
BB+ |
|
5.625%
due 3/15/31(a) |
|
|
95,503 |
|
| |
255,000 |
|
|
BB+ |
|
7.250%
due 5/1/32(a) |
|
|
269,518 |
|
| |
845,000 |
|
|
BB+ |
|
5.875%
due 3/15/34(a) |
|
|
847,482 |
|
| |
629,000 |
|
|
B+ |
|
Talos Production Inc., Secured Notes,
9.375% due 2/1/31(a) |
|
|
669,714 |
|
| |
741,000 |
|
|
BB |
|
Valaris Ltd., Secured Notes, 8.375% due
4/30/30(a) |
|
|
777,472 |
|
| |
582,000 |
|
|
B+ |
|
Wildfire Intermediate Holdings LLC,
Senior Unsecured Notes, 7.500% due 10/15/29(a) |
|
|
597,659 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Oil & Gas |
|
|
9,854,590 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Oil
& Gas Services — 1.7% |
|
|
|
|
| |
| |
Archrock Partners LP/Archrock Partners
Finance Corp., Company Guaranteed Notes: |
|
|
| |
| |
278,000 |
|
|
BB- |
|
6.250%
due 4/1/28(a) |
|
|
278,359 |
|
| |
375,000 |
|
|
BB- |
|
6.625%
due 9/1/32(a) |
|
|
390,496 |
|
| |
260,000 |
|
|
BB- |
|
Archrock
Services LP/Archrock Partners Finance Corp., Company Guaranteed Notes,
6.000%
due 2/1/34(a) |
|
|
263,276 |
|
|
|
|
| |
| |
Kodiak Gas Services LLC, Company
Guaranteed Notes: |
|
|
| |
| |
635,000 |
|
|
BB- |
|
7.250%
due 2/15/29(a) |
|
|
659,039 |
|
| |
142,000 |
|
|
BB- |
|
6.500%
due 10/1/33(a) |
|
|
146,512 |
|
| |
148,000 |
|
|
BB- |
|
6.750%
due 10/1/35(a) |
|
|
154,484 |
|
|
|
|
| |
| |
WBI Operating LLC: |
|
|
| |
| |
405,000 |
|
|
BB- |
|
Company
Guaranteed Notes, 6.250% due 10/15/30(a) |
|
|
412,993 |
|
| |
285,000 |
|
|
BB- |
|
Senior
Unsecured Notes, 6.500% due 10/15/33(a) |
|
|
289,795 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Oil & Gas Services |
|
|
2,594,954 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Packaging
& Containers — 2.3% |
|
| |
805,000 |
|
|
B+ |
|
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, Senior
Secured Notes, 6.250% due 1/30/31(a) |
|
|
824,325 |
|
|
|
|
| |
| |
Clydesdale Acquisition Holdings
Inc.: |
|
|
| |
| |
708,000 |
|
|
B- |
|
Company
Guaranteed Notes, 8.750% due 4/15/30(a)(b) |
|
|
705,442 |
|
| |
105,000 |
|
|
B+ |
|
Senior
Secured Notes, 6.750% due 4/15/32(a) |
|
|
105,856 |
|
|
|
|
| |
| |
Crown Americas LLC, Company Guaranteed
Notes: |
|
|
| |
| |
474,000 |
|
|
BB+ |
|
5.250%
due 4/1/30 |
|
|
485,421 |
|
| |
195,000 |
|
|
BB+ |
|
5.875%
due 6/1/33(a) |
|
|
200,475 |
|
| |
818,000 |
|
|
CCC |
|
Iris Holding Inc., Senior Unsecured
Notes, 10.000% due 12/15/28(a) |
|
|
749,821 |
|
| |
479,000 |
|
|
BB- |
|
Silgan Holdings Inc., Company
Guaranteed Notes, 4.125% due 2/1/28 |
|
|
476,428 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Packaging & Containers |
|
|
3,547,768 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Pharmaceuticals
— 1.6% |
|
|
|
|
| |
| |
HLF Financing Sarl LLC/Herbalife
International Inc.: |
|
|
| |
| |
975,000 |
|
|
BB- |
|
Company
Guaranteed Notes, 4.875% due 6/1/29(a) |
|
|
934,745 |
|
| |
685,000 |
|
|
BB- |
|
Senior
Secured Notes, 12.250% due 4/15/29(a) |
|
|
732,233 |
|
|
|
|
| |
| |
Teva Pharmaceutical Finance Netherlands
III BV, Company Guaranteed Notes: |
|
|
| |
| |
270,000 |
|
|
BB+ |
|
8.125%
due 9/15/31 |
|
|
310,232 |
|
| |
325,000 |
|
|
BB+ |
|
6.000%
due 12/1/32 |
|
|
345,118 |
|
| |
200,000 |
|
|
BB+ |
|
Teva
Pharmaceutical Finance Netherlands IV BV, Company Guaranteed Notes,
5.750%
due 12/1/30 |
|
|
207,642 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pharmaceuticals |
|
|
2,529,970 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Pipelines — 6.8% |
|
| |
405,000 |
|
|
BB+ |
|
Antero
Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed
Notes,
5.750% due 1/15/28(a) |
|
|
405,086 |
|
|
|
|
| |
| |
Delek Logistics Partners LP/Delek
Logistics Finance Corp., Company Guaranteed Notes: |
|
|
| |
| |
293,000 |
|
|
BB- |
|
8.625%
due 3/15/29(a) |
|
|
306,080 |
|
| |
689,000 |
|
|
BB- |
|
7.375%
due 6/30/33(a) |
|
|
712,535 |
|
See
Notes to Financial Statements.
200
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pipelines — 6.8% — (continued) |
|
| $ |
655,000 |
|
|
BB+ |
|
Excelerate Energy LP, Company
Guaranteed Notes, 8.000% due 5/15/30(a) |
|
$ |
694,444 |
|
|
|
|
| |
| |
Genesis Energy LP/Genesis Energy
Finance Corp., Company Guaranteed Notes: |
|
|
| |
| |
349,000 |
|
|
B |
|
8.250%
due 1/15/29 |
|
|
364,497 |
|
| |
510,000 |
|
|
B |
|
8.875%
due 4/15/30 |
|
|
535,351 |
|
| |
85,000 |
|
|
B |
|
7.875%
due 5/15/32 |
|
|
89,060 |
|
| |
110,000 |
|
|
B |
|
8.000%
due 5/15/33 |
|
|
116,391 |
|
| |
240,000 |
|
|
B |
|
6.750%
due 3/15/34 |
|
|
242,833 |
|
|
|
|
| |
| |
Harvest Midstream I LP, Senior
Unsecured Notes: |
|
|
| |
| |
770,000 |
|
|
BB- |
|
7.500%
due 9/1/28(a) |
|
|
779,218 |
|
| |
510,000 |
|
|
BB- |
|
7.500%
due 5/15/32(a) |
|
|
529,708 |
|
|
|
|
| |
| |
Howard Midstream Energy Partners LLC,
Senior Unsecured Notes: |
|
|
| |
| |
775,000 |
|
|
BB- |
|
7.375%
due 7/15/32(a) |
|
|
818,318 |
|
| |
35,000 |
|
|
BB- |
|
6.625%
due 1/15/34(a) |
|
|
36,236 |
|
| |
1,200,000 |
|
|
B- |
|
ITT Holdings LLC, Senior Unsecured
Notes, 6.500% due 8/1/29(a) |
|
|
1,166,683 |
|
|
|
|
| |
| |
NGL Energy Operating LLC/NGL Energy
Finance Corp., Senior Secured Notes: |
|
|
| |
| |
392,000 |
|
|
B+ |
|
8.125%
due 2/15/29(a) |
|
|
406,775 |
|
| |
459,000 |
|
|
B+ |
|
8.375%
due 2/15/32(a) |
|
|
481,655 |
|
| |
238,000 |
|
|
Ba1(e) |
|
NuStar Logistics LP, Company Guaranteed
Notes, 6.375% due 10/1/30 |
|
|
250,718 |
|
| |
1,517,000 |
|
|
BB |
|
Venture Global LNG Inc., Senior Secured
Notes, 8.375% due 6/1/31(a)(b) |
|
|
1,555,007 |
|
|
|
|
| |
| |
Venture Global Plaquemines LNG LLC,
Senior Secured Notes: |
|
|
| |
| |
45,000 |
|
|
BB+ |
|
6.125%
due 12/15/30(a) |
|
|
46,779 |
|
| |
97,000 |
|
|
BB+ |
|
7.500%
due 5/1/33(a) |
|
|
107,641 |
|
| |
225,000 |
|
|
BB+ |
|
6.500%
due 6/15/34(a) |
|
|
236,339 |
|
| |
558,000 |
|
|
BB+ |
|
7.750%
due 5/1/35(a) |
|
|
633,183 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pipelines |
|
|
10,514,537 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Real
Estate — 1.3% |
|
|
|
|
| |
| |
Cushman & Wakefield U.S. Borrower
LLC, Senior Secured Notes: |
|
|
| |
| |
338,000 |
|
|
BB- |
|
6.750%
due 5/15/28(a) |
|
|
339,142 |
|
| |
380,000 |
|
|
BB- |
|
8.875%
due 9/1/31(a) |
|
|
402,468 |
|
| |
495,000 |
|
|
BB |
|
Greystar Real Estate Partners LLC,
Senior Secured Notes, 7.750% due 9/1/30(a) |
|
|
518,879 |
|
| |
788,000 |
|
|
B |
|
Kennedy-Wilson Inc., Company Guaranteed
Notes, 4.750% due 3/1/29 |
|
|
776,707 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Real Estate |
|
|
2,037,196 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Real Estate Investment Trusts (REITs) — 2.8%
|
|
| |
890,000 |
|
|
Ba3(e) |
|
Arbor Realty SR Inc., Company
Guaranteed Notes, 7.875% due 7/15/30(a) |
|
|
820,925 |
|
| |
646,000 |
|
|
B+ |
|
Blackstone Mortgage Trust Inc., Senior
Secured Notes, 7.750% due 12/1/29(a) |
|
|
688,930 |
|
|
|
|
| |
| |
Ladder
Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company
Guaranteed
Notes: |
|
|
| |
| |
158,000 |
|
|
BB+ |
|
4.250%
due 2/1/27(a) |
|
|
156,990 |
|
| |
110,000 |
|
|
BB+ |
|
4.750%
due 6/15/29(a) |
|
|
109,153 |
|
| |
447,000 |
|
|
BB+ |
|
7.000%
due 7/15/31(a) |
|
|
471,329 |
|
| |
610,000 |
|
|
BB |
|
RHP
Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes,
5.750%
due 3/15/34(a) |
|
|
615,247 |
|
|
|
|
| |
| |
Service Properties Trust: |
|
|
| |
|
|
|
| |
| |
Company
Guaranteed Notes: |
|
|
| |
| |
180,000 |
|
|
B- |
|
8.375%
due 6/15/29 |
|
|
189,059 |
|
| |
478,000 |
|
|
B- |
|
8.875%
due 6/15/32 |
|
|
480,169 |
|
| |
29,000 |
|
|
B |
|
Senior
Secured Notes, zero coupon due 9/30/27(a) |
|
|
26,487 |
|
|
|
|
| |
| |
Starwood Property Trust Inc., Senior
Unsecured Notes: |
|
|
| |
| |
130,000 |
|
|
BB- |
|
7.250%
due 4/1/29(a) |
|
|
136,363 |
|
| |
680,000 |
|
|
BB- |
|
6.500%
due 7/1/30(a) |
|
|
707,610 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Real Estate Investment Trusts
(REITs) |
|
|
4,402,262 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Retail — 3.8% |
|
| |
455,000 |
|
|
BB+ |
|
Brinker International Inc., Company
Guaranteed Notes, 8.250% due 7/15/30(a) |
|
|
481,068 |
|
See
Notes to Financial Statements.
201
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Retail — 3.8% — (continued) |
|
|
|
|
| |
| |
FirstCash Inc., Company Guaranteed
Notes: |
|
|
| |
| $ |
432,000 |
|
|
BB |
|
4.625%
due 9/1/28(a) |
|
$ |
426,886 |
|
| |
187,000 |
|
|
BB |
|
5.625%
due 1/1/30(a) |
|
|
186,188 |
|
| |
77,000 |
|
|
BB |
|
6.875%
due 3/1/32(a) |
|
|
79,560 |
|
| |
380,000 |
|
|
BB- |
|
Kohl’s Corp., Senior Unsecured Notes,
5.125% due 5/1/31 |
|
|
321,822 |
|
|
|
|
| |
| |
LBM Acquisition LLC: |
|
|
| |
| |
686,000 |
|
|
CCC |
|
Company
Guaranteed Notes, 6.250% due 1/15/29(a) |
|
|
523,866 |
|
| |
375,000 |
|
|
B- |
|
Senior
Secured Notes, 9.500% due 6/15/31(a) |
|
|
349,182 |
|
|
|
|
| |
| |
Murphy Oil USA Inc., Company Guaranteed
Notes: |
|
|
| |
| |
725,000 |
|
|
BB+ |
|
4.750%
due 9/15/29 |
|
|
718,662 |
|
| |
110,000 |
|
|
BB+ |
|
3.750%
due 2/15/31(a) |
|
|
103,570 |
|
|
|
|
| |
| |
Park River Holdings Inc.: |
|
|
| |
| |
283,329 |
|
|
CCC |
|
Secured
Notes, 8.750% due 12/31/30(a)(b) |
|
|
272,559 |
|
| |
644,000 |
|
|
B- |
|
Senior
Secured Notes, 8.000% due 3/15/31(a) |
|
|
649,795 |
|
| |
490,000 |
|
|
B |
|
Petco Health & Wellness Co., Inc.,
Senior Secured Notes, 8.250% due 2/1/31(a) |
|
|
481,593 |
|
|
|
|
| |
| |
PetSmart LLC/PetSmart Finance Corp.: |
|
|
| |
| |
450,000 |
|
|
B- |
|
Company
Guaranteed Notes, 10.000% due 9/15/33(a) |
|
|
451,790 |
|
| |
250,000 |
|
|
BB- |
|
Senior
Secured Notes, 7.500% due 9/15/32(a) |
|
|
253,153 |
|
| |
552,000 |
|
|
BB- |
|
QXO Building Products Inc., Senior
Secured Notes, 6.750% due 4/30/32(a) |
|
|
572,140 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Retail |
|
|
5,871,834 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Semiconductors
— 0.3% |
|
| |
420,000 |
|
|
BB |
|
Amkor Technology Inc., Company
Guaranteed Notes, 5.875% due 10/1/33(a) |
|
|
429,084 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Software
— 1.8% |
|
| |
375,000 |
|
|
B- |
|
Capstone Borrower Inc., Senior Secured
Notes, 8.000% due 6/15/30(a) |
|
|
327,026 |
|
|
|
|
| |
| |
Cloud Software Group Inc.: |
|
|
| |
| |
140,000 |
|
|
B- |
|
Secured
Notes, 9.000% due 9/30/29(a) |
|
|
136,587 |
|
|
|
|
| |
| |
Senior
Secured Notes: |
|
|
| |
| |
355,000 |
|
|
B |
|
6.500%
due 3/31/29(a) |
|
|
348,623 |
|
| |
370,000 |
|
|
B |
|
8.250%
due 6/30/32(a) |
|
|
370,344 |
|
| |
365,000 |
|
|
B |
|
6.625%
due 8/15/33(a) |
|
|
344,685 |
|
|
|
|
| |
| |
Open Text Corp., Company Guaranteed
Notes: |
|
|
| |
| |
20,000 |
|
|
BB |
|
3.875%
due 2/15/28(a) |
|
|
19,036 |
|
| |
560,000 |
|
|
BB |
|
3.875%
due 12/1/29(a) |
|
|
504,751 |
|
| |
240,000 |
|
|
BB |
|
Open Text Holdings Inc., Company
Guaranteed Notes, 4.125% due 12/1/31(a) |
|
|
209,856 |
|
| |
1,116,480 |
|
|
B- |
|
Rackspace Finance LLC, Senior Secured
Notes, 3.500% due 5/15/28(a) |
|
|
459,850 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Software |
|
|
2,720,758 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Telecommunications — 5.2% |
|
| |
1,235,000 |
|
|
CCC |
|
Altice
Financing SA, Senior Secured Notes, (Cost — $1,010,152, acquired 2/12/25),
5.000%
due 1/15/28(a)(g) |
|
|
870,492 |
|
|
|
|
| |
| |
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) |
|
|
457,635 |
|
| |
330,000 |
|
|
BB+ |
|
7.000%
(5-Year CMT Index + 2.363%) due 9/15/55(c) |
|
|
349,368 |
|
| |
734,000 |
|
|
Ba2(e) |
|
Black Pearl Compute LLC, Senior Secured
Notes, 6.125% due 2/15/31(a) |
|
|
752,693 |
|
| |
610,000 |
|
|
B+ |
|
C&W Senior Finance Ltd., Company
Guaranteed Notes, 9.000% due 1/15/33(a) |
|
|
634,082 |
|
| |
460,000 |
|
|
B |
|
Connect Finco Sarl/Connect U.S. Finco
LLC, Senior Secured Notes, 9.000% due 9/15/29(a) |
|
|
488,663 |
|
| |
176,000 |
|
|
Ba3(e) |
|
Flash Compute LLC, Senior Secured
Notes, 7.250% due 12/31/30(a) |
|
|
180,316 |
|
|
|
|
| |
| |
Iliad Holding SAS, Senior Secured
Notes: |
|
|
| |
| |
133,000 |
|
|
B+ |
|
7.000%
due 10/15/28(a) |
|
|
134,844 |
|
| |
200,000 |
|
|
B+ |
|
8.500%
due 4/15/31(a) |
|
|
214,398 |
|
| |
985,000 |
|
|
B+ |
|
7.000%
due 4/15/32(a) |
|
|
1,012,319 |
|
|
|
|
| |
| |
Rogers Communications Inc.,
Subordinated Notes: |
|
|
| |
| |
286,000 |
|
|
BB |
|
7.000%
(5-Year CMT Index + 2.653%) due 4/15/55(c) |
|
|
299,261 |
|
| |
404,000 |
|
|
BB |
|
7.125%
(5-Year CMT Index + 2.620%) due 4/15/55(c) |
|
|
428,207 |
|
| |
535,000 |
|
|
BB- |
|
Sable International Finance Ltd.,
Senior Secured Notes, 7.125% due 10/15/32(a) |
|
|
542,051 |
|
See
Notes to Financial Statements.
202
|
|
|
|
|
|
|
|
|
|
| |
| High Yield Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Telecommunications — 5.2% —
(continued) |
|
| $ |
564,000 |
|
|
CCC+ |
|
Viasat Inc., Senior Unsecured Notes,
7.500% due 5/30/31(a)(b) |
|
$ |
557,497 |
|
| |
270,000 |
|
|
B+ |
|
Vmed O2 UK Financing I PLC, Senior
Secured Notes, 7.750% due 4/15/32(a) |
|
|
270,262 |
|
|
|
|
| |
| |
Zayo Group Holdings Inc., Senior
Secured Notes: |
|
|
| |
| |
129,502 |
|
|
B- |
|
9.250%
(5.750% cash and 0.500% PIK until 3/30/27 then 7.750% until 3/30/28)
due 3/9/30(a)(f) |
|
|
126,231 |
|
| |
755,436 |
|
|
CCC |
|
13.750%
(7.125% cash and 1.875% PIK until 3/30/27 then 5.375% until 3/30/28)
due 9/9/30(a)(f) |
|
|
684,614 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Telecommunications |
|
|
8,002,933 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Transportation
— 0.9% |
|
| |
670,000 |
|
|
B2(e) |
|
Star Leasing Co. LLC, Secured Notes,
7.625% due 2/15/30(a) |
|
|
638,359 |
|
| |
663,000 |
|
|
BB |
|
Stonepeak Nile Parent LLC, Senior
Secured Notes, 7.250% due 3/15/32(a) |
|
|
705,219 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Transportation |
|
|
1,343,578 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
CORPORATE BONDS & NOTES
(Cost — $145,781,718) |
|
|
146,144,088 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SENIOR LOAN —
0.0%@ |
|
|
| |
Mining
— 0.0%@ |
|
| |
378,583 |
|
|
NR |
|
Arctic
Canadian Diamond Company Ltd., 4.258%
(3-Month USD-LIBOR + 2.000%)
due 12/17/33(c)(j) |
|
|
| |
|
|
|
| |
| |
(Cost — $366,576) |
|
|
— |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$146,148,294) |
|
|
146,144,088 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SHORT-TERM
INVESTMENTS(k) — 8.7% |
|
|
| |
MONEY MARKET FUND —
3.0% |
|
| |
4,562,496 |
|
|
| |
Invesco STIT — Government & Agency
Portfolio, Institutional Class, 3.674%(l) |
|
|
| |
|
|
|
| |
| |
(Cost — $4,562,496) |
|
|
4,562,496 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
TIME DEPOSITS —
5.7% |
|
| |
3,498,028 |
|
|
| |
Citibank — New York, 2.980% due
3/2/26 |
|
|
3,498,028 |
|
| |
5,406,290 |
|
|
| |
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26 |
|
|
5,406,290 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
TIME DEPOSITS
(Cost — $8,904,318) |
|
|
8,904,318 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $13,466,814) |
|
|
13,466,814 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS — 102.9%
(Cost — $159,615,108) |
|
|
159,610,902 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Liabilities in Excess of Other Assets —
(2.9)% |
|
|
(4,540,568 |
) |
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
155,070,334 |
|
|
|
|
| |
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| †† |
All
ratings are by Standard & Poor’s Rating Service, unless otherwise
noted. |
| * |
Non-income
producing security. |
| @ |
The
amount is less than 0.05%. |
| (a) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to $130,271,376 and
represents 84.0% of net assets. |
| (b) |
All
or a portion of this security is on loan (see Note 1).
|
| (c) |
Variable
rate security. Interest rate disclosed is that which was in effect at
February 28, 2026. |
| (d) |
Security
is perpetual in nature and has no stated maturity date.
|
| (e) |
Rating
by Moody’s Investors Service. |
| (f) |
Payment
in-kind security for which part of the income earned may be paid as
additional principal. |
| (g) |
The
aggregate value of restricted securities (excluding 144A holdings) at
February 28, 2026, amounts to $1,807,162 and represents 1.2% of net
assets. |
| (h) |
Rating
by Fitch Ratings Service. |
See
Notes to Financial Statements.
203
| (i) |
Security
is currently in default. |
| (j) |
Security
is valued in good faith at fair value by or under the direction of the
Board of Trustees. |
| (k) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 5.7%. |
| (l) |
Represents
investments of collateral received from securities lending transactions.
|
| # |
Security
that used significant unobservable inputs to determine fair value. At
February 28, 2026, the Fund held a Level 3 security with a total value of
$0, representing 0.0% of net assets. |
At
February 28, 2026, for High Yield Fund the aggregate cost of investments and the
aggregate gross unrealized appreciation and depreciation of all investments for
federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal Income
Tax Purposes |
|
Gross
Unrealized
Appreciation |
|
Gross
Unrealized
(Depreciation) |
|
Net
Unrealized
(Depreciation) |
| High Yield Fund |
|
$ 159,615,108 |
|
$ 3,135,684 |
|
$ (3,139,890) |
|
$ (4,206) |
|
|
| |
|
Abbreviations
used in this schedule: |
| CMT |
|
—
Constant Maturity Treasury Rate |
| DAC |
|
—
Designated Activity Company |
| LIBOR |
|
—
London Interbank Offered Rate |
| LLC |
|
—
Limited Liability Company |
| PLC |
|
—
Public Limited Company |
|
|
| |
|
Currency
abbreviation used in this schedule: |
| USD |
|
—
United States Dollar |
|
|
|
|
| |
| Summary of Investments by Security
Type^ |
|
|
Corporate
Bonds & Notes |
|
|
94.3 |
% |
|
Senior
Loan |
|
|
0.0 |
* |
|
Short-Term
Investments |
|
|
5.7 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| * |
Position
represents less than 0.05%. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
|
|
|
|
|
|
| |
|
|
|
| |
|
| See pages 268-269 for definitions of
ratings. |
See
Notes to Financial Statements.
204
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| SOVEREIGN BONDS —
43.6% |
|
|
| |
Australia
— 2.1% |
|
|
|
|
| |
Australia Government Bonds: |
|
|
| |
| |
100,000 |
AUD |
|
2.500%
due 5/21/30 |
|
$ |
66,411 |
|
| |
50,000 |
AUD |
|
1.750%
due 6/21/51 |
|
|
18,513 |
|
|
|
|
| |
New South Wales Treasury Corp.: |
|
|
| |
| |
1,000,000 |
AUD |
|
2.000%
due 3/8/33 |
|
|
591,389 |
|
| |
1,200,000 |
AUD |
|
1.750%
due 3/20/34 |
|
|
670,831 |
|
| |
500,000 |
AUD |
|
3.500%
due 11/20/37 |
|
|
297,951 |
|
| |
300,000 |
AUD |
|
Northern Territory Treasury Corp.,
6.000% due 4/21/39 |
|
|
218,730 |
|
|
|
|
| |
Queensland Treasury Corp.: |
|
|
| |
| |
600,000 |
AUD |
|
2.000%
due 8/22/33 |
|
|
348,472 |
|
| |
200,000 |
AUD |
|
1.750%
due 7/20/34(a) |
|
|
110,097 |
|
| |
1,000,000 |
AUD |
|
5.250%
due 7/21/36(a) |
|
|
710,568 |
|
|
|
|
| |
Treasury Corp. of Victoria: |
|
|
| |
| |
400,000 |
AUD |
|
4.250%
due 12/20/32 |
|
|
274,572 |
|
| |
1,000,000 |
AUD |
|
2.250%
due 9/15/33 |
|
|
589,618 |
|
| |
400,000 |
AUD |
|
2.000%
due 9/17/35 |
|
|
215,529 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Australia |
|
|
4,112,681 |
|
|
|
|
| |
| |
|
|
|
|
| |
Brazil
— 2.0% |
|
| |
20,000,000 |
BRL |
|
Brazil Letras do Tesouro Nacional, zero
coupon due 4/1/26 |
|
|
3,854,168 |
|
|
|
|
| |
| |
|
|
|
|
| |
Bulgaria
— 0.3% |
|
|
|
|
| |
Bulgaria Government International
Bonds: |
|
|
| |
| |
300,000 |
EUR |
|
3.375%
due 7/18/35 |
|
|
354,611 |
|
| |
200,000 |
EUR |
|
4.125%
due 7/18/45 |
|
|
233,483 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Bulgaria |
|
|
588,094 |
|
|
|
|
| |
| |
|
|
|
|
| |
Canada
— 0.9% |
|
| |
2,100,000 |
CAD |
|
Canadian Government Bonds, 3.000% due
6/1/34 |
|
|
1,538,118 |
|
| |
27,900,000 |
INR |
|
Export Development Canada, 7.130% due
3/11/29(a) |
|
|
308,864 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Canada |
|
|
1,846,982 |
|
|
|
|
| |
| |
|
|
|
|
| |
Chile
— 0.1% |
|
| $ |
200,000 |
|
|
Chile Government International Bonds,
4.850% due 1/22/29 |
|
|
204,750 |
|
|
|
|
| |
| |
|
|
|
|
| |
China
— 4.2% |
|
|
|
|
| |
China Development Bank: |
|
|
| |
| |
7,600,000 |
CNY |
|
2.820%
due 5/22/33 |
|
|
1,175,337 |
|
| |
22,220,000 |
CNY |
|
2.630%
due 1/8/34 |
|
|
3,404,968 |
|
|
|
|
| |
China Government Bonds: |
|
|
| |
| |
5,600,000 |
CNY |
|
1.650%
due 5/15/35 |
|
|
807,420 |
|
| |
4,090,000 |
CNY |
|
3.190%
due 4/15/53 |
|
|
698,133 |
|
| |
12,700,000 |
CNY |
|
2.190%
due 9/25/54 |
|
|
1,793,257 |
|
| |
2,300,000 |
CNY |
|
1.920%
due 1/15/55 |
|
|
307,634 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total China |
|
|
8,186,749 |
|
|
|
|
| |
| |
|
|
|
|
| |
Colombia
— 1.1% |
|
|
|
|
| |
Colombian TES: |
|
|
| |
| |
2,158,400,000 |
COP |
|
11.000%
due 8/22/29 |
|
|
526,027 |
|
| |
1,884,100,000 |
COP |
|
13.250%
due 2/9/33 |
|
|
486,497 |
|
| |
2,053,500,000 |
COP |
|
11.750%
due 1/24/35 |
|
|
499,852 |
|
| |
2,176,300,000 |
COP |
|
12.750%
due 11/28/40 |
|
|
541,978 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Colombia |
|
|
2,054,354 |
|
|
|
|
| |
| |
|
|
|
|
| |
France
— 3.7% |
|
| |
6,000,000 |
EUR |
|
French Republic Government Bonds OAT,
2.750% due 2/25/30(a) |
|
|
7,185,841 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
205
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| SOVEREIGN BONDS —
43.6% — (continued) |
|
|
| |
Israel
— 0.9% |
|
|
|
|
| |
Israel Government International
Bonds: |
|
|
| |
| $ |
300,000 |
|
|
5.375%
due 3/12/29 |
|
$ |
309,359 |
|
| |
900,000 |
|
|
5.375%
due 2/19/30 |
|
|
932,718 |
|
| |
300,000 |
|
|
5.500%
due 3/12/34 |
|
|
312,256 |
|
| |
300,000 |
|
|
5.750%
due 3/12/54 |
|
|
294,174 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Israel |
|
|
1,848,507 |
|
|
|
|
| |
| |
|
|
|
|
| |
Italy
— 0.3% |
|
| |
400,000 |
GBP |
|
Republic of Italy Government
International Bonds, 6.000% due 8/4/28 |
|
|
562,136 |
|
|
|
|
| |
| |
|
|
|
|
| |
Japan
— 7.0% |
|
| |
50,000,000 |
JPY |
|
Japan Government Five Year Bonds,
0.400% due 6/20/29 |
|
|
310,049 |
|
| |
120,000,000 |
JPY |
|
Japan Government Forty Year Bonds,
2.200% due 3/20/64 |
|
|
564,889 |
|
|
|
|
| |
Japan Government Thirty Year Bonds: |
|
|
| |
| |
210,000,000 |
JPY |
|
1.700%
due 9/20/44 |
|
|
1,116,569 |
|
| |
240,000,000 |
JPY |
|
1.400%
due 9/20/45 |
|
|
1,185,691 |
|
| |
152,000,000 |
JPY |
|
0.500%
due 9/20/46 |
|
|
601,488 |
|
| |
98,000,000 |
JPY |
|
0.700%
due 12/20/48 |
|
|
379,552 |
|
| |
38,700,000 |
JPY |
|
0.500%
due 3/20/49 |
|
|
140,604 |
|
| |
60,000,000 |
JPY |
|
0.700%
due 12/20/50 |
|
|
217,436 |
|
| |
60,000,000 |
JPY |
|
0.700%
due 3/20/51 |
|
|
215,365 |
|
| |
125,000,000 |
JPY |
|
0.700%
due 6/20/51 |
|
|
444,518 |
|
| |
180,000,000 |
JPY |
|
0.700%
due 12/20/51 |
|
|
628,821 |
|
| |
69,400,000 |
JPY |
|
1.800%
due 3/20/54 |
|
|
319,757 |
|
| |
202,000,000 |
JPY |
|
2.200%
due 6/20/54 |
|
|
1,023,188 |
|
| |
60,000,000 |
JPY |
|
3.200%
due 9/20/55 |
|
|
373,982 |
|
|
|
|
| |
Japan Government Twenty Year Bonds: |
|
|
| |
| |
131,000,000 |
JPY |
|
1.200%
due 9/20/35 |
|
|
774,947 |
|
| |
200,000,000 |
JPY |
|
1.000%
due 12/20/35 |
|
|
1,154,974 |
|
| |
20,000,000 |
JPY |
|
0.400%
due 3/20/36 |
|
|
107,973 |
|
| |
100,000,000 |
JPY |
|
0.400%
due 6/20/40 |
|
|
474,500 |
|
| |
130,000,000 |
JPY |
|
1.800%
due 9/20/44 |
|
|
702,777 |
|
| |
180,000,000 |
JPY |
|
2.000%
due 12/20/44 |
|
|
1,002,314 |
|
| |
74,000,000 |
JPY |
|
2.400%
due 3/20/45 |
|
|
438,103 |
|
|
|
|
| |
Japanese Government CPI Linked
Bonds: |
|
|
| |
| |
167,409,480 |
JPY |
|
0.100%
due 3/10/28 |
|
|
1,072,626 |
|
| |
53,155,590 |
JPY |
|
0.100%
due 3/10/29 |
|
|
341,663 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Japan |
|
|
13,591,786 |
|
|
|
|
| |
| |
|
|
|
|
| |
Kuwait
— 0.5% |
|
|
|
|
| |
Kuwait International Government
Bonds: |
|
|
| |
| |
400,000 |
|
|
4.016%
due 10/9/28(a) |
|
|
402,362 |
|
| |
200,000 |
|
|
4.136%
due 10/9/30(a) |
|
|
201,045 |
|
| |
300,000 |
|
|
4.652%
due 10/9/35(a) |
|
|
302,655 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Kuwait |
|
|
906,062 |
|
|
|
|
| |
| |
|
|
|
|
| |
Luxembourg
— 0.5% |
|
| |
1,000,000 |
|
|
Eagle Funding Luxco Sarl, 5.500% due
8/17/30(a) |
|
|
1,021,250 |
|
|
|
|
| |
| |
|
|
|
|
| |
Malaysia
— 1.9% |
|
|
|
|
| |
Malaysia Government Bonds: |
|
|
| |
| |
12,523,000 |
MYR |
|
3.519%
due 4/20/28 |
|
|
3,250,990 |
|
| |
900,000 |
MYR |
|
2.632%
due 4/15/31 |
|
|
223,790 |
|
| |
160,000 |
MYR |
|
3.582%
due 7/15/32 |
|
|
41,487 |
|
| |
860,000 |
MYR |
|
Malaysia Government Investment Issues,
4.193% due 10/7/32 |
|
|
231,189 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Malaysia |
|
|
3,747,456 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
206
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| SOVEREIGN BONDS —
43.6% — (continued) |
|
|
| |
Peru
— 1.5% |
|
|
|
|
| |
Peru Government Bonds: |
|
|
| |
| |
1,300,000 |
PEN |
|
7.300%
due 8/12/33(a) |
|
$ |
443,445 |
|
| |
3,400,000 |
PEN |
|
6.850%
due 8/12/35(a) |
|
|
1,085,708 |
|
| |
900,000 |
PEN |
|
7.600%
due 8/12/39(a) |
|
|
292,405 |
|
|
|
|
| |
Peruvian Government International
Bonds: |
|
|
| |
| |
2,321,000 |
PEN |
|
6.950%
due 8/12/31 |
|
|
775,615 |
|
| |
1,400,000 |
PEN |
|
5.400%
due 8/12/34 |
|
|
416,294 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Peru |
|
|
3,013,467 |
|
|
|
|
| |
| |
|
|
|
|
| |
Poland
— 0.2% |
|
|
|
|
| |
Poland Government International
Bonds: |
|
|
| |
| $ |
100,000 |
|
|
4.875%
due 2/12/30 |
|
|
103,898 |
|
| |
100,000 |
|
|
5.125%
due 9/18/34 |
|
|
104,113 |
|
| |
100,000 |
|
|
5.375%
due 2/12/35 |
|
|
105,165 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Poland |
|
|
313,176 |
|
|
|
|
| |
| |
|
|
|
|
| |
Romania
— 0.5% |
|
|
|
|
| |
Romanian Government International
Bonds: |
|
|
| |
| |
600,000 |
EUR |
|
6.625%
due 9/27/29 |
|
|
785,651 |
|
| |
200,000 |
EUR |
|
1.750%
due 7/13/30(a) |
|
|
217,930 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Romania |
|
|
1,003,581 |
|
|
|
|
| |
| |
|
|
|
|
| |
Saudi
Arabia — 0.8% |
|
|
|
|
| |
Saudi Government International
Bonds: |
|
|
| |
| |
400,000 |
|
|
5.125%
due 1/13/28(a) |
|
|
408,727 |
|
| |
400,000 |
|
|
4.750%
due 1/18/28(a) |
|
|
405,766 |
|
| |
500,000 |
EUR |
|
3.375%
due 3/5/32(a) |
|
|
596,731 |
|
| |
200,000 |
|
|
4.875%
due 7/18/33(a) |
|
|
204,083 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Saudi Arabia |
|
|
1,615,307 |
|
|
|
|
| |
| |
|
|
|
|
| |
Serbia
— 0.1% |
|
|
|
|
| |
Serbia International Bonds: |
|
|
| |
| |
100,000 |
EUR |
|
1.000%
due 9/23/28(a) |
|
|
111,807 |
|
| |
100,000 |
EUR |
|
1.650%
due 3/3/33(a) |
|
|
102,127 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Serbia |
|
|
213,934 |
|
|
|
|
| |
| |
|
|
|
|
| |
South
Africa — 1.7% |
|
|
|
|
| |
South Africa Government Bonds: |
|
|
| |
| |
8,800,000 |
ZAR |
|
8.000%
due 1/31/30 |
|
|
569,040 |
|
| |
38,400,000 |
ZAR |
|
8.875%
due 2/28/35 |
|
|
2,553,908 |
|
| |
1,600,000 |
ZAR |
|
6.250%
due 3/31/36 |
|
|
87,991 |
|
| |
2,300,000 |
ZAR |
|
9.000%
due 1/31/40 |
|
|
150,621 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total South Africa |
|
|
3,361,560 |
|
|
|
|
| |
| |
|
|
|
|
| |
South
Korea — 0.2% |
|
| |
400,000 |
|
|
Korea National Oil Corp., 4.250% due
9/30/29(a) |
|
|
405,198 |
|
|
|
|
| |
| |
|
|
|
|
| Spain — 7.0% |
|
| |
100,000 |
EUR |
|
Autonomous Community of Catalonia,
4.220% due 4/26/35 |
|
|
124,817 |
|
|
|
|
| |
Spain Government Bonds: |
|
|
| |
| |
400,000 |
EUR |
|
1.450%
due 10/31/27(a) |
|
|
468,102 |
|
| |
2,200,000 |
EUR |
|
2.400%
due 5/31/28 |
|
|
2,615,333 |
|
| |
36,000 |
EUR |
|
1.450%
due 4/30/29(a) |
|
|
41,583 |
|
| |
240,000 |
EUR |
|
3.500%
due 5/31/29 |
|
|
294,796 |
|
| |
5,180,000 |
EUR |
|
3.450%
due 10/31/34(a) |
|
|
6,369,910 |
|
| |
2,560,000 |
EUR |
|
3.150%
due 4/30/35(a) |
|
|
3,069,267 |
|
| |
500,000 |
EUR |
|
1.900%
due 10/31/52(a) |
|
|
402,407 |
|
See
Notes to Financial Statements.
207
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| SOVEREIGN BONDS —
43.6% — (continued) |
|
|
| Spain — 7.0% — (continued) |
|
| |
200,000 |
EUR |
|
4.000%
due 10/31/54(a) |
|
$ |
241,446 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Spain |
|
|
13,627,661 |
|
|
|
|
| |
| |
|
|
|
|
| |
Supranational
— 0.6% |
|
| |
1,000,000 |
EUR |
|
European Union, 3.750% due 10/12/45 |
|
|
1,197,297 |
|
|
|
|
| |
| |
|
|
|
|
| |
Thailand
— 0.2% |
|
|
|
|
| |
Thailand Government Bonds: |
|
|
| |
| |
3,217,000 |
THB |
|
1.840%
due 5/17/36 |
|
|
104,568 |
|
| |
7,300,000 |
THB |
|
2.700%
due 6/17/40 |
|
|
251,599 |
|
| |
3,200,000 |
THB |
|
2.980%
due 6/17/45 |
|
|
110,080 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Thailand |
|
|
466,247 |
|
|
|
|
| |
| |
|
|
|
|
| |
United
Kingdom — 5.3% |
|
|
|
|
| |
United Kingdom Gilts: |
|
|
| |
| |
4,200,000 |
GBP |
|
4.375%
due 3/7/30 |
|
|
5,806,271 |
|
| |
1,350,000 |
GBP |
|
3.250%
due 1/22/44 |
|
|
1,465,332 |
|
| |
700,000 |
GBP |
|
3.500%
due 1/22/45 |
|
|
780,433 |
|
| |
500,000 |
GBP |
|
1.750%
due 1/22/49 |
|
|
377,374 |
|
| |
1,400,000 |
GBP |
|
0.625%
due 10/22/50 |
|
|
724,133 |
|
| |
1,300,000 |
GBP |
|
1.250%
due 7/31/51 |
|
|
804,738 |
|
| |
100,000 |
GBP |
|
4.375%
due 7/31/54 |
|
|
121,275 |
|
| |
500,000 |
GBP |
|
1.125%
due 10/22/73 |
|
|
222,763 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United Kingdom |
|
|
10,302,319 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
SOVEREIGN BONDS
(Cost — $91,728,294) |
|
|
85,230,563 |
|
|
|
|
| |
| |
|
|
|
|
| MORTGAGE-BACKED
SECURITIES — 40.7% |
|
|
| |
FHLMC
— 4.4% |
|
|
|
|
| |
Federal Home Loan Mortgage Corp.
(FHLMC): |
|
|
| |
| $ |
22,629 |
|
|
3.500%
due 10/1/39 |
|
|
22,054 |
|
| |
341,050 |
|
|
2.500%
due 12/1/51 |
|
|
296,012 |
|
| |
78,443 |
|
|
2.000%
due 3/1/52 |
|
|
65,102 |
|
| |
1,075,301 |
|
|
4.500%
due 9/1/52 — 10/1/52 |
|
|
1,069,047 |
|
| |
3,282,695 |
|
|
6.500%
due 1/1/53 — 11/1/53 |
|
|
3,414,644 |
|
| |
2,360,131 |
|
|
5.000%
due 3/1/53 — 6/1/54 |
|
|
2,385,144 |
|
| |
1,323,361 |
|
|
6.000%
due 12/1/53 — 9/1/54 |
|
|
1,359,893 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total FHLMC |
|
|
8,611,896 |
|
|
|
|
| |
| |
|
|
|
|
| |
FNMA
— 29.3% |
|
|
|
|
| |
Federal National Mortgage Association
(FNMA): |
|
|
| |
| |
737,316 |
|
|
4.500%
due 9/1/34 — 6/1/52 |
|
|
732,952 |
|
| |
272,238 |
|
|
3.500%
due 10/1/34 — 6/1/50 |
|
|
261,668 |
|
| |
7,490 |
|
|
6.236%
(1-Year CMT Index + 2.360%) due 11/1/34(b) |
|
|
7,840 |
|
| |
375,193 |
|
|
3.000%
due 10/1/49 — 5/1/51 |
|
|
340,364 |
|
| |
69,909 |
|
|
4.000%
due 6/1/50 |
|
|
68,751 |
|
| |
383,796 |
|
|
2.000%
due 3/1/52 |
|
|
319,446 |
|
| |
6,613,859 |
|
|
6.000%
due 4/1/53 — 7/1/54 |
|
|
6,822,619 |
|
| |
1,249,951 |
|
|
5.000%
due 5/1/53 — 6/1/54 |
|
|
1,258,444 |
|
| |
4,665,509 |
|
|
6.500%
due 7/1/53 — 8/1/54 |
|
|
4,850,975 |
|
| |
482,357 |
|
|
5.500%
due 9/1/53 |
|
|
491,608 |
|
| |
344,000 |
|
|
4.000%
due 3/1/56(c) |
|
|
334,480 |
|
| |
3,637,000 |
|
|
4.500%
due 3/1/56(c) |
|
|
3,597,952 |
|
| |
30,960,000 |
|
|
5.000%
due 4/1/56(c) |
|
|
31,070,426 |
|
| |
240,000 |
|
|
5.500%
due 4/1/56(c) |
|
|
243,651 |
|
| |
6,500,000 |
|
|
6.500%
due 4/1/56(c) |
|
|
6,754,929 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total FNMA |
|
|
57,156,105 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
208
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| MORTGAGE-BACKED
SECURITIES — 40.7% — (continued) |
|
|
| |
GNMA
— 7.0% |
|
|
|
|
| |
Government National Mortgage
Association II (GNMA): |
|
|
| |
| $ |
538 |
|
|
6.000%
due 9/20/38 |
|
$ |
547 |
|
| |
5,053,328 |
|
|
3.000%
due 11/20/51 — 6/20/52 |
|
|
4,640,524 |
|
| |
6,629,295 |
|
|
3.500%
due 12/20/52 — 2/20/55 |
|
|
6,238,610 |
|
| |
300,000 |
|
|
2.500%
due 3/20/56(c) |
|
|
264,782 |
|
| |
700,000 |
|
|
3.500%
due 3/20/56(c) |
|
|
657,891 |
|
| |
1,800,000 |
|
|
6.500%
due 4/20/56(c) |
|
|
1,868,795 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total GNMA |
|
|
13,671,149 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
MORTGAGE-BACKED SECURITIES
(Cost — $78,507,486) |
|
|
79,439,150 |
|
|
|
|
| |
| |
|
|
|
|
| |
CORPORATE BONDS
& NOTES — 12.8% |
|
|
| |
Australia
— 1.0% |
|
| |
2,800,000 |
AUD |
|
Project Cashmere, 4.543% due
12/30/57(a)(d)(e) |
|
|
1,992,480 |
|
|
|
|
| |
| |
|
|
|
|
| |
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) |
|
|
206,674 |
|
|
|
|
| |
| |
|
|
|
|
| |
Canada
— 1.3% |
|
| |
800,000 |
|
|
Canadian Imperial Bank of Commerce,
Covered Notes, 4.876% due 1/14/30(a) |
|
|
834,238 |
|
| |
100,000 |
EUR |
|
Fairfax Financial Holdings Ltd., Senior
Unsecured Notes, 2.750% due 3/29/28 |
|
|
118,233 |
|
|
|
|
| |
Royal Bank of Canada, Senior Unsecured
Notes: |
|
|
| |
| |
400,000 |
|
|
4.969%
(SOFR + 1.100%) due 8/2/30(b) |
|
|
411,973 |
|
| |
400,000 |
|
|
4.696%
(SOFR + 1.060%) due 8/6/31(b) |
|
|
408,972 |
|
| |
700,000 |
|
|
Toronto-Dominion Bank (The), Covered
Notes, 4.814% due 7/16/27(a) |
|
|
711,601 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Canada |
|
|
2,485,017 |
|
|
|
|
| |
| |
|
|
|
|
| |
Cayman
Islands — 0.3% |
|
| |
400,000 |
|
|
Foxconn Far East Ltd., Company
Guaranteed Notes, 1.875% due 8/25/28 |
|
|
375,057 |
|
| |
200,000 |
|
|
Sands China Ltd., Senior Unsecured
Notes, 5.400% due 8/8/28 |
|
|
204,326 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Cayman Islands |
|
|
579,383 |
|
|
|
|
| |
| |
|
|
|
|
| |
Denmark
— 0.0%@ |
|
|
|
|
| |
Jyske Realkredit AS, Covered Notes: |
|
|
| |
| |
31,614 |
DKK |
|
1.000%
due 10/1/50 |
|
|
3,802 |
|
| |
443,531 |
DKK |
|
1.500%
due 10/1/53 |
|
|
57,303 |
|
|
|
|
| |
Nordea Kredit Realkreditaktieselskab,
Covered Notes: |
|
|
| |
| |
15 |
DKK |
|
1.000%
due 10/1/50 |
|
|
2 |
|
| |
176,799 |
DKK |
|
1.500%
due 10/1/53 |
|
|
22,876 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Denmark |
|
|
83,983 |
|
|
|
|
| |
| |
|
|
|
|
| |
France
— 0.6% |
|
| |
400,000 |
|
|
BPCE SA, Senior Non-Preferred Notes,
6.612% (SOFR + 1.980%) due 10/19/27(a)(b) |
|
|
406,463 |
|
| |
800,000 |
|
|
Credit Agricole SA, Senior
Non-Preferred Notes, 5.862% (SOFR + 1.740%) due 1/9/36(a)(b) |
|
|
850,613 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total France |
|
|
1,257,076 |
|
|
|
|
| |
| |
|
|
|
|
| |
Germany
— 0.2% |
|
| |
400,000 |
|
|
Deutsche Bank AG, Senior Non-Preferred
Notes, 2.552% (SOFR + 1.318%) due 1/7/28(b) |
|
|
395,067 |
|
|
|
|
| |
| |
|
|
|
|
| Italy — 0.1% |
|
| |
100,000 |
EUR |
|
Banca Monte dei Paschi di Siena SpA,
Covered Notes, 0.875% due 10/8/26 |
|
|
117,279 |
|
|
|
|
| |
| |
|
|
|
|
| |
Japan
— 0.5% |
|
| |
200,000 |
|
|
Nomura Holdings Inc., Senior Unsecured
Notes, 2.329% due 1/22/27 |
|
|
197,243 |
|
| |
500,000 |
|
|
Sumitomo
Mitsui Financial Group Inc., Senior Unsecured Notes, 5.246%
(SOFR +
1.500%) due 7/8/36(b) |
|
|
517,578 |
|
| |
200,000 |
|
|
Sumitomo Mitsui Trust Bank Ltd., Senior
Unsecured Notes, 5.200% due 3/7/29(a) |
|
|
207,148 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Japan |
|
|
921,969 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
209
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| CORPORATE BONDS
& NOTES — 12.8% — (continued) |
|
|
| |
Qatar
— 0.1% |
|
| $ |
200,000 |
|
|
QatarEnergy, Senior Unsecured Notes,
2.250% due 7/12/31(a) |
|
$ |
182,190 |
|
|
|
|
| |
| |
|
|
|
|
| |
Switzerland
— 0.4% |
|
|
|
|
| |
UBS Group AG, Senior Unsecured
Notes: |
|
|
| |
| |
250,000 |
|
|
4.282%
due 1/9/28(a) |
|
|
250,719 |
|
| |
250,000 |
|
|
3.869%
(3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(b) |
|
|
249,317 |
|
| |
300,000 |
|
|
4.194%
(SOFR + 3.730%) due 4/1/31(a)(b) |
|
|
299,340 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Switzerland |
|
|
799,376 |
|
|
|
|
| |
| |
|
|
|
|
| |
United
Arab Emirates — 0.4% |
|
|
|
|
| |
Abu Dhabi Developmental Holding Co.
PJSC, Senior Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
4.500%
due 5/6/30(a) |
|
|
202,908 |
|
| |
500,000 |
|
|
4.375%
due 10/2/31(a) |
|
|
502,220 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United Arab Emirates |
|
|
705,128 |
|
|
|
|
| |
| |
|
|
|
|
| |
United
Kingdom — 2.1% |
|
|
|
|
| |
Barclays PLC, Senior Unsecured
Notes: |
|
|
| |
| |
800,000 |
|
|
6.496%
(SOFR + 1.880%) due 9/13/27(b) |
|
|
810,308 |
|
| |
400,000 |
EUR |
|
4.918%
(EUR Swap Rate + 1.750%) due 8/8/30(b) |
|
|
501,800 |
|
| |
200,000 |
|
|
HSBC
Holdings PLC, Senior Unsecured Notes, 4.041%
(3-Month Term SOFR +
1.808%) due 3/13/28(b) |
|
|
200,154 |
|
| |
300,000 |
|
|
Lloyds
Banking Group PLC, Senior Unsecured Notes, 5.721%
(1-Year CMT Index +
1.070%) due 6/5/30(b) |
|
|
315,202 |
|
| |
300,000 |
|
|
Nationwide Building Society, Senior
Non-Preferred Notes, 2.972% (SOFR + 1.290%) due 2/16/28(a)(b) |
|
|
297,086 |
|
| |
500,000 |
|
|
Santander
UK Group Holdings PLC, Senior Unsecured Notes, 6.534%
(SOFR + 2.600%)
due 1/10/29(b) |
|
|
521,949 |
|
| |
900,000 |
|
|
Standard
Chartered PLC, Senior Unsecured Notes, 6.750%
(1-Year CMT Index +
1.850%) due 2/8/28(a)(b) |
|
|
922,506 |
|
| |
500,000 |
EUR |
|
Vmed O2 UK Financing I PLC, Senior
Secured Notes, 5.625% due 4/15/32(a) |
|
|
575,121 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United Kingdom |
|
|
4,144,126 |
|
|
|
|
| |
| |
|
|
|
|
| United States — 5.7% |
|
|
|
|
| |
Athene Global Funding: |
|
|
| |
| |
500,000 |
|
|
Secured
Notes, 4.431% (SOFR + 0.750%) due 7/16/26(a)(b) |
|
|
500,669 |
|
| |
300,000 |
|
|
Senior
Secured Notes, 5.516% due 3/25/27(a) |
|
|
304,596 |
|
|
|
|
| |
Bank of America Corp., Senior Unsecured
Notes: |
|
|
| |
| |
500,000 |
|
|
5.202%
(SOFR + 1.630%) due 4/25/29(b) |
|
|
512,400 |
|
| |
700,000 |
|
|
1.898%
(SOFR + 1.530%) due 7/23/31(b) |
|
|
636,045 |
|
| |
600,000 |
|
|
5.511%
(SOFR + 1.310%) due 1/24/36(b) |
|
|
630,008 |
|
| |
300,000 |
|
|
5.045%
(SOFR + 1.130%) due 2/6/37(b) |
|
|
304,436 |
|
| |
1,800,000 |
|
|
Beignet Investor LLC, Senior Secured
Notes, 6.581% due 5/30/49(a) |
|
|
1,912,628 |
|
| |
150,000 |
|
|
GA Global Funding Trust, Secured Notes,
2.250% due 1/6/27(a) |
|
|
147,789 |
|
| |
100,000 |
|
|
Goldman Sachs Bank USA, Senior
Unsecured Notes, 5.283% (SOFR + 0.777%) due 3/18/27(b) |
|
|
100,057 |
|
|
|
|
| |
Goldman Sachs Group Inc. (The), Senior
Unsecured Notes: |
|
|
| |
| |
400,000 |
|
|
6.484%
(SOFR + 1.770%) due 10/24/29(b) |
|
|
423,686 |
|
| |
600,000 |
|
|
5.727%
(SOFR + 1.265%) due 4/25/30(b) |
|
|
627,015 |
|
| |
500,000 |
|
|
5.851%
(SOFR + 1.552%) due 4/25/35(b) |
|
|
533,468 |
|
| |
400,000 |
|
|
5.330%
(SOFR + 1.550%) due 7/23/35(b) |
|
|
413,117 |
|
|
|
|
| |
JPMorgan Chase & Co., Senior
Unsecured Notes: |
|
|
| |
| |
600,000 |
|
|
4.603%
(SOFR + 1.040%) due 10/22/30(b) |
|
|
611,371 |
|
| |
400,000 |
|
|
5.502%
(SOFR + 1.315%) due 1/24/36(b) |
|
|
421,188 |
|
| |
1,300,000 |
|
|
Lehman Brothers Holdings Inc., Senior
Unsecured Notes, 0.000% due 5/25/49*(e)(f) |
|
|
780 |
|
| |
600,000 |
|
|
Lincoln Financial Global Funding,
Secured Notes, 5.300% due 1/13/30(a) |
|
|
617,042 |
|
| |
200,000 |
|
|
PacifiCorp, 1st Mortgage Notes, 5.300%
due 2/15/31 |
|
|
207,867 |
|
|
|
|
| |
Philip Morris International Inc.,
Senior Unsecured Notes: |
|
|
| |
| |
200,000 |
|
|
4.875%
due 2/13/29 |
|
|
205,713 |
|
| |
300,000 |
EUR |
|
3.250%
due 6/6/32 |
|
|
354,873 |
|
See
Notes to Financial Statements.
210
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| CORPORATE BONDS
& NOTES — 12.8% — (continued) |
|
|
| United States — 5.7% — (continued) |
|
| |
100,000 |
EUR |
|
Southern
Co. (The), Junior Subordinated Notes, 1.875%
(2.108% — 5-Year EUR Swap
Rate) due 9/15/81(g) |
|
$ |
115,732 |
|
|
|
|
| |
Wells Fargo & Co., Senior Unsecured
Notes: |
|
|
| |
| $ |
600,000 |
|
|
4.808%
(SOFR + 1.980%) due 7/25/28(b) |
|
|
606,771 |
|
| |
500,000 |
EUR |
|
3.900%
(3-Month EURIBOR + 1.220%) due 7/22/32(b) |
|
|
611,244 |
|
| |
300,000 |
|
|
4.892%
(SOFR + 1.340%) due 9/15/36(b) |
|
|
300,959 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total United States |
|
|
11,099,454 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
CORPORATE BONDS & NOTES
(Cost — $24,276,312) |
|
|
24,969,202 |
|
|
|
|
| |
| |
|
|
|
|
| |
COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.2% |
|
|
| |
Asset-Backed
Securities — 1.3% |
|
| |
236,734 |
|
|
ACE
Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4,
4.688%
(1-Month Term SOFR + 1.014%) due 8/25/35(b) |
|
|
238,557 |
|
| |
287,248 |
|
|
Argent
Mortgage Loan Trust, Series 2005-W1, Class A1, 4.268%
(1-Month Term
SOFR + 0.594%) due 5/25/35(b) |
|
|
267,416 |
|
| |
115,243 |
|
|
Bayview
Financial Asset Trust, Series 2007-SR1A, Class A, 4.238%
(1-Month Term
SOFR + 0.564%) due 3/25/37(a)(b) |
|
|
116,432 |
|
|
|
|
| |
Countrywide Asset-Backed
Certificates: |
|
|
| |
| |
183,307 |
|
|
Series
2007-9, Class 2A4, 4.038% (1-Month Term SOFR + 0.364%) due
2/25/36(b) |
|
|
180,268 |
|
| |
29,736 |
|
|
Series
2007-12, Class 1A1, 4.528% (1-Month Term SOFR + 0.854%) due
8/25/47(b) |
|
|
29,582 |
|
| |
211,074 |
|
|
Series
2007-13, Class 1A, 4.628% (1-Month Term SOFR + 0.954%) due
10/25/47(b) |
|
|
207,575 |
|
| |
120,493 |
|
|
CSAB Mortgage-Backed Trust, Series
2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36 |
|
|
16,784 |
|
| |
240,402 |
|
|
Ellington
Loan Acquisition Trust, Series 2007-2, Class A1, 4.838%
(1-Month Term
SOFR + 2.214%) due 5/25/37(a)(b) |
|
|
239,938 |
|
| |
398,280 |
|
|
NovaStar
Mortgage Funding Trust, Series 2006-1, Class A2D, 4.328%
(1-Month Term
SOFR + 0.654%) due 5/25/36(b) |
|
|
392,916 |
|
| |
44,954 |
|
|
Option
One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 3.928%
(1-Month
Term SOFR + 0.254%) due 3/25/37(b) |
|
|
41,946 |
|
| |
773,779 |
|
|
Soundview
Home Loan Trust, Series 2006-3, Class A4, 4.288%
(1-Month Term SOFR +
0.614%) due 11/25/36(b) |
|
|
747,601 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Asset-Backed Securities |
|
|
2,479,015 |
|
|
|
|
| |
| |
|
|
|
|
| Mortgage Securities — 6.9% |
|
| |
152,208 |
GBP |
|
ALBA
PLC, Series 2007-1, Class A3, 4.066%
(Sterling Overnight Index Average
+ 0.289%) due 3/17/39(b) |
|
|
202,310 |
|
| |
4,097 |
|
|
Banc of America Funding Trust, Series
2006-A, Class 1A1, 5.712% due 2/20/36(b) |
|
|
3,933 |
|
|
|
|
| |
Bear Stearns Adjustable Rate Mortgage
Trust: |
|
|
| |
| |
1,254 |
|
|
Series
2003-5, Class 1A2, 5.013% due 8/25/33(b) |
|
|
1,236 |
|
| |
1,183 |
|
|
Series
2003-7, Class 6A, 5.710% due 10/25/33(b) |
|
|
1,155 |
|
| |
4,233 |
|
|
Series
2004-2, Class 22A, 6.811% due 5/25/34(b) |
|
|
4,158 |
|
| |
1,422 |
|
|
Series
2004-2, Class 23A, 4.000% due 5/25/34(b) |
|
|
1,308 |
|
| |
24,654 |
|
|
Bear Stearns Structured Products Inc.
Trust, Series 2007-R6, Class 1A1, 4.896% due 1/26/36(b) |
|
|
17,799 |
|
| |
567,047 |
|
|
Chase Home Lending Mortgage Trust,
Series 2025-RPL1, Class A1A, 3.375% due 4/25/65(a)(b) |
|
|
521,566 |
|
|
|
|
| |
Countrywide Alternative Loan Trust: |
|
|
| |
| |
2,672 |
|
|
Series
2005-21CB, Class A3, 5.250% due 6/25/35 |
|
|
1,999 |
|
| |
16,428 |
|
|
Series
2007-16CB, Class 5A1, 6.250% due 8/25/37 |
|
|
7,338 |
|
| |
32,787 |
|
|
Series
2007-11T1, Class A12, 4.138% (1-Month Term SOFR + 0.464%) due
5/25/37(b) |
|
|
10,260 |
|
| |
24,901 |
|
|
Series
2007-7T2, Class A9, 6.000% due 4/25/37 |
|
|
10,174 |
|
|
|
|
| |
Countrywide Home Loan Mortgage
Pass-Through Trust: |
|
|
| |
| |
33,956 |
|
|
Series
2005-2, Class 1A1, 4.428% (1-Month Term SOFR + 0.754%) due
3/25/35(b) |
|
|
31,861 |
|
| |
395 |
|
|
Series
2005-3, Class 2A1, 4.368% (1-Month Term SOFR + 0.694%) due
4/25/35(b) |
|
|
389 |
|
| |
31,911 |
|
|
Series
2005-9, Class 1A3, 4.248% (1-Month Term SOFR + 0.574%) due
5/25/35(b) |
|
|
28,581 |
|
| |
10,729 |
|
|
Series
2005-11, Class 3A1, 3.636% due 4/25/35(b) |
|
|
7,305 |
|
| |
3,918 |
|
|
Series
2005-HYB9, Class 3A2A, 6.224% (1-Year Term SOFR + 2.465%) due
2/20/36(b) |
|
|
3,519 |
|
| |
490,325 |
|
|
Series
2007-4, Class 1A47, 6.000% due 5/25/37 |
|
|
197,744 |
|
See
Notes to Financial Statements.
211
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.2% — (continued) |
|
|
| Mortgage Securities — 6.9% —
(continued) |
|
| $ |
91,937 |
|
|
Series
2007-19, Class 2A1, 6.500% due 11/25/47 |
|
$ |
44,629 |
|
|
|
|
| |
Credit Suisse Commercial Mortgage
Capital Trust: |
|
|
| |
| |
34,401 |
|
|
Series
2007-5R, Class A5, 6.500% due 7/26/36 |
|
|
7,169 |
|
| |
66,423 |
|
|
Series
2021-INV1, Class A3, 2.500% due 7/25/56(a)(b) |
|
|
57,063 |
|
| |
328,218 |
|
|
Deutsche
Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1,
5.288%
(1-Month Term SOFR + 1.614%) due 10/25/47(b) |
|
|
260,010 |
|
| |
13,228 |
GBP |
|
Eurohome
UK Mortgages PLC, Series 2007-1, Class A, 4.051%
(Sterling Overnight
Index Average + 0.269%) due 6/15/44(b) |
|
|
17,824 |
|
| |
75,925 |
GBP |
|
Eurosail-UK
PLC, Series 2007-4X, Class A3, 4.852%
(Sterling Overnight Index Average
+ 1.069%) due 6/13/45(b) |
|
|
102,253 |
|
|
|
|
| |
Federal Home Loan Mortgage Corp.
(FHLMC), REMICS: |
|
|
| |
| |
1,702 |
|
|
Series
2391, Class FJ, 4.273% (30-Day Average SOFR + 0.614%) due
4/15/28(b) |
|
|
1,703 |
|
| |
12,058 |
|
|
Series
2614, Class SJ, 9.288% (19.348% — 30-Day Average SOFR) due
5/15/33(g) |
|
|
13,997 |
|
| |
42,122 |
|
|
Series
4579, Class FD, 4.265% (30-Day Average SOFR + 0.464%) due
1/15/38(b) |
|
|
41,599 |
|
| |
42,122 |
|
|
Series
4579, Class SD, 2.079% due 1/15/38(b)(h) |
|
|
2,058 |
|
| |
680,706 |
|
|
Series
5513, Class MF, 4.607% (30-Day Average SOFR + 0.940%) due
11/25/54(b) |
|
|
685,106 |
|
|
|
|
| |
Federal Home Loan Mortgage Corp.
(FHLMC), Structured Pass-Through Certificates: |
|
|
| |
| |
4,488 |
|
|
Series
T-35, Class A, 4.062% (30-Day Average SOFR + 0.394%) due 9/25/31(b) |
|
|
4,498 |
|
| |
12,470 |
|
|
Series
T-62, Class 1A1, 5.115% (1-Year Treasury Average Rate + 1.200%) due
10/25/44(b) |
|
|
11,568 |
|
| |
2,964 |
|
|
Federal
National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class
1A1, 6.000%
due 2/25/44 |
|
|
2,995 |
|
| |
17,303 |
|
|
Federal
National Mortgage Association (FNMA), REMIC Trust, Series 2004-W12, Class
1A1, 6.000%
due 7/25/44 |
|
|
18,145 |
|
|
|
|
| |
Federal National Mortgage Association
(FNMA), REMICS: |
|
|
| |
| |
2,927 |
|
|
Series
2003-34, Class A1, 6.000% due 4/25/43 |
|
|
2,977 |
|
| |
3,091 |
|
|
Series
2006-48, Class TF, 4.182% (30-Day Average SOFR + 0.514%) due
6/25/36(b) |
|
|
3,076 |
|
| |
35,890 |
|
|
Series
2009-104, Class FA, 4.582% (30-Day Average SOFR + 0.914%) due
12/25/39(b) |
|
|
36,219 |
|
| |
629,144 |
|
|
Series
2024-90, Class FA, 5.167% (30-Day Average SOFR + 1.500%) due
12/25/54(b) |
|
|
636,658 |
|
| |
330,044 |
|
|
Series
2025-6, Class GF, 5.067% (30-Day Average SOFR + 1.400%) due
2/25/55(b) |
|
|
333,314 |
|
| |
733,887 |
|
|
GCAT Trust, Series 2023-NQM4, Class A1,
4.250% due 5/25/67(a)(b) |
|
|
715,880 |
|
| |
6,126 |
|
|
GMACM Mortgage Loan Trust, Series
2005-AR6, Class 3A1, 3.723% due 11/19/35(b) |
|
|
5,467 |
|
|
|
|
| |
Government National Mortgage
Association (GNMA): |
|
|
| |
| |
43,088 |
|
|
Series
2016-H15, Class FA, 4.597% (1-Month Term SOFR + 0.914%) due
7/20/66(b) |
|
|
43,265 |
|
| |
2,035 |
|
|
Series
2017-121, Class PE, 3.000% due 7/20/46 |
|
|
2,015 |
|
| |
466,814 |
|
|
Series
2024-H07, Class JF, 4.452% (30-Day Average SOFR + 0.790%) due
4/20/74(b) |
|
|
471,030 |
|
| |
701,214 |
|
|
GS Mortgage-Backed Securities Corp.
Trust, Series 2022-PJ4, Class A4, 2.500% due 9/25/52(a)(b) |
|
|
602,408 |
|
|
|
|
| |
GS Mortgage-Backed Securities Trust: |
|
|
| |
| |
71,231 |
|
|
Series
2021-GR3, Class A2, 2.500% due 4/25/52(a)(b) |
|
|
61,194 |
|
| |
72,366 |
|
|
Series
2021-INV1, Class A2, 2.500% due 12/25/51(a)(b) |
|
|
62,169 |
|
|
|
|
| |
GSR Mortgage Loan Trust: |
|
|
| |
| |
1,231 |
|
|
Series
2003-1, Class A2, 5.880% (1-Year CMT Index + 1.750%) due 3/25/33(b) |
|
|
1,244 |
|
| |
25,630 |
|
|
Series
2005-AR7, Class 2A1, 4.743% due 11/25/35(b) |
|
|
24,898 |
|
|
|
|
| |
Harborview Mortgage Loan Trust: |
|
|
| |
| |
7,904 |
|
|
Series
2005-2, Class 2A1A, 4.221% (1-Month Term SOFR + 0.554%) due
5/19/35(b) |
|
|
7,748 |
|
| |
9,186 |
|
|
Series
2005-3, Class 2A1A, 4.261% (1-Month Term SOFR + 0.594%) due
6/19/35(b) |
|
|
9,109 |
|
| |
36,060 |
|
|
Series
2006-SB1, Class A1A, 4.765% (1-Year Treasury Average Rate + 0.850%) due
12/19/36(b) |
|
|
33,992 |
|
| |
50,368 |
|
|
Series
2007-1, Class 2A1A, 4.041% (1-Month Term SOFR + 0.374%) due
3/19/37(b) |
|
|
47,502 |
|
|
|
|
| |
JP Morgan Mortgage Trust: |
|
|
| |
| |
539 |
|
|
Series
2003-A2, Class 3A1, 5.797% due 11/25/33(b) |
|
|
526 |
|
| |
310 |
|
|
Series
2005-A1, Class 6T1, 5.138% due 2/25/35(b) |
|
|
303 |
|
| |
294,827 |
|
|
Series
2021-10, Class A3, 2.500% due 12/25/51(a)(b) |
|
|
253,100 |
|
| |
845,482 |
|
|
Series
2021-INV4, Class A2, 3.000% due 1/25/52(a)(b) |
|
|
756,969 |
|
| |
701,819 |
|
|
Series
2021-INV8, Class A2, 3.000% due 5/25/52(a)(b) |
|
|
629,222 |
|
| |
539,989 |
|
|
Series
2022-INV1, Class A3, 3.000% due 3/25/52(a)(b) |
|
|
482,810 |
|
| |
685,993 |
|
|
Series
2022-LTV2, Class A3, 3.500% due 9/25/52(a)(b) |
|
|
641,150 |
|
See
Notes to Financial Statements.
212
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.2% — (continued) |
|
|
| Mortgage Securities — 6.9% — (continued)
|
|
| |
219,075 |
GBP |
|
Ludgate
Funding PLC, Series 2007-1, Class A2A, 4.023%
(Sterling Overnight Index
Average + 0.279%) due 1/1/61(b) |
|
$ |
290,028 |
|
| $ |
300,000 |
|
|
Manhattan West Mortgage Trust, Series
2020-1MW, Class A, 2.130% due 9/10/39(a) |
|
|
289,915 |
|
| |
1,222 |
|
|
Merrill Lynch Mortgage Investors Trust,
Series 2003-A2, Class 1A1, 5.900% due 2/25/33(b) |
|
|
1,156 |
|
|
|
|
| |
MFA Trust: |
|
|
| |
| |
42,909 |
|
|
Series
2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b) |
|
|
42,213 |
|
| |
277,807 |
|
|
Series
2023-NQM4, Class A1, step bond to yield, 6.105% due 12/25/68(a) |
|
|
280,634 |
|
|
|
|
| |
New Residential Mortgage Loan Trust: |
|
|
| |
| |
103,330 |
|
|
Series
2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b) |
|
|
100,807 |
|
| |
112,995 |
|
|
Series
2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b) |
|
|
109,577 |
|
| |
226,831 |
GBP |
|
Newgate
Funding PLC, Series 2007-1X, Class A3, 4.025%
(Sterling Overnight Index
Average + 0.279%) due 12/1/50(b) |
|
|
301,645 |
|
| |
400,000 |
|
|
NYO
Commercial Mortgage Trust, Series 2021-1290, Class A, 4.869%
(1-Month
Term SOFR + 1.209%) due 11/15/38(a)(b) |
|
|
399,520 |
|
| |
765,734 |
|
|
OBX Trust, Series 2024-HYB1, Class A1,
3.632% due 3/25/53(a)(b) |
|
|
768,026 |
|
| |
283,173 |
|
|
One
New York Plaza Trust, Series 2020-1NYP, Class A, 4.724%
(1-Month Term
SOFR + 1.064%) due 1/15/36(a)(b) |
|
|
277,152 |
|
| |
267,313 |
|
|
PRKCM Trust, Series 2023-AFC4, Class
A1, step bond to yield, 7.225% due 11/25/58(a) |
|
|
270,455 |
|
| |
304,278 |
|
|
PRPM Trust, Series 2023-NQM3, Class A1,
step bond to yield, 6.221% due 11/25/68(a) |
|
|
307,236 |
|
|
|
|
| |
RALI Trust: |
|
|
| |
| |
60,469 |
|
|
Series
2006-QS6, Class 1A1, 6.000% due 6/25/36 |
|
|
50,555 |
|
| |
40,184 |
|
|
Series
2007-QO2, Class A1, 3.938% (1-Month Term SOFR + 0.264%) due
2/25/47(b) |
|
|
11,892 |
|
|
|
|
| |
Residential Asset Securitization
Trust: |
|
|
| |
| |
13,319 |
|
|
Series
2005-A15, Class 5A1, 5.750% due 2/25/36 |
|
|
4,836 |
|
| |
36,614 |
|
|
Series
2006-R1, Class A2, 4.188% (1-Month Term SOFR + 0.514%) due
1/25/46(b) |
|
|
9,973 |
|
| |
107,524 |
GBP |
|
ResLoC
UK PLC, Series 2007-1X, Class A3B, 4.061%
(Sterling Overnight Index
Average + 0.279%) due 12/15/43(b) |
|
|
143,333 |
|
|
|
|
| |
RMAC Securities No 1 PLC: |
|
|
| |
| |
107,135 |
GBP |
|
Series
2006-NS1X, Class A2A, 4.060% (Sterling Overnight Index Average + 0.269%)
due 6/12/44(b) |
|
|
143,141 |
|
| |
206,451 |
GBP |
|
Series
2006-NS3X, Class A2A, 4.060% (Sterling Overnight Index Average + 0.269%)
due 6/12/44(b) |
|
|
274,860 |
|
|
|
|
| |
Structured Adjustable Rate Mortgage
Loan Trust: |
|
|
| |
| |
1,205 |
|
|
Series
2004-1, Class 4A1, 5.940% due 2/25/34(b) |
|
|
1,172 |
|
| |
416 |
|
|
Series
2004-4, Class 3A2, 5.970% due 4/25/34(b) |
|
|
414 |
|
| |
17,266 |
|
|
Series
2004-19, Class 2A1, 5.315% (1-Year Treasury Average Rate + 1.400%) due
1/25/35(b) |
|
|
16,204 |
|
|
|
|
| |
Structured Asset Mortgage Investments
II Trust: |
|
|
| |
| |
16,066 |
|
|
Series
2005-AR2, Class 2A1, 4.248% (1-Month Term SOFR + 0.574%) due
5/25/45(b) |
|
|
15,536 |
|
| |
17,825 |
|
|
Series
2005-AR8, Class A1A, 4.348% (1-Month Term SOFR + 0.674%) due
2/25/36(b) |
|
|
15,381 |
|
| |
15,369 |
|
|
Series
2006-AR5, Class 1A1, 4.208% (1-Month Term SOFR + 0.534%) due
5/25/36(b) |
|
|
10,943 |
|
| |
80,006 |
|
|
Series
2007-AR4, Class A3, 4.228% (1-Month Term SOFR + 0.554%) due
9/25/47(b) |
|
|
73,168 |
|
| |
44,845 |
|
|
Series
2007-AR6, Class A1, 5.415% (1-Year Treasury Average Rate + 1.500%) due
8/25/47(b) |
|
|
39,236 |
|
| |
38,883 |
|
|
Structured
Asset Securities Corp., Series 2006-RF1, Class 1A, 4.068%
(1-Month Term
SOFR + 0.394%) due 1/25/36(a)(b) |
|
|
32,855 |
|
| |
312,176 |
GBP |
|
Towd
Point Mortgage Funding Granite 6 PLC, Series 2024-GR6A, Class A1,
4.670%
(Sterling Overnight Index Average + 0.925%) due
7/20/53(a)(b) |
|
|
421,628 |
|
|
|
|
| |
Towd Point Mortgage Trust: |
|
|
| |
| |
356,101 |
|
|
Series
2019-4, Class A1, 2.900% due 10/25/59(a)(b) |
|
|
346,308 |
|
| |
81,897 |
|
|
Series
2020-1, Class A1, 2.710% due 1/25/60(a)(b) |
|
|
79,698 |
|
| |
76,519 |
|
|
UWM Mortgage Trust, Series 2021-INV5,
Class A12, 3.000% due 1/25/52(a)(b) |
|
|
68,562 |
|
|
|
|
| |
WaMu Mortgage Pass-Through Certificates
Trust: |
|
|
| |
| |
2,154 |
|
|
Series
2002-AR9, Class 1A, 5.315% (1-Year Treasury Average Rate + 1.400%) due
8/25/42(b) |
|
|
2,120 |
|
| |
815 |
|
|
Series
2003-AR5, Class A7, 5.723% due 6/25/33(b) |
|
|
819 |
|
| |
27,313 |
|
|
Series
2003-AR9, Class 2A, 5.690% due 9/25/33(b) |
|
|
26,832 |
|
| |
71,336 |
|
|
Series
2004-AR1, Class A, 5.712% due 3/25/34(b) |
|
|
72,859 |
|
| |
9,088 |
|
|
Series
2005-AR13, Class A1A1, 4.368% (1-Month Term SOFR + 0.694%) due
10/25/45(b) |
|
|
8,899 |
|
| |
18,012 |
|
|
Series
2006-AR10, Class 2A1, 4.143% due 9/25/36(b) |
|
|
15,552 |
|
| |
27,632 |
|
|
Series
2006-AR13, Class 2A, 5.415% (1-Year Treasury Average Rate + 1.500%) due
10/25/46(b) |
|
|
26,727 |
|
See
Notes to Financial Statements.
213
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.2% — (continued) |
|
|
| Mortgage Securities — 6.9% — (continued)
|
|
| $ |
13,702 |
|
|
Washington
Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2006-AR5,
Class 3A, 4.855% (1-Year Treasury Average Rate + 0.940%) due
7/25/46(b) |
|
$ |
8,622 |
|
| |
33,424 |
|
|
Washington
Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3,
Class 1A7, 5.985%
due 12/25/32(b) |
|
|
33,315 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Mortgage Securities |
|
|
13,581,301 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost — $17,008,253) |
|
|
16,060,316 |
|
|
|
|
| |
| |
|
|
|
|
| U.S. GOVERNMENT
OBLIGATIONS — 7.5% |
|
|
|
|
| |
U.S. Treasury Bonds: |
|
|
| |
| |
200,000 |
|
|
1.375%
due 11/15/40 |
|
|
134,410 |
|
| |
1,100,000 |
|
|
1.875%
due 2/15/41 |
|
|
794,514 |
|
| |
975,000 |
|
|
4.125%
due 8/15/44 |
|
|
923,698 |
|
| |
300,000 |
|
|
3.000%
due 2/15/48 |
|
|
231,738 |
|
| |
175,000 |
|
|
3.000%
due 8/15/48 |
|
|
134,504 |
|
| |
800,000 |
|
|
3.375%
due 11/15/48 |
|
|
656,250 |
|
| |
400,000 |
|
|
2.250%
due 8/15/49 |
|
|
261,172 |
|
| |
350,000 |
|
|
2.375%
due 11/15/49 |
|
|
234,076 |
|
| |
3,900,000 |
|
|
4.500%
due 11/15/54(i) |
|
|
3,810,574 |
|
| |
1,900,000 |
|
|
4.625%
due 2/15/55(i) |
|
|
1,895,102 |
|
| |
200,000 |
|
|
4.625%
due 11/15/55 |
|
|
199,688 |
|
|
|
|
| |
U.S. Treasury Inflation Indexed
Notes: |
|
|
| |
| |
1,313,740 |
|
|
0.500%
due 1/15/28(j) |
|
|
1,305,343 |
|
| |
1,088,154 |
|
|
0.125%
due 7/15/31 |
|
|
1,031,903 |
|
| |
818,307 |
|
|
0.125%
due 1/15/32 |
|
|
766,167 |
|
| |
111,532 |
|
|
0.625%
due 7/15/32 |
|
|
107,244 |
|
| |
1,523,032 |
|
|
1.125%
due 1/15/33 |
|
|
1,498,176 |
|
|
|
|
| |
U.S. Treasury Notes: |
|
|
| |
| |
200,000 |
|
|
4.000%
due 2/29/28 |
|
|
202,363 |
|
| |
400,000 |
|
|
4.375%
due 5/15/34 |
|
|
415,383 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
U.S. GOVERNMENT OBLIGATIONS
(Cost — $15,088,754) |
|
|
14,602,305 |
|
|
|
|
| |
| |
|
|
|
|
| |
COLLATERALIZED LOAN
OBLIGATIONS — 5.7% |
|
|
| |
Commercial
MBS — 0.1% |
|
| |
128,913 |
|
|
Arbor
Realty Commercial Real Estate Notes Ltd., Series 2022-FL1, Class A,
5.108%
(30-Day Average SOFR + 1.450%) due 1/15/37(a)(b) |
|
|
128,930 |
|
| |
83,447 |
|
|
BDS Ltd., Series 2021-FL10, Class A,
5.131% (1-Month Term SOFR + 1.464%) due 12/16/36(a)(b) |
|
|
83,457 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Commercial MBS |
|
|
212,387 |
|
|
|
|
| |
| |
|
|
|
|
| Other ABS — 5.6% |
|
| |
65,732 |
|
|
BlueMountain
CLO Ltd., Series 2016-3A, Class A1R2, 4.853%
(3-Month Term SOFR +
1.200%) due 11/15/30(a)(b) |
|
|
65,787 |
|
| |
293,960 |
EUR |
|
BNPP
AM Euro CLO DAC, Series 2019-1A, Class AR, 2.847%
(3-Month EURIBOR +
0.820%) due 7/22/32(a)(b) |
|
|
346,319 |
|
| |
112,317 |
EUR |
|
Cairn
CLO VII DAC, Series 2016-7A, Class A1R, 2.696%
(3-Month EURIBOR +
0.670%) due 1/31/30(a)(b) |
|
|
132,733 |
|
| |
500,000 |
EUR |
|
Capital Four CLO IV DAC, 3.175%
(3-Month EURIBOR + 1.190%) due 4/15/38(a)(b) |
|
|
591,095 |
|
| |
600,000 |
|
|
Carlyle
Global Market Strategies CLO Ltd., Series 2016-3A, Class ARRR,
4.758%
(3-Month Term SOFR + 1.090%) due 7/20/34(a)(b) |
|
|
600,411 |
|
| |
268,763 |
|
|
CarVal
CLO I Ltd., Series 2018-1A, Class AR, 4.901%
(3-Month Term SOFR +
1.230%) due 7/16/31(a)(b) |
|
|
269,200 |
|
| |
4,511 |
|
|
CIFC
Funding Ltd., Series 2017-4A, Class A1R, 4.880%
(3-Month Term SOFR +
1.212%) due 10/24/30(a)(b) |
|
|
4,513 |
|
| |
395,844 |
EUR |
|
CVC
Cordatus Opportunity Loan Fund DAC, Series 1A, Class AR,
2.824%
(3-Month EURIBOR + 0.840%) due 8/15/33(a)(b) |
|
|
467,158 |
|
See
Notes to Financial Statements.
214
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| COLLATERALIZED LOAN
OBLIGATIONS — 5.7% — (continued) |
|
|
| Other ABS — 5.6% — (continued) |
|
| |
106,594 |
EUR |
|
Dryden
27 Euro CLO DAC, Series 2017-27A, Class AR, 2.676%
(3-Month EURIBOR +
0.660%) due 4/15/33(a)(b) |
|
$ |
126,078 |
|
| $ |
600,000 |
|
|
Dryden
43 Senior Loan Fund, Series 2016-43A, Class AR3, 4.738%
(3-Month Term
SOFR + 1.070%) due 4/20/34(a)(b) |
|
|
600,308 |
|
| |
61,413 |
|
|
Dryden
55 CLO Ltd., Series 2018-55A, Class A1, 4.954%
(3-Month Term SOFR +
1.282%) due 4/15/31(a)(b) |
|
|
61,477 |
|
| |
500,000 |
|
|
Elevation
CLO Ltd., Series 2018-3A, Class A1R2, 4.968%
(3-Month Term SOFR +
1.300%) due 1/25/35(a)(b) |
|
|
500,011 |
|
| |
500,000 |
EUR |
|
Fair
Oaks Loan Funding V DAC, 3.251% (3-Month EURIBOR + 1.235%) due
10/15/36(a)(b) |
|
|
592,119 |
|
| |
232,251 |
|
|
Gallatin
CLO VIII Ltd., Series 2017-1A, Class A1R, 5.024%
(3-Month Term SOFR +
1.352%) due 7/15/31(a)(b) |
|
|
232,553 |
|
| |
500,000 |
EUR |
|
Grosvenor
Place CLO DAC, Series 2024-2A, Class A, 3.256%
(3-Month EURIBOR +
1.240%) due 1/15/39(a)(b) |
|
|
593,251 |
|
| |
900,000 |
EUR |
|
Hayfin
Emerald CLO XIV DAC, Series 14-A, Class A, 3.237%
(3-Month EURIBOR +
1.210%) due 1/22/39(a)(b) |
|
|
1,064,753 |
|
| |
500,000 |
EUR |
|
ICG
Euro CLO DAC, Series 2023-2A, Class A1R, 3.320%
(3-Month EURIBOR +
1.290%) due 1/26/38(a)(b)(d) |
|
|
591,301 |
|
| |
500,000 |
|
|
ICG
U.S. CLO Ltd., Series 2021-3A, Class AR, 4.818%
(3-Month Term SOFR +
1.150%) due 10/20/34(a)(b) |
|
|
500,234 |
|
| |
700,000 |
|
|
Jamestown
CLO XVI Ltd., Series 2021-16A, Class AR, 4.788%
(3-Month Term SOFR +
1.120%) due 7/25/34(a)(b) |
|
|
700,748 |
|
| |
226,119 |
|
|
Northwoods
Capital XII-B Ltd., Series 2018-12BA, Class AR, 4.913%
(3-Month Term
SOFR + 1.190%) due 6/15/31(a)(b) |
|
|
226,165 |
|
| |
500,000 |
EUR |
|
Palmer
Square European Loan Funding DAC, Series 2025-3A, Class A,
3.047%
(3-Month EURIBOR + 0.930%) due 7/15/35(a)(b) |
|
|
589,964 |
|
| |
500,000 |
EUR |
|
Providus
CLO II DAC, Series 2A, Class ARR, 3.176%
(3-Month EURIBOR + 1.160%) due
10/15/38(a)(b) |
|
|
592,833 |
|
| |
500,000 |
EUR |
|
Providus
CLO VII DAC, Series 7A, Class ARR, 3.181%
(3-Month EURIBOR + 1.170%)
due 7/15/38(a)(b)(d) |
|
|
591,154 |
|
| |
300,000 |
EUR |
|
Rockford
Tower Europe CLO DAC, Series 2018-1A, Class A1RR, 3.271%
(3-Month
EURIBOR + 1.260%) due 8/29/36(a)(b) |
|
|
355,261 |
|
| |
379,600 |
EUR |
|
St Pauls CLO, Series 11A, Class AR,
2.876% (3-Month EURIBOR + 0.850%) due 1/17/32(a)(b) |
|
|
448,787 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Total Other ABS |
|
|
10,844,213 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COLLATERALIZED LOAN OBLIGATIONS
(Cost — $10,726,891) |
|
|
11,056,600 |
|
|
|
|
| |
| |
|
|
|
|
| |
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) |
|
|
215,938 |
|
|
|
|
| |
| |
|
|
|
|
| |
ASSET-BACKED
SECURITIES — 0.1% |
|
|
| Student Loans — 0.1% |
|
| |
13,535 |
|
|
Massachusetts
Educational Financing Authority, Series 2008-1, Class A1,
5.099%
(90-Day Average SOFR + 1.212%) due 4/25/38(b) |
|
|
13,547 |
|
| |
186,532 |
|
|
SMB
Private Education Loan Trust, Series 2022-B, Class A1B, 5.108%
(30-Day
Average SOFR + 1.450%) due 2/16/55(a)(b) |
|
|
188,410 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
ASSET-BACKED SECURITIES
(Cost — $200,067) |
|
|
201,957 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$237,736,057) |
|
|
231,776,031 |
|
|
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
215
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
Face
Amount/Units† |
|
|
Security |
|
Value |
|
|
| |
SHORT-TERM
INVESTMENTS — 4.5% |
|
|
| |
COMMERCIAL PAPERS —
1.4% |
|
|
|
|
| |
Alimentation Couche-Tard Inc.: |
|
|
| |
| $ |
300,000 |
|
|
3.857%
due 3/10/26(a)(k) |
|
$ |
299,711 |
|
| |
250,000 |
|
|
3.862%
due 3/9/26(a)(k) |
|
|
249,786 |
|
| |
500,000 |
|
|
AMETEK Inc., 3.882% due 3/9/26(a)(k) |
|
|
499,570 |
|
| |
250,000 |
|
|
Becton Dickinson & Co., 3.858% due
3/12/26(a)(k) |
|
|
249,706 |
|
| |
350,000 |
|
|
Imperial Brands Finance PLC, 3.875% due
3/4/26(a)(k) |
|
|
349,887 |
|
| |
450,000 |
|
|
JTI Financial Services North America
LLC, 3.862% due 3/20/26(a)(k) |
|
|
449,086 |
|
| |
550,000 |
|
|
Keurig Dr Pepper Inc., 3.872% due
3/11/26(a)(k) |
|
|
549,410 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
COMMERCIAL PAPERS
(Cost — $2,647,156) |
|
|
2,647,156 |
|
|
|
|
| |
| |
|
|
|
|
| TIME DEPOSITS —
3.0% |
|
|
|
|
| |
ANZ National Bank — Hong Kong: |
|
|
| |
| |
452 |
HKD |
|
0.660%
due 3/2/26 |
|
|
58 |
|
| |
90,953 |
AUD |
|
2.500%
due 3/2/26 |
|
|
64,722 |
|
|
|
|
| |
BBH — New York: |
|
|
| |
| |
72,742 |
CAD |
|
1.100%
due 3/2/26 |
|
|
53,318 |
|
| |
8,788 |
NZD |
|
1.400%
due 3/2/26 |
|
|
5,271 |
|
| |
3,810 |
NOK |
|
2.700%
due 3/2/26 |
|
|
401 |
|
| |
3,359,796 |
|
|
2.980%
due 3/2/26 |
|
|
3,359,796 |
|
| |
2,507 |
ZAR |
|
4.400%
due 3/2/26 |
|
|
157 |
|
|
|
|
| |
Citibank — London: |
|
|
| |
| |
1,286,497 |
EUR |
|
0.880%
due 3/2/26 |
|
|
1,520,125 |
|
| |
232,599 |
GBP |
|
2.680%
due 3/2/26 |
|
|
313,463 |
|
| |
274,960 |
|
|
Citibank — New York, 2.980% due
3/2/26 |
|
|
274,960 |
|
| |
63,750 |
SGD |
|
HSBC Bank — Singapore, 0.280% due
3/2/26 |
|
|
50,397 |
|
|
|
|
| |
Skandinaviska Enskilda Banken AB —
Stockholm: |
|
|
| |
| |
55,361 |
CHF |
|
(0.430)%
due 3/2/26 |
|
|
72,014 |
|
| |
31,917 |
DKK |
|
0.650%
due 3/2/26 |
|
|
5,047 |
|
| |
472,699 |
SEK |
|
0.670%
due 3/2/26 |
|
|
52,359 |
|
| |
11,051,823 |
JPY |
|
Sumitomo Mitsui Banking Corp. — Tokyo,
0.200% due 3/2/26 |
|
|
70,775 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
TIME DEPOSITS
(Cost — $5,842,863) |
|
|
5,842,863 |
|
|
|
|
| |
| |
|
|
|
|
| |
U.S. GOVERNMENT
OBLIGATION — 0.1% |
|
| |
264,000 |
|
|
U.S. Treasury Bills, 3.565% due
4/7/26(k)(l)
(Cost — $263,044) |
|
|
263,044 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $8,753,063) |
|
|
8,753,063 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS IN SECURITIES
(Cost — $246,489,120) |
|
|
240,529,094 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS IN PURCHASED OPTIONS — 0.0%@
(Cost — $23,821) |
|
|
24,758 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS — 123.2%
(Cost — $246,512,941) |
|
|
240,553,852 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Liabilities in Excess of Other Assets —
(23.2)% |
|
|
(45,254,681 |
) |
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
195,299,171 |
|
|
|
|
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| * |
Non-income
producing security. |
| @ |
The
amount is less than 0.05%. |
See
Notes to Financial Statements.
216
|
|
|
|
| |
| International Fixed Income
Fund |
| (a) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to $60,325,263 and
represents 30.9% of net assets. |
| (b) |
Variable
rate security. Interest rate disclosed is that which was in effect at
February 28, 2026. |
| (c) |
This
security is traded on a TBA basis (see Note 1). |
| (d) |
Security
is valued in good faith at fair value by or under the direction of the
Board of Trustees. |
| (f) |
Security
is currently in default. |
| (g) |
Inverse
Floating Rate Security - interest rate fluctuates with an inverse
relationship to an associated interest rate. Indicated rate is the
effective rate as of February 28, 2026. |
| (h) |
Interest
only security. |
| (i) |
Position,
or portion thereof, has been segregated to collateralize reverse
repurchase agreement. |
| (j) |
All
or a portion of this security is held at the broker as collateral for open
centrally cleared swap contracts. |
| (k) |
Rate
shown represents yield-to-maturity. |
| (l) |
All
or a portion of this security is held at the broker as collateral for open
over-the-counter (“OTC”) swap contracts. |
At
February 28, 2026, for International Fixed Income Fund the aggregate cost of
investments and the aggregate gross unrealized appreciation and depreciation of
all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax
Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
(Depreciation) |
|
|
International
Fixed Income Fund |
|
$ |
246,512,941 |
|
|
$ |
12,829,037 |
|
|
$ |
(19,284,874) |
|
|
$ |
(6,455,837) |
|
|
|
| |
|
Abbreviations
used in this schedule: |
| ABS |
|
—
Asset-Backed Security |
| CLO |
|
—
Collateralized Loan Obligation |
| CMT |
|
—
Constant Maturity Treasury Rate |
| CPI |
|
—
Consumer Price Index |
| DAC |
|
—
Designated Activity Company |
| EURIBOR |
|
—
Euro Interbank Offered Rate |
| LIBOR |
|
—
London Interbank Offered Rate |
| LLC |
|
—
Limited Liability Company |
| MBS |
|
—
Mortgage-Backed Security |
| OAT |
|
—
Obligations assimilables du Trésor |
| PAM |
|
—
Paid at Maturity |
| PJSC |
|
—
Private Joint Stock Company |
| PLC |
|
—
Public Limited Company |
| REMICS |
|
—
Real Estate Mortgage Investment Conduits |
| SOFR |
|
—
Secured Overnight Financing Rate |
|
|
|
|
| |
| Summary of Investments by Security
Type^ |
|
|
|
|
Sovereign
Bonds |
|
|
35.4 |
% |
|
Mortgage-Backed
Securities |
|
|
33.0 |
|
|
Corporate
Bonds & Notes |
|
|
10.4 |
|
|
Collateralized
Mortgage Obligations |
|
|
6.7 |
|
|
U.S.
Government Obligations |
|
|
6.1 |
|
|
Collateralized
Loan Obligations |
|
|
4.6 |
|
|
Municipal
Bond |
|
|
0.1 |
|
|
Asset-Backed
Securities |
|
|
0.1 |
|
|
Purchased
Options |
|
|
0.0 |
* |
|
Short-Term
Investments |
|
|
3.6 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
% |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| * |
Position
represents less than 0.05%. |
See
Notes to Financial Statements.
217
|
|
|
|
| |
| International Fixed Income
Fund |
At
February 28, 2026, 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 |
|
| |
372,000 |
|
|
|
7,629,534 |
CZK |
|
OTC Euro vs Czech Koruna, Put |
|
|
BNP |
|
|
|
8/13/26 |
|
|
CZK |
24.04 |
|
|
$ |
906 |
|
| |
103,000 |
|
|
$ |
103,000 |
|
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
GSC |
|
|
|
8/14/26 |
|
|
HKD |
7.80 |
|
|
|
85 |
|
| |
198,000 |
|
|
|
198,000 |
|
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
HSBC |
|
|
|
8/24/26 |
|
|
HKD |
7.80 |
|
|
|
161 |
|
| |
422,000 |
|
|
|
422,000 |
|
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
BOA |
|
|
|
8/14/26 |
|
|
HKD |
7.80 |
|
|
|
349 |
|
| |
379,000 |
|
|
|
379,000 |
|
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
HSBC |
|
|
|
8/14/26 |
|
|
HKD |
7.80 |
|
|
|
313 |
|
| |
661,000 |
|
|
|
661,000 |
|
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
BOA |
|
|
|
8/24/26 |
|
|
HKD |
7.80 |
|
|
|
539 |
|
| |
83,583 |
|
|
|
120,369,550 |
KRW |
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
BOA |
|
|
|
7/13/26 |
|
|
KRW |
1,400.00 |
|
|
|
978 |
|
| |
717,000 |
|
|
|
1,032,566,040 |
KRW |
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
HSBC |
|
|
|
7/9/26 |
|
|
KRW |
1,400.00 |
|
|
|
8,169 |
|
| |
717,000 |
|
|
|
1,032,566,040 |
KRW |
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
HSBC |
|
|
|
7/10/26 |
|
|
KRW |
1,400.00 |
|
|
|
8,227 |
|
| |
375,417 |
|
|
|
540,645,530 |
KRW |
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
BOA |
|
|
|
7/9/26 |
|
|
KRW |
1,400.00 |
|
|
|
4,278 |
|
| |
462,000 |
|
|
|
462,000 |
|
|
OTC U.S. Dollar vs Singapore Dollar,
Call |
|
|
BOA |
|
|
|
11/5/26 |
|
|
SGD |
1.32 |
|
|
|
753 |
|
|
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
TOTAL
OPTIONS CONTRACTS PURCHASED
(Cost — $23,821) |
|
|
|
| |
|
|
| |
|
|
| |
$ |
24,758 |
|
|
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
At
February 28, 2026, International Fixed Income Fund held the following Options
Contracts Written:
Currency Options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
Number of
Contracts |
|
|
Notional
Amount† |
|
|
Security Name |
|
Counterparty |
|
|
Expiration
Date |
|
|
Strike Price |
|
|
Value |
|
| |
103,000 |
|
|
|
805,805 |
HKD |
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
GSC |
|
|
|
8/14/26 |
|
|
HKD |
7.85 |
|
|
$ |
36 |
|
| |
198,000 |
|
|
|
1,549,023 |
HKD |
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
HSBC |
|
|
|
8/24/26 |
|
|
HKD |
7.85 |
|
|
|
72 |
|
| |
422,000 |
|
|
|
3,301,454 |
HKD |
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
BOA |
|
|
|
8/14/26 |
|
|
HKD |
7.85 |
|
|
|
149 |
|
| |
379,000 |
|
|
|
2,965,050 |
HKD |
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
HSBC |
|
|
|
8/14/26 |
|
|
HKD |
7.85 |
|
|
|
134 |
|
| |
661,000 |
|
|
|
5,171,234 |
HKD |
|
OTC U.S. Dollar vs Hong Kong Dollar,
Call |
|
|
BOA |
|
|
|
8/24/26 |
|
|
HKD |
7.85 |
|
|
|
242 |
|
| |
83,583 |
|
|
$ |
83,583 |
|
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
BOA |
|
|
|
7/13/26 |
|
|
KRW |
1,350.00 |
|
|
|
336 |
|
| |
717,000 |
|
|
|
717,000 |
|
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
HSBC |
|
|
|
7/9/26 |
|
|
KRW |
1,350.00 |
|
|
|
2,758 |
|
| |
717,000 |
|
|
|
717,000 |
|
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
HSBC |
|
|
|
7/10/26 |
|
|
KRW |
1,350.00 |
|
|
|
2,789 |
|
| |
375,417 |
|
|
|
375,417 |
|
|
OTC U.S. Dollar vs Korean Won, Put |
|
|
BOA |
|
|
|
7/9/26 |
|
|
KRW |
1,350.00 |
|
|
|
1,444 |
|
| |
462,000 |
|
|
|
462,000 |
|
|
OTC U.S. Dollar vs Singapore Dollar,
Put |
|
|
BOA |
|
|
|
11/5/26 |
|
|
SGD |
1.24 |
|
|
|
5,461 |
|
|
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
TOTAL
OPTIONS CONTRACTS WRITTEN
(Premiums received — $9,752) |
|
|
|
| |
|
|
| |
|
|
| |
$ |
13,421 |
|
|
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
At
February 28, 2026, International Fixed Income Fund held the following Reverse
Repurchase Agreements:
|
|
|
|
|
|
|
|
| |
|
Face
Amount† |
|
|
Security |
|
Value |
|
|
|
|
| |
Deutsche Bank Securities Inc.: |
|
|
| |
| $ |
786,000 |
|
|
3.780%
due 3/2/26 |
|
$ |
786,000 |
|
| |
2,662,625 |
|
|
3.760%
due 3/5/26 |
|
|
2,662,625 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
REVERSE REPURCHASE AGREEMENTS
(Proceeds — $3,448,625) |
|
$ |
3,448,625 |
|
|
|
|
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
See
Notes to Financial Statements.
218
|
|
|
|
| |
| International Fixed Income
Fund |
For
the period ended February 28, 2026, the daily average borrowing and weighted
average interest rate under the reverse repurchase agreements were $2,068,780
and 4.098%, respectively.
At
February 28, 2026, International Fixed Income Fund held the following Forward
Sale Commitments:
|
|
|
|
|
|
|
|
| |
|
Face
Amount† |
|
|
Security |
|
Value |
|
|
|
|
| |
Federal National Mortgage Association
(FNMA): |
|
|
| |
| $ |
2,100,000 |
|
|
2.000%
due 3/1/41(a) |
|
$ |
1,956,117 |
|
| |
18,050,000 |
|
|
2.000%
due 3/1/56(a) |
|
|
14,962,343 |
|
| |
700,000 |
|
|
2.500%
due 3/1/56(a) |
|
|
606,669 |
|
| |
1,900,000 |
|
|
3.000%
due 4/1/56(a) |
|
|
1,718,004 |
|
| |
1,500,000 |
|
|
3.500%
due 4/1/56(a) |
|
|
1,413,532 |
|
| |
9,765,000 |
|
|
6.000%
due 4/1/56(a) |
|
|
10,018,280 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
FORWARD SALE COMMITMENTS
(Proceeds — $30,290,250) |
|
$ |
30,674,945 |
|
|
|
|
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| (a) |
This
security is traded on a TBA basis (see Note 1). |
At
February 28, 2026, International Fixed Income Fund had open exchange-traded
futures contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Australian
Government 3-Year Bond Futures |
|
|
54 |
|
|
|
3/26 |
|
|
$ |
4,034,108 |
|
|
$ |
4,033,496 |
|
|
$ |
(612 |
) |
|
Canada
Government 10-Year Bond Futures |
|
|
82 |
|
|
|
6/26 |
|
|
|
7,357,641 |
|
|
|
7,383,185 |
|
|
|
25,544 |
|
|
Euro-BTP
Futures |
|
|
76 |
|
|
|
3/26 |
|
|
|
10,812,337 |
|
|
|
11,032,126 |
|
|
|
219,789 |
|
|
Euro-BTP
Futures |
|
|
102 |
|
|
|
6/26 |
|
|
|
14,673,699 |
|
|
|
14,695,393 |
|
|
|
21,694 |
|
|
Euro-Buxl
30-Year Bond Futures |
|
|
11 |
|
|
|
3/26 |
|
|
|
1,454,148 |
|
|
|
1,479,907 |
|
|
|
25,759 |
|
|
Euro-OAT
Futures |
|
|
24 |
|
|
|
3/26 |
|
|
|
3,430,492 |
|
|
|
3,514,173 |
|
|
|
83,681 |
|
|
Euro-Schatz
Note Futures |
|
|
53 |
|
|
|
3/26 |
|
|
|
6,696,942 |
|
|
|
6,702,732 |
|
|
|
5,790 |
|
|
U.S.
Treasury 5-Year Note Futures |
|
|
46 |
|
|
|
6/26 |
|
|
|
5,039,156 |
|
|
|
5,066,469 |
|
|
|
27,313 |
|
|
U.S.
Treasury 10-Year Note Futures |
|
|
17 |
|
|
|
6/26 |
|
|
|
1,926,312 |
|
|
|
1,934,812 |
|
|
|
8,500 |
|
|
U.S.
Ultra Long Bond Futures |
|
|
127 |
|
|
|
6/26 |
|
|
|
14,740,912 |
|
|
|
14,825,266 |
|
|
|
84,354 |
|
|
United
Kingdom Treasury 10-Year Gilt Futures |
|
|
97 |
|
|
|
6/26 |
|
|
|
12,127,880 |
|
|
|
12,246,042 |
|
|
|
118,162 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
619,974 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| Contracts
to Sell: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Australian
Government 10-Year Bond Futures |
|
|
83 |
|
|
|
3/26 |
|
|
|
6,453,909 |
|
|
|
6,530,710 |
|
|
|
(76,801 |
) |
|
Euro-Bobl
Futures |
|
|
30 |
|
|
|
3/26 |
|
|
|
4,149,342 |
|
|
|
4,163,722 |
|
|
|
(14,380 |
) |
|
Euro-Bund
Futures |
|
|
27 |
|
|
|
3/26 |
|
|
|
4,126,194 |
|
|
|
4,154,753 |
|
|
|
(28,559 |
) |
|
Japan
Government 10-Year Bond Futures |
|
|
13 |
|
|
|
3/26 |
|
|
|
11,097,105 |
|
|
|
11,055,681 |
|
|
|
41,424 |
|
|
U.S.
Treasury 2-Year Note Futures |
|
|
35 |
|
|
|
6/26 |
|
|
|
7,312,813 |
|
|
|
7,324,571 |
|
|
|
(11,758 |
) |
|
U.S.
Treasury Long Bond Futures |
|
|
4 |
|
|
|
6/26 |
|
|
|
470,250 |
|
|
|
473,875 |
|
|
|
(3,625 |
) |
|
U.S.
Treasury Ultra Long Bond Futures |
|
|
13 |
|
|
|
6/26 |
|
|
|
1,562,742 |
|
|
|
1,580,719 |
|
|
|
(17,977 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
(111,676 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Net
Unrealized Appreciation on Open Exchange-Traded Futures Contracts |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
508,298 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, International Fixed Income Fund had deposited cash of
$1,744,000 with a broker or brokers as margin collateral on open exchange-traded
futures contracts.
See
Notes to Financial Statements.
219
|
|
|
|
| |
| International Fixed Income
Fund |
At
February 28, 2026, International Fixed Income Fund had open forward foreign
currency contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australian
Dollar |
|
|
288,000 |
|
|
|
USD |
|
|
|
201,850 |
|
|
BCLY |
|
$ |
204,941 |
|
|
3/3/26 |
|
$ |
3,091 |
|
|
Australian
Dollar |
|
|
1,369,000 |
|
|
|
USD |
|
|
|
974,796 |
|
|
WFB |
|
|
974,181 |
|
|
3/3/26 |
|
|
(615 |
) |
|
Australian
Dollar |
|
|
3,065,058 |
|
|
|
USD |
|
|
|
2,172,486 |
|
|
WFB |
|
|
2,181,096 |
|
|
3/3/26 |
|
|
8,610 |
|
|
Brazilian
Real |
|
|
1,289,564 |
|
|
|
USD |
|
|
|
250,425 |
|
|
BNP |
|
|
251,517 |
|
|
3/3/26 |
|
|
1,092 |
|
|
Brazilian
Real |
|
|
419,550 |
|
|
|
USD |
|
|
|
80,000 |
|
|
BNP |
|
|
81,829 |
|
|
3/3/26 |
|
|
1,829 |
|
|
Brazilian
Real |
|
|
1,925,333 |
|
|
|
USD |
|
|
|
367,500 |
|
|
BOA |
|
|
375,517 |
|
|
3/3/26 |
|
|
8,017 |
|
|
Brazilian
Real |
|
|
16,588,390 |
|
|
|
USD |
|
|
|
3,221,359 |
|
|
BOA |
|
|
3,235,401 |
|
|
3/3/26 |
|
|
14,042 |
|
|
Brazilian
Real |
|
|
18,661,875 |
|
|
|
USD |
|
|
|
3,578,568 |
|
|
BOA |
|
|
3,609,961 |
|
|
4/2/26 |
|
|
31,393 |
|
|
Brazilian
Real |
|
|
412,319 |
|
|
|
USD |
|
|
|
80,000 |
|
|
GSC |
|
|
80,419 |
|
|
3/3/26 |
|
|
419 |
|
|
Brazilian
Real |
|
|
507,686 |
|
|
|
USD |
|
|
|
92,283 |
|
|
GSC |
|
|
99,019 |
|
|
3/3/26 |
|
|
6,736 |
|
|
Brazilian
Real |
|
|
18,214,441 |
|
|
|
USD |
|
|
|
3,287,271 |
|
|
GSC |
|
|
3,552,547 |
|
|
3/3/26 |
|
|
265,276 |
|
|
British
Pound |
|
|
149,000 |
|
|
|
USD |
|
|
|
203,364 |
|
|
JPM |
|
|
200,800 |
|
|
3/3/26 |
|
|
(2,564 |
) |
|
British
Pound |
|
|
542,000 |
|
|
|
USD |
|
|
|
730,681 |
|
|
SOG |
|
|
730,427 |
|
|
3/3/26 |
|
|
(254 |
) |
|
British
Pound |
|
|
8,743,189 |
|
|
|
USD |
|
|
|
11,814,698 |
|
|
WFB |
|
|
11,782,766 |
|
|
3/3/26 |
|
|
(31,932 |
) |
|
British
Pound |
|
|
142,000 |
|
|
|
USD |
|
|
|
195,716 |
|
|
WFB |
|
|
191,366 |
|
|
3/3/26 |
|
|
(4,350 |
) |
|
Canadian
Dollar |
|
|
4,581,605 |
|
|
|
USD |
|
|
|
3,346,925 |
|
|
BOA |
|
|
3,358,210 |
|
|
3/3/26 |
|
|
11,285 |
|
|
Canadian
Dollar |
|
|
265,000 |
|
|
|
USD |
|
|
|
194,740 |
|
|
JPM |
|
|
194,239 |
|
|
3/3/26 |
|
|
(501 |
) |
|
Chinese
Offshore Renminbi |
|
|
6,569,000 |
|
|
|
USD |
|
|
|
961,010 |
|
|
BNP |
|
|
957,503 |
|
|
3/3/26 |
|
|
(3,507 |
) |
|
Chinese
Offshore Renminbi |
|
|
82,184,392 |
|
|
|
USD |
|
|
|
11,972,378 |
|
|
DUB |
|
|
11,979,271 |
|
|
3/3/26 |
|
|
6,893 |
|
|
Chinese
Offshore Renminbi |
|
|
6,532,324 |
|
|
|
USD |
|
|
|
957,292 |
|
|
SOG |
|
|
954,316 |
|
|
4/2/26 |
|
|
(2,976 |
) |
|
Chinese
Onshore Renminbi |
|
|
94,660 |
|
|
|
USD |
|
|
|
13,656 |
|
|
BNP |
|
|
13,866 |
|
|
5/21/26 |
|
|
210 |
|
|
Chinese
Onshore Renminbi |
|
|
143,995 |
|
|
|
USD |
|
|
|
20,715 |
|
|
BNP |
|
|
21,077 |
|
|
5/7/26 |
|
|
362 |
|
|
Chinese
Onshore Renminbi |
|
|
338,029 |
|
|
|
USD |
|
|
|
48,672 |
|
|
BNP |
|
|
49,510 |
|
|
5/19/26 |
|
|
838 |
|
|
Chinese
Onshore Renminbi |
|
|
450,979 |
|
|
|
USD |
|
|
|
65,184 |
|
|
BNP |
|
|
66,079 |
|
|
5/26/26 |
|
|
895 |
|
|
Chinese
Onshore Renminbi |
|
|
1,020,816 |
|
|
|
USD |
|
|
|
145,314 |
|
|
BNP |
|
|
148,960 |
|
|
3/16/26 |
|
|
3,646 |
|
|
Chinese
Onshore Renminbi |
|
|
1,831,826 |
|
|
|
USD |
|
|
|
260,942 |
|
|
BNP |
|
|
267,305 |
|
|
3/16/26 |
|
|
6,363 |
|
|
Chinese
Onshore Renminbi |
|
|
112,618 |
|
|
|
USD |
|
|
|
15,966 |
|
|
BOA |
|
|
16,422 |
|
|
3/4/26 |
|
|
456 |
|
|
Chinese
Onshore Renminbi |
|
|
887,975 |
|
|
|
USD |
|
|
|
128,916 |
|
|
BOA |
|
|
130,177 |
|
|
6/5/26 |
|
|
1,261 |
|
|
Chinese
Onshore Renminbi |
|
|
2,440,907 |
|
|
|
USD |
|
|
|
351,457 |
|
|
BOA |
|
|
357,400 |
|
|
5/13/26 |
|
|
5,943 |
|
|
Chinese
Onshore Renminbi |
|
|
4,803,947 |
|
|
|
USD |
|
|
|
696,729 |
|
|
BOA |
|
|
704,184 |
|
|
6/3/26 |
|
|
7,455 |
|
|
Chinese
Onshore Renminbi |
|
|
112,241 |
|
|
|
USD |
|
|
|
16,396 |
|
|
DUB |
|
|
16,460 |
|
|
6/11/26 |
|
|
64 |
|
|
Chinese
Onshore Renminbi |
|
|
470,310 |
|
|
|
USD |
|
|
|
67,027 |
|
|
DUB |
|
|
68,613 |
|
|
3/12/26 |
|
|
1,586 |
|
|
Chinese
Onshore Renminbi |
|
|
3,119,839 |
|
|
|
USD |
|
|
|
452,256 |
|
|
DUB |
|
|
457,271 |
|
|
6/1/26 |
|
|
5,015 |
|
|
Chinese
Onshore Renminbi |
|
|
2,588,950 |
|
|
|
USD |
|
|
|
368,812 |
|
|
DUB |
|
|
377,831 |
|
|
3/18/26 |
|
|
9,019 |
|
|
Chinese
Onshore Renminbi |
|
|
584,120 |
|
|
|
USD |
|
|
|
84,069 |
|
|
SCB |
|
|
85,500 |
|
|
5/7/26 |
|
|
1,431 |
|
|
Colombian
Peso |
|
|
370,848,747 |
|
|
|
USD |
|
|
|
101,035 |
|
|
SCB |
|
|
98,459 |
|
|
3/9/26 |
|
|
(2,576 |
) |
|
Colombian
Peso |
|
|
901,007,012 |
|
|
|
USD |
|
|
|
244,374 |
|
|
UBS |
|
|
238,602 |
|
|
3/18/26 |
|
|
(5,772 |
) |
|
Colombian
Peso |
|
|
686,644,210 |
|
|
|
USD |
|
|
|
187,250 |
|
|
UBS |
|
|
181,941 |
|
|
3/16/26 |
|
|
(5,309 |
) |
|
Danish
Krone |
|
|
6,578,922 |
|
|
|
USD |
|
|
|
1,039,773 |
|
|
HSBC |
|
|
1,042,699 |
|
|
4/7/26 |
|
|
2,926 |
|
|
Danish
Krone |
|
|
6,589,042 |
|
|
|
USD |
|
|
|
1,059,693 |
|
|
SCB |
|
|
1,041,968 |
|
|
3/3/26 |
|
|
(17,725 |
) |
|
Egyptian
Pound |
|
|
1,618,650 |
|
|
|
USD |
|
|
|
33,000 |
|
|
DUB |
|
|
33,019 |
|
|
4/20/26 |
|
|
19 |
|
|
Egyptian
Pound |
|
|
1,219,365 |
|
|
|
USD |
|
|
|
23,700 |
|
|
DUB |
|
|
24,921 |
|
|
4/16/26 |
|
|
1,221 |
|
|
Egyptian
Pound |
|
|
1,158,465 |
|
|
|
USD |
|
|
|
23,100 |
|
|
GSC |
|
|
22,625 |
|
|
8/10/26 |
|
|
(475 |
) |
|
Egyptian
Pound |
|
|
453,722 |
|
|
|
USD |
|
|
|
8,900 |
|
|
HSBC |
|
|
9,123 |
|
|
5/20/26 |
|
|
223 |
|
See
Notes to Financial Statements.
220
|
|
|
|
| |
| International Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Egyptian
Pound |
|
|
2,812,850 |
|
|
|
USD |
|
|
|
55,700 |
|
|
SCB |
|
$ |
55,062 |
|
|
8/3/26 |
|
$ |
(638 |
) |
|
Egyptian
Pound |
|
|
2,082,660 |
|
|
|
USD |
|
|
|
41,200 |
|
|
SOG |
|
|
40,768 |
|
|
8/3/26 |
|
|
(432 |
) |
|
Egyptian
Pound |
|
|
2,024,800 |
|
|
|
USD |
|
|
|
40,000 |
|
|
SOG |
|
|
39,819 |
|
|
7/20/26 |
|
|
(181 |
) |
|
Euro |
|
|
172,000 |
|
|
|
USD |
|
|
|
204,316 |
|
|
BNP |
|
|
203,236 |
|
|
3/3/26 |
|
|
(1,080 |
) |
|
Euro |
|
|
290,000 |
|
|
|
USD |
|
|
|
345,867 |
|
|
HSBC |
|
|
342,664 |
|
|
3/3/26 |
|
|
(3,203 |
) |
|
Euro |
|
|
95,000 |
|
|
|
USD |
|
|
|
112,121 |
|
|
HSBC |
|
|
112,252 |
|
|
3/3/26 |
|
|
131 |
|
|
Euro |
|
|
27,179,994 |
|
|
|
USD |
|
|
|
32,126,753 |
|
|
SOG |
|
|
32,115,884 |
|
|
3/3/26 |
|
|
(10,869 |
) |
|
Euro |
|
|
327,000 |
|
|
|
USD |
|
|
|
386,187 |
|
|
SOG |
|
|
386,383 |
|
|
3/3/26 |
|
|
196 |
|
|
Hungarian
Forint |
|
|
2,780,000 |
|
|
|
USD |
|
|
|
8,718 |
|
|
BNP |
|
|
8,709 |
|
|
3/18/26 |
|
|
(9 |
) |
|
Hungarian
Forint |
|
|
2,765,434 |
|
|
|
USD |
|
|
|
8,628 |
|
|
UBS |
|
|
8,663 |
|
|
3/18/26 |
|
|
35 |
|
|
Indian
Rupee |
|
|
187,674,301 |
|
|
|
USD |
|
|
|
2,034,516 |
|
|
BCLY |
|
|
2,056,791 |
|
|
4/7/26 |
|
|
22,275 |
|
|
Indian
Rupee |
|
|
6,348,650 |
|
|
|
USD |
|
|
|
70,000 |
|
|
GSC |
|
|
69,715 |
|
|
3/12/26 |
|
|
(285 |
) |
|
Indian
Rupee |
|
|
1,812,067 |
|
|
|
USD |
|
|
|
19,925 |
|
|
GSC |
|
|
19,907 |
|
|
3/5/26 |
|
|
(18 |
) |
|
Indian
Rupee |
|
|
26,358,249 |
|
|
|
USD |
|
|
|
290,901 |
|
|
SCB |
|
|
288,870 |
|
|
4/7/26 |
|
|
(2,031 |
) |
|
Indian
Rupee |
|
|
14,462,510 |
|
|
|
USD |
|
|
|
156,790 |
|
|
SCB |
|
|
158,500 |
|
|
4/7/26 |
|
|
1,710 |
|
|
Indonesian
Rupiah |
|
|
907,069,734 |
|
|
|
USD |
|
|
|
53,981 |
|
|
BNP |
|
|
53,976 |
|
|
6/10/26 |
|
|
(5 |
) |
|
Indonesian
Rupiah |
|
|
1,004,790,000 |
|
|
|
USD |
|
|
|
59,731 |
|
|
BNP |
|
|
59,791 |
|
|
6/10/26 |
|
|
60 |
|
|
Indonesian
Rupiah |
|
|
652,999,183 |
|
|
|
USD |
|
|
|
38,727 |
|
|
BNP |
|
|
38,857 |
|
|
6/10/26 |
|
|
130 |
|
|
Indonesian
Rupiah |
|
|
1,489,130,884 |
|
|
|
USD |
|
|
|
88,371 |
|
|
BNP |
|
|
88,611 |
|
|
6/10/26 |
|
|
240 |
|
|
Indonesian
Rupiah |
|
|
1,508,130,000 |
|
|
|
USD |
|
|
|
90,000 |
|
|
GSC |
|
|
89,951 |
|
|
3/5/26 |
|
|
(49 |
) |
|
Indonesian
Rupiah |
|
|
1,414,107,103 |
|
|
|
USD |
|
|
|
83,831 |
|
|
GSC |
|
|
84,147 |
|
|
6/10/26 |
|
|
316 |
|
|
Indonesian
Rupiah |
|
|
1,013,934,000 |
|
|
|
USD |
|
|
|
60,000 |
|
|
GSC |
|
|
60,440 |
|
|
3/25/26 |
|
|
440 |
|
|
Indonesian
Rupiah |
|
|
1,004,790,000 |
|
|
|
USD |
|
|
|
60,000 |
|
|
JPM |
|
|
59,917 |
|
|
3/12/26 |
|
|
(83 |
) |
|
Indonesian
Rupiah |
|
|
338,057,455 |
|
|
|
USD |
|
|
|
20,022 |
|
|
SCB |
|
|
20,116 |
|
|
6/10/26 |
|
|
94 |
|
|
Indonesian
Rupiah |
|
|
3,635,975,327 |
|
|
|
USD |
|
|
|
215,694 |
|
|
SCB |
|
|
216,360 |
|
|
6/10/26 |
|
|
666 |
|
|
Israeli
New Shekel |
|
|
340,000 |
|
|
|
USD |
|
|
|
110,096 |
|
|
JPM |
|
|
108,528 |
|
|
4/6/26 |
|
|
(1,568 |
) |
|
Japanese
Yen |
|
|
82,600,000 |
|
|
|
USD |
|
|
|
534,988 |
|
|
BOA |
|
|
528,961 |
|
|
3/3/26 |
|
|
(6,027 |
) |
|
Japanese
Yen |
|
|
267,031,775 |
|
|
|
USD |
|
|
|
1,712,950 |
|
|
HSBC |
|
|
1,710,043 |
|
|
3/3/26 |
|
|
(2,907 |
) |
|
Japanese
Yen |
|
|
4,688,666 |
|
|
|
USD |
|
|
|
30,044 |
|
|
HSBC |
|
|
30,026 |
|
|
3/3/26 |
|
|
(18 |
) |
|
Japanese
Yen |
|
|
128,024,624 |
|
|
|
USD |
|
|
|
837,715 |
|
|
JPM |
|
|
819,856 |
|
|
3/3/26 |
|
|
(17,859 |
) |
|
Japanese
Yen |
|
|
65,000,000 |
|
|
|
USD |
|
|
|
427,429 |
|
|
JPM |
|
|
416,253 |
|
|
3/3/26 |
|
|
(11,176 |
) |
|
Japanese
Yen |
|
|
104,700,000 |
|
|
|
USD |
|
|
|
681,201 |
|
|
JPM |
|
|
670,488 |
|
|
3/3/26 |
|
|
(10,713 |
) |
|
Japanese
Yen |
|
|
193,973,648 |
|
|
|
USD |
|
|
|
1,240,209 |
|
|
SCB |
|
|
1,242,187 |
|
|
3/3/26 |
|
|
1,978 |
|
|
Japanese
Yen |
|
|
1,069,887,312 |
|
|
|
USD |
|
|
|
6,858,252 |
|
|
SOG |
|
|
6,851,444 |
|
|
3/3/26 |
|
|
(6,808 |
) |
|
Japanese
Yen |
|
|
246,641,508 |
|
|
|
USD |
|
|
|
1,574,475 |
|
|
WFB |
|
|
1,579,466 |
|
|
3/3/26 |
|
|
4,991 |
|
|
Kazakhstan
Tenge |
|
|
5,337,000 |
|
|
|
USD |
|
|
|
10,000 |
|
|
DUB |
|
|
10,148 |
|
|
7/29/26 |
|
|
148 |
|
|
Kazakhstan
Tenge |
|
|
6,950,450 |
|
|
|
USD |
|
|
|
13,000 |
|
|
DUB |
|
|
13,217 |
|
|
7/29/26 |
|
|
217 |
|
|
Kazakhstan
Tenge |
|
|
7,038,850 |
|
|
|
USD |
|
|
|
13,000 |
|
|
DUB |
|
|
13,427 |
|
|
7/20/26 |
|
|
427 |
|
|
Kazakhstan
Tenge |
|
|
3,363,000 |
|
|
|
USD |
|
|
|
5,900 |
|
|
DUB |
|
|
6,726 |
|
|
3/11/26 |
|
|
826 |
|
|
Kazakhstan
Tenge |
|
|
6,358,550 |
|
|
|
USD |
|
|
|
11,000 |
|
|
DUB |
|
|
12,645 |
|
|
3/26/26 |
|
|
1,645 |
|
|
Kazakhstan
Tenge |
|
|
55,465,500 |
|
|
|
USD |
|
|
|
103,000 |
|
|
DUB |
|
|
105,947 |
|
|
7/16/26 |
|
|
2,947 |
|
|
Kazakhstan
Tenge |
|
|
44,572,517 |
|
|
|
USD |
|
|
|
83,041 |
|
|
DUB |
|
|
88,975 |
|
|
3/16/26 |
|
|
5,934 |
|
|
Korean
Won |
|
|
147,291,459 |
|
|
|
USD |
|
|
|
101,919 |
|
|
DUB |
|
|
102,327 |
|
|
3/18/26 |
|
|
408 |
|
|
Korean
Won |
|
|
159,267,738 |
|
|
|
USD |
|
|
|
110,159 |
|
|
DUB |
|
|
110,600 |
|
|
3/5/26 |
|
|
441 |
|
|
Korean
Won |
|
|
932,662,876 |
|
|
|
USD |
|
|
|
642,932 |
|
|
GSC |
|
|
647,945 |
|
|
3/18/26 |
|
|
5,013 |
|
|
Mexican
Peso |
|
|
5,136,000 |
|
|
|
USD |
|
|
|
277,354 |
|
|
BCLY |
|
|
297,762 |
|
|
3/18/26 |
|
|
20,408 |
|
|
Mexican
Peso |
|
|
2,434,000 |
|
|
|
USD |
|
|
|
141,454 |
|
|
BOA |
|
|
141,113 |
|
|
3/18/26 |
|
|
(341 |
) |
|
Mexican
Peso |
|
|
3,208,000 |
|
|
|
USD |
|
|
|
174,971 |
|
|
BOA |
|
|
186,152 |
|
|
3/9/26 |
|
|
11,181 |
|
|
Mexican
Peso |
|
|
331,181 |
|
|
|
USD |
|
|
|
19,070 |
|
|
DUB |
|
|
19,047 |
|
|
6/17/26 |
|
|
(23 |
) |
|
Mexican
Peso |
|
|
220,782 |
|
|
|
USD |
|
|
|
12,713 |
|
|
DUB |
|
|
12,698 |
|
|
6/17/26 |
|
|
(15 |
) |
|
Mexican
Peso |
|
|
2,749,000 |
|
|
|
USD |
|
|
|
159,782 |
|
|
GSC |
|
|
159,374 |
|
|
3/18/26 |
|
|
(408 |
) |
|
Mexican
Peso |
|
|
7,243,045 |
|
|
|
USD |
|
|
|
415,169 |
|
|
GSC |
|
|
416,572 |
|
|
6/17/26 |
|
|
1,403 |
|
See
Notes to Financial Statements.
221
|
|
|
|
| |
| International Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexican
Peso |
|
|
2,006,000 |
|
|
|
USD |
|
|
|
108,556 |
|
|
GSC |
|
$ |
116,020 |
|
|
4/13/26 |
|
$ |
7,464 |
|
|
Mexican
Peso |
|
|
2,539,000 |
|
|
|
USD |
|
|
|
137,751 |
|
|
GSC |
|
|
146,883 |
|
|
4/10/26 |
|
|
9,132 |
|
|
Mexican
Peso |
|
|
2,434,000 |
|
|
|
USD |
|
|
|
131,190 |
|
|
GSC |
|
|
141,314 |
|
|
3/2/26 |
|
|
10,124 |
|
|
Mexican
Peso |
|
|
3,457,000 |
|
|
|
USD |
|
|
|
187,569 |
|
|
GSC |
|
|
199,908 |
|
|
4/15/26 |
|
|
12,339 |
|
|
Mexican
Peso |
|
|
1,342,946 |
|
|
|
USD |
|
|
|
72,960 |
|
|
HSBC |
|
|
77,928 |
|
|
3/9/26 |
|
|
4,968 |
|
|
Mexican
Peso |
|
|
560,390 |
|
|
|
USD |
|
|
|
31,942 |
|
|
JPM |
|
|
31,958 |
|
|
9/17/26 |
|
|
16 |
|
|
Mexican
Peso |
|
|
924,707 |
|
|
|
USD |
|
|
|
50,234 |
|
|
JPM |
|
|
53,499 |
|
|
4/9/26 |
|
|
3,265 |
|
|
Mexican
Peso |
|
|
33,545,535 |
|
|
|
USD |
|
|
|
1,873,382 |
|
|
JPM |
|
|
1,939,052 |
|
|
4/20/26 |
|
|
65,670 |
|
|
Mexican
Peso |
|
|
2,143,000 |
|
|
|
USD |
|
|
|
117,947 |
|
|
SCB |
|
|
124,242 |
|
|
3/18/26 |
|
|
6,295 |
|
|
Mexican
Peso |
|
|
5,373,000 |
|
|
|
USD |
|
|
|
311,567 |
|
|
SOG |
|
|
311,503 |
|
|
3/18/26 |
|
|
(64 |
) |
|
Mexican
Peso |
|
|
314 |
|
|
|
USD |
|
|
|
17 |
|
|
SOG |
|
|
18 |
|
|
3/18/26 |
|
|
1 |
|
|
Mexican
Peso |
|
|
6,126,431 |
|
|
|
USD |
|
|
|
351,010 |
|
|
UBS |
|
|
352,351 |
|
|
6/17/26 |
|
|
1,341 |
|
|
Mexican
Peso |
|
|
671,685 |
|
|
|
USD |
|
|
|
38,322 |
|
|
WFB |
|
|
38,305 |
|
|
9/17/26 |
|
|
(17 |
) |
|
Mexican
Peso |
|
|
111,769 |
|
|
|
USD |
|
|
|
6,376 |
|
|
WFB |
|
|
6,374 |
|
|
9/17/26 |
|
|
(2 |
) |
|
Mexican
Peso |
|
|
111,839 |
|
|
|
USD |
|
|
|
6,376 |
|
|
WFB |
|
|
6,378 |
|
|
9/17/26 |
|
|
2 |
|
|
Mexican
Peso |
|
|
223,639 |
|
|
|
USD |
|
|
|
12,752 |
|
|
WFB |
|
|
12,754 |
|
|
9/17/26 |
|
|
2 |
|
|
Mexican
Peso |
|
|
672,128 |
|
|
|
USD |
|
|
|
38,323 |
|
|
WFB |
|
|
38,330 |
|
|
9/17/26 |
|
|
7 |
|
|
Mexican
Peso |
|
|
5,424,089 |
|
|
|
USD |
|
|
|
311,337 |
|
|
WFB |
|
|
311,957 |
|
|
6/17/26 |
|
|
620 |
|
|
New
Taiwan Dollar |
|
|
112,268,800 |
|
|
|
USD |
|
|
|
3,580,000 |
|
|
BCLY |
|
|
3,645,745 |
|
|
2/3/27 |
|
|
65,745 |
|
|
New
Taiwan Dollar |
|
|
2,237,944 |
|
|
|
USD |
|
|
|
71,334 |
|
|
BNP |
|
|
71,423 |
|
|
3/18/26 |
|
|
89 |
|
|
New
Taiwan Dollar |
|
|
525,272 |
|
|
|
USD |
|
|
|
16,573 |
|
|
BNP |
|
|
16,764 |
|
|
3/18/26 |
|
|
191 |
|
|
New
Taiwan Dollar |
|
|
10,738,090 |
|
|
|
USD |
|
|
|
341,000 |
|
|
BNP |
|
|
342,700 |
|
|
3/18/26 |
|
|
1,700 |
|
|
New
Taiwan Dollar |
|
|
27,511,656 |
|
|
|
USD |
|
|
|
876,000 |
|
|
BNP |
|
|
892,805 |
|
|
1/20/27 |
|
|
16,805 |
|
|
New
Taiwan Dollar |
|
|
41,047,642 |
|
|
|
USD |
|
|
|
1,307,000 |
|
|
BNP |
|
|
1,332,388 |
|
|
1/25/27 |
|
|
25,388 |
|
|
New
Taiwan Dollar |
|
|
73,115,136 |
|
|
|
USD |
|
|
|
2,322,000 |
|
|
BNP |
|
|
2,372,948 |
|
|
1/22/27 |
|
|
50,948 |
|
|
New
Taiwan Dollar |
|
|
943,320 |
|
|
|
USD |
|
|
|
30,000 |
|
|
GSC |
|
|
30,119 |
|
|
3/24/26 |
|
|
119 |
|
|
New
Zealand Dollar |
|
|
1,336,799 |
|
|
|
USD |
|
|
|
798,296 |
|
|
SCB |
|
|
801,812 |
|
|
3/3/26 |
|
|
3,516 |
|
|
Nigerian
Naira |
|
|
89,411,000 |
|
|
|
USD |
|
|
|
53,000 |
|
|
DUB |
|
|
59,904 |
|
|
10/21/26 |
|
|
6,904 |
|
|
Nigerian
Naira |
|
|
53,011,200 |
|
|
|
USD |
|
|
|
35,200 |
|
|
SCB |
|
|
34,873 |
|
|
2/8/27 |
|
|
(327 |
) |
|
Norwegian
Krone |
|
|
334,642 |
|
|
|
USD |
|
|
|
34,891 |
|
|
HSBC |
|
|
35,183 |
|
|
4/7/26 |
|
|
292 |
|
|
Norwegian
Krone |
|
|
1,130,000 |
|
|
|
USD |
|
|
|
117,047 |
|
|
HSBC |
|
|
118,831 |
|
|
3/3/26 |
|
|
1,784 |
|
|
Peruvian
Sol |
|
|
6,705,918 |
|
|
|
USD |
|
|
|
1,995,215 |
|
|
SOG |
|
|
1,998,234 |
|
|
3/18/26 |
|
|
3,019 |
|
|
Polish
Zloty |
|
|
749,792 |
|
|
|
USD |
|
|
|
208,367 |
|
|
BCLY |
|
|
209,828 |
|
|
4/15/26 |
|
|
1,461 |
|
|
Polish
Zloty |
|
|
36,000 |
|
|
|
USD |
|
|
|
9,980 |
|
|
BNP |
|
|
10,075 |
|
|
4/15/26 |
|
|
95 |
|
|
Polish
Zloty |
|
|
574,816 |
|
|
|
USD |
|
|
|
159,472 |
|
|
BNP |
|
|
160,861 |
|
|
4/15/26 |
|
|
1,389 |
|
|
Polish
Zloty |
|
|
764,340 |
|
|
|
USD |
|
|
|
212,168 |
|
|
BNP |
|
|
213,900 |
|
|
4/15/26 |
|
|
1,732 |
|
|
Polish
Zloty |
|
|
1,389,378 |
|
|
|
USD |
|
|
|
382,474 |
|
|
DUB |
|
|
388,818 |
|
|
4/22/26 |
|
|
6,344 |
|
|
Polish
Zloty |
|
|
54,000 |
|
|
|
USD |
|
|
|
14,989 |
|
|
HSBC |
|
|
15,111 |
|
|
4/15/26 |
|
|
122 |
|
|
Polish
Zloty |
|
|
208,000 |
|
|
|
USD |
|
|
|
57,590 |
|
|
HSBC |
|
|
58,209 |
|
|
4/15/26 |
|
|
619 |
|
|
Polish
Zloty |
|
|
361,000 |
|
|
|
USD |
|
|
|
99,821 |
|
|
JPM |
|
|
101,026 |
|
|
4/15/26 |
|
|
1,205 |
|
|
Polish
Zloty |
|
|
800,363 |
|
|
|
USD |
|
|
|
221,617 |
|
|
UBS |
|
|
223,982 |
|
|
4/22/26 |
|
|
2,365 |
|
|
Polish
Zloty |
|
|
1,028,494 |
|
|
|
USD |
|
|
|
283,945 |
|
|
UBS |
|
|
287,823 |
|
|
4/15/26 |
|
|
3,878 |
|
|
Polish
Zloty |
|
|
835,109 |
|
|
|
USD |
|
|
|
231,409 |
|
|
WFB |
|
|
233,704 |
|
|
4/15/26 |
|
|
2,295 |
|
|
Singapore
Dollar |
|
|
3,492,511 |
|
|
|
USD |
|
|
|
2,765,469 |
|
|
JPM |
|
|
2,760,987 |
|
|
3/3/26 |
|
|
(4,482 |
) |
|
Singapore
Dollar |
|
|
329,895 |
|
|
|
USD |
|
|
|
261,332 |
|
|
WFB |
|
|
260,797 |
|
|
3/3/26 |
|
|
(535 |
) |
|
South
African Rand |
|
|
1,687,000 |
|
|
|
USD |
|
|
|
105,756 |
|
|
BCLY |
|
|
105,797 |
|
|
3/20/26 |
|
|
41 |
|
|
Swedish
Krona |
|
|
1,605,503 |
|
|
|
USD |
|
|
|
176,947 |
|
|
BCLY |
|
|
178,165 |
|
|
4/2/26 |
|
|
1,218 |
|
|
Swedish
Krona |
|
|
1,605,000 |
|
|
|
USD |
|
|
|
179,622 |
|
|
JPM |
|
|
177,781 |
|
|
3/3/26 |
|
|
(1,841 |
) |
|
Swiss
Franc |
|
|
161,000 |
|
|
|
USD |
|
|
|
208,324 |
|
|
BNP |
|
|
209,431 |
|
|
3/3/26 |
|
|
1,107 |
|
|
Swiss
Franc |
|
|
110,000 |
|
|
|
USD |
|
|
|
142,193 |
|
|
BOA |
|
|
143,089 |
|
|
3/3/26 |
|
|
896 |
|
|
Swiss
Franc |
|
|
403,157 |
|
|
|
USD |
|
|
|
520,685 |
|
|
WFB |
|
|
524,432 |
|
|
3/3/26 |
|
|
3,747 |
|
|
Thai
Baht |
|
|
5,989 |
|
|
|
USD |
|
|
|
192 |
|
|
BCLY |
|
|
193 |
|
|
4/20/26 |
|
|
1 |
|
See
Notes to Financial Statements.
222
|
|
|
|
| |
| International Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thai
Baht |
|
|
274,495 |
|
|
|
USD |
|
|
|
8,865 |
|
|
JPM |
|
$ |
8,856 |
|
|
4/20/26 |
|
$ |
(9 |
) |
|
Thai
Baht |
|
|
350,226 |
|
|
|
USD |
|
|
|
11,301 |
|
|
JPM |
|
|
11,299 |
|
|
4/20/26 |
|
|
(2 |
) |
|
Turkish
Lira |
|
|
22,850,659 |
|
|
|
USD |
|
|
|
496,257 |
|
|
BCLY |
|
|
495,191 |
|
|
4/30/26 |
|
|
(1,066 |
) |
|
Turkish
Lira |
|
|
23,770,340 |
|
|
|
USD |
|
|
|
516,690 |
|
|
BCLY |
|
|
515,990 |
|
|
4/28/26 |
|
|
(700 |
) |
|
Turkish
Lira |
|
|
11,188,678 |
|
|
|
USD |
|
|
|
242,899 |
|
|
BCLY |
|
|
242,671 |
|
|
4/29/26 |
|
|
(228 |
) |
|
Turkish
Lira |
|
|
6,844,137 |
|
|
|
USD |
|
|
|
149,510 |
|
|
BCLY |
|
|
149,449 |
|
|
4/21/26 |
|
|
(61 |
) |
|
Turkish
Lira |
|
|
295,539 |
|
|
|
USD |
|
|
|
6,502 |
|
|
BCLY |
|
|
6,520 |
|
|
4/9/26 |
|
|
18 |
|
|
Turkish
Lira |
|
|
850,934 |
|
|
|
USD |
|
|
|
18,569 |
|
|
BCLY |
|
|
18,597 |
|
|
4/20/26 |
|
|
28 |
|
|
Turkish
Lira |
|
|
6,121,514 |
|
|
|
USD |
|
|
|
133,033 |
|
|
BCLY |
|
|
133,331 |
|
|
4/24/26 |
|
|
298 |
|
|
Turkish
Lira |
|
|
592,225 |
|
|
|
USD |
|
|
|
12,973 |
|
|
BCLY |
|
|
13,393 |
|
|
3/11/26 |
|
|
420 |
|
|
Turkish
Lira |
|
|
6,228,270 |
|
|
|
USD |
|
|
|
136,265 |
|
|
BCLY |
|
|
137,281 |
|
|
4/10/26 |
|
|
1,016 |
|
|
Turkish
Lira |
|
|
3,349,605 |
|
|
|
USD |
|
|
|
72,914 |
|
|
BCLY |
|
|
74,084 |
|
|
4/6/26 |
|
|
1,170 |
|
|
Turkish
Lira |
|
|
4,229,697 |
|
|
|
USD |
|
|
|
92,057 |
|
|
BCLY |
|
|
94,674 |
|
|
3/23/26 |
|
|
2,617 |
|
|
Turkish
Lira |
|
|
6,896,712 |
|
|
|
USD |
|
|
|
151,583 |
|
|
BCLY |
|
|
156,851 |
|
|
3/4/26 |
|
|
5,268 |
|
|
Turkish
Lira |
|
|
6,330,485 |
|
|
|
USD |
|
|
|
138,151 |
|
|
BNP |
|
|
142,305 |
|
|
3/18/26 |
|
|
4,154 |
|
|
Turkish
Lira |
|
|
7,282,974 |
|
|
|
USD |
|
|
|
159,278 |
|
|
HSBC |
|
|
159,032 |
|
|
4/21/26 |
|
|
(246 |
) |
|
Turkish
Lira |
|
|
3,066,427 |
|
|
|
USD |
|
|
|
67,275 |
|
|
SCB |
|
|
69,795 |
|
|
3/3/26 |
|
|
2,520 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
670,764 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
|
| Contracts
to Sell: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australian
Dollar |
|
|
246,000 |
|
|
|
USD |
|
|
|
174,220 |
|
|
BNP |
|
|
175,054 |
|
|
3/3/26 |
|
|
(834 |
) |
|
Australian
Dollar |
|
|
9,664,956 |
|
|
|
USD |
|
|
|
6,696,539 |
|
|
WFB |
|
|
6,877,582 |
|
|
3/3/26 |
|
|
(181,043 |
) |
|
Australian
Dollar |
|
|
3,065,058 |
|
|
|
USD |
|
|
|
2,172,225 |
|
|
WFB |
|
|
2,180,828 |
|
|
4/2/26 |
|
|
(8,603 |
) |
|
Australian
Dollar |
|
|
5,188,898 |
|
|
|
USD |
|
|
|
3,689,436 |
|
|
WFB |
|
|
3,691,967 |
|
|
4/2/26 |
|
|
(2,531 |
) |
|
Brazilian
Real |
|
|
1,100,000 |
|
|
|
USD |
|
|
|
192,778 |
|
|
BNP |
|
|
212,785 |
|
|
4/2/26 |
|
|
(20,007 |
) |
|
Brazilian
Real |
|
|
1,000,000 |
|
|
|
USD |
|
|
|
177,588 |
|
|
BNP |
|
|
193,440 |
|
|
4/2/26 |
|
|
(15,852 |
) |
|
Brazilian
Real |
|
|
600,000 |
|
|
|
USD |
|
|
|
103,704 |
|
|
BNP |
|
|
116,064 |
|
|
4/2/26 |
|
|
(12,360 |
) |
|
Brazilian
Real |
|
|
600,000 |
|
|
|
USD |
|
|
|
104,776 |
|
|
BNP |
|
|
116,064 |
|
|
4/2/26 |
|
|
(11,288 |
) |
|
Brazilian
Real |
|
|
785,111 |
|
|
|
USD |
|
|
|
150,000 |
|
|
BNP |
|
|
153,128 |
|
|
3/3/26 |
|
|
(3,128 |
) |
|
Brazilian
Real |
|
|
611,052 |
|
|
|
USD |
|
|
|
117,000 |
|
|
BNP |
|
|
119,180 |
|
|
3/3/26 |
|
|
(2,180 |
) |
|
Brazilian
Real |
|
|
312,952 |
|
|
|
USD |
|
|
|
60,000 |
|
|
BNP |
|
|
61,038 |
|
|
3/3/26 |
|
|
(1,038 |
) |
|
Brazilian
Real |
|
|
18,513,722 |
|
|
|
USD |
|
|
|
3,578,568 |
|
|
BOA |
|
|
3,610,919 |
|
|
3/3/26 |
|
|
(32,351 |
) |
|
Brazilian
Real |
|
|
5,600,000 |
|
|
|
USD |
|
|
|
1,007,792 |
|
|
GSC |
|
|
1,083,266 |
|
|
4/2/26 |
|
|
(75,474 |
) |
|
Brazilian
Real |
|
|
2,600,000 |
|
|
|
USD |
|
|
|
449,415 |
|
|
GSC |
|
|
502,945 |
|
|
4/2/26 |
|
|
(53,530 |
) |
|
Brazilian
Real |
|
|
2,600,000 |
|
|
|
USD |
|
|
|
450,890 |
|
|
GSC |
|
|
502,945 |
|
|
4/2/26 |
|
|
(52,055 |
) |
|
Brazilian
Real |
|
|
3,300,000 |
|
|
|
USD |
|
|
|
593,035 |
|
|
GSC |
|
|
638,354 |
|
|
4/2/26 |
|
|
(45,319 |
) |
|
Brazilian
Real |
|
|
1,900,000 |
|
|
|
USD |
|
|
|
332,325 |
|
|
GSC |
|
|
367,537 |
|
|
4/2/26 |
|
|
(35,212 |
) |
|
Brazilian
Real |
|
|
18,239,815 |
|
|
|
USD |
|
|
|
3,542,056 |
|
|
GSC |
|
|
3,557,496 |
|
|
3/3/26 |
|
|
(15,440 |
) |
|
Brazilian
Real |
|
|
700,000 |
|
|
|
USD |
|
|
|
125,565 |
|
|
GSC |
|
|
135,408 |
|
|
4/2/26 |
|
|
(9,843 |
) |
|
Brazilian
Real |
|
|
894,630 |
|
|
|
USD |
|
|
|
170,000 |
|
|
GSC |
|
|
174,489 |
|
|
3/3/26 |
|
|
(4,489 |
) |
|
British
Pound |
|
|
9,576,189 |
|
|
|
USD |
|
|
|
12,913,509 |
|
|
WFB |
|
|
12,905,358 |
|
|
3/3/26 |
|
|
8,151 |
|
|
British
Pound |
|
|
8,743,189 |
|
|
|
USD |
|
|
|
11,815,414 |
|
|
WFB |
|
|
11,783,877 |
|
|
4/2/26 |
|
|
31,537 |
|
|
Canadian
Dollar |
|
|
262,000 |
|
|
|
USD |
|
|
|
192,109 |
|
|
BNP |
|
|
192,040 |
|
|
3/3/26 |
|
|
69 |
|
|
Canadian
Dollar |
|
|
4,850,287 |
|
|
|
USD |
|
|
|
3,577,747 |
|
|
BNP |
|
|
3,555,147 |
|
|
3/3/26 |
|
|
22,600 |
|
|
Canadian
Dollar |
|
|
4,575,798 |
|
|
|
USD |
|
|
|
3,346,925 |
|
|
BOA |
|
|
3,358,340 |
|
|
4/2/26 |
|
|
(11,415 |
) |
|
Chinese
Offshore Renminbi |
|
|
614,000 |
|
|
|
USD |
|
|
|
88,518 |
|
|
BNP |
|
|
89,497 |
|
|
3/3/26 |
|
|
(979 |
) |
|
Chinese
Offshore Renminbi |
|
|
82,027,386 |
|
|
|
USD |
|
|
|
11,972,378 |
|
|
DUB |
|
|
11,983,497 |
|
|
4/2/26 |
|
|
(11,119 |
) |
|
Chinese
Offshore Renminbi |
|
|
36,086,838 |
|
|
|
USD |
|
|
|
5,207,073 |
|
|
HSBC |
|
|
5,260,050 |
|
|
3/3/26 |
|
|
(52,977 |
) |
|
Chinese
Offshore Renminbi |
|
|
2,496,000 |
|
|
|
USD |
|
|
|
359,701 |
|
|
HSBC |
|
|
363,819 |
|
|
3/3/26 |
|
|
(4,118 |
) |
|
Chinese
Offshore Renminbi |
|
|
6,599,000 |
|
|
|
USD |
|
|
|
961,772 |
|
|
SCB |
|
|
961,877 |
|
|
3/3/26 |
|
|
(105 |
) |
|
Chinese
Offshore Renminbi |
|
|
6,545,008 |
|
|
|
USD |
|
|
|
957,292 |
|
|
SOG |
|
|
954,006 |
|
|
3/3/26 |
|
|
3,286 |
|
|
Chinese
Offshore Renminbi |
|
|
36,411,301 |
|
|
|
USD |
|
|
|
5,254,155 |
|
|
WFB |
|
|
5,307,344 |
|
|
3/3/26 |
|
|
(53,189 |
) |
See
Notes to Financial Statements.
223
|
|
|
|
| |
| International Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Sell: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chinese
Onshore Renminbi |
|
|
113,429 |
|
|
|
USD |
|
|
|
16,396 |
|
|
DUB |
|
$ |
16,540 |
|
|
3/4/26 |
|
$ |
(144 |
) |
|
Colombian
Peso |
|
|
159,395,067 |
|
|
|
USD |
|
|
|
41,319 |
|
|
BNP |
|
|
42,319 |
|
|
3/9/26 |
|
|
(1,000 |
) |
|
Colombian
Peso |
|
|
174,845,059 |
|
|
|
USD |
|
|
|
46,023 |
|
|
BNP |
|
|
46,421 |
|
|
3/9/26 |
|
|
(398 |
) |
|
Colombian
Peso |
|
|
34,943,551 |
|
|
|
USD |
|
|
|
9,209 |
|
|
BNP |
|
|
9,277 |
|
|
3/9/26 |
|
|
(68 |
) |
|
Colombian
Peso |
|
|
706,172,758 |
|
|
|
USD |
|
|
|
187,461 |
|
|
BNP |
|
|
182,708 |
|
|
6/17/26 |
|
|
4,753 |
|
|
Colombian
Peso |
|
|
687,873,942 |
|
|
|
USD |
|
|
|
178,994 |
|
|
BOA |
|
|
181,740 |
|
|
3/26/26 |
|
|
(2,746 |
) |
|
Colombian
Peso |
|
|
26,901 |
|
|
|
USD |
|
|
|
7 |
|
|
BOA |
|
|
7 |
|
|
3/26/26 |
|
|
— |
|
|
Colombian
Peso |
|
|
119,393,748 |
|
|
|
USD |
|
|
|
31,932 |
|
|
BOA |
|
|
31,617 |
|
|
3/18/26 |
|
|
315 |
|
|
Colombian
Peso |
|
|
427,528,468 |
|
|
|
USD |
|
|
|
114,713 |
|
|
DUB |
|
|
110,614 |
|
|
6/17/26 |
|
|
4,099 |
|
|
Colombian
Peso |
|
|
371,823,210 |
|
|
|
USD |
|
|
|
99,000 |
|
|
GSC |
|
|
98,465 |
|
|
3/18/26 |
|
|
535 |
|
|
Colombian
Peso |
|
|
404,988,120 |
|
|
|
USD |
|
|
|
108,000 |
|
|
GSC |
|
|
107,248 |
|
|
3/18/26 |
|
|
752 |
|
|
Colombian
Peso |
|
|
175,134,940 |
|
|
|
USD |
|
|
|
46,679 |
|
|
SCB |
|
|
46,298 |
|
|
3/24/26 |
|
|
381 |
|
|
Colombian
Peso |
|
|
156,130,394 |
|
|
|
USD |
|
|
|
42,044 |
|
|
SCB |
|
|
41,370 |
|
|
3/16/26 |
|
|
674 |
|
|
Colombian
Peso |
|
|
372,428,519 |
|
|
|
USD |
|
|
|
96,678 |
|
|
SCB |
|
|
95,485 |
|
|
7/23/26 |
|
|
1,193 |
|
|
Colombian
Peso |
|
|
575,225,325 |
|
|
|
USD |
|
|
|
154,125 |
|
|
SCB |
|
|
152,242 |
|
|
3/20/26 |
|
|
1,883 |
|
|
Colombian
Peso |
|
|
379,487,235 |
|
|
|
USD |
|
|
|
101,035 |
|
|
SCB |
|
|
98,185 |
|
|
6/17/26 |
|
|
2,850 |
|
|
Colombian
Peso |
|
|
526,154,660 |
|
|
|
USD |
|
|
|
142,599 |
|
|
SCB |
|
|
139,416 |
|
|
3/16/26 |
|
|
3,183 |
|
|
Colombian
Peso |
|
|
1,503,184,540 |
|
|
|
USD |
|
|
|
392,523 |
|
|
UBS |
|
|
395,808 |
|
|
4/8/26 |
|
|
(3,285 |
) |
|
Colombian
Peso |
|
|
701,568,001 |
|
|
|
USD |
|
|
|
187,250 |
|
|
UBS |
|
|
181,517 |
|
|
6/17/26 |
|
|
5,733 |
|
|
Colombian
Peso |
|
|
919,139,564 |
|
|
|
USD |
|
|
|
244,374 |
|
|
UBS |
|
|
237,809 |
|
|
6/17/26 |
|
|
6,565 |
|
|
Czech
Koruna |
|
|
2,183,953 |
|
|
|
EUR |
|
|
|
89,000 |
|
|
BNP |
|
|
106,495 |
|
|
3/13/26 |
|
|
(1,279 |
) |
|
Czech
Koruna |
|
|
1,198,038 |
|
|
|
EUR |
|
|
|
49,000 |
|
|
BOA |
|
|
58,420 |
|
|
3/13/26 |
|
|
(491 |
) |
|
Czech
Koruna |
|
|
3,532,000 |
|
|
|
USD |
|
|
|
173,723 |
|
|
GSC |
|
|
172,225 |
|
|
3/11/26 |
|
|
1,498 |
|
|
Czech
Koruna |
|
|
6,807,600 |
|
|
|
EUR |
|
|
|
279,000 |
|
|
JPM |
|
|
332,521 |
|
|
8/12/26 |
|
|
(340 |
) |
|
Danish
Krone |
|
|
7,230,000 |
|
|
|
USD |
|
|
|
1,034,163 |
|
|
HSBC |
|
|
1,145,516 |
|
|
4/1/26 |
|
|
(111,353 |
) |
|
Danish
Krone |
|
|
6,592,306 |
|
|
|
USD |
|
|
|
1,039,773 |
|
|
HSBC |
|
|
1,042,484 |
|
|
3/3/26 |
|
|
(2,711 |
) |
|
Euro |
|
|
1,141,000 |
|
|
|
USD |
|
|
|
1,344,547 |
|
|
BCLY |
|
|
1,348,206 |
|
|
3/3/26 |
|
|
(3,659 |
) |
|
Euro |
|
|
20,122 |
|
|
|
RON |
|
|
|
102,950 |
|
|
BCLY |
|
|
23,788 |
|
|
3/13/26 |
|
|
71 |
|
|
Euro |
|
|
31,441 |
|
|
|
RON |
|
|
|
161,025 |
|
|
BCLY |
|
|
37,191 |
|
|
3/23/26 |
|
|
105 |
|
|
Euro |
|
|
294,160 |
|
|
|
RON |
|
|
|
1,505,437 |
|
|
BCLY |
|
|
348,255 |
|
|
4/8/26 |
|
|
149 |
|
|
Euro |
|
|
111,272 |
|
|
|
RON |
|
|
|
570,447 |
|
|
BCLY |
|
|
131,655 |
|
|
3/27/26 |
|
|
442 |
|
|
Euro |
|
|
406,330 |
|
|
|
RON |
|
|
|
2,081,069 |
|
|
BCLY |
|
|
480,929 |
|
|
4/2/26 |
|
|
811 |
|
|
Euro |
|
|
26,813,994 |
|
|
|
USD |
|
|
|
32,036,851 |
|
|
BCLY |
|
|
31,683,419 |
|
|
3/3/26 |
|
|
353,432 |
|
|
Euro |
|
|
59,697 |
|
|
|
RON |
|
|
|
305,744 |
|
|
BOA |
|
|
70,632 |
|
|
3/27/26 |
|
|
168 |
|
|
Euro |
|
|
298,457 |
|
|
|
RON |
|
|
|
1,529,532 |
|
|
BOA |
|
|
353,553 |
|
|
4/22/26 |
|
|
225 |
|
|
Euro |
|
|
138,000 |
|
|
|
CZK |
|
|
|
3,384,450 |
|
|
BOA |
|
|
163,145 |
|
|
3/13/26 |
|
|
1,890 |
|
|
Euro |
|
|
883,000 |
|
|
|
USD |
|
|
|
1,049,122 |
|
|
BOA |
|
|
1,043,353 |
|
|
3/3/26 |
|
|
5,769 |
|
|
Euro |
|
|
127,964 |
|
|
|
RON |
|
|
|
654,574 |
|
|
DUB |
|
|
151,496 |
|
|
4/8/26 |
|
|
(8 |
) |
|
Euro |
|
|
425,000 |
|
|
|
CZK |
|
|
|
10,314,750 |
|
|
JPM |
|
|
502,325 |
|
|
3/9/26 |
|
|
625 |
|
|
Euro |
|
|
814,000 |
|
|
|
USD |
|
|
|
963,117 |
|
|
SOG |
|
|
963,444 |
|
|
4/2/26 |
|
|
(327 |
) |
|
Euro |
|
|
327,000 |
|
|
|
USD |
|
|
|
386,741 |
|
|
SOG |
|
|
387,035 |
|
|
4/2/26 |
|
|
(294 |
) |
|
Euro |
|
|
85,559 |
|
|
|
RON |
|
|
|
438,366 |
|
|
SOG |
|
|
101,207 |
|
|
3/23/26 |
|
|
327 |
|
|
Euro |
|
|
78,000 |
|
|
|
RON |
|
|
|
399,352 |
|
|
SOG |
|
|
92,212 |
|
|
3/13/26 |
|
|
339 |
|
|
Euro |
|
|
40,000 |
|
|
|
USD |
|
|
|
47,863 |
|
|
SOG |
|
|
47,264 |
|
|
3/3/26 |
|
|
599 |
|
|
Euro |
|
|
27,179,994 |
|
|
|
USD |
|
|
|
32,172,633 |
|
|
SOG |
|
|
32,170,014 |
|
|
4/2/26 |
|
|
2,619 |
|
|
Euro |
|
|
85,714 |
|
|
|
RON |
|
|
|
438,504 |
|
|
WFB |
|
|
101,285 |
|
|
3/4/26 |
|
|
386 |
|
|
Euro |
|
|
212,743 |
|
|
|
RON |
|
|
|
1,088,585 |
|
|
WFB |
|
|
251,389 |
|
|
3/4/26 |
|
|
1,007 |
|
|
Hong
Kong Dollar |
|
|
6,915,420 |
|
|
|
USD |
|
|
|
884,625 |
|
|
DUB |
|
|
884,692 |
|
|
3/20/26 |
|
|
(67 |
) |
|
Hong
Kong Dollar |
|
|
774,930 |
|
|
|
USD |
|
|
|
100,000 |
|
|
HSBC |
|
|
99,053 |
|
|
3/2/26 |
|
|
947 |
|
|
Hong
Kong Dollar |
|
|
6,144,957 |
|
|
|
USD |
|
|
|
793,000 |
|
|
JPM |
|
|
785,464 |
|
|
3/2/26 |
|
|
7,536 |
|
|
Indian
Rupee |
|
|
4,602,896 |
|
|
|
USD |
|
|
|
50,582 |
|
|
DUB |
|
|
50,444 |
|
|
4/7/26 |
|
|
138 |
|
|
Indian
Rupee |
|
|
1,817,427 |
|
|
|
USD |
|
|
|
19,925 |
|
|
GSC |
|
|
19,918 |
|
|
4/7/26 |
|
|
7 |
|
See
Notes to Financial Statements.
224
|
|
|
|
| |
| International Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Sell: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indian
Rupee |
|
|
1,811,440 |
|
|
|
USD |
|
|
|
20,000 |
|
|
GSC |
|
$ |
19,900 |
|
|
3/5/26 |
|
$ |
100 |
|
|
Indonesian
Rupiah |
|
|
1,429,011,031 |
|
|
|
USD |
|
|
|
84,111 |
|
|
BNP |
|
|
85,034 |
|
|
6/10/26 |
|
|
(923 |
) |
|
Indonesian
Rupiah |
|
|
1,485,021,632 |
|
|
|
USD |
|
|
|
88,371 |
|
|
BNP |
|
|
88,573 |
|
|
3/5/26 |
|
|
(202 |
) |
|
Indonesian
Rupiah |
|
|
1,004,790,000 |
|
|
|
USD |
|
|
|
59,870 |
|
|
BNP |
|
|
59,917 |
|
|
3/12/26 |
|
|
(47 |
) |
|
Indonesian
Rupiah |
|
|
1,343,457,226 |
|
|
|
USD |
|
|
|
79,685 |
|
|
GSC |
|
|
79,943 |
|
|
6/10/26 |
|
|
(258 |
) |
|
Israeli
New Shekel |
|
|
249,000 |
|
|
|
USD |
|
|
|
79,440 |
|
|
BNP |
|
|
79,567 |
|
|
6/10/26 |
|
|
(127 |
) |
|
Israeli
New Shekel |
|
|
155,000 |
|
|
|
USD |
|
|
|
50,078 |
|
|
BNP |
|
|
49,530 |
|
|
6/10/26 |
|
|
548 |
|
|
Israeli
New Shekel |
|
|
761,370 |
|
|
|
USD |
|
|
|
246,580 |
|
|
BNP |
|
|
243,028 |
|
|
4/6/26 |
|
|
3,552 |
|
|
Israeli
New Shekel |
|
|
298,332 |
|
|
|
USD |
|
|
|
95,574 |
|
|
BOA |
|
|
95,345 |
|
|
6/17/26 |
|
|
229 |
|
|
Israeli
New Shekel |
|
|
284,070 |
|
|
|
USD |
|
|
|
92,211 |
|
|
BOA |
|
|
90,773 |
|
|
6/10/26 |
|
|
1,438 |
|
|
Israeli
New Shekel |
|
|
271,484 |
|
|
|
USD |
|
|
|
88,608 |
|
|
BOA |
|
|
86,764 |
|
|
6/17/26 |
|
|
1,844 |
|
|
Israeli
New Shekel |
|
|
769,540 |
|
|
|
USD |
|
|
|
248,133 |
|
|
DUB |
|
|
245,636 |
|
|
4/6/26 |
|
|
2,497 |
|
|
Israeli
New Shekel |
|
|
766,622 |
|
|
|
USD |
|
|
|
248,132 |
|
|
DUB |
|
|
244,732 |
|
|
4/13/26 |
|
|
3,400 |
|
|
Israeli
New Shekel |
|
|
824,060 |
|
|
|
USD |
|
|
|
265,082 |
|
|
GSC |
|
|
263,068 |
|
|
4/13/26 |
|
|
2,014 |
|
|
Israeli
New Shekel |
|
|
12,977 |
|
|
|
USD |
|
|
|
4,211 |
|
|
HSBC |
|
|
4,147 |
|
|
6/10/26 |
|
|
64 |
|
|
Israeli
New Shekel |
|
|
132,483 |
|
|
|
USD |
|
|
|
43,322 |
|
|
SOG |
|
|
42,341 |
|
|
6/17/26 |
|
|
981 |
|
|
Israeli
New Shekel |
|
|
321,486 |
|
|
|
USD |
|
|
|
103,866 |
|
|
SOG |
|
|
102,745 |
|
|
6/17/26 |
|
|
1,121 |
|
|
Israeli
New Shekel |
|
|
303,751 |
|
|
|
USD |
|
|
|
97,328 |
|
|
UBS |
|
|
97,062 |
|
|
6/10/26 |
|
|
266 |
|
|
Israeli
New Shekel |
|
|
127,640 |
|
|
|
USD |
|
|
|
41,642 |
|
|
UBS |
|
|
40,787 |
|
|
6/10/26 |
|
|
855 |
|
|
Israeli
New Shekel |
|
|
289,562 |
|
|
|
USD |
|
|
|
94,340 |
|
|
UBS |
|
|
92,542 |
|
|
6/17/26 |
|
|
1,798 |
|
|
Israeli
New Shekel |
|
|
313,314 |
|
|
|
USD |
|
|
|
101,341 |
|
|
WFB |
|
|
100,118 |
|
|
6/10/26 |
|
|
1,223 |
|
|
Israeli
New Shekel |
|
|
294,474 |
|
|
|
USD |
|
|
|
95,820 |
|
|
WFB |
|
|
94,098 |
|
|
6/10/26 |
|
|
1,722 |
|
|
Japanese
Yen |
|
|
4,676,552 |
|
|
|
USD |
|
|
|
30,044 |
|
|
HSBC |
|
|
30,028 |
|
|
4/2/26 |
|
|
16 |
|
|
Japanese
Yen |
|
|
266,341,285 |
|
|
|
USD |
|
|
|
1,712,950 |
|
|
HSBC |
|
|
1,710,186 |
|
|
4/2/26 |
|
|
2,764 |
|
|
Japanese
Yen |
|
|
39,438,722 |
|
|
|
USD |
|
|
|
257,680 |
|
|
HSBC |
|
|
252,561 |
|
|
3/3/26 |
|
|
5,119 |
|
|
Japanese
Yen |
|
|
41,033,712 |
|
|
|
USD |
|
|
|
268,417 |
|
|
HSBC |
|
|
262,775 |
|
|
3/3/26 |
|
|
5,642 |
|
|
Japanese
Yen |
|
|
193,472,479 |
|
|
|
USD |
|
|
|
1,240,209 |
|
|
SCB |
|
|
1,242,293 |
|
|
4/2/26 |
|
|
(2,084 |
) |
|
Japanese
Yen |
|
|
85,136,444 |
|
|
|
USD |
|
|
|
559,046 |
|
|
SCB |
|
|
545,205 |
|
|
3/3/26 |
|
|
13,841 |
|
|
Japanese
Yen |
|
|
1,067,122,064 |
|
|
|
USD |
|
|
|
6,858,252 |
|
|
SOG |
|
|
6,852,025 |
|
|
4/2/26 |
|
|
6,227 |
|
|
Japanese
Yen |
|
|
246,004,161 |
|
|
|
USD |
|
|
|
1,574,475 |
|
|
WFB |
|
|
1,579,601 |
|
|
4/2/26 |
|
|
(5,126 |
) |
|
Japanese
Yen |
|
|
1,998,324,831 |
|
|
|
USD |
|
|
|
13,104,242 |
|
|
WFB |
|
|
12,797,059 |
|
|
3/3/26 |
|
|
307,183 |
|
|
Kazakhstan
Tenge |
|
|
1,570,500 |
|
|
|
USD |
|
|
|
3,000 |
|
|
BOA |
|
|
3,150 |
|
|
3/3/26 |
|
|
(150 |
) |
|
Kazakhstan
Tenge |
|
|
13,294,784 |
|
|
|
USD |
|
|
|
24,800 |
|
|
DUB |
|
|
25,772 |
|
|
6/4/26 |
|
|
(972 |
) |
|
Kazakhstan
Tenge |
|
|
7,560,000 |
|
|
|
USD |
|
|
|
14,000 |
|
|
DUB |
|
|
14,660 |
|
|
6/3/26 |
|
|
(660 |
) |
|
Kazakhstan
Tenge |
|
|
2,845,305 |
|
|
|
USD |
|
|
|
5,300 |
|
|
DUB |
|
|
5,516 |
|
|
6/4/26 |
|
|
(216 |
) |
|
Kazakhstan
Tenge |
|
|
1,240,080 |
|
|
|
USD |
|
|
|
2,400 |
|
|
DUB |
|
|
2,486 |
|
|
3/5/26 |
|
|
(86 |
) |
|
Korean
Won |
|
|
159,201,642 |
|
|
|
USD |
|
|
|
110,159 |
|
|
DUB |
|
|
110,602 |
|
|
3/18/26 |
|
|
(443 |
) |
|
Korean
Won |
|
|
159,311,802 |
|
|
|
USD |
|
|
|
110,000 |
|
|
GSC |
|
|
110,630 |
|
|
3/5/26 |
|
|
(630 |
) |
|
Korean
Won |
|
|
58,280,400 |
|
|
|
USD |
|
|
|
40,000 |
|
|
JPM |
|
|
40,480 |
|
|
3/12/26 |
|
|
(480 |
) |
|
Malaysian
Ringgit |
|
|
8,695,769 |
|
|
|
USD |
|
|
|
2,225,747 |
|
|
BCLY |
|
|
2,235,725 |
|
|
3/18/26 |
|
|
(9,978 |
) |
|
Malaysian
Ringgit |
|
|
6,177,687 |
|
|
|
USD |
|
|
|
1,585,974 |
|
|
BCLY |
|
|
1,588,313 |
|
|
3/18/26 |
|
|
(2,339 |
) |
|
Mexican
Peso |
|
|
219,045 |
|
|
|
USD |
|
|
|
12,713 |
|
|
DUB |
|
|
12,699 |
|
|
3/18/26 |
|
|
14 |
|
|
Mexican
Peso |
|
|
328,576 |
|
|
|
USD |
|
|
|
19,070 |
|
|
DUB |
|
|
19,049 |
|
|
3/18/26 |
|
|
21 |
|
|
Mexican
Peso |
|
|
7,179,524 |
|
|
|
USD |
|
|
|
415,169 |
|
|
GSC |
|
|
416,236 |
|
|
3/18/26 |
|
|
(1,067 |
) |
|
Mexican
Peso |
|
|
1,669,000 |
|
|
|
USD |
|
|
|
91,609 |
|
|
HSBC |
|
|
96,474 |
|
|
4/20/26 |
|
|
(4,865 |
) |
|
Mexican
Peso |
|
|
1,462,000 |
|
|
|
USD |
|
|
|
80,186 |
|
|
JPM |
|
|
84,529 |
|
|
4/17/26 |
|
|
(4,343 |
) |
|
Mexican
Peso |
|
|
551,479 |
|
|
|
USD |
|
|
|
31,942 |
|
|
JPM |
|
|
31,972 |
|
|
3/18/26 |
|
|
(30 |
) |
|
Mexican
Peso |
|
|
115,359 |
|
|
|
USD |
|
|
|
6,156 |
|
|
SOG |
|
|
6,688 |
|
|
3/18/26 |
|
|
(532 |
) |
|
Mexican
Peso |
|
|
5,379,598 |
|
|
|
USD |
|
|
|
311,337 |
|
|
WFB |
|
|
311,884 |
|
|
3/18/26 |
|
|
(547 |
) |
|
Mexican
Peso |
|
|
661,455 |
|
|
|
USD |
|
|
|
38,323 |
|
|
WFB |
|
|
38,348 |
|
|
3/18/26 |
|
|
(25 |
) |
|
Mexican
Peso |
|
|
220,100 |
|
|
|
USD |
|
|
|
12,752 |
|
|
WFB |
|
|
12,760 |
|
|
3/18/26 |
|
|
(8 |
) |
|
Mexican
Peso |
|
|
110,069 |
|
|
|
USD |
|
|
|
6,376 |
|
|
WFB |
|
|
6,381 |
|
|
3/18/26 |
|
|
(5 |
) |
See
Notes to Financial Statements.
225
|
|
|
|
| |
| International Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
|
Counterparty |
|
|
Value |
|
|
Settlement
Date |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Sell: (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexican
Peso |
|
|
661,055 |
|
|
|
USD |
|
|
|
38,322 |
|
|
|
WFB |
|
|
$ |
38,325 |
|
|
|
3/18/26 |
|
|
$ |
(3 |
) |
|
Mexican
Peso |
|
|
109,999 |
|
|
|
USD |
|
|
|
6,376 |
|
|
|
WFB |
|
|
|
6,377 |
|
|
|
3/18/26 |
|
|
|
(1 |
) |
|
New
Taiwan Dollar |
|
|
113,324,900 |
|
|
|
USD |
|
|
|
3,580,000 |
|
|
|
BCLY |
|
|
|
3,627,178 |
|
|
|
5/4/26 |
|
|
|
(47,178 |
) |
|
New
Taiwan Dollar |
|
|
73,728,144 |
|
|
|
USD |
|
|
|
2,322,000 |
|
|
|
BNP |
|
|
|
2,358,219 |
|
|
|
4/22/26 |
|
|
|
(36,219 |
) |
|
New
Taiwan Dollar |
|
|
41,433,207 |
|
|
|
USD |
|
|
|
1,307,000 |
|
|
|
BNP |
|
|
|
1,325,328 |
|
|
|
4/23/26 |
|
|
|
(18,328 |
) |
|
New
Taiwan Dollar |
|
|
27,735,912 |
|
|
|
USD |
|
|
|
876,000 |
|
|
|
BNP |
|
|
|
887,044 |
|
|
|
4/20/26 |
|
|
|
(11,044 |
) |
|
New
Taiwan Dollar |
|
|
5,302,565 |
|
|
|
USD |
|
|
|
170,457 |
|
|
|
BNP |
|
|
|
169,229 |
|
|
|
3/18/26 |
|
|
|
1,228 |
|
|
New
Taiwan Dollar |
|
|
4,881,413 |
|
|
|
USD |
|
|
|
157,181 |
|
|
|
BNP |
|
|
|
155,788 |
|
|
|
3/18/26 |
|
|
|
1,393 |
|
|
New
Taiwan Dollar |
|
|
940,818 |
|
|
|
USD |
|
|
|
30,000 |
|
|
|
BOA |
|
|
|
30,055 |
|
|
|
3/31/26 |
|
|
|
(55 |
) |
|
New
Taiwan Dollar |
|
|
947,364 |
|
|
|
USD |
|
|
|
29,935 |
|
|
|
SOG |
|
|
|
30,234 |
|
|
|
3/18/26 |
|
|
|
(299 |
) |
|
New
Zealand Dollar |
|
|
1,262,000 |
|
|
|
USD |
|
|
|
766,448 |
|
|
|
BCLY |
|
|
|
756,947 |
|
|
|
3/3/26 |
|
|
|
9,501 |
|
|
New
Zealand Dollar |
|
|
1,336,799 |
|
|
|
USD |
|
|
|
799,227 |
|
|
|
SCB |
|
|
|
802,850 |
|
|
|
4/2/26 |
|
|
|
(3,623 |
) |
|
New
Zealand Dollar |
|
|
74,799 |
|
|
|
USD |
|
|
|
45,078 |
|
|
|
SOG |
|
|
|
44,865 |
|
|
|
3/3/26 |
|
|
|
213 |
|
|
Norwegian
Krone |
|
|
258,316 |
|
|
|
USD |
|
|
|
26,849 |
|
|
|
BCLY |
|
|
|
27,164 |
|
|
|
3/3/26 |
|
|
|
(315 |
) |
|
Norwegian
Krone |
|
|
334,595 |
|
|
|
USD |
|
|
|
34,891 |
|
|
|
HSBC |
|
|
|
35,186 |
|
|
|
3/3/26 |
|
|
|
(295 |
) |
|
Norwegian
Krone |
|
|
475,000 |
|
|
|
USD |
|
|
|
49,879 |
|
|
|
HSBC |
|
|
|
49,951 |
|
|
|
3/3/26 |
|
|
|
(72 |
) |
|
Peruvian
Sol |
|
|
4,281,963 |
|
|
|
USD |
|
|
|
1,270,235 |
|
|
|
BOA |
|
|
|
1,275,942 |
|
|
|
3/18/26 |
|
|
|
(5,707 |
) |
|
Peruvian
Sol |
|
|
112,615 |
|
|
|
USD |
|
|
|
33,482 |
|
|
|
JPM |
|
|
|
33,557 |
|
|
|
3/18/26 |
|
|
|
(75 |
) |
|
Peruvian
Sol |
|
|
2,049,295 |
|
|
|
USD |
|
|
|
610,000 |
|
|
|
SCB |
|
|
|
610,722 |
|
|
|
3/12/26 |
|
|
|
(722 |
) |
|
Peruvian
Sol |
|
|
865,229 |
|
|
|
USD |
|
|
|
258,370 |
|
|
|
SCB |
|
|
|
257,817 |
|
|
|
3/19/26 |
|
|
|
553 |
|
|
Peruvian
Sol |
|
|
1,547,312 |
|
|
|
USD |
|
|
|
461,801 |
|
|
|
SCB |
|
|
|
461,069 |
|
|
|
3/18/26 |
|
|
|
732 |
|
|
Peruvian
Sol |
|
|
675,771 |
|
|
|
USD |
|
|
|
193,653 |
|
|
|
SOG |
|
|
|
201,291 |
|
|
|
4/6/26 |
|
|
|
(7,638 |
) |
|
Peruvian
Sol |
|
|
757,214 |
|
|
|
USD |
|
|
|
219,457 |
|
|
|
SOG |
|
|
|
225,635 |
|
|
|
3/18/26 |
|
|
|
(6,178 |
) |
|
Peruvian
Sol |
|
|
6,722,279 |
|
|
|
USD |
|
|
|
1,995,215 |
|
|
|
SOG |
|
|
|
1,999,976 |
|
|
|
6/17/26 |
|
|
|
(4,761 |
) |
|
Peruvian
Sol |
|
|
3,822 |
|
|
|
USD |
|
|
|
1,130 |
|
|
|
SOG |
|
|
|
1,139 |
|
|
|
3/18/26 |
|
|
|
(9 |
) |
|
Polish
Zloty |
|
|
321,000 |
|
|
|
USD |
|
|
|
89,723 |
|
|
|
BNP |
|
|
|
89,832 |
|
|
|
4/15/26 |
|
|
|
(109 |
) |
|
Polish
Zloty |
|
|
105,000 |
|
|
|
USD |
|
|
|
29,668 |
|
|
|
BNP |
|
|
|
29,384 |
|
|
|
4/15/26 |
|
|
|
284 |
|
|
Romanian
New Leu |
|
|
1,522,429 |
|
|
|
EUR |
|
|
|
298,457 |
|
|
|
BOA |
|
|
|
352,986 |
|
|
|
3/4/26 |
|
|
|
(312 |
) |
|
Singapore
Dollar |
|
|
3,485,158 |
|
|
|
USD |
|
|
|
2,765,469 |
|
|
|
JPM |
|
|
|
2,761,842 |
|
|
|
4/2/26 |
|
|
|
3,627 |
|
|
Singapore
Dollar |
|
|
3,826,278 |
|
|
|
USD |
|
|
|
3,021,131 |
|
|
|
SOG |
|
|
|
3,024,845 |
|
|
|
3/3/26 |
|
|
|
(3,714 |
) |
|
South
African Rand |
|
|
9,127,926 |
|
|
|
USD |
|
|
|
564,138 |
|
|
|
BCLY |
|
|
|
572,441 |
|
|
|
3/20/26 |
|
|
|
(8,303 |
) |
|
South
African Rand |
|
|
11,359,512 |
|
|
|
USD |
|
|
|
706,108 |
|
|
|
BCLY |
|
|
|
712,390 |
|
|
|
3/20/26 |
|
|
|
(6,282 |
) |
|
South
African Rand |
|
|
481,000 |
|
|
|
USD |
|
|
|
29,729 |
|
|
|
BOA |
|
|
|
30,165 |
|
|
|
3/20/26 |
|
|
|
(436 |
) |
|
South
African Rand |
|
|
8,886,029 |
|
|
|
USD |
|
|
|
555,297 |
|
|
|
SCB |
|
|
|
557,270 |
|
|
|
3/20/26 |
|
|
|
(1,973 |
) |
|
Swedish
Krona |
|
|
1,608,012 |
|
|
|
USD |
|
|
|
176,947 |
|
|
|
BCLY |
|
|
|
178,115 |
|
|
|
3/3/26 |
|
|
|
(1,168 |
) |
|
Swiss
Franc |
|
|
674,010 |
|
|
|
USD |
|
|
|
878,548 |
|
|
|
SOG |
|
|
|
876,762 |
|
|
|
3/3/26 |
|
|
|
1,786 |
|
|
Swiss
Franc |
|
|
401,861 |
|
|
|
USD |
|
|
|
520,685 |
|
|
|
WFB |
|
|
|
524,736 |
|
|
|
4/2/26 |
|
|
|
(4,051 |
) |
|
Thai
Baht |
|
|
12,466,034 |
|
|
|
USD |
|
|
|
399,264 |
|
|
|
BOA |
|
|
|
402,189 |
|
|
|
4/20/26 |
|
|
|
(2,925 |
) |
|
Thai
Baht |
|
|
3,480,268 |
|
|
|
USD |
|
|
|
110,000 |
|
|
|
GSC |
|
|
|
111,991 |
|
|
|
3/5/26 |
|
|
|
(1,991 |
) |
|
Thai
Baht |
|
|
4,360,818 |
|
|
|
USD |
|
|
|
140,000 |
|
|
|
GSC |
|
|
|
140,389 |
|
|
|
3/12/26 |
|
|
|
(389 |
) |
|
Thai
Baht |
|
|
1,558,915 |
|
|
|
USD |
|
|
|
50,000 |
|
|
|
GSC |
|
|
|
50,211 |
|
|
|
3/19/26 |
|
|
|
(211 |
) |
|
Thai
Baht |
|
|
1,552,970 |
|
|
|
USD |
|
|
|
50,000 |
|
|
|
GSC |
|
|
|
50,043 |
|
|
|
3/26/26 |
|
|
|
(43 |
) |
|
Thai
Baht |
|
|
633,740 |
|
|
|
USD |
|
|
|
20,487 |
|
|
|
HSBC |
|
|
|
20,476 |
|
|
|
5/20/26 |
|
|
|
11 |
|
|
Thai
Baht |
|
|
658,343 |
|
|
|
USD |
|
|
|
21,323 |
|
|
|
HSBC |
|
|
|
21,270 |
|
|
|
5/20/26 |
|
|
|
53 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
(193,712 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Net
Unrealized Appreciation on Open Forward Foreign Currency Contracts |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
477,052 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See
Notes to Financial Statements.
226
|
|
|
|
| |
| International Fixed Income
Fund |
At
February 28, 2026, International Fixed Income Fund held the following OTC Total
Return Swap Contract:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
3.416% |
|
|
|
PAM |
|
|
|
3/20/26 |
|
|
|
BNP |
|
|
|
USD 7,800,000 |
|
|
$ |
(111,011 |
) |
|
$ |
72,997 |
|
|
$ |
(184,008 |
) |
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
At
February 28, 2026, 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
(Received) |
|
|
Unrealized
Appreciation |
|
|
Pay |
|
China 7-Day Reverse
Repo Index |
|
|
1.500% |
|
|
|
3/17/32 |
|
|
|
3-Month |
|
|
|
BOA |
|
|
|
CNY |
|
|
|
67,000,000 |
|
|
$ |
(56,613 |
) |
|
$ |
(84,889 |
) |
|
$ |
28,276 |
|
|
Pay |
|
China 7-Day Reverse
Repo Index |
|
|
1.500% |
|
|
|
3/17/32 |
|
|
|
3-Month |
|
|
|
BNP |
|
|
|
CNY |
|
|
|
63,700,000 |
|
|
|
(53,824 |
) |
|
|
(80,508 |
) |
|
|
26,684 |
|
|
Pay |
|
China 7-Day Reverse
Repo Index |
|
|
1.500% |
|
|
|
3/17/32 |
|
|
|
3-Month |
|
|
|
SCB |
|
|
|
CNY |
|
|
|
9,000,000 |
|
|
|
(7,604 |
) |
|
|
(11,376 |
) |
|
|
3,772 |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(118,041 |
) |
|
$ |
(176,773) |
|
|
$ |
58,732 |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
At
February 28, 2026, 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) |
|
| Receive |
|
3-Month EURIBOR |
|
|
2.350% |
|
|
|
12/15/28 |
|
|
PAM |
|
|
EUR |
|
|
|
4,000,000 |
|
|
$ |
(6,313 |
) |
|
$ |
(2,565 |
) |
|
$ |
(3,748 |
) |
| Receive |
|
3-Month FRA New
Zealand Bank Bill |
|
|
2.500% |
|
|
|
3/12/28 |
|
|
6-Month |
|
|
NZD |
|
|
|
3,300,000 |
|
|
|
17,637 |
|
|
|
1,133 |
|
|
|
16,504 |
|
| Receive |
|
3-Month FRA New
Zealand Bank Bill |
|
|
3.500% |
|
|
|
3/18/31 |
|
|
6-Month |
|
|
NZD |
|
|
|
100,000 |
|
|
|
10 |
|
|
|
(645 |
) |
|
|
655 |
|
| Pay |
|
3-Month Stockholm
Interbank Offered Rate |
|
|
2.474% |
|
|
|
2/3/30 |
|
|
12-Month |
|
|
SEK |
|
|
|
4,400,000 |
|
|
|
5,656 |
|
|
|
— |
|
|
|
5,656 |
|
| Pay |
|
6-Month Australian
Bank Bill |
|
|
3.500% |
|
|
|
3/18/31 |
|
|
6-Month |
|
|
AUD |
|
|
|
23,800,000 |
|
|
|
(779,091 |
) |
|
|
(353,882 |
) |
|
|
(425,209 |
) |
| Pay |
|
6-Month Australian
Bank Bill |
|
|
4.250% |
|
|
|
3/19/35 |
|
|
6-Month |
|
|
AUD |
|
|
|
1,200,000 |
|
|
|
(26,956 |
) |
|
|
(545 |
) |
|
|
(26,411 |
) |
| Pay |
|
6-Month Australian
Bank Bill |
|
|
4.250% |
|
|
|
9/17/35 |
|
|
6-Month |
|
|
AUD |
|
|
|
1,000,000 |
|
|
|
(24,755 |
) |
|
|
750 |
|
|
|
(25,505 |
) |
| Pay |
|
6-Month Australian
Bank Bill |
|
|
4.500% |
|
|
|
3/19/35 |
|
|
6-Month |
|
|
AUD |
|
|
|
1,000,000 |
|
|
|
(8,410 |
) |
|
|
(29,588 |
) |
|
|
21,178 |
|
| Pay |
|
6-Month Australian
Bank Bill |
|
|
4.500% |
|
|
|
6/18/35 |
|
|
6-Month |
|
|
AUD |
|
|
|
500,000 |
|
|
|
(5,564 |
) |
|
|
2,896 |
|
|
|
(8,460 |
) |
| Pay |
|
6-Month Australian
Bank Bill |
|
|
4.500% |
|
|
|
9/17/35 |
|
|
6-Month |
|
|
AUD |
|
|
|
1,600,000 |
|
|
|
(16,174 |
) |
|
|
26,446 |
|
|
|
(42,620 |
) |
| Receive |
|
6-Month Australian
Bank Bill |
|
|
3.750% |
|
|
|
3/18/31 |
|
|
6-Month |
|
|
AUD |
|
|
|
6,000,000 |
|
|
|
148,738 |
|
|
|
165,814 |
|
|
|
(17,076 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
0.451% |
|
|
|
5/27/50 |
|
|
12-Month |
|
|
EUR |
|
|
|
150,000 |
|
|
|
(79,667 |
) |
|
|
— |
|
|
|
(79,667 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
0.650% |
|
|
|
4/12/27 |
|
|
12-Month |
|
|
EUR |
|
|
|
500,000 |
|
|
|
(11,082 |
) |
|
|
— |
|
|
|
(11,082 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
0.650% |
|
|
|
5/11/27 |
|
|
12-Month |
|
|
EUR |
|
|
|
300,000 |
|
|
|
(6,652 |
) |
|
|
— |
|
|
|
(6,652 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
0.700% |
|
|
|
4/11/27 |
|
|
12-Month |
|
|
EUR |
|
|
|
200,000 |
|
|
|
(4,185 |
) |
|
|
— |
|
|
|
(4,185 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
1.000% |
|
|
|
5/13/27 |
|
|
12-Month |
|
|
EUR |
|
|
|
500,000 |
|
|
|
(6,978 |
) |
|
|
— |
|
|
|
(6,978 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
2.250% |
|
|
|
9/21/42 |
|
|
12-Month |
|
|
EUR |
|
|
|
2,310,000 |
|
|
|
(247,767 |
) |
|
|
176,898 |
|
|
|
(424,665 |
) |
| Pay |
|
6-Month EURIBOR |
|
|
2.500% |
|
|
|
9/16/31 |
|
|
12-Month |
|
|
EUR |
|
|
|
14,000,000 |
|
|
|
62,137 |
|
|
|
13,423 |
|
|
|
48,714 |
|
| Pay |
|
6-Month EURIBOR |
|
|
2.750% |
|
|
|
9/16/36 |
|
|
12-Month |
|
|
EUR |
|
|
|
3,060,000 |
|
|
|
5,785 |
|
|
|
(2,457 |
) |
|
|
8,242 |
|
| Pay |
|
6-Month EURIBOR |
|
|
3.000% |
|
|
|
3/19/27 |
|
|
12-Month |
|
|
EUR |
|
|
|
7,050,000 |
|
|
|
234,240 |
|
|
|
47,415 |
|
|
|
186,825 |
|
| Pay |
|
6-Month EURIBOR |
|
|
3.000% |
|
|
|
9/16/56 |
|
|
12-Month |
|
|
EUR |
|
|
|
3,380,000 |
|
|
|
1,130 |
|
|
|
(26,569 |
) |
|
|
27,699 |
|
| Receive |
|
6-Month EURIBOR |
|
|
2.250% |
|
|
|
9/16/28 |
|
|
12-Month |
|
|
EUR |
|
|
|
3,700,000 |
|
|
|
(4,860 |
) |
|
|
1,095 |
|
|
|
(5,955 |
) |
| Receive |
|
6-Month EURIBOR |
|
|
2.825% |
|
|
|
9/19/55 |
|
|
12-Month |
|
|
EUR |
|
|
|
5,500,000 |
|
|
|
50,248 |
|
|
|
77,761 |
|
|
|
(27,513 |
) |
| Pay |
|
Bank of Japan
Uncollateralised Overnight Call Rate |
|
|
1.250% |
|
|
|
9/17/35 |
|
|
12-Month |
|
|
JPY |
|
|
|
719,400,000 |
|
|
|
(245,394 |
) |
|
|
(37,856 |
) |
|
|
(207,538 |
) |
| Pay |
|
Bank of Japan
Uncollateralised Overnight Call Rate |
|
|
1.500% |
|
|
|
12/17/35 |
|
|
12-Month |
|
|
JPY |
|
|
|
60,000,000 |
|
|
|
(13,558 |
) |
|
|
(368 |
) |
|
|
(13,190 |
) |
| Pay |
|
Bank of Japan
Uncollateralised Overnight Call Rate |
|
|
1.500% |
|
|
|
3/18/36 |
|
|
12-Month |
|
|
JPY |
|
|
|
240,000,000 |
|
|
|
(61,484 |
) |
|
|
(58,365 |
) |
|
|
(3,119 |
) |
| Receive |
|
Bank of Japan
Uncollateralised Overnight Call Rate |
|
|
2.250% |
|
|
|
9/17/55 |
|
|
12-Month |
|
|
JPY |
|
|
|
18,800,000 |
|
|
|
12,332 |
|
|
|
4,000 |
|
|
|
8,332 |
|
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
0.000% |
|
|
|
3/17/31 |
|
|
6-Month |
|
|
JPY |
|
|
|
70,100,000 |
|
|
|
(36,096 |
) |
|
|
(2,508 |
) |
|
|
(33,588 |
) |
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
0.050% |
|
|
|
12/15/31 |
|
|
12-Month |
|
|
JPY |
|
|
|
490,000,000 |
|
|
|
(272,553 |
) |
|
|
(164,853 |
) |
|
|
(107,700 |
) |
See
Notes to Financial Statements.
227
|
|
|
|
| |
| 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 |
|
|
0.750% |
|
|
|
3/19/27 |
|
|
12-Month |
|
|
JPY |
|
|
|
570,000,000 |
|
|
$ |
(2,885) |
|
|
$ |
628 |
|
|
$ |
(3,513) |
|
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
0.850% |
|
|
|
9/20/33 |
|
|
12-Month |
|
|
JPY |
|
|
|
68,100,000 |
|
|
|
(26,846 |
) |
|
|
(4,741 |
) |
|
|
(22,105 |
) |
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
1.000% |
|
|
|
3/19/32 |
|
|
12-Month |
|
|
JPY |
|
|
|
860,000,000 |
|
|
|
(171,444 |
) |
|
|
(15,354 |
) |
|
|
(156,090 |
) |
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
1.000% |
|
|
|
9/18/34 |
|
|
12-Month |
|
|
JPY |
|
|
|
90,000,000 |
|
|
|
(36,113 |
) |
|
|
(2,958 |
) |
|
|
(33,155 |
) |
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
1.000% |
|
|
|
3/19/35 |
|
|
12-Month |
|
|
JPY |
|
|
|
800,000,000 |
|
|
|
(341,634 |
) |
|
|
(65,211 |
) |
|
|
(276,423 |
) |
| Pay |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
1.000% |
|
|
|
6/19/44 |
|
|
12-Month |
|
|
JPY |
|
|
|
230,000,000 |
|
|
|
(319,111 |
) |
|
|
(92,913 |
) |
|
|
(226,198 |
) |
| Receive |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
0.400% |
|
|
|
6/19/39 |
|
|
6-Month |
|
|
JPY |
|
|
|
80,000,000 |
|
|
|
109,395 |
|
|
|
(20,457 |
) |
|
|
129,852 |
|
| Pay |
|
Canadian Overnight
Repo Rate Average |
|
|
1.713% |
|
|
|
10/2/29 |
|
|
6-Month |
|
|
CAD |
|
|
|
400,000 |
|
|
|
(7,809 |
) |
|
|
(29,897 |
) |
|
|
22,088 |
|
| Pay |
|
Canadian Overnight
Repo Rate Average |
|
|
2.850% |
|
|
|
9/1/29 |
|
|
6-Month |
|
|
CAD |
|
|
|
1,000,000 |
|
|
|
12,499 |
|
|
|
(2,988 |
) |
|
|
15,487 |
|
| Pay |
|
Canadian Overnight
Repo Rate Average |
|
|
3.250% |
|
|
|
6/21/53 |
|
|
6-Month |
|
|
CAD |
|
|
|
200,000 |
|
|
|
(1,272 |
) |
|
|
(10,586 |
) |
|
|
9,314 |
|
| Pay |
|
Canadian Overnight
Repo Rate Average |
|
|
3.898% |
|
|
|
6/19/26 |
|
|
PAM |
|
|
CAD |
|
|
|
2,500,000 |
|
|
|
26,554 |
|
|
|
(3,864 |
) |
|
|
30,418 |
|
| Pay |
|
Canadian Overnight
Repo Rate Average |
|
|
3.925% |
|
|
|
6/19/26 |
|
|
PAM |
|
|
CAD |
|
|
|
4,300,000 |
|
|
|
46,538 |
|
|
|
(371 |
) |
|
|
46,909 |
|
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
2.850% |
|
|
|
6/1/33 |
|
|
6-Month |
|
|
CAD |
|
|
|
300,000 |
|
|
|
(2,429 |
) |
|
|
2,521 |
|
|
|
(4,950 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
2.880% |
|
|
|
9/1/33 |
|
|
6-Month |
|
|
CAD |
|
|
|
400,000 |
|
|
|
(3,918 |
) |
|
|
— |
|
|
|
(3,918 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
3.000% |
|
|
|
6/1/33 |
|
|
6-Month |
|
|
CAD |
|
|
|
200,000 |
|
|
|
(3,161 |
) |
|
|
723 |
|
|
|
(3,884 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
3.000% |
|
|
|
6/1/34 |
|
|
6-Month |
|
|
CAD |
|
|
|
700,000 |
|
|
|
(9,433 |
) |
|
|
98 |
|
|
|
(9,531 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
3.180% |
|
|
|
6/1/33 |
|
|
6-Month |
|
|
CAD |
|
|
|
1,500,000 |
|
|
|
(37,267 |
) |
|
|
(1,311 |
) |
|
|
(35,956 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
3.250% |
|
|
|
12/20/33 |
|
|
6-Month |
|
|
CAD |
|
|
|
2,500,000 |
|
|
|
(68,987 |
) |
|
|
144,403 |
|
|
|
(213,390 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
3.250% |
|
|
|
12/18/34 |
|
|
6-Month |
|
|
CAD |
|
|
|
200,000 |
|
|
|
(5,282 |
) |
|
|
(4,815 |
) |
|
|
(467 |
) |
| Receive |
|
Canadian Overnight
Repo Rate Average |
|
|
3.750% |
|
|
|
12/20/33 |
|
|
6-Month |
|
|
CAD |
|
|
|
500,000 |
|
|
|
(27,056 |
) |
|
|
(2,465 |
) |
|
|
(24,591 |
) |
| Pay |
|
China 7-Day Reverse
Repo Index |
|
|
1.500% |
|
|
|
6/17/31 |
|
|
3-Month |
|
|
CNY |
|
|
|
8,400,000 |
|
|
|
(4,428 |
) |
|
|
(3,470 |
) |
|
|
(958 |
) |
| Pay |
|
Euro Short-Term
Rate Market Index |
|
|
1.795% |
|
|
|
10/11/29 |
|
|
12-Month |
|
|
EUR |
|
|
|
2,700,000 |
|
|
|
(24,815 |
) |
|
|
— |
|
|
|
(24,815 |
) |
| Pay |
|
Euro Short-Term
Rate Market Index |
|
|
1.923% |
|
|
|
10/11/29 |
|
|
12-Month |
|
|
EUR |
|
|
|
1,800,000 |
|
|
|
(6,010 |
) |
|
|
— |
|
|
|
(6,010 |
) |
| Pay |
|
Euro Short-Term
Rate Market Index |
|
|
2.170% |
|
|
|
12/15/28 |
|
|
PAM |
|
|
EUR |
|
|
|
3,900,000 |
|
|
|
6,080 |
|
|
|
2,298 |
|
|
|
3,782 |
|
| Receive |
|
Financial
Benchmarks India Overnight Mumbai Interbank Outright Rate |
|
|
5.750% |
|
|
|
3/18/31 |
|
|
6-Month |
|
|
INR |
|
|
|
27,730,000 |
|
|
|
3,343 |
|
|
|
(36 |
) |
|
|
3,379 |
|
| Receive |
|
Singapore Overnight
Rate Average |
|
|
1.750% |
|
|
|
9/16/31 |
|
|
6-Month |
|
|
SGD |
|
|
|
8,235,000 |
|
|
|
(24,127 |
) |
|
|
1,724 |
|
|
|
(25,851 |
) |
| Pay |
|
SOFR |
|
|
3.460% |
|
|
|
6/30/27 |
|
|
12-Month |
|
|
USD |
|
|
|
7,100,000 |
|
|
|
(6,864 |
) |
|
|
— |
|
|
|
(6,864 |
) |
| Pay |
|
SOFR |
|
|
3.750% |
|
|
|
9/17/27 |
|
|
12-Month |
|
|
USD |
|
|
|
9,500,000 |
|
|
|
57,489 |
|
|
|
53,202 |
|
|
|
4,287 |
|
| Pay |
|
SOFR |
|
|
3.981% |
|
|
|
11/30/27 |
|
|
12-Month |
|
|
USD |
|
|
|
3,700,000 |
|
|
|
47,947 |
|
|
|
— |
|
|
|
47,947 |
|
| Receive |
|
SOFR |
|
|
1.000% |
|
|
|
12/15/26 |
|
|
12-Month |
|
|
USD |
|
|
|
1,000,000 |
|
|
|
25,387 |
|
|
|
3,719 |
|
|
|
21,668 |
|
| Receive |
|
SOFR |
|
|
2.965% |
|
|
|
11/30/26 |
|
|
12-Month |
|
|
USD |
|
|
|
6,600,000 |
|
|
|
40,778 |
|
|
|
(3,697 |
) |
|
|
44,475 |
|
| Receive |
|
SOFR |
|
|
3.000% |
|
|
|
3/19/27 |
|
|
12-Month |
|
|
USD |
|
|
|
12,760,000 |
|
|
|
203,327 |
|
|
|
261,813 |
|
|
|
(58,486 |
) |
| Receive |
|
SOFR |
|
|
3.250% |
|
|
|
6/18/27 |
|
|
12-Month |
|
|
USD |
|
|
|
2,200,000 |
|
|
|
16,309 |
|
|
|
16,095 |
|
|
|
214 |
|
| Receive |
|
SOFR |
|
|
3.250% |
|
|
|
12/20/53 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
11,393 |
|
|
|
11,616 |
|
|
|
(223 |
) |
| Receive |
|
SOFR |
|
|
3.250% |
|
|
|
3/19/55 |
|
|
12-Month |
|
|
USD |
|
|
|
400,000 |
|
|
|
49,579 |
|
|
|
47,355 |
|
|
|
2,224 |
|
| Receive |
|
SOFR |
|
|
3.290% |
|
|
|
5/31/30 |
|
|
12-Month |
|
|
USD |
|
|
|
5,161,700 |
|
|
|
(20,165 |
) |
|
|
1,377 |
|
|
|
(21,542 |
) |
| Receive |
|
SOFR |
|
|
3.325% |
|
|
|
8/31/30 |
|
|
12-Month |
|
|
USD |
|
|
|
797,800 |
|
|
|
(5,018 |
) |
|
|
(4,101 |
) |
|
|
(917 |
) |
| Receive |
|
SOFR |
|
|
3.375% |
|
|
|
5/31/30 |
|
|
12-Month |
|
|
USD |
|
|
|
6,257,600 |
|
|
|
(45,107 |
) |
|
|
5,187 |
|
|
|
(50,294 |
) |
| Receive |
|
SOFR |
|
|
3.500% |
|
|
|
3/18/28 |
|
|
12-Month |
|
|
USD |
|
|
|
7,120,000 |
|
|
|
(41,490 |
) |
|
|
(34,830 |
) |
|
|
(6,660 |
) |
| Receive |
|
SOFR |
|
|
3.500% |
|
|
|
3/18/31 |
|
|
12-Month |
|
|
USD |
|
|
|
4,660,000 |
|
|
|
(57,063 |
) |
|
|
(12,490 |
) |
|
|
(44,573 |
) |
| Receive |
|
SOFR |
|
|
3.500% |
|
|
|
12/20/38 |
|
|
12-Month |
|
|
USD |
|
|
|
3,200,000 |
|
|
|
61,883 |
|
|
|
50,178 |
|
|
|
11,705 |
|
| Receive |
|
SOFR |
|
|
3.595% |
|
|
|
8/19/34 |
|
|
12-Month |
|
|
USD |
|
|
|
400,000 |
|
|
|
(3,366 |
) |
|
|
— |
|
|
|
(3,366 |
) |
| Receive |
|
SOFR |
|
|
3.613% |
|
|
|
8/22/34 |
|
|
12-Month |
|
|
USD |
|
|
|
300,000 |
|
|
|
(2,970 |
) |
|
|
— |
|
|
|
(2,970 |
) |
| Receive |
|
SOFR |
|
|
3.640% |
|
|
|
8/15/35 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
(2,210 |
) |
|
|
400 |
|
|
|
(2,610 |
) |
| Receive |
|
SOFR |
|
|
3.645% |
|
|
|
8/7/34 |
|
|
12-Month |
|
|
USD |
|
|
|
700,000 |
|
|
|
(8,553 |
) |
|
|
— |
|
|
|
(8,553 |
) |
| Receive |
|
SOFR |
|
|
3.700% |
|
|
|
8/15/35 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
(3,171 |
) |
|
|
(176 |
) |
|
|
(2,995 |
) |
| Receive |
|
SOFR |
|
|
3.715% |
|
|
|
8/15/35 |
|
|
12-Month |
|
|
USD |
|
|
|
282,000 |
|
|
|
(4,810 |
) |
|
|
747 |
|
|
|
(5,557 |
) |
| Receive |
|
SOFR |
|
|
3.750% |
|
|
|
12/17/30 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
(2,326 |
) |
|
|
(2,019 |
) |
|
|
(307 |
) |
| Receive |
|
SOFR |
|
|
3.750% |
|
|
|
5/15/32 |
|
|
12-Month |
|
|
USD |
|
|
|
1,503,000 |
|
|
|
(35,512 |
) |
|
|
(1,427 |
) |
|
|
(34,085 |
) |
| Receive |
|
SOFR |
|
|
3.750% |
|
|
|
12/17/35 |
|
|
12-Month |
|
|
USD |
|
|
|
8,160,000 |
|
|
|
(152,540 |
) |
|
|
(55,002 |
) |
|
|
(97,538 |
) |
| Receive |
|
SOFR |
|
|
3.750% |
|
|
|
12/17/55 |
|
|
12-Month |
|
|
USD |
|
|
|
1,300,000 |
|
|
|
34,832 |
|
|
|
76,507 |
|
|
|
(41,675 |
) |
| Receive |
|
SOFR |
|
|
3.771% |
|
|
|
2/15/55 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
2,346 |
|
|
|
— |
|
|
|
2,346 |
|
See
Notes to Financial Statements.
228
|
|
|
|
| |
| 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 |
|
|
3.773% |
|
|
|
3/4/55 |
|
|
12-Month |
|
|
USD |
|
|
|
400,000 |
|
|
$ |
$ 11,104 |
|
|
$ |
— |
|
|
$ |
11,104 |
|
| Receive |
|
SOFR |
|
|
3.775% |
|
|
|
3/3/36 |
|
|
12-Month |
|
|
USD |
|
|
|
500,000 |
|
|
|
(10,059 |
) |
|
|
— |
|
|
|
(10,059 |
) |
| Receive |
|
SOFR |
|
|
3.806% |
|
|
|
2/15/55 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
3,479 |
|
|
|
— |
|
|
|
3,479 |
|
| Receive |
|
SOFR |
|
|
3.836% |
|
|
|
5/15/34 |
|
|
12-Month |
|
|
USD |
|
|
|
500,000 |
|
|
|
(13,179 |
) |
|
|
— |
|
|
|
(13,179 |
) |
| Receive |
|
SOFR |
|
|
3.847% |
|
|
|
5/15/34 |
|
|
12-Month |
|
|
USD |
|
|
|
300,000 |
|
|
|
(8,165 |
) |
|
|
— |
|
|
|
(8,165 |
) |
| Receive |
|
SOFR |
|
|
3.851% |
|
|
|
2/28/29 |
|
|
12-Month |
|
|
USD |
|
|
|
1,100,000 |
|
|
|
(17,173 |
) |
|
|
— |
|
|
|
(17,173 |
) |
| Receive |
|
SOFR |
|
|
3.862% |
|
|
|
2/28/29 |
|
|
12-Month |
|
|
USD |
|
|
|
1,600,000 |
|
|
|
(25,642 |
) |
|
|
— |
|
|
|
(25,642 |
) |
| Receive |
|
SOFR |
|
|
3.884% |
|
|
|
3/25/35 |
|
|
12-Month |
|
|
USD |
|
|
|
500,000 |
|
|
|
(14,106 |
) |
|
|
— |
|
|
|
(14,106 |
) |
| Receive |
|
SOFR |
|
|
3.905% |
|
|
|
8/15/26 |
|
|
PAM |
|
|
USD |
|
|
|
1,800,000 |
|
|
|
(733 |
) |
|
|
— |
|
|
|
(733 |
) |
| Receive |
|
SOFR |
|
|
3.905% |
|
|
|
3/12/35 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
(5,986 |
) |
|
|
— |
|
|
|
(5,986 |
) |
| Receive |
|
SOFR |
|
|
3.908% |
|
|
|
3/4/35 |
|
|
12-Month |
|
|
USD |
|
|
|
400,000 |
|
|
|
(12,021 |
) |
|
|
— |
|
|
|
(12,021 |
) |
| Receive |
|
SOFR |
|
|
3.930% |
|
|
|
3/24/35 |
|
|
12-Month |
|
|
USD |
|
|
|
300,000 |
|
|
|
(9,667 |
) |
|
|
— |
|
|
|
(9,667 |
) |
| Receive |
|
SOFR |
|
|
3.930% |
|
|
|
6/25/55 |
|
|
12-Month |
|
|
USD |
|
|
|
345,000 |
|
|
|
(1,104 |
) |
|
|
1,280 |
|
|
|
(2,384 |
) |
| Receive |
|
SOFR |
|
|
3.954% |
|
|
|
11/15/54 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
(1,732 |
) |
|
|
— |
|
|
|
(1,732 |
) |
| Receive |
|
SOFR |
|
|
3.959% |
|
|
|
11/15/54 |
|
|
12-Month |
|
|
USD |
|
|
|
400,000 |
|
|
|
(3,792 |
) |
|
|
— |
|
|
|
(3,792 |
) |
| Receive |
|
SOFR |
|
|
3.960% |
|
|
|
6/27/55 |
|
|
12-Month |
|
|
USD |
|
|
|
405,000 |
|
|
|
(3,530 |
) |
|
|
(236 |
) |
|
|
(3,294 |
) |
| Receive |
|
SOFR |
|
|
3.964% |
|
|
|
11/15/54 |
|
|
12-Month |
|
|
USD |
|
|
|
300,000 |
|
|
|
(3,110 |
) |
|
|
— |
|
|
|
(3,110 |
) |
| Receive |
|
SOFR |
|
|
3.998% |
|
|
|
11/15/54 |
|
|
12-Month |
|
|
USD |
|
|
|
400,000 |
|
|
|
(6,540 |
) |
|
|
— |
|
|
|
(6,540 |
) |
| Receive |
|
SOFR |
|
|
4.000% |
|
|
|
6/20/26 |
|
|
12-Month |
|
|
USD |
|
|
|
3,600,000 |
|
|
|
160 |
|
|
|
(10,341 |
) |
|
|
10,501 |
|
| Receive |
|
SOFR |
|
|
4.000% |
|
|
|
3/18/36 |
|
|
12-Month |
|
|
USD |
|
|
|
8,970,000 |
|
|
|
(349,750 |
) |
|
|
(140,729 |
) |
|
|
(209,021 |
) |
| Receive |
|
SOFR |
|
|
4.000% |
|
|
|
3/18/56 |
|
|
12-Month |
|
|
USD |
|
|
|
830,000 |
|
|
|
(14,729 |
) |
|
|
25,116 |
|
|
|
(39,845 |
) |
| Receive |
|
SOFR |
|
|
4.005% |
|
|
|
9/29/55 |
|
|
12-Month |
|
|
USD |
|
|
|
124,000 |
|
|
|
(2,278 |
) |
|
|
(1,392 |
) |
|
|
(886 |
) |
| Receive |
|
SOFR |
|
|
4.020% |
|
|
|
5/15/26 |
|
|
PAM |
|
|
USD |
|
|
|
2,500,000 |
|
|
|
1,366 |
|
|
|
— |
|
|
|
1,366 |
|
| Receive |
|
SOFR |
|
|
4.065% |
|
|
|
6/26/55 |
|
|
12-Month |
|
|
USD |
|
|
|
213,000 |
|
|
|
(5,940 |
) |
|
|
(3,715 |
) |
|
|
(2,225 |
) |
| Receive |
|
SOFR |
|
|
4.111% |
|
|
|
11/15/54 |
|
|
12-Month |
|
|
USD |
|
|
|
640,000 |
|
|
|
(23,280 |
) |
|
|
— |
|
|
|
(23,280 |
) |
| Receive |
|
SOFR |
|
|
4.130% |
|
|
|
11/15/54 |
|
|
12-Month |
|
|
USD |
|
|
|
560,000 |
|
|
|
(22,201 |
) |
|
|
— |
|
|
|
(22,201 |
) |
| Receive |
|
SOFR |
|
|
4.222% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
(10,253 |
) |
|
|
— |
|
|
|
(10,253 |
) |
| Receive |
|
SOFR |
|
|
4.224% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
(5,167 |
) |
|
|
— |
|
|
|
(5,167 |
) |
| Receive |
|
SOFR |
|
|
4.225% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
200,000 |
|
|
|
(10,358 |
) |
|
|
— |
|
|
|
(10,358 |
) |
| Receive |
|
SOFR |
|
|
4.227% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
(5,212 |
) |
|
|
— |
|
|
|
(5,212 |
) |
| Receive |
|
SOFR |
|
|
4.228% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
(5,220 |
) |
|
|
— |
|
|
|
(5,220 |
) |
| Receive |
|
SOFR |
|
|
4.232% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
(5,297 |
) |
|
|
— |
|
|
|
(5,297 |
) |
| Receive |
|
SOFR |
|
|
4.233% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
100,000 |
|
|
|
(5,316 |
) |
|
|
— |
|
|
|
(5,316 |
) |
| Receive |
|
SOFR |
|
|
4.245% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
300,000 |
|
|
|
(16,533 |
) |
|
|
— |
|
|
|
(16,533 |
) |
| Receive |
|
SOFR |
|
|
4.248% |
|
|
|
11/15/52 |
|
|
12-Month |
|
|
USD |
|
|
|
500,000 |
|
|
|
(27,803 |
) |
|
|
— |
|
|
|
(27,803 |
) |
| Pay |
|
South Korean Won
Certificate of Deposit |
|
|
2.750% |
|
|
|
3/18/36 |
|
|
3-Month |
|
|
KRW |
|
|
|
29,660,000 |
|
|
|
(1,057 |
) |
|
|
210 |
|
|
|
(1,267 |
) |
| Pay |
|
Sterling Overnight
Index Average |
|
|
3.000% |
|
|
|
6/17/27 |
|
|
12-Month |
|
|
GBP |
|
|
|
5,100,000 |
|
|
|
(80,825 |
) |
|
|
(11,885 |
) |
|
|
(68,940 |
) |
| Pay |
|
Sterling Overnight
Index Average |
|
|
3.500% |
|
|
|
3/18/28 |
|
|
12-Month |
|
|
GBP |
|
|
|
11,000,000 |
|
|
|
45,267 |
|
|
|
(2,577 |
) |
|
|
47,844 |
|
| Pay |
|
Sterling Overnight
Index Average |
|
|
3.750% |
|
|
|
9/17/30 |
|
|
12-Month |
|
|
GBP |
|
|
|
200,000 |
|
|
|
2,678 |
|
|
|
(1,013 |
) |
|
|
3,691 |
|
| Pay |
|
Sterling Overnight
Index Average |
|
|
3.750% |
|
|
|
3/18/31 |
|
|
12-Month |
|
|
GBP |
|
|
|
8,600,000 |
|
|
|
119,011 |
|
|
|
(104,729 |
) |
|
|
223,740 |
|
| Pay |
|
Sterling Overnight
Index Average |
|
|
4.000% |
|
|
|
3/17/28 |
|
|
12-Month |
|
|
GBP |
|
|
|
11,200,000 |
|
|
|
189,517 |
|
|
|
34,710 |
|
|
|
154,807 |
|
| Receive |
|
Sterling Overnight
Index Average |
|
|
3.500% |
|
|
|
9/17/27 |
|
|
12-Month |
|
|
GBP |
|
|
|
3,400,000 |
|
|
|
(1,213 |
) |
|
|
22,573 |
|
|
|
(23,786 |
) |
| Receive |
|
Sterling Overnight
Index Average |
|
|
4.000% |
|
|
|
9/17/35 |
|
|
12-Month |
|
|
GBP |
|
|
|
1,400,000 |
|
|
|
(22,194 |
) |
|
|
29,328 |
|
|
|
(51,522 |
) |
| Receive |
|
Sterling Overnight
Index Average |
|
|
4.000% |
|
|
|
3/18/36 |
|
|
12-Month |
|
|
GBP |
|
|
|
6,100,000 |
|
|
|
(74,016 |
) |
|
|
(12,901 |
) |
|
|
(61,115 |
) |
| Receive |
|
Sterling Overnight
Index Average |
|
|
4.500% |
|
|
|
9/17/55 |
|
|
12-Month |
|
|
GBP |
|
|
|
550,000 |
|
|
|
(15,638 |
) |
|
|
25,353 |
|
|
|
(40,991 |
) |
| Receive |
|
Sterling Overnight
Index Average |
|
|
4.500% |
|
|
|
3/18/56 |
|
|
12-Month |
|
|
GBP |
|
|
|
700,000 |
|
|
|
(17,461 |
) |
|
|
11,306 |
|
|
|
(28,767 |
) |
| Pay |
|
Swiss Average Rate
Overnight Index |
|
|
0.300% |
|
|
|
2/15/27 |
|
|
12-Month |
|
|
CHF |
|
|
|
200,000 |
|
|
|
1,060 |
|
|
|
— |
|
|
|
1,060 |
|
| Receive |
|
Thai Overnight
Repurchase Rate |
|
|
0.000% |
|
|
|
9/16/31 |
|
|
3-Month |
|
|
THB |
|
|
|
23,900,000 |
|
|
|
2,330 |
|
|
|
2,808 |
|
|
|
(478 |
) |
|
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
$ |
(2,561,447 |
) |
|
$ |
6,008 |
|
|
$ |
(2,567,455 |
) |
|
| |
| |
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
229
|
|
|
|
| |
| International Fixed Income
Fund |
At
February 28, 2026, International Fixed Income Fund held the following OTC and
Centrally Cleared Credit Default Swap Contracts:
OTC Credit Default Swaps
on Sovereign Issues — Buy Protection (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Reference Obligation & Ratings† |
|
Fixed Deal
(Pay) Rate |
|
|
Maturity
Date |
|
|
Payment
Frequency |
|
|
Counterparty |
|
|
Implied Credit
Spread
at
2/28/26 (2) |
|
|
Notional
Amount (3) |
|
|
Value |
|
|
Upfront
Payment
(Received) |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
|
Indonesia
Government International Bonds, BBB |
|
|
(1.000)% |
|
|
|
6/20/26 |
|
|
|
3-Month |
|
|
|
JPM |
|
|
|
0.260% |
|
|
USD |
3,600,000 |
|
|
$ |
(15,359 |
) |
|
$ |
(15,332 |
) |
|
$ |
(27 |
) |
|
South
Korea Government Bonds, AA |
|
|
(1.000)% |
|
|
|
12/20/30 |
|
|
|
3-Month |
|
|
|
GSC |
|
|
|
0.248% |
|
|
USD |
600,000 |
|
|
|
(21,338 |
) |
|
|
(21,671 |
) |
|
|
333 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(36,697 |
) |
|
$ |
(37,003 |
) |
|
$ |
306 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| † |
All
ratings are by Standard & Poor’s Rating Service, unless otherwise
noted. |
OTC Credit Default Swaps
on Indexes and Corporate Issue — Sell Protection (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Reference Obligation & Ratings |
|
Fixed Deal
Receive Rate |
|
|
Maturity
Date |
|
|
Payment
Frequency |
|
|
Counterparty |
|
|
Implied Credit
Spread
at
2/28/26
(2) |
|
|
Notional
Amount (3) |
|
|
Value |
|
|
Upfront
Payment
Paid |
|
|
Unrealized
Appreciation |
|
|
Markit
iTraxx Europe Crossover Series 44 5-Year Index, NR |
|
|
5.000% |
|
|
|
12/20/30 |
|
|
|
3-Month |
|
|
|
BNP |
|
|
|
0.625% |
|
|
EUR |
100,000 |
|
|
$ |
23,830 |
|
|
$ |
23,028 |
|
|
$ |
802 |
|
|
Markit
iTraxx Europe Crossover Series 44 5-Year Index, NR |
|
|
5.000% |
|
|
|
12/20/30 |
|
|
|
3-Month |
|
|
|
JPM |
|
|
|
0.625% |
|
|
EUR |
500,000 |
|
|
|
119,152 |
|
|
|
114,033 |
|
|
|
5,119 |
|
|
Petroleos
Mexicanos, NR |
|
|
4.750% |
|
|
|
7/6/26 |
|
|
|
1-Month |
|
|
|
DUB |
|
|
|
N/A(a) |
|
|
USD |
205,870 |
|
|
|
1,367 |
|
|
|
— |
|
|
|
1,367 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
144,349 |
|
|
$ |
137,061 |
|
|
$ |
7,288 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (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
2/28/26
(2) |
|
Notional
Amount
(3) |
|
|
Value |
|
|
Upfront
Payment
(Received) |
|
|
Unrealized
Appreciation |
|
|
Markit
CDX North America Investment Grade Series 45 10-Year Index, NR |
|
|
(1.000 |
)% |
|
12/20/35 |
|
|
3-Month |
|
|
0.951% |
|
|
USD 5,590,000 |
|
|
$ |
(31,293 |
) |
|
$ |
(43,756 |
) |
|
$ |
12,463 |
|
|
| |
|
|
| |
| |
|
|
| |
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
Centrally Cleared —
Credit Default Swaps on Index and Financial Institution — Sell Protection (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Reference Obligation & Ratings† |
|
Fixed Deal
Receive Rate |
|
|
Maturity
Date |
|
|
Payment
Frequency |
|
|
Implied Credit
Spread
at
2/28/26
(2) |
|
|
Notional
Amount
(3) |
|
|
Value |
|
|
Upfront
PaymentPaid/
(Received) |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
|
Deutsche
Bank AG, BBB |
|
|
1.000 |
% |
|
|
12/20/32 |
|
|
|
3-Month |
|
|
|
1.024% |
|
|
|
EUR 400,000 |
|
|
$ |
219 |
|
|
$ |
(3,105 |
) |
|
$ |
3,324 |
|
|
Markit
CDX North America Investment Grade Series 45 5-Year Index, NR |
|
|
1.000 |
% |
|
|
12/20/30 |
|
|
|
3-Month |
|
|
|
0.555% |
|
|
|
USD 13,653,000 |
|
|
|
292,504 |
|
|
|
306,780 |
|
|
|
(14,276 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
292,723 |
|
|
$ |
303,675 |
|
|
$ |
(10,952 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| † |
All
ratings are by Standard & Poor’s Rating Service, unless otherwise
noted. |
See
Notes to Financial Statements.
230
|
|
|
|
| |
| International Fixed Income
Fund |
At
February 28, 2026, 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
Sterling Overnight Index Average minus 0.301% based on the notional amount
of currency delivered |
|
Floating
rate equal to SOFR based on the notional amount of currency
received |
|
|
10/15/45 |
|
|
|
GSC |
|
|
|
GBP 1,344,000 |
|
|
|
USD 1,788,000 |
|
|
$ |
(20,921) |
|
|
$ |
(5,837) |
|
|
$ |
(15,084) |
|
|
|
|
|
|
|
|
|
| |
|
Floating
rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus
0.425% based on the notional amount of currency delivered |
|
Floating
rate equal to SOFR based on the notional amount of currency
received |
|
|
9/16/31 |
|
|
|
GSC |
|
|
|
JPY 550,000,000 |
|
|
|
USD 3,741,497 |
|
|
|
226,918 |
|
|
|
3,687 |
|
|
|
223,231 |
|
|
|
|
|
|
|
|
|
| |
|
Floating
rate equal to Bank of Japan Uncollateralised Overnight Call Rate minus
0.420% based on the notional amount of currency delivered |
|
Floating
rate equal to SOFR based on the notional amount of currency
received |
|
|
6/27/27 |
|
|
|
GSC |
|
|
|
JPY 2,500,000,000 |
|
|
|
USD 17,483,740 |
|
|
|
1,495,327 |
|
|
|
113,582 |
|
|
|
1,381,745 |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
1,701,324 |
|
|
$ |
111,432 |
|
|
$ |
1,589,892 |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (1) |
If
the Fund is a buyer of protection and a credit event occurs, as defined
under the terms of that particular swap agreement, the Fund will either
(i) receive from the seller of protection an amount equal to the notional
amount of the swap and deliver the reference obligation or underlying
securities comprising the referenced index or (ii) receive a net
settlement amount in the form of cash or securities equal to the notional
amount of the swap less the recovery value of the reference obligation or
underlying securities comprising the referenced index.
|
| (2) |
Implied
credit spreads, represented in absolute terms, utilized in determining the
market value of credit default swap agreements on corporate issues or
sovereign issues of an emerging country as of period end serve as an
indicator of the current status of the payment/performance risk and
represent the likelihood or risk of default for the credit derivative. The
implied credit spread of a particular referenced entity reflects the cost
of buying/selling protection and may include upfront payments required to
be made to enter into the agreement. Wider credit spreads represent a
deterioration of the referenced entity’s credit soundness and a greater
likelihood or risk of default or other credit event occurring as defined
under the terms of the agreement. A credit spread identified as
‘‘Defaulted’’ indicates a credit event has occurred for the referenced
entity or obligation. |
| (3) |
The
maximum potential amount the Fund could be required to make as a seller of
credit protection or receive as a buyer of credit protection if a credit
event occurs as defined under the terms of that particular swap agreement.
|
| (4) |
If
the Fund is a seller of protection and a credit event occurs, as defined
under the terms of that particular swap agreement, the Fund will either
(i) pay to the buyer of protection an amount equal to the notional amount
of the swap and take delivery of the referenced obligation or underlying
securities comprising the referenced index or (ii) pay a net settlement
amount in the form of cash or securities equal to the notional amount of
the swap less the recovery value of the referenced obligation or
underlying securities comprising the referenced index.
|
| (5) |
At
the maturity date, the notional amount of the currency received will be
exchanged back for the notional amount of the currency delivered.
|
| (6) |
The
notional amounts to be received or delivered may be determined and
exchanged at a future date, based on the effective date of the
cross-currency swap. |
See
Notes to Financial Statements.
231
|
|
|
|
| |
| International Fixed Income
Fund |
At
February 28, 2026, International Fixed Income Fund deposited cash collateral
with brokers in the amount of $1,932,000 for open centrally cleared swap
contracts.
At
February 28, 2026, International Fixed Income Fund had cash collateral from
brokers in the amount of $590,000 for open OTC swap contracts.
|
|
|
|
|
|
| |
|
Currency
abbreviations used in this schedule: |
|
Counterparty
abbreviations used in this schedule: |
| AUD |
|
—
Australian Dollar |
|
BCLY |
|
—
Barclays Bank PLC |
| BRL |
|
—
Brazilian Real |
|
BNP |
|
—
BNP Paribas SA |
| CAD |
|
—
Canadian Dollar |
|
BOA |
|
—
Bank of America |
| CHF |
|
—
Swiss Franc |
|
DUB |
|
—
Deutsche Bank AG |
| CNY |
|
—
China Yuan Renminbi |
|
GSC |
|
—
Goldman Sachs & Co. |
| COP |
|
—
Colombian Peso |
|
HSBC |
|
—
HSBC Bank USA |
| CZK |
|
—
Czech Koruna |
|
JPM |
|
—
JPMorgan Chase & Co. |
| DKK |
|
—
Danish Krone |
|
SCB |
|
—
Standard Chartered Bank |
| EUR |
|
—
Euro |
|
SOG |
|
—
Societe Generale SA |
| GBP |
|
—
British Pound |
|
UBS |
|
—
UBS Securities LLC |
| HKD |
|
—
Hong Kong Dollar |
|
WFB |
|
—
Wells Fargo Bank |
| INR |
|
—
Indian Rupee |
|
| |
|
| JPY |
|
—
Japanese Yen |
|
| |
|
| KRW |
|
—
Korean Won |
|
| |
|
| MYR |
|
—
Malaysian Ringgit |
|
| |
|
| NOK |
|
—
Norwegian Krone |
|
| |
|
| NZD |
|
—
New Zealand Dollar |
|
| |
|
| PEN |
|
—
Peruvian Sol |
|
| |
|
| RON |
|
—
Romanian Leu |
|
| |
|
| SEK |
|
—
Swedish Krona |
|
| |
|
| SGD |
|
—
Singapore Dollar |
|
| |
|
| THB |
|
—
Thai Baht |
|
| |
|
| USD |
|
—
United States Dollar |
|
| |
|
| ZAR |
|
—
South African Rand |
|
| |
|
|
| |
| |
| |
|
See
Notes to Financial Statements.
232
|
|
|
|
|
|
|
|
|
|
| |
|
Municipal Bond
Fund |
|
|
|
|
| |
|
Face
Amount† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| MUNICIPAL BONDS —
88.3% |
|
|
| Alabama — 5.9% |
|
| $ |
400,000 |
|
|
AAA |
|
Alabama
Federal Aid Highway Finance Authority, Revenue Bonds, Series A,
5.000% due 9/1/36 |
|
$ |
474,302 |
|
|
|
|
| |
| |
Black Belt Energy Gas District, Revenue
Bonds: |
|
|
| |
| |
220,000 |
|
|
A1(a) |
|
Series A,
5.250% due 5/1/55(b) |
|
|
238,868 |
|
| |
120,000 |
|
|
A2(a) |
|
Series E,
5.000% due 7/1/29 |
|
|
126,538 |
|
| |
215,000 |
|
|
A2(a) |
|
Energy Southeast A Cooperative
District, Revenue Bonds, Series A, 5.000% due 11/1/35 |
|
|
235,215 |
|
| |
1,000,000 |
|
|
Aa3(a) |
|
Southeast
Alabama Gas Supply District (The), Revenue Bonds, Series A, 5.000%
due 8/1/54(b) |
|
|
1,085,457 |
|
|
|
|
| |
| |
Southeast Energy Authority A
Cooperative District, Revenue Bonds: |
|
|
| |
| |
965,000 |
|
|
A1(a) |
|
Series A,
5.250% due 1/1/54(b) |
|
|
1,030,164 |
|
| |
500,000 |
|
|
A2(a) |
|
Series B1,
5.000% due 5/1/53(b) |
|
|
525,583 |
|
| |
1,400,000 |
|
|
Aa1(a) |
|
Series C,
5.000% due 2/1/30 |
|
|
1,504,544 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Alabama |
|
|
5,220,671 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Alaska
— 0.1% |
|
|
|
|
| |
| |
Northern Tobacco Securitization Corp.,
Revenue Bonds: |
|
|
| |
| |
105,000 |
|
|
BBB+ |
|
Series A,
4.000% due 6/1/50 |
|
|
88,637 |
|
| |
30,000 |
|
|
BBB- |
|
Series B1,
4.000% due 6/1/50 |
|
|
29,459 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Alaska |
|
|
118,096 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Arizona
— 1.8% |
|
| |
1,000,000 |
|
|
A+ |
|
City
of Mesa, Utility System Revenue, Revenue Bonds, 5.000% due 7/1/40 |
|
|
1,117,260 |
|
| |
445,000 |
|
|
Aa1(a) |
|
Maricopa
County & Phoenix Industrial Development Authorities, Revenue Bonds,
Series A, 6.500% due 3/1/55 |
|
|
503,917 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Arizona |
|
|
1,621,177 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
California
— 7.9% |
|
| |
650,000 |
|
|
NR |
|
California
Infrastructure & Economic Development Bank, Revenue Bonds, AMT,
Series B, 12.000% due 1/1/65(b)(c)(d) |
|
|
351,000 |
|
|
|
|
| |
| |
California School Finance Authority,
Revenue Bonds: |
|
|
| |
| |
640,000 |
|
|
BBB- |
|
Aspire
Public School Obligation Group, 5.000% due 8/1/32(c) |
|
|
663,577 |
|
| |
250,000 |
|
|
NR |
|
iLead
Lancaster Holdings LLC, Series A, 4.000% due 6/1/31(c) |
|
|
247,989 |
|
| |
1,000,000 |
|
|
A+ |
|
California
State Public Works Board, Revenue Bonds, Series D, 5.000% due
11/1/46 |
|
|
1,064,163 |
|
|
|
|
| |
| |
East Bay Municipal Utility District
Water System Revenue, Revenue Bonds: |
|
|
| |
| |
750,000 |
|
|
AAA |
|
Series A,
5.000% due 6/1/43 |
|
|
865,748 |
|
| |
755,000 |
|
|
AAA |
|
Series A,
5.000% due 6/1/44 |
|
|
861,094 |
|
| |
500,000 |
|
|
AA |
|
Las
Virgenes Unified School District, GO, Series B, 5.250% due
8/1/51 |
|
|
542,068 |
|
| |
1,000,000 |
|
|
AA- |
|
Regents
of the University of California Medical Center Pooled Revenue, Revenue
Bonds, 5.000% due 5/15/47 |
|
|
1,063,806 |
|
| |
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) |
|
|
1,076,827 |
|
| |
250,000 |
|
|
BBB+ |
|
Tobacco
Securitization Authority of Southern California, Revenue Bonds, San Diego
County Tobacco Asset Securitization, 5.000% due 6/1/48 |
|
|
252,981 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total California |
|
|
6,989,253 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Colorado
— 2.8% |
|
| |
100,000 |
|
|
AA |
|
Colorado
Bridge & Tunnel Enterprise, Revenue Bonds, Series A, 5.000% due
12/1/36 |
|
|
117,866 |
|
| |
500,000 |
|
|
AA |
|
Colorado
Health Facilities Authority, Revenue Bonds, Adventhealth Obligated,
Series A, 3.000% due 11/15/51 |
|
|
368,407 |
|
| |
1,000,000 |
|
|
AA+ |
|
Denver
City & County School District No 1, GO, Series C, 5.500% due
12/1/47 |
|
|
1,119,174 |
|
| |
500,000 |
|
|
AA |
|
Mesa
County Valley School District No 51 Grand Junction, GO, 5.250% due
12/1/43 |
|
|
564,962 |
|
| |
240,000 |
|
|
Aa1(a) |
|
University
of Colorado, Revenue Bonds, Series A, 5.000% due 6/1/36 |
|
|
286,126 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Colorado |
|
|
2,456,535 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
233
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Municipal Bond
Fund |
|
|
|
|
| |
|
Face
Amount† |
|
|
Rating†† |
|
|
Security |
|
Value |
|
|
| Connecticut — 0.6%
|
|
| $ |
500,000 |
|
|
|
AA |
|
|
State
of Connecticut Special Tax Revenue, Revenue Bonds, Series A-2, 5.000%
due 7/1/44 |
|
$ |
552,549 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
District
of Columbia — 3.1% |
|
| |
1,000,000 |
|
|
|
AA+ |
|
|
District
of Columbia, GO, Series B, 5.000% due 8/1/36 |
|
|
1,171,728 |
|
|
|
|
| |
|
|
| |
District of Columbia Income Tax
Revenue, Revenue Bonds: |
|
|
| |
| |
500,000 |
|
|
|
AAA |
|
|
Series A,
5.000% due 6/1/33 |
|
|
588,111 |
|
| |
500,000 |
|
|
|
AAA |
|
|
Series A,
5.000% due 6/1/43 |
|
|
560,058 |
|
| |
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 |
|
|
480,770 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total District of Columbia |
|
|
2,800,667 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Florida
— 5.1% |
|
| |
460,000 |
|
|
|
NR |
|
|
Boggy
Creek Improvement District, Special Assessment, Series 2013, 5.125%
due 5/1/43 |
|
|
460,148 |
|
| |
1,000,000 |
|
|
|
A |
|
|
Brevard
County Health Facilities Authority, Revenue Bonds, Health First Obligated
Group, Series A, 5.000% due 4/1/47 |
|
|
1,027,778 |
|
| |
15,000 |
|
|
|
AA+ |
|
|
Broward
County, Water & Sewer Utility Revenue, Revenue Bonds, Series A,
4.000% due 10/1/45 |
|
|
15,021 |
|
| |
2,500,000 |
|
|
|
NR |
|
|
Capital
Trust Agency, Inc., Revenue Bonds, Wonderful Foundations Charter,
Series B, zero coupon due 1/1/60 |
|
|
230,603 |
|
| |
500,000 |
|
|
|
AA+ |
|
|
City
of Fort Lauderdale, Water & Sewer Revenue, Revenue Bonds,
Series A, 5.000% due 9/1/41 |
|
|
568,744 |
|
| |
800,000 |
|
|
|
A+ |
|
|
County
of Miami-Dade Aviation Revenue, Revenue Bonds, AMT, Series A, 5.250%
due 10/1/50(d) |
|
|
835,013 |
|
| |
100,000 |
|
|
|
AA+ |
|
|
JEA
Water & Sewer System Revenue, Revenue Bonds, Series A, 5.250% due
10/1/49 |
|
|
108,056 |
|
| |
270,000 |
|
|
|
NR |
|
|
Lakewood
Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch
Project, 3.875% due 5/1/29 |
|
|
273,564 |
|
| |
1,000,000 |
|
|
|
A+ |
|
|
Orange
County Health Facilities Authority, Revenue Bonds, Orlando Health
Obligated Group, Series A, 5.000% due 10/1/53 |
|
|
1,031,861 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Florida |
|
|
4,550,788 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Georgia
— 4.4% |
|
| |
500,000 |
|
|
|
AA |
|
|
City
of Atlanta, Department of Aviation, Revenue Bonds, AMT, Series B1,
5.250% due 7/1/41(d) |
|
|
562,590 |
|
|
|
|
| |
|
|
| |
Main Street Natural Gas Inc., Revenue
Bonds: |
|
|
| |
| |
2,500,000 |
|
|
|
Aa1(a) |
|
|
Series A,
4.000% due 7/1/52(b) |
|
|
2,550,259 |
|
| |
435,000 |
|
|
|
A3(a) |
|
|
Series A,
5.000% due 6/1/53(b) |
|
|
465,732 |
|
| |
315,000 |
|
|
|
A3(a) |
|
|
Series C,
4.000% due 12/1/26 |
|
|
317,876 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Georgia |
|
|
3,896,457 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Idaho
— 1.1% |
|
| |
900,000 |
|
|
|
A |
|
|
Idaho
Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System,
Series A, 5.000% due 3/1/42 |
|
|
998,880 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
| |
Illinois — 3.1% |
|
|
|
|
| |
| |
|
| |
| |
1,000,000 |
|
|
|
A |
|
|
Chicago Midway International Airport,
Revenue Bonds, AMT, Series C, 5.000% due 1/1/38(d) |
|
|
1,107,799 |
|
| |
300,000 |
|
|
|
Aa1(a) |
|
|
Cook
County Community Consolidated School District No. 64 Park Ridge-Niles, GO,
5.000% due 12/1/41 |
|
|
335,012 |
|
| |
250,000 |
|
|
|
AA |
|
|
Cook
County Township High School District No. 201 J Sterling Morton, GO, 5.000%
due 6/1/27 |
|
|
258,242 |
|
| |
500,000 |
|
|
|
AAA |
|
|
Illinois Finance Authority, Revenue
Bonds, Series A, 5.000% due 7/1/43 |
|
|
563,068 |
|
|
|
|
| |
|
|
| |
State of Illinois, GO: |
|
|
| |
| |
275,000 |
|
|
|
A- |
|
|
Series B,
5.250% due 5/1/44 |
|
|
295,133 |
|
| |
150,000 |
|
|
|
A- |
|
|
Series C,
5.000% due 12/1/46 |
|
|
154,785 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Illinois |
|
|
2,714,039 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
234
|
|
|
|
|
|
|
|
|
|
| |
|
Municipal Bond
Fund |
|
|
|
|
| |
|
Face
Amount† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Indiana — 3.3%
|
|
| $ |
650,000 |
|
|
AA |
|
Indiana Municipal Power Agency, Revenue
Bonds, Series A, 5.000% due 1/1/43 |
|
$ |
716,231 |
|
|
|
|
| |
| |
Indianapolis Local Public Improvement
Bond Bank, Revenue Bonds: |
|
|
| |
| |
1,000,000 |
|
|
A1(a) |
|
Indianapolis
Airport Authority, AMT, 5.000% due 1/1/31(d) |
|
|
1,105,096 |
|
| |
500,000 |
|
|
AA+ |
|
Series D,
6.000% due 2/1/48 |
|
|
558,384 |
|
| |
500,000 |
|
|
Aa2(a) |
|
IPS Multi-School Building Corp.,
Revenue Bonds, 5.000% due 7/15/44 |
|
|
540,435 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Indiana |
|
|
2,920,146 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Kansas
— 0.9% |
|
|
|
|
| |
| |
Kansas Development Finance Authority,
Revenue Bonds: |
|
|
| |
| |
500,000 |
|
|
Aa2(a) |
|
Kansas
Athletics Inc., Series C-1, 5.000% due 9/1/44 |
|
|
531,450 |
|
| |
250,000 |
|
|
Aaa(a) |
|
Series R,
5.000% due 5/1/41 |
|
|
279,892 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Kansas |
|
|
811,342 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Kentucky
— 1.6% |
|
| |
230,000 |
|
|
NR |
|
City
of Henderson, Revenue Bonds, Pratt Paper LLC Project, AMT, Series A,
4.450% due 1/1/42(c)(d) |
|
|
232,629 |
|
| |
1,020,000 |
|
|
Aa3(a) |
|
Kentucky
State Property & Building Commission, Revenue Bonds, Series A,
5.000% due 4/1/41 |
|
|
1,162,489 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Kentucky |
|
|
1,395,118 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Maryland
— 1.1% |
|
| |
135,000 |
|
|
NR |
|
City of Baltimore, Tax Allocation,
Harbor Point Project, Series A, 2.850% due 6/1/26(c) |
|
|
134,748 |
|
| |
500,000 |
|
|
AAA |
|
County of Prince George’s, GO,
Series A, 5.000% due 8/1/40 |
|
|
564,296 |
|
| |
250,000 |
|
|
AAA |
|
Washington Suburban Sanitary
Commission, Revenue Bonds, 5.000% due 6/1/43 |
|
|
282,139 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Maryland |
|
|
981,183 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Massachusetts
— 3.8% |
|
| |
1,000,000 |
|
|
AAA |
|
City of Boston, GO, Series A,
5.000% due 11/1/37 |
|
|
1,152,539 |
|
|
|
|
| |
| |
Commonwealth of Massachusetts, GO: |
|
|
| |
| |
550,000 |
|
|
AA+ |
|
Series C,
5.000% due 10/1/48 |
|
|
582,461 |
|
| |
500,000 |
|
|
AA+ |
|
Series E,
5.000% due 11/1/47 |
|
|
529,694 |
|
| |
270,000 |
|
|
AA+ |
|
Series I,
5.000% due 12/1/47 |
|
|
290,245 |
|
| |
690,000 |
|
|
AA+ |
|
Massachusetts Water Resources
Authority, Revenue Bonds, Series C, 5.000% due 8/1/39 |
|
|
797,019 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Massachusetts |
|
|
3,351,958 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Michigan
— 3.5% |
|
| |
845,000 |
|
|
A+ |
|
Central Michigan University, Revenue
Bonds, Series A, 5.000% due 10/1/37 |
|
|
977,744 |
|
| |
500,000 |
|
|
AA- |
|
Great
Lakes Water Authority Sewage Disposal System Revenue, Revenue Bonds,
Series C, 5.250% due 7/1/53 |
|
|
527,772 |
|
| |
1,000,000 |
|
|
AA- |
|
Lansing Board of Water & Light,
Revenue Bonds, Series A, 5.250% due 7/1/54 |
|
|
1,059,441 |
|
| |
500,000 |
|
|
AA+ |
|
Michigan
State Housing Development Authority, Revenue Bonds, Series D, 5.100%
due 12/1/37 |
|
|
540,566 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Michigan |
|
|
3,105,523 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Nebraska
— 1.2% |
|
| |
1,000,000 |
|
|
AA |
|
Omaha Public Power District, Revenue
Bonds, Series A, 5.250% due 2/1/48 |
|
|
1,069,805 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
New
Jersey — 2.6% |
|
| |
100,000 |
|
|
BBB |
|
Camden
County Improvement Authority (The), Revenue Bonds, KIPP Cooper Norcross
High School, 6.000% due 6/15/62 |
|
|
103,468 |
|
|
|
|
| |
| |
New Jersey Transportation Trust Fund
Authority, Revenue Bonds: |
|
|
| |
| |
240,000 |
|
|
A |
|
Series AA,
5.000% due 6/15/42 |
|
|
267,517 |
|
| |
810,000 |
|
|
A |
|
Series AA,
5.000% due 6/15/43 |
|
|
901,401 |
|
| |
500,000 |
|
|
AA- |
|
New Jersey Turnpike Authority, Revenue
Bonds, Series A, 5.000% due 1/1/43 |
|
|
560,725 |
|
| |
500,000 |
|
|
A- |
|
Tobacco Settlement Financing Corp.,
Revenue Bonds, Series A, 5.000% due 6/1/35 |
|
|
520,540 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total New Jersey |
|
|
2,353,651 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
235
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Municipal Bond
Fund |
|
|
|
|
| |
|
Face
Amount† |
|
|
Rating†† |
|
|
Security |
|
Value |
|
|
| New York — 3.9% |
|
| $ |
500,000 |
|
|
|
AAA |
|
|
New
York City Transitional Finance Authority Future Tax Secured Revenue,
Revenue Bonds, Series F1, 5.250% due 2/1/53 |
|
$ |
529,127 |
|
| |
500,000 |
|
|
|
Aa1(a) |
|
|
New
York State Dormitory Authority, Revenue Bonds, Series C, 5.000% due
3/15/44 |
|
|
551,424 |
|
| |
500,000 |
|
|
|
AA- |
|
|
Port
Authority of New York & New Jersey, Revenue Bonds, Series 241,
5.000% due 7/15/41 |
|
|
562,358 |
|
| |
660,000 |
|
|
|
AA+ |
|
|
Triborough
Bridge & Tunnel Authority, Revenue Bonds, Series C, 5.250% due
5/15/52 |
|
|
692,236 |
|
| |
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 |
|
|
1,119,234 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total New York |
|
|
3,454,379 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
North
Carolina — 0.6% |
|
| |
500,000 |
|
|
|
AA+ |
|
|
County
of Johnston, Revenue Bonds, 5.000% due 4/1/41 |
|
|
571,117 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
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 |
|
|
461,018 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Ohio
— 3.9% |
|
|
|
|
| |
|
|
| |
Buckeye
Tobacco Settlement Financing Authority, Revenue Bonds: |
|
|
| |
| |
85,000 |
|
|
|
BBB+ |
|
|
Series A2,
3.000% due 6/1/48 |
|
|
61,776 |
|
| |
100,000 |
|
|
|
NR |
|
|
Series B2,
5.000% due 6/1/55 |
|
|
82,703 |
|
| |
1,000,000 |
|
|
|
Aa2(a) |
|
|
North
Ridgeville City School District, GO, 5.000% due 12/1/44 |
|
|
1,034,366 |
|
| |
1,000,000 |
|
|
|
AAA |
|
|
Ohio
Water Development Authority, Revenue Bonds, Series A, 5.000% due
12/1/41 |
|
|
1,137,483 |
|
| |
1,000,000 |
|
|
|
AAA |
|
|
Ohio
Water Development Authority Water Pollution Control Loan Fund, Revenue
Bonds, Series D, 5.000% due 12/1/43 |
|
|
1,121,640 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Ohio |
|
|
3,437,968 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Oklahoma
— 1.2% |
|
| |
1,000,000 |
|
|
|
AAA |
|
|
Oklahoma
Water Resources Board, Revenue Bonds, Clean Water Program, 5.000% due
4/1/44 |
|
|
1,084,280 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
| |
Oregon — 1.5% |
|
|
|
|
| |
| |
|
| |
| |
1,000,000 |
|
|
|
AA- |
|
|
Port
of Portland Airport Revenue, Revenue Bonds, Green Bond, AMT,
Series 29, 5.000% due 7/1/38(d) |
|
|
1,109,296 |
|
| |
250,000 |
|
|
|
AA+ |
|
|
State
of Oregon, GO, Series F, 5.000% due 8/1/48 |
|
|
264,505 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Oregon |
|
|
1,373,801 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Pennsylvania
— 1.5% |
|
| |
250,000 |
|
|
|
AA- |
|
|
Geisinger
Authority, Revenue Bonds, Geisinger Health System, 4.000% due
4/1/50 |
|
|
224,356 |
|
| |
1,000,000 |
|
|
|
A |
|
|
Pennsylvania
Higher Educational Facilities Authority, Revenue Bonds, Series B1,
5.250% due 11/1/37 |
|
|
1,140,440 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Pennsylvania |
|
|
1,364,796 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Puerto
Rico — 1.0% |
|
|
|
|
| |
|
|
| |
Puerto
Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds: |
|
|
| |
| |
664,000 |
|
|
|
NR |
|
|
Series A1,
4.750% due 7/1/53 |
|
|
647,481 |
|
| |
125,000 |
|
|
|
NR |
|
|
Series A1,
zero coupon due 7/1/46 |
|
|
44,964 |
|
| |
216,000 |
|
|
|
NR |
|
|
Series A2,
4.784% due 7/1/58 |
|
|
209,285 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Puerto Rico |
|
|
901,730 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
| |
Tennessee
— 2.3% |
|
| |
1,000,000 |
|
|
|
AA- |
|
|
Metropolitan
Nashville Airport Authority (The), Revenue Bonds, AMT, Series B,
5.000% due 7/1/46(d) |
|
|
1,051,344 |
|
| |
245,000 |
|
|
|
Baa1(a) |
|
|
Tennergy
Corp., Revenue Bonds, Gas Supply, Series A, 5.500% due
10/1/53(b) |
|
|
267,044 |
|
| |
600,000 |
|
|
|
Aa3(a) |
|
|
Tennessee
Energy Acquisition Corp., Revenue Bonds, Series A, 5.000% due
12/1/35 |
|
|
659,877 |
|
| |
95,000 |
|
|
|
AA+ |
|
|
Tennessee
Housing Development Agency, Revenue Bonds, Series 2A, 6.000% due
1/1/55 |
|
|
106,919 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
|
|
|
| |
|
|
| |
Total Tennessee |
|
|
2,085,184 |
|
|
|
|
| |
|
|
| |
| |
|
|
|
See
Notes to Financial Statements.
236
|
|
|
|
|
|
|
|
|
|
| |
|
Municipal Bond
Fund |
|
|
|
|
| |
|
Face
Amount† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Texas — 13.5%
|
|
| $ |
415,000 |
|
|
Aa1(a) |
|
Bexar Management And Development Corp.,
Revenue Bonds, 4.610% due 7/1/44 |
|
$ |
431,089 |
|
| |
500,000 |
|
|
A+ |
|
City of Austin, Airport System Revenue,
Revenue Bonds, AMT, 5.000% due 11/15/41(d) |
|
|
554,553 |
|
| |
315,000 |
|
|
AA |
|
City of Austin, Water & Wastewater
System Revenue, Revenue Bonds, 5.000% due 11/15/41 |
|
|
354,229 |
|
| |
500,000 |
|
|
Aa3(a) |
|
City of Houston, GO, Series A,
5.250% due 3/1/40 |
|
|
561,607 |
|
| |
250,000 |
|
|
Aa1(a) |
|
City of Midland, GO, Series B,
5.000% due 3/1/47 |
|
|
262,662 |
|
| |
500,000 |
|
|
Aaa(a) |
|
County of Harris, GO, Series A,
5.000% due 9/15/38 |
|
|
580,993 |
|
| |
1,000,000 |
|
|
AA- |
|
Dallas
Fort Worth International Airport, Revenue Bonds, AMT, Series A1,
5.250% due 11/1/45(d) |
|
|
1,079,533 |
|
|
|
|
| |
| |
Fort Bend Independent School District,
GO: |
|
|
| |
| |
500,000 |
|
|
AAA |
|
Series A,
Permanent School Fund Guaranteed, 5.000% due 8/15/36 |
|
|
581,719 |
|
| |
1,000,000 |
|
|
AAA |
|
Series A,
Permanent School Fund Guaranteed, 5.000% due 8/15/44 |
|
|
1,078,677 |
|
| |
475,000 |
|
|
AA |
|
Harris
County Cultural Education Facilities Finance Corp., Revenue Bonds,
Series A, 5.000% due 12/1/29 |
|
|
521,270 |
|
| |
500,000 |
|
|
AA |
|
Leander Independent School District,
GO, Series B, 5.000% due 8/15/34 |
|
|
591,709 |
|
| |
315,000 |
|
|
Aaa(a) |
|
New
Caney Independent School District, GO, Permanent School Fund Guaranteed,
5.000% due 2/15/41 |
|
|
352,403 |
|
| |
500,000 |
|
|
AA- |
|
North
Texas Municipal Water District, Revenue Bonds, Panther Creek Regional
Wastewater System, 5.250% due 6/1/43 |
|
|
550,734 |
|
| |
1,000,000 |
|
|
AAA |
|
Plano
Independent School District, GO, Permanent School Fund Guaranteed, 5.000%
due 2/15/41 |
|
|
1,121,712 |
|
|
|
|
| |
| |
Tarrant County Cultural Education
Facilities Finance Corp., Revenue Bonds: |
|
|
| |
| |
1,000,000 |
|
|
AA |
|
Cook
Children’s Medical Center, 5.250% due 12/1/49 |
|
|
1,069,516 |
|
| |
1,050,000 |
|
|
AA |
|
Series C-2,
5.000% due 11/15/51(b) |
|
|
1,218,452 |
|
|
|
|
| |
| |
Texas Water Development Board, Revenue
Bonds: |
|
|
| |
| |
500,000 |
|
|
AAA |
|
5.000%
due 10/15/47 |
|
|
528,491 |
|
| |
500,000 |
|
|
AAA |
|
State
Revolving Fund, 5.000% due 8/1/44 |
|
|
555,482 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Texas |
|
|
11,994,831 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Virginia
— 2.3% |
|
| |
500,000 |
|
|
AA+ |
|
Albemarle
County Economic Development Authority, Revenue Bonds, Series A,
5.000% due 6/1/38 |
|
|
569,821 |
|
| |
225,000 |
|
|
AAA |
|
Prince William County Service
Authority, Revenue Bonds, 5.000% due 7/15/31 |
|
|
257,326 |
|
| |
80,000 |
|
|
AA+ |
|
Virginia Housing Development Authority,
Revenue Bonds, Series G, 5.150% due 11/1/52 |
|
|
82,418 |
|
| |
1,000,000 |
|
|
AA+ |
|
Virginia Public Building Authority,
Revenue Bonds, Series A, 5.000% due 8/1/42 |
|
|
1,131,749 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Virginia |
|
|
2,041,314 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Washington
— 2.0% |
|
|
|
|
| |
| |
Pierce County School District No 10
Tacoma, GO, School Bond Guaranty Program: |
|
|
| |
| |
1,000,000 |
|
|
AA+ |
|
5.000%
due 12/1/48 |
|
|
1,062,612 |
|
| |
370,000 |
|
|
AA+ |
|
5.000%
due 12/1/44 |
|
|
406,463 |
|
| |
285,000 |
|
|
Ba2(a) |
|
Washington
State Housing Finance Commission, Revenue Bonds, Spokane Int Acad Project,
Series A, 4.000% due 7/1/26(c) |
|
|
284,495 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Washington |
|
|
1,753,570 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Wisconsin
— 0.2% |
|
| |
180,000 |
|
|
Aa1(a) |
|
Public Finance Authority, Revenue
Bonds, 3.625% due 6/15/63(b) |
|
|
180,380 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
MUNICIPAL BONDS
(Cost — $76,285,683) |
|
|
78,612,206 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
COLLATERALIZED
MORTGAGE OBLIGATION — 0.2% |
|
|
| |
Kansas
— 0.2% |
|
| |
198,035 |
|
|
Aa1(a) |
|
Kansas City Industrial Development
Authority, 4.390% due 9/1/42
(Cost — $198,035) |
|
|
207,869 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| Shares/Units |
|
|
|
|
|
|
|
|
|
| |
WARRANT —
0.0%@ |
|
|
| |
Nevada
— 0.0%@ |
|
| |
5,400 |
|
|
| |
Brightline West, (Cost — $0, acquired
11/28/25) expires 11/26/35 *(f)(g)(h)
(Cost — $0) |
|
|
10,800 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$76,483,718) |
|
|
78,830,875 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
237
|
|
|
|
|
|
|
|
|
|
| |
|
Municipal Bond
Fund |
|
|
|
|
| |
|
Face
Amount† |
|
|
|
|
Security |
|
Value |
|
|
| |
SHORT-TERM
INVESTMENT— 10.6% |
|
|
| |
TIME DEPOSIT —
10.6% |
|
| $ |
9,398,393 |
|
|
| |
JPMorgan Chase & Co. — New York,
2.980% due 3/2/26
(Cost — $9,398,393) |
|
$ |
9,398,393 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS — 99.1%
(Cost — $85,882,111) |
|
|
88,229,268 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Other Assets in Excess of Liabilities —
0.9% |
|
|
793,762 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
89,023,030 |
|
|
|
|
| |
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| †† |
All
ratings are by Standard & Poor’s
Rating Service, unless otherwise noted. |
| * |
Non-income
producing security. |
| @ |
The
amount is less than 0.05%. |
| (a) |
Rating by
Moody’s Investors Service. |
| (b) |
Variable
rate security. Interest rate disclosed is that
which was in effect at February 28, 2026.
|
| (c) |
Restricted security
that may be sold to “qualified
institutional buyers” pursuant to the
conditions of Rule 144A under the
Securities Act of 1933, as amended. This
security has been deemed liquid pursuant to guidelines
approved by the Board of Trustees, unless
otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026,
amounts to $1,914,438 and represents 2.2% of net assets.
|
| (d) |
Income
from this issue is considered a
preference item for purposes of calculating the
alternative minimum tax (AMT). |
| (e) |
Rating by
Fitch Ratings Service. |
| (f) |
The
aggregate value of restricted securities (excluding 144A holdings) at
February 28, 2026, amounts to $10,800 and represents less than 0.05% of
net assets. |
| (h) |
Security
is valued in good faith at fair value by or
under the direction of the Board of Trustees.
|
At
February 28, 2026, for Municipal Bond Fund the aggregate cost of investments and
the aggregate gross unrealized appreciation and depreciation of all investments
for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax
Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
Municipal
Bond Fund |
|
$ |
85,882,111 |
|
|
$ |
2,831,641 |
|
|
$ |
(484,484 |
) |
|
$ |
2,347,157 |
|
|
|
| |
|
Abbreviations
used in this schedule: |
| AMT |
|
—
Alternative Minimum Tax |
| GO |
|
—
General Obligation |
See
Notes to Financial Statements.
238
|
|
|
|
| |
|
| |
| Summary of Investments by
Industry^ |
|
|
|
|
General
Obligation |
|
|
30.2 |
% |
|
Water
and Sewer |
|
|
11.8 |
|
|
School
District |
|
|
10.3 |
|
|
Health
Care Providers & Services |
|
|
9.8 |
|
|
Airport |
|
|
9.0 |
|
|
Utilities |
|
|
3.3 |
|
|
Single
Family Housing |
|
|
2.5 |
|
|
Higher
Education |
|
|
2.0 |
|
|
Bond
Bank |
|
|
1.9 |
|
|
Tobacco
Settlement |
|
|
1.7 |
|
|
Education |
|
|
1.7 |
|
|
Development |
|
|
1.5 |
|
|
Transportation |
|
|
1.4 |
|
|
Power |
|
|
1.2 |
|
|
Multifamily
Housing |
|
|
1.0 |
|
|
Short-Term
Investment |
|
|
10.7 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
% |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
See
pages 268- 269 for definitions of ratings.
See
Notes to Financial Statements.
239
|
|
|
|
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income
Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
|
|
Security |
|
Value |
|
|
| |
U.S. GOVERNMENT
OBLIGATIONS — 106.6% |
|
|
|
|
| |
| |
U.S. Treasury Inflation Indexed
Bonds: |
|
|
| |
| $ |
2,160,908 |
|
|
| |
1.750%
due 1/15/28 |
|
$ |
2,197,227 |
|
| |
2,987,293 |
|
|
| |
3.625%
due 4/15/28 |
|
|
3,158,182 |
|
| |
1,648,199 |
|
|
| |
2.500%
due 1/15/29 |
|
|
1,720,938 |
|
| |
2,458,099 |
|
|
| |
3.875%
due 4/15/29 |
|
|
2,674,586 |
|
| |
43,816 |
|
|
| |
3.375%
due 4/15/32 |
|
|
49,257 |
|
| |
869,582 |
|
|
| |
2.125%
due 2/15/40 |
|
|
885,377 |
|
| |
961,844 |
|
|
| |
2.125%
due 2/15/41 |
|
|
969,954 |
|
| |
2,007,768 |
|
|
| |
0.750%
due 2/15/42 |
|
|
1,620,076 |
|
| |
1,818,229 |
|
|
| |
0.625%
due 2/15/43 |
|
|
1,405,577 |
|
| |
2,322,035 |
|
|
| |
1.375%
due 2/15/44 |
|
|
2,014,001 |
|
| |
2,642,170 |
|
|
| |
0.750%
due 2/15/45 |
|
|
2,002,208 |
|
| |
1,627,492 |
|
|
| |
1.000%
due 2/15/46 |
|
|
1,274,192 |
|
| |
1,865,992 |
|
|
| |
0.875%
due 2/15/47 |
|
|
1,399,105 |
|
| |
1,208,981 |
|
|
| |
1.000%
due 2/15/48 |
|
|
918,764 |
|
| |
1,545,348 |
|
|
| |
1.000%
due 2/15/49 |
|
|
1,158,430 |
|
| |
1,210,022 |
|
|
| |
0.250%
due 2/15/50 |
|
|
729,621 |
|
| |
1,493,616 |
|
|
| |
0.125%
due 2/15/51 |
|
|
847,538 |
|
| |
1,047,681 |
|
|
| |
0.125%
due 2/15/52 |
|
|
581,445 |
|
| |
2,180,320 |
|
|
| |
1.500%
due 2/15/53 |
|
|
1,769,719 |
|
| |
1,794,996 |
|
|
| |
2.125%
due 2/15/54 |
|
|
1,675,797 |
|
| |
2,053,900 |
|
|
| |
2.375%
due 2/15/55(a) |
|
|
2,024,789 |
|
| |
399,960 |
|
|
| |
2.375%
due 2/15/56 |
|
|
394,953 |
|
|
|
|
| |
| |
U.S. Treasury
Inflation Indexed Notes: |
|
|
| |
| |
1,067,301 |
|
|
| |
0.125%
due 10/15/26 |
|
|
1,069,478 |
|
| |
5,272,134 |
|
|
| |
0.375%
due 1/15/27 |
|
|
5,258,656 |
|
| |
2,869,300 |
|
|
| |
0.125%
due 4/15/27 |
|
|
2,846,710 |
|
| |
3,987,437 |
|
|
| |
0.375%
due 7/15/27 |
|
|
3,982,528 |
|
| |
6,563,580 |
|
|
| |
1.625%
due 10/15/27(a) |
|
|
6,672,768 |
|
| |
5,357,432 |
|
|
| |
0.500%
due 1/15/28 |
|
|
5,323,190 |
|
| |
1,080,360 |
|
|
| |
1.250%
due 4/15/28 |
|
|
1,087,520 |
|
| |
4,660,402 |
|
|
| |
0.750%
due 7/15/28 |
|
|
4,663,349 |
|
| |
5,924,688 |
|
|
| |
2.375%
due 10/15/28(a) |
|
|
6,169,014 |
|
| |
3,195,591 |
|
|
| |
0.875%
due 1/15/29 |
|
|
3,190,758 |
|
| |
1,152,437 |
|
|
| |
2.125%
due 4/15/29 |
|
|
1,191,945 |
|
| |
2,998,658 |
|
|
| |
0.250%
due 7/15/29 |
|
|
2,937,561 |
|
| |
4,840,389 |
|
|
| |
1.625%
due 10/15/29 |
|
|
4,961,183 |
|
| |
2,443,469 |
|
|
| |
0.125%
due 1/15/30 |
|
|
2,360,437 |
|
| |
2,443,152 |
|
|
| |
1.625%
due 4/15/30 |
|
|
2,495,979 |
|
| |
2,742,663 |
|
|
| |
0.125%
due 7/15/30 |
|
|
2,641,628 |
|
| |
5,009,050 |
|
|
| |
1.125%
due 10/15/30 |
|
|
5,027,815 |
|
| |
2,502,149 |
|
|
| |
0.125%
due 1/15/31 |
|
|
2,384,210 |
|
| |
5,936,485 |
|
|
| |
0.125%
due 7/15/31(a) |
|
|
5,629,602 |
|
| |
4,442,238 |
|
|
| |
0.125%
due 1/15/32 |
|
|
4,159,194 |
|
| |
9,480,220 |
|
|
| |
0.625%
due 7/15/32(a) |
|
|
9,115,775 |
|
| |
10,987,588 |
|
|
| |
1.125%
due 1/15/33(a) |
|
|
10,808,269 |
|
See
Notes to Financial Statements.
240
|
|
|
|
|
|
|
|
|
|
| |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| U.S. GOVERNMENT
OBLIGATIONS — 106.6% — (continued) |
|
| $ |
7,148,833 |
|
|
| |
1.375%
due 7/15/33(a) |
|
$ |
7,144,664 |
|
| |
2,319,262 |
|
|
| |
1.750%
due 1/15/34 |
|
|
2,362,791 |
|
| |
5,989,834 |
|
|
| |
1.875%
due 7/15/34(a) |
|
|
6,162,435 |
|
| |
4,620,735 |
|
|
| |
2.125%
due 1/15/35 |
|
|
4,816,361 |
|
| |
5,651,576 |
|
|
| |
1.875%
due 7/15/35(a) |
|
|
5,773,198 |
|
| |
1,495,935 |
|
|
| |
1.875%
due 1/15/36 |
|
|
1,519,741 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
U.S. GOVERNMENT OBLIGATIONS
(Cost — $154,818,750) |
|
|
153,228,495 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
MORTGAGE-BACKED
SECURITIES — 15.1% |
|
|
| |
FHLMC
— 2.7% |
|
|
|
|
| |
| |
Federal Home Loan Mortgage Corp.
(FHLMC): |
|
|
| |
| |
81,610 |
|
|
| |
3.000%
due 7/1/52 |
|
|
74,018 |
|
| |
296,809 |
|
|
| |
6.500%
due 10/1/53 |
|
|
309,449 |
|
| |
3,169,135 |
|
|
| |
6.000%
due 3/1/54 |
|
|
3,259,577 |
|
| |
292,568 |
|
|
| |
5.000%
due 7/1/54 |
|
|
294,524 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total FHLMC |
|
|
3,937,568 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
FNMA
— 9.7% |
|
|
|
|
| |
| |
Federal National Mortgage Association
(FNMA): |
|
|
| |
| |
31,689 |
|
|
| |
4.000%
due 3/1/50 |
|
|
31,233 |
|
| |
159,801 |
|
|
| |
3.000%
due 5/1/52 |
|
|
144,967 |
|
| |
76,153 |
|
|
| |
4.500%
due 10/1/52 |
|
|
75,737 |
|
| |
1,556,464 |
|
|
| |
5.500%
due 5/1/54 |
|
|
1,583,820 |
|
| |
2,300,000 |
|
|
| |
4.000%
due 3/1/56(b) |
|
|
2,236,350 |
|
| |
7,800,000 |
|
|
| |
4.500%
due 3/1/56(b) |
|
|
7,716,256 |
|
| |
2,000,000 |
|
|
| |
6.500%
due 4/1/56(b) |
|
|
2,078,440 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total FNMA |
|
|
13,866,803 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
GNMA
— 2.7% |
|
| |
4,166,978 |
|
|
| |
Government
National Mortgage Association II (GNMA),
3.500% due 11/20/52 —
10/20/54 |
|
|
3,922,486 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
MORTGAGE-BACKED SECURITIES
(Cost — $21,390,525) |
|
|
21,726,857 |
|
|
|
|
| |
| |
| |
|
|
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.1% |
|
|
| Asset-Backed Securities — 1.8% |
|
| |
64,933 |
|
|
CCC |
|
Bear
Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1,
4.763%
(1-Month Term SOFR + 1.089%) due 6/25/34(c) |
|
|
77,495 |
|
|
|
|
| |
| |
Credit-Based
Asset Servicing & Securitization LLC: |
|
|
| |
| |
113,763 |
|
|
D |
|
Series
2005-CB3, Class M4, 3.598%
(1-Month Term SOFR + 1.164%) due
6/25/35(c) |
|
|
112,027 |
|
| |
593,820 |
|
|
Caa2(d) |
|
Series
2007-CB6, Class A3, 4.008%
(1-Month Term SOFR + 0.334%) due
7/25/37(c)(e) |
|
|
402,279 |
|
|
|
|
| |
| |
CWABS
Asset-Backed Certificates Trust: |
|
|
| |
| |
149,011 |
|
|
Caa1(d) |
|
Series
2004-7, Class MV5, 5.513% (1-Month Term SOFR + 1.839%) due
11/25/34(c) |
|
|
138,857 |
|
| |
199,822 |
|
|
CC |
|
Series
2007-1, Class 1A, 4.068% (1-Month Term SOFR + 0.394%) due
7/25/37(c) |
|
|
187,131 |
|
| |
42,724 |
|
|
D |
|
Series
2007-6, Class 1A, 4.188% (1-Month Term SOFR + 0.514%) due
9/25/37(c) |
|
|
40,493 |
|
| |
216,177 |
|
|
CCC |
|
Series
2007-8, Class 1A1, 3.978% (1-Month Term SOFR + 0.304%) due
11/25/37(c) |
|
|
210,104 |
|
| |
344,964 |
|
|
BB |
|
Ellington
Loan Acquisition Trust, Series 2007-1, Class A1, 4.888%
(1-Month Term
SOFR + 1.214%) due 5/25/37(c)(e) |
|
|
340,908 |
|
| |
16,558 |
|
|
Caa1(d) |
|
GSAA
Trust, Series 2006-7, Class AF4A, step bond to yield, 6.720% due
3/25/46 |
|
|
8,587 |
|
| |
141,872 |
|
|
Caa2(d) |
|
Long
Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 4.028%
(1-Month
Term SOFR + 0.354%) due 8/25/36(c) |
|
|
56,923 |
|
See
Notes to Financial Statements.
241
|
|
|
|
|
|
|
|
|
|
| |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.1% — (continued) |
|
|
| Asset-Backed Securities — 1.8% —
(continued) |
|
|
|
|
| |
| |
Option
One Mortgage Loan Trust: |
|
|
| |
| $ |
76,039 |
|
|
Caa1(d) |
|
Series
2007-1, Class 1A1, 4.068% (1-Month Term SOFR + 0.394%) due
1/25/37(c) |
|
$ |
50,204 |
|
| |
68,521 |
|
|
Caa1(d) |
|
Series
2007-2, Class 1A1, 4.068% (1-Month Term SOFR + 0.394%) due
3/25/37(c) |
|
|
46,379 |
|
| |
28,435 |
|
|
AA- |
|
RASC
Trust, Series 2006-KS3, Class M1, 4.283%
(1-Month Term SOFR + 0.444%)
due 4/25/36(c) |
|
|
28,375 |
|
| |
700,000 |
|
|
Aaa(d) |
|
Romark
Credit Funding Ltd., Series 2025-4A, Class A, 5.423% due 7/29/43(e) |
|
|
703,828 |
|
| |
85,592 |
|
|
Caa3(d) |
|
Securitized
Asset-Backed Receivables LLC Trust, Series 2006-HE2, Class A2C,
3.938%
(1-Month Term SOFR + 0.414%) due 7/25/36(c) |
|
|
32,818 |
|
|
|
|
| |
| |
Soundview Home Loan Trust: |
|
|
| |
| |
175,528 |
|
|
Caa1(d) |
|
Series
2007-OPT1, Class 1A1, 3.988% (1-Month Term SOFR + 0.314%) due
6/25/37(c) |
|
|
122,962 |
|
| |
39,190 |
|
|
CCC |
|
Series
2007-OPT2, Class 2A3, 3.968% (1-Month Term SOFR + 0.294%) due
7/25/37(c) |
|
|
36,378 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Asset-Backed Securities |
|
|
2,595,748 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Mortgage Securities — 6.3% |
|
|
|
|
| |
| |
Alternative Loan Trust: |
|
|
| |
| |
134,253 |
|
|
Caa1(d) |
|
Series
2006-HY11, Class A1, 4.028% (1-Month Term SOFR + 0.354%) due
6/25/36(c) |
|
|
130,783 |
|
| |
22,882 |
|
|
WR(d) |
|
Series
2007-4CB, Class 1A35, 6.000% due 4/25/37 |
|
|
19,646 |
|
| |
327,205 |
|
|
Caa1(d) |
|
Alternative
Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due
8/25/37(c) |
|
|
271,386 |
|
| |
7,860 |
|
|
WR(d) |
|
Bear
Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 6.344%
due 5/25/33(c) |
|
|
7,491 |
|
| |
13,835 |
|
|
WR(d) |
|
Chevy
Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1,
4.148%
(1-Month Term SOFR + 0.474%) due 3/25/35(c)(e) |
|
|
13,950 |
|
|
|
|
| |
| |
CHL Mortgage Pass-Through Trust: |
|
|
| |
| |
370,830 |
|
|
WR(d) |
|
Series
2005-HYB6, Class 2A1, 4.656% due 10/20/35(c) |
|
|
352,418 |
|
| |
34,109 |
|
|
WR(d) |
|
Series
2005-HYB9, Class 2A1, 6.449% (1-Year Term SOFR + 2.465%) due
2/20/36(c) |
|
|
32,546 |
|
| |
78,146 |
|
|
WR(d) |
|
Series
2006-6, Class A4, 6.000% due 4/25/36 |
|
|
37,861 |
|
| |
116,414 |
|
|
WD(f) |
|
Series
2007-1, Class A1, 6.000% due 3/25/37 |
|
|
50,515 |
|
|
|
|
| |
| |
Citigroup Mortgage Loan Trust: |
|
|
| |
| |
2,510 |
|
|
WR(d) |
|
Series
2004-HYB2, Class 2A, 6.035% due 3/25/34(c) |
|
|
2,346 |
|
| |
95,417 |
|
|
Caa1(d) |
|
Series
2007-AR4, Class 1A1A, 4.533% due 3/25/37(c) |
|
|
83,200 |
|
| |
11,690 |
|
|
B(f) |
|
Citigroup
Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due
8/25/34 |
|
|
11,717 |
|
| |
633,856 |
|
|
NR |
|
Federal
National Mortgage Association (FNMA), REMICS, Series 2025-47, Class FJ,
4.697%
(30-Day Average SOFR + 1.030%) due 6/25/55(c) |
|
|
639,496 |
|
|
|
|
| |
| |
Government National Mortgage
Association (GNMA): |
|
|
| |
| |
199,627 |
|
|
NR |
|
Series
2018-H15, Class FG, 4.927% (1-Year Term SOFR + 0.865%) due
8/20/68(c) |
|
|
201,617 |
|
| |
470,977 |
|
|
NR |
|
Series
2023-H11, Class FC, 4.762% (30-Day Average SOFR + 1.100%) due
5/20/73(c) |
|
|
482,390 |
|
| |
2,492,082 |
|
|
NR |
|
Series
2023-H19, Class FA, 4.562% (30-Day Average SOFR + 0.900%) due
8/20/73(c) |
|
|
2,528,646 |
|
| |
1,392,843 |
|
|
NR |
|
Series
2025-H22, Class F, 4.442% (30-Day Average SOFR + 0.780%) due
10/20/75(c) |
|
|
1,405,986 |
|
| |
1,372,926 |
|
|
NR |
|
Government
National Mortgage Association II (GNMA), Series 2025-159, Class FJ,
4.832%
(30-Day Average SOFR + 1.170%) due 9/20/55(c) |
|
|
1,385,693 |
|
| |
2,498 |
|
|
AA- |
|
HarborView
Mortgage Loan Trust, Series 2005-9, Class 2A1A, 4.462%
(1-Month Term
SOFR + 0.794%) due 6/20/35(c) |
|
|
2,379 |
|
| |
30,362 |
|
|
CCC |
|
IndyMac
INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 4.428%
(1-Month
Term SOFR + 0.754%) due 7/25/45(c) |
|
|
23,005 |
|
| |
81,519 |
|
|
CCC |
|
JP
Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1,
4.248%
(1-Month Term SOFR + 0.574%) due 3/25/36(c) |
|
|
78,439 |
|
| |
55,130 |
|
|
BBB- |
|
JP
Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class
A, 5.157%
(1-Month Term SOFR + 1.497%) due 12/15/31(c)(e) |
|
|
55,043 |
|
| |
151,688 |
|
|
WD(f) |
|
Lehman
XS Trust, Series 2007-20N, Class A1, 6.088%
(1-Month Term SOFR +
2.414%) due 12/25/37(c) |
|
|
155,780 |
|
| |
600,000 |
|
|
Aaa(d) |
|
LUX
Trust LION, Class A, 6.350% (1-Month Term SOFR + 2.690%) due
8/15/40(c)(e) |
|
|
606,267 |
|
| |
2,129 |
|
|
WR(d) |
|
MRFC
Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 4.254% (1-Month Term SOFR + 0.594%)
due 6/15/30(c) |
|
|
2,103 |
|
See
Notes to Financial Statements.
242
|
|
|
|
|
|
|
|
|
|
| |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 8.1% — (continued) |
|
|
| Mortgage Securities — 6.3% —
(continued) |
|
|
|
|
| |
| |
New Residential Mortgage Loan Trust: |
|
|
| |
| $ |
23,622 |
|
|
NR |
|
Series
2018-3A, Class A1, 4.500% due 5/25/58(c)(e) |
|
$ |
23,472 |
|
| |
103,330 |
|
|
Aaa(d) |
|
Series
2019-RPL3, Class A1, 2.750% due 7/25/59(c)(e) |
|
|
100,807 |
|
| |
506,641 |
|
|
WD(f) |
|
Residential
Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due
9/25/36 |
|
|
147,099 |
|
| |
397,918 |
|
|
Caa3(d) |
|
Securitized
Asset-Backed Receivables LLC Trust, Series 2006-FR3, Class A3, 4.288%
(1-Month Term SOFR + 0.614%) due
5/25/36(c) |
|
|
215,669 |
|
| |
21,604 |
|
|
WR(d) |
|
Sequoia
Mortgage Trust, Series 6, Class A, 4.421%
(1-Month Term SOFR + 0.754%)
due 4/19/27(c) |
|
|
21,456 |
|
|
|
|
| |
| |
WaMu Mortgage Pass-Through Certificates
Trust: |
|
|
| |
| |
2,978 |
|
|
BB(f) |
|
Series
2002-AR2, Class A, 4.079% (11th District Cost of Funds Index + 1.250%)
due 2/27/34(c) |
|
|
2,922 |
|
| |
1,633 |
|
|
WR(d) |
|
Series
2002-AR17, Class 1A, 5.115% (1-Year Treasury Average Rate + 1.200%)
due 11/25/42(c) |
|
|
1,592 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Mortgage Securities |
|
|
9,093,720 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost — $12,473,106) |
|
|
11,689,468 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SOVEREIGN BONDS —
5.2% |
|
|
| |
Canada
— 0.3% |
|
|
|
|
| |
| |
Canadian Government Real Return
Bonds: |
|
|
| |
| |
563,616 |
CAD |
|
AAA |
|
4.250%
due 12/1/26 |
|
|
425,496 |
|
| |
63,478 |
CAD |
|
AAA |
|
0.500%
due 12/1/50 |
|
|
36,097 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Canada |
|
|
461,593 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
France
— 0.9% |
|
|
|
|
| |
| |
French Republic Government Bonds
OAT: |
|
|
| |
| |
735,606 |
EUR |
|
A+u(f) |
|
0.100%
due 3/1/26(e) |
|
|
869,192 |
|
| |
245,582 |
EUR |
|
A+u(f) |
|
0.100%
due 7/25/31(e) |
|
|
281,256 |
|
| |
120,563 |
EUR |
|
A+u(f) |
|
0.100%
due 7/25/38(e) |
|
|
120,361 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total France |
|
|
1,270,809 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Italy
— 0.3% |
|
| |
373,503 |
EUR |
|
Baa2u(d) |
|
Italy
Buoni Poliennali Del Tesoro, 0.400% due 5/15/30(e) |
|
|
436,037 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Japan
— 1.7% |
|
|
|
|
| |
| |
Japanese Government CPI Linked
Bonds: |
|
|
| |
| |
67,191,560 |
JPY |
|
A1(d) |
|
0.100%
due 3/10/28 |
|
|
430,510 |
|
| |
156,073,860 |
JPY |
|
A1(d) |
|
0.100%
due 3/10/29 |
|
|
1,003,182 |
|
| |
63,270,600 |
JPY |
|
A1(d) |
|
0.005%
due 3/10/34 |
|
|
396,149 |
|
| |
102,372,000 |
JPY |
|
A1(d) |
|
0.005%
due 3/10/35 |
|
|
634,459 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Japan |
|
|
2,464,300 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
United
Kingdom — 2.0% |
|
| |
2,100,000 |
GBP |
|
Aa3u(d) |
|
United
Kingdom Gilt, 4.000% due 10/22/31 |
|
|
2,851,913 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SOVEREIGN BONDS
(Cost — $8,232,605) |
|
|
7,484,652 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
243
|
|
|
|
|
|
|
|
|
|
| |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| |
| COLLATERALIZED LOAN
OBLIGATIONS — 4.7% |
|
|
|
|
| |
Other
ABS — 4.4% |
|
| |
300,000 |
EUR |
|
AAA |
|
Arbour
CLO VI DAC, Series 6A, Class AR, 3.134%
(3-Month EURIBOR + 1.150%)
due 11/15/37(c)(e) |
|
$ |
355,980 |
|
|
|
|
| |
| |
BlueMountain CLO Ltd.: |
|
|
| |
| $ |
32,866 |
|
|
AAA |
|
Series 2016-3A,
Class A1R2, 4.853%
(3-Month Term SOFR + 1.200%) due
11/15/30(c)(e) |
|
|
32,893 |
|
| |
700,000 |
|
|
AAA |
|
Series 2022-34A,
Class AR, 4.818%
(3-Month Term SOFR + 1.150%) due 4/20/35(c)(e) |
|
|
700,721 |
|
| |
500,000 |
|
|
AAA |
|
Canyon
CLO Ltd., Series 2020-1A, Class AR2, 4.752%
(3-Month Term SOFR +
1.080%) due 7/15/34(c)(e) |
|
|
500,335 |
|
| |
451,956 |
EUR |
|
AAA |
|
Dryden
44 Euro CLO, Series 2015-44A, Class A1RR, 2.896%
(3-Month EURIBOR
+ 0.880%) due 4/15/34(c)(e) |
|
|
534,367 |
|
| |
700,000 |
EUR |
|
AAA |
|
Dunedin
Park CLO DAC, Series 1A, Class AR, 2.986%
(3-Month EURIBOR +
0.980%) due 11/20/34(c)(e) |
|
|
827,678 |
|
| |
700,000 |
|
|
Aaa(d) |
|
Golub
Capital Partners CLO 50B-R Ltd., Series 2020-50A, Class A1R2,
4.778%
(3-Month Term SOFR + 1.110%) due 4/20/35(c)(e) |
|
|
701,609 |
|
| |
700,000 |
EUR |
|
AAA |
|
Hayfin
Emerald CLO VI DAC, Series 6A, Class AR, 3.266%
(3-Month EURIBOR +
1.250%) due 10/15/38(c)(e) |
|
|
828,557 |
|
| |
123,508 |
EUR |
|
Aaa(d) |
|
Man
GLG Euro CLO V DAC, Series 5A, Class A1R, 2.790%
(3-Month EURIBOR
+ 0.690%) due 12/15/31(c)(e) |
|
|
146,046 |
|
| |
700,000 |
|
|
Aaa(d) |
|
Northwoods
Capital 25 Ltd., Series 2021-25A, Class AR, 4.788%
(3-Month Term
SOFR + 1.120%) due 7/20/34(c)(e) |
|
|
699,791 |
|
| |
185,002 |
EUR |
|
Aaa(d) |
|
Palmer
Square European Loan Funding DAC, Series 2023-3A, Class AR,
2.954%
(3-Month EURIBOR + 0.970%) due 5/15/33(c)(e) |
|
|
218,817 |
|
| |
405,462 |
EUR |
|
Aaa(d) |
|
St
Paul’s CLO IV DAC, Series 4A, Class ARR1, 2.860%
(3-Month EURIBOR
+ 0.830%) due 4/25/30(c)(e) |
|
|
478,921 |
|
| |
700,000 |
|
|
Aaa(d) |
|
Symphony
CLO XXIX Ltd., Series 2021-29A, Class AR, 4.822%
(3-Month Term
SOFR + 1.150%) due 10/15/35(c)(e) |
|
|
700,760 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
COLLATERALIZED LOAN OBLIGATIONS
(Cost — $6,436,712) |
|
|
6,726,475 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
| |
CORPORATE BONDS
& NOTES — 0.1% |
|
|
| |
|
| |
Banks
— 0.1% |
|
| |
100,000 |
GBP |
|
BBB+ |
|
HSBC
Holdings PLC, Subordinated Notes, 6.000% due 3/29/40 |
|
|
135,997 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Diversified
Financial Services — 0.0%@ |
|
| |
98,531 |
DKK |
|
AAA |
|
Jyske
Realkredit AS, Covered Notes, 1.500% due 10/1/53 |
|
|
12,193 |
|
| |
100,000 |
DKK |
|
AAA |
|
Nordea
Kredit Realkreditaktieselskab, Covered Notes, 1.500% due 10/1/53 |
|
|
10,873 |
|
| |
167,499 |
DKK |
|
AAA |
|
Realkredit
Danmark AS, Covered Notes, 1.500% due 10/1/53 |
|
|
21,654 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Diversified Financial Services |
|
|
44,720 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
CORPORATE BONDS & NOTES
(Cost — $226,567) |
|
|
180,717 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$203,578,265) |
|
|
201,036,664 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
| |
SHORT-TERM
INVESTMENTS — 1.9% |
|
|
| |
|
| |
| |
REPURCHASE
AGREEMENT — 1.4% |
|
|
| |
| |
2,000,000 |
|
|
| |
BNP
Paribas Finance Inc. repurchase agreement dated 2/27/26, 3.730% due
3/2/26, Proceeds at maturity — $2,000,204; (Fully collateralized by U.S.
Treasury Notes, 1.875% due 7/15/35; Valued — $2,043,832) |
|
|
| |
|
|
|
| |
| |
(Cost — $2,000,000) |
|
|
2,000,000 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
244
|
|
|
|
|
|
|
|
|
|
| |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
|
|
| |
|
Face
Amount/Units† |
|
|
|
|
Security |
|
Value |
|
|
| |
| SHORT-TERM
INVESTMENTS — 1.9% — (continued) |
|
|
|
|
| |
TIME DEPOSITS —
0.5% |
|
| |
56,914 |
AUD |
|
| |
ANZ
National Bank — London, 2.500% due 3/2/26 |
|
$ |
40,500 |
|
| |
15,767 |
CAD |
|
| |
BNP
Paribas — Paris, 1.100% due 3/2/26 |
|
|
11,557 |
|
| $ |
299,580 |
|
|
| |
Citibank
— New York, 2.980% due 3/2/26 |
|
|
299,580 |
|
|
|
|
| |
| |
Skandinaviska Enskilda Banken AB —
Stockholm: |
|
|
| |
| |
31,750 |
CHF |
|
| |
(0.430)%
due 3/2/26 |
|
|
41,301 |
|
| |
42,643 |
DKK |
|
| |
0.650%
due 3/2/26 |
|
|
6,743 |
|
| |
270,322 |
SEK |
|
| |
0.670%
due 3/2/26 |
|
|
29,943 |
|
| |
125,086 |
GBP |
|
| |
2.680%
due 3/2/26 |
|
|
168,572 |
|
| |
2,996 |
NOK |
|
| |
2.700%
due 3/2/26 |
|
|
315 |
|
| |
707 |
NZD |
|
| |
Societe
Generale SA — Paris, 1.400% due 3/2/26 |
|
|
424 |
|
|
|
|
| |
| |
Sumitomo Mitsui Banking Corp. —
Tokyo: |
|
|
| |
| |
4,940,535 |
JPY |
|
| |
0.200%
due 3/2/26 |
|
|
31,639 |
|
| |
46,096 |
EUR |
|
| |
0.880%
due 3/2/26 |
|
|
54,467 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
TIME DEPOSITS
(Cost — $685,041) |
|
|
685,041 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $2,685,041) |
|
|
2,685,041 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS — 141.7%
(Cost — $206,263,306) |
|
|
203,721,705 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Liabilities
in Excess of Other Assets — (41.7)% |
|
|
(59,995,642 |
) |
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
143,726,063 |
|
|
|
|
| |
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| †† |
All
ratings are by Standard & Poor’s Rating Service, unless otherwise
noted. |
| @ |
The
amount is less than 0.05%. |
| (a) |
Position,
or portion thereof, has been segregated to collateralize reverse
repurchase agreement. |
| (b) |
This
security is traded on a TBA basis (see Note 1). |
| (c) |
Variable
rate security. Interest rate disclosed is that which was in effect at
February 28, 2026. |
| (d) |
Rating
by Moody’s Investors Service. |
| (e) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to $10,679,875 and
represents 7.4% of net assets. |
| (f) |
Rating
by Fitch Ratings Service. |
See
Notes to Financial Statements.
245
|
|
|
|
|
|
| |
|
| Inflation-Linked Fixed Income
Fund |
At
February 28, 2026, for Inflation-Linked Fixed Income Fund the aggregate cost of
investments and the aggregate gross unrealized appreciation and depreciation of
all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal Income
Tax Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
(Depreciation) |
|
|
Inflation-Linked
Fixed Income Fund |
|
$ |
206,263,306 |
|
|
$ |
8,262,387 |
|
|
$ |
(9,888,497 |
) |
|
$ |
(1,626,110 |
) |
|
|
| |
|
Abbreviations
used in this schedule: |
| ABS |
|
—
Asset-Backed Security |
| CLO |
|
—
Collateralized Loan Obligation |
| CPI |
|
—
Consumer Price Index |
| DAC |
|
—
Designated Activity Company |
| EURIBOR |
|
—
Euro Interbank Offered Rate |
| LLC |
|
—
Limited Liability Company |
| OAT |
|
—
Obligations assimilables du Trésor |
| PLC |
|
—
Public Limited Company |
| REMICS |
|
—
Real Estate Mortgage Investment Conduits |
| SOFR |
|
—
Secured Overnight Financing Rate |
|
|
|
|
| |
| Summary of Investments by Security
Type^ |
|
|
|
|
U.S.
Government Obligations |
|
|
75.2 |
% |
|
Mortgage-Backed
Securities |
|
|
10.7 |
|
|
Collateralized
Mortgage Obligations |
|
|
5.7 |
|
|
Sovereign
Bonds |
|
|
3.7 |
|
|
Collateralized
Loan Obligations |
|
|
3.3 |
|
|
Corporate
Bonds & Notes |
|
|
0.1 |
|
|
Short-Term
Investments |
|
|
1.3 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
% |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
At
February 28, 2026, Inflation-Linked Fixed Income Fund held the following
Options Contracts Written:
Interest Rate Swaptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Number of
Contracts |
|
|
Notional
Amount† |
|
|
Security Name |
|
Counterparty |
|
|
Expiration
Date |
|
|
Exercise
Rate |
|
|
Value |
|
| |
6,900,000 |
|
|
|
138,897 |
EUR |
|
OTC 2-Year Swaption, 3-Month EURIBOR, Call |
|
|
BCLY |
|
|
|
1/25/27 |
|
|
|
2.440% |
|
|
$ |
47,360 |
|
| |
6,900,000 |
|
|
|
138,897 |
EUR |
|
OTC 2-Year Swaption, 3-Month EURIBOR, Put |
|
|
BCLY |
|
|
|
1/25/27 |
|
|
|
2.440% |
|
|
|
14,422 |
|
|
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
TOTAL
OPTIONS CONTRACTS WRITTEN
(Premiums received — $122,966) |
|
|
|
| |
|
|
| |
|
|
| |
$ |
61,782 |
|
|
|
|
| |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
See
Notes to Financial Statements.
246
|
|
|
|
|
|
| |
|
|
Inflation-Linked
Fixed Income Fund |
At
February 28, 2026, Inflation-Linked Fixed Income Fund held the following
Reverse Repurchase Agreement:
|
|
|
|
|
|
| |
|
|
| |
Face
Amount† |
|
Security |
|
Value |
|
| $ 54,425,125 |
|
Nomura Securities International, Inc., 3.760% due 4/2/26. |
|
|
| |
|
| |
(Proceeds —
$54,425,125) |
|
|
$ 54,425,125 |
|
|
| |
| |
|
|
|
For
the period ended February 28, 2026, the daily average borrowing and
weighted average interest rate under the reverse repurchase agreements were
$19,844,011 and 3.973%, respectively.
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
At
February 28, 2026, Inflation-Linked Fixed Income Fund had open
exchange-traded futures contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Australian
Government 10-Year Bond
Futures |
|
|
24 |
|
|
|
3/26 |
|
|
$ |
1,864,884 |
|
|
$ |
1,888,398 |
|
|
$ |
23,514 |
|
|
Euro-BTP Futures |
|
|
8 |
|
|
|
3/26 |
|
|
|
1,138,684 |
|
|
|
1,161,276 |
|
|
|
22,592 |
|
|
Euro-BTP Futures |
|
|
9 |
|
|
|
6/26 |
|
|
|
1,294,738 |
|
|
|
1,296,652 |
|
|
|
1,914 |
|
|
Euro-Bund
Futures |
|
|
46 |
|
|
|
3/26 |
|
|
|
7,000,803 |
|
|
|
7,078,470 |
|
|
|
77,667 |
|
|
U.S. Treasury 5-Year Note Futures |
|
|
114 |
|
|
|
6/26 |
|
|
|
12,520,406 |
|
|
|
12,556,031 |
|
|
|
35,625 |
|
|
U.S. Treasury Long Bond Futures |
|
|
22 |
|
|
|
6/26 |
|
|
|
2,585,000 |
|
|
|
2,606,313 |
|
|
|
21,313 |
|
|
U.S. Treasury Ultra Long Bond Futures |
|
|
2 |
|
|
|
6/26 |
|
|
|
240,859 |
|
|
|
243,187 |
|
|
|
2,328 |
|
|
U.S. Ultra Long Bond Futures |
|
|
77 |
|
|
|
6/26 |
|
|
|
8,934,537 |
|
|
|
8,988,547 |
|
|
|
54,010 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
238,963 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| Contracts
to Sell: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Euro-Bobl
Futures |
|
|
7 |
|
|
|
3/26 |
|
|
|
970,543 |
|
|
|
971,536 |
|
|
|
(993 |
) |
|
Euro-Buxl
30-Year Bond Futures |
|
|
12 |
|
|
|
3/26 |
|
|
|
1,586,203 |
|
|
|
1,614,443 |
|
|
|
(28,240 |
) |
|
Euro-OAT Futures |
|
|
32 |
|
|
|
3/26 |
|
|
|
4,577,424 |
|
|
|
4,685,564 |
|
|
|
(108,140 |
) |
|
Euro-OAT Futures |
|
|
13 |
|
|
|
6/26 |
|
|
|
1,892,545 |
|
|
|
1,896,137 |
|
|
|
(3,592 |
) |
|
Japan
Government 10-Year Bond
Futures |
|
|
2 |
|
|
|
3/26 |
|
|
|
1,707,438 |
|
|
|
1,700,874 |
|
|
|
6,564 |
|
|
U.S. Treasury 2-Year Note Futures |
|
|
84 |
|
|
|
6/26 |
|
|
|
17,550,750 |
|
|
|
17,578,969 |
|
|
|
(28,219 |
) |
|
U.S. Treasury 10-Year Note Futures |
|
|
167 |
|
|
|
6/26 |
|
|
|
18,864,178 |
|
|
|
19,006,688 |
|
|
|
(142,510 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
(305,130 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Net
Unrealized Depreciation on Open Exchange-Traded Futures Contracts |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(66,167 |
) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Inflation-Linked Fixed Income Fund had deposited cash of
$329,000 with a broker or brokers as margin collateral on open exchange-traded
futures contracts.
See
Notes to Financial Statements.
247
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income
Fund |
At
February 28, 2026, Inflation-Linked Fixed Income Fund had open forward
foreign currency contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
|
| |
|
Brazilian
Real |
|
|
262,239 |
|
|
USD |
|
50,000 |
|
BNP |
|
$ |
51,147 |
|
|
3/3/26 |
|
$ |
1,147 |
|
|
Brazilian
Real |
|
|
725,117 |
|
|
USD |
|
138,000 |
|
BNP |
|
|
141,427 |
|
|
3/3/26 |
|
|
3,427 |
|
|
Brazilian
Real |
|
|
9,214,366 |
|
|
USD |
|
1,731,034 |
|
BNP |
|
|
1,770,405 |
|
|
5/5/26 |
|
|
39,371 |
|
|
Brazilian
Real |
|
|
2,454 |
|
|
USD |
|
476 |
|
JPM |
|
|
478 |
|
|
3/3/26 |
|
|
2 |
|
|
Brazilian
Real |
|
|
206,174 |
|
|
USD |
|
40,000 |
|
JPM |
|
|
40,212 |
|
|
3/3/26 |
|
|
212 |
|
|
Brazilian
Real |
|
|
255,275 |
|
|
USD |
|
49,573 |
|
MLP |
|
|
49,789 |
|
|
3/3/26 |
|
|
216 |
|
|
Brazilian
Real |
|
|
989,125 |
|
|
USD |
|
189,673 |
|
MLP |
|
|
191,337 |
|
|
4/2/26 |
|
|
1,664 |
|
|
Brazilian
Real |
|
|
725,997 |
|
|
USD |
|
139,000 |
|
MLP |
|
|
141,599 |
|
|
3/3/26 |
|
|
2,599 |
|
|
British
Pound |
|
|
1,904,498 |
|
|
USD |
|
2,575,651 |
|
BCLY |
|
|
2,566,598 |
|
|
3/3/26 |
|
|
(9,053 |
) |
|
British
Pound |
|
|
337,502 |
|
|
USD |
|
454,856 |
|
HSBC |
|
|
454,835 |
|
|
3/3/26 |
|
|
(21 |
) |
|
Canadian
Dollar |
|
|
2,173,469 |
|
|
USD |
|
1,587,749 |
|
MLP |
|
|
1,593,102 |
|
|
3/3/26 |
|
|
5,353 |
|
|
Chinese
Offshore Renminbi |
|
|
243,763 |
|
|
USD |
|
35,511 |
|
DUB |
|
|
35,531 |
|
|
3/3/26 |
|
|
20 |
|
|
Colombian
Peso |
|
|
512,076,000 |
|
|
USD |
|
139,000 |
|
MLP |
|
|
135,607 |
|
|
3/18/26 |
|
|
(3,393 |
) |
|
Colombian
Peso |
|
|
512,946,000 |
|
|
USD |
|
138,000 |
|
MLP |
|
|
135,837 |
|
|
3/18/26 |
|
|
(2,163 |
) |
|
Colombian
Peso |
|
|
1,073,117,621 |
|
|
USD |
|
276,698 |
|
SCB |
|
|
271,296 |
|
|
9/16/26 |
|
|
(5,402 |
) |
|
Danish
Krone |
|
|
318,952 |
|
|
USD |
|
50,307 |
|
HSBC |
|
|
50,438 |
|
|
3/3/26 |
|
|
131 |
|
|
Euro |
|
|
177,000 |
|
|
USD |
|
208,763 |
|
BCLY |
|
|
209,144 |
|
|
3/3/26 |
|
|
381 |
|
|
Euro |
|
|
129,000 |
|
|
USD |
|
153,239 |
|
BNP |
|
|
152,426 |
|
|
3/3/26 |
|
|
(813 |
) |
|
Euro |
|
|
90,000 |
|
|
USD |
|
106,228 |
|
JPM |
|
|
106,344 |
|
|
3/3/26 |
|
|
116 |
|
|
Euro |
|
|
722,000 |
|
|
USD |
|
853,232 |
|
JPM |
|
|
854,554 |
|
|
4/2/26 |
|
|
1,322 |
|
|
Euro |
|
|
65,000 |
|
|
USD |
|
77,228 |
|
SCB |
|
|
76,804 |
|
|
3/3/26 |
|
|
(424 |
) |
|
Indian
Rupee |
|
|
121,823,360 |
|
|
USD |
|
1,320,647 |
|
BCLY |
|
|
1,335,106 |
|
|
4/7/26 |
|
|
14,459 |
|
|
Indian
Rupee |
|
|
6,929,535 |
|
|
USD |
|
75,000 |
|
JPM |
|
|
75,943 |
|
|
4/7/26 |
|
|
943 |
|
|
Indian
Rupee |
|
|
3,628,116 |
|
|
USD |
|
40,000 |
|
MLP |
|
|
39,841 |
|
|
3/12/26 |
|
|
(159 |
) |
|
Indian
Rupee |
|
|
17,049,352 |
|
|
USD |
|
188,164 |
|
SCB |
|
|
186,850 |
|
|
4/7/26 |
|
|
(1,314 |
) |
|
Indian
Rupee |
|
|
8,587,637 |
|
|
USD |
|
93,100 |
|
SCB |
|
|
94,115 |
|
|
4/7/26 |
|
|
1,015 |
|
|
Indonesian
Rupiah |
|
|
670,084,000 |
|
|
USD |
|
40,000 |
|
BCLY |
|
|
39,958 |
|
|
3/12/26 |
|
|
(42 |
) |
|
Indonesian
Rupiah |
|
|
837,905,000 |
|
|
USD |
|
50,000 |
|
BCLY |
|
|
49,976 |
|
|
3/5/26 |
|
|
(24 |
) |
|
Indonesian
Rupiah |
|
|
670,084,000 |
|
|
USD |
|
39,834 |
|
BNP |
|
|
39,874 |
|
|
6/10/26 |
|
|
40 |
|
|
Indonesian
Rupiah |
|
|
827,345,488 |
|
|
USD |
|
49,098 |
|
BNP |
|
|
49,232 |
|
|
6/10/26 |
|
|
134 |
|
|
Indonesian
Rupiah |
|
|
843,768,027 |
|
|
USD |
|
50,058 |
|
JPM |
|
|
50,209 |
|
|
6/10/26 |
|
|
151 |
|
|
Indonesian
Rupiah |
|
|
169,045,612 |
|
|
USD |
|
10,012 |
|
SCB |
|
|
10,059 |
|
|
6/10/26 |
|
|
47 |
|
|
Indonesian
Rupiah |
|
|
507,111,000 |
|
|
USD |
|
30,000 |
|
SCB |
|
|
30,229 |
|
|
3/25/26 |
|
|
229 |
|
|
Indonesian
Rupiah |
|
|
2,181,578,454 |
|
|
USD |
|
129,416 |
|
SCB |
|
|
129,816 |
|
|
6/10/26 |
|
|
400 |
|
|
Israeli
New Shekel |
|
|
186,000 |
|
|
USD |
|
60,217 |
|
BCLY |
|
|
59,371 |
|
|
4/6/26 |
|
|
(846 |
) |
|
Japanese
Yen |
|
|
149,145,107 |
|
|
USD |
|
956,733 |
|
HSBC |
|
|
955,109 |
|
|
3/3/26 |
|
|
(1,624 |
) |
|
Japanese
Yen |
|
|
108,675,658 |
|
|
USD |
|
696,371 |
|
HSBC |
|
|
695,947 |
|
|
3/3/26 |
|
|
(424 |
) |
|
Japanese
Yen |
|
|
108,073,756 |
|
|
USD |
|
690,991 |
|
SCB |
|
|
692,093 |
|
|
3/3/26 |
|
|
1,102 |
|
|
Korean
Won |
|
|
101,327,765 |
|
|
USD |
|
70,084 |
|
DUB |
|
|
70,364 |
|
|
3/5/26 |
|
|
280 |
|
|
Mexican
Peso |
|
|
2,392,000 |
|
|
USD |
|
138,384 |
|
BCLY |
|
|
138,677 |
|
|
3/18/26 |
|
|
293 |
|
|
Mexican
Peso |
|
|
3,118,000 |
|
|
USD |
|
168,378 |
|
BCLY |
|
|
180,767 |
|
|
3/18/26 |
|
|
12,389 |
|
|
Mexican
Peso |
|
|
3,624,000 |
|
|
USD |
|
210,764 |
|
BNP |
|
|
210,103 |
|
|
3/18/26 |
|
|
(661 |
) |
|
Mexican
Peso |
|
|
2,958,000 |
|
|
USD |
|
171,908 |
|
BNP |
|
|
171,491 |
|
|
3/18/26 |
|
|
(417 |
) |
|
Mexican
Peso |
|
|
3,157,000 |
|
|
USD |
|
183,090 |
|
BNP |
|
|
183,028 |
|
|
3/18/26 |
|
|
(62 |
) |
|
Mexican
Peso |
|
|
9,974,607 |
|
|
USD |
|
572,963 |
|
BNP |
|
|
573,673 |
|
|
6/17/26 |
|
|
710 |
|
See
Notes to Financial Statements.
248
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: (continued) |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
|
| |
|
Mexican
Peso |
|
|
1,925,000 |
|
|
USD |
|
104,998 |
|
BNP |
|
$ |
111,702 |
|
|
3/9/26 |
|
$ |
6,704 |
|
|
Mexican
Peso |
|
|
1,887,000 |
|
|
USD |
|
101,699 |
|
BNP |
|
|
109,557 |
|
|
3/2/26 |
|
|
7,858 |
|
|
Mexican
Peso |
|
|
3,158,169 |
|
|
USD |
|
180,702 |
|
DUB |
|
|
181,637 |
|
|
6/17/26 |
|
|
935 |
|
|
Mexican
Peso |
|
|
805,749 |
|
|
USD |
|
43,775 |
|
HSBC |
|
|
46,755 |
|
|
3/9/26 |
|
|
2,980 |
|
|
Mexican
Peso |
|
|
2,001,000 |
|
|
USD |
|
108,571 |
|
HSBC |
|
|
115,712 |
|
|
4/15/26 |
|
|
7,141 |
|
|
Mexican
Peso |
|
|
107 |
|
|
USD |
|
6 |
|
JPM |
|
|
6 |
|
|
3/18/26 |
|
|
– |
|
|
Mexican
Peso |
|
|
554,817 |
|
|
USD |
|
30,140 |
|
JPM |
|
|
32,099 |
|
|
4/9/26 |
|
|
1,959 |
|
|
Mexican
Peso |
|
|
9,791,321 |
|
|
USD |
|
546,806 |
|
JPM |
|
|
565,974 |
|
|
4/20/26 |
|
|
19,168 |
|
|
Mexican
Peso |
|
|
2,382,000 |
|
|
USD |
|
137,985 |
|
MLP |
|
|
138,098 |
|
|
3/18/26 |
|
|
113 |
|
|
Mexican
Peso |
|
|
2,800,000 |
|
|
USD |
|
151,535 |
|
MLP |
|
|
161,942 |
|
|
4/13/26 |
|
|
10,407 |
|
|
New
Taiwan Dollar |
|
|
628,880 |
|
|
USD |
|
20,000 |
|
BCLY |
|
|
20,079 |
|
|
3/24/26 |
|
|
79 |
|
|
New
Taiwan Dollar |
|
|
1,602,008 |
|
|
USD |
|
51,064 |
|
BNP |
|
|
51,128 |
|
|
3/18/26 |
|
|
64 |
|
|
New
Taiwan Dollar |
|
|
1,731,950 |
|
|
USD |
|
55,000 |
|
BNP |
|
|
55,274 |
|
|
3/18/26 |
|
|
274 |
|
|
New
Zealand Dollar |
|
|
297,000 |
|
|
USD |
|
178,815 |
|
HSBC |
|
|
178,141 |
|
|
3/3/26 |
|
|
(674 |
) |
|
New
Zealand Dollar |
|
|
281,000 |
|
|
USD |
|
167,884 |
|
JPM |
|
|
168,544 |
|
|
3/3/26 |
|
|
660 |
|
|
New
Zealand Dollar |
|
|
1,279,480 |
|
|
USD |
|
764,067 |
|
SCB |
|
|
767,432 |
|
|
3/3/26 |
|
|
3,365 |
|
|
Norwegian
Krone |
|
|
93,270 |
|
|
USD |
|
9,726 |
|
HSBC |
|
|
9,808 |
|
|
3/3/26 |
|
|
82 |
|
|
Norwegian
Krone |
|
|
665,000 |
|
|
USD |
|
68,881 |
|
HSBC |
|
|
69,931 |
|
|
3/3/26 |
|
|
1,050 |
|
|
Polish
Zloty |
|
|
134,383 |
|
|
USD |
|
37,345 |
|
BCLY |
|
|
37,607 |
|
|
4/15/26 |
|
|
262 |
|
|
Polish
Zloty |
|
|
36,000 |
|
|
USD |
|
9,993 |
|
BNP |
|
|
10,074 |
|
|
4/15/26 |
|
|
81 |
|
|
Polish
Zloty |
|
|
36,000 |
|
|
USD |
|
9,980 |
|
BNP |
|
|
10,075 |
|
|
4/15/26 |
|
|
95 |
|
|
Polish
Zloty |
|
|
136,990 |
|
|
USD |
|
38,026 |
|
BNP |
|
|
38,336 |
|
|
4/15/26 |
|
|
310 |
|
|
Polish
Zloty |
|
|
359,239 |
|
|
USD |
|
99,664 |
|
BNP |
|
|
100,532 |
|
|
4/15/26 |
|
|
868 |
|
|
Polish
Zloty |
|
|
2,638,613 |
|
|
USD |
|
726,368 |
|
DUB |
|
|
738,416 |
|
|
4/22/26 |
|
|
12,048 |
|
|
Polish
Zloty |
|
|
216,000 |
|
|
USD |
|
59,729 |
|
HSBC |
|
|
60,448 |
|
|
4/15/26 |
|
|
719 |
|
|
Polish
Zloty |
|
|
95,000 |
|
|
USD |
|
26,303 |
|
JPM |
|
|
26,586 |
|
|
4/15/26 |
|
|
283 |
|
|
Polish
Zloty |
|
|
334,000 |
|
|
USD |
|
92,336 |
|
JPM |
|
|
93,469 |
|
|
4/15/26 |
|
|
1,133 |
|
|
Singapore
Dollar |
|
|
2,056,722 |
|
|
USD |
|
1,628,571 |
|
JPM |
|
|
1,625,932 |
|
|
3/3/26 |
|
|
(2,639 |
) |
|
South
African Rand |
|
|
3,389,347 |
|
|
USD |
|
210,682 |
|
BCLY |
|
|
212,556 |
|
|
3/20/26 |
|
|
1,874 |
|
|
South
African Rand |
|
|
2,231,000 |
|
|
USD |
|
137,903 |
|
BCLY |
|
|
139,913 |
|
|
3/20/26 |
|
|
2,010 |
|
|
South
African Rand |
|
|
2,723,518 |
|
|
USD |
|
168,323 |
|
BCLY |
|
|
170,800 |
|
|
3/20/26 |
|
|
2,477 |
|
|
South
African Rand |
|
|
2,651,341 |
|
|
USD |
|
165,685 |
|
SCB |
|
|
166,274 |
|
|
3/20/26 |
|
|
589 |
|
|
Swedish
Krona |
|
|
1,320,134 |
|
|
USD |
|
145,496 |
|
BCLY |
|
|
146,497 |
|
|
4/2/26 |
|
|
1,001 |
|
|
Swedish
Krona |
|
|
699,720 |
|
|
USD |
|
79,112 |
|
HSBC |
|
|
77,506 |
|
|
3/3/26 |
|
|
(1,606 |
) |
|
Swedish
Krona |
|
|
620,000 |
|
|
USD |
|
69,387 |
|
JPM |
|
|
68,676 |
|
|
3/3/26 |
|
|
(711 |
) |
|
Swiss
Franc |
|
|
54,000 |
|
|
USD |
|
69,864 |
|
BCLY |
|
|
70,244 |
|
|
3/3/26 |
|
|
380 |
|
|
Swiss
Franc |
|
|
84,000 |
|
|
USD |
|
109,884 |
|
JPM |
|
|
109,268 |
|
|
3/3/26 |
|
|
(616 |
) |
|
Thai
Baht |
|
|
685,893 |
|
|
USD |
|
21,908 |
|
BCLY |
|
|
22,071 |
|
|
3/5/26 |
|
|
163 |
|
|
Turkish
Lira |
|
|
32,345,665 |
|
|
USD |
|
703,083 |
|
BCLY |
|
|
721,533 |
|
|
3/27/26 |
|
|
18,450 |
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
|
|
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
|
160,647 |
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
|
|
|
| Contracts
to Sell: |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
|
| |
|
Australian
Dollar |
|
|
1,426,000 |
|
|
USD |
|
999,436 |
|
BCLY |
|
|
1,014,742 |
|
|
3/3/26 |
|
|
(15,306 |
) |
|
Australian
Dollar |
|
|
1,426,000 |
|
|
USD |
|
1,013,054 |
|
HSBC |
|
|
1,014,618 |
|
|
4/2/26 |
|
|
(1,564 |
) |
|
Brazilian
Real |
|
|
526,126 |
|
|
USD |
|
100,000 |
|
BNP |
|
|
102,616 |
|
|
3/3/26 |
|
|
(2,616 |
) |
|
Brazilian
Real |
|
|
461,229 |
|
|
USD |
|
89,568 |
|
BNP |
|
|
89,958 |
|
|
3/3/26 |
|
|
(390 |
) |
|
Brazilian
Real |
|
|
403,842 |
|
|
USD |
|
78,000 |
|
DUB |
|
|
78,119 |
|
|
4/2/26 |
|
|
(119 |
) |
|
Brazilian
Real |
|
|
208,628 |
|
|
USD |
|
40,000 |
|
JPM |
|
|
40,691 |
|
|
3/3/26 |
|
|
(691 |
) |
|
Brazilian
Real |
|
|
981,272 |
|
|
USD |
|
189,673 |
|
MLP |
|
|
191,388 |
|
|
3/3/26 |
|
|
(1,715 |
) |
|
British
Pound |
|
|
1,904,498 |
|
|
USD |
|
2,575,801 |
|
BCLY |
|
|
2,566,840 |
|
|
4/2/26 |
|
|
8,961 |
|
|
British
Pound |
|
|
2,242,000 |
|
|
USD |
|
3,091,882 |
|
SCB |
|
|
3,021,433 |
|
|
3/3/26 |
|
|
70,449 |
|
|
Canadian
Dollar |
|
|
2,175,216 |
|
|
USD |
|
1,604,518 |
|
BNP |
|
|
1,594,383 |
|
|
3/3/26 |
|
|
10,135 |
|
|
Canadian
Dollar |
|
|
2,170,714 |
|
|
USD |
|
1,587,749 |
|
MLP |
|
|
1,593,164 |
|
|
4/2/26 |
|
|
(5,415 |
) |
See
Notes to Financial Statements.
249
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Sell: (continued) |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
|
| |
|
Chinese
Offshore Renminbi |
|
|
243,298 |
|
|
USD |
|
35,511 |
|
DUB |
|
$ |
35,544 |
|
|
4/2/26 |
|
|
$ (33 |
) |
|
Chinese
Offshore Renminbi |
|
|
122,000 |
|
|
USD |
|
17,582 |
|
HSBC |
|
|
17,783 |
|
|
3/3/26 |
|
|
(201 |
) |
|
Chinese
Offshore Renminbi |
|
|
120,831 |
|
|
USD |
|
17,435 |
|
HSBC |
|
|
17,612 |
|
|
3/3/26 |
|
|
(177 |
) |
|
Chinese
Offshore Renminbi |
|
|
1,000 |
|
|
USD |
|
144 |
|
JPM |
|
|
146 |
|
|
3/3/26 |
|
|
(2 |
) |
|
Colombian
Peso |
|
|
1,028,762,941 |
|
|
USD |
|
276,698 |
|
SCB |
|
|
272,435 |
|
|
3/18/26 |
|
|
4,263 |
|
|
Danish
Krone |
|
|
318,304 |
|
|
USD |
|
50,307 |
|
HSBC |
|
|
50,449 |
|
|
4/7/26 |
|
|
(142 |
) |
|
Danish
Krone |
|
|
318,794 |
|
|
USD |
|
51,270 |
|
SCB |
|
|
50,412 |
|
|
3/3/26 |
|
|
858 |
|
|
Euro |
|
|
4,558,121 |
|
|
USD |
|
5,445,956 |
|
BCLY |
|
|
5,385,876 |
|
|
3/3/26 |
|
|
60,080 |
|
|
Euro |
|
|
4,097,121 |
|
|
USD |
|
4,843,993 |
|
BNP |
|
|
4,849,318 |
|
|
4/2/26 |
|
|
(5,325 |
) |
|
Indian
Rupee |
|
|
2,761,662 |
|
|
USD |
|
30,349 |
|
DUB |
|
|
30,266 |
|
|
4/7/26 |
|
|
83 |
|
|
Indian
Rupee |
|
|
905,664 |
|
|
USD |
|
10,000 |
|
MLP |
|
|
9,949 |
|
|
3/5/26 |
|
|
51 |
|
|
Indonesian
Rupiah |
|
|
825,062,431 |
|
|
USD |
|
49,098 |
|
BNP |
|
|
49,210 |
|
|
3/5/26 |
|
|
(112 |
) |
|
Indonesian
Rupiah |
|
|
278,132,092 |
|
|
USD |
|
16,495 |
|
BNP |
|
|
16,550 |
|
|
6/10/26 |
|
|
(55 |
) |
|
Indonesian
Rupiah |
|
|
670,084,000 |
|
|
USD |
|
39,927 |
|
BNP |
|
|
39,958 |
|
|
3/12/26 |
|
|
(31 |
) |
|
Indonesian
Rupiah |
|
|
386,329,269 |
|
|
USD |
|
22,991 |
|
BNP |
|
|
22,989 |
|
|
6/10/26 |
|
|
2 |
|
|
Indonesian
Rupiah |
|
|
849,250,000 |
|
|
USD |
|
50,377 |
|
JPM |
|
|
50,535 |
|
|
6/10/26 |
|
|
(158 |
) |
|
Israeli
New Shekel |
|
|
1,040,876 |
|
|
USD |
|
338,258 |
|
BCLY |
|
|
332,606 |
|
|
6/10/26 |
|
|
5,652 |
|
|
Israeli
New Shekel |
|
|
155,000 |
|
|
USD |
|
49,462 |
|
BNP |
|
|
49,530 |
|
|
6/10/26 |
|
|
(68 |
) |
|
Israeli
New Shekel |
|
|
438,610 |
|
|
USD |
|
142,050 |
|
BNP |
|
|
140,004 |
|
|
4/6/26 |
|
|
2,046 |
|
|
Israeli
New Shekel |
|
|
443,315 |
|
|
USD |
|
142,944 |
|
DUB |
|
|
141,505 |
|
|
4/6/26 |
|
|
1,439 |
|
|
Israeli
New Shekel |
|
|
441,633 |
|
|
USD |
|
142,943 |
|
DUB |
|
|
140,984 |
|
|
4/13/26 |
|
|
1,959 |
|
|
Israeli
New Shekel |
|
|
93,000 |
|
|
USD |
|
30,050 |
|
JPM |
|
|
29,718 |
|
|
6/10/26 |
|
|
332 |
|
|
Israeli
New Shekel |
|
|
220,735 |
|
|
USD |
|
70,715 |
|
MLP |
|
|
70,545 |
|
|
6/17/26 |
|
|
170 |
|
|
Israeli
New Shekel |
|
|
329,152 |
|
|
USD |
|
106,845 |
|
MLP |
|
|
105,179 |
|
|
6/10/26 |
|
|
1,666 |
|
|
Israeli
New Shekel |
|
|
398,558 |
|
|
USD |
|
130,083 |
|
MLP |
|
|
127,376 |
|
|
6/17/26 |
|
|
2,707 |
|
|
Japanese
Yen |
|
|
108,394,881 |
|
|
USD |
|
696,371 |
|
HSBC |
|
|
696,007 |
|
|
4/2/26 |
|
|
364 |
|
|
Japanese
Yen |
|
|
148,759,448 |
|
|
USD |
|
956,733 |
|
HSBC |
|
|
955,189 |
|
|
4/2/26 |
|
|
1,544 |
|
|
Japanese
Yen |
|
|
94,786,397 |
|
|
USD |
|
619,304 |
|
HSBC |
|
|
607,002 |
|
|
3/3/26 |
|
|
12,302 |
|
|
Japanese
Yen |
|
|
98,619,595 |
|
|
USD |
|
645,108 |
|
HSBC |
|
|
631,549 |
|
|
3/3/26 |
|
|
13,559 |
|
|
Japanese
Yen |
|
|
31,984,448 |
|
|
USD |
|
205,693 |
|
MLP |
|
|
205,373 |
|
|
4/2/26 |
|
|
320 |
|
|
Japanese
Yen |
|
|
107,794,526 |
|
|
USD |
|
690,991 |
|
SCB |
|
|
692,152 |
|
|
4/2/26 |
|
|
(1,161 |
) |
|
Japanese
Yen |
|
|
204,615,688 |
|
|
USD |
|
1,343,603 |
|
SCB |
|
|
1,310,337 |
|
|
3/3/26 |
|
|
33,266 |
|
|
Korean
Won |
|
|
29,136,200 |
|
|
USD |
|
20,000 |
|
BCLY |
|
|
20,237 |
|
|
3/12/26 |
|
|
(237 |
) |
|
Korean
Won |
|
|
101,285,715 |
|
|
USD |
|
70,084 |
|
DUB |
|
|
70,366 |
|
|
3/18/26 |
|
|
(282 |
) |
|
Korean
Won |
|
|
46,976,631 |
|
|
USD |
|
32,506 |
|
DUB |
|
|
32,636 |
|
|
3/18/26 |
|
|
(130 |
) |
|
Korean
Won |
|
|
101,355,800 |
|
|
USD |
|
70,000 |
|
MLP |
|
|
70,384 |
|
|
3/5/26 |
|
|
(384 |
) |
|
Mexican
Peso |
|
|
1,683,000 |
|
|
USD |
|
96,745 |
|
BNP |
|
|
97,573 |
|
|
3/18/26 |
|
|
(828 |
) |
|
Mexican
Peso |
|
|
9,892,730 |
|
|
USD |
|
572,963 |
|
BNP |
|
|
573,535 |
|
|
3/18/26 |
|
|
(572 |
) |
|
Mexican
Peso |
|
|
3,130,666 |
|
|
USD |
|
180,702 |
|
DUB |
|
|
181,502 |
|
|
3/18/26 |
|
|
(800 |
) |
|
New
Taiwan Dollar |
|
|
627,180 |
|
|
USD |
|
20,000 |
|
BCLY |
|
|
20,035 |
|
|
3/31/26 |
|
|
(35 |
) |
|
New
Taiwan Dollar |
|
|
630,492 |
|
|
USD |
|
19,956 |
|
BNP |
|
|
20,122 |
|
|
3/18/26 |
|
|
(166 |
) |
|
New
Taiwan Dollar |
|
|
639,865 |
|
|
USD |
|
20,569 |
|
BNP |
|
|
20,421 |
|
|
3/18/26 |
|
|
148 |
|
|
New
Taiwan Dollar |
|
|
589,008 |
|
|
USD |
|
18,966 |
|
BNP |
|
|
18,798 |
|
|
3/18/26 |
|
|
168 |
|
|
New
Zealand Dollar |
|
|
1,857,480 |
|
|
USD |
|
1,127,227 |
|
BCLY |
|
|
1,114,116 |
|
|
3/3/26 |
|
|
13,111 |
|
|
New
Zealand Dollar |
|
|
1,279,480 |
|
|
USD |
|
764,957 |
|
SCB |
|
|
768,425 |
|
|
4/2/26 |
|
|
(3,468 |
) |
|
Norwegian
Krone |
|
|
490,577 |
|
|
USD |
|
50,990 |
|
BCLY |
|
|
51,589 |
|
|
3/3/26 |
|
|
(599 |
) |
|
Norwegian
Krone |
|
|
285,000 |
|
|
USD |
|
29,886 |
|
HSBC |
|
|
29,971 |
|
|
3/3/26 |
|
|
(85 |
) |
|
Norwegian
Krone |
|
|
93,283 |
|
|
USD |
|
9,726 |
|
HSBC |
|
|
9,807 |
|
|
4/7/26 |
|
|
(81 |
) |
|
Polish
Zloty |
|
|
71,000 |
|
|
USD |
|
20,061 |
|
BNP |
|
|
19,869 |
|
|
4/15/26 |
|
|
192 |
|
|
Polish
Zloty |
|
|
178,000 |
|
|
USD |
|
49,750 |
|
MLP |
|
|
49,813 |
|
|
4/15/26 |
|
|
(63 |
) |
|
Singapore
Dollar |
|
|
2,059,002 |
|
|
USD |
|
1,626,236 |
|
HSBC |
|
|
1,627,734 |
|
|
3/3/26 |
|
|
(1,498 |
) |
|
Singapore
Dollar |
|
|
2,052,392 |
|
|
USD |
|
1,628,571 |
|
JPM |
|
|
1,626,435 |
|
|
4/2/26 |
|
|
2,136 |
|
See
Notes to Financial Statements.
250
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income
Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Foreign Currency |
|
Local Currency |
|
|
In Exchange For |
|
Counterparty |
|
Value |
|
|
Settlement
Date |
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Sell: (continued) |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
|
| |
|
South
African Rand |
|
|
321,000 |
|
|
USD |
|
19,840 |
|
MLP |
|
$ |
20,131 |
|
|
3/20/26 |
|
$ |
(291 |
) |
|
Swedish
Krona |
|
|
1,322,197 |
|
|
USD |
|
145,496 |
|
BCLY |
|
|
146,456 |
|
|
3/3/26 |
|
|
(960 |
) |
|
Swiss
Franc |
|
|
235,038 |
|
|
USD |
|
305,423 |
|
BCLY |
|
|
306,905 |
|
|
4/2/26 |
|
|
(1,482 |
) |
|
Swiss
Franc |
|
|
374,000 |
|
|
USD |
|
483,696 |
|
JPM |
|
|
486,504 |
|
|
3/3/26 |
|
|
(2,808 |
) |
|
Thai
Baht |
|
|
2,214,170 |
|
|
USD |
|
70,000 |
|
BCLY |
|
|
71,250 |
|
|
3/5/26 |
|
|
(1,250 |
) |
|
Thai
Baht |
|
|
2,492,016 |
|
|
USD |
|
80,000 |
|
BCLY |
|
|
80,226 |
|
|
3/12/26 |
|
|
(226 |
) |
|
Thai
Baht |
|
|
935,358 |
|
|
USD |
|
30,000 |
|
BCLY |
|
|
30,127 |
|
|
3/19/26 |
|
|
(127 |
) |
|
Thai
Baht |
|
|
2,180 |
|
|
USD |
|
70 |
|
BCLY |
|
|
70 |
|
|
4/20/26 |
|
|
– |
|
|
Thai
Baht |
|
|
931,676 |
|
|
USD |
|
30,000 |
|
JPM |
|
|
30,022 |
|
|
3/26/26 |
|
|
(22 |
) |
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
|
|
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
|
196,288 |
|
|
| |
|
|
| |
| |
| |
| |
|
|
| |
| |
|
|
|
|
Net
Unrealized Appreciation on Open Forward Foreign
Currency Contracts |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
$ |
356,935 |
|
|
|
| |
| |
| |
| |
|
|
| |
| |
|
|
|
At
February 28, 2026, 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% |
|
|
|
9/16/36 |
|
|
|
12-Month |
|
|
|
EUR |
|
|
|
2,620,000 |
|
|
$ |
3,141 |
|
|
$ |
(11,983 |
) |
|
$ |
15,124 |
|
| Receive |
|
6-Month EURIBOR |
|
|
0.197% |
|
|
|
11/8/52 |
|
|
|
12-Month |
|
|
|
EUR |
|
|
|
1,100,000 |
|
|
|
687,857 |
|
|
|
– |
|
|
|
687,857 |
|
| Receive |
|
6-Month EURIBOR |
|
|
3.000% |
|
|
|
9/16/56 |
|
|
|
12-Month |
|
|
|
EUR |
|
|
|
50,000 |
|
|
|
(17 |
) |
|
|
960 |
|
|
|
(977 |
) |
| Receive |
|
6-Month EURIBOR |
|
|
3.050% |
|
|
|
1/13/56 |
|
|
|
12-Month |
|
|
|
EUR |
|
|
|
600,000 |
|
|
|
(10,941 |
) |
|
|
28,019 |
|
|
|
(38,960 |
) |
| Receive |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
0.300% |
|
|
|
9/20/27 |
|
|
|
6-Month |
|
|
|
JPY |
|
|
|
5,590,000 |
|
|
|
551 |
|
|
|
(1,139 |
) |
|
|
1,690 |
|
| Receive |
|
Bank
of Japan Uncollateralized Overnight
Call
Rate |
|
|
0.500% |
|
|
|
12/15/31 |
|
|
|
12-Month |
|
|
|
JPY |
|
|
|
75,000,000 |
|
|
|
29,353 |
|
|
|
1,442 |
|
|
|
27,911 |
|
| Receive |
|
Bank of Japan
Uncollateralized Overnight Call Rate |
|
|
0.550% |
|
|
|
9/14/28 |
|
|
|
12-Month |
|
|
|
JPY |
|
|
|
90,000,000 |
|
|
|
10,899 |
|
|
|
(1,033 |
) |
|
|
11,932 |
|
| Pay |
|
SOFR |
|
|
2.340% |
|
|
|
11/21/28 |
|
|
|
6-Month |
|
|
|
USD |
|
|
|
4,130,000 |
|
|
|
(96,363 |
) |
|
|
– |
|
|
|
(96,363 |
) |
| Receive |
|
SOFR |
|
|
2.237% |
|
|
|
11/21/53 |
|
|
|
6-Month |
|
|
|
USD |
|
|
|
810,000 |
|
|
|
265,207 |
|
|
|
– |
|
|
|
265,207 |
|
| Receive |
|
SOFR |
|
|
2.865% |
|
|
|
2/13/54 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
1,400,000 |
|
|
|
251,465 |
|
|
|
27,102 |
|
|
|
224,363 |
|
| Receive |
|
SOFR |
|
|
3.250% |
|
|
|
6/18/34 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
2,600,000 |
|
|
|
51,811 |
|
|
|
115,634 |
|
|
|
(63,823 |
) |
| Receive |
|
SOFR |
|
|
3.250% |
|
|
|
3/19/55 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
3,100,000 |
|
|
|
384,235 |
|
|
|
405,813 |
|
|
|
(21,578 |
) |
| Receive |
|
SOFR |
|
|
3.290% |
|
|
|
5/31/30 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
1,185,300 |
|
|
|
(4,630 |
) |
|
|
(3 |
) |
|
|
(4,627 |
) |
| Receive |
|
SOFR |
|
|
3.325% |
|
|
|
8/31/30 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
204,800 |
|
|
|
(1,288 |
) |
|
|
(1,053 |
) |
|
|
(235 |
) |
| Receive |
|
SOFR |
|
|
3.375% |
|
|
|
5/31/30 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
1,606,400 |
|
|
|
(11,580 |
) |
|
|
1,358 |
|
|
|
(12,938 |
) |
| Receive |
|
SOFR |
|
|
3.500% |
|
|
|
6/20/54 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
700,000 |
|
|
|
53,161 |
|
|
|
18,675 |
|
|
|
34,486 |
|
| Receive |
|
SOFR |
|
|
3.640% |
|
|
|
8/15/35 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
200,000 |
|
|
|
(2,210 |
) |
|
|
400 |
|
|
|
(2,610 |
) |
| Receive |
|
SOFR |
|
|
3.700% |
|
|
|
8/15/35 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
300,000 |
|
|
|
(4,757 |
) |
|
|
(264 |
) |
|
|
(4,493 |
) |
| Receive |
|
SOFR |
|
|
3.715% |
|
|
|
8/15/35 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
427,000 |
|
|
|
(7,283 |
) |
|
|
1,051 |
|
|
|
(8,334 |
) |
| Receive |
|
SOFR |
|
|
3.768% |
|
|
|
8/15/35 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
1,600,000 |
|
|
|
(34,125 |
) |
|
|
– |
|
|
|
(34,125 |
) |
| Receive |
|
SOFR |
|
|
3.777% |
|
|
|
8/15/35 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
1,700,000 |
|
|
|
(37,460 |
) |
|
|
– |
|
|
|
(37,460 |
) |
| Receive |
|
SOFR |
|
|
3.801% |
|
|
|
8/15/35 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
1,900,000 |
|
|
|
(45,487 |
) |
|
|
(2,077 |
) |
|
|
(43,410 |
) |
| Receive |
|
SOFR |
|
|
4.010% |
|
|
|
11/15/53 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
500,000 |
|
|
|
(8,394 |
) |
|
|
6,985 |
|
|
|
(15,379 |
) |
| Receive |
|
SOFR |
|
|
4.075% |
|
|
|
11/15/53 |
|
|
|
12-Month |
|
|
|
USD |
|
|
|
507,800 |
|
|
|
(14,132 |
) |
|
|
3,774 |
|
|
|
(17,906 |
) |
| Pay |
|
Sterling Overnight
Index Average |
|
|
3.750% |
|
|
|
9/17/30 |
|
|
|
12-Month |
|
|
|
GBP |
|
|
|
4,600,000 |
|
|
|
61,595 |
|
|
|
(28,182 |
) |
|
|
89,777 |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
1,520,608 |
|
|
$ |
565,479 |
|
|
$ |
955,129 |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
251
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income
Fund |
At
February 28, 2026, 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 |
|
|
$ |
9,205 |
|
|
$ |
– |
|
|
$ |
9,205 |
|
| Pay |
|
2-Year EUR Inflation Linked |
|
|
2.000% |
|
|
|
2/15/27 |
|
|
|
EUR |
|
|
|
300,000 |
|
|
|
(321 |
) |
|
|
(30 |
) |
|
|
(291 |
) |
| Pay |
|
5-Year EUR Inflation Linked |
|
|
3.000% |
|
|
|
5/15/27 |
|
|
|
EUR |
|
|
|
200,000 |
|
|
|
4,067 |
|
|
|
100 |
|
|
|
3,967 |
|
| Receive |
|
10-Year EUR Inflation Linked |
|
|
1.380% |
|
|
|
3/15/31 |
|
|
|
EUR |
|
|
|
740,000 |
|
|
|
(159,380 |
) |
|
|
(8,957 |
) |
|
|
(150,423 |
) |
| Pay |
|
10-Year EUR Inflation Linked |
|
|
2.034% |
|
|
|
9/15/34 |
|
|
|
EUR |
|
|
|
500,000 |
|
|
|
(6,407 |
) |
|
|
(2,239 |
) |
|
|
(4,168 |
) |
| Receive |
|
30-Year EUR Inflation Linked |
|
|
2.421% |
|
|
|
5/15/52 |
|
|
|
EUR |
|
|
|
30,000 |
|
|
|
4 |
|
|
|
– |
|
|
|
4 |
|
| Receive |
|
30-Year EUR Inflation Linked |
|
|
2.590% |
|
|
|
12/15/52 |
|
|
|
EUR |
|
|
|
100,000 |
|
|
|
10,424 |
|
|
|
– |
|
|
|
10,424 |
|
| Receive |
|
30-Year EUR Inflation Linked |
|
|
2.590% |
|
|
|
3/15/52 |
|
|
|
EUR |
|
|
|
200,000 |
|
|
|
8,327 |
|
|
|
(2,478 |
) |
|
|
10,805 |
|
| Receive |
|
30-Year EUR Inflation Linked |
|
|
2.700% |
|
|
|
4/15/53 |
|
|
|
EUR |
|
|
|
200,000 |
|
|
|
30,112 |
|
|
|
1,337 |
|
|
|
28,775 |
|
| Receive |
|
30-Year EUR Inflation Linked |
|
|
2.736% |
|
|
|
10/15/53 |
|
|
|
EUR |
|
|
|
100,000 |
|
|
|
16,356 |
|
|
|
1,308 |
|
|
|
15,048 |
|
| Receive |
|
30-Year EUR Inflation Linked |
|
|
2.763% |
|
|
|
9/15/53 |
|
|
|
EUR |
|
|
|
100,000 |
|
|
|
17,356 |
|
|
|
(974 |
) |
|
|
18,330 |
|
| Pay |
|
2-Year GBP Inflation Linked |
|
|
3.365% |
|
|
|
9/15/27 |
|
|
|
GBP |
|
|
|
500,000 |
|
|
|
(3,612 |
) |
|
|
– |
|
|
|
(3,612 |
) |
| Receive |
|
10-Year GBP Inflation Linked |
|
|
3.466% |
|
|
|
9/15/34 |
|
|
|
GBP |
|
|
|
300,000 |
|
|
|
8,814 |
|
|
|
– |
|
|
|
8,814 |
|
| Receive |
|
10-Year GBP Inflation Linked |
|
|
3.500% |
|
|
|
8/15/34 |
|
|
|
GBP |
|
|
|
600,000 |
|
|
|
21,385 |
|
|
|
3,390 |
|
|
|
17,995 |
|
| Receive |
|
1-Year USD Inflation Linked |
|
|
3.323% |
|
|
|
4/23/26 |
|
|
|
USD |
|
|
|
400,000 |
|
|
|
3,715 |
|
|
|
– |
|
|
|
3,715 |
|
| Receive |
|
1-Year USD Inflation Linked |
|
|
3.434% |
|
|
|
8/27/26 |
|
|
|
USD |
|
|
|
1,400,000 |
|
|
|
8,820 |
|
|
|
– |
|
|
|
8,820 |
|
| Receive |
|
1-Year USD Inflation Linked |
|
|
3.435% |
|
|
|
8/1/26 |
|
|
|
USD |
|
|
|
100,000 |
|
|
|
586 |
|
|
|
– |
|
|
|
586 |
|
| Pay |
|
5-Year USD Inflation Linked |
|
|
2.703% |
|
|
|
5/25/26 |
|
|
|
USD |
|
|
|
510,000 |
|
|
|
49,315 |
|
|
|
81 |
|
|
|
49,234 |
|
| Pay |
|
5-Year USD Inflation Linked |
|
|
2.768% |
|
|
|
5/13/26 |
|
|
|
USD |
|
|
|
500,000 |
|
|
|
47,094 |
|
|
|
– |
|
|
|
47,094 |
|
| Pay |
|
5-Year USD Inflation Linked |
|
|
2.813% |
|
|
|
5/14/26 |
|
|
|
USD |
|
|
|
300,000 |
|
|
|
27,474 |
|
|
|
– |
|
|
|
27,474 |
|
| Pay |
|
7-Year USD Inflation Linked |
|
|
1.798% |
|
|
|
8/25/27 |
|
|
|
USD |
|
|
|
600,000 |
|
|
|
104,231 |
|
|
|
5,868 |
|
|
|
98,363 |
|
| Pay |
|
7-Year USD Inflation Linked |
|
|
1.890% |
|
|
|
8/27/27 |
|
|
|
USD |
|
|
|
700,000 |
|
|
|
116,563 |
|
|
|
1,693 |
|
|
|
114,870 |
|
| Pay |
|
7-Year USD Inflation Linked |
|
|
2.573% |
|
|
|
8/26/28 |
|
|
|
USD |
|
|
|
100,000 |
|
|
|
7,663 |
|
|
|
– |
|
|
|
7,663 |
|
| Pay |
|
7-Year USD Inflation Linked |
|
|
2.645% |
|
|
|
9/10/28 |
|
|
|
USD |
|
|
|
100,000 |
|
|
|
6,820 |
|
|
|
– |
|
|
|
6,820 |
|
| Receive |
|
10-Year USD Inflation Linked |
|
|
1.280% |
|
|
|
5/19/30 |
|
|
|
USD |
|
|
|
800,000 |
|
|
|
(178,990 |
) |
|
|
(50,027 |
) |
|
|
(128,963 |
) |
| Receive |
|
10-Year USD Inflation Linked |
|
|
1.760% |
|
|
|
11/4/29 |
|
|
|
USD |
|
|
|
1,200,000 |
|
|
|
(209,306 |
) |
|
|
(8,764 |
) |
|
|
(200,542 |
) |
| Receive |
|
10-Year USD Inflation Linked |
|
|
1.883% |
|
|
|
11/20/29 |
|
|
|
USD |
|
|
|
1,500,000 |
|
|
|
(242,570 |
) |
|
|
9,233 |
|
|
|
(251,803 |
) |
| Pay |
|
10-Year USD Inflation Linked |
|
|
2.311% |
|
|
|
2/24/31 |
|
|
|
USD |
|
|
|
2,300,000 |
|
|
|
279,127 |
|
|
|
1,035 |
|
|
|
278,092 |
|
| Receive |
|
10-Year USD Inflation Linked |
|
|
2.335% |
|
|
|
2/5/28 |
|
|
|
USD |
|
|
|
960,000 |
|
|
|
(107,031 |
) |
|
|
59,292 |
|
|
|
(166,323 |
) |
| Receive |
|
10-Year USD Inflation Linked |
|
|
2.353% |
|
|
|
5/9/28 |
|
|
|
USD |
|
|
|
360,000 |
|
|
|
(38,322 |
) |
|
|
24,122 |
|
|
|
(62,444 |
) |
| Receive |
|
10-Year USD Inflation Linked |
|
|
2.360% |
|
|
|
5/9/28 |
|
|
|
USD |
|
|
|
540,000 |
|
|
|
(57,017 |
) |
|
|
36,670 |
|
|
|
(93,687 |
) |
| Receive |
|
10-Year USD Inflation Linked |
|
|
2.364% |
|
|
|
5/10/28 |
|
|
|
USD |
|
|
|
550,000 |
|
|
|
(57,863 |
) |
|
|
37,569 |
|
|
|
(95,432 |
) |
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(283,361) |
|
|
$ |
108,229 |
|
|
$ |
(391,590) |
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
At
February 28, 2026, Inflation-Linked Fixed Income Fund deposited cash
collateral with brokers in the amount of $908,000 for open centrally cleared
swap contracts.
At
February 28, 2026, Inflation-Linked Fixed Income Fund had cash collateral
from brokers in the amount of $20,000 for open OTC swap contracts.
|
|
|
|
|
|
| |
|
Currency abbreviations used in this schedule: |
|
Counterparty
abbreviations used in this schedule: |
| AUD |
|
—
Australian Dollar |
|
BCLY |
|
— Barclays
Bank PLC |
| CAD |
|
—
Canadian Dollar |
|
BNP |
|
— BNP
Paribas SA |
| CHF |
|
—
Swiss Franc |
|
DUB |
|
— Deutsche
Bank AG |
| DKK |
|
—
Danish Krone |
|
HSBC |
|
— HSBC
Bank USA |
| EUR |
|
—
Euro |
|
JPM |
|
— JPMorgan
Chase & Co. |
| GBP |
|
—
British Pound |
|
MLP |
|
— Merrill
Lynch, Pierce, Fenner & Smith Inc. |
| JPY |
|
—
Japanese Yen |
|
SCB |
|
— Standard
Chartered Bank |
| NOK |
|
—
Norwegian Krone |
|
|
| NZD |
|
—
New Zealand Dollar |
|
| |
|
| SEK |
|
—
Swedish Krona |
|
| |
|
| USD |
|
—
United States Dollar |
|
| |
|
See
pages 268-269 for definitions of
ratings.
See
Notes to Financial Statements.
252
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| CORPORATE
BONDS & NOTES — 53.8% |
|
|
| Aerospace/Defense — 0.1% |
|
| $ |
300,000 |
|
|
BBB- |
|
Spirit AeroSystems Inc., Company
Guaranteed Notes, 4.600% due 6/15/28 |
|
$ |
302,713 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Agriculture
— 0.7% |
|
| |
1,600,000 |
|
|
BBB+ |
|
BAT International Finance PLC, Company
Guaranteed Notes, 1.668% due 3/25/26 |
|
|
1,597,565 |
|
|
|
|
| |
| |
Imperial Brands Finance PLC, Company
Guaranteed Notes: |
|
|
| |
| |
361,000 |
|
|
BBB |
|
3.500% due 7/26/26 |
|
|
359,894 |
|
| |
300,000 |
|
|
BBB |
|
3.500% due 7/26/26(a) |
|
|
299,080 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Agriculture |
|
|
2,256,539 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Airlines
— 0.1% |
|
| |
307,392 |
|
|
BBB+ |
|
American Airlines Class A Pass
Through Trust, Pass-Thru Certificates, 3.700% due 10/1/26 |
|
|
306,464 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Auto
Manufacturers — 6.2% |
|
| |
2,900,000 |
|
|
A- |
|
American
Honda Finance Corp., Senior Unsecured Notes, 4.416%
(SOFR + 0.730%) due
8/13/27(b) |
|
|
2,913,379 |
|
|
|
|
| |
| |
BMW U.S. Capital LLC, Company
Guaranteed Notes: |
|
|
| |
| |
850,000 |
|
|
A |
|
4.470%
(SOFR + 0.780%) due 3/19/27(a)(b) |
|
|
854,221 |
|
| |
92,000 |
|
|
A |
|
4.606%
(SOFR + 0.920%) due 8/13/27(b) |
|
|
92,621 |
|
| |
2,200,000 |
|
|
A |
|
4.610%
(SOFR + 0.920%) due 3/21/28(a)(b) |
|
|
2,217,268 |
|
|
|
|
| |
| |
Ford Motor Credit Co. LLC, Senior
Unsecured Notes: |
|
|
| |
| |
400,000 |
|
|
BBB- |
|
4.542%
due 8/1/26 |
|
|
400,035 |
|
| |
800,000 |
|
|
BBB- |
|
5.125%
due 11/5/26 |
|
|
804,791 |
|
| |
2,000,000 |
|
|
BBB- |
|
4.271%
due 1/9/27 |
|
|
2,000,231 |
|
| |
200,000 |
|
|
BBB- |
|
4.950%
due 5/28/27 |
|
|
201,468 |
|
| |
1,300,000 |
|
|
BBB |
|
General
Motors Financial Co., Inc., Senior Unsecured Notes, 5.034%
(SOFR +
1.350%) due 5/8/27(b) |
|
|
1,309,320 |
|
|
|
|
| |
| |
Hyundai Capital America, Senior
Unsecured Notes: |
|
|
| |
| |
500,000 |
|
|
A- |
|
4.681%
(SOFR + 0.990%) due 3/25/27(a)(b) |
|
|
502,228 |
|
| |
1,500,000 |
|
|
A- |
|
4.730%
(SOFR + 1.040%) due 6/24/27(b) |
|
|
1,508,570 |
|
| |
1,100,000 |
|
|
A- |
|
4.599%
(SOFR + 0.920%) due 1/7/28(b) |
|
|
1,104,450 |
|
|
|
|
| |
| |
Nissan Motor Acceptance Co. LLC, Senior
Unsecured Notes: |
|
|
| |
| |
400,000 |
|
|
BB- |
|
2.000%
due 3/9/26(a) |
|
|
399,485 |
|
| |
300,000 |
|
|
BB- |
|
1.850%
due 9/16/26(a) |
|
|
295,231 |
|
|
|
|
| |
| |
Stellantis Finance U.S. Inc., Company
Guaranteed Notes: |
|
|
| |
| |
400,000 |
|
|
BBB- |
|
1.711%
due 1/29/27 |
|
|
390,928 |
|
| |
700,000 |
|
|
BBB- |
|
1.711%
due 1/29/27(a) |
|
|
684,124 |
|
| |
200,000 |
|
|
BBB- |
|
5.625%
due 1/12/28(a) |
|
|
203,980 |
|
| |
200,000 |
|
|
BBB- |
|
5.350%
due 3/17/28(a) |
|
|
203,700 |
|
| |
200,000 |
|
|
A+ |
|
Toyota
Motor Credit Corp., Senior Unsecured Notes, 4.129%
(SOFR + 0.450%) due
1/12/28(b) |
|
|
200,526 |
|
| |
2,500,000 |
|
|
BBB+ |
|
Volkswagen
Group of America Finance LLC, Company Guaranteed Notes,
5.700%
due 9/12/26(a) |
|
|
2,522,036 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Auto Manufacturers |
|
|
18,808,592 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Banks — 18.3% |
|
|
|
|
| |
| |
ABN AMRO Bank NV, Senior Non-Preferred Notes: |
|
|
| |
| |
800,000 |
|
|
BBB |
|
5.471%
(SOFR + 1.780%) due 9/18/27(a)(b) |
|
|
806,223 |
|
| |
700,000 |
|
|
BBB |
|
5.471%
(SOFR + 1.780%) due 9/18/27(b) |
|
|
705,445 |
|
| |
800,000 |
|
|
A- |
|
Banco Santander SA, Senior Non-Preferred Notes, 1.849% due
3/25/26 |
|
|
798,911 |
|
| |
300,000 |
|
|
BBB+ |
|
Bank Leumi Le-Israel BM, Senior Unsecured Notes,
5.125% due 7/27/27(a) |
|
|
302,022 |
|
|
|
|
| |
| |
Bank of Montreal, Senior Unsecured
Notes: |
|
|
| |
| |
319,000 |
|
|
A- |
|
4.479%
(SOFR + 0.760%) due 6/4/27(b) |
|
|
320,619 |
|
| |
500,000 |
|
|
A- |
|
4.580%
(SOFR + 0.880%) due 9/10/27(b) |
|
|
501,417 |
|
| |
680,000 |
|
|
A+ |
|
Banque
Federative du Credit Mutuel SA, Senior Preferred Notes, 4.813%
(SOFR +
1.130%) due 1/23/27(a)(b) |
|
|
684,424 |
|
See
Notes to Financial Statements.
253
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 18.3% — (continued) |
|
|
|
|
| |
| |
Barclays PLC, Senior Unsecured
Notes: |
|
|
| |
| $ |
700,000 |
|
|
BBB+ |
|
5.829%
(SOFR + 2.210%) due 5/9/27(b) |
|
$ |
702,276 |
|
| |
940,000 |
|
|
BBB+ |
|
5.571%
(SOFR + 1.880%) due 9/13/27(b) |
|
|
946,985 |
|
| |
1,300,000 |
|
|
BBB+ |
|
2.279%
(1-Year CMT Index + 1.050%) due
11/24/27(b) |
|
|
1,282,717 |
|
| |
1,400,000 |
|
|
A- |
|
BNP Paribas SA, Senior Non-Preferred Notes, 1.675% (SOFR +
0.912%) due 6/30/27(a)(b) |
|
|
1,389,364 |
|
| |
1,400,000 |
|
|
BBB+ |
|
BPCE SA, Senior Non-Preferred Notes, 2.045% (SOFR +
1.087%) due 10/19/27(a)(b) |
|
|
1,383,215 |
|
|
|
|
| |
| |
Canadian Imperial Bank of Commerce,
Senior Unsecured Notes: |
|
|
| |
| |
1,300,000 |
|
|
A- |
|
4.631%
(SOFR + 0.940%) due 6/28/27(b) |
|
|
1,309,575 |
|
| |
1,200,000 |
|
|
A- |
|
4.512%
(SOFR + 0.800%) due 9/8/28(b) |
|
|
1,203,236 |
|
| |
1,065,000 |
|
|
BBB+ |
|
Citigroup Inc., Senior Unsecured Notes,
4.479% (SOFR + 0.770%) due 6/9/27(b) |
|
|
1,066,009 |
|
| |
500,000 |
|
|
A- |
|
Cooperatieve
Rabobank UA, Senior Non-Preferred
Notes, 1.980%
(1-Year CMT
Index + 0.730%) due 12/15/27(a)(b) |
|
|
492,505 |
|
|
|
|
| |
| |
Credit Agricole SA, Senior Preferred
Notes: |
|
|
| |
| |
625,000 |
|
|
A+ |
|
4.977%
(SOFR + 1.290%) due 7/5/26(a)(b) |
|
|
627,547 |
|
| |
600,000 |
|
|
A+ |
|
4.977%
(SOFR + 1.290%) due 7/5/26(b) |
|
|
602,445 |
|
|
|
|
| |
| |
Deutsche Bank AG, Senior Non-Preferred Notes: |
|
|
| |
| |
2,000,000 |
|
|
BBB |
|
7.146%
(SOFR + 2.520%) due 7/13/27(b) |
|
|
2,022,773 |
|
| |
935,000 |
|
|
BBB |
|
4.906%
(SOFR + 1.219%) due 11/16/27(b) |
|
|
938,135 |
|
| |
300,000 |
|
|
BBB |
|
2.552%
(SOFR + 1.318%) due 1/7/28(b) |
|
|
296,301 |
|
| |
600,000 |
|
|
A |
|
DNB
Bank ASA, Senior Non-Preferred
Notes, 1.535%
(1-Year CMT
Index + 0.720%) due 5/25/27(a)(b) |
|
|
596,548 |
|
|
|
|
| |
| |
Goldman Sachs Group Inc. (The), Senior
Unsecured Notes: |
|
|
| |
| |
500,000 |
|
|
BBB+ |
|
1.431%
(SOFR + 0.798%) due 3/9/27(b) |
|
|
499,694 |
|
| |
1,000,000 |
|
|
BBB+ |
|
1.948%
(SOFR + 0.913%) due 10/21/27(b) |
|
|
986,692 |
|
| |
1,900,000 |
|
|
BBB+ |
|
4.392%
(SOFR + 0.710%) due 1/21/29(b) |
|
|
1,901,121 |
|
|
|
|
| |
| |
HSBC USA Inc., Senior Unsecured
Notes: |
|
|
| |
| |
1,000,000 |
|
|
A- |
|
4.679%
(SOFR + 0.960%) due 3/4/27(b) |
|
|
1,006,165 |
|
| |
130,000 |
|
|
A- |
|
4.694%
(SOFR + 0.970%) due 6/3/28(b) |
|
|
130,915 |
|
|
|
|
| |
| |
ING Groep NV, Senior Unsecured
Notes: |
|
|
| |
| |
2,700,000 |
|
|
A- |
|
4.701%
(SOFR + 1.010%) due 4/1/27(b) |
|
|
2,701,261 |
|
| |
629,000 |
|
|
A- |
|
5.257%
(SOFR + 1.560%) due 9/11/27(b) |
|
|
632,912 |
|
|
|
|
| |
| |
JPMorgan Chase & Co., Senior
Unsecured Notes: |
|
|
| |
| |
339,000 |
|
|
A |
|
4.866%
(SOFR + 1.180%) due 2/24/28(b) |
|
|
341,317 |
|
| |
1,000,000 |
|
|
A |
|
4.602%
(SOFR + 0.920%) due 4/22/28(b) |
|
|
1,005,465 |
|
| |
800,000 |
|
|
A |
|
4.542%
(SOFR + 0.860%) due 10/22/28(b) |
|
|
803,495 |
|
|
|
|
| |
| |
Lloyds Banking Group PLC: |
|
|
| |
|
|
|
| |
| |
Senior
Unsecured Notes: |
|
|
| |
| |
300,000 |
|
|
A- |
|
5.244%
(SOFR + 1.560%) due 8/7/27(b) |
|
|
301,614 |
|
| |
1,275,000 |
|
|
A- |
|
5.271%
(SOFR + 1.580%) due 1/5/28(b) |
|
|
1,286,642 |
|
| |
1,200,000 |
|
|
A- |
|
4.746%
(SOFR + 1.060%) due 11/26/28(b) |
|
|
1,208,693 |
|
| |
200,000 |
|
|
BBB+ |
|
Subordinated
Notes, 4.650% due 3/24/26 |
|
|
200,075 |
|
| |
2,700,000 |
|
|
A- |
|
Mizuho
Financial Group Inc., Senior Unsecured Notes, 4.764%
(SOFR + 1.080%)
due 5/13/31(b) |
|
|
2,720,330 |
|
|
|
|
| |
| |
National Bank of Canada, Company
Guaranteed Notes: |
|
|
| |
| |
1,100,000 |
|
|
A- |
|
4.591%
(SOFR + 0.900%) due 3/25/27(b) |
|
|
1,100,361 |
|
| |
2,400,000 |
|
|
A- |
|
4.717%
(SOFR + 1.030%) due 7/2/27(b) |
|
|
2,405,295 |
|
| |
1,510,000 |
|
|
A- |
|
NatWest
Group PLC, Senior Unsecured Notes, 4.936%
(SOFR + 1.250%) due
3/1/28(b) |
|
|
1,519,621 |
|
|
|
|
| |
| |
NatWest Markets PLC, Senior Unsecured
Notes: |
|
|
| |
| |
300,000 |
|
|
A |
|
4.451%
(SOFR + 0.760%) due 9/29/26(a)(b) |
|
|
300,855 |
|
| |
200,000 |
|
|
A |
|
4.451%
(SOFR + 0.760%) due 9/29/26(b) |
|
|
200,570 |
|
| |
750,000 |
|
|
A |
|
4.587%
(SOFR + 0.900%) due 5/17/27(a)(b) |
|
|
753,614 |
|
| |
500,000 |
|
|
A |
|
PNC
Bank NA, Senior Unsecured Notes, 4.412%
(SOFR + 0.730%) due
7/21/28(b) |
|
|
500,981 |
|
See
Notes to Financial Statements.
254
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Banks — 18.3% — (continued) |
|
|
|
|
| |
| |
Royal Bank of Canada, Senior Unsecured
Notes: |
|
|
| |
| $ |
2,565,000 |
|
|
A |
|
4.511%
(SOFR + 0.820%) due 3/27/28(b) |
|
$ |
2,573,731 |
|
| |
1,700,000 |
|
|
A |
|
4.542%
(SOFR + 0.860%) due 10/18/28(b) |
|
|
1,706,096 |
|
| |
300,000 |
|
|
BBB+ |
|
Santander Holdings USA Inc., Senior
Unsecured Notes, 3.244% due 10/5/26 |
|
|
298,524 |
|
| |
2,400,000 |
|
|
BBB |
|
Santander
UK Group Holdings PLC, Senior Unsecured Notes, 1.673%
(SOFR + 0.989%)
due 6/14/27(b) |
|
|
2,383,519 |
|
| |
200,000 |
|
|
BBB |
|
Societe
Generale SA, Senior Non-Preferred
Notes, 1.792%
(1-Year CMT
Index + 1.000%) due 6/9/27(a)(b) |
|
|
198,778 |
|
|
|
|
| |
| |
Standard Chartered PLC, Senior
Unsecured Notes: |
|
|
| |
| |
1,000,000 |
|
|
BBB+ |
|
5.612%
(SOFR + 1.930%) due 7/6/27(b) |
|
|
1,005,005 |
|
| |
200,000 |
|
|
BBB+ |
|
5.714%
(SOFR + 2.030%) due 2/8/28(a)(b) |
|
|
202,617 |
|
| |
300,000 |
|
|
BBB+ |
|
4.856%
(SOFR + 1.170%) due 5/14/28(a)(b) |
|
|
302,417 |
|
| |
200,000 |
|
|
BBB+ |
|
5.688%
(1-Year CMT Index + 1.050%) due
5/14/28(b) |
|
|
203,905 |
|
| |
181,000 |
|
|
A- |
|
Sumitomo
Mitsui Financial Group Inc., Senior Unsecured Notes, 4.729%
(SOFR +
1.050%) due 4/15/30(b) |
|
|
182,236 |
|
| |
350,000 |
|
|
A |
|
Sumitomo
Mitsui Trust Bank Ltd., Senior Unsecured Notes, 4.850%
(SOFR + 1.150%)
due 9/14/26(b) |
|
|
351,835 |
|
| |
1,000,000 |
|
|
A |
|
Swedbank AB, Senior Non-Preferred Notes, 5.337% due
9/20/27 |
|
|
1,022,381 |
|
|
|
|
| |
| |
Wells Fargo & Co., Senior
Unsecured Notes: |
|
|
| |
| |
1,500,000 |
|
|
BBB+ |
|
4.463%
(SOFR + 0.780%) due 1/24/28(b) |
|
|
1,504,266 |
|
| |
1,500,000 |
|
|
BBB+ |
|
4.752%
(SOFR + 1.070%) due 4/22/28(b) |
|
|
1,509,524 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Banks |
|
|
54,931,214 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Beverages
— 1.5% |
|
| |
200,000 |
|
|
BBB- |
|
JDE Peet’s NV, Company Guaranteed
Notes, 1.375% due 1/15/27(a) |
|
|
195,428 |
|
|
|
|
| |
| |
Keurig Dr Pepper Inc., Company
Guaranteed Notes: |
|
|
| |
| |
200,000 |
|
|
BBB |
|
2.550%
due 9/15/26 |
|
|
198,482 |
|
| |
200,000 |
|
|
BBB |
|
4.267%
(SOFR + 0.580%) due 11/15/26(b) |
|
|
200,250 |
|
| |
1,296,000 |
|
|
BBB |
|
4.572%
(SOFR + 0.880%) due 3/15/27(b) |
|
|
1,298,130 |
|
| |
2,500,000 |
|
|
BBB |
|
Molson Coors Beverage Co., Company
Guaranteed Notes, 3.000% due 7/15/26 |
|
|
2,490,551 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Beverages |
|
|
4,382,841 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Biotechnology
— 0.1% |
|
| |
300,000 |
|
|
BBB |
|
Illumina Inc., Senior Unsecured Notes,
4.650% due 9/9/26 |
|
|
301,073 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Chemicals
— 0.3% |
|
| |
1,000,000 |
|
|
NR |
|
Hanwha
Solutions Corp., Company Guaranteed Notes, 4.779%
(SOFR + 1.100%) due
10/13/28(b)(c) |
|
|
1,010,500 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Commercial
Services — 0.2% |
|
| |
600,000 |
|
|
BBB- |
|
Global Payments Inc., Senior Unsecured
Notes, 2.150% due 1/15/27 |
|
|
590,590 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Computers
— 1.0% |
|
| |
1,592,000 |
|
|
BBB |
|
Dell International LLC/EMC Corp.,
Senior Unsecured Notes, 4.900% due 10/1/26 |
|
|
1,597,823 |
|
| |
1,600,000 |
|
|
BBB- |
|
Kyndryl Holdings Inc., Senior Unsecured
Notes, 2.050% due 10/15/26 |
|
|
1,575,688 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Computers |
|
|
3,173,511 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Diversified Financial Services — 5.4% |
|
| |
2,800,000 |
|
|
BBB+ |
|
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed
Notes, 2.450% due 10/29/26 |
|
|
2,773,499 |
|
|
|
|
| |
| |
Air Lease Corp., Senior Unsecured
Notes: |
|
|
| |
| |
1,100,000 |
|
|
BBB |
|
5.300%
due 6/25/26(o) |
|
|
1,104,071 |
|
| |
2,039,000 |
|
|
BBB |
|
1.875%
due 8/15/26(o) |
|
|
2,018,552 |
|
| |
2,900,000 |
|
|
BBB |
|
Aircastle Ltd., Company Guaranteed
Notes, 4.250% due 6/15/26 |
|
|
2,899,753 |
|
|
|
|
| |
| |
American Express Co., Senior Unsecured
Notes: |
|
|
| |
| |
2,080,000 |
|
|
A- |
|
4.654%
(SOFR + 0.970%) due 7/28/27(b) |
|
|
2,085,483 |
|
| |
511,000 |
|
|
A- |
|
4.613%
(SOFR + 0.930%) due 7/26/28(b) |
|
|
513,426 |
|
| |
2,420,000 |
|
|
BBB- |
|
Aviation Capital Group LLC, Senior
Unsecured Notes, 1.950% due 9/20/26(a) |
|
|
2,391,177 |
|
See
Notes to Financial Statements.
255
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Diversified Financial Services — 5.4% —
(continued) |
|
|
|
|
| |
| |
Avolon
Holdings Funding Ltd., Company Guaranteed Notes: |
|
|
| |
| $ |
200,000 |
|
|
BBB- |
|
4.375%
due 5/1/26(a) |
|
$ |
200,027 |
|
| |
600,000 |
|
|
BBB- |
|
6.375%
due 5/4/28(a) |
|
|
625,587 |
|
| |
1,300,000 |
|
|
A+ |
|
Equitable
America Global Funding, Secured Notes, 4.402%
(SOFR + 0.710%) due
9/15/27(a)(b) |
|
|
1,300,812 |
|
| |
300,000 |
|
|
BBB+ |
|
Nomura Holdings Inc., Senior Unsecured
Notes, 4.941% (SOFR + 1.250%) due 7/2/27(b) |
|
|
302,475 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Diversified Financial Services |
|
|
16,214,862 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
Electric
— 4.4%
|
|
| |
1,336,000 |
|
|
BBB- |
|
Algonquin
Power & Utilities Corp., Senior Unsecured Notes, step bond to
yield, 5.365%
due 6/15/26 |
|
|
1,340,627 |
|
| |
2,000,000 |
|
|
BBB |
|
CenterPoint Energy Inc., Senior
Unsecured Notes, 1.450% due 6/1/26 |
|
|
1,987,219 |
|
|
|
|
| |
| |
Duke Energy Corp., Senior Unsecured
Notes: |
|
|
| |
| |
304,000 |
|
|
BBB |
|
2.650%
due 9/1/26 |
|
|
302,066 |
|
| |
400,000 |
|
|
BBB |
|
4.850%
due 1/5/27 |
|
|
403,300 |
|
| |
600,000 |
|
|
BBB |
|
Enel Finance International NV, Company
Guaranteed Notes, 3.625% due 5/25/27(a) |
|
|
598,649 |
|
| |
1,500,000 |
|
|
BBB |
|
Eversource Energy, Senior Unsecured
Notes, 1.400% due 8/15/26 |
|
|
1,481,980 |
|
| |
816,000 |
|
|
BBB+ |
|
Exelon Corp., Senior Unsecured Notes,
3.400% due 4/15/26 |
|
|
815,370 |
|
| |
500,000 |
|
|
BBB |
|
FirstEnergy Corp., Senior Unsecured
Notes, 3.900% due 7/15/27 |
|
|
502,583 |
|
| |
600,000 |
|
|
BBB+ |
|
Fortis Inc., Senior Unsecured Notes,
3.055% due 10/4/26 |
|
|
596,382 |
|
| |
600,000 |
|
|
BBB+ |
|
Israel Electric Corp., Ltd., Senior
Secured Notes, 4.250% due 8/14/28(a) |
|
|
597,315 |
|
|
|
|
| |
| |
Pacific Gas & Electric Co.,
1st Mortgage Notes: |
|
|
| |
| |
1,200,000 |
|
|
BBB |
|
2.950%
due 3/1/26 |
|
|
1,200,000 |
|
| |
300,000 |
|
|
BBB |
|
5.000%
due 6/4/28 |
|
|
305,743 |
|
|
|
|
| |
| |
Southern California Edison Co., 1st
Mortgage Notes: |
|
|
| |
| |
800,000 |
|
|
BBB+ |
|
4.400%
due 9/6/26 |
|
|
801,416 |
|
| |
600,000 |
|
|
BBB+ |
|
5.300%
due 3/1/28 |
|
|
614,326 |
|
| |
300,000 |
|
|
BBB+ |
|
Southwestern
Electric Power Co., Senior Unsecured Notes, 2.750% due 10/1/26 |
|
|
297,684 |
|
|
|
|
| |
| |
Vistra Operations Co. LLC, Senior
Secured Notes: |
|
|
| |
| |
600,000 |
|
|
BBB- |
|
5.050%
due 12/30/26(a) |
|
|
606,795 |
|
| |
800,000 |
|
|
BBB- |
|
3.700%
due 1/30/27(a) |
|
|
797,304 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Electric |
|
|
13,248,759 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Electronics
— 0.2% |
|
| |
600,000 |
|
|
BBB- |
|
Vontier Corp., Company Guaranteed
Notes, 1.800% due 4/1/26 |
|
|
598,656 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Food
— 1.0% |
|
| |
2,000,000 |
|
|
BBB- |
|
Campbell’s Co. (The), Senior Unsecured
Notes, 5.300% due 3/20/26 |
|
|
2,001,052 |
|
| |
1,000,000 |
|
|
BBB- |
|
Conagra Brands Inc., Senior Unsecured
Notes, 7.125% due 10/1/26 |
|
|
1,016,365 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Food |
|
|
3,017,417 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Gas
— 0.3% |
|
| |
600,000 |
|
|
BBB- |
|
National Fuel Gas Co., Senior Unsecured
Notes, 5.500% due 10/1/26 |
|
|
604,857 |
|
| |
200,000 |
|
|
A3(d) |
|
SGSP Australia Assets Pty Ltd., Company
Guaranteed Notes, 3.500% due 7/7/27 |
|
|
198,872 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Gas |
|
|
803,729 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Healthcare — Services — 1.1% |
|
|
|
|
| |
| |
Fresenius Medical Care U.S. Finance III
Inc., Company Guaranteed Notes: |
|
|
| |
| |
550,000 |
|
|
BBB- |
|
1.875%
due 12/1/26 |
|
|
541,397 |
|
| |
400,000 |
|
|
BBB- |
|
1.875%
due 12/1/26(a) |
|
|
393,744 |
|
| |
1,675,000 |
|
|
BBB- |
|
HCA Inc., Company Guaranteed Notes,
4.500% due 2/15/27 |
|
|
1,678,092 |
|
| |
600,000 |
|
|
BBB- |
|
Universal Health Services Inc., Senior
Secured Notes, 1.650% due 9/1/26 |
|
|
592,206 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Healthcare — Services |
|
|
3,205,439 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Insurance — 4.6% |
|
|
|
|
| |
| |
Athene Global Funding, Secured
Notes: |
|
|
| |
| |
2,000,000 |
|
|
A+ |
|
4.509%
(SOFR + 0.830%) due 1/7/27(a)(b) |
|
|
2,003,027 |
|
| |
300,000 |
|
|
A+ |
|
4.950%
due 1/7/27(a) |
|
|
302,259 |
|
See
Notes to Financial Statements.
256
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Insurance — 4.6% — (continued) |
|
| $ |
1,200,000 |
|
|
A+ |
|
4.901%
(SOFR + 1.210%) due 3/25/27(a)(b) |
|
$ |
1,205,709 |
|
| |
1,000,000 |
|
|
A |
|
Brighthouse Financial Global Funding,
Secured Notes, 5.550% due 4/9/27(a) |
|
|
1,011,350 |
|
|
|
|
| |
| |
Corebridge Global Funding, Secured
Notes: |
|
|
| |
| |
1,000,000 |
|
|
A+ |
|
4.429%
(SOFR + 0.750%) due 1/7/28(a)(b) |
|
|
1,001,159 |
|
| |
200,000 |
|
|
A+ |
|
4.551%
(SOFR + 0.860%) due 12/15/28(a)(b) |
|
|
199,980 |
|
| |
3,000,000 |
|
|
A- |
|
F&G Global Funding, Secured Notes,
1.750% due 6/30/26(a) |
|
|
2,974,978 |
|
|
|
|
| |
| |
GA Global Funding Trust, Secured
Notes: |
|
|
| |
| |
300,000 |
|
|
A |
|
2.250%
due 1/6/27(a) |
|
|
295,579 |
|
| |
1,300,000 |
|
|
A |
|
4.400%
due 9/23/27(a) |
|
|
1,304,993 |
|
|
|
|
| |
| |
Jackson National Life Global Funding,
Secured Notes: |
|
|
| |
| |
200,000 |
|
|
A |
|
4.599%
(SOFR + 0.890%) due 6/9/27(a)(b) |
|
|
200,455 |
|
| |
300,000 |
|
|
A |
|
4.650%
(SOFR + 0.970%) due 1/14/28(a)(b) |
|
|
300,837 |
|
| |
2,000,000 |
|
|
A |
|
4.644%
(SOFR + 0.950%) due 9/12/28(a)(b) |
|
|
2,006,491 |
|
| |
200,000 |
|
|
A+ |
|
Reliance Standard Life Global Funding
II, Secured Notes, 2.750% due 1/21/27(a) |
|
|
197,407 |
|
| |
900,000 |
|
|
A+ |
|
Sammons
Financial Group Global Funding, Senior Secured Notes, 4.537%
(SOFR +
0.850%) due 9/2/27(a)(b) |
|
|
905,392 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Insurance |
|
|
13,909,616 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Internet
— 0.8% |
|
| |
2,300,000 |
|
|
BBB |
|
Uber Technologies Inc., Company
Guaranteed Notes, 4.500% due 8/15/29(a) |
|
|
2,303,751 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Leisure
Time — 1.1% |
|
|
|
|
| |
| |
Royal Caribbean Cruises Ltd., Senior
Unsecured Notes: |
|
|
| |
| |
1,000,000 |
|
|
BBB |
|
4.250%
due 7/1/26(a) |
|
|
999,791 |
|
| |
1,400,000 |
|
|
BBB |
|
5.375%
due 7/15/27(a) |
|
|
1,410,964 |
|
| |
200,000 |
|
|
BBB |
|
7.500%
due 10/15/27 |
|
|
210,745 |
|
| |
600,000 |
|
|
BBB |
|
5.500%
due 4/1/28(a) |
|
|
613,408 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Leisure Time |
|
|
3,234,908 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Lodging
— 0.3% |
|
| |
200,000 |
|
|
BBB- |
|
Hyatt Hotels Corp., Senior Unsecured
Notes, 5.750% due 1/30/27 |
|
|
202,773 |
|
| |
600,000 |
|
|
BB+ |
|
Las Vegas Sands Corp., Senior Unsecured
Notes, 3.500% due 8/18/26 |
|
|
597,921 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Lodging |
|
|
800,694 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Machinery
— Diversified — 0.2% |
|
| |
500,000 |
|
|
BBB |
|
Westinghouse
Air Brake Technologies Corp., Company Guaranteed Notes, 3.450%
due
11/15/26 |
|
|
498,386 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Media
— 0.1% |
|
| |
220,000 |
|
|
BBB |
|
Cox Communications Inc., Senior
Unsecured Notes, 3.350% due 9/15/26(a) |
|
|
218,950 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Mining
— 0.5% |
|
| |
1,500,000 |
|
|
BBB+ |
|
Glencore Funding LLC, Company
Guaranteed Notes, 5.338% due 4/4/27(a) |
|
|
1,522,134 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Office/Business
Equipment — 0.1% |
|
| |
400,000 |
|
|
BBB- |
|
CDW LLC/CDW Finance Corp., Company
Guaranteed Notes, 2.670% due 12/1/26 |
|
|
395,924 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Oil &
Gas — 1.3% |
|
| |
1,100,000 |
|
|
BBB |
|
Diamondback Energy Inc., Company
Guaranteed Notes, 3.250% due 12/1/26 |
|
|
1,095,430 |
|
| |
200,000 |
|
|
BBB- |
|
Expand Energy Corp., Company Guaranteed
Notes, 6.750% due 4/15/29(a) |
|
|
200,586 |
|
| |
300,000 |
|
|
BBB- |
|
Harbour Energy PLC, Company Guaranteed
Notes, 5.500% due 10/15/26(a)(e) |
|
|
298,419 |
|
| |
400,000 |
|
|
BBB |
|
Variable Energi ASA, Senior Unsecured
Notes, 5.000% due 5/18/27(a) |
|
|
403,913 |
|
| |
2,000,000 |
|
|
BBB+ |
|
Woodside Finance Ltd., Company
Guaranteed Notes, 3.700% due 9/15/26(a) |
|
|
1,994,917 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Oil & Gas |
|
|
3,993,265 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Pharmaceuticals — 0.4% |
|
| |
700,000 |
|
|
BBB |
|
Bayer U.S. Finance LLC, Company
Guaranteed Notes, 6.125% due 11/21/26(a) |
|
|
709,182 |
|
| |
641,000 |
|
|
BBB+ |
|
Shire
Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 3.200%
due 9/23/26 |
|
|
638,667 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pharmaceuticals |
|
|
1,347,849 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
257
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Pipelines — 1.9% |
|
|
|
|
| |
| |
Energy Transfer LP, Senior Unsecured
Notes: |
|
|
| |
| $ |
200,000 |
|
|
BBB |
|
3.900%
due 7/15/26 |
|
$ |
199,778 |
|
| |
200,000 |
|
|
BBB |
|
5.500%
due 6/1/27 |
|
|
203,146 |
|
| |
3,400,000 |
|
|
BBB |
|
MPLX LP, Senior Unsecured Notes, 1.750%
due 3/1/26 |
|
|
3,400,000 |
|
| |
1,000,000 |
|
|
BBB |
|
Plains
All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes,
4.500%
due 12/15/26 |
|
|
1,003,345 |
|
| |
800,000 |
|
|
BBB+ |
|
Spectra Energy Partners LP, Company
Guaranteed Notes, 3.375% due 10/15/26 |
|
|
797,134 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Pipelines |
|
|
5,603,403 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Retail
— 0.7% |
|
| |
2,300,000 |
|
|
BBB+ |
|
Starbucks Corp., Senior Unsecured
Notes, 2.000% due 3/12/27 |
|
|
2,259,508 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Savings &
Loans — 0.1% |
|
|
|
|
| |
| |
Nationwide Building Society, Senior
Non-Preferred Notes: |
|
|
| |
| |
200,000 |
|
|
BBB+ |
|
4.977%
(SOFR + 1.290%) due 2/16/28(a)(b) |
|
|
201,414 |
|
| |
200,000 |
|
|
BBB+ |
|
4.977%
(SOFR + 1.290%) due 2/16/28(b) |
|
|
201,415 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Savings & Loans |
|
|
402,829 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Semiconductors
— 0.2% |
|
| |
300,000 |
|
|
BBB+ |
|
SK hynix Inc., Senior Unsecured Notes,
5.500% due 1/16/27(a) |
|
|
304,447 |
|
| |
200,000 |
|
|
BBB- |
|
Skyworks Solutions Inc., Senior
Unsecured Notes, 1.800% due 6/1/26 |
|
|
198,811 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Semiconductors |
|
|
503,258 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Software
— 0.5% |
|
| |
300,000 |
|
|
BBB |
|
Fiserv Inc., Senior Unsecured Notes,
5.150% due 3/15/27 |
|
|
302,974 |
|
|
|
|
| |
| |
Oracle Corp., Senior Unsecured
Notes: |
|
|
| |
| |
785,000 |
|
|
BBB |
|
(Cost
— $783,706, acquired 1/6/26), 1.650% due 3/25/26(f) |
|
|
783,643 |
|
| |
300,000 |
|
|
BBB |
|
2.650%
due 7/15/26 |
|
|
298,313 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Software |
|
|
1,384,930 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
Trucking &
Leasing — 0.1% |
|
| |
300,000 |
|
|
BBB |
|
GATX Corp., Senior Unsecured Notes,
5.400% due 3/15/27 |
|
|
304,303 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
CORPORATE BONDS & NOTES
(Cost — $161,257,465) |
|
|
161,836,607 |
|
|
|
|
| |
| |
| |
|
|
|
|
| COLLATERALIZED
MORTGAGE OBLIGATIONS — 23.1% |
|
|
| Asset-Backed Securities — 2.3% |
|
| |
91,423 |
|
|
BBB- |
|
Bear
Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2,
2.263%
(1-Month Term SOFR +
0.614%) due 9/25/34(b) |
|
|
92,809 |
|
| |
337,161 |
|
|
AAA |
|
CCG Receivables Trust, Series 2025-1, Class A2, 4.480% due
10/14/32(a) |
|
|
339,010 |
|
| |
695,052 |
|
|
Aaa(d) |
|
Dell Equipment Finance Trust, Series
2024-2, Class A2, 4.690% due
8/22/30(a) |
|
|
696,168 |
|
| |
661,954 |
|
|
Aaa(d) |
|
DLLAA LLC, Series 2025-1A, Class A2, 4.700% due
10/20/27(a) |
|
|
664,348 |
|
| |
269,869 |
|
|
Aaa(d) |
|
DLLAD LLC, Series 2024-1A, Class A2, 5.500% due
8/20/27(a) |
|
|
270,871 |
|
| |
115,971 |
|
|
CCC |
|
Finance
America Mortgage Loan Trust, Series 2004-2, Class M1, 4.613%
(1-Month Term SOFR + 0.939%) due
8/25/34(b) |
|
|
113,538 |
|
| |
13,467 |
|
|
A |
|
Fremont
Home Loan Trust, Series 2005-A,
Class M3, 4.523%
(1-Month
Term SOFR + 0.849%) due 1/25/35(b) |
|
|
13,431 |
|
| |
1,925,564 |
|
|
AAA |
|
M&T
Equipment 2025-LEAF1 Notes, Series 2025-1A, Class A2, 4.700% due
12/16/27(a) |
|
|
1,935,192 |
|
| |
120,444 |
|
|
BBB+ |
|
MASTR
Asset Backed Securities Trust, Series 2004-OPT2, Class A1,
4.488%
(1-Month Term SOFR +
0.814%) due 9/25/34(b) |
|
|
111,061 |
|
| |
209,534 |
|
|
Aaa(d) |
|
MMAF Equipment Finance LLC, Series
2024-A, Class A2, 5.200% due
9/13/27(a) |
|
|
210,021 |
|
| |
313,860 |
|
|
B- |
|
Morgan
Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1,
4.688%
(1-Month Term SOFR +
1.014%) due 5/25/34(b)(g) |
|
|
341,318 |
|
| |
399,963 |
|
|
NR |
|
Pagaya AI Debt Grantor Trust, Series
2025-6, Class A2, 4.497% due
4/15/33(a) |
|
|
400,711 |
|
| |
82,752 |
|
|
NR |
|
Stonepeak ABS, Series 2021-1A, Class AA, 2.301% due
2/28/33(a) |
|
|
80,947 |
|
|
|
|
| |
| |
Towd Point Mortgage Trust: |
|
|
| |
| |
160,167 |
|
|
AAA(h) |
|
Series
2024-CES1, Class A1A, 5.848% due 1/25/64(a)(b) |
|
|
161,198 |
|
See
Notes to Financial Statements.
258
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Asset-Backed Securities — 2.3% —
(continued) |
|
| $ |
169,607 |
|
|
AAA(h) |
|
Series
2025-CES2, Class A1, step bond to yield, 5.348% due 7/25/65(a) |
|
$ |
171,276 |
|
| |
893,409 |
|
|
AAA(h) |
|
Series
2025-CES3, Class A1A, step bond to yield, 5.278% due
8/25/65(a) |
|
|
902,626 |
|
| |
241,700 |
|
|
A-(h) |
|
UPXL Issuer Trust, Series 2025-1, Class A, 5.160% due
1/25/47(a) |
|
|
243,896 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Asset-Backed Securities |
|
|
6,748,421 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Mortgage Securities — 20.8% |
|
| |
428,474 |
|
|
AAA(h) |
|
Barclays
Mortgage Loan Trust, Series 2024-NQM1, Class A1, step bond to yield,
5.903% due 1/25/64(a) |
|
|
431,561 |
|
| |
1,600,000 |
|
|
NR |
|
BWAY
Mortgage Trust, Series 2021-1450, Class A, 5.024%
(1-Month Term SOFR + 1.364%) due
9/15/36(a)(b) |
|
|
1,571,167 |
|
| |
343,345 |
|
|
AAA(h) |
|
Chase
Home Lending Mortgage Trust, Series 2024-9, Class A11, 4.917%
(30-Day Average SOFR + 1.250%) due
9/25/55(a)(b) |
|
|
344,958 |
|
| |
1,304,534 |
|
|
Aaa(d) |
|
Citigroup
Mortgage Loan Trust, Series 2021-INV3, Class A11, 4.517%
(30-Day Average SOFR + 0.850%) due
5/25/51(a)(b) |
|
|
1,223,192 |
|
|
|
|
| |
| |
Credit Suisse Commercial Mortgage
Capital Trust: |
|
|
| |
| |
199,268 |
|
|
AAA |
|
Series
2021-INV1, Class A11, 4.467% (30-Day Average SOFR + 0.800%)
due 7/25/56(a)(b) |
|
|
187,224 |
|
| |
557,622 |
|
|
NR |
|
Series
2021-RPL4, Class A1, 4.153% due 12/27/60(a)(b) |
|
|
556,276 |
|
| |
139,664 |
|
|
AAA(h) |
|
Series
2022-RPL4, Class A1, 3.904% due 4/25/62(a)(b) |
|
|
136,781 |
|
|
|
|
| |
| |
Federal Home Loan Mortgage Corp.
(FHLMC), REMICS: |
|
|
| |
| |
306,866 |
|
|
NR |
|
Series
4344, Class FA, 4.365% (30-Day Average SOFR + 0.564%) due
12/15/37(b) |
|
|
300,735 |
|
| |
358,707 |
|
|
NR |
|
Series
4351, Class FA, 4.365% (30-Day Average SOFR + 0.564%) due
5/15/38(b) |
|
|
352,507 |
|
| |
775,537 |
|
|
NR |
|
Series
4906, Class WF, 4.315% (30-Day Average SOFR + 0.514%) due
12/15/38(b) |
|
|
766,375 |
|
| |
668,208 |
|
|
NR |
|
Series
5481, Class FJ, 4.817% (30-Day Average SOFR + 1.150%) due
12/25/54(b) |
|
|
674,329 |
|
| |
62,906 |
|
|
NR |
|
Series
5484, Class FA, 4.867% (30-Day Average SOFR + 1.200%) due
12/25/54(b) |
|
|
63,532 |
|
| |
230,428 |
|
|
NR |
|
Series
5491, Class FL, 4.867% (30-Day Average SOFR + 1.200%) due
1/25/55(b) |
|
|
232,799 |
|
| |
774,474 |
|
|
NR |
|
Series
5495, Class AF, 4.817% (30-Day Average SOFR + 1.150%) due
1/25/55(b) |
|
|
781,543 |
|
| |
859,407 |
|
|
NR |
|
Series
5496, Class AF, 4.767% (30-Day Average SOFR + 1.100%) due
1/25/55(b) |
|
|
865,207 |
|
| |
222,638 |
|
|
NR |
|
Series
5500, Class GF, 4.617% (30-Day Average SOFR + 0.950%) due
10/25/54(b) |
|
|
224,085 |
|
| |
823,007 |
|
|
NR |
|
Series
5508, Class QF, 4.617% (30-Day Average SOFR + 0.950%) due
2/25/55(b) |
|
|
828,834 |
|
| |
249,070 |
|
|
NR |
|
Series
5511, Class FG, 4.817% (30-Day Average SOFR + 1.150%) due
3/25/55(b) |
|
|
251,280 |
|
| |
2,874,091 |
|
|
NR |
|
Series
5513, Class MF, 4.607% (30-Day Average SOFR + 0.940%) due
11/25/54(b) |
|
|
2,892,670 |
|
| |
1,897,660 |
|
|
NR |
|
Series
5532, Class FA, 4.617% (30-Day Average SOFR + 0.950%) due
4/25/55(b) |
|
|
1,910,142 |
|
| |
1,487,193 |
|
|
NR |
|
Series
5548, Class AF, 4.667% (30-Day Average SOFR + 1.000%) due
6/25/55(b) |
|
|
1,495,200 |
|
| |
977,697 |
|
|
NR |
|
Series
5565, Class FB, 4.617% (30-Day Average SOFR + 0.950%) due
8/25/55(b) |
|
|
983,213 |
|
| |
758,500 |
|
|
NR |
|
Series
5567, Class FB, 4.667% (30-Day Average SOFR + 1.000%) due
8/25/55(b) |
|
|
764,799 |
|
| |
1,942,469 |
|
|
NR |
|
Series
5584, Class DF, 4.567% (30-Day Average SOFR + 0.900%) due
10/25/55(b) |
|
|
1,954,424 |
|
| |
383,670 |
|
|
NR |
|
Series
5593, Class FB, 4.567% (30-Day Average SOFR + 0.900%) due
11/25/55(b) |
|
|
386,064 |
|
| |
449,864 |
|
|
NR |
|
Series
5607, Class FA, 4.567% (30-Day Average SOFR + 0.900%) due
12/25/55(b) |
|
|
451,914 |
|
|
|
|
| |
| |
Federal National Mortgage Association
(FNMA), REMICS: |
|
|
| |
| |
619,040 |
|
|
NR |
|
Series
2017-108, Class AF, 4.082%
(30-Day Average SOFR + 0.414%)
due 1/25/48(b) |
|
|
612,717 |
|
| |
190,946 |
|
|
NR |
|
Series
2019-9, Class FA, 4.315%
(30-Day Average SOFR + 0.514%)
due 3/25/49(b) |
|
|
189,750 |
|
| |
674,623 |
|
|
NR |
|
Series
2024-90, Class FB, 4.917%
(30-Day Average SOFR + 1.250%)
due 11/25/53(b) |
|
|
682,991 |
|
| |
842,733 |
|
|
NR |
|
Series
2024-101, Class FB, 4.767%
(30-Day Average SOFR + 1.100%)
due 1/25/55(b) |
|
|
848,613 |
|
| |
383,744 |
|
|
NR |
|
Series
2024-103, Class FC, 4.817%
(30-Day Average SOFR + 1.150%)
due 1/25/55(b) |
|
|
387,247 |
|
| |
547,040 |
|
|
NR |
|
Series
2024-103, Class FJ, 4.867%
(30-Day Average SOFR + 1.200%)
due 1/25/55(b) |
|
|
552,655 |
|
| |
243,801 |
|
|
NR |
|
Series
2025-4, Class FB, 4.867%
(30-Day Average SOFR + 1.200%)
due 12/25/53(b) |
|
|
246,234 |
|
| |
198,027 |
|
|
NR |
|
Series
2025-6, Class FA, 4.917%
(30-Day Average SOFR + 1.250%)
due 2/25/55(b) |
|
|
200,229 |
|
| |
371,593 |
|
|
NR |
|
Series
2025-16, Class FA, 4.817%
(30-Day Average SOFR + 1.150%)
due 3/25/55(b) |
|
|
374,373 |
|
| |
413,441 |
|
|
NR |
|
Series
2025-19, Class FC, 4.827%
(30-Day Average SOFR + 1.160%)
due 3/25/55(b) |
|
|
417,064 |
|
| |
1,119,666 |
|
|
NR |
|
Series
2025-40, Class FP, 4.667%
(30-Day Average SOFR + 1.000%)
due 10/25/54(b) |
|
|
1,128,682 |
|
| |
684,972 |
|
|
NR |
|
Series
2025-88, Class FM, 4.567%
(30-Day Average SOFR + 0.900%)
due 8/25/55(b) |
|
|
689,210 |
|
| |
7,487,409 |
|
|
NR |
|
Series
2025-88, Class KF, 4.717%
(30-Day Average SOFR + 1.050%)
due 9/25/55(b) |
|
|
7,542,784 |
|
| |
2,422,731 |
|
|
NR |
|
Series
2025-95, Class F, 4.567%
(30-Day Average SOFR + 0.900%)
due 12/25/53(b) |
|
|
2,433,906 |
|
| |
1,186,552 |
|
|
NR |
|
Series
2025-99, Class KF, 4.667%
(30-Day Average SOFR + 1.000%)
due 11/25/55(b) |
|
|
1,193,741 |
|
See
Notes to Financial Statements.
259
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Mortgage Securities — 20.8% —
(continued) |
|
|
|
|
| |
| |
GCAT Trust: |
|
|
| |
| $ |
524,534 |
|
|
AAA |
|
Series
2021-NQM3, Class A1, 1.091% due 5/25/66(a)(b) |
|
$ |
470,203 |
|
| |
629,296 |
|
|
AAA(h) |
|
Series
2022-HX1, Class A1, 2.885%
due 12/27/66(a)(b) |
|
|
592,921 |
|
|
|
|
| |
| |
Government National Mortgage
Association (GNMA): |
|
|
| |
| |
269,650 |
|
|
NR |
|
Series
2016-H06, Class FD, 4.717%
(1-Month Term SOFR + 1.034%) due
7/20/65(b) |
|
|
271,305 |
|
| |
465,855 |
|
|
NR |
|
Series
2017-H15, Class FE, 5.581%
(1-Year Term SOFR + 1.515%) due
7/20/67(b) |
|
|
473,448 |
|
| |
60,361 |
|
|
NR |
|
Series
2020-17, Class EU, 2.500%
due 10/20/49 |
|
|
54,972 |
|
| |
41,986 |
|
|
NR |
|
Series
2020-21, Class AC, 2.500%
due 1/20/49 |
|
|
38,352 |
|
| |
2,665,185 |
|
|
NR |
|
Series
2021-122, Class FA, 3.000%
(30-Day Average SOFR + 0.400%)
due 7/20/51(b) |
|
|
2,368,774 |
|
| |
188,391 |
|
|
NR |
|
Series
2023-H11, Class FC, 4.762%
(30-Day Average SOFR + 1.100%)
due 5/20/73(b) |
|
|
192,956 |
|
| |
356,522 |
|
|
NR |
|
Series
2023-H24, Class FA, 4.612%
(30-Day Average SOFR + 0.950%)
due 10/20/73(b) |
|
|
362,812 |
|
| |
171,424 |
|
|
NR |
|
Series
2023-H27, Class FD, 4.762%
(30-Day Average SOFR + 1.100%)
due 11/20/73(b) |
|
|
175,839 |
|
| |
745,214 |
|
|
NR |
|
Series
2024-H01, Class FB, 4.562%
(30-Day Average SOFR + 0.900%)
due 1/20/74(b) |
|
|
756,739 |
|
| |
7,744,947 |
|
|
NR |
|
Series
2025-135, Class FE, 4.812%
(30-Day Average SOFR + 1.150%)
due 8/20/55(b)(i) |
|
|
7,826,626 |
|
| |
349,495 |
|
|
NR |
|
Series
2025-H20, Class FA, 4.432%
(30-Day Average SOFR + 0.770%)
due 9/20/75(b) |
|
|
352,892 |
|
| |
348,211 |
|
|
NR |
|
Series
2025-H22, Class F, 4.442%
(30-Day Average SOFR + 0.780%)
due 10/20/75(b) |
|
|
351,497 |
|
| |
856,103 |
|
|
AAA(h) |
|
GS
Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1,
1.750% due 12/25/60(a)(b) |
|
|
812,748 |
|
|
|
|
| |
| |
GS Mortgage-Backed Securities Trust: |
|
|
| |
| |
634,663 |
|
|
Aaa(d) |
|
Series
2021-GR2, Class A9, 4.547%
(30-Day Average SOFR + 0.850%)
due 2/25/52(a)(b) |
|
|
595,168 |
|
| |
217,098 |
|
|
Aaa(d) |
|
Series
2021-INV1, Class A9, 4.547% (30-Day Average SOFR + 0.850%)
due 12/25/51(a)(b) |
|
|
203,596 |
|
| |
386,046 |
|
|
Aaa(d) |
|
Series
2024-PJ7, Class A25, 5.018%
(30-Day Average SOFR + 1.350%)
due 11/25/54(a)(b) |
|
|
387,870 |
|
| |
137,825 |
|
|
BBB- |
|
JPMorgan
Chase Commercial Mortgage Securities Trust, Series 2019-FL12,
Class A, 5.157% (1-Month
Term SOFR + 1.497%) due 12/15/31(a)(b) |
|
|
137,606 |
|
|
|
|
| |
| |
JPMorgan Mortgage Trust: |
|
|
| |
| |
131,147 |
|
|
Aaa(d) |
|
Series
2019-INV3, Class A3, 3.500% due 5/25/50(a)(b) |
|
|
121,800 |
|
| |
272,520 |
|
|
Aaa(d) |
|
Series
2021-12, Class A11, 4.547%
(30-Day Average SOFR + 0.850%)
due 2/25/52(a)(b) |
|
|
255,477 |
|
| |
154,861 |
|
|
AAA(h) |
|
Series
2025-NQM1, Class A1, step bond to yield, 5.591% due 6/25/65(a) |
|
|
156,552 |
|
| |
223,351 |
|
|
NR |
|
Legacy
Mortgage Asset Trust, Series 2021-GS5, Class A1, step bond to
yield, 6.250% due 7/25/67(a) |
|
|
223,754 |
|
|
|
|
| |
| |
MFA Trust: |
|
|
| |
| |
75,210 |
|
|
AAA |
|
Series
2020-NQM1, Class A1, 2.479% due 3/25/65(a)(b) |
|
|
73,617 |
|
| |
67,428 |
|
|
AAA |
|
Series
2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b) |
|
|
66,334 |
|
|
|
|
| |
| |
Mill City Mortgage Loan Trust: |
|
|
| |
| |
267,050 |
|
|
Aaa(d) |
|
Series
2019-GS2, Class A1, 2.750%
due 8/25/59(a)(b) |
|
|
261,699 |
|
| |
189,332 |
|
|
AAA(h) |
|
Series
2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b) |
|
|
183,307 |
|
| |
1,485,076 |
|
|
Aa1(d) |
|
Natixis
Commercial Mortgage Securities Trust, Series 2021-APPL, Class A,
4.874%
(1-Month Term SOFR +
1.214%) due 8/15/38(a)(b) |
|
|
1,453,575 |
|
|
|
|
| |
| |
New Residential Mortgage Loan Trust: |
|
|
| |
| |
118,111 |
|
|
NR |
|
Series
2018-3A, Class A1, 4.500%
due 5/25/58(a)(b) |
|
|
117,358 |
|
| |
34,936 |
|
|
AAA(h) |
|
Series
2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b) |
|
|
34,301 |
|
| |
1,800,000 |
|
|
AAA(h) |
|
NYO
Commercial Mortgage Trust, Series 2021-1290, Class A, 4.869%
(1-Month Term SOFR + 1.209%) due
11/15/38(a)(b) |
|
|
1,797,842 |
|
|
|
|
| |
| |
OBX Trust: |
|
|
| |
| |
208,349 |
|
|
AAA |
|
Series
2024-NQM5, Class A1, step bond to yield, 5.988% due 1/25/64(a) |
|
|
210,455 |
|
| |
389,117 |
|
|
AAA |
|
Series
2024-NQM6, Class A1, step bond to yield, 6.447% due 2/25/64(a) |
|
|
394,924 |
|
| |
377,044 |
|
|
Aaa(d) |
|
Oceanview
Mortgage Trust, Series 2025-3,
Class AF1, 4.618%
(30-Day
Average SOFR + 0.950%) due 5/25/55(a)(b) |
|
|
378,044 |
|
| |
189,025 |
|
|
AAA(h) |
|
PRPM LLC, Series 2025-RCF6,
Class A1, step bond to yield, 4.942% due 12/25/55(a) |
|
|
190,571 |
|
| |
150,435 |
|
|
AAA(h) |
|
PRPM Trust, Series 2024-NQM4,
Class A1, step bond to yield, 5.674% due 12/26/69(a) |
|
|
151,890 |
|
| |
502,916 |
|
|
AAA(h) |
|
Sequoia Mortgage Trust, Series
2024-HYB1, Class A1A, 4.433% due 11/25/63(a)(b) |
|
|
507,694 |
|
See
Notes to Financial Statements.
260
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Mortgage Securities — 20.8% —
(continued) |
|
|
|
|
| |
| |
Towd Point Mortgage Trust: |
|
|
| |
| $ |
186,668 |
|
|
AAA(h) |
|
Series
2018-3, Class A1, 3.750% due
5/25/58(a)(b) |
|
$ |
184,700 |
|
| |
90,750 |
|
|
Aaa(d) |
|
Series
2019-HY2, Class A1, 4.788%
(1-Month Term SOFR + 1.114%) due
5/25/58(a)(b) |
|
|
92,750 |
|
| |
98,321 |
|
|
Aaa(d) |
|
Series
2019-HY3, Class A1A, 4.788%
(1-Month Term SOFR + 1.114%)
due 10/25/59(a)(b) |
|
|
98,547 |
|
| |
327,588 |
|
|
AAA(h) |
|
Series
2020-1, Class A1, 2.710% due
1/25/60(a)(b) |
|
|
318,792 |
|
| |
445,607 |
|
|
AAA(h) |
|
Series
2021-SJ2, Class A1A, 2.250%
due 12/25/61(a)(b) |
|
|
436,853 |
|
| |
124,668 |
|
|
AAA(h) |
|
Verus Securitization Trust, Series
2023-5, Class A1, step bond
to yield, 6.476% due 6/25/68(a) |
|
|
125,004 |
|
| |
212,650 |
|
|
AA |
|
WaMu
Mortgage Pass-Through Certificates Trust, Series 2005-AR13,
Class A1A1, 4.368% (1-Month
Term SOFR + 0.694%) due 10/25/45(b) |
|
|
208,240 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Mortgage Securities |
|
|
62,601,411 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost — $69,718,825) |
|
|
69,349,832 |
|
|
|
|
| |
| |
| |
|
|
|
|
| COLLATERALIZED LOAN
OBLIGATIONS — 9.6% |
|
|
| Other ABS — 9.6% |
|
| |
2,000,000 |
|
|
Aaa(d) |
|
Anchorage Credit Funding 19 Ltd.,
Series 2025-19A, Class A,
5.036% due 10/25/40(a) |
|
|
2,005,442 |
|
| |
1,600,000 |
|
|
AAA |
|
Atlas
Senior Loan Fund XVI Ltd., Series 2021-16A, Class AR,
4.768%
(3-Month Term SOFR +
1.100%) due 1/20/34(a)(b) |
|
|
1,600,490 |
|
| |
1,000,000 |
|
|
AAA |
|
Atlas
Senior Loan Fund XVIII Ltd., Series 2021-18A, Class A1R,
4.778%
(3-Month Term SOFR +
1.110%) due 1/18/35(a)(b) |
|
|
1,001,368 |
|
| |
2,500,000 |
|
|
Aaa(d) |
|
Bain
Capital Credit CLO Ltd., Series 2022-2A, Class A1R,
4.819%
(3-Month Term SOFR +
1.150%) due 4/22/35(a)(b) |
|
|
2,504,503 |
|
| |
131,073 |
|
|
AAA |
|
BlueMountain
CLO Ltd., Series 2018-3A,
Class A1R, 4.858%
(3-Month Term SOFR + 1.190%) due
10/25/30(a)(b) |
|
|
131,392 |
|
| |
8,957 |
|
|
Aaa(d) |
|
Dryden
54 Senior Loan Fund, Series 2017-54A, Class AR,
4.818%
(3-Month Term SOFR +
1.150%) due 10/19/29(a)(b) |
|
|
8,961 |
|
| |
400,000 |
|
|
Aaa(d) |
|
Dryden
95 CLO Ltd., Series 2021-95A,
Class AR, 4.696%
(3-Month
Term SOFR + 1.040%) due 8/20/34(a)(b) |
|
|
400,148 |
|
| |
278,701 |
|
|
Aaa(d) |
|
Gallatin
CLO VIII Ltd., Series 2017-1A,
Class A1R, 5.024%
(3-Month Term SOFR + 1.352%) due
7/15/31(a)(b) |
|
|
279,063 |
|
| |
1,300,000 |
|
|
Aaa(d) |
|
Golub
Capital Partners CLO 50B-R Ltd.,
Series 2020-50A, Class A1R2,
4.778%
(3-Month Term SOFR +
1.110%) due 4/20/35(a)(b) |
|
|
1,302,987 |
|
| |
852,347 |
|
|
AAA |
|
Greywolf
CLO III Ltd., Series 2020-3RA,
Class A1R2, 4.899%
(3-Month Term SOFR + 1.230%) due
4/22/33(a)(b) |
|
|
853,487 |
|
| |
43,155 |
|
|
Aaa(d) |
|
KKR
CLO 11 Ltd., Series 11, Class AR, 5.114%
(3-Month Term SOFR + 1.442%) due
1/15/31(a)(b) |
|
|
43,176 |
|
| |
400,000 |
|
|
AAA |
|
KKR
CLO 16 Ltd., Series 16, Class A1R3, 4.808%
(3-Month Term SOFR + 1.140%) due
10/20/34(a)(b) |
|
|
400,475 |
|
| |
2,000,000 |
|
|
AAA |
|
KKR
CLO 36 Ltd., Series 36A, Class AR, 4.822%
(3-Month Term SOFR + 1.150%) due
10/15/34(a)(b) |
|
|
2,002,650 |
|
| |
1,000,000 |
|
|
AAA |
|
LCM
31 Ltd., Series 31A, Class AR, 4.948%
(3-Month Term SOFR + 1.280%) due
7/20/34(a)(b) |
|
|
1,000,862 |
|
| |
1,200,000 |
|
|
Aaa(d) |
|
Marble
Point CLO XXIV Ltd., Series 2022-1A, Class A1R,
4.753%
(3-Month Term SOFR +
1.090%) due 4/20/35(a)(b) |
|
|
1,200,692 |
|
| |
400,000 |
|
|
AAA |
|
Neuberger
Berman Loan Advisers CLO 43 Ltd., Series 2021-43A, Class AR,
4.718%
(3-Month Term SOFR +
1.050%) due 7/17/36(a)(b) |
|
|
400,456 |
|
| |
400,000 |
|
|
AAA |
|
Neuberger
Berman Loan Advisers CLO 45 Ltd., Series 2021-45A, Class AR,
4.727%
(3-Month Term SOFR +
1.060%) due 10/14/36(a)(b) |
|
|
400,473 |
|
| |
1,600,000 |
|
|
Aaa(d) |
|
PPM
CLO 5 Ltd., Series 2021-5A,
Class AR, 4.848%
(3-Month
Term SOFR + 1.180%) due 10/18/34(a)(b) |
|
|
1,602,424 |
|
| |
2,000,000 |
|
|
Aaa(d) |
|
Rockford
Tower CLO Ltd., Series 2021-2A,
Class A1R, 4.798%
(3-Month Term SOFR + 1.130%) due
7/20/34(a)(b) |
|
|
2,002,836 |
|
| |
358,387 |
|
|
AAA |
|
Sound
Point CLO XXVIII Ltd., Series 2020-3A, Class A1R,
4.948%
(3-Month Term SOFR +
1.280%) due 1/25/32(a)(b) |
|
|
358,995 |
|
| |
2,000,000 |
|
|
AAA(h) |
|
Symphony
CLO XXIV Ltd., Series 2020-24A,
Class A1R, 4.801%
(3-Month Term SOFR + 1.130%) due
10/23/35(a)(b) |
|
|
2,001,546 |
|
See
Notes to Financial Statements.
261
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Other ABS — 9.6% — (continued) |
|
| $ |
800,000 |
|
|
Aaa(d) |
|
Symphony
CLO XXIX Ltd., Series 2021-29A,
Class AR, 4.822%
(3-Month
Term SOFR + 1.150%) due 10/15/35(a)(b) |
|
$ |
800,869 |
|
| |
1,600,000 |
|
|
Aaa(d) |
|
Symphony
CLO XXV Ltd., Series 2021-25A,
Class AR, 4.718%
(3-Month
Term SOFR + 1.050%) due 4/19/34(a)(b) |
|
|
1,603,714 |
|
| |
900,000 |
|
|
Aaa(d) |
|
Symphony
CLO XXXII Ltd., Series 2022-32A,
Class AR, 4.821%
(3-Month
Term SOFR + 1.150%) due 10/23/35(a)(b) |
|
|
901,004 |
|
| |
1,000,000 |
|
|
AAA |
|
Tralee
CLO V Ltd., Series 2018-5A,
Class A1RR, 4.748%
(3-Month Term SOFR + 1.080%) due
10/20/34(a)(b) |
|
|
1,000,372 |
|
| |
335,351 |
|
|
Aaa(d) |
|
Venture
36 CLO Ltd., Series 2019-36A,
Class A1AR, 5.059%
(3-Month Term SOFR + 1.392%) due
4/20/32(a)(b) |
|
|
335,660 |
|
| |
721,530 |
|
|
AAA(h) |
|
Verdelite
Static CLO Ltd., Series 2024-1A,
Class A, 4.798%
(3-Month
Term SOFR + 1.130%) due 7/20/32(a)(b) |
|
|
721,865 |
|
| |
2,000,000 |
|
|
AAA |
|
Wellfleet
CLO Ltd., Series 2021-1A,
Class A1R, 4.848%
(3-Month Term SOFR + 1.180%) due
4/20/34(a)(b) |
|
|
2,000,664 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
COLLATERALIZED LOAN OBLIGATIONS
(Cost — $28,829,177) |
|
|
28,866,574 |
|
|
|
|
| |
| |
| |
|
|
|
|
| ASSET-BACKED
SECURITIES — 9.3% |
|
|
| Automobiles — 5.4% |
|
| |
953,603 |
|
|
AAA |
|
American
Heritage Auto Receivables Issuer Trust, Series 2025-1A, Class A2, 4.480%
due 8/15/28(a) |
|
|
955,873 |
|
| |
821,684 |
|
|
AAA |
|
ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.540% due
4/15/33(a) |
|
|
827,113 |
|
| |
750,846 |
|
|
Aaa(d) |
|
Bank of America Auto Trust, Series
2023-1A, Class A3, 5.530%
due 2/15/28(a) |
|
|
756,623 |
|
| |
211,645 |
|
|
AAA |
|
CarMax
Auto Owner Trust, Series 2024-3,
Class A2B, 4.128%
(30-Day
Average SOFR + 0.470%) due 9/15/27(b) |
|
|
211,682 |
|
|
|
|
| |
| |
Carvana Auto Receivables Trust: |
|
|
| |
| |
2,769,000 |
|
|
AAA |
|
Series
2023-P1, Class A4, 5.940%
due 1/10/29(a) |
|
|
2,806,651 |
|
| |
577,255 |
|
|
AAA |
|
Series
2023-P2, Class A3, 5.420%
due 4/10/28(a) |
|
|
578,680 |
|
| |
873,451 |
|
|
AAA |
|
Series
2023-P4, Class A3, 6.160%
due 10/10/28(a) |
|
|
881,076 |
|
| |
1,441,633 |
|
|
AAA |
|
Series
2024-P1, Class A3, 5.050%
due 4/10/29(a) |
|
|
1,450,309 |
|
| |
1,827,562 |
|
|
Aaa(d) |
|
Chase Auto Owner Trust, Series 2024-3A, Class A3, 5.220% due
7/25/29(a) |
|
|
1,847,536 |
|
| |
281,525 |
|
|
Aaa(d) |
|
Chesapeake Funding II LLC, Series 2024-1A, Class A1, 5.520% due
5/15/36(a) |
|
|
285,160 |
|
| |
666,667 |
|
|
Aaa(d) |
|
Hertz Vehicle Financing III LLC, Series
2023-1A, Class A, 5.490% due
6/25/27(a) |
|
|
667,398 |
|
| |
1,975,000 |
|
|
AAA |
|
LAD Auto Receivables Trust, Series
2024-3A, Class A3, 4.520%
due 3/15/29(a) |
|
|
1,982,955 |
|
| |
97,346 |
|
|
Aaa(d) |
|
Oscar US Funding XV LLC, Series 2023-1A, Class A3, 5.810% due
12/10/27(a) |
|
|
97,911 |
|
| |
200,000 |
|
|
AAA |
|
PenFed Auto Receivables Owner Trust,
Series 2025-A, Class A3,
4.030% due 7/15/30(a) |
|
|
201,266 |
|
| |
876,959 |
|
|
Aaa(d) |
|
SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.560% due
11/22/27(a) |
|
|
880,886 |
|
| |
324,613 |
|
|
AAA |
|
SCCU Auto Receivables Trust, Series
2023-1A, Class A3, 5.700%
due 10/16/28(a) |
|
|
326,713 |
|
| |
200,000 |
|
|
AAA |
|
SFS Auto Receivables Securitization
Trust, Series 2026-1A,
Class A2A, 3.910% due 8/20/29(a) |
|
|
200,179 |
|
|
|
|
| |
| |
Toyota Auto Receivables Owner Trust: |
|
|
| |
| |
109,779 |
|
|
AAA |
|
Series
2022-C, Class A3, 3.760% due
4/15/27 |
|
|
109,771 |
|
| |
1,286,630 |
|
|
AAA |
|
Series
2025-B, Class A2A, 4.460%
due 3/15/28 |
|
|
1,289,904 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Automobiles |
|
|
16,357,686 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Credit Cards — 1.0% |
|
| |
1,100,000 |
|
|
Aaa(d) |
|
Golden Credit Card Trust, Series 2022-1A, Class A, 1.970% due
1/15/29(a) |
|
|
1,081,600 |
|
| |
1,800,000 |
|
|
Aaa(d) |
|
Trillium
Credit Card Trust II, Series 2025-1A, Class A, 4.263%
(SOFR
+ 0.590%) due 9/26/30(a)(b) |
|
|
1,808,446 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Credit Cards |
|
|
2,890,046 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Student Loans — 2.9% |
|
|
|
|
| |
| |
ECMC Group Student Loan Trust: |
|
|
| |
| |
400,752 |
|
|
Aa1(d) |
|
Series
2017-2A, Class A, 4.832%
(30-Day Average SOFR + 1.164%)
due 5/25/67(a)(b) |
|
|
403,946 |
|
| |
287,383 |
|
|
Aa1(d) |
|
Series
2018-1A, Class A, 4.532%
(30-Day Average SOFR + 0.864%)
due 2/27/68(a)(b) |
|
|
286,472 |
|
| |
431,222 |
|
|
Aa1(d) |
|
Series
2019-1A, Class A1B, 4.782%
(30-Day Average SOFR + 1.114%)
due 7/25/69(a)(b) |
|
|
432,796 |
|
See
Notes to Financial Statements.
262
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Student Loans — 2.9% — (continued) |
|
| $ |
1,182,090 |
|
|
AAA |
|
ELFI Graduate Loan Program LLC, Series
2021-A, Class A, 1.530% due
12/26/46(a) |
|
$ |
1,071,863 |
|
|
|
|
| |
| |
Navient Private Education Loan
Trust: |
|
|
| |
| |
232,159 |
|
|
AAA |
|
Series
2015-BA, Class A3, 5.224%
(1-Month Term SOFR + 1.564%) due
7/16/40(a)(b) |
|
|
232,549 |
|
| |
152,661 |
|
|
AAA |
|
Series
2020-A, Class A2B, 4.674%
(1-Month Term SOFR + 1.014%) due
11/15/68(a)(b) |
|
|
152,396 |
|
|
|
|
| |
| |
Navient Private Education Refinance
Loan Trust: |
|
|
| |
| |
96,427 |
|
|
AAA |
|
Series
2020-GA, Class A, 1.170% due
9/16/69(a) |
|
|
91,385 |
|
| |
147,600 |
|
|
AAA |
|
Series
2020-IA, Class A1A, 1.330%
due 4/15/69(a) |
|
|
138,401 |
|
| |
821,943 |
|
|
Aaa(d) |
|
Navient Refinance Loan Trust, Series
2025-C, Class A, 4.800% due
10/15/55(a) |
|
|
833,857 |
|
|
|
|
| |
| |
Nelnet Student Loan Trust: |
|
|
| |
| |
421,824 |
|
|
AA+ |
|
Series
2017-3A, Class A, 4.632%
(30-Day Average SOFR + 0.964%)
due 2/25/66(a)(b) |
|
|
422,484 |
|
| |
412,573 |
|
|
AA+ |
|
Series
2019-2A, Class A, 4.682%
(30-Day Average SOFR + 1.014%)
due 6/27/67(a)(b) |
|
|
413,323 |
|
| |
326,498 |
|
|
AA+ |
|
Series
2019-3A, Class A, 4.588%
(1-Month Term SOFR + 0.914%) due
8/25/67(a)(b) |
|
|
326,902 |
|
| |
219,214 |
|
|
Aaa(d) |
|
Series
2021-DA, Class AFL, 4.472%
(1-Month Term SOFR + 0.804%) due
4/20/62(a)(b) |
|
|
218,439 |
|
| |
669,626 |
|
|
Aaa(d) |
|
Series
2025-DA, Class A1A, 4.650%
due 8/20/54(a) |
|
|
673,897 |
|
| |
600,000 |
|
|
Aaa(d) |
|
Series
2026-A, Class A1A, 4.610%
due 2/21/61(a) |
|
|
602,375 |
|
| |
200,000 |
|
|
Aaa(d) |
|
Series
2026-A, Class A1B, 0.000%
(30-Day Average SOFR + 1.300%)
due 2/21/61(a)(b) |
|
|
200,456 |
|
|
|
|
| |
| |
SMB Private Education Loan Trust: |
|
|
| |
| |
139,215 |
|
|
AAA |
|
Series
2020-PTA, Class A2A, 1.600%
due 9/15/54(a) |
|
|
132,593 |
|
| |
112,957 |
|
|
AAA |
|
Series
2021-D, Class A1A, 1.340%
due 3/17/53(a) |
|
|
107,706 |
|
| |
932,662 |
|
|
Aaa(d) |
|
Series
2022-B, Class A1B, 5.108%
(30-Day Average SOFR + 1.450%)
due 2/16/55(a)(b) |
|
|
942,049 |
|
| |
123,947 |
|
|
Aaa(d) |
|
Series
2023-B, Class A1B, 5.458%
(30-Day Average SOFR + 1.800%)
due 10/16/56(a)(b) |
|
|
126,578 |
|
| |
342,976 |
|
|
Aaa(d) |
|
Series
2023-C, Class A1B, 5.208%
(30-Day Average SOFR + 1.550%)
due 11/15/52(a)(b) |
|
|
346,759 |
|
| |
302,073 |
|
|
Aaa(d) |
|
Series
2024-A, Class A1A, 5.240%
due 3/15/56(a) |
|
|
313,002 |
|
| |
151,036 |
|
|
Aaa(d) |
|
Series
2024-A, Class A1B, 5.108%
(30-Day Average SOFR + 1.450%)
due 3/15/56(a)(b) |
|
|
153,321 |
|
| |
168,451 |
|
|
Aaa(d) |
|
Towd
Point Asset Trust, Series 2021-SL1, Class A2,
4.482%
(1-Month Term SOFR +
0.814%) due 11/20/61(a)(b) |
|
|
168,171 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Student Loans |
|
|
8,791,720 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
ASSET-BACKED SECURITIES
(Cost — $28,102,837) |
|
|
28,039,452 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
U.S. GOVERNMENT
OBLIGATIONS — 5.6% |
|
|
|
|
| |
| |
U.S. Treasury Inflation Indexed
Notes: |
|
|
| |
| |
4,596,494 |
|
|
| |
0.125%
due 7/15/26(i)(n) |
|
|
4,621,248 |
|
| |
6,166,628 |
|
|
| |
0.125%
due 10/15/26(i) |
|
|
6,179,208 |
|
| |
4,963,587 |
|
|
| |
0.375%
due 1/15/27(i)(n) |
|
|
4,950,898 |
|
| |
953,380 |
|
|
| |
2.125%
due 4/15/29 |
|
|
986,063 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
U.S. GOVERNMENT OBLIGATIONS
(Cost — $16,631,789) |
|
|
16,737,417 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
MORTGAGE-BACKED
SECURITIES — 2.6% |
|
|
| FHLMC — 0.2% |
|
| |
642,468 |
|
|
| |
Federal Home Loan Mortgage Corp.
(FHLMC), 4.000% due 6/1/49 — 9/1/49 |
|
|
632,420 |
|
|
|
|
| |
| |
| |
|
|
|
|
| FNMA — 2.4% |
|
| |
7,200,000 |
|
|
| |
Federal National Mortgage Association
(FNMA), 5.500% due 4/1/56(j) |
|
|
7,309,522 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
MORTGAGE-BACKED SECURITIES
(Cost — $7,978,614) |
|
|
7,941,942 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SOVEREIGN BONDS —
1.4% |
|
|
| Chile — 0.3% |
|
| |
800,000 |
|
|
A |
|
Chile Government International Bonds,
2.750% due 1/31/27 |
|
|
790,840 |
|
|
|
|
| |
| |
| |
|
|
|
|
| Panama — 0.2% |
|
|
|
|
| |
| |
Panama Government International
Bonds: |
|
|
| |
| |
300,000 |
|
|
BBB- |
|
8.875%
due 9/30/27 |
|
|
322,725 |
|
| |
200,000 |
|
|
BBB- |
|
3.875%
due 3/17/28 |
|
|
198,280 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Total Panama |
|
|
521,005 |
|
|
|
|
| |
| |
| |
|
|
|
See
Notes to Financial Statements.
263
|
|
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
|
|
|
|
| |
Face
Amount/Units† |
|
|
Rating†† |
|
Security |
|
Value |
|
|
| Saudi Arabia — 0.9% |
|
| $ |
2,700,000 |
|
|
Aa3(d) |
|
Saudi Government International Bonds,
5.125% due 1/13/28 |
|
$ |
2,758,910 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SOVEREIGN BONDS
(Cost — $4,062,033) |
|
|
4,070,755 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS
(Cost —
$316,580,740) |
|
|
316,842,579 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
SHORT-TERM
INVESTMENTS(k) — 3.5% |
|
|
| |
COMMERCIAL PAPERS —
1.3% |
|
| |
1,600,000 |
|
|
| |
Global Payments Inc., 4.072% due
3/6/26(l) |
|
|
1,599,276 |
|
| |
1,100,000 |
|
|
| |
HCA Inc., 4.122% due 3/20/26(a)(l) |
|
|
1,097,614 |
|
| |
1,300,000 |
|
|
| |
Southern California Edison Co., 4.221%
due 3/3/26(a)(l) |
|
|
1,299,697 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
COMMERCIAL PAPERS
(Cost — $3,996,587) |
|
|
3,996,587 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
MONEY MARKET FUND —
0.1% |
|
| |
306,063 |
|
|
| |
Invesco STIT — Government &
Agency Portfolio, Institutional Class, 3.674%(m) |
|
|
| |
|
|
|
| |
| |
(Cost — $306,063) |
|
|
306,063 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
TIME DEPOSITS —
1.2% |
|
| |
21 |
NZD |
|
| |
BBH — New York, 1.400% due 3/2/26 |
|
|
13 |
|
| |
3,551,959 |
|
|
| |
Citibank — New York, 2.980% due
3/2/26 |
|
|
3,551,959 |
|
| |
11,466 |
|
|
| |
JPMorgan Chase & Co. — New
York, 2.980% due 3/2/26 |
|
|
11,466 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
TIME DEPOSITS
(Cost — $3,563,438) |
|
|
3,563,438 |
|
|
|
|
| |
| |
| |
|
|
|
|
| |
U.S. GOVERNMENT
OBLIGATION — 0.9% |
|
| |
2,700,000 |
|
|
| |
U.S. Treasury Bills, 3.646% due
4/9/26(l) |
|
|
| |
|
|
|
| |
| |
(Cost — $2,689,381) |
|
|
2,689,381 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
SHORT-TERM INVESTMENTS
(Cost — $10,555,469) |
|
|
10,555,469 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
INVESTMENTS — 108.9%
(Cost — $327,136,209) |
|
|
327,398,048 |
|
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
Liabilities in Excess of Other Assets —
(8.9)% |
|
|
(26,718,608 |
) |
|
|
|
| |
| |
| |
|
|
|
|
|
|
| |
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
300,679,440 |
|
|
|
|
| |
| |
| |
|
|
|
| † |
Amount
denominated in U.S. dollars, unless otherwise noted.
|
| †† |
All
ratings are by Standard & Poor’s Rating Service, unless otherwise
noted. |
| (a) |
Restricted
security that may be sold to “qualified institutional buyers” pursuant to
the conditions of Rule 144A under the Securities Act of 1933, as amended.
This security has been deemed liquid pursuant to guidelines approved by
the Board of Trustees, unless otherwise noted. The aggregate value of
restricted 144A holdings at February 28, 2026, amounts to
$128,275,167 and represents 42.7% of net assets. |
| (b) |
Variable
rate security. Interest rate disclosed is that which was in effect at
February 28, 2026. |
| (c) |
Security
is valued in good faith at fair value by or under the direction of the
Board of Trustees. |
| (d) |
Rating
by Moody’s Investors Service. |
| (e) |
All
or a portion of this security is on loan (see Note 1).
|
See
Notes to Financial Statements.
264
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
| (f) |
The
aggregate value of restricted securities (excluding 144A holdings) at
February 28, 2026, amounts to $783,643 and represents 0.3% of net
assets. |
| (g) |
Affiliated
security (see Note 2). As of February 28, 2026, total cost and total
value of affiliated security amounted to $313,616 and $341,318,
respectively. |
| (h) |
Rating
by Fitch Ratings Service. |
| (i) |
Position,
or portion thereof, has been segregated to collateralize reverse
repurchase agreement. |
| (j) |
This
security is traded on a TBA basis (see Note 1). |
| (k) |
Inclusive
of all short-term holdings, including investments of collateral received
from securities lending transactions. Excluding such collateral, the
percentage of portfolio holdings would be 3.4%. |
| (l) |
Rate
shown represents yield-to-maturity.
|
| (m) |
Represents
investments of collateral received from securities lending transactions.
|
| (n) |
All
or a portion of this security was purchased in a sale-buyback transaction.
The value of these securities totals $9,572,146 which represents 3.2% of
net assets. |
At
February 28, 2026, for Ultra-Short Term Fixed Income Fund the aggregate
cost of investments and the aggregate gross unrealized appreciation and
depreciation of all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
Ultra-Short
Term Fixed Income Fund |
|
$ |
327,136,209 |
|
|
$ |
1,503,903 |
|
|
$ |
(1,458,908 |
) |
|
$ |
44,995 |
|
|
|
| |
|
Abbreviations
used in this schedule: |
| ABS |
|
—
Asset-Backed Security |
| CLO |
|
—
Collateralized Loan Obligation |
| CMT |
|
—
Constant Maturity Treasury Rate |
| DAC |
|
—
Designated Activity Company |
| LLC |
|
—
Limited Liability Company |
| MASTR |
|
—
Mortgage Asset Securitization Transactions, Inc. |
| PLC |
|
—
Public Limited Company |
| REMICS |
|
—
Real Estate Mortgage Investment Conduits |
| SOFR |
|
—
Secured Overnight Financing Rate |
|
|
|
|
| |
| Summary of Investments by Security
Type^ |
|
|
Corporate Bonds & Notes |
|
|
49.5 |
% |
|
Collateralized
Mortgage Obligations |
|
|
21.2 |
|
|
Collateralized
Loan Obligations |
|
|
8.8 |
|
|
Asset-Backed
Securities |
|
|
8.6 |
|
|
U.S.
Government Obligations |
|
|
5.1 |
|
|
Mortgage-Backed
Securities |
|
|
2.4 |
|
|
Sovereign
Bonds |
|
|
1.3 |
|
|
Short-Term
Investments |
|
|
3.1 |
|
|
| |
|
|
|
|
Total
Investments |
|
|
100.0 |
%+ |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
| + |
Does
not reflect investments of collateral received from securities lending
transactions. |
See
Notes to Financial Statements.
265
|
|
| |
| |
|
|
| Schedules of Investments |
|
|
| (unaudited) (continued) |
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income
Fund |
At
February 28, 2026, Ultra-Short Term Fixed Income Fund held the following
Reverse Repurchase Agreements:
|
|
|
|
|
|
|
|
| |
|
|
| |
Face
Amount† |
|
|
Security |
|
Value |
|
|
|
|
| |
Bank of America: |
|
|
| |
| $ |
950,250 |
|
|
3.800%
due 3/4/26 |
|
$ |
950,250 |
|
| |
9,251,250 |
|
|
3.780%
due 3/5/26 |
|
|
9,251,250 |
|
| |
135,750 |
|
|
Barclays Capital Inc., 3.780% due
3/9/26 |
|
|
135,750 |
|
| |
3,718,406 |
|
|
Citigroup Global Markets Inc., 3.860%
due 3/2/26 |
|
|
3,718,406 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
REVERSE REPURCHASE AGREEMENTS
(Proceeds — $14,055,656) |
|
$ |
14,055,656 |
|
|
|
|
| |
| |
|
|
|
|
|
For
the period ended February 28, 2026, the daily average borrowing and
weighted average interest rate under the reverse repurchase agreements
were $9,782,399 and 3.944%, respectively.
|
| † |
|
Amount denominated in
U.S. dollars, unless otherwise noted. |
At
February 28, 2026, Ultra-Short Term Fixed Income Fund had open
exchange-traded futures contracts as described below.
The
unrealized appreciation (depreciation) on the open contracts reflected in the
accompanying financial statements were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Open Futures Contracts |
|
Number of
Contracts |
|
|
Expiration
Date
(Month/Year) |
|
|
Notional
Amount |
|
|
Value |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
| Contracts
to Buy: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
3-Month SOFR Futures |
|
|
19 |
|
|
|
3/28 |
|
|
$ |
4,599,900 |
|
|
$ |
4,609,400 |
|
|
$ |
9,500 |
|
|
U.S.
Treasury 5-Year Note
Futures |
|
|
325 |
|
|
|
6/26 |
|
|
|
35,694,141 |
|
|
|
35,795,703 |
|
|
|
101,562 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
111,062 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| Contracts
to Sell: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Treasury 2-Year Note
Futures |
|
|
396 |
|
|
|
6/26 |
|
|
|
82,739,250 |
|
|
|
82,872,281 |
|
|
|
(133,031 |
) |
|
U.S.
Treasury 10-Year Note
Futures |
|
|
56 |
|
|
|
6/26 |
|
|
|
6,321,438 |
|
|
|
6,373,501 |
|
|
|
(52,063 |
) |
|
U.S.
Treasury Ultra Long Bond Futures |
|
|
41 |
|
|
|
6/26 |
|
|
|
4,928,648 |
|
|
|
4,985,343 |
|
|
|
(56,695 |
) |
|
U.S.
Ultra Long Bond Futures |
|
|
73 |
|
|
|
6/26 |
|
|
|
8,435,492 |
|
|
|
8,521,609 |
|
|
|
(86,117 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
(327,906 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Net
Unrealized Depreciation on Open Exchange-Traded Futures Contracts |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
(216,844 |
) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
At
February 28, 2026, Ultra-Short Term Fixed Income Fund had deposited cash of
$925,000 with a broker or brokers as margin collateral on open exchange-traded
futures contracts.
|
|
| |
|
Currency
abbreviation used in this schedule: |
| NZD |
|
—
New Zealand Dollar |
See
pages 268-269 for definitions of
ratings.
At
February 28, 2026, Ultra-Short Term Fixed Income Fund was involved in
following sale-buyback transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Counterparty |
|
Borrowing
Date |
|
|
Maturity
Date |
|
|
Borrowing
Rate |
|
|
Amount
Borrowed |
|
|
BNP
Paribas SA |
|
|
2/18/26 |
|
|
|
3/4/26 |
|
|
|
3.827 |
% |
|
$ |
3,530,760 |
|
|
BNP
Paribas SA |
|
|
2/18/26 |
|
|
|
3/4/26 |
|
|
|
3.827 |
% |
|
|
1,337,808 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
$ |
4,868,568 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
See
Notes to Financial Statements.
266
|
|
| |
| |
|
|
| Schedules of Investments |
|
|
| (unaudited) (continued) |
|
|
|
|
|
|
|
|
| |
| Alternative Strategies
Fund |
|
|
|
|
|
|
|
|
| |
|
|
| |
| Units |
|
|
Security |
|
Value |
|
|
| |
OPEN END MUTUAL
FUND SECURITIES—99.3% |
|
|
| |
United
States — 99.3% |
|
| |
667,616 |
|
|
AB Select U.S. Long/Short Portfolio,
Class I |
|
$ |
9,707,131 |
|
| |
1,613,899 |
|
|
Abbey Capital Futures Strategy Fund,
Class I |
|
|
18,882,622 |
|
| |
1,526,812 |
|
|
BlackRock Event Driven Equity Fund,
Institutional Class |
|
|
16,046,796 |
|
| |
688,844 |
|
|
BlackRock Global Equity Market Neutral
Fund, Institutional Class |
|
|
10,311,988 |
|
| |
1,926,948 |
|
|
BlackRock Systematic Multi-Strategy
Fund, Institutional Class |
|
|
20,830,311 |
|
| |
504,812 |
|
|
BlackRock Tactical Opportunities Fund,
Institutional Class* |
|
|
8,092,137 |
|
| |
824,602 |
|
|
BNY Mellon Global Real Return Fund,
Class Y |
|
|
14,513,002 |
|
| |
760,466 |
|
|
Calamos Market Neutral Income Fund,
Class I |
|
|
12,045,776 |
|
| |
72,019 |
|
|
Cohen & Steers Global Realty
Shares Inc., Class I |
|
|
4,342,012 |
|
| |
1,897,795 |
|
|
John Hancock Diversified Macro Fund,
Class I |
|
|
16,985,266 |
|
| |
221,364 |
|
|
JPMorgan Hedged Equity Fund,
Class I |
|
|
7,873,908 |
|
| |
694,416 |
|
|
Neuberger Berman Long Short Fund,
Institutional Class |
|
|
13,839,705 |
|
| |
281,930 |
|
|
PIMCO CommodityRealReturn Strategy
Fund, Institutional Class |
|
|
4,533,436 |
|
| |
1,417,185 |
|
|
PIMCO Credit Opportunities Bond Fund,
Institutional Class |
|
|
13,973,442 |
|
| |
2,134,704 |
|
|
PIMCO Mortgage Opportunities and Bond
Fund, Class I2 |
|
|
20,279,687 |
|
| |
1,158,528 |
|
|
Touchstone Flexible Income Fund,
Institutional Class |
|
|
12,187,713 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
INVESTMENTS — 99.3%
(Cost — $191,079,829) |
|
|
204,444,932 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
Other Assets in Excess of
Liabilities—0.7% |
|
|
1,426,301 |
|
|
|
|
| |
| |
|
|
|
|
|
|
| |
TOTAL
NET ASSETS — 100.0% |
|
$ |
205,871,233 |
|
|
|
|
| |
| |
|
|
|
| * |
Non-income producing security.
|
At
February 28, 2026, for Alternative Strategies Fund the aggregate cost of
investments and the aggregate gross unrealized appreciation and depreciation of
all investments for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Aggregate Cost For
Federal
Income
Tax Purposes |
|
|
Gross
Unrealized
Appreciation |
|
|
Gross
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation |
|
|
Alternative
Strategies Fund |
|
$ |
191,079,829 |
|
|
$ |
14,576,525 |
|
|
$ |
(1,211,422 |
) |
|
$ |
13,365,103 |
|
|
|
|
|
| |
| Summary of Investments by Security
Type^ |
|
|
|
|
Open
End Mutual Fund Securities |
|
|
100.0 |
% |
|
| |
|
|
|
| ^ |
As
a percentage of total investments. |
See
Notes to Financial Statements.
267
The
definitions of the applicable rating symbols are set forth below:
Standard &
Poor’s Ratings Service (“Standard &
Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of
a plus (+) or minus (-) sign to show relative standings within the major rating
categories.
|
|
| |
| AAA |
|
— Bonds
rated “AAA” have the highest rating assigned by Standard & Poor’s.
Capacity to pay interest and repay principal is extremely
strong. |
|
| |
| AA |
|
— Bonds
rated “AA” have a very strong capacity to pay interest and repay principal
and differ from the highest rated issues only in a small degree. |
|
| |
| A |
|
— Bonds
rated “A” have a strong capacity to pay interest and repay principal
although they are somewhat more susceptible to the adverse effects of
changes in circumstances and economic conditions than debt in higher rated
categories. |
|
| |
| BBB |
|
— Bonds
rated “BBB” are regarded as having an adequate capacity to pay interest
and repay principal. Whereas they normally exhibit adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal
for bonds in this category than in higher rated categories. |
|
| |
| BB, B, CCC, CC and C |
|
— Bonds
rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as
predominantly speculative with respect to capacity to pay interest and
repay principal in accordance with the terms of the obligation. “BB”
represents the lowest degree of speculation and “C” the highest degree of
speculation. While such bonds will likely have some quality and protective
characteristics, these are outweighed by large uncertainties or major risk
exposures to adverse conditions. |
|
| |
| D |
|
— Bonds
rated “D” are in default and payment of interest and/or repayment of
principal is in arrears. |
|
| |
| P |
|
— Preliminary
rating. |
|
| |
| u |
|
— The
upgrade state defines bonds that have recently been upgraded into higher
rating categories. |
Moody’s Investors Service (“Moody’s”) —
Numerical modifiers 1, 2 and 3 may be applied to each generic rating from
“Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its
generic category.
|
|
| |
| Aaa |
|
— Bonds
rated “Aaa” are judged to be of the best quality. They carry the smallest
degree of investment risk and are generally referred to as “gilt edge.”
Interest payments are protected by a large or by an exceptionally stable
margin and principal is secure. While the various protective elements are
likely to change, such changes as can be visualized are most unlikely to
impair the fundamentally strong position of such issues. |
|
| |
| Aa |
|
— Bonds
rated “Aa” are judged to be of high quality by all standards. Together
with the “Aaa” group they comprise what are generally known as high grade
bonds. They are rated lower than the best bonds because margins of
protection may not be as large as in “Aaa” securities or fluctuation of
protective elements may be of greater amplitude or there may be other
elements present which make the long-term risks appear somewhat larger
than in “Aaa” securities. |
|
| |
| A |
|
— Bonds
rated “A” possess many favorable investment attributes and are to be
considered as upper medium grade obligations. Factors giving security to
principal and interest are considered adequate but elements may be present
which suggest a susceptibility to impairment some time in the
future. |
|
| |
| Baa |
|
— Bonds
rated “Baa” are considered as medium grade obligations, i.e., they are
neither highly protected nor poorly secured. Interest payments and
principal security appear adequate for the present but certain protective
elements may be lacking or may be characteristically unreliable over any
great length of time. Such bonds lack outstanding investment
characteristics and in fact have speculative characteristics as
well. |
|
| |
| Ba |
|
— Bonds
rated “Ba” are judged to have speculative elements; their future cannot be
considered as well assured. Often the protection of interest and principal
payments may be very moderate and therefore not well safeguarded during
both good and bad times over the future. Uncertainty of position
characterizes bonds in this class. |
|
| |
| B |
|
— Bonds
rated “B” generally lack characteristics of desirable investments.
Assurance of interest and principal payments or of maintenance of other
terms of the contract over any long period of time may be small. |
|
| |
| Caa |
|
— Bonds
rated “Caa” are of poor standing. These may be in default, or present
elements of danger may exist with respect to principal or
interest. |
|
| |
| Ca |
|
— Bonds
rated “Ca” represent obligations which are speculative in a high degree.
Such issues are often in default or have other marked
short-comings. |
|
| |
| C |
|
— Bonds
rated “C” are the lowest class of bonds and issues so rated can be
regarded as having extremely poor prospects of ever attaining any real
investment standing. |
|
| |
| e |
|
— Expected. |
|
| |
| u |
|
— Upgraded. |
268
Fitch Ratings Service (“Fitch”) — Ratings from
“AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to
show relative standings within the major rating categories.
|
|
| |
| AAA |
|
— Bonds
rated “AAA” have the highest rating assigned by Fitch. Capacity to pay
interest and repay principal is extremely strong. |
|
| |
| AAApre |
|
— Stable
Outlook rating is based on the pledge of securities in the escrow deposit
fund securing the bonds and reflects the lien of the refunded bondholders
on the escrow trust funds and that all amounts have been invested in
direct non-callable obligations of the United States. |
|
| |
| AA |
|
— Bonds
rated “AA” have a very strong capacity to pay interest and repay principal
and differ from the highest rated issues only in a small degree. |
|
| |
| A |
|
— Bonds
rated “A” have a strong capacity to pay interest and repay principal
although they are somewhat more susceptible to the adverse effects of
changes in circumstances and economic conditions than debt in higher rated
categories. |
|
| |
| BBB |
|
— Bonds
rated “BBB” are regarded as having an adequate capacity to pay interest
and repay principal. Whereas they normally exhibit adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal
for bonds in this category than in higher rated categories. |
|
| |
| BB, B, CCC, CC and C |
|
— Bonds
rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as
predominantly speculative with respect to capacity to pay interest and
repay principal in accordance with the terms of the obligation. “BB”
represents a lower degree of speculation than “B”, and “CC” the highest
degree of speculation. While such bonds will likely have some quality and
protective characteristics, these are outweighed by large uncertainties or
major risk exposures to adverse conditions. |
|
| |
| D |
|
— Bonds
rated “D” are in default and payment of interest and/or repayment of
principal is in arrears. |
|
| |
|
| |
|
|
| |
| NR |
|
— Indicates
that the bond is not rated by Standard & Poor’s, Moody’s, or
Fitch. |
|
| |
| WD, WR |
|
— Indicates
that the bonds rating has been withdrawn and the issuer is no longer rated
by Standard & Poor’s, Moody’s or Fitch. |
Short-Term
Security Ratings
|
|
| |
| SP-1 |
|
— Standard
& Poor’s highest rating indicating very strong or strong capacity to
pay principal and interest; those issues determined to possess
overwhelming safety characteristics are denoted with a plus (+)
sign. |
|
| |
| A-1 |
|
— Standard
& Poor’s highest commercial paper and variable-rate demand obligation
(VRDO) rating indicating that the degree of safety regarding timely
payment is either overwhelming or very strong; those issues determined to
possess overwhelming safety characteristics are denoted with a plus (+)
sign. |
|
| |
| VMIG 1 |
|
— Moody’s
highest rating for issues having a demand feature — VRDO. |
|
| |
| MIG1 |
|
— Moody’s
highest rating for short-term municipal obligations. |
|
| |
| P-1 |
|
— Moody’s
highest rating for commercial paper and for VRDO prior to the advent of
the VMIG 1 rating. |
|
| |
| F-1 |
|
— Fitch’s
highest rating indicating the strongest capacity for timely payment of
financial commitments; those issues determined to possess overwhelming
strong credit feature are denoted with a plus (+) sign. |
|
| |
| F-2 |
|
— Fitch’s
rating indicating a good capacity for timely payment of financial
commitments. |
269
|
|
| |
| |
|
|
| Statements of Assets and Liabilities |
|
|
|
|
| |
| February 28, 2026 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Morgan Stanley
Pathway
Large Cap Equity
ETF |
|
|
Morgan Stanley
Pathway
Small-Mid Cap
Equity ETF |
|
|
International
Equity
Fund |
|
|
|
|
| ASSETS: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unaffiliated
investments, at value1,3 |
|
$ |
3,562,270,916 |
|
|
$ |
729,603,445 |
|
|
$ |
1,367,485,099 |
|
|
|
| |
|
Affiliated
investments, at value2 |
|
|
7,247,847 |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Foreign
currency, at value4 |
|
|
24 |
|
|
|
19 |
|
|
|
486,478 |
|
|
|
| |
|
Cash |
|
|
109,974 |
|
|
|
42,143 |
|
|
|
— |
|
|
|
| |
|
Receivable
for securities sold |
|
|
1,660,877 |
|
|
|
1,447,429 |
|
|
|
3,535,332 |
|
|
|
| |
|
Receivable
for TBA securities sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Dividends
and interest receivable from unaffiliated investments |
|
|
3,189,126 |
|
|
|
401,865 |
|
|
|
9,776,924 |
|
|
|
| |
|
Dividends
and interest receivable from affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Receivable
for Fund shares sold |
|
|
2,728,805 |
|
|
|
— |
|
|
|
821,201 |
|
|
|
| |
|
Unrealized
appreciation on open forward foreign currency contracts (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Variation
margin on open futures contracts (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
21,440 |
|
|
|
| |
|
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 |
|
|
1,197,984 |
|
|
|
496,996 |
|
|
|
199,747 |
|
|
|
| |
|
Foreign
capital gains tax receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Prepaid
trustees expenses |
|
|
131,864 |
|
|
|
24,852 |
|
|
|
82,176 |
|
|
|
| |
|
Prepaid
expenses |
|
|
59,029 |
|
|
|
9,105 |
|
|
|
38,682 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total
Assets |
|
|
3,578,596,446 |
|
|
|
732,025,854 |
|
|
|
1,382,447,079 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| LIABILITIES: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Reverse
repurchase agreements, at value7 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Payable
for collateral received from securities on loan |
|
|
973,888 |
|
|
|
1,999,348 |
|
|
|
2,755,398 |
|
|
|
| |
|
Payable
for Fund shares repurchased |
|
|
— |
|
|
|
— |
|
|
|
675,824 |
|
|
|
| |
|
Payable
for securities purchased |
|
|
2,589,739 |
|
|
|
872,195 |
|
|
|
4,419,181 |
|
|
|
| |
|
Payable
for TBA securities purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Payable
for sale-buyback transactions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Investment
management fee payable |
|
|
799,490 |
|
|
|
266,646 |
|
|
|
468,773 |
|
|
|
| |
|
Transfer
agent fees payable |
|
|
11,737 |
|
|
|
8,493 |
|
|
|
36,003 |
|
|
|
| |
|
Interest
expense payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Custody
fee payable |
|
|
82,906 |
|
|
|
— |
|
|
|
153,016 |
|
|
|
| |
|
Variation
margin on open futures contracts (Note 1) |
|
|
79,825 |
|
|
|
90,045 |
|
|
|
— |
|
|
|
| |
|
Variation
margin on open centrally cleared swap contracts (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Forward
sale commitments, at value5 (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Options
contracts written, at value6 (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Unrealized
depreciation on open OTC swap contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Upfront
payment received on open OTC swap contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Unrealized
depreciation on open forward foreign currency contracts (Note 1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Deposits
for collateral from counterparty |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Foreign
capital gains tax payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Audit
fees payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Accrued
expenses |
|
|
213,237 |
|
|
|
107,979 |
|
|
|
178,583 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Total
Liabilities |
|
|
4,750,822 |
|
|
|
3,344,706 |
|
|
|
8,686,778 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Net
Assets |
|
$ |
3,573,845,624 |
|
|
$ |
728,681,148 |
|
|
$ |
1,373,760,301 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| NET ASSETS: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Paid-in-capital
(Note 5) |
|
$ |
1,931,998,771 |
|
|
$ |
506,124,260 |
|
|
$ |
858,367,520 |
|
|
|
| |
|
Total
distributable earnings (losses) |
|
|
1,641,846,853 |
|
|
|
222,556,888 |
|
|
|
515,392,781 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Total Net
Assets |
|
$ |
3,573,845,624 |
|
|
$ |
728,681,148 |
|
|
$ |
1,373,760,301 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Shares
Outstanding |
|
|
65,482,167 |
|
|
|
13,348,475 |
|
|
|
80,178,928 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Net Asset
Value |
|
$ |
54.58 |
|
|
$ |
54.59 |
|
|
$ |
17.13 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 1 Unaffiliated
investments, at cost |
|
$ |
1,920,904,289 |
|
|
$ |
514,357,955 |
|
|
$ |
840,669,916 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2 Affiliated
investments, at cost |
|
$ |
2,375,030 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 3 Includes securities on
loan |
|
$ |
913,165 |
|
|
$ |
1,883,635 |
|
|
$ |
2,623,363 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 4 Foreign currency, at
cost |
|
$ |
679 |
|
|
$ |
473 |
|
|
$ |
460,895 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 5 Proceeds received |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 6 Premiums received |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 7 Proceeds of reverse
repurchase agreements |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
See
Notes to Financial Statements.
270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
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 |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
| |
$ |
881,537,674 |
|
|
$ |
1,901,776,139 |
|
|
$ |
159,610,902 |
|
|
$ |
240,553,852 |
|
|
$ |
88,229,268 |
|
|
$ |
203,721,705 |
|
|
$ |
327,056,730 |
|
|
$ |
204,444,932 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
341,318 |
|
|
|
— |
|
|
|
|
| |
|
676,845 |
|
|
|
37 |
|
|
|
— |
|
|
|
667,336 |
|
|
|
— |
|
|
|
125,011 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
111,264 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,307,406 |
|
|
|
21,736 |
|
|
|
1,836,902 |
|
|
|
|
| |
|
7,115,435 |
|
|
|
32,475,162 |
|
|
|
26,688 |
|
|
|
21,377,498 |
|
|
|
254,247 |
|
|
|
957,153 |
|
|
|
4,126,953 |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106,352,243 |
|
|
|
— |
|
|
|
2,075,078 |
|
|
|
7,310,250 |
|
|
|
— |
|
|
|
|
| |
|
1,300,418 |
|
|
|
14,285,567 |
|
|
|
2,689,352 |
|
|
|
1,553,673 |
|
|
|
911,913 |
|
|
|
796,603 |
|
|
|
1,828,887 |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
|
| |
|
490,958 |
|
|
|
645,604 |
|
|
|
67,781 |
|
|
|
92,508 |
|
|
|
101,625 |
|
|
|
36,532 |
|
|
|
249,737 |
|
|
|
94,053 |
|
|
|
|
| |
|
11 |
|
|
|
390,920 |
|
|
|
— |
|
|
|
1,697,155 |
|
|
|
— |
|
|
|
441,698 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
3,784,932 |
|
|
|
— |
|
|
|
286,995 |
|
|
|
— |
|
|
|
99,089 |
|
|
|
19,748 |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
217,230 |
|
|
|
— |
|
|
|
82,098 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,671,329 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
327,327 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
30,000 |
|
|
|
2,704,000 |
|
|
|
— |
|
|
|
3,676,000 |
|
|
|
— |
|
|
|
1,237,000 |
|
|
|
925,000 |
|
|
|
— |
|
|
|
|
| |
|
51,285 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
26,862 |
|
|
|
84,024 |
|
|
|
5,667 |
|
|
|
7,929 |
|
|
|
304 |
|
|
|
5,083 |
|
|
|
12,165 |
|
|
|
6,776 |
|
|
|
|
| |
|
44,621 |
|
|
|
77,108 |
|
|
|
11,451 |
|
|
|
14,219 |
|
|
|
23,409 |
|
|
|
4,496 |
|
|
|
35,952 |
|
|
|
24,576 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
891,274,109 |
|
|
|
1,956,551,987 |
|
|
|
162,411,841 |
|
|
|
378,360,162 |
|
|
|
89,520,766 |
|
|
|
213,806,854 |
|
|
|
341,928,639 |
|
|
|
206,407,239 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,448,625 |
|
|
|
— |
|
|
|
54,425,125 |
|
|
|
14,055,656 |
|
|
|
— |
|
|
|
|
| |
|
2,088,847 |
|
|
|
9,178,517 |
|
|
|
4,562,496 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
306,063 |
|
|
|
— |
|
|
|
|
| |
|
473,712 |
|
|
|
6,273,854 |
|
|
|
141,601 |
|
|
|
99,786 |
|
|
|
201,532 |
|
|
|
100,345 |
|
|
|
802,437 |
|
|
|
203,567 |
|
|
|
|
| |
|
6,664,907 |
|
|
|
30,443,432 |
|
|
|
2,373,327 |
|
|
|
25,693,589 |
|
|
|
126,339 |
|
|
|
1,004,024 |
|
|
|
6,307,850 |
|
|
|
169,413 |
|
|
|
|
| |
|
— |
|
|
|
32,907,799 |
|
|
|
— |
|
|
|
120,636,112 |
|
|
|
— |
|
|
|
13,972,410 |
|
|
|
14,594,906 |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,868,568 |
|
|
|
— |
|
|
|
|
| |
|
334,588 |
|
|
|
443,071 |
|
|
|
56,462 |
|
|
|
63,891 |
|
|
|
26,018 |
|
|
|
46,757 |
|
|
|
76,575 |
|
|
|
30,132 |
|
|
|
|
| |
|
10,413 |
|
|
|
55,084 |
|
|
|
7,598 |
|
|
|
5,515 |
|
|
|
2,184 |
|
|
|
5,151 |
|
|
|
19,242 |
|
|
|
5,038 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,529 |
|
|
|
— |
|
|
|
56,844 |
|
|
|
30,475 |
|
|
|
— |
|
|
|
|
| |
|
94,084 |
|
|
|
209,905 |
|
|
|
29,266 |
|
|
|
87,007 |
|
|
|
20,507 |
|
|
|
47,075 |
|
|
|
32,550 |
|
|
|
27,653 |
|
|
|
|
| |
|
2,520 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,200 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,674,945 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,421 |
|
|
|
— |
|
|
|
61,782 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
199,119 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
219,613 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
1,021,945 |
|
|
|
— |
|
|
|
1,220,103 |
|
|
|
— |
|
|
|
84,763 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
590,000 |
|
|
|
— |
|
|
|
20,000 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
3,549,929 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
93,479 |
|
|
|
— |
|
|
|
— |
|
|
|
55,522 |
|
|
|
|
| |
|
129,919 |
|
|
|
260,360 |
|
|
|
170,757 |
|
|
|
105,736 |
|
|
|
27,677 |
|
|
|
227,315 |
|
|
|
154,877 |
|
|
|
44,681 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
13,348,919 |
|
|
|
80,793,967 |
|
|
|
7,341,507 |
|
|
|
183,060,991 |
|
|
|
497,736 |
|
|
|
70,080,791 |
|
|
|
41,249,199 |
|
|
|
536,006 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
877,925,190 |
|
|
$ |
1,875,758,020 |
|
|
$ |
155,070,334 |
|
|
$ |
195,299,171 |
|
|
$ |
89,023,030 |
|
|
$ |
143,726,063 |
|
|
$ |
300,679,440 |
|
|
$ |
205,871,233 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
| |
$ |
595,739,550 |
|
|
$ |
2,105,180,465 |
|
|
$ |
178,971,643 |
|
|
$ |
215,921,440 |
|
|
$ |
94,074,269 |
|
|
$ |
156,632,282 |
|
|
$ |
313,239,219 |
|
|
$ |
196,246,432 |
|
|
|
|
| |
|
282,185,640 |
|
|
|
(229,422,445 |
) |
|
|
(23,901,309 |
) |
|
|
(20,622,269 |
) |
|
|
(5,051,239 |
) |
|
|
(12,906,219 |
) |
|
|
(12,559,779 |
) |
|
|
9,624,801 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
877,925,190 |
|
|
$ |
1,875,758,020 |
|
|
$ |
155,070,334 |
|
|
$ |
195,299,171 |
|
|
$ |
89,023,030 |
|
|
$ |
143,726,063 |
|
|
$ |
300,679,440 |
|
|
$ |
205,871,233 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
43,857,152 |
|
|
|
270,415,171 |
|
|
|
47,942,273 |
|
|
|
28,367,520 |
|
|
|
10,263,207 |
|
|
|
16,995,303 |
|
|
|
30,757,875 |
|
|
|
18,714,778 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
20.02 |
|
|
$ |
6.94 |
|
|
$ |
3.23 |
|
|
$ |
6.88 |
|
|
$ |
8.67 |
|
|
$ |
8.46 |
|
|
$ |
9.78 |
|
|
$ |
11.00 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
532,717,899 |
|
|
$ |
1,887,144,030 |
|
|
$ |
159,615,108 |
|
|
$ |
246,512,941 |
|
|
$ |
85,882,111 |
|
|
$ |
206,263,306 |
|
|
$ |
326,822,593 |
|
|
$ |
191,079,829 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
313,616 |
|
|
$ |
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
2,009,515 |
|
|
$ |
8,886,205 |
|
|
$ |
4,264,620 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
293,445 |
|
|
$ |
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
675,748 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
668,922 |
|
|
$ |
— |
|
|
$ |
124,921 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,290,250 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,752 |
|
|
$ |
— |
|
|
$ |
122,966 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,448,625 |
|
|
$ |
— |
|
|
$ |
54,425,125 |
|
|
$ |
14,055,656 |
|
|
$ |
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
271
|
|
| |
| For the Six Months Ended February
28, 2026 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Morgan Stanley
Pathway
Large Cap Equity
ETF |
|
|
Morgan Stanley
Pathway
Small-Mid Cap
Equity
ETF |
|
|
International
Equity
Fund |
|
|
|
|
|
|
|
|
| |
| INVESTMENT INCOME: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
| |
|
Dividends
from unaffiliated investments |
|
$ |
20,740,394 |
|
|
$ |
3,698,978 |
|
|
$ |
10,079,909 |
|
|
|
| |
|
Dividends
from affiliated investments |
|
|
84,939 |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Interest
from unaffiliated investments |
|
|
757,380 |
|
|
|
295,047 |
|
|
|
398,540 |
|
|
|
| |
|
Interest
from affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Income
from securities lending, net |
|
|
3,379 |
|
|
|
14,916 |
|
|
|
22,628 |
|
|
|
| |
|
Less:
Foreign taxes withheld (Note 1r) |
|
|
(26,951 |
) |
|
|
(4,412 |
) |
|
|
(779,414 |
) |
|
|
| |
|
Miscellaneous
income |
|
|
23,855 |
|
|
|
11,288 |
|
|
|
2,158 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investment Income |
|
|
21,582,996 |
|
|
|
4,015,817 |
|
|
|
9,723,821 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| EXPENSES: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
| |
|
Investment
management fee (Note 2) |
|
|
9,455,999 |
|
|
|
2,581,761 |
|
|
|
4,365,264 |
|
|
|
| |
|
Transfer
agent fees |
|
|
11,590 |
|
|
|
10,248 |
|
|
|
113,379 |
|
|
|
| |
|
Custody
fees |
|
|
381,801 |
|
|
|
113,828 |
|
|
|
313,633 |
|
|
|
| |
|
Trustees’
fees |
|
|
171,191 |
|
|
|
35,053 |
|
|
|
37,082 |
|
|
|
| |
|
Shareholder
reports |
|
|
84,356 |
|
|
|
61,871 |
|
|
|
57,331 |
|
|
|
| |
|
Insurance |
|
|
55,269 |
|
|
|
9,071 |
|
|
|
23,835 |
|
|
|
| |
|
Audit
and tax |
|
|
50,068 |
|
|
|
44,805 |
|
|
|
54,762 |
|
|
|
| |
|
Legal
fees |
|
|
114,059 |
|
|
|
23,692 |
|
|
|
28,098 |
|
|
|
| |
|
Registration
fees |
|
|
9,765 |
|
|
|
6,309 |
|
|
|
13,786 |
|
|
|
| |
|
Other
expense |
|
|
94,054 |
|
|
|
22,819 |
|
|
|
46,616 |
|
|
|
| |
|
Interest
expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Expenses |
|
|
10,428,152 |
|
|
|
2,909,457 |
|
|
|
5,053,786 |
|
|
|
| |
|
Less:
Fee waivers and/or expense reimbursement (Note 2) |
|
|
(4,188,703 |
) |
|
|
(892,081 |
) |
|
|
(1,435,876 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Expenses |
|
|
6,239,449 |
|
|
|
2,017,376 |
|
|
|
3,617,910 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Investment Income |
|
$ |
15,343,547 |
|
|
$ |
1,998,441 |
|
|
$ |
6,105,911 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
|
$ |
14,286,635 |
|
|
$ |
18,019,214 |
|
|
$ |
52,203,824 |
|
|
|
| |
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Unaffiliated
in-kind transactions |
|
|
2,169,669 |
|
|
|
5,306,004 |
|
|
|
— |
|
|
|
| |
|
Futures
contracts |
|
|
1,905,614 |
|
|
|
1,149,270 |
|
|
|
261,587 |
|
|
|
| |
|
Options
contracts written |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Forward
sale commitments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Short
sales |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Swap
contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Foreign
currency transactions |
|
|
— |
|
|
|
— |
|
|
|
(233,294 |
) |
|
|
| |
|
Capital
gain distributions received |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Realized Gain (Loss): |
|
|
18,361,918 |
|
|
|
24,474,488 |
|
|
|
52,232,117 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
in Net Unrealized Appreciation (Depreciation) from: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
| |
|
Unaffiliated
investments |
|
|
136,789,378 |
|
|
|
57,754,744 |
|
|
|
148,384,475 |
|
|
|
| |
|
Affiliated
investments |
|
|
644,113 |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Futures
contracts |
|
|
(725,612 |
) |
|
|
(314,701 |
) |
|
|
59,152 |
|
|
|
| |
|
Options
contracts written |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Forward
sale commitments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Swap
contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Foreign
currency translations |
|
|
164 |
|
|
|
143 |
|
|
|
93,535 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
in Net Unrealized Appreciation (Depreciation): |
|
|
136,708,043 |
|
|
|
57,440,186 |
|
|
|
148,537,162 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
155,069,961 |
|
|
|
81,914,674 |
|
|
|
200,769,279 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Increase in Net Assets from Operations |
|
$ |
170,413,508 |
|
|
$ |
83,913,115 |
|
|
$ |
206,875,190 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Includes
net decrease in accrued foreign capital gains taxes of $(182,424) for
Emerging Markets Equity Fund. |
See
Notes to Financial Statements.
272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
Emerging
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 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
$ |
6,162,177 |
|
|
$ |
42,018 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,165,317 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
225,821 |
|
|
|
41,779,473 |
|
|
|
5,513,059 |
|
|
|
4,383,752 |
|
|
|
1,622,324 |
|
|
|
2,335,665 |
|
|
|
8,110,508 |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,877 |
|
|
|
— |
|
|
|
|
| |
|
36,703 |
|
|
|
15,145 |
|
|
|
47,893 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
732 |
|
|
|
— |
|
|
|
|
| |
|
(699,740 |
) |
|
|
(4,489 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
2,109 |
|
|
|
81,629 |
|
|
|
— |
|
|
|
16,133 |
|
|
|
— |
|
|
|
18,882 |
|
|
|
590 |
|
|
|
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
5,727,070 |
|
|
|
41,913,776 |
|
|
|
5,560,952 |
|
|
|
4,399,885 |
|
|
|
1,622,324 |
|
|
|
2,354,547 |
|
|
|
8,119,707 |
|
|
|
4,165,317 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
3,248,926 |
|
|
|
3,557,129 |
|
|
|
515,534 |
|
|
|
465,410 |
|
|
|
167,792 |
|
|
|
347,485 |
|
|
|
857,517 |
|
|
|
1,164,935 |
|
|
|
|
| |
|
58,423 |
|
|
|
173,225 |
|
|
|
17,972 |
|
|
|
18,233 |
|
|
|
7,817 |
|
|
|
14,371 |
|
|
|
46,284 |
|
|
|
19,068 |
|
|
|
|
| |
|
336,508 |
|
|
|
653,457 |
|
|
|
80,020 |
|
|
|
303,254 |
|
|
|
61,925 |
|
|
|
145,107 |
|
|
|
109,584 |
|
|
|
62,106 |
|
|
|
|
| |
|
36,599 |
|
|
|
92,514 |
|
|
|
7,775 |
|
|
|
8,289 |
|
|
|
13,192 |
|
|
|
7,971 |
|
|
|
22,973 |
|
|
|
11,256 |
|
|
|
|
| |
|
53,789 |
|
|
|
133,683 |
|
|
|
40,650 |
|
|
|
40,827 |
|
|
|
2,990 |
|
|
|
16,275 |
|
|
|
21,908 |
|
|
|
14,472 |
|
|
|
|
| |
|
7,779 |
|
|
|
25,977 |
|
|
|
2,958 |
|
|
|
3,541 |
|
|
|
1,620 |
|
|
|
2,942 |
|
|
|
6,257 |
|
|
|
3,571 |
|
|
|
|
| |
|
46,166 |
|
|
|
47,287 |
|
|
|
36,353 |
|
|
|
71,446 |
|
|
|
48,641 |
|
|
|
52,012 |
|
|
|
43,595 |
|
|
|
27,878 |
|
|
|
|
| |
|
34,085 |
|
|
|
76,587 |
|
|
|
6,258 |
|
|
|
6,621 |
|
|
|
2,149 |
|
|
|
3,404 |
|
|
|
7,382 |
|
|
|
4,299 |
|
|
|
|
| |
|
13,144 |
|
|
|
18,535 |
|
|
|
9,935 |
|
|
|
10,962 |
|
|
|
9,369 |
|
|
|
12,099 |
|
|
|
17,646 |
|
|
|
12,263 |
|
|
|
|
| |
|
14,090 |
|
|
|
37,015 |
|
|
|
4,653 |
|
|
|
6,206 |
|
|
|
196 |
|
|
|
6,653 |
|
|
|
15,358 |
|
|
|
4,257 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
86,291 |
|
|
|
— |
|
|
|
1,017,435 |
|
|
|
182,585 |
|
|
|
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
3,849,509 |
|
|
|
4,815,409 |
|
|
|
722,108 |
|
|
|
1,021,080 |
|
|
|
315,691 |
|
|
|
1,625,754 |
|
|
|
1,331,089 |
|
|
|
1,324,105 |
|
|
|
|
| |
|
(1,315,492 |
) |
|
|
(763,895 |
) |
|
|
(151,580 |
) |
|
|
(50,420 |
) |
|
|
— |
|
|
|
(37,633 |
) |
|
|
(260,192 |
) |
|
|
(970,779 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2,534,017 |
|
|
|
4,051,514 |
|
|
|
570,528 |
|
|
|
970,660 |
|
|
|
315,691 |
|
|
|
1,588,121 |
|
|
|
1,070,897 |
|
|
|
353,326 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
3,193,053 |
|
|
$ |
37,862,262 |
|
|
$ |
4,990,424 |
|
|
$ |
3,429,225 |
|
|
$ |
1,306,633 |
|
|
$ |
766,426 |
|
|
$ |
7,048,810 |
|
|
$ |
3,811,991 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
$ |
15,979,392 |
|
|
$ |
2,791,898 |
|
|
$ |
(228,538 |
) |
|
$ |
(1,491,593 |
) |
|
$ |
26,068 |
|
|
$ |
(731,589 |
) |
|
$ |
570,612 |
|
|
$ |
(224,031 |
) |
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
189,852 |
|
|
|
2,655,228 |
|
|
|
— |
|
|
|
1,622,708 |
|
|
|
— |
|
|
|
384,285 |
|
|
|
(188,721 |
) |
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
142,286 |
|
|
|
— |
|
|
|
69,424 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(702,137 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(44,245 |
) |
|
|
(20,562 |
) |
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
47,998 |
|
|
|
— |
|
|
|
(1,514,829 |
) |
|
|
— |
|
|
|
(43,181 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
8,586 |
|
|
|
(1,310,538 |
) |
|
|
— |
|
|
|
(768,136 |
) |
|
|
— |
|
|
|
76,600 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
(109,362 |
) |
|
|
(64,442 |
) |
|
|
— |
|
|
|
189,701 |
|
|
|
— |
|
|
|
(48,918 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
290,322 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
16,068,468 |
|
|
|
4,120,144 |
|
|
|
(228,538 |
) |
|
|
(2,522,000 |
) |
|
|
26,068 |
|
|
|
(337,624 |
) |
|
|
361,345 |
|
|
|
66,291 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
170,989,012 |
(a) |
|
|
28,328,489 |
|
|
|
(2,122,397 |
) |
|
|
4,363,833 |
|
|
|
3,678,329 |
|
|
|
2,920,649 |
|
|
|
299,960 |
|
|
|
6,944,747 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,589 |
|
|
|
— |
|
|
|
|
| |
|
45,269 |
|
|
|
241,889 |
|
|
|
— |
|
|
|
405,380 |
|
|
|
— |
|
|
|
(243,913 |
) |
|
|
(276,619 |
) |
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,251 |
) |
|
|
— |
|
|
|
(27,393 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(199,608 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
— |
|
|
|
(885 |
) |
|
|
— |
|
|
|
319,473 |
|
|
|
— |
|
|
|
(225,534 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
11 |
|
|
|
(9,952 |
) |
|
|
— |
|
|
|
1,262,593 |
|
|
|
— |
|
|
|
374,880 |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
8,566 |
|
|
|
(7,310 |
) |
|
|
— |
|
|
|
(1,542,628 |
) |
|
|
— |
|
|
|
(17,259 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
171,042,858 |
|
|
|
28,552,231 |
|
|
|
(2,122,397 |
) |
|
|
4,580,792 |
|
|
|
3,678,329 |
|
|
|
2,781,430 |
|
|
|
31,930 |
|
|
|
6,944,747 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
187,111,326 |
|
|
|
32,672,375 |
|
|
|
(2,350,935 |
) |
|
|
2,058,792 |
|
|
|
3,704,397 |
|
|
|
2,443,806 |
|
|
|
393,275 |
|
|
|
7,011,038 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
190,304,379 |
|
|
$ |
70,534,637 |
|
|
$ |
2,639,489 |
|
|
$ |
5,488,017 |
|
|
$ |
5,011,030 |
|
|
$ |
3,210,232 |
|
|
$ |
7,442,085 |
|
|
$ |
10,823,029 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
273
|
|
| |
| |
|
|
| Statements of Changes in Net Assets |
|
|
|
|
| |
| For the Six Months Ended February 28, 2026
(unaudited) and Year Ended August 31,
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Morgan Stanley
Pathway
Large Cap Equity ETF* |
|
|
Morgan Stanley Pathway
Small-Mid Cap Equity ETF* |
|
|
|
|
| |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
| OPERATIONS: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Net
investment income (loss) |
|
$ |
15,343,547 |
|
|
$ |
27,489,908 |
|
|
$ |
1,998,441 |
|
|
$ |
4,509,545 |
|
|
|
| |
|
Net
realized gain (loss) |
|
|
18,361,918 |
|
|
|
40,943,292 |
|
|
|
24,474,488 |
|
|
|
13,611,396 |
|
|
|
| |
|
Change
in unrealized appreciation (depreciation) |
|
|
136,708,043 |
|
|
|
355,532,878 |
|
|
|
57,440,186 |
|
|
|
37,122,742 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Increase
(Decrease) in Net Assets from Operations |
|
|
170,413,508 |
|
|
|
423,966,078 |
|
|
|
83,913,115 |
|
|
|
55,243,683 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE
1): |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Distributable
earnings |
|
|
(73,862,759 |
) |
|
|
(106,305,264 |
) |
|
|
(21,045,509 |
) |
|
|
(56,973,556 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Decrease
in Net Assets from Distributions to Shareholders |
|
|
(73,862,759 |
) |
|
|
(106,305,264 |
) |
|
|
(21,045,509 |
) |
|
|
(56,973,556 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| FUND SHARE TRANSACTIONS (NOTE
5): |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Net
proceeds from sale of shares |
|
|
— |
|
|
|
251,201,108 |
|
|
|
— |
|
|
|
132,179,898 |
|
|
|
| |
|
Net
proceeds from sale of shares in-kind |
|
|
198,208,130 |
|
|
|
282,582,620 |
|
|
|
17,786,600 |
|
|
|
99,238,145 |
|
|
|
| |
|
Reinvestment
of distributions |
|
|
— |
|
|
|
106,305,161 |
|
|
|
— |
|
|
|
56,973,373 |
|
|
|
| |
|
Cost
of shares repurchased |
|
|
— |
|
|
|
(270,722,391 |
) |
|
|
— |
|
|
|
(65,944,111 |
) |
|
|
| |
|
Cost
of shares repurchased in-kind |
|
|
(13,698,965 |
) |
|
|
(41,479,235 |
) |
|
|
(25,903,560 |
) |
|
|
(25,330,845 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Increase
(Decrease) in Net Assets from Fund Share Transactions |
|
|
184,509,165 |
|
|
|
327,887,263 |
|
|
|
(8,116,960 |
) |
|
|
197,116,460 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Increase
(Decrease) in Net Assets |
|
|
281,059,914 |
|
|
|
645,548,077 |
|
|
|
54,750,646 |
|
|
|
195,386,587 |
|
|
|
| |
| NET ASSETS: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Beginning
of period |
|
|
3,292,785,710 |
|
|
|
2,647,237,633 |
|
|
|
673,930,502 |
|
|
|
478,543,915 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
End
of period |
|
$ |
3,573,845,624 |
|
|
$ |
3,292,785,710 |
|
|
$ |
728,681,148 |
|
|
$ |
673,930,502 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
|
| |
|
| |
| * |
The
Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and
liabilities of the Large Cap Equity Fund (“Predecessor Fund”) and the
Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets
and liabilities of Small-Mid Cap Equity Fund (“Predecessor Fund”) in
reorganizations that occurred on December 9, 2024 (the
“Reorganizations”). Each of the Predecessor Funds ceased operations
immediately following the Reorganizations. As a result, all financial
information prior to the Reorganizations reflects that of each of the
Predecessor Funds. See Note 1 of the Notes to Financial Statements for
additional information on the Funds’ Reorganizations.
|
See
Notes to Financial Statements.
274
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
International Equity
Fund |
|
|
Emerging Markets Equity
Fund |
|
|
Core Fixed Income
Fund |
|
|
High Yield Fund |
|
| |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
$ |
6,105,911 |
|
|
$ |
24,280,984 |
|
|
$ |
3,193,053 |
|
|
$ |
9,961,202 |
|
|
$ |
37,862,262 |
|
|
$ |
81,713,158 |
|
|
$ |
4,990,424 |
|
|
$ |
9,091,841 |
|
|
|
|
| |
|
52,232,117 |
|
|
|
46,408,704 |
|
|
|
16,068,468 |
|
|
|
(8,691,212 |
) |
|
|
4,120,144 |
|
|
|
(55,577,684 |
) |
|
|
(228,538 |
) |
|
|
(2,899,402 |
) |
|
|
|
| |
|
148,537,162 |
|
|
|
46,365,227 |
|
|
|
171,042,858 |
|
|
|
84,466,901 |
|
|
|
28,552,231 |
|
|
|
20,810,885 |
|
|
|
(2,122,397 |
) |
|
|
4,300,561 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
206,875,190 |
|
|
|
117,054,915 |
|
|
|
190,304,379 |
|
|
|
85,736,891 |
|
|
|
70,534,637 |
|
|
|
46,946,359 |
|
|
|
2,639,489 |
|
|
|
10,493,000 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
(95,600,834 |
) |
|
|
(68,490,693 |
) |
|
|
(16,650,131 |
) |
|
|
(10,763,392 |
) |
|
|
(38,734,650 |
) |
|
|
(78,791,626 |
) |
|
|
(4,745,382 |
) |
|
|
(9,121,687 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(95,600,834 |
) |
|
|
(68,490,693 |
) |
|
|
(16,650,131 |
) |
|
|
(10,763,392 |
) |
|
|
(38,734,650 |
) |
|
|
(78,791,626 |
) |
|
|
(4,745,382 |
) |
|
|
(9,121,687 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
164,505,737 |
|
|
|
275,883,914 |
|
|
|
135,570,025 |
|
|
|
190,340,954 |
|
|
|
324,837,150 |
|
|
|
412,256,698 |
|
|
|
24,588,054 |
|
|
|
32,179,260 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
95,600,834 |
|
|
|
68,490,205 |
|
|
|
16,650,131 |
|
|
|
10,763,328 |
|
|
|
38,734,649 |
|
|
|
78,791,125 |
|
|
|
4,745,382 |
|
|
|
9,121,666 |
|
|
|
|
| |
|
(192,022,264) |
|
|
|
(508,569,027 |
) |
|
|
(103,770,084 |
) |
|
|
(119,108,366 |
) |
|
|
(175,898,057 |
) |
|
|
(668,139,804 |
) |
|
|
(13,879,035 |
) |
|
|
(34,165,443 |
) |
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
68,084,307 |
|
|
|
(164,194,908 |
) |
|
|
48,450,072 |
|
|
|
81,995,916 |
|
|
|
187,673,742 |
|
|
|
(177,091,981 |
) |
|
|
15,454,401 |
|
|
|
7,135,483 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
179,358,663 |
|
|
|
(115,630,686 |
) |
|
|
222,104,320 |
|
|
|
156,969,415 |
|
|
|
219,473,729 |
|
|
|
(208,937,248 |
) |
|
|
13,348,508 |
|
|
|
8,506,796 |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
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 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
1,373,760,301 |
|
|
$ |
1,194,401,638 |
|
|
$ |
877,925,190 |
|
|
$ |
655,820,870 |
|
|
$ |
1,875,758,020 |
|
|
$ |
1,656,284,291 |
|
|
$ |
155,070,334 |
|
|
$ |
141,721,826 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Notes to Financial Statements.
275
|
|
| |
| |
|
|
| Statements of Changes in Net Assets |
|
|
|
|
| |
| For the Six Months Ended February 28, 2026
(unaudited) and Year Ended August 31,
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
International Fixed Income
Fund |
|
|
Municipal Bond Fund |
|
|
|
|
| |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
| OPERATIONS: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Net
investment income (loss) |
|
$ |
3,429,225 |
|
|
$ |
6,215,103 |
|
|
$ |
1,306,633 |
|
|
$ |
2,713,604 |
|
|
|
| |
|
Net
realized gain (loss) |
|
|
(2,522,000 |
) |
|
|
(2,787,311 |
) |
|
|
26,068 |
|
|
|
(1,249,932 |
) |
|
|
| |
|
Change
in unrealized appreciation (depreciation) |
|
|
4,580,792 |
|
|
|
3,017,430 |
|
|
|
3,678,329 |
|
|
|
(2,635,680 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in Net Assets from Operations |
|
|
5,488,017 |
|
|
|
6,445,222 |
|
|
|
5,011,030 |
|
|
|
(1,172,008 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE
1): |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Distributable
earnings |
|
|
(4,894,424 |
) |
|
|
(4,195,976 |
) |
|
|
(1,297,369 |
) |
|
|
(2,704,016 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease
in Net Assets from Distributions to Shareholders |
|
|
(4,894,424 |
) |
|
|
(4,195,976 |
) |
|
|
(1,297,369 |
) |
|
|
(2,704,016 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FUND SHARE TRANSACTIONS (NOTE
5): |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Net
proceeds from sale of shares |
|
|
35,769,357 |
|
|
|
45,882,165 |
|
|
|
15,827,303 |
|
|
|
24,958,565 |
|
|
|
| |
|
Net
proceeds from sale of shares in-kind |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
Reinvestment
of distributions |
|
|
4,894,424 |
|
|
|
4,195,905 |
|
|
|
1,297,369 |
|
|
|
2,704,016 |
|
|
|
| |
|
Cost
of shares repurchased |
|
|
(26,307,168 |
) |
|
|
(51,293,519 |
) |
|
|
(8,720,858 |
) |
|
|
(37,212,491 |
) |
|
|
| |
|
Cost
of shares repurchased in-kind |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in Net Assets from Fund Share Transactions |
|
|
14,356,613 |
|
|
|
(1,215,449 |
) |
|
|
8,403,814 |
|
|
|
(9,549,910 |
) |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in Net Assets |
|
|
14,950,206 |
|
|
|
1,033,797 |
|
|
|
12,117,475 |
|
|
|
(13,425,934 |
) |
|
|
| |
| NET ASSETS: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
| |
|
Beginning
of period |
|
|
180,348,965 |
|
|
|
179,315,168 |
|
|
|
76,905,555 |
|
|
|
90,331,489 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End
of period |
|
$ |
195,299,171 |
|
|
$ |
180,348,965 |
|
|
$ |
89,023,030 |
|
|
$ |
76,905,555 |
|
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
See
Notes to Financial Statements.
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
Inflation-Linked Fixed Income Fund |
|
|
Ultra-Short Term Fixed Income Fund |
|
|
Alternative Strategies
Fund |
|
| |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
| |
|
|
|
| |
$ |
766,426 |
|
|
$ |
5,595,113 |
|
|
$ |
7,048,810 |
|
|
$ |
15,093,042 |
|
|
$ |
3,811,991 |
|
|
$ |
6,100,419 |
|
|
|
|
| |
|
(337,624 |
) |
|
|
(2,591,899 |
) |
|
|
361,345 |
|
|
|
1,722,435 |
|
|
|
66,291 |
|
|
|
(2,139,126 |
) |
|
|
|
| |
|
2,781,430 |
|
|
|
4,261,243 |
|
|
|
31,930 |
|
|
|
755,052 |
|
|
|
6,944,747 |
|
|
|
1,808,770 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
3,210,232 |
|
|
|
7,264,457 |
|
|
|
7,442,085 |
|
|
|
17,570,529 |
|
|
|
10,823,029 |
|
|
|
5,770,063 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
| |
|
|
|
| |
|
(2,533,635 |
) |
|
|
(4,939,562 |
) |
|
|
(7,293,050 |
) |
|
|
(15,193,979 |
) |
|
|
(8,367,007 |
) |
|
|
(4,281,510 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
(2,533,635 |
) |
|
|
(4,939,562 |
) |
|
|
(7,293,050 |
) |
|
|
(15,193,979 |
) |
|
|
(8,367,007 |
) |
|
|
(4,281,510 |
) |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
| |
|
|
|
| |
|
14,218,033 |
|
|
|
22,603,685 |
|
|
|
47,045,244 |
|
|
|
280,580,343 |
|
|
|
36,996,520 |
|
|
|
61,957,457 |
|
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
2,533,635 |
|
|
|
4,939,529 |
|
|
|
7,293,049 |
|
|
|
15,193,557 |
|
|
|
8,367,007 |
|
|
|
4,281,510 |
|
|
|
|
| |
|
(12,189,346 |
) |
|
|
(38,685,060 |
) |
|
|
(163,664,324 |
) |
|
|
(203,675,270 |
) |
|
|
(27,979,561 |
) |
|
|
(44,795,660 |
) |
|
|
|
| |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
4,562,322 |
|
|
|
(11,141,846 |
) |
|
|
(109,326,031 |
) |
|
|
92,098,630 |
|
|
|
17,383,966 |
|
|
|
21,443,307 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
5,238,919 |
|
|
|
(8,816,951 |
) |
|
|
(109,176,996 |
) |
|
|
94,475,180 |
|
|
|
19,839,988 |
|
|
|
22,931,860 |
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
|
|
|
|
|
| |
|
|
|
| |
|
138,487,144 |
|
|
|
147,304,095 |
|
|
|
409,856,436 |
|
|
|
315,381,256 |
|
|
|
186,031,245 |
|
|
|
163,099,385 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
143,726,063 |
|
|
$ |
138,487,144 |
|
|
$ |
300,679,440 |
|
|
$ |
409,856,436 |
|
|
$ |
205,871,233 |
|
|
$ |
186,031,245 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
See
Notes to Financial Statements.
277
|
|
| |
| For the Six Months Ended February 28, 2026
(unaudited) |
|
|
|
|
|
|
|
|
|
|
| |
| |
|
International Fixed
Income
Fund |
|
|
Inflation-Linked Fixed
Income
Fund |
|
|
Cash
Flows Provided by/(Used in) Operating Activities: |
|
|
|
| |
|
| |
|
Net
increase in net assets resulting from operations |
|
$ |
5,488,017 |
|
|
$ |
3,210,232 |
|
|
Adjustments
to reconcile net increase/decrease in net assets from operations to net
cash provided by/(used in) operating activities: |
|
|
|
| |
|
| |
|
Purchases
of long-term investments |
|
|
(300,715,500 |
) |
|
|
(82,796,656 |
) |
|
Proceeds
from the sale, paydown and maturity of long-term investments |
|
|
280,952,054 |
|
|
|
81,373,159 |
|
|
Proceeds
from/(payments on) short-term investments, net |
|
|
4,753,539 |
|
|
|
(1,475,744 |
) |
|
Decrease
to the principal amount of inflation-indexed bonds |
|
|
(32,517 |
) |
|
|
(612,750 |
) |
|
Proceeds
from forward sale commitments |
|
|
193,111,290 |
|
|
|
— |
|
|
Payments
on forward sale commitments |
|
|
(191,316,437 |
) |
|
|
— |
|
|
Change
in net unrealized depreciation from forward sale commitments |
|
|
199,608 |
|
|
|
— |
|
|
Change
in net unrealized appreciation from unaffiliated investments |
|
|
(4,363,833 |
) |
|
|
(2,920,649 |
) |
|
Change
in net unrealized depreciation from options contracts written |
|
|
28,251 |
|
|
|
27,393 |
|
|
Change
in net unrealized appreciation on open OTC swap contracts |
|
|
(1,825,439 |
) |
|
|
— |
|
|
Change
in net unrealized appreciation on open forward foreign currency
contracts |
|
|
(1,262,593 |
) |
|
|
(374,880 |
) |
|
Decrease
in variation margin on open centrally cleared swap contracts |
|
|
276,102 |
|
|
|
172,918 |
|
|
Net
amortization (accretion) of premiums (discounts) of investments |
|
|
(681,195 |
) |
|
|
(628,215 |
) |
|
Net
realized gain from unaffiliated investments |
|
|
1,491,593 |
|
|
|
731,589 |
|
|
(Decrease)
in premium received on options contracts written |
|
|
(55,428 |
) |
|
|
(69,424 |
) |
|
(Increase)
in variation margin on open futures contracts |
|
|
(263,116 |
) |
|
|
(47,798 |
) |
|
(Increase)/Decrease
in receivable for securities sold |
|
|
760,694 |
|
|
|
(117,604 |
) |
|
(Increase)/Decrease
in receivable for TBA securities sold |
|
|
(35,138,664 |
) |
|
|
7,460,047 |
|
|
(Increase)
in dividends and interest receivable from unaffiliated investments |
|
|
(164,419 |
) |
|
|
(336,416 |
) |
|
(Increase)
in deposits for collateral with counterparty |
|
|
(440,000 |
) |
|
|
(218,000 |
) |
|
Decrease
in net upfront payments received/paid on OTC open swap contracts |
|
|
108,234 |
|
|
|
— |
|
|
(Increase)
in prepaid trustee expenses |
|
|
(5,083 |
) |
|
|
(1,997 |
) |
|
(Increase)
in prepaid expenses |
|
|
(1,224 |
) |
|
|
(4,496 |
) |
|
Increase/(Decrease)
in payable for securities purchased |
|
|
3,833,140 |
|
|
|
(186,383 |
) |
|
Increase/(Decrease)
in payable for TBA securities purchased |
|
|
46,086,258 |
|
|
|
(4,998,106 |
) |
|
Increase
in deposits for collateral from counterparty |
|
|
320,000 |
|
|
|
20,000 |
|
|
(Decrease)
in investment management fee payable |
|
|
(4,454 |
) |
|
|
(5,793 |
) |
|
Increase/(Decrease)
in interest expense payable |
|
|
(29,169 |
) |
|
|
31,488 |
|
|
(Decrease)
in custody fee payable |
|
|
(53,459 |
) |
|
|
(30,997 |
) |
|
Increase
in transfer agent fees payable |
|
|
2,267 |
|
|
|
2,237 |
|
|
(Decrease)
in accrued expenses |
|
|
(56,476 |
) |
|
|
(77,040 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
cash provided by/(used in) operating activities |
|
|
1,002,041 |
|
|
|
(1,873,885 |
) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Cash
Flows Provided by/(Used in) Financing Activities: |
|
|
|
| |
|
| |
|
Proceeds
from sale-buyback transactions |
|
|
— |
|
|
|
335,575,829 |
|
|
Payments
on sale-buyback transactions |
|
|
— |
|
|
|
(354,217,590 |
) |
|
Net
proceeds from/payments on reverse repurchase agreements |
|
|
(10,124,679 |
) |
|
|
21,831,874 |
|
|
Proceeds
from sale of shares |
|
|
35,790,085 |
|
|
|
14,204,641 |
|
|
Cost
of shares repurchased |
|
|
(26,276,873 |
) |
|
|
(12,645,332 |
) |
|
Distributions
to shareholders, net of reinvestments |
|
|
— |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
Net
cash and foreign currency provided by/(used in) financing
activities |
|
|
(611,467 |
) |
|
|
4,749,422 |
|
|
| |
|
|
|
|
|
|
|
|
Net
increase in cash and foreign currency(a) |
|
|
390,574 |
|
|
|
2,875,537 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Cash
and foreign currency: |
|
|
|
| |
|
| |
|
Cash
and foreign currency at the beginning of the period |
|
|
276,762 |
|
|
|
1,556,880 |
|
|
| |
|
|
|
|
|
|
|
|
Cash
and foreign currency at end of the period |
|
|
667,336 |
|
|
|
4,432,417 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Non-Cash
Financing Activities: |
|
|
|
| |
|
| |
|
Reinvestment
of distributions |
|
|
(4,894,424 |
) |
|
|
(2,533,635 |
) |
|
Cash
paid for interest and fees on borrowings |
|
|
115,460 |
|
|
|
985,947 |
|
|
| |
|
|
|
|
|
|
|
| (a) |
Includes
net change in unrealized depreciation on foreign currency of $(4,422) and
$(1,475) for International Fixed Income Fund and Inflation-Linked Fixed
Income Fund, respectively. |
See
Notes to Financial Statements.
278
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
| |
|
2026(1) |
|
|
2025(2) |
|
|
2024(2) |
|
|
2023(2) |
|
|
2022(2) |
|
|
2021(2) |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
53.04 |
|
|
$ |
48.03 |
|
|
$ |
40.96 |
|
|
$ |
39.05 |
|
|
$ |
51.52 |
|
|
$ |
40.39 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(3) |
|
|
0.24 |
|
|
|
0.47 |
|
|
|
0.46 |
|
|
|
0.42 |
|
|
|
0.36 |
|
|
|
0.41 |
|
|
Net
realized and unrealized gain (loss) |
|
|
2.47 |
|
|
|
6.46 |
|
|
|
9.06 |
|
|
|
4.83 |
|
|
|
(7.39 |
) |
|
|
12.12 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
2.71 |
|
|
|
6.93 |
|
|
|
9.52 |
|
|
|
5.25 |
|
|
|
(7.03 |
) |
|
|
12.53 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.48 |
) |
|
|
(0.41 |
) |
|
|
(0.40 |
) |
|
|
(0.34 |
) |
|
|
(0.38 |
) |
|
|
(0.33 |
) |
|
Net
realized gain |
|
|
(0.69 |
) |
|
|
(1.51 |
) |
|
|
(2.05 |
) |
|
|
(3.00 |
) |
|
|
(5.06 |
) |
|
|
(1.07 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(1.17 |
) |
|
|
(1.92 |
) |
|
|
(2.45 |
) |
|
|
(3.34 |
) |
|
|
(5.44 |
) |
|
|
(1.40 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
54.58 |
|
|
$ |
53.04 |
|
|
$ |
48.03 |
|
|
$ |
40.96 |
|
|
$ |
39.05 |
|
|
$ |
51.52 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(4)(6) |
|
|
5.10 |
%(5) |
|
|
14.69 |
% |
|
|
24.57 |
% |
|
|
14.71 |
% |
|
|
(15.44 |
)% |
|
|
31.79 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
3,574 |
|
|
$ |
3,293 |
|
|
$ |
2,647 |
|
|
$ |
1,815 |
|
|
$ |
1,685 |
|
|
$ |
2,175 |
|
|
Ratios
to Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
0.60 |
%(7) |
|
|
0.64 |
% |
|
|
0.69 |
% |
|
|
0.70 |
% |
|
|
0.69 |
% |
|
|
0.68 |
% |
|
Net
expenses(8) |
|
|
0.36 |
(7) |
|
|
0.39 |
|
|
|
0.41 |
|
|
|
0.47 |
|
|
|
0.48 |
|
|
|
0.47 |
|
|
Net
investment income |
|
|
0.89 |
(7) |
|
|
0.96 |
|
|
|
1.07 |
|
|
|
1.12 |
|
|
|
0.82 |
|
|
|
0.91 |
|
|
Portfolio
Turnover Rate |
|
|
6 |
%(5)(9) |
|
|
13 |
%(9) |
|
|
25 |
% |
|
|
34 |
% |
|
|
20 |
% |
|
|
15 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
The
Morgan Stanley Pathway Large Cap Equity ETF (the “Fund”) acquired all the
assets and liabilities of the Large Cap Equity Fund (the “Predecessor
Fund”) in a reorganization that occurred on December 9, 2024 (the
“Reorganization”). The Predecessor Fund ceased operations immediately
following the Reorganization. As a result, all financial information prior
to the Reorganization reflects that of the Predecessor Fund and has been
retroactively adjusted to reflect the Reorganization. See Note 1 of the
Notes to Financial Statements for additional information on the Fund’s
Reorganization. |
| (3) |
Per
share amounts have been calculated using the average shares method.
|
| (4) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (6) |
The
Predecessor Fund was designated as the accounting survivor in the
Reorganization. As a result, the Fund assumed the Predecessor Fund’s
historical performance and the performance information reflects that of
the Predecessor Fund. |
| (8) |
Reflects
fee waivers and/or expense reimbursements. |
| (9) |
In-kind
transactions are not included in portfolio turnover rate calculations.
|
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
279
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Morgan Stanley Pathway Small-Mid Cap Equity
ETF |
|
| |
|
2026(1) |
|
|
2025(2) |
|
|
2024(2) |
|
|
2023(2) |
|
|
2022(2) |
|
|
2021(2) |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
49.93 |
|
|
$ |
51.10 |
|
|
$ |
44.79 |
|
|
$ |
46.75 |
|
|
$ |
68.74 |
|
|
$ |
50.84 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(3) |
|
|
0.15 |
|
|
|
0.37 |
|
|
|
0.40 |
|
|
|
0.44 |
|
|
|
0.34 |
|
|
|
0.38 |
|
|
Net
realized and unrealized gain (loss) |
|
|
6.10 |
|
|
|
3.61 |
|
|
|
6.35 |
|
|
|
2.25 |
|
|
|
(9.18 |
) |
|
|
20.03 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
6.25 |
|
|
|
3.98 |
|
|
|
6.75 |
|
|
|
2.69 |
|
|
|
(8.84 |
) |
|
|
20.41 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.32 |
) |
|
|
(0.35 |
) |
|
|
(0.44 |
) |
|
|
(0.30 |
) |
|
|
(0.22 |
) |
|
|
(0.39 |
) |
|
Net
realized gain |
|
|
(1.27 |
) |
|
|
(4.80 |
) |
|
|
— |
|
|
|
(4.35 |
) |
|
|
(12.93 |
) |
|
|
(2.12 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(1.59 |
) |
|
|
(5.15 |
) |
|
|
(0.44 |
) |
|
|
(4.65 |
) |
|
|
(13.15 |
) |
|
|
(2.51 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
54.59 |
|
|
$ |
49.93 |
|
|
$ |
51.10 |
|
|
$ |
44.79 |
|
|
$ |
46.75 |
|
|
$ |
68.74 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(4)(6) |
|
|
12.72 |
%(5) |
|
|
7.67 |
% |
|
|
15.19 |
% |
|
|
6.47 |
% |
|
|
(15.89 |
)% |
|
|
41.14 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
729 |
|
|
$ |
674 |
|
|
$ |
479 |
|
|
$ |
490 |
|
|
$ |
542 |
|
|
$ |
677 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
0.85 |
%(7) |
|
|
0.90 |
% |
|
|
0.95 |
% |
|
|
0.94 |
% |
|
|
0.93 |
% |
|
|
0.92 |
% |
|
Net
expenses(8) |
|
|
0.59 |
(7) |
|
|
0.62 |
|
|
|
0.60 |
|
|
|
0.60 |
|
|
|
0.59 |
|
|
|
0.58 |
|
|
Net
investment income |
|
|
0.58 |
(7) |
|
|
0.79 |
|
|
|
0.86 |
|
|
|
0.99 |
|
|
|
0.63 |
|
|
|
0.61 |
|
|
Portfolio
Turnover Rate |
|
|
20 |
%(5)(9) |
|
|
45 |
%(9) |
|
|
56 |
% |
|
|
23 |
% |
|
|
41 |
% |
|
|
29 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
The
Morgan Stanley Pathway Small-Mid Cap Equity ETF (the “Fund”) acquired all
the assets and liabilities of the Small-Mid Cap Equity Fund (the
“Predecessor Fund”) in a reorganization that occurred on December 9, 2024
(the “Reorganization”). The Predecessor Fund ceased operations immediately
following the Reorganization. As a result, all financial information prior
to the Reorganization reflects that of the Predecessor Fund and has been
retroactively adjusted to reflect the Reorganization. See Note 1 of the
Notes to Financial Statements for additional information on the Fund’s
Reorganization. |
| (3) |
Per
share amounts have been calculated using the average shares method.
|
| (4) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (6) |
The
Predecessor Fund was designated as the accounting survivor in the
Reorganization. As a result, the Fund assumed the Predecessor Fund’s
historical performance and the performance information reflects that of
the Predecessor Fund. |
| (8) |
Reflects
fee waivers and/or expense reimbursements. |
| (9) |
In-kind
transactions are not included in portfolio turnover rate calculations.
|
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
280
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| International Equity Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
15.77 |
|
|
$ |
15.04 |
|
|
$ |
12.98 |
|
|
$ |
11.19 |
|
|
$ |
15.54 |
|
|
$ |
12.27 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.08 |
|
|
|
0.29 |
|
|
|
0.29 |
|
|
|
0.25 |
|
|
|
0.27 |
|
|
|
0.21 |
|
|
Net
realized and unrealized gain (loss) |
|
|
2.54 |
|
|
|
1.30 |
|
|
|
2.05 |
|
|
|
2.11 |
|
|
|
(3.34 |
) |
|
|
3.30 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
2.62 |
|
|
|
1.59 |
|
|
|
2.34 |
|
|
|
2.36 |
|
|
|
(3.07 |
) |
|
|
3.51 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.46 |
) |
|
|
(0.36 |
) |
|
|
(0.28 |
) |
|
|
(0.21 |
) |
|
|
(0.33 |
) |
|
|
(0.24 |
) |
|
Net
realized gain |
|
|
(0.80 |
) |
|
|
(0.50 |
) |
|
|
— |
|
|
|
(0.36 |
) |
|
|
(0.95 |
) |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(1.26 |
) |
|
|
(0.86 |
) |
|
|
(0.28 |
) |
|
|
(0.57 |
) |
|
|
(1.28 |
) |
|
|
(0.24 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
17.13 |
|
|
$ |
15.77 |
|
|
$ |
15.04 |
|
|
$ |
12.98 |
|
|
$ |
11.19 |
|
|
$ |
15.54 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
17.52 |
%(4) |
|
|
11.53 |
% |
|
|
18.36 |
% |
|
|
21.72 |
% |
|
|
(21.37 |
)% |
|
|
28.93 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
1,374 |
|
|
$ |
1,194 |
|
|
$ |
1,310 |
|
|
$ |
1,176 |
|
|
$ |
1,148 |
|
|
$ |
1,458 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
0.81 |
%(5) |
|
|
0.83 |
% |
|
|
0.83 |
% |
|
|
0.86 |
% |
|
|
0.85 |
% |
|
|
0.84 |
% |
|
Net
expenses(6) |
|
|
0.58 |
(5) |
|
|
0.60 |
|
|
|
0.61 |
|
|
|
0.68 |
|
|
|
0.67 |
|
|
|
0.67 |
|
|
Net
investment income |
|
|
0.98 |
(5) |
|
|
2.04 |
|
|
|
2.12 |
|
|
|
2.01 |
|
|
|
2.01 |
|
|
|
1.50 |
|
|
Portfolio
Turnover Rate |
|
|
17 |
%(4) |
|
|
29 |
% |
|
|
26 |
% |
|
|
33 |
% |
|
|
38 |
% |
|
|
52 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (6) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
281
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Emerging Markets Equity Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
15.89 |
|
|
$ |
14.03 |
|
|
$ |
12.70 |
|
|
$ |
12.39 |
|
|
$ |
17.44 |
|
|
$ |
14.67 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.08 |
|
|
|
0.25 |
|
|
|
0.26 |
|
|
|
0.23 |
|
|
|
0.30 |
|
|
|
0.20 |
|
|
Net
realized and unrealized gain (loss) |
|
|
4.47 |
|
|
|
1.89 |
|
|
|
1.38 |
|
|
|
0.31 |
|
|
|
(4.65 |
) |
|
|
2.90 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
4.55 |
|
|
|
2.14 |
|
|
|
1.64 |
|
|
|
0.54 |
|
|
|
(4.35 |
) |
|
|
3.10 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.42 |
) |
|
|
(0.28 |
) |
|
|
(0.31 |
) |
|
|
(0.23 |
) |
|
|
(0.29 |
) |
|
|
(0.33 |
) |
|
Net
realized gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.41 |
) |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.42 |
) |
|
|
(0.28 |
) |
|
|
(0.31 |
) |
|
|
(0.23 |
) |
|
|
(0.70 |
) |
|
|
(0.33 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
20.02 |
|
|
$ |
15.89 |
|
|
$ |
14.03 |
|
|
$ |
12.70 |
|
|
$ |
12.39 |
|
|
$ |
17.44 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
29.08 |
%(4) |
|
|
15.58 |
% |
|
|
13.27 |
% |
|
|
4.64 |
% |
|
|
(25.82 |
)% |
|
|
21.28 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
878 |
|
|
$ |
656 |
|
|
$ |
499 |
|
|
$ |
491 |
|
|
$ |
481 |
|
|
$ |
563 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
1.06 |
%(5) |
|
|
1.11 |
% |
|
|
1.10 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.12 |
% |
|
Net
expenses(6) |
|
|
0.70 |
(5) |
|
|
0.75 |
|
|
|
0.76 |
|
|
|
0.82 |
|
|
|
0.81 |
|
|
|
0.80 |
|
|
Net
investment income |
|
|
0.88 |
(5) |
|
|
1.75 |
|
|
|
2.03 |
|
|
|
1.87 |
|
|
|
2.10 |
|
|
|
1.18 |
|
|
Portfolio
Turnover Rate |
|
|
15 |
%(4) |
|
|
20 |
% |
|
|
26 |
% |
|
|
12 |
% |
|
|
14 |
% |
|
|
53 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (6) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
282
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Core Fixed Income Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
6.81 |
|
|
$ |
6.92 |
|
|
$ |
6.75 |
|
|
$ |
7.12 |
|
|
$ |
8.39 |
|
|
$ |
8.79 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.15 |
|
|
|
0.31 |
|
|
|
0.27 |
|
|
|
0.25 |
|
|
|
0.14 |
|
|
|
0.13 |
|
|
Net
realized and unrealized gain (loss) |
|
|
0.13 |
|
|
|
(0.12 |
) |
|
|
0.20 |
|
|
|
(0.36 |
) |
|
|
(1.20 |
) |
|
|
(0.08 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.28 |
|
|
|
0.19 |
|
|
|
0.47 |
|
|
|
(0.11 |
) |
|
|
(1.06 |
) |
|
|
0.05 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.15 |
) |
|
|
(0.30 |
) |
|
|
(0.30 |
) |
|
|
(0.25 |
) |
|
|
(0.16 |
) |
|
|
(0.17 |
) |
|
Tax
return of capital |
|
|
— |
|
|
|
— |
|
|
|
(0.00 |
)(3) |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
Net
realized gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
|
|
(0.28 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.15 |
) |
|
|
(0.30 |
) |
|
|
(0.30 |
) |
|
|
(0.26 |
) |
|
|
(0.21 |
) |
|
|
(0.45 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
6.94 |
|
|
$ |
6.81 |
|
|
$ |
6.92 |
|
|
$ |
6.75 |
|
|
$ |
7.12 |
|
|
$ |
8.39 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(4) |
|
|
4.11 |
%(5) |
|
|
3.03 |
% |
|
|
6.97 |
% |
|
|
(1.60 |
)% |
|
|
(12.86 |
)% |
|
|
0.58 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
1,876 |
|
|
$ |
1,656 |
|
|
$ |
1,865 |
|
|
$ |
1,796 |
|
|
$ |
1,352 |
|
|
$ |
1,311 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
0.54 |
%(6) |
|
|
0.56 |
% |
|
|
0.53 |
% |
|
|
0.55 |
% |
|
|
0.56 |
% |
|
|
0.56 |
% |
|
Net
expenses(7) |
|
|
0.45 |
(6) |
|
|
0.47 |
|
|
|
0.48 |
|
|
|
0.52 |
|
|
|
0.53 |
|
|
|
0.54 |
|
|
Net
investment income |
|
|
4.26 |
(6) |
|
|
4.58 |
|
|
|
4.00 |
|
|
|
3.65 |
|
|
|
1.85 |
|
|
|
1.57 |
|
|
Portfolio
Turnover Rate |
|
|
53 |
%(5) |
|
|
136 |
% |
|
|
229 |
% |
|
|
254 |
% |
|
|
238 |
% |
|
|
227 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Amount
is less than $0.005 per share. |
| (4) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (7) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
283
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| High Yield Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
3.28 |
|
|
$ |
3.25 |
|
|
$ |
3.14 |
|
|
$ |
3.14 |
|
|
$ |
3.72 |
|
|
$ |
3.61 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.11 |
|
|
|
0.21 |
|
|
|
0.22 |
|
|
|
0.20 |
|
|
|
0.17 |
|
|
|
0.18 |
|
|
Net
realized and unrealized gain (loss) |
|
|
(0.06 |
) |
|
|
0.04 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
(0.56 |
) |
|
|
0.11 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.05 |
|
|
|
0.25 |
|
|
|
0.33 |
|
|
|
0.20 |
|
|
|
(0.39 |
) |
|
|
0.29 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.10 |
) |
|
|
(0.22 |
) |
|
|
(0.22 |
) |
|
|
(0.20 |
) |
|
|
(0.19 |
) |
|
|
(0.18 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.10 |
) |
|
|
(0.22 |
) |
|
|
(0.22 |
) |
|
|
(0.20 |
) |
|
|
(0.19 |
) |
|
|
(0.18 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
3.23 |
|
|
$ |
3.28 |
|
|
$ |
3.25 |
|
|
$ |
3.14 |
|
|
$ |
3.14 |
|
|
$ |
3.72 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
1.67 |
%(4) |
|
|
7.86 |
% |
|
|
10.96 |
% |
|
|
6.71 |
% |
|
|
(10.88 |
)% |
|
|
8.61 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
155 |
|
|
$ |
142 |
|
|
$ |
133 |
|
|
$ |
128 |
|
|
$ |
113 |
|
|
$ |
213 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
0.98 |
%(5) |
|
|
1.02 |
% |
|
|
1.05 |
% |
|
|
1.17 |
% |
|
|
1.07 |
% |
|
|
0.96 |
% |
|
Net
expenses(6) |
|
|
0.77 |
(5) |
|
|
0.82 |
|
|
|
0.85 |
|
|
|
0.97 |
|
|
|
0.87 |
|
|
|
0.76 |
|
|
Net
investment income |
|
|
6.78 |
(5) |
|
|
6.63 |
|
|
|
6.80 |
|
|
|
6.30 |
|
|
|
4.88 |
|
|
|
4.79 |
|
|
Portfolio
Turnover Rate |
|
|
25 |
%(4) |
|
|
76 |
% |
|
|
44 |
% |
|
|
25 |
% |
|
|
46 |
% |
|
|
117 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (6) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
284
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| International Fixed Income Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
6.87 |
|
|
$ |
6.78 |
|
|
$ |
6.40 |
|
|
$ |
7.00 |
|
|
$ |
8.12 |
|
|
$ |
8.03 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.13 |
|
|
|
0.24 |
|
|
|
0.19 |
|
|
|
0.12 |
|
|
|
0.07 |
|
|
|
0.07 |
|
|
Net
realized and unrealized gain (loss) |
|
|
0.06 |
|
|
|
0.01 |
|
|
|
0.25 |
|
|
|
(0.13 |
) |
|
|
(0.98 |
) |
|
|
0.08 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.19 |
|
|
|
0.25 |
|
|
|
0.44 |
|
|
|
(0.01 |
) |
|
|
(0.91 |
) |
|
|
0.15 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.18 |
) |
|
|
(0.16 |
) |
|
|
(0.03 |
) |
|
|
(0.59 |
) |
|
|
(0.12 |
) |
|
|
— |
|
|
Net
realized gain |
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
|
(0.09 |
) |
|
|
(0.06 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.18 |
) |
|
|
(0.16 |
) |
|
|
(0.06 |
) |
|
|
(0.59 |
) |
|
|
(0.21 |
) |
|
|
(0.06 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
6.88 |
|
|
$ |
6.87 |
|
|
$ |
6.78 |
|
|
$ |
6.40 |
|
|
$ |
7.00 |
|
|
$ |
8.12 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
2.86 |
%(4) |
|
|
3.75 |
% |
|
|
6.85 |
% |
|
|
(0.15 |
)% |
|
|
(11.54 |
)% |
|
|
1.86 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
195 |
|
|
$ |
180 |
|
|
$ |
179 |
|
|
$ |
182 |
|
|
$ |
171 |
|
|
$ |
156 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses(5) |
|
|
1.09 |
%(6) |
|
|
1.23 |
% |
|
|
0.97 |
% |
|
|
0.95 |
% |
|
|
0.93 |
% |
|
|
0.97 |
% |
|
Net
expenses(5)(7) |
|
|
1.04 |
(6) |
|
|
1.18 |
|
|
|
0.92 |
|
|
|
0.90 |
|
|
|
0.88 |
|
|
|
0.92 |
|
|
Net
investment income |
|
|
3.68 |
(6) |
|
|
3.46 |
|
|
|
2.90 |
|
|
|
1.86 |
|
|
|
0.95 |
|
|
|
0.92 |
|
|
Portfolio
Turnover Rate |
|
|
131 |
%(4) |
|
|
280 |
% |
|
|
328 |
% |
|
|
381 |
% |
|
|
312 |
% |
|
|
402 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (5) |
Ratio
includes interest expense on reverse repurchase agreements and/or
sale-buyback transactions which represents 0.09%, 0.23%, 0.01%, 0.00%,
0.00% and less than 0.005%, respectively. |
| (7) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
285
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Municipal Bond Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
8.29 |
|
|
$ |
8.64 |
|
|
$ |
8.44 |
|
|
$ |
8.55 |
|
|
$ |
9.60 |
|
|
$ |
9.53 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.13 |
|
|
|
0.27 |
|
|
|
0.26 |
|
|
|
0.23 |
|
|
|
0.18 |
|
|
|
0.17 |
|
|
Net
realized and unrealized gain (loss) |
|
|
0.38 |
|
|
|
(0.35 |
) |
|
|
0.24 |
|
|
|
(0.12 |
) |
|
|
(1.03 |
) |
|
|
0.12 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.51 |
|
|
|
(0.08 |
) |
|
|
0.50 |
|
|
|
0.11 |
|
|
|
(0.85 |
) |
|
|
0.29 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.13 |
) |
|
|
(0.27 |
) |
|
|
(0.26 |
) |
|
|
(0.22 |
) |
|
|
(0.18 |
) |
|
|
(0.17 |
) |
|
Tax
return of capital |
|
|
— |
|
|
|
— |
|
|
|
(0.00 |
)(3) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net
realized gain |
|
|
— |
|
|
|
— |
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
(0.02 |
) |
|
|
(0.05 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.13 |
) |
|
|
(0.27 |
) |
|
|
(0.30 |
) |
|
|
(0.22 |
) |
|
|
(0.20 |
) |
|
|
(0.22 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
8.67 |
|
|
$ |
8.29 |
|
|
$ |
8.64 |
|
|
$ |
8.44 |
|
|
$ |
8.55 |
|
|
$ |
9.60 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(4) |
|
|
6.17 |
%(5) |
|
|
(0.94 |
)% |
|
|
6.02 |
% |
|
|
1.35 |
% |
|
|
(8.91 |
)% |
|
|
3.07 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
89 |
|
|
$ |
77 |
|
|
$ |
90 |
|
|
$ |
99 |
|
|
$ |
87 |
|
|
$ |
92 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
0.75 |
%(6) |
|
|
0.70 |
% |
|
|
0.69 |
% |
|
|
0.76 |
% |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
Net
expenses |
|
|
0.75 |
(6) |
|
|
0.70 |
|
|
|
0.69 |
|
|
|
0.76 |
|
|
|
0.71 |
|
|
|
0.73 |
|
|
Net
investment income |
|
|
3.10 |
(6) |
|
|
3.16 |
|
|
|
3.01 |
|
|
|
2.66 |
|
|
|
1.99 |
|
|
|
1.79 |
|
|
Portfolio
Turnover Rate |
|
|
9 |
%(5) |
|
|
68 |
% |
|
|
40 |
% |
|
|
28 |
% |
|
|
48 |
% |
|
|
7 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Amount
is less than $0.005 per share. |
| (4) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
286
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Inflation-Linked Fixed Income
Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
8.42 |
|
|
$ |
8.27 |
|
|
$ |
8.12 |
|
|
$ |
9.17 |
|
|
$ |
11.16 |
|
|
$ |
11.13 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.05 |
|
|
|
0.32 |
|
|
|
0.31 |
|
|
|
0.25 |
|
|
|
0.87 |
|
|
|
0.56 |
|
|
Net
realized and unrealized gain (loss) |
|
|
0.14 |
|
|
|
0.12 |
|
|
|
0.20 |
|
|
|
(0.65 |
) |
|
|
(1.54 |
) |
|
|
0.07 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.19 |
|
|
|
0.44 |
|
|
|
0.51 |
|
|
|
(0.40 |
) |
|
|
(0.67 |
) |
|
|
0.63 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.15 |
) |
|
|
(0.29 |
) |
|
|
(0.30 |
) |
|
|
(0.37 |
) |
|
|
(0.93 |
) |
|
|
(0.60 |
) |
|
Net
realized gain |
|
|
— |
|
|
|
— |
|
|
|
(0.06 |
) |
|
|
(0.28 |
) |
|
|
(0.39 |
) |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.15 |
) |
|
|
(0.29 |
) |
|
|
(0.36 |
) |
|
|
(0.65 |
) |
|
|
(1.32 |
) |
|
|
(0.60 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
8.46 |
|
|
$ |
8.42 |
|
|
$ |
8.27 |
|
|
$ |
8.12 |
|
|
$ |
9.17 |
|
|
$ |
11.16 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
2.43 |
%(4) |
|
|
5.29 |
% |
|
|
6.44 |
% |
|
|
(4.51 |
)% |
|
|
(6.55 |
)% |
|
|
5.87 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
144 |
|
|
$ |
138 |
|
|
$ |
147 |
|
|
$ |
127 |
|
|
$ |
102 |
|
|
$ |
148 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses(5) |
|
|
2.34
|
%(6)
|
|
|
2.32 |
% |
|
|
2.54 |
% |
|
|
2.35 |
% |
|
|
1.08 |
% |
|
|
0.93 |
% |
|
Net
expenses(5)(7) |
|
|
2.29 |
(6) |
|
|
2.27 |
|
|
|
2.49 |
|
|
|
2.30 |
|
|
|
1.03 |
|
|
|
0.88 |
|
|
Net
investment income |
|
|
1.10 |
(6) |
|
|
3.92 |
|
|
|
3.82 |
|
|
|
2.96 |
|
|
|
8.43 |
|
|
|
5.08 |
|
|
Portfolio
Turnover Rate |
|
|
38 |
%(4) |
|
|
112 |
% |
|
|
121 |
% |
|
|
56 |
% |
|
|
57 |
% |
|
|
104 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (5) |
Ratio
includes interest expense on reverse repurchase agreements and/or
sale-buyback transactions which represents 1.46%, 1.51%, 1.67%, 1.32%,
0.17% and 0.03%, respectively. |
| (7) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
287
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Ultra-Short Term Fixed Income
Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
9.78 |
|
|
$ |
9.73 |
|
|
$ |
9.61 |
|
|
$ |
9.69 |
|
|
$ |
9.89 |
|
|
$ |
9.99 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.20 |
|
|
|
0.45 |
|
|
|
0.48 |
|
|
|
0.32 |
|
|
|
0.08 |
|
|
|
0.05 |
|
|
Net
realized and unrealized gain (loss) |
|
|
0.01 |
|
|
|
0.06 |
|
|
|
0.11 |
|
|
|
0.14 |
|
|
|
(0.17 |
) |
|
|
0.01 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.21 |
|
|
|
0.51 |
|
|
|
0.59 |
|
|
|
0.46 |
|
|
|
(0.09 |
) |
|
|
0.06 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.21 |
) |
|
|
(0.46 |
) |
|
|
(0.33 |
) |
|
|
(0.54 |
) |
|
|
(0.11 |
) |
|
|
(0.16 |
) |
|
Tax
return of capital |
|
|
— |
|
|
|
— |
|
|
|
(0.14 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.21 |
) |
|
|
(0.46 |
) |
|
|
(0.47 |
) |
|
|
(0.54 |
) |
|
|
(0.11 |
) |
|
|
(0.16 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
9.78 |
|
|
$ |
9.78 |
|
|
$ |
9.73 |
|
|
$ |
9.61 |
|
|
$ |
9.69 |
|
|
$ |
9.89 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
2.18 |
%(4) |
|
|
5.23 |
% |
|
|
6.28 |
% |
|
|
4.95 |
% |
|
|
(0.92 |
)% |
|
|
0.61 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
301 |
|
|
$ |
410 |
|
|
$ |
315 |
|
|
$ |
309 |
|
|
$ |
506 |
|
|
$ |
442 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses(5) |
|
|
0.78 |
% (6) |
|
|
0.68 |
% |
|
|
0.69 |
% |
|
|
0.81 |
% |
|
|
0.67 |
% |
|
|
0.67 |
% |
|
Net
expenses(5)(7) |
|
|
0.63 |
(6) |
|
|
0.53 |
|
|
|
0.54 |
|
|
|
0.76 |
|
|
|
0.62 |
|
|
|
0.62 |
|
|
Net
investment income |
|
|
4.11 |
(6) |
|
|
4.65 |
|
|
|
4.98 |
|
|
|
3.34 |
|
|
|
0.79 |
|
|
|
0.50 |
|
|
Portfolio
Turnover Rate |
|
|
50 |
% (4) |
|
|
123 |
% |
|
|
87 |
% |
|
|
42 |
% |
|
|
86 |
% |
|
|
55 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (5) |
Ratio
includes interest expense on reverse repurchase agreements and/or
sale-buyback transactions which represents 0.11%, 0.04%, 0.01%, 0.14%,
0.02% and less than 0.005%, respectively. |
| (7) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
288
For
a share of beneficial interest outstanding throughout each year ended
August 31, unless otherwise noted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Alternative Strategies Fund |
|
| |
|
2026(1) |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
Net
Asset Value, Beginning of Year |
|
$ |
10.86 |
|
|
$ |
10.77 |
|
|
$ |
10.24 |
|
|
$ |
10.69 |
|
|
$ |
10.99 |
|
|
$ |
10.04 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(Loss) from Operations: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income(2) |
|
|
0.21 |
|
|
|
0.37 |
|
|
|
0.34 |
|
|
|
0.38 |
|
|
|
0.20 |
|
|
|
0.13 |
|
|
Net
realized and unrealized gain (loss) |
|
|
0.39 |
|
|
|
(0.02 |
) |
|
|
0.52 |
|
|
|
(0.17 |
) |
|
|
(0.42 |
) |
|
|
0.91 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Income (Loss) from Operations |
|
|
0.60 |
|
|
|
0.35 |
|
|
|
0.86 |
|
|
|
0.21 |
|
|
|
(0.22 |
) |
|
|
1.04 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less
Distributions from: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Net
investment income |
|
|
(0.46 |
) |
|
|
(0.26 |
) |
|
|
(0.33 |
) |
|
|
(0.64 |
) |
|
|
(0.07 |
) |
|
|
(0.09 |
) |
|
Net
realized gain |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
– |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Distributions |
|
|
(0.46 |
) |
|
|
(0.26 |
) |
|
|
(0.33 |
) |
|
|
(0.66 |
) |
|
|
(0.08 |
) |
|
|
(0.09 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, End of Year |
|
$ |
11.00 |
|
|
$ |
10.86 |
|
|
$ |
10.77 |
|
|
$ |
10.24 |
|
|
$ |
10.69 |
|
|
$ |
10.99 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return†(3) |
|
|
5.68 |
%(4) |
|
|
3.31 |
% |
|
|
8.65 |
% |
|
|
2.14 |
% |
|
|
(2.06 |
)% |
|
|
10.39 |
% |
|
Net
Assets, End of Year (millions) |
|
$ |
206 |
|
|
$ |
186 |
|
|
$ |
163 |
|
|
$ |
157 |
|
|
$ |
147 |
|
|
$ |
119 |
|
| Ratios to
Average Net Assets: |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Gross
expenses |
|
|
1.36 |
% (5) |
|
|
1.38 |
% |
|
|
1.39 |
% |
|
|
1.50 |
% |
|
|
1.59 |
% |
|
|
1.56 |
% |
|
Net
expenses(6)(7) |
|
|
0.36 |
(5) |
|
|
0.38 |
|
|
|
0.39 |
|
|
|
0.50 |
|
|
|
0.59 |
|
|
|
0.56 |
|
|
Net
investment income |
|
|
3.93 |
(5) |
|
|
3.43 |
|
|
|
3.22 |
|
|
|
3.70 |
|
|
|
1.83 |
|
|
|
1.24 |
|
|
Portfolio
Turnover Rate |
|
|
4 |
% (4) |
|
|
29 |
% |
|
|
13 |
% |
|
|
27 |
% |
|
|
18 |
% |
|
|
18 |
% |
| (1) |
For
the six months ended February 28, 2026 (unaudited).
|
| (2) |
Per
share amounts have been calculated using the average shares method.
|
| (3) |
Performance
figures may reflect fee waivers and/or expense reimbursements and assume
reinvestment of dividend distribution. In the absence of fee waivers
and/or expense reimbursements, the total return would have been lower.
Applicable advisory program charges, which may be up to 2.00%, are not
reflected in the performance data and would reduce the total returns. Past
performance is no guarantee of future results. |
| (6) |
Does
not reflect the Fund’s proportionate share of income and expenses from the
Underlying Fund. |
| (7) |
Reflects
fee waivers and/or expense reimbursements. |
| † |
Calculated
based on the net asset value as of the last business day of the period.
|
See
Notes to Financial Statements.
289
|
|
| |
| |
|
|
| 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, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked
Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies
Fund (individually, a “Fund” and collectively, the “Funds”). Alternative
Strategies Fund will allocate its assets among shares of mutual funds,
exchange-traded funds or closed-end
funds managed by a third party professional money manager (“Underlying Funds”).
Each Fund is a diversified series of the Trust.
The
investment objectives of each Fund are as follows:
|
|
| |
| 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. Predecessor Fund shareholders received cash in lieu of any
fractional shares of the Acquiring Funds because the Acquiring Funds do not
issue fractional shares.
290
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
The
assets and liabilities of each Predecessor Fund’s shares were transferred in
exchange for the corresponding Acquiring Fund shares, less any amount of cash
distributed in lieu of fractional shares, in a tax-free exchange as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Portfolio |
|
Shares outstanding
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 |
|
|
$ |
— |
|
|
$ |
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 |
|
|
$ |
— |
|
|
$ |
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.
291
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Overnight
repurchase agreements and repurchase agreements maturing in seven days or less
are valued at cost. Term repurchase agreements maturing in more than seven days
are valued at the average of the bid quotations obtained daily from at least two
recognized purchasers of such term repurchase agreements selected by Consulting
Group Advisory Services, LLC (“CGAS”) (the “Manager”).
The
Board of Trustees (the “Board”) has ultimate responsibility for ensuring the
Funds’ investments are valued appropriately. The Board has delegated primary
responsibility for determining or causing to be determined the value of the
Funds’ investments (including any fair valuation) to the Manager pursuant to
valuation policies and procedures approved by the Board. When market quotations
are not readily available or are determined to be unreliable, investments are
valued at fair value as determined in good faith by the valuation committee
established by the Manager in accordance with such procedures under the
oversight of the Board. Circumstances that may indicate that market quotations
are not readily available or are unreliable include, but are not limited to,
such instances when the value of a security has been significantly affected by
events after the close of the exchange or market on which the security is
principally traded, and before the applicable Fund calculates its Net Asset
Value (“NAV”).
Each
business day, Emerging Markets Equity Fund and International Equity Fund use a
Board-approved third-party pricing service to assist with the valuation of
foreign equity securities. Events occurring after the close of trading on
foreign exchanges may result in adjustments to the valuation of foreign
securities to reflect market trading that occurs after the close of the
applicable foreign markets of comparable securities or other instruments that
have a strong correlation to the fair-valued securities to more accurately
reflect their fair value as of the close of regular trading on the NYSE.
The
Funds disclose the fair value of their investments in a hierarchy that
prioritizes the inputs to valuation techniques used to measure the fair value.
The hierarchy prioritizes inputs to valuation methods and requires disclosure of
the fair value hierarchy, separately for each major category of assets and
liabilities that segregates fair value measurements into levels (Level 1, 2 and
3). The three levels of the fair value hierarchy are as follows:
Level 1
– unadjusted quoted prices in active markets for identical securities.
Level 2
– significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.).
Level 3
– significant unobservable inputs (including assumptions made by the Manager or
persons acting at their direction that are used in determining the fair value of
investments).
The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. The
following are certain inputs and techniques that the Funds generally use to
evaluate how to classify each major category of assets and liabilities in
accordance with GAAP.
Fixed
income securities including corporate, convertible and municipal bonds and
notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds,
senior loans, convertible preferred securities and non-U.S. bonds are normally valued by
third-party pricing service providers that use broker quotations, reported
trades or valuation estimates from their internal pricing models. The service
providers’ internal models use inputs that are observable such as issuer
details, interest rates, yield curves, prepayment speeds, credit risks/spreads,
default rates and quoted prices for similar assets. Securities that use similar
valuation techniques and inputs as described above are categorized as
Level 2 of the fair value hierarchy. To the extent that these inputs are
significant and unobservable, the values are categorized as Level 3 of the
fair value hierarchy.
Mortgage-related
and asset-backed securities are usually issued as separate tranches, or classes,
of securities within each deal. These securities are also normally valued by
third-party pricing service providers that use broker-dealer quotations or
valuation estimates from their internal pricing models. The pricing models for
these securities usually consider tranche-level attributes, current market data,
estimated cash flows and market-based yield spreads for each tranche, and
incorporate deal collateral performance, as available. Mortgage-related and
asset-backed securities and the related forward sales commitments that use
similar valuation techniques and inputs as described above are categorized as
Level 2 of the fair value hierarchy. To the extent that these inputs are
significant and unobservable, the values are categorized as Level 3 of the
fair value hierarchy.
Common
stocks, preferred stocks, rights, warrants, exchange-traded funds and financial
derivative instruments, such as futures contracts or options contracts that are
traded on a national securities exchange, are categorized as Level 1 of the
fair value hierarchy, to the extent these securities are actively traded and
valuation adjustments are not applied.
292
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Valuation
adjustments may be applied to certain securities that are solely traded on a
foreign exchange to account for the market movement between the close of the
foreign market and the NYSE close. Securities using these valuation adjustments
are categorized as Level 2 of the fair value hierarchy. Preferred
securities and other equities traded on inactive markets or valued by reference
to similar instruments are also categorized as Level 2 of the fair value
hierarchy.
Investments
in registered open-end investment
management companies are valued based upon the NAVs of such investments and are
categorized as Level 1 of the fair value hierarchy.
Short-term
investments having a maturity of 60 days or less are generally valued at
amortized cost which approximates fair market value. These investments are
categorized as Level 2 of the fair value hierarchy.
Over-the-counter financial derivative
instruments, such as foreign currency contracts, forward foreign currency
contracts, options contracts, or swap contracts, derive their value from
underlying asset prices, indices, reference rates, and other inputs or a
combination of these factors. These contracts are normally valued on the basis
of broker dealer quotations or by third-party pricing service providers.
Depending on the product and the terms of the transaction, the value of
financial derivatives can be estimated by a third-party pricing service provider
using a series of techniques, including simulation pricing models. The pricing
models use inputs that are observed from actively quoted markets such as issuer
details, indices, spreads, interest rates, yield curves, dividends and exchange
rates. Financial derivatives that use similar valuation techniques and inputs as
described above are categorized as Level 2 of the fair value hierarchy. To
the extent that these inputs are significant and unobservable, the values are
categorized as Level 3 of the fair value hierarchy.
Centrally
cleared swaps listed or traded on a multilateral or trade facility platform,
such as a registered exchange, are valued at the daily settlement price
determined by the respective exchange. For centrally cleared credit default
swaps the clearing facility requires its members to provide actionable levels
across complete term structures. These levels along with external third party
prices are used to produce daily settlement prices. Centrally cleared interest
rate swaps are valued using a pricing model that references the underlying rates
including the overnight index swap rate and Secured Overnight Financing Rate
(“SOFR”) forward rate to produce the daily settlement price. These securities
are categorized as Level 2 of the fair value hierarchy.
The
Funds’ policy is to recognize transfers between levels at the end of the
reporting period. In some instances, the inputs used to measure fair value might
fall in different levels of the fair value hierarchy. The level in the fair
value hierarchy within which the fair value measurement in its entirety falls is
determined based on the lowest level input that is significant to the fair value
measurement in its entirety. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the
value received upon actual sale of those investments.
293
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
The
following table summarizes the valuation of each Fund’s assets and liabilities
using the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Total Fair Value
at
February 28, 2026 |
|
|
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 |
|
$ |
3,523,624,577 |
|
|
$ |
3,523,624,577 |
(a) |
|
$ |
— |
|
|
$ |
— |
|
|
Short-Term
Investments: |
|
|
|
|
| |
|
|
| |
|
| |
|
Money
Market Fund |
|
|
973,888 |
|
|
|
973,888 |
|
|
|
— |
|
|
|
— |
|
|
Time
Deposits |
|
|
44,920,298 |
|
|
|
— |
|
|
|
44,920,298 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments, at Value |
|
$ |
3,569,518,763 |
|
|
$ |
3,524,598,465 |
|
|
$ |
44,920,298 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities Lending
Transactions — Liabilities |
|
$ |
(973,888 |
) |
|
$ |
— |
|
|
$ |
(973,888 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Assets(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
Contract |
|
$ |
16,160 |
|
|
$ |
16,160 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
16,160 |
|
|
$ |
16,160 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Liabilities(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
Contract |
|
$ |
(71,783 |
) |
|
$ |
(71,783 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Other Financial Instruments — Liabilities |
|
$ |
(71,783 |
) |
|
$ |
(71,783 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Common
Stocks: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Communication
Services |
|
$ |
14,254,527 |
|
|
$ |
14,254,527 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Consumer
Discretionary |
|
|
64,064,229 |
|
|
|
64,064,229 |
|
|
|
— |
|
|
|
— |
|
|
Consumer
Staples |
|
|
21,911,842 |
|
|
|
21,854,652 |
|
|
|
— |
|
|
|
57,190 |
|
|
Energy |
|
|
32,101,305 |
(d) |
|
|
32,101,305 |
|
|
|
— |
|
|
|
— |
(d) |
|
Financials |
|
|
89,156,067 |
(d) |
|
|
89,156,067 |
|
|
|
— |
|
|
|
— |
(d) |
|
Health
Care |
|
|
93,844,043 |
|
|
|
93,838,789 |
|
|
|
5,254 |
|
|
|
— |
|
|
Industrials |
|
|
175,791,510 |
|
|
|
175,791,510 |
|
|
|
— |
|
|
|
— |
|
|
Information Technology |
|
|
132,256,629 |
|
|
|
132,256,629 |
|
|
|
— |
|
|
|
— |
|
|
Materials |
|
|
33,333,604 |
|
|
|
33,332,339 |
|
|
|
1,265 |
|
|
|
— |
|
|
Real
Estate |
|
|
27,528,733 |
|
|
|
27,528,733 |
|
|
|
— |
|
|
|
— |
|
|
Utilities |
|
|
26,986,234 |
|
|
|
26,986,234 |
|
|
|
— |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
|
|
| |
|
|
| |
|
| |
|
Money
Market Fund |
|
|
1,999,348 |
|
|
|
1,999,348 |
|
|
|
— |
|
|
|
— |
|
|
Time
Deposits |
|
|
16,375,374 |
|
|
|
— |
|
|
|
16,375,374 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
729,603,445 |
(d) |
|
$ |
713,164,362 |
|
|
$ |
16,381,893 |
|
|
$ |
57,190 |
(c)(d) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities
Lending Transactions — Liabilities |
|
$ |
(1,999,348 |
) |
|
$ |
— |
|
|
$ |
(1,999,348 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Assets(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
Contract |
|
$ |
138,152 |
|
|
$ |
138,152 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
138,152 |
|
|
$ |
138,152 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
294
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Total Fair Value
at
February 28, 2026 |
|
|
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(b) |
|
|
|
|
| |
|
| |
|
Futures
Contract |
|
$ |
(6,578 |
) |
|
$ |
(6,578 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Liabilities |
|
$ |
(6,578 |
) |
|
$ |
(6,578 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| International Equity Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Common
Stocks: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
France
|
|
$ |
152,827,586 |
(e) |
|
$ |
— |
|
|
$ |
152,827,586 |
(e) |
|
$ |
— |
|
|
Germany |
|
|
117,012,677 |
(e) |
|
|
— |
|
|
|
117,012,677 |
(e) |
|
|
— |
|
|
Japan |
|
|
270,103,157 |
(e) |
|
|
310,926 |
|
|
|
269,792,231 |
(e) |
|
|
— |
|
|
Netherlands |
|
|
71,580,107 |
(e) |
|
|
474,279 |
|
|
|
71,105,828 |
(e) |
|
|
— |
|
|
Switzerland |
|
|
112,333,021 |
(e) |
|
|
837,819 |
|
|
|
111,495,202 |
(e) |
|
|
— |
|
|
United
Kingdom |
|
|
235,155,598 |
(e) |
|
|
4,215,730 |
|
|
|
230,939,868 |
(e) |
|
|
— |
|
|
Other
Countries(f) |
|
|
383,198,263 |
(e) |
|
|
63,411,273 |
|
|
|
319,729,435 |
(e) |
|
|
57,555 |
|
|
Preferred
Stocks: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Germany |
|
|
1,629,354 |
(e) |
|
|
— |
|
|
|
1,629,354 |
(e) |
|
|
— |
|
|
Open
End Mutual Fund Security: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
United
States |
|
|
1,321,285 |
|
|
|
1,321,285 |
|
|
|
— |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
|
|
| |
|
|
| |
|
| |
|
Money
Market Fund |
|
|
2,755,398 |
|
|
|
2,755,398 |
|
|
|
— |
|
|
|
— |
|
|
Time
Deposits |
|
|
19,568,653 |
|
|
|
— |
|
|
|
19,568,653 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
1,367,485,099 |
|
|
$ |
73,326,710 |
|
|
$ |
1,294,100,834 |
|
|
$ |
57,555 |
(c) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security
Lending Transactions — Liabilities |
|
$ |
(2,755,398 |
) |
|
$ |
— |
|
|
$ |
(2,755,398 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Assets(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
Contracts |
|
$ |
97,766 |
|
|
$ |
97,766 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
97,766 |
|
|
$ |
97,766 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Common
Stocks: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
China |
|
$ |
150,732,643 |
(e) |
|
$ |
14,557,720 |
|
|
$ |
136,174,921 |
(e) |
|
$ |
2 |
|
|
India |
|
|
110,452,820 |
(e) |
|
|
16,887,655 |
|
|
|
93,565,165 |
(e) |
|
|
— |
|
|
South
Korea |
|
|
149,054,333 |
(e) |
|
|
144,558 |
|
|
|
148,909,775 |
(e) |
|
|
— |
|
|
Taiwan |
|
|
176,213,822 |
(e) |
|
|
10,016,269 |
|
|
|
166,197,553 |
(e) |
|
|
— |
|
|
Other
Countries(f) |
|
|
260,537,846 |
(d)(e) |
|
|
97,816,910 |
|
|
|
162,708,947 |
(e) |
|
|
11,989 |
(d) |
|
Preferred
Stocks: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Brazil |
|
|
5,838,490 |
|
|
|
5,838,490 |
|
|
|
— |
|
|
|
— |
|
|
Chile |
|
|
327,415 |
|
|
|
327,415 |
|
|
|
— |
|
|
|
— |
|
|
Colombia |
|
|
242,588 |
|
|
|
242,588 |
|
|
|
— |
|
|
|
— |
|
|
India |
|
|
3,292 |
|
|
|
— |
|
|
|
3,292 |
|
|
|
— |
|
|
Mexico |
|
|
606,310 |
|
|
|
606,310 |
|
|
|
— |
|
|
|
— |
|
|
South
Korea |
|
|
8,943,898 |
(e) |
|
|
— |
|
|
|
8,943,898 |
(e) |
|
|
— |
|
295
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Total Fair Value at
February 28, 2026 |
|
|
Unadjusted Quoted Prices
in Active
Markets
for Identical Investments
(Level 1) |
|
|
Significant Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
|
Short-Term
Investments: |
|
|
|
|
| |
|
|
| |
|
| |
|
Money
Market Fund |
|
$ |
2,088,847 |
|
|
$ |
2,088,847 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Time
Deposits |
|
|
16,495,370 |
|
|
|
— |
|
|
|
16,495,370 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
881,537,674 |
(d) |
|
$ |
148,526,762 |
|
|
$ |
732,998,921 |
|
|
$ |
11,991 |
(c)(d) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security
Lending Transactions — Liabilities |
|
$ |
(2,088,847 |
) |
|
$ |
— |
|
|
$ |
(2,088,847 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments — Assets(b) |
|
|
Futures
Contract |
|
$ |
51,234 |
|
|
$ |
51,234 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Forward
Foreign Currency Contract |
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
51,245 |
|
|
$ |
51,234 |
|
|
$ |
11 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
| Core Fixed Income Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Corporate
Bonds & Notes |
|
$ |
579,738,243 |
(d) |
|
$ |
— |
|
|
$ |
579,738,243 |
|
|
$ |
— |
(d) |
|
Mortgage-Backed
Securities |
|
|
484,379,425 |
|
|
|
— |
|
|
|
484,379,425 |
|
|
|
— |
|
|
U.S.
Government Agencies & Obligations |
|
|
377,955,761 |
|
|
|
— |
|
|
|
377,955,761 |
|
|
|
— |
|
|
Collateralized
Mortgage Obligations |
|
|
248,887,455 |
|
|
|
— |
|
|
|
248,887,455 |
|
|
|
— |
|
|
Sovereign
Bonds: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Other
Countries(f) |
|
|
68,119,635 |
|
|
|
— |
|
|
|
68,119,635 |
|
|
|
— |
|
|
Asset-Backed
Securities |
|
|
39,222,439 |
|
|
|
— |
|
|
|
39,222,439 |
|
|
|
— |
|
|
Open
End Mutual Fund Securities: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Financials |
|
|
3,243,348 |
|
|
|
3,243,348 |
|
|
|
— |
|
|
|
— |
|
|
Municipal
Bonds |
|
|
2,521,861 |
|
|
|
— |
|
|
|
2,521,861 |
|
|
|
— |
|
|
Collateralized
Loan Obligation |
|
|
1,061,655 |
|
|
|
— |
|
|
|
1,061,655 |
|
|
|
— |
|
|
Senior
Loans |
|
|
706,360 |
|
|
|
— |
|
|
|
706,360 |
|
|
|
— |
|
|
Common
Stock: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Healthcare |
|
|
254,492 |
|
|
|
— |
|
|
|
254,492 |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
|
|
| |
|
|
| |
|
| |
|
Money
Market Fund |
|
|
9,178,517 |
|
|
|
9,178,517 |
|
|
|
— |
|
|
|
— |
|
|
Time
Deposits |
|
|
62,614,453 |
|
|
|
— |
|
|
|
62,614,453 |
|
|
|
— |
|
|
U.S.
Government Obligations |
|
|
23,892,495 |
|
|
|
— |
|
|
|
23,892,495 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
1,901,776,139 |
(d) |
|
$ |
12,421,865 |
|
|
$ |
1,889,354,274 |
|
|
$ |
— |
(c)(d) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities
Lending Transactions — Liabilities |
|
$ |
(9,178,517 |
) |
|
$ |
— |
|
|
$ |
(9,178,517 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments — Assets(b) |
|
|
Futures
Contracts |
|
$ |
960,546 |
|
|
$ |
960,546 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Forward
Foreign Currency Contracts |
|
|
390,920 |
|
|
|
— |
|
|
|
390,920 |
|
|
|
— |
|
|
Centrally
Cleared Credit Default Swap |
|
|
34,397 |
|
|
|
— |
|
|
|
34,397 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
1,385,863 |
|
|
$ |
960,546 |
|
|
$ |
425,317 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments — Liabilities(b) |
|
|
Futures
Contracts |
|
$ |
(198,592 |
) |
|
$ |
(198,592 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Forward
Foreign Currency Contracts |
|
|
(1,021,945 |
) |
|
|
— |
|
|
|
(1,021,945 |
) |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Liabilities |
|
$ |
(1,220,537 |
) |
|
$ |
(198,592 |
) |
|
$ |
(1,021,945 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
296
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Total Fair Value at
February 28, 2026 |
|
|
Unadjusted Quoted Prices
in Active
Markets
for Identical Investments
(Level 1) |
|
|
Significant Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
| High Yield Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Corporate
Bonds & Notes |
|
$ |
146,144,088 |
(d) |
|
$ |
— |
|
|
$ |
146,144,088 |
|
|
$ |
— |
(d) |
|
Senior
Loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
|
|
| |
|
|
| |
|
| |
|
Money
Market Fund |
|
|
4,562,496 |
|
|
|
4,562,496 |
|
|
|
— |
|
|
|
— |
|
|
Time
Deposits |
|
|
8,904,318 |
|
|
|
— |
|
|
|
8,904,318 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
159,610,902 |
(d) |
|
$ |
4,562,496 |
|
|
$ |
155,048,406 |
|
|
$ |
— |
(c)(d) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities
Lending Transactions — Liabilities |
|
$ |
(4,562,496 |
) |
|
$ |
— |
|
|
$ |
(4,562,496 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
International
Fixed Income Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Sovereign
Bonds: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Japan |
|
$ |
13,591,786 |
|
|
$ |
— |
|
|
$ |
13,591,786 |
|
|
$ |
— |
|
|
Spain |
|
|
13,627,661 |
|
|
|
— |
|
|
|
13,627,661 |
|
|
|
— |
|
|
United
Kingdom |
|
|
10,302,319 |
|
|
|
— |
|
|
|
10,302,319 |
|
|
|
— |
|
|
Other
Countries(f) |
|
|
47,708,797 |
|
|
|
— |
|
|
|
47,708,797 |
|
|
|
— |
|
|
Mortgage-Backed
Securities |
|
|
79,439,150 |
|
|
|
— |
|
|
|
79,439,150 |
|
|
|
— |
|
|
Corporate
Bonds & Notes |
|
|
24,969,202 |
|
|
|
— |
|
|
|
24,969,202 |
|
|
|
— |
|
|
Collateralized
Mortgage Obligations |
|
|
16,060,316 |
|
|
|
— |
|
|
|
16,060,316 |
|
|
|
— |
|
|
U.S.
Government Obligations |
|
|
14,602,305 |
|
|
|
— |
|
|
|
14,602,305 |
|
|
|
— |
|
|
Collateralized
Loan Obligations |
|
|
11,056,600 |
|
|
|
— |
|
|
|
11,056,600 |
|
|
|
— |
|
|
Municipal
Bond |
|
|
215,938 |
|
|
|
— |
|
|
|
215,938 |
|
|
|
— |
|
|
Asset-Backed
Securities |
|
|
201,957 |
|
|
|
— |
|
|
|
201,957 |
|
|
|
— |
|
|
Purchased
Options |
|
|
24,758 |
|
|
|
— |
|
|
|
24,758 |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Commercial
Papers |
|
|
2,647,156 |
|
|
|
— |
|
|
|
2,647,156 |
|
|
|
— |
|
|
Time
Deposits |
|
|
5,842,863 |
|
|
|
— |
|
|
|
5,842,863 |
|
|
|
— |
|
|
U.S.
Government Obligation |
|
|
263,044 |
|
|
|
— |
|
|
|
263,044 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
240,553,852 |
|
|
$ |
— |
|
|
$ |
240,553,852 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Assets(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
Contracts |
|
$ |
662,010 |
|
|
$ |
662,010 |
|
|
$ |
—
|
|
|
$ |
— |
|
|
Forward
Foreign Currency Contracts |
|
|
1,697,155 |
|
|
|
— |
|
|
|
1,697,155 |
|
|
|
— |
|
|
OTC
Interest Rate Swaps |
|
|
58,732 |
|
|
|
— |
|
|
|
58,732 |
|
|
|
— |
|
|
Centrally
Cleared Interest Rate Swaps |
|
|
1,177,492 |
|
|
|
— |
|
|
|
1,177,492 |
|
|
|
— |
|
|
OTC
Credit Default Swaps |
|
|
7,621 |
|
|
|
— |
|
|
|
7,621 |
|
|
|
— |
|
|
Centrally
Cleared Credit Default Swaps |
|
|
15,787 |
|
|
|
— |
|
|
|
15,787 |
|
|
|
— |
|
|
OTC
Cross Currency Swaps |
|
|
1,604,976 |
|
|
|
— |
|
|
|
1,604,976 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
5,223,773 |
|
|
$ |
662,010 |
|
|
$ |
4,561,763 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments — Liabilities(b) |
|
|
Options
Contracts Written |
|
$ |
(13,421 |
) |
|
$ |
— |
|
|
$ |
(13,421 |
) |
|
$ |
— |
|
|
Reverse
Repurchase Agreements |
|
|
(3,448,625 |
) |
|
|
— |
|
|
|
(3,448,625 |
) |
|
|
— |
|
|
Forward
Sale Commitments |
|
|
(30,674,945 |
) |
|
|
— |
|
|
|
(30,674,945 |
) |
|
|
— |
|
|
Futures
Contracts |
|
|
(153,712 |
) |
|
|
(153,712 |
) |
|
|
— |
|
|
|
— |
|
|
Forward
Foreign Currency Contracts |
|
|
(1,220,103 |
) |
|
|
— |
|
|
|
(1,220,103 |
) |
|
|
— |
|
|
OTC
Total Return Swap |
|
|
(184,008 |
) |
|
|
— |
|
|
|
(184,008 |
) |
|
|
— |
|
297
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Total Fair Value at
February 28, 2026 |
|
|
Unadjusted Quoted Prices
in Active
Markets
for Identical Investments
(Level 1) |
|
|
Significant Observable
Inputs (Level 2) |
|
|
Significant
Unobservable
Inputs (Level 3) |
|
|
Centrally
Cleared Interest Rate Swaps |
|
$ |
(3,744,947 |
) |
|
$ |
— |
|
|
$ |
(3,744,947 |
) |
|
$ |
— |
|
|
OTC
Credit Default Swap |
|
|
(27 |
) |
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
Centrally
Cleared Credit Default Swap |
|
|
(14,276 |
) |
|
|
— |
|
|
|
(14,276 |
) |
|
|
— |
|
|
OTC
Cross Currency Swap |
|
|
(15,084 |
) |
|
|
— |
|
|
|
(15,084 |
) |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Liabilities |
|
$ |
(39,469,148 |
) |
|
$ |
(153,712 |
) |
|
$ |
(39,315,436 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bond Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Municipal
Bonds |
|
$ |
78,612,206 |
|
|
$ |
— |
|
|
$ |
78,612,206 |
|
|
$ |
— |
|
|
Collateralized
Mortgage Obligation |
|
|
207,869 |
|
|
|
— |
|
|
|
207,869 |
|
|
|
— |
|
|
Warrant: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Industrials |
|
|
10,800 |
|
|
|
— |
|
|
|
10,800 |
|
|
|
— |
|
|
Short-Term
Investment: |
|
|
|
|
| |
|
|
| |
|
| |
|
Time
Deposit |
|
|
9,398,393 |
|
|
|
— |
|
|
|
9,398,393 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
88,229,268 |
|
|
$ |
— |
|
|
$ |
88,229,268 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inflation-Linked Fixed Income Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Government Obligations |
|
$ |
153,228,495 |
|
|
$ |
— |
|
|
$ |
153,228,495 |
|
|
$ |
— |
|
|
Mortgage-Backed
Securities |
|
|
21,726,857 |
|
|
|
— |
|
|
|
21,726,857 |
|
|
|
— |
|
|
Collateralized
Mortgage Obligations |
|
|
11,689,468 |
|
|
|
— |
|
|
|
11,689,468 |
|
|
|
— |
|
|
Sovereign
Bonds: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Other
Countries(f) |
|
|
7,484,652 |
|
|
|
— |
|
|
|
7,484,652 |
|
|
|
— |
|
|
Collateralized
Loan Obligations |
|
|
6,726,475 |
|
|
|
— |
|
|
|
6,726,475 |
|
|
|
— |
|
|
Corporate
Bonds & Notes |
|
|
180,717 |
|
|
|
— |
|
|
|
180,717 |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
Repurchase
Agreement |
|
|
2,000,000 |
|
|
|
— |
|
|
|
2,000,000 |
|
|
|
— |
|
|
Time
Deposits |
|
|
685,041 |
|
|
|
— |
|
|
|
685,041 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
203,721,705 |
|
|
$ |
— |
|
|
$ |
203,721,705 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments — Assets(b) |
|
|
Futures
Contracts |
|
$ |
245,527 |
|
|
$ |
245,527 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Forward
Foreign Currency Contracts |
|
|
441,698 |
|
|
|
— |
|
|
|
441,698 |
|
|
|
— |
|
|
Centrally
Cleared Interest Rate Swaps |
|
|
1,358,347 |
|
|
|
— |
|
|
|
1,358,347 |
|
|
|
— |
|
|
Centrally
Cleared Inflation Rate Swaps |
|
|
766,098 |
|
|
|
— |
|
|
|
766,098 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
2,811,670 |
|
|
$ |
245,527 |
|
|
$ |
2,566,143 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Financial Instruments — Liabilities(b) |
|
|
Options
Contracts Written |
|
$ |
(61,782 |
) |
|
$ |
— |
|
|
$ |
(61,782 |
) |
|
$ |
— |
|
|
Reverse
Repurchase Agreement |
|
|
(54,425,125 |
) |
|
|
— |
|
|
|
(54,425,125 |
) |
|
|
— |
|
|
Futures
Contracts |
|
|
(311,694 |
) |
|
|
(311,694 |
) |
|
|
— |
|
|
|
| |
|
Forward
Foreign Currency Contracts |
|
|
(84,763 |
) |
|
|
— |
|
|
|
(84,763 |
) |
|
|
— |
|
|
Centrally
Cleared Interest Rate Swaps |
|
|
(403,218 |
) |
|
|
— |
|
|
|
(403,218 |
) |
|
|
— |
|
|
Centrally
Cleared Inflation Rate Swaps |
|
|
(1,157,688 |
) |
|
|
— |
|
|
|
(1,157,688 |
) |
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Liabilities |
|
$ |
(56,444,270 |
) |
|
$ |
(311,694 |
) |
|
$ |
(56,132,576 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
298
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Total Fair Value at
February 28, 2026 |
|
|
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 |
|
$ |
161,836,607 |
|
|
$ |
— |
|
|
$ |
161,836,607 |
|
|
$ |
— |
|
|
Collateralized
Mortgage Obligations |
|
|
69,349,832 |
|
|
|
— |
|
|
|
69,349,832 |
|
|
|
— |
|
|
Collateralized
Loan Obligations |
|
|
28,866,574 |
|
|
|
— |
|
|
|
28,866,574 |
|
|
|
— |
|
|
Asset-Backed
Securities |
|
|
28,039,452 |
|
|
|
— |
|
|
|
28,039,452 |
|
|
|
— |
|
|
U.S.
Government Obligations |
|
|
16,737,417 |
|
|
|
— |
|
|
|
16,737,417 |
|
|
|
— |
|
|
Mortgage-Backed
Securities |
|
|
7,941,942 |
|
|
|
— |
|
|
|
7,941,942 |
|
|
|
— |
|
|
Sovereign
Bonds: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Other
Countries(f) |
|
|
4,070,755 |
|
|
|
— |
|
|
|
4,070,755 |
|
|
|
— |
|
|
Short-Term
Investments: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Commercial
Papers |
|
|
3,996,587 |
|
|
|
— |
|
|
|
3,996,587 |
|
|
|
— |
|
|
Money
Market Fund |
|
|
306,063 |
|
|
|
306,063 |
|
|
|
— |
|
|
|
— |
|
|
Time
Deposits |
|
|
3,563,438 |
|
|
|
— |
|
|
|
3,563,438 |
|
|
|
— |
|
|
U.S.
Government Obligation |
|
|
2,689,381 |
|
|
|
— |
|
|
|
2,689,381 |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
327,398,048 |
|
|
$ |
306,063 |
|
|
$ |
327,091,985 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities
Lending Transactions — Liabilities |
|
$ |
(306,063 |
) |
|
$ |
— |
|
|
$ |
(306,063 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Assets(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
Contracts |
|
$ |
111,062 |
|
|
$ |
111,062 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Assets |
|
$ |
111,062 |
|
|
$ |
111,062 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
Financial Instruments — Liabilities(b) |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Reverse
Repurchase Agreements |
|
$ |
(14,055,656 |
) |
|
$ |
— |
|
|
$ |
(14,055,656 |
) |
|
$ |
— |
|
|
Futures
Contracts |
|
|
(327,906 |
) |
|
|
(327,906 |
) |
|
|
— |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Other Financial Instruments — Liabilities |
|
$ |
(14,383,562 |
) |
|
$ |
(327,906 |
) |
|
$ |
(14,055,656 |
) |
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alternative Strategies Fund |
|
|
|
| |
| Investments, at Value |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Open
End Mutual Fund Securities: |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
United
States |
|
$ |
204,444,932 |
|
|
$ |
204,444,932 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Investments, at Value |
|
$ |
204,444,932 |
|
|
$ |
204,444,932 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
The
level classification by major category of investments is the same as the
category presentation in the Schedule of Investments.
|
| (b) |
Swaps,
futures contracts and forward foreign currency contracts are valued at the
unrealized appreciation (depreciation) on the instrument and option
contracts written, forward sale commitments and reverse repurchase
agreements are shown at value. |
| (c) |
None
of the unobservable inputs for Level 3 assets, individually or
collectively, had a material impact on the Fund. |
| (d) |
Includes
securities that are fair valued using significant unobservable inputs at
$0. |
| (e) |
Includes
foreign equity securities whose values were adjusted to reflect market
trading of comparable securities or other correlated instruments that
occurred after the close of trading in their applicable foreign markets.
|
| (f) |
Other
countries represents countries that are individually less than 5% of Net
Assets. |
Level 3
investments at the beginning and/or end of the period in relation to net assets
were not significant for any of the Funds and accordingly, a reconciliation of
Level 3 assets for the fiscal year to date ended February 28, 2026 is
not presented.
There
were no significant transfers in or out of Level 3 for the period ended
February 28, 2026 for any of the Funds.
(b) Accounting for Derivative Instruments.
Derivative instruments require enhanced disclosures regarding a Fund’s
credit derivatives holdings, including credit default swaps, credit spread
options and hybrid financial instruments containing embedded credit derivatives.
299
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
All
open derivative positions at the period-end for each Fund are disclosed in the
Fund’s Schedule of Investments.
Certain
Funds may use derivative instruments including futures, options, forward foreign
currency contracts, swaptions and swap contracts as part of their investment
strategies. Following is a description of these derivative instruments,
including the primary underlying risk exposures related to each instrument type:
(i) Futures Contracts. Certain Funds may enter
into futures contracts, to the extent permitted by their investment policies and
objectives, for bonafide hedging and other permissible risk management purposes
including protecting against anticipated changes in the value of securities a
Fund intends to purchase. Upon entering into a futures contract, a Fund is
required to deposit cash or securities as initial margin, which is included in
deposits for collateral with counterparty on the Statements of Assets and
Liabilities. Additional securities are also segregated as collateral up to the
current market value of the futures contracts. Subsequent payments, known as
variation margin, are made or received by the Fund, depending on the fluctuation
in the value of the underlying financial instruments and are reported on the
Statements of Assets and Liabilities. The Fund recognizes an unrealized gain or
loss equal to the variation margin. When futures contracts are closed, a
realized gain or loss is recognized which is equal to the difference between the
proceeds from (or cost of) the closing transactions and the Fund’s basis in the
contracts.
The
risks associated with entering into futures contracts include the possibility
that a change in the value of the contract may not correlate with the changes in
the value of the underlying instruments. In addition, investing in futures
contracts involves the risk that the Fund could lose more than the original
margin deposit due to subsequent payments that may be required for a futures
transaction.
(ii) Options Written. Certain Funds may write
options to manage exposure to certain changes in the market. When a Fund writes
an option, an amount equal to the premium received by the Fund is recorded as a
liability, the value of which is marked-to-market daily to reflect the
current market value of the option written. If the option expires, the Fund
realizes a gain from investments equal to the amount of the premium received.
When a written call option is exercised, the premium received is added to the
proceeds from the sale of the underlying security in determining whether the
Fund has a realized gain or loss. When a written put option is exercised, the
amount of the premium received reduces the cost of the security purchased by the
Fund.
When
writing a covered call option, a Fund may forego the opportunity of profit if
the market price of the underlying security increases more than the premium
received and the option is exercised. When writing a put option, a Fund may
incur a loss if the market price of the underlying security decreases more than
the premium received and the option is exercised. In addition, there is the risk
that the Fund may not be able to enter into a closing transaction because of an
illiquid secondary market.
(iii) Purchased Options. Certain Funds may
purchase options to manage exposure to certain changes in the market. A Fund
will normally purchase call options in anticipation of an increase in the market
value of securities of the type in which they may invest, an amount equal to the
value is recorded as an asset. The purchase of a call option will entitle a
Fund, in return for the premium paid, to purchase specified securities at a
specified price during the option period. A Fund will ordinarily realize a gain
if, during the option period, the value of such securities exceeded the sum of
the exercise price, the premium paid and transaction costs; otherwise, the Fund
will realize a loss equal to the amount of the premium paid on the purchase of
the call option.
A
Fund will normally purchase put options in anticipation of a decline in the
market value of securities in its portfolio (“protective puts”) or in securities
in which it may invest. The purchase of a put option will entitle the Fund, in
exchange for the premium paid, to sell specified securities at a specified price
during the option period. The purchase of protective puts is designed to offset
or hedge against a decline in the market value of the Fund’s securities. Put
options may also be purchased by a Fund for the purpose of affirmatively
benefiting from a decline in the price of securities which it does not own. The
Fund will ordinarily realize a gain if, during the option period, the value of
the underlying securities decreased below the exercise price sufficiently to
more than cover the premium and transaction costs; otherwise the Fund will
realize a loss equal to the amount of the premium paid on the purchase of the
put option. Gains and losses on the purchase of protective put options would
tend to be offset by countervailing changes in the value of the underlying
portfolio securities.
300
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
(iv) Inflation-Capped Options. Certain Funds
may write or purchase inflation-capped options to enhance returns or for hedging
opportunities. When a Fund writes an inflation-capped option, an amount equal to
the premium received is recorded as a liability on the Statements of Assets and
Liabilities and subsequently marked to market to reflect the current value of
the option written. When a Fund purchases an inflation-capped option, the Fund
pays a premium which is recorded as an asset on the Statements of Assets and
Liabilities and subsequently marked to market to reflect the current value of
the option. The purpose of purchasing inflation-capped options is to protect a
Fund from inflation erosion above a certain rate on a given notional exposure. A
floor can be used to give downside protection to investments in inflation-linked
products.
(v) Forward Foreign Currency Contracts. Certain
Funds may enter into forward foreign currency contracts to hedge against foreign
currency exchange rate risk on their non-U.S. dollar denominated securities or to
facilitate settlement of foreign currency denominated portfolio transactions. A
forward foreign currency contract is an agreement between two parties to buy and
sell a currency at a set price on a future date. The contract is marked-to-market daily and the change
in value is recorded by a Fund as an unrealized gain or loss. When a forward
foreign currency contract is extinguished, through either delivery or offset by
entering into another forward foreign currency contract, the Fund records a
realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value of the contract at the time it was
extinguished.
Forward
foreign currency contracts involve elements of market risk in excess of the
amounts reflected in the Statements of Assets and Liabilities. The Fund bears
the risk of an unfavorable change in the foreign exchange rate underlying the
forward foreign currency contract. Risks may also arise upon entering into these
contracts from the potential inability of the counterparties to meet the terms
of their contracts.
(vi) Swaptions. Swaptions contracts entered
into by the Funds typically represent an option that gives the purchaser the
right, but not the obligation, to enter into a swap contract on a future date.
Certain Funds may purchase swaptions to manage exposure to fluctuations in
interest rates and to enhance portfolio yield. Changes in the value of purchased
swaptions are reported as net change in unrealized appreciation or depreciation
on the Statements of Operations and Changes in Net Assets. Gain or loss is
recognized when the swaptions contract expires or is closed as net realized gain
or loss on the Statements of Operations and Changes in Net Assets. Details of
purchased swaptions contracts held at period-end are included on the Fund’s
Schedule of Investments under the caption “Purchased Options”.
Certain
Funds may write swaption contracts to manage exposure to fluctuations in
interest rates and to enhance portfolio yield. Swaption contracts written by a
Fund represent an option that obligates the writer upon exercise by the
purchaser, to enter into a previously agreed upon swap contract on a future
date. If a written call swaption is exercised, the writer will enter into a swap
and is obligated to pay the fixed rate and receive a floating rate in exchange.
If a written put swaption is exercised, the writer will enter a swap and is
obligated to pay the floating rate and receive a fixed rate in exchange.
When
a Fund writes a swaption, the premium received is recorded as a liability in the
Statements of Assets and Liabilities and is subsequently adjusted to the current
market value of the swaption. Changes in the value of the swaption are reported
as unrealized gains or losses in the Statements of Operations. A gain or loss is
recognized when the swaption contract expires or is closed. Premiums received
from writing swaptions that expire or are exercised are treated by the Fund as
realized gains from investments. The difference between the premium and the
amount paid on effecting a closing purchase transaction is also treated as a
realized gain or, if the premium received is less than the amount paid for the
closing purchase, as a realized loss.
Entering
into a swaption contract involves, to varying degrees, the elements of credit,
market and interest rate risk, associated with both option contracts and swap
contracts. To reduce credit risk from potential counterparty default, a Fund
only enters into swaption contracts with counterparties that meet certain
standards of creditworthiness. A Fund bears the market risk arising from any
change in index values or interest rates.
(vii) Swap Contracts. Swaps involve the
exchange by a Fund with another party of the respective amounts payable with
respect to a notional principal amount related to one or more indices. Certain
Funds may enter into these transactions to preserve a return or spread on a
particular investment or portion of its assets, as a duration management
technique or to protect against any increase in the price of securities the Fund
anticipates purchasing at a later date. Certain Funds may also use these
transactions for speculative purposes, such as to obtain the price performance
of a security without actually purchasing the security in circumstances where,
for example, the subject security is illiquid, is unavailable for direct
investment or available only on less attractive terms.
301
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Swaps
are marked-to-market daily based upon
quotations from market makers and the change, if any, is recorded as change in
unrealized appreciation or depreciation in the Statements of Operations. Net
receipts or payments of interest are recorded as realized gains or losses,
respectively. Gains and losses are realized upon termination of a swap contract.
An upfront payment received by the Fund, is recorded as a liability on the
Fund’s books. An upfront payment made by the Fund is recorded as an asset on the
Fund’s books. Any upfront payments paid or received upon entering a swap
contract to compensate for differences between stated terms of the agreement and
prevailing market conditions (e.g. credit spreads, interest rates or other
factors) are recorded as a realized gain or loss at the termination of the swap.
Swaps
have risks associated with them, including possible default by the counterparty
to the transaction, illiquidity and, where swaps are used as hedges, the risk
that the use of a swap could result in losses greater than if the swap had not
been employed. This risk is mitigated by the posting of collateral by the
counterparty to the Fund to cover the Fund’s exposure to the counterparty. Such
amounts are reported on the Statements of Assets and Liabilities as deposits
with counterparties.
(viii) Credit Default Swaps. Certain Funds may
enter into credit default swap contracts for investment purposes, to manage
their credit risk or to add leverage. As a seller in a credit default swap
contract, a Fund is required to pay the notional or other agreed-upon value to
the counterparty in the event of a default by a third party, such as a U.S. or
foreign corporate issuer, on the referenced debt obligation. In return, the Fund
receives from the counterparty a periodic stream of payments over the term of
the contract provided that no event of default has occurred. If no default
occurs, the Fund keeps the stream of payments and has no payment obligations.
Such periodic payments are accrued daily and accounted for as realized gains.
Certain
Funds may also purchase credit default swap contracts in order to hedge against
the risk of default by debt securities held in their portfolios. In these cases,
a Fund functions as the counterparty referenced in the preceding paragraph. As a
purchaser of a credit default swap contract, the Fund receives the notional or
other agreed upon value from the counterparty in the event of a default by a
third party, such as a U.S. or foreign corporate issuer, on the referenced debt
obligation. In return, the Fund makes periodic payments to the counterparty over
the term of the contract provided no event of default has occurred. Such
periodic payments are accrued daily and accounted for as realized losses.
For
a credit default swap sold by a Fund, payment of the agreed upon amount made by
the Fund in the event of default of the referenced debt obligation is recorded
as the cost of the referenced debt obligation received. For a credit default
swap purchased by a Fund, the agreed upon amount received by the Fund in the
event of default of the referenced debt obligation is recorded as proceeds from
sale/delivery of the referenced debt obligation and the resulting gain or loss
realized on the referenced debt obligation is recorded as such by the Fund.
Entering
into credit default swaps involves, to varying degrees, elements of credit and
market risk in excess of the related amounts recognized on the Statements of
Assets and Liabilities. Such risks involve the possibility that there will be no
liquid market for these agreements, that the counterparty to the agreements may
default on its obligation to perform or disagree as to the meaning of the
contractual terms in the agreements, and that there will be unfavorable changes
in net interest rates. As privately negotiated transactions, swaps may involve
risk, which is the risk that the swap contracts fail to contemplate a particular
outcome or that the parties disagree about the proper interpretation of a
transaction term.
(ix) Interest Rate Swaps. Certain Funds may
enter into interest rate swaps for investment purposes to manage exposure to
fluctuations in interest rates or to add leverage. Interest rate swaps represent
an agreement between two counterparties to exchange cash flows based on the
difference in the fixed interest rate and the floating interest rate, applied to
the notional principal amount for a specified period. The payment flows are
usually netted against each other, with the difference being paid by one party
to the other. Once the payments are settled in cash, the net amount is recorded
as realized gain or loss from swap contracts on the Statements of Operations.
The Funds settle accrued net receivable or payable under the swap contracts on a
periodic basis.
The
primary risk associated with interest rate swaps is that unfavorable changes in
interest rates could adversely impact a Fund.
(x) Centrally Cleared Swaps. Certain
clearinghouses currently offer clearing for limited types of derivatives
transactions, principally credit and interest derivatives. In a centrally
cleared derivative transaction, a Fund typically enters into the transaction
with financial institution counterparty, and performance of the transaction is
effectively guaranteed by a central
302
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
clearinghouse,
thereby reducing or eliminating the Fund’s exposure to the credit risk of the
original counterparty. The Fund typically will be required to post specified
levels of margin with the clearinghouse or at the instruction of the
clearinghouse. The margin required by a clearinghouse may be greater than the
margin the Fund would be required to post in an uncleared derivative
transaction. Daily changes in valuation of centrally cleared swaps, if any, are
recorded as variation margin receivable or payable on swap contracts for the
change in value as appropriate on the Statements of Assets and Liabilities. Only
a limited number of derivative transactions are currently eligible for clearing
by clearinghouses.
(xi) Cross-Currency Swaps. Certain Funds may
enter into cross-currency swaps to gain or mitigate exposure to currency risk.
Cross-currency swaps involve two parties exchanging two different currencies
with an agreement to reverse the exchange at a later date at specific exchange
rates. The exchange of currencies at the inception date of the contract takes
place at the current spot rate. The re-exchange at maturity may take place at the
same exchange rate, a specified rate, or the then current spot rate. Interest
payments, if applicable, are made between the parties based on interest rates
available in the two currencies at the inception of the contract. The terms of
cross-currency swap contracts may extend for many years. Cross-currency swaps
are usually negotiated with commercial and investment banks. Some cross-currency
swaps may not provide for exchanging principal cash flows, but only for
exchanging interest cash flows.
(xii) Volatility Swaps. A volatility swap is an
agreement between counterparties to exchange periodic payments based on the
measured volatility of a reference security, index, currency or other reference
investment over a specified time frame. One cash flow is typically based on the
realized volatility of the reference investment as measured by changes in its
price or level over the specified time period while the other cash flow is based
on a specified rate representing expected volatility for the reference
investment at the time the swap is executed, or the measured volatility of a
different reference investment over the specified time period. The appreciation
or depreciation on a volatility swap will typically depend on the magnitude of
the reference investment’s volatility, or size of the movements in its price,
over the specified time period, rather than general directional increases or
decreases in its price.
Volatility
swaps are less standard in structure than other types of swaps and provide pure,
or isolated, exposure to volatility risk of the specific underlying reference
investment. Volatility swaps are typically used to speculate on future
volatility levels, to trade the spread between realized and expected volatility,
or to decrease the volatility exposure of investments held by the Fund.
Variance
swaps are a type of volatility swap where counterparties agree to exchange
periodic payments based on the measured variance (or the volatility squared) of
a reference security, index, or other reference investment over a specified time
period. At payment date, a net cash flow will be exchanged based on the
difference between the realized variance of the reference investment over the
specified time period and the specified rate representing expected variance for
the reference investment at the time the swap is executed multiplied by the
notional amount of the contract.
(xiii) Inflation Rate Swaps. The Fund may enter
into inflation rate swap contracts to attempt to hedge against inflation.
Pursuant to the inflation rate swap agreement, the Fund negotiates with a
counterparty to exchange a periodic stream of payments, based on a benchmark
inflation index. One cash flow stream will typically be a floating rate payment
linked to the specified inflation index while the other is typically a fixed
interest rate.
Inflation
rate swaps are normally issued on a zero coupon basis where all payments
compound during the life of the contract and are netted upon the termination or
maturity of the contract. Final payments received or paid by the Fund are
recorded as realized gains or losses in the Statements of Operations. Inflation
rate swap contracts are subject to movements in interest rates.
(xiv) Total Return Swaps. The Fund may enter
into total return swap contracts to gain exposure and benefit from a reference
asset (single asset, or a basket of assets) without actually having to own it.
Total return swap contracts are agreements where the total return of a reference
asset is paid in exchange for periodic cash flows. The deal is structured such
that
the total return (asset income plus capital appreciation/depreciation) is
exchanged, in the cash flows. Periodic payments received or made by the Fund are
recorded as realized gains or losses in the Statements of Operations.
303
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
The
following is a summary of the fair valuations of the Funds’ derivative
instruments categorized by risk exposure at February 28, 2026:
Morgan
Stanley Pathway Large Cap Equity ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,160 |
|
|
$ |
16,160 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
depreciation on open futures contracts (b) |
|
$ |
—
|
|
|
$ |
—
|
|
|
$ |
—
|
|
|
$ |
71,783 |
|
|
$ |
71,783 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,905,614 |
|
|
$ |
1,905,614 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(725,612 |
) |
|
$ |
(725,612 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Morgan
Stanley Pathway Small-Mid Cap
Equity ETF
|
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
138,152 |
|
|
$ |
138,152 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
depreciation on open futures contracts (b) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,578 |
|
|
$ |
6,578 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,149,270 |
|
|
$ |
1,149,270 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(314,701 |
) |
|
$ |
(314,701 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
304
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
International
Equity Fund
|
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
97,766 |
|
|
$ |
97,766 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
echange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
261,587 |
|
|
$ |
261,587 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
59,152 |
|
|
$ |
59,152 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging
Markets Equity Fund |
|
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,234 |
|
|
$ |
51,234 |
|
|
Unrealized
appreciation on forward foreign currency contracts (c) |
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
51,234 |
|
|
$ |
51,245 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
echange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
189,852 |
|
|
$ |
189,852 |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
8,586 |
|
|
|
— |
|
|
|
— |
|
|
|
8,586 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
8,586 |
|
|
$ |
— |
|
|
$ |
189,852 |
|
|
$ |
198,438 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
45,269 |
|
|
$ |
45,269 |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
— |
|
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
45,269 |
|
|
$ |
45,280 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
305
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Core
Fixed Income Fund |
|
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
960,546 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
960,546 |
|
|
Unrealized
appreciation on forward foreign currency contracts (c) |
|
|
— |
|
|
|
390,920 |
|
|
|
— |
|
|
|
— |
|
|
|
390,920 |
|
|
Unrealized
appreciation on centrally cleared swaps (f) |
|
|
— |
|
|
|
— |
|
|
|
34,397 |
|
|
|
— |
|
|
|
34,397 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
960,546 |
|
|
$ |
390,920 |
|
|
$ |
34,397 |
|
|
$ |
— |
|
|
$ |
1,385,863 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
depreciation on open futures contracts (b) |
|
$ |
198,592 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
198,592 |
|
|
Unrealized
depreciation on forward foreign currency contracts (a) |
|
|
— |
|
|
|
1,021,945 |
|
|
|
— |
|
|
|
— |
|
|
|
1,021,945 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
198,592 |
|
|
$ |
1,021,945 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,220,537 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
echange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
2,655,228 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,655,228 |
|
|
Swaps
contracts |
|
|
— |
|
|
|
— |
|
|
|
47,998 |
|
|
|
— |
|
|
|
47,998 |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
(1,310,538 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,310,538 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
2,655,228 |
|
|
$ |
(1,310,538 |
) |
|
$ |
47,998 |
|
|
$ |
— |
|
|
$ |
1,392,688 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
241,889 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
241,889 |
|
|
Swaps
contracts |
|
|
— |
|
|
|
— |
|
|
|
(885 |
) |
|
|
— |
|
|
|
(885 |
) |
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
(9,952 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,952 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
241,889 |
|
|
$ |
(9,952 |
) |
|
$ |
(885 |
) |
|
$ |
— |
|
|
$ |
231,052 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Fixed Income Fund |
|
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Purchased
options (c) |
|
$ |
— |
|
|
$ |
24,758 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,758 |
|
|
Unrealized
appreciation on open futures contracts (b) |
|
|
662,010 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
662,010 |
|
|
Unrealized
appreciation on forward foreign currency contracts (c) |
|
|
— |
|
|
|
1,697,155 |
|
|
|
— |
|
|
|
— |
|
|
|
1,697,155 |
|
|
Unrealized
appreciation on centrally cleared swaps (f) |
|
|
1,177,492 |
|
|
|
— |
|
|
|
15,787 |
|
|
|
— |
|
|
|
1,193,279 |
|
|
Unrealized
appreciation on OTC swaps contracts (c) |
|
|
58,732 |
|
|
|
1,604,976 |
|
|
|
7,621 |
|
|
|
— |
|
|
|
1,671,329 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
1,898,234 |
|
|
$ |
3,326,889 |
|
|
$ |
23,408 |
|
|
$ |
— |
|
|
$ |
5,248,531 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Options
contracts written outstanding (a) |
|
$ |
— |
|
|
$ |
13,421 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13,421 |
|
|
Unrealized
depreciation on open futures contracts (b) |
|
|
153,712 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
153,712 |
|
|
Unrealized
depreciation on forward foreign currency contracts (a) |
|
|
— |
|
|
|
1,220,103 |
|
|
|
— |
|
|
|
— |
|
|
|
1,220,103 |
|
|
Unrealized
depreciation on centrally cleared swaps (f) |
|
|
3,744,947 |
|
|
|
— |
|
|
|
14,276 |
|
|
|
— |
|
|
|
3,759,223 |
|
|
Unrealized
depreciation on OTC swaps contracts (a) |
|
|
184,008 |
|
|
|
15,084 |
|
|
|
27 |
|
|
|
— |
|
|
|
199,119 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
4,082,667 |
|
|
$ |
1,248,608 |
|
|
$ |
14,303 |
|
|
$ |
— |
|
|
$ |
5,345,578 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
306
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
echange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Purchased
options |
|
$ |
— |
|
|
$ |
(27,478 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(27,478 |
) |
|
Futures
contracts |
|
|
1,622,708 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,622,708 |
|
|
Options
contracts written |
|
|
88,405 |
|
|
|
53,881 |
|
|
|
— |
|
|
|
— |
|
|
|
142,286 |
|
|
Swaps
contracts |
|
|
(1,571,948 |
) |
|
|
(125,093 |
) |
|
|
182,212 |
|
|
|
— |
|
|
|
(1,514,829 |
) |
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
(768,136 |
) |
|
|
— |
|
|
|
— |
|
|
|
(768,136 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
139,165 |
|
|
$ |
(866,826 |
) |
|
$ |
182,212 |
|
|
$ |
— |
|
|
$ |
(545,449 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Purchased
options |
|
$ |
— |
|
|
$ |
18,924 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,924 |
|
|
Futures
contracts |
|
|
405,380 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
405,380 |
|
|
Options
contracts written |
|
|
(17,544 |
) |
|
|
(10,707 |
) |
|
|
— |
|
|
|
— |
|
|
|
(28,251 |
) |
|
Swaps
contracts |
|
|
(845,700 |
) |
|
|
1,348,612 |
|
|
|
(183,439 |
) |
|
|
— |
|
|
|
319,473 |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
1,262,593 |
|
|
|
— |
|
|
|
— |
|
|
|
1,262,593 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
(457,864 |
) |
|
$ |
2,619,422 |
|
|
$ |
(183,439 |
) |
|
$ |
— |
|
|
$ |
1,978,119 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inflation-Linked
Fixed Income Fund |
|
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
245,527 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
245,527 |
|
|
Unrealized
appreciation on forward foreign currency contracts (c) |
|
|
— |
|
|
|
441,698 |
|
|
|
— |
|
|
|
— |
|
|
|
441,698 |
|
|
Unrealized
appreciation on centrally cleared swaps (f) |
|
|
2,124,445 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,124,445 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
2,369,972 |
|
|
$ |
441,698 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,811,670 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Options
contracts written outstanding (a) |
|
$ |
61,782 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
61,782 |
|
|
Unrealized
depreciation on open futures contracts (b) |
|
|
311,694 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
311,694 |
|
|
Unrealized
depreciation on forward foreign currency contracts (a) |
|
|
— |
|
|
|
84,763 |
|
|
|
— |
|
|
|
— |
|
|
|
84,763 |
|
|
Unrealized
depreciation on centrally cleared swaps (f) |
|
|
1,560,906 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,560,906 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
1,934,382 |
|
|
$ |
84,763 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,019,145 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
echange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
384,285 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
384,285 |
|
|
Options
contracts written |
|
|
69,424 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69,424 |
|
|
Swaps
contracts |
|
|
(43,181 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43,181 |
) |
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
76,600 |
|
|
|
— |
|
|
|
— |
|
|
|
76,600 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
410,528 |
|
|
$ |
76,600 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
487,128 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
(243,913) |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(243,913) |
|
|
Options
contracts written |
|
|
(27,393 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,393 |
) |
|
Swaps
contracts |
|
|
(225,534 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(225,534 |
) |
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
374,880 |
|
|
|
— |
|
|
|
— |
|
|
|
374,880 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
$ |
(496,840) |
|
|
$ |
374,880 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(121,960) |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
307
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Ultra-Short
Term Fixed Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Fair Values of
Derivative Instruments on the Statements of Assets and Liabilities as of
February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Asset
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
appreciation on open futures contracts (b) |
|
$ |
111,062 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
111,062 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liability
derivatives |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Unrealized
depreciation on open futures contracts (b) |
|
$ |
327,906 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
327,906 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
Derivative Instruments on the Statements of Operations for the Period
Ended February 28, 2026: |
|
|
|
|
|
|
| |
| Location |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Total |
|
| Realized
gain/(loss) on derivatives (d) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
(188,721 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(188,721 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in
unrealized appreciation (depreciation) on derivatives (e) |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Futures
contracts |
|
$ |
(276,619 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(276,619 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Statements
of Assets and Liabilities location: Unrealized depreciation on open
forward foreign currency contracts, unrealized depreciation on OTC swap
contracts or options contracts written, at value. |
| (b) |
Only
variation margin, if any, is reported within the Statements of Assets and
Liabilities. Cumulative appreciation (depreciation) on futures contracts
is reported in the open exchanged-traded futures contracts table in the
Fund’s Schedule of Investments. |
| (c) |
Statements
of Assets and Liabilities location: Investments, at value or unrealized
appreciation on open forward foreign currency contracts or unrealized
appreciation on OTC swap contracts. |
| (d) |
Statements
of Operations location: Net realized gain (loss) from unaffiliated
investments, futures contracts, options contracts written, swap contracts
or forward foreign currency contracts. |
| (e) |
Statements
of Operations location: Change in net unrealized appreciation
(depreciation) from unaffiliated investments, futures contracts, options
contracts written, swap contracts or forward foreign currency contracts.
|
| (f) |
Only
variation margin, if any, is reported within the Statements of Assets and
Liabilities. Cumulative appreciation (depreciation) on centrally cleared
swaps is reported in the open swap contracts table in the Fund’s Schedule
of Investments. |
The
average monthly notional amounts of futures contracts, swaps contracts and
forward foreign currency contracts, and the monthly average market value of
options contracts written and purchased options outstanding during the period
ended February 28, 2026 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,606,274 |
|
|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,459,224 |
|
|
| International Equity Fund |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,625,239 |
|
308
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Emerging Markets Equity Fund |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
885,715 |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
52,997 |
|
|
|
— |
|
|
|
— |
|
|
| Core Fixed Income Fund |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
299,720,118 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Swap
contracts |
|
|
— |
|
|
|
— |
|
|
|
3,369,914 |
|
|
|
— |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
72,489,917 |
|
|
|
— |
|
|
|
— |
|
|
| International Fixed Income Fund |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Purchased
options |
|
$ |
— |
|
|
$ |
39,053 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Futures
contracts |
|
|
116,467,209 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Option
contracts written |
|
|
5,500 |
|
|
|
15,783 |
|
|
|
— |
|
|
|
— |
|
|
Swap
contracts |
|
|
330,535,266 |
|
|
|
22,482,655 |
|
|
|
19,130,077 |
|
|
|
— |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
270,609,298 |
|
|
|
— |
|
|
|
— |
|
|
| Inflation-Linked Fixed Income Fund |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
66,086,734 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Option
contracts written |
|
|
71,282 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Swap
contracts |
|
|
62,187,572 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Forward
foreign currency contracts |
|
|
— |
|
|
|
46,700,403 |
|
|
|
— |
|
|
|
— |
|
|
| Ultra-Short Term Fixed Income Fund |
|
| |
|
Interest rate
risk |
|
|
Foreign
exchange
risk |
|
|
Credit
risk |
|
|
Equity
risk |
|
|
Futures
contracts |
|
$ |
312,404,549 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
(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
309
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
debt
obligation experiences greater than anticipated prepayments of principal, the
Fund may not fully recoup its initial investment in the IO.
(e) Time Deposits. Certain Funds may purchase
overnight time deposits issued by offshore branches of U.S. banks that meet
credit and risk standards established by the custodian and approved by the
Board.
(f) Lending of Portfolio Securities. Mitsubishi
UFJ Financial Group (MUFG) acts as securities lending agent for the Funds. As
agent, MUFG may lend securities owned by the Funds to brokers, dealers and other
financial organizations that have been approved as borrowers by the Funds. Loans
of securities by a Fund are collateralized by cash, U.S. government securities
or irrevocable performance letters of credit issued by banks approved by the
Funds. All non-cash collateral is
received, held and administered by the custodian in an applicable custody
account or other account established for the purpose of holding collateral for
each Fund. Cash collateral received by the Funds as a result of securities
lending activities is invested in an unaffiliated registered money market fund,
and is recorded as Payable for collateral received from securities on loan
within the Statements of Assets and Liabilities. Income from securities lending,
net, on the Statement of Operations represents the income earned on investing
cash collateral plus any premium payments that may be received on the loan of
certain types of securities, less fees and expenses associated with the loan.
Each Fund maintains the risk of any market loss on its securities on loan as
well as the potential loss on investments purchased with cash collateral
received from its securities lending. The custodian has the right under its
agreement with the borrowers to recover any loaned securities from the borrower
on demand. Additionally, the Funds are exposed to risks that a borrower may not
provide additional collateral when required or return loaned securities when
due. If the borrower fails to return the securities, the custodian will use the
collateral to purchase replacement securities. The custodian is responsible for
any shortfall in collateral value under certain circumstances.
The
following table presents securities on loan that are subject to enforceable
netting arrangements as of February 28, 2026:
Gross Amounts Not Offset in the Statements of
Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| |
| Fund |
|
Gross Asset
Amount
Presented in the Statements
of Assets and
Liabilities (a) |
|
|
Financial
Instrument |
|
Collateral
Received (b)(c) |
|
|
Net
Amount
(Not Less than $0) |
|
Morgan
Stanley Pathway Large Cap Equity ETF |
|
$ |
913,165 |
|
|
$ — |
|
$ |
(913,165 |
) |
|
$ 0 |
|
Morgan
Stanley Pathway Small-Mid Cap
Equity ETF |
|
|
1,883,635 |
|
|
— |
|
|
(1,883,635 |
) |
|
0 |
|
International
Equity Fund |
|
|
2,623,363 |
|
|
— |
|
|
(2,623,363 |
) |
|
0 |
|
Emerging
Markets Equity Fund |
|
|
2,009,515 |
|
|
— |
|
|
(2,009,515 |
) |
|
0 |
|
Core
Fixed Income Fund |
|
|
8,886,205 |
|
|
— |
|
|
(8,886,205 |
) |
|
0 |
|
High
Yield Fund |
|
|
4,264,620 |
|
|
— |
|
|
(4,264,620 |
) |
|
0 |
|
Ultra-Short
Term Fixed Income Fund |
|
|
293,445 |
|
|
— |
|
|
(293,445) |
|
|
0 |
| (a) |
Represents
market value of securities on loan at period end. |
| (b) |
The
Funds received cash collateral of $973,888, $1,999,348, $2,755,398,
$2,088,847, $9,178,517, $4,562,496 and $306,063, respectively, which was
subsequently invested in Invesco STIT – Government & Agency
Portfolio as reported in the Schedules of Investments. In addition, the
Funds received non-cash
collateral of $0, $0, $0, $0, $0, $0 and $0, respectively, in the form of
U.S. Government Obligations, which the Funds cannot sell or repledge, and
accordingly are not reflected in the Schedules of Investments.
|
| (c) |
The
actual collateral received could be greater than the amount shown here due
to overcollateralization. |
FASB
ASC 860, “Transfers & Servicing: Repurchase-to-Maturity Transactions,
Repurchase Financings, and Disclosures”, is intended to provide increased
transparency about the types of collateral pledged in securities lending
transactions and other similar transactions that are accounted for as secured
borrowings.
310
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
The
following table displays a breakdown of transactions accounted for as secured
borrowings, the gross obligations by class of collateral pledged, and the
remaining contractual maturity of those transactions as of February 28,
2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Remaining Contractual Maturity
of the Agreements
As of
February 28, 2026 |
|
| |
|
Overnight and
Continuous |
|
|
< 30 days |
|
|
Between 30 & 90
days |
|
|
> 90 days |
|
|
Total |
|
| Morgan Stanley Pathway Large Cap Equity
ETF |
|
|
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
973,888 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
973,888 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
973,888 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
973,888 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
|
|
| |
$ |
973,888 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
| |
| Morgan Stanley Pathway Small-Mid Cap Equity ETF |
|
|
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
1,999,348 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,999,348 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
1,999,348 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,999,348 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
|
|
| |
$ |
1,999,348 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| International Equity Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
2,755,398 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,755,398 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
2,755,398 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,755,398 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
|
|
| |
$ |
2,755,398 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| Emerging
Markets Equity Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
2,088,847 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,088,847 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
2,088,847 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,088,847 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
|
|
| |
$ |
2,088,847 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| Core Fixed
Income Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
9,178,517 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,178,517 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
9,178,517 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,178,517 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
$ |
9,178,517 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| High Yield
Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
4,562,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,562,496 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
4,562,496 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,562,496 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
$ |
4,562,496 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| International Fixed Income Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Reverse
Repurchase Agreements Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Government Obligations |
|
$ |
— |
|
|
$ |
3,448,625 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,448,625 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
— |
|
|
$ |
3,448,625 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,448,625 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for reverse repurchase agreements
transactions |
|
|
|
|
| |
$ |
3,448,625 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
311
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Remaining Contractual Maturity
of the Agreements
As of
February 28, 2026 |
|
| |
|
Overnight and
Continuous |
|
|
< 30 days |
|
|
Between 30 & 90
days |
|
|
> 90 days |
|
|
Total |
|
|
|
|
|
|
| |
| Inflation-Linked Fixed Income Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Reverse
Repurchase Agreements Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Government Obligations |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54,425,125 |
|
|
$ |
— |
|
|
$ |
54,425,125 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54,425,125 |
|
|
$ |
— |
|
|
$ |
54,425,125 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for reverse repurchase agreements
transactions |
|
|
|
|
| |
$ |
54,425,125 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
|
|
|
|
| |
| Ultra-Short Term Fixed Income Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
| Securities
Lending Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Money
Market Funds |
|
$ |
306,063 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
306,063 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reverse
Repurchase Agreements Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Government Obligations |
|
$ |
— |
|
|
$ |
14,055,656 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,055,656 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sale Buy-Back Transactions |
|
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
| |
|
U.S.
Government Obligations |
|
$ |
— |
|
|
$ |
4,868,568 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,868,568 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Borrowings |
|
$ |
306,063 |
|
|
$ |
18,924,224 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,230,287 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
amount of recognized liabilities for securities lending
transactions |
|
|
|
|
| |
$ |
306,063 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Gross
amount of recognized liabilities for reverse repurchase agreements
transactions |
|
|
|
|
| |
$ |
14,055,656 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
|
Gross
amount of recognized liabilities for sale-buyback transactions |
|
|
|
|
| |
$ |
4,868,568 |
|
|
|
| |
|
|
| |
|
|
| |
|
|
|
(g) To-Be-Announced Purchase and Sale
Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a
TBA transaction, a Fund commits to purchasing or selling securities which have
not yet been issued by the issuer and for which specific information is not
known, such as the face amount and maturity date and the underlying pool of
investments in U.S. government agency mortgage pass-through transactions.
Securities purchased on a TBA basis are not settled until they are delivered to
the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters
into a TBA transaction, cash, U.S. government securities or other liquid
high-grade debt obligations are segregated in an amount equal in value to the
purchase price of the TBA security. These transactions are marked-to-market on a daily basis and
are subject to market fluctuations. Realized gains or losses on TBA purchase
commitments are included in Net realized gain (loss) on investments on the
Statements of Operations. Any fluctuation in the value of the purchased TBA
commitments is included in Net change in unrealized appreciation (depreciation)
on investments on the Statements of Operations.
Additionally,
when a Fund sells TBA securities without already owning or having the right to
obtain the deliverable securities (an uncovered forward commitment to sell), it
incurs a risk of loss because it could have to purchase the securities at a
price that is higher than the price at which it sold them. A Fund may be unable
to purchase the deliverable securities if the corresponding market is illiquid.
TBA
securities subject to a forward commitment to sell at period end are included at
the end of the Fund’s Schedule of Investments under the caption “Schedule of
Forward Sale Commitments.” The proceeds and value of these commitments are
recorded as Forward Sale Commitments, at value in the Statements of Assets and
Liabilities.
(h) Short Sales of Securities. A short sale is
a transaction in which a Fund sells securities it does not own in anticipation
of a decline in the market price of the securities. To complete a short sale,
the Fund may arrange through a broker to borrow the securities to be delivered
to the buyer. The proceeds received by the Fund for the short sale are retained
by the broker until the Fund replaces the borrowed securities. In borrowing the
securities to be delivered to the buyer, the Fund becomes obligated to replace
the securities borrowed at their market price at the time of replacement,
whatever that price may be.
The
risk of engaging in short sale transactions is that selling short magnifies the
potential for loss to a Fund. The larger the Fund’s short position, the greater
the potential loss. If a security sold short increases in price, the Fund may
have to cover its short position at a higher price than the short sale price,
resulting in a loss. To borrow the security, the Fund also may be required to
pay a
312
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
premium,
which could decrease the proceeds of the security sold short. The amount of any
gain will be decreased, and the amount of any loss increased, by the amount of
the premium, dividends, interest or expenses the Fund may be required to pay in
connection with the short sale. In addition, because the Fund’s loss on a short
sale arises from increases in the value of the security sold short, such loss is
unlimited.
(i) Mortgage Dollar Rolls. Certain Funds may
sell mortgage-backed securities for delivery in the current month and
simultaneously contract to repurchase substantially similar (same type, coupon
and maturity) securities to settle on a specific future date at an agreed upon
price. Pools of mortgage securities are used to collateralize mortgage dollar
roll transactions and may have different prepayment histories than those sold.
During the period between the sale and the repurchase, a Fund forgoes principal
and interest paid on the securities sold. Proceeds of the sale will be invested
in short-term instruments and the income from these investments, together with
any additional fee income received on a sale, is intended to generate income for
a Fund. A Fund accounts for mortgage dollar roll transactions as purchases and
sales and realizes the gain or loss at the time the transaction is entered into
on these transactions. If certain criteria are met, these dollar roll
transactions may be considered financing transactions, whereby the difference in
the sale price and the future purchase price is recorded as an adjustment to
interest income.
Mortgage
dollar roll transactions involve the risk that the market value of the
securities a Fund is obligated to repurchase under the agreement may decline
below the repurchase price of those securities. If investment performance of
securities purchased with proceeds from these transactions does not exceed the
income, capital appreciation and gain or loss that would have been realized on
the securities sold as part of the dollar roll, the use of this technique will
adversely impact the investment performance of a Fund. In the event the buyer of
securities under a mortgage dollar roll files for bankruptcy or becomes
insolvent, the Fund’s use of proceeds of the dollar roll may be restricted
pending a determination by the other party, or its trustee or receiver, whether
to enforce the Fund’s obligation to repurchase the securities.
(j) Credit and Market Risk. Certain Funds
invest in high yield instruments that are subject to certain credit and market
risks. The yields of high yield obligations reflect, among other things,
perceived credit and market risks. Each Fund’s investment in securities rated
below investment grade typically involve risks not associated with higher rated
securities, including, among others, greater risk related to timely and ultimate
payment of interest and principal, greater market price volatility and less
liquid secondary market trading.
(k) Foreign Investment and Currency Risks.
Certain Funds’ investments in foreign securities may involve risks not
present in domestic investments. Because securities may be denominated in
foreign currencies and may require settlement in foreign currencies and pay
interest or dividends in foreign currencies, changes in the relationship of
these foreign currencies to the U.S. dollar can significantly affect the value
of the investments and earnings of a Fund. Foreign investments may also subject
the Fund to foreign government exchange restrictions, expropriation, taxation or
other political, social or economic developments, all of which affect the market
and/or credit risk of the investments.
(l) Emerging Markets Risk. In addition to
foreign investment and currency risks, which tend to be amplified in emerging
markets, emerging markets may experience rising interest rates, or, more
significantly, rapid inflation or hyperinflation. The economies of emerging
market countries may grow at slower rates than expected or suffer a downturn or
recession. Emerging market securities may present market, credit, liquidity,
legal, political and other risks different from, or greater than, the risks of
investing in developed foreign countries.
(m) Volatility Risk. Volatility risk refers to
the magnitude of the movement, but not the direction of the movement, in a
financial instrument’s price over a defined time period. Large increases or
decreases in a financial instrument’s price over a relative time period
typically indicate greater volatility risk, while small increases or decreases
in its price typically indicate lower volatility risk.
(n) Market Risk. The value of an investment in
the Fund is based on the values of the Fund’s investments, which change due to
economic and other events that affect the U.S. and global markets generally, as
well as those that affect or are perceived or expected to affect particular
regions, countries, industries, companies, issuers, sectors, asset classes or
governments. The risks associated with these developments may be magnified if
certain social, political, economic and other conditions and events adversely
interrupt or otherwise affect the global economy and financial markets.
Securities in the Fund’s portfolio may underperform or otherwise be adversely
affected due to inflation (or expectations for inflation), deflation (or
expectations for deflation), interest rates (or changes in interest rates),
global demand for particular products or resources, market or financial system
instability or uncertainty, embargoes, the treat or actual imposition of
tariffs, sanctions and other trade barriers, natural disasters and extreme
weather events, health emergencies (such as epidemics and pandemics), terrorism,
regulatory events and
313
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
governmental
or quasi- governmental actions. The occurrence of global events, such as
terrorist attacks, natural disasters, health emergencies, social and political
(including geopolitical) discord and tensions or debt crises and downgrades,
among others, may result in increased market volatility and may have long term
effects on both the U.S. and global financial markets. The occurrence of such
events may be sudden and unexpected, and it is difficult to predict when similar
events affecting the U.S. or global financial markets or economies may occur,
the effects that such events may have and the duration of those effects (which
may last for extended periods). Any such event(s) could have a significant
adverse impact on the value, liquidity and risk profile of the Fund’s portfolio,
as well as its ability to sell securities and/or meet redemptions. Any such
event(s) or similar types of factors and developments, may also adversely affect
the financial performance of the Fund’s investments (and, in turn, the Fund’s
investment results) and/or negatively impact broad segments of businesses and
populations and have a significant and rapid negative impact on the performance
of the Fund’s investments, and exacerbate preexisting risks to the Fund. In
addition, no active trading market may exist for certain investments held by the
Fund, which may impair the ability of the Fund to sell or to realize the current
valuation of such investments in the event of the need to liquidate such
assets.
(o) Security Transactions and Investment Income.
Security transactions are accounted for on a trade date basis. Interest
income, adjusted for amortization of premium and accretion of discount, is
recorded on an accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is
recorded on the ex-dividend date or as
soon as practical after a Fund determines the existence of a dividend
declaration after exercising reasonable due diligence. Non-cash dividends received in the form of
stock, if any, are recognized on the ex-dividend date and recorded as income from
non-cash dividends at fair value.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt,
if any, and is included in interest and dividend income, respectively. The cost
of investments sold is determined by use of the specific identification method.
To the extent any issuer defaults on an expected interest payment, the Trust’s
policy is to generally halt any additional “interest income accruals and
accretion” and consider the Fund’s ability to realize interest accrued up to the
date of default.
(p) Foreign Currency Translation. Investment
securities and other assets and liabilities denominated in foreign currencies
are translated into U.S. dollar amounts based upon prevailing exchange rates on
the date of valuation. Purchases and sales of investment securities and income
and expense items denominated in foreign currencies are translated into U.S.
dollar amounts based upon prevailing exchange rates on the respective dates of
such transactions.
The
Funds do not isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held. Such fluctuations are included
with the net realized and unrealized gain or loss on investments in the
Statements of Operations.
Net
realized foreign exchange gains or losses arise from sales of foreign
currencies, including gains and losses on forward foreign currency contracts,
currency gains or losses realized between the trade and settlement dates on
securities transactions and the difference between the amounts of dividends,
interest and foreign withholding taxes recorded on the Funds’ books and the U.S.
dollar equivalent of the amounts actually received or paid. Net unrealized
foreign exchange gains and losses arise from changes in the fair values of
assets and liabilities, other than investments in securities, at the date of
valuation, resulting from changes in exchange rates.
Foreign
security and currency transactions may involve certain considerations and risks
not typically associated with those of U.S. dollar denominated transactions as a
result of, among other factors, the possibility of lower levels of governmental
supervision and regulation of foreign securities markets and the possibility of
political or economic instability.
(q) Distributions to Shareholders.
Distributions from net investment income for Morgan Stanley Pathway Large
Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International
Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and
Alternative Strategies Fund, if any, are declared and paid on an annual basis.
Distributions from net investment income for Core Fixed Income Fund, High Yield
Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short
Term Fixed Income Fund, if any, are declared and paid on a monthly basis.
The
Funds intend to satisfy conditions that will enable interest from municipal
securities, which are exempt from regular federal income tax and from designated
state income taxes, to retain such tax-exempt status when distributed to the
shareholders of the Funds. Distributions of net realized gains to shareholders
of the Funds, if any, are taxable and are declared at least annually.
Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in
accordance with income tax regulations, which may differ from GAAP.
314
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
(r) Federal and Other Taxes. It is the Trust’s
policy to comply with the federal income and excise tax requirements of the
Internal Revenue Code of 1986, as amended, applicable to regulated investment
companies. Accordingly, each Fund intends to distribute substantially all of its
income and net realized gains on investments, if any, to shareholders each year.
Therefore, no federal income tax provision is required in the Funds’ financial
statements. Under the applicable foreign tax laws, a withholding tax may be
imposed on interest, dividends and capital gains at various rates.
Management
has reviewed the tax positions and has concluded that no liability for
unrecognized tax benefits should be recorded related to uncertain tax positions
taken on returns filed for open tax years or expected to be taken in 2025 tax
returns. Each Fund’s federal tax returns for the prior four fiscal years remain
subject to examination by the Internal Revenue Service.
(s) Reclassification. GAAP requires that
certain components of net assets be adjusted to reflect permanent differences
between financial and tax reporting. These reclassifications have no effect on
net assets or net asset values per share.
(t) Restricted Securities. All Funds may invest
in non-publicly traded securities,
commonly called restricted securities. Restricted securities may be less liquid
than publicly-traded securities. Although certain restricted securities may be
resold in privately negotiated transactions, the values realized from these
sales could be less than originally paid by a Fund. Certain restricted
securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures
approved by the Board. The value of restricted securities is determined as
described in Note 1(a).
(u) Reverse Repurchase Agreements. Certain
Funds may each enter into reverse repurchase agreements with the financial
institutions with which it may enter into repurchase agreements. Under a reverse
repurchase agreement, a Fund sells securities to a financial institution and
agrees to repurchase them at a mutually agreed upon date, price and rate of
interest. During the period between the sale and repurchase, the Fund would not
be entitled to principal and interest paid on the securities sold by the Fund.
The Fund, however, would seek to achieve gains derived from the difference
between the current sale price and the forward price for the future purchase as
well as the interest earned on the proceeds on the initial sale. Reverse
repurchase agreements involve the risk that the market value of the securities
purchased with the proceeds from the sale of the securities received by the Fund
may decline below the price of the securities the Fund is obligated to
repurchase. Reverse repurchase agreements also involve credit risk with the
counterparty to the extent that the value of securities subject to repurchase
exceed the Fund’s liability under the reverse repurchase agreement. Reverse
repurchase agreements will be viewed as borrowings by a Fund for the purpose of
calculating the Fund’s indebtedness and will have the effect of leveraging the
Fund’s assets.
(v) Indemnification. The Funds enter into
contracts that contain a variety of indemnification clauses. The Funds’ maximum
exposure under these arrangements is unknown as this would involve future claims
that may be made against the Funds’ that have not yet occurred.
(w) Senior Floating-Rate Loans. Interests in
senior floating-rate loans (“Senior Loans”) for which reliable market quotations
are readily available are valued generally at the average mean of bid and ask
quotations obtained from a third party pricing service. Other Senior Loans are
valued at fair value by the investment adviser under procedures approved by the
Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or
more of the valuation techniques described in (i) through (iii) below to
assess the likelihood that the borrower will make a full repayment of the loan
underlying such Senior Loan relative to yields on other Senior Loans issued by
companies of comparable credit quality. If the investment adviser believes that
there is a reasonable likelihood of full repayment, the investment adviser will
determine fair value using a matrix pricing approach that considers the yield on
the Senior Loan. If the investment adviser believes there is not a reasonable
likelihood of full repayment, the investment adviser will determine fair value
using analyses that include, but are not limited to: (i) a comparison of
the value of the borrower’s outstanding equity and debt to that of comparable
public companies; (ii) a discounted cash flow analysis; or (iii) when
the investment adviser believes it is likely that a borrower will be liquidated
or sold, an analysis of the terms of such liquidation or sale. In certain cases,
the investment adviser will use a combination of analytical methods to determine
fair value, such as when only a portion of a borrower’s assets are likely to be
sold. In conducting its assessment and analyses for purposes of determining fair
value of a Senior Loan, the investment adviser will use its discretion and
judgment in considering and appraising relevant factors. Fair value
determinations are made by the portfolio managers of the Funds based on
information available to such managers. The portfolio managers of other Funds
managed by the investment adviser that invest in Senior Loans may not possess
the same information about a Senior Loan borrower as the portfolio managers of
the Funds. At times, the fair value of a Senior Loan determined by the portfolio
managers of other Funds managed by the investment adviser that invest in Senior
Loans may vary from the fair value of the same Senior Loan determined by the
portfolio managers of the Funds. The fair value of each Senior
315
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Loan
is periodically reviewed and approved by the investment adviser’s Valuation
Committee and by the Trustees based upon procedures approved by the Trustees.
Junior Loans (i.e., subordinated loans and second lien loans) are valued in the
same manner as Senior Loans.
In
connection with bank loan interests, the Funds may enter into unfunded bank loan
interests (“commitments”). Unfunded loan commitments may be partially or wholly
unfunded. The Funds are obligated to fund those commitments at the borrower’s
discretion. In connection with these commitments, the Funds earns a commitment
fee, which is included in interest income in the Statements of Operations and
recognized respectively over the commitment period.
There
were no fully/partially unfunded loan positions as of February 28, 2026.
(x) Sale-Buyback and Buy-Saleback Transactions.
A sale-buyback financing transaction consists of a sale of a security by a Fund
to a counterparty, with a simultaneous agreement to repurchase the same or
substantially the same security at an agreed-upon price and date. The Fund will
segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its
obligations under sale-buyback transactions.
During
the period ended February 28, 2026 the International Fixed Income Fund,
Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund
participated in sale-buyback transactions. The payable for investments purchased
related to sale-buyback transactions at February 28, 2026, and the average
amount of borrowings, incurred interest expense and a weighted average interest
rate related to sale-buyback transactions outstanding during the period ended
February 28, 2026, were as following:
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
International
Fixed Income Fund |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
Ultra-Short Term
Fixed Income Fund |
|
|
Payable
for sale-buyback transactions |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,868,568 |
|
|
Average
amount borrowed |
|
|
10,298 |
|
|
|
13,975,803 |
|
|
|
731,498 |
|
|
Interest
expense |
|
|
194 |
|
|
|
300,283 |
|
|
|
13,954 |
|
|
Weighted
average interest rate |
|
|
3.80 |
% |
|
|
4.33 |
% |
|
|
3.84 |
% |
A
buy-saleback lending transaction consists of a purchase of a security by a Fund
from a counterparty, with a simultaneous agreement to sell the same or
substantially the same security at an agreed-upon price and date. The party who
sold the security is not entitled to receive principal and interest payments, if
any, made on the security during the term of the agreement. The Fund will
segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its
obligations under buy-saleback transactions.
During
the period ended February 28, 2026, the Funds did not participate in
buy-saleback transactions.
Sale-buyback
and buy-saleback transactions are governed by Master Securities Forward
Transaction Agreements (“Master Forward Agreements”), which are agreements
between each Fund and select counterparties. The Master Forward Agreements
maintain provisions for, among other things, transaction initiation and
confirmation, payment and transfer, events of default, termination and
maintenance of collateral. The market value of any pending sale-buyback and
buy-saleback transactions as of period end is disclosed in each Fund’s Schedule
of Investments.
(y) Disclosure about Offsetting Assets and
Liabilities. In order to better define contractual rights under
derivative contracts and to secure rights that will help the Funds mitigate
their counterparty risk, a Sub-adviser
may, on behalf of the Funds, enter into an International Swaps and Derivatives
Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar
agreement with its derivative contract counterparties. An ISDA Master Agreement
is a bilateral agreement between the Funds and a counterparty that governs OTC
derivatives and foreign exchange contracts and typically contains, among other
things, collateral posting terms and netting provisions in the event of a
default and/or termination event. The ISDA Master Agreement gives a Fund the
right, upon an event of default by the applicable counterparty or a termination
of the agreement, to close out all transactions traded under such agreement and
to net amounts owed under each transaction to one net amount payable by one
party to the other. Absent an event of default by the counterparty or a
termination of the agreement, the ISDA Master Agreement does not result in an
offset of reported amounts of assets and liabilities in the Statements of Assets
and Liabilities across the transactions between the Funds and the applicable
counterparty. The right to offset and net payments across all transactions
traded under the ISDA Master Agreement could result in a reduction of the Funds’
credit risk to such counterparty equal to any amounts payable by the Funds under
the applicable transactions, if any. The enforceability of the right to offset
may vary by jurisdiction.
316
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Cash
collateral that has been received or pledged to cover obligations under
derivative contracts, if any, will be reported separately in the Statements of
Assets and Liabilities. Generally, the amount of collateral due from or to a
counterparty is subject to a minimum transfer threshold amount before a transfer
is required, which may vary by counterparty. Collateral pledged for the benefit
of the Fund and/or counterparty is held in segregated accounts by the Fund’s
custodian and cannot be sold, re-pledged, assigned or otherwise used while
pledged. The portion of such collateral representing cash, if any, is reflected
as deposits with counterparties and, in the case of cash pledged by counterparty
for the benefit of the Fund, a corresponding liability in the Statements of
Assets and Liabilities. Securities pledged by the Fund as collateral, if any,
are identified as such in the Schedules of Investments. The carrying amount of
such deposits due to brokers at February 28, 2026 approximated their fair
value. If measured at fair value, such deposits would have been considered as
Level 2 in the fair value hierarchy (see Note 1(a)).
Repurchase
agreements and reverse repurchase agreements may be entered into by the Funds
under Master Repurchase Agreements (“MRA”) which permit a Fund, under certain
circumstances including an event of default (such as bankruptcy or insolvency),
to offset payables and/or receivables under the MRA with collateral held and/or
posted to the counterparty and create one single net payment due to or from a
Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may
impose restrictions on or prohibitions against such a right of offset in the
event of the MRA counterparty’s bankruptcy or insolvency. The Fund’s repurchase
agreements as of February 28, 2026 are shown on a gross basis and the
required offsetting disclosures are shown in the Schedules of Investments. The
value of the related collateral exceeded the value of the repurchase agreements
as of February 28, 2026.
For
financial reporting purposes, the Funds do not offset financial assets and
financial liabilities that are subject to master netting arrangements or similar
agreements on the Statements of Assets and Liabilities.
The
following table presents the Funds’ gross and net amounts of assets and
liabilities, by derivative type, available for offset under a master netting
agreement, or similar agreement as of February 28, 2026:
|
|
|
|
|
|
|
|
| |
| |
|
Assets |
|
|
Liabilities |
|
| Derivative Instruments (a) |
|
Gross Amounts of
Recognized Assets
Presented in the
Statements of
Assets and Liabilities |
|
|
Gross Amounts of
Recognized Liabilities
Presented in the
Statements of
Assets and Liabilities |
|
| Emerging
Markets Equity Fund |
|
|
|
| |
|
| |
|
Forward
foreign currency contracts |
|
$ |
11 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
|
Total
derivative instruments, subject to master netting arrangement or similar
arrangement |
|
$ |
11 |
|
|
$ |
— |
|
|
| |
|
|
|
|
|
|
|
| Core Fixed
Income Fund: |
|
|
|
| |
|
| |
|
Forward
foreign currency contracts |
|
$ |
390,920 |
|
|
$ |
(1,021,945 |
) |
|
| |
|
|
|
|
|
|
|
|
Total
derivative instruments, subject to master netting arrangement or similar
arrangement |
|
$ |
390,920 |
|
|
$ |
(1,021,945 |
) |
|
| |
|
|
|
|
|
|
|
| International Fixed Income Fund: |
|
|
|
| |
|
| |
|
Forward
foreign currency contracts |
|
$ |
1,697,155 |
|
|
$ |
(1,220,103 |
) |
|
Option
contracts |
|
|
24,758 |
(b) |
|
|
(13,421 |
) |
|
Swap
contracts |
|
|
1,671,329 |
|
|
|
(199,119 |
) |
|
| |
|
|
|
|
|
|
|
|
Total
derivative instruments, subject to master netting arrangement or similar
arrangement |
|
$ |
3,393,242 |
|
|
$ |
(1,432,643 |
) |
|
| |
|
|
|
|
|
|
|
| Inflation-Linked Fixed Income Fund: |
|
|
|
| |
|
| |
|
Forward
foreign currency contracts |
|
$ |
441,698 |
|
|
$ |
(84,763 |
) |
|
Option
contracts |
|
|
— |
|
|
|
(61,782 |
) |
|
| |
|
|
|
|
|
|
|
|
Total
derivative instruments, subject to master netting arrangement or similar
arrangement |
|
$ |
441,698 |
|
|
$ |
(146,545 |
) |
|
| |
|
|
|
|
|
|
|
| (a) |
Excludes
exchange-traded derivatives. |
| (b) |
Amounts
are included in Unaffiliated Investments in the Statements of Assets and
Liabilities. |
317
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
The
following table presents the Funds’ derivative assets and liabilities by
counterparty net of amounts available for offset under master netting or similar
agreements, and net of related collateral received or pledged as of
February 28, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Counterparty |
|
Gross Amounts
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) |
|
| Emerging
Markets Equity Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
| Over-the-counter |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
BNP
Paribas SA |
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
over-the-counter derivative
instruments |
|
$ |
11 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Bank
of New York Mellon |
|
$ |
153,446 |
|
|
$ |
(153,446 |
) |
|
$ |
— |
|
|
$ |
0 |
|
|
Goldman
Sachs & Co. |
|
|
96,895 |
|
|
|
(96,895 |
) |
|
|
— |
|
|
|
0 |
|
|
State
Street Bank & Trust Co. |
|
|
140,579 |
|
|
|
(27,791 |
) |
|
|
— |
|
|
|
112,788 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
over-the-counter derivative
instruments |
|
$ |
390,920 |
|
|
$ |
(278,132 |
) |
|
$ |
— |
|
|
$ |
112,788 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Bank
of New York Mellon |
|
$ |
429,094 |
|
|
$ |
(153,446 |
) |
|
$ |
— |
|
|
$ |
275,648 |
|
|
BNP
Paribas SA |
|
|
306 |
|
|
|
— |
|
|
|
— |
|
|
|
306 |
|
|
Goldman
Sachs & Co. |
|
|
564,754 |
|
|
|
(96,895 |
) |
|
|
— |
|
|
|
467,859 |
|
|
State
Street Bank & Trust Co. |
|
|
27,791 |
|
|
|
(27,791 |
) |
|
|
— |
|
|
|
— |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
over-the-counter derivative
instruments |
|
$ |
1,021,945 |
|
|
$ |
(278,132 |
) |
|
$ |
— |
|
|
$ |
743,813 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
318
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
|
$ |
138,980 |
|
|
$ |
(70,588 |
) |
|
$ |
— |
|
|
$ |
68,392 |
|
|
Barclays
Bank PLC |
|
|
489,586 |
|
|
|
(81,277 |
) |
|
|
(408,309 |
) |
|
|
0 |
|
|
BNP
Paribas SA |
|
|
182,082 |
|
|
|
(182,082 |
) |
|
|
— |
|
|
|
0 |
|
|
Deutsche
Bank AG |
|
|
61,594 |
|
|
|
(13,753 |
) |
|
|
— |
|
|
|
47,841 |
|
|
Goldman
Sachs & Co. |
|
|
1,929,081 |
|
|
|
(312,306 |
) |
|
|
— |
|
|
|
1,616,775 |
|
|
HSBC
Bank USA |
|
|
42,551 |
|
|
|
(42,551 |
) |
|
|
— |
|
|
|
0 |
|
|
JPMorgan
Chase & Co. |
|
|
87,063 |
|
|
|
(56,093 |
) |
|
|
(30,970 |
) |
|
|
0 |
|
|
Societe
Generale SA |
|
|
20,714 |
|
|
|
(20,714 |
) |
|
|
— |
|
|
|
0 |
|
|
Standard
Chartered Bank |
|
|
47,272 |
|
|
|
(31,804 |
) |
|
|
— |
|
|
|
15,468 |
|
|
UBS
Securities LLC |
|
|
22,836 |
|
|
|
(14,366 |
) |
|
|
— |
|
|
|
8,470 |
|
|
Wells
Fargo Bank |
|
|
371,483 |
|
|
|
(292,583 |
) |
|
|
— |
|
|
|
78,900 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
over-the-counter derivative
instruments |
|
$ |
3,393,242 |
|
|
$ |
(1,118,117 |
) |
|
$ |
(439,279 |
) |
|
$ |
1,835,846 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
|
$ |
70,588 |
|
|
$ |
(70,588 |
) |
|
$ |
— |
|
|
$ |
0 |
|
|
Barclays
Bank PLC |
|
|
81,277 |
|
|
|
(81,277 |
) |
|
|
— |
|
|
|
0 |
|
|
BNP
Paribas SA |
|
|
326,019 |
|
|
|
(182,082 |
) |
|
|
— |
|
|
|
143,937 |
|
|
Deutsche
Bank AG |
|
|
13,753 |
|
|
|
(13,753 |
) |
|
|
— |
|
|
|
0 |
|
|
Goldman
Sachs & Co. |
|
|
312,306 |
|
|
|
(312,306 |
) |
|
|
— |
|
|
|
0 |
|
|
HSBC
Bank USA |
|
|
188,518 |
|
|
|
(42,551 |
) |
|
|
— |
|
|
|
145,967 |
|
|
JPMorgan
Chase & Co. |
|
|
56,093 |
|
|
|
(56,093 |
) |
|
|
— |
|
|
|
0 |
|
|
Societe
Generale SA |
|
|
45,336 |
|
|
|
(20,714 |
) |
|
|
— |
|
|
|
24,622 |
|
|
Standard
Chartered Bank |
|
|
31,804 |
|
|
|
(31,804 |
) |
|
|
— |
|
|
|
0 |
|
|
UBS
Securities LLC |
|
|
14,366 |
|
|
|
(14,366 |
) |
|
|
— |
|
|
|
0 |
|
|
Wells
Fargo Bank |
|
|
292,583 |
|
|
|
(292,583 |
) |
|
|
— |
|
|
|
0 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
over-the-counter derivative
instruments |
|
$ |
1,432,643 |
|
|
$ |
(1,118,117 |
) |
|
$ |
— |
|
|
$ |
314,526 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
319
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Counterparty |
|
Gross Amounts
of
Recognized
Assets
Presented in the
Statements
of
Assets and
Liabilities |
|
|
Financial
Instruments
Available
for
Offset (a) |
|
|
Collateral
Received
(e) |
|
|
Net Amount (b)
(Not Less than $0) |
|
| Inflation-Linked Fixed Income Fund |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
| Over-the-counter |
|
|
|
| |
|
|
| |
|
|
| |
|
| |
|
Barclays
Bank PLC |
|
$ |
142,022 |
|
|
$ |
(91,969 |
) |
|
$ |
– |
|
|
$ |
50,053 |
|
|
BNP
Paribas SA |
|
|
73,774 |
|
|
|
(12,116 |
) |
|
|
– |
|
|
|
61,658 |
|
|
Deutsche
Bank AG |
|
|
16,764 |
|
|
|
(1,364 |
) |
|
|
– |
|
|
|
15,400 |
|
|
HSBC
Bank USA |
|
|
39,872 |
|
|
|
(8,097 |
) |
|
|
– |
|
|
|
31,775 |
|
|
JPMorgan
Chase & Co. |
|
|
28,417 |
|
|
|
(7,647 |
) |
|
|
(20,000 |
) |
|
|
770 |
|
|
Merrill
Lynch, Pierce, Fenner & Smith Inc. |
|
|
25,266 |
|
|
|
(13,583 |
) |
|
|
– |
|
|
|
11,683 |
|
|
Standard
Chartered Bank |
|
|
115,583 |
|
|
|
(11,769 |
) |
|
|
– |
|
|
|
103,814 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
over-the-counter derivative
instruments |
|
$ |
441,698 |
|
|
$ |
(146,545 |
) |
|
$ |
(20,000 |
) |
|
$ |
275,153 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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 |
|
$ |
91,969 |
|
|
$ |
(91,969 |
) |
|
$ |
– |
|
|
$ |
0 |
|
|
BNP
Paribas SA |
|
|
12,116 |
|
|
|
(12,116 |
) |
|
|
– |
|
|
|
0 |
|
|
Deutsche
Bank AG |
|
|
1,364 |
|
|
|
(1,364 |
) |
|
|
– |
|
|
|
0 |
|
|
HSBC
Bank USA |
|
|
8,097 |
|
|
|
(8,097 |
) |
|
|
– |
|
|
|
0 |
|
|
JPMorgan
Chase & Co. |
|
|
7,647 |
|
|
|
(7,647 |
) |
|
|
– |
|
|
|
0 |
|
|
Merrill
Lynch, Pierce, Fenner & Smith Inc. |
|
|
13,583 |
|
|
|
(13,583 |
) |
|
|
– |
|
|
|
0 |
|
|
Standard
Chartered Bank |
|
|
11,769 |
|
|
|
(11,769 |
) |
|
|
– |
|
|
|
0 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
over-the-counter derivative
instruments |
|
$ |
146,545 |
|
|
$ |
(146,545 |
) |
|
$ |
– |
|
|
$ |
0 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (a) |
Represents
the amount of assets that could be offset by liabilities with the same
counterparty under master netting or similar agreements that are not
offset on the Statements of Assets and Liabilities.
|
| (b) |
Net
amount represents the net amount receivable from the counterparty in the
event of default. |
| (c) |
Represents
the amount of liabilities that could be offset by assets with the same
counterparty under master netting or similar agreements that are not
offset on the Statements of Assets and Liabilities.
|
| (d) |
Net
amount represents the net amount payable to the counterparty in the event
of default. |
| (e) |
In
some instances, the actual collateral received and/or pledged may be more
than the amount shown here due to overcollateralization.
|
(z) When-Issued and Delayed Delivery Securities and
Forward Commitments. Each Fund may purchase securities, including U.S.
government securities, on a when-issued basis or may purchase or sell securities
for delayed delivery. In such transactions, delivery of the securities occurs
beyond the normal settlement period, but no payment or delivery is made by a
Fund prior to the actual delivery or payment by the other party to the
transaction. The purchase of securities on a when-issued or delayed delivery
basis involves the risk that the value of the securities purchased will decline
prior to the settlement date. The sale of securities for delayed delivery
involves the risk that the prices available in the market on the delivery date
may be greater than those obtained in the sale transaction. Each Fund will make
securities available for collateral in an amount equal in value to commitments
to purchase securities on a when-issued, delayed delivery or forward commitment
basis.
320
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
(aa) Segment Reporting. Each Fund operates as a
single reportable segment, an investment company whose investment objectives are
included in Note 1. The Trust’s Chief Operating Officer acts as the Trust’s
Chief Operating Decision Maker (CODM), who is responsible for assessing the
performance of each Fund’s single segment and deciding how to allocate the
segment’s resources. To perform this function, the CODM reviews the information
in each Fund’s financial statements.
2. Investment Management
Agreement and Other Transactions with Affiliates
CGAS,
a business of Morgan Stanley Wealth Management, serves as the investment manager
to the Funds. The Manager selects and oversees professional money managers who
are responsible for investing the assets of the Funds (each a “Sub-adviser,” and collectively the “Sub-advisers”). Each Fund pays the Manager
an investment management fee calculated daily at an annual rate based on each
Fund’s average daily net assets and paid monthly in arrears. The Manager pays
each Sub-adviser on a monthly basis, a
sub-advisory fee from its investment
management fees.
CGAS
has contractually agreed to waive fees and reimburse expenses in order to keep
the Funds’ management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20%
based on average net assets. This contractual waiver will only apply if the
Funds’ total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%,
and will not affect the Funds’ total management fees if they are less than such
amount. Because the Alternative Strategies Fund does not currently have sub-advisers, CGAS will contractually waive
1.00% of its management fees. These fee waivers and/or reimbursements will
continue for at least one year from the date of the Funds’ prospectus or until
such time as the Board of Trustees acts to discontinue all or a portion of such
waiver and/or reimbursement when it deems such action is appropriate.
In
addition, CGAS and its affiliates have also separately agreed to waive fees and
reimburse expenses in order to keep the Alternative Strategies Fund’s total
annual operating expenses, (exclusive of interest from borrowing, brokerage
commissions, taxes, acquired fund fees and expenses and other extraordinary
expenses not incurred in the ordinary course of the Alternative Strategies
Fund’s business), from exceeding 0.70%. This contractual arrangement shall
remain in effect for at least one year from the date of the Fund’s prospectus or
until such time as the Board acts to discontinue all or a portion of such waiver
and/or reimbursement when it deems such action is appropriate.
The
maximum allowable investment management fees represents the total amount that
could be charged to each Fund. The aggregate fees paid by the Manager to each
Fund’s Sub-advisers and the fees
retained by the Manager for the period ended February 28, 2026 are
indicated below:
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Fund |
|
Sub-advisory
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 |
|
|
0.29 |
% |
|
|
0.20 |
% |
|
|
0.75 |
% |
|
International
Equity Fund |
|
|
0.27 |
% |
|
|
0.20 |
% |
|
|
0.70 |
% |
|
Emerging
Markets Equity Fund |
|
|
0.34 |
% |
|
|
0.20 |
% |
|
|
0.90 |
% |
|
Core
Fixed Income Fund |
|
|
0.11 |
% |
|
|
0.20 |
% |
|
|
0.40 |
% |
|
High
Yield Fund |
|
|
0.29 |
% |
|
|
0.20 |
% |
|
|
0.70 |
% |
|
International
Fixed Income Fund |
|
|
0.25 |
% |
|
|
0.20 |
% |
|
|
0.50 |
% |
|
Municipal
Bond Fund |
|
|
0.20 |
% |
|
|
0.20 |
% |
|
|
0.40 |
% |
|
Inflation-Linked
Fixed Income Fund |
|
|
0.25 |
% |
|
|
0.20 |
% |
|
|
0.50 |
% |
|
Ultra-Short
Term Fixed Income Fund |
|
|
0.15 |
% |
|
|
0.20 |
% |
|
|
0.50 |
% |
|
Alternative
Strategies Fund |
|
|
N/A |
|
|
|
0.20 |
% |
|
|
1.20 |
% |
321
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
The
Manager has agreed to waive and/or reimburse a portion of its fee. For the
period ended February 28, 2026, the amounts waived and/or reimbursed by the
Manager were as follows:
|
|
|
|
| |
| Fund |
|
Amounts Waived
and/or Reimbursed |
|
|
Morgan
Stanley Pathway Large Cap Equity ETF |
|
$ |
4,188,703 |
|
|
Morgan
Stanley Pathway Small-Mid Cap
Equity ETF |
|
|
892,081 |
|
|
International
Equity Fund |
|
|
1,435,876 |
|
|
Emerging
Markets Equity Fund |
|
|
1,315,492 |
|
|
Core
Fixed Income Fund |
|
|
763,895 |
|
|
High
Yield Fund |
|
|
151,580 |
|
|
International
Fixed Income Fund |
|
|
50,420 |
|
|
Municipal
Bond Fund |
|
|
— |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
37,633 |
|
|
Ultra-Short
Term Fixed Income Fund |
|
|
260,192 |
|
|
Alternative
Strategies Fund |
|
|
970,779 |
|
Brown
Brothers Harriman & Co. (“BBH”) serves as the Trust’s administrator.
For its administrative services, BBH receives an annual asset based fee of
0.0250% of the Trust’s assets up to $5 billion, 0.02% on assets between
$5 billion and $8 billion and 0.0175% on assets in excess of
$8 billion, plus out-of-pocket expenses. The fee is
calculated and allocated daily based on the relative assets of each Fund.
For
the period ended February 28, 2026, Morgan Stanley & Co.
Incorporated (“MS&Co.”), and its affiliates, including Morgan Stanley Smith
Barney LLC, the Trust’s distributor, received brokerage commissions of:
|
|
|
|
| |
| Fund |
|
Commission
Dollars to MS&Co. |
|
|
Morgan
Stanley Pathway Large Cap Equity ETF |
|
$ |
339 |
|
|
Morgan
Stanley Pathway Small-Mid Cap
Equity ETF |
|
|
4,359 |
|
|
International
Equity Fund |
|
|
— |
|
|
Emerging
Markets Equity Fund |
|
|
1,212 |
|
|
Core
Fixed Income Fund |
|
|
— |
|
|
High
Yield Fund |
|
|
— |
|
|
International
Fixed Income Fund |
|
|
— |
|
|
Municipal
Bond Fund |
|
|
— |
|
|
Inflation-Linked
Fixed Income Fund |
|
|
— |
|
|
Ultra-Short
Term Fixed Income Fund |
|
|
— |
|
|
Alternative
Strategies Fund |
|
|
— |
|
Officers
of the Trust do not receive compensation directly from the Trust. The Funds may
bear a portion of the annual compensation of the Trust’s Chief Compliance
Officer.
For
the period ended February 28, 2026, the Funds assume the following to be
affiliated issuers:
Morgan Stanley Pathway
Large Cap Equity ETF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Underlying Security |
|
Beginning
Value as
of
August 31, 2025 |
|
|
Purchases
at Cost |
|
|
Proceeds
from Sales |
|
|
Net Realized
Gain/(Loss)
on
Sales |
|
|
Change
in
Unrealized
Appreciation |
|
|
Accretion
of discount |
|
|
Dividend/
Interest
Income |
|
|
Ending
Value as
of
February 28, 2026 |
|
|
Morgan
Stanley |
|
$ |
6,187,286 |
|
|
$ |
416,448 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
644,113 |
|
|
$ |
— |
|
|
$ |
84,939 |
|
|
$ |
7,247,847 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
322
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Ultra-Short Term Fixed
Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Underlying Security |
|
Beginning
Value as
of
August 31, 2025 |
|
|
Purchases
at Cost |
|
|
Proceeds
from Sales |
|
|
Net Realized
Gain
on Sales |
|
|
Change
in
Unrealized
Appreciation |
|
|
Accretion
of discount |
|
|
Dividend/
Interest
Income |
|
|
Ending
Value as
of
February 28, 2026 |
|
|
Morgan
Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1,
4.688% (1-Month Term SOFR +
1.014%) due 5/25/34 |
|
$ |
350,552 |
|
|
$ |
— |
|
|
$ |
(17,906 |
) |
|
$ |
16 |
|
|
$ |
8,589 |
|
|
$ |
67 |
|
|
$ |
7,810 |
|
|
$ |
341,318 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Investments
During
the period ended February 28, 2026, the aggregate cost of purchases and
proceeds from sales of investments (excluding short-term investments and in-kind transactions) for each Fund were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Other Investments |
|
|
U.S. Government
Securities |
|
| Fund |
|
Purchases |
|
|
Sales |
|
|
Purchases |
|
|
Sales |
|
|
Morgan
Stanley Pathway Large Cap Equity ETF . . . |
|
$ |
269,988,284 |
|
|
$ |
199,388,578 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Morgan
Stanley Pathway Small-Mid Cap
Equity ETF . . . |
|
|
128,410,551 |
|
|
|
142,830,085 |
|
|
|
— |
|
|
|
— |
|
|
International
Equity Fund . . . |
|
|
204,821,421 |
|
|
|
227,322,631 |
|
|
|
— |
|
|
|
— |
|
|
Emerging
Markets Fund . . . |
|
|
135,721,463 |
|
|
|
105,812,916 |
|
|
|
— |
|
|
|
— |
|
|
Core
Fixed Income Fund . . . |
|
|
312,697,484 |
|
|
|
183,433,556 |
|
|
|
731,392,898 |
|
|
|
665,879,733 |
|
|
High
Yield Fund . . . |
|
|
43,399,544 |
|
|
|
31,858,234 |
|
|
|
— |
|
|
|
— |
|
|
International
Fixed Income Fund . . . |
|
|
30,023,527 |
|
|
|
18,822,484 |
|
|
|
268,555,827 |
|
|
|
259,929,785 |
|
|
Municipal
Bond Fund . . . |
|
|
11,014,198 |
|
|
|
7,188,779 |
|
|
|
— |
|
|
|
— |
|
|
Inflation-Linked
Fixed Income Fund . . . |
|
|
8,966,553 |
|
|
|
4,167,955 |
|
|
|
69,925,546 |
|
|
|
71,494,880 |
|
|
Ultra-Short
Term Fixed Income Fund . . . |
|
|
99,873,584 |
|
|
|
154,971,748 |
|
|
|
47,035,719 |
|
|
|
43,750,584 |
|
|
Alternative
Strategies Fund . . . |
|
|
21,981,279 |
|
|
|
8,319,936 |
|
|
|
— |
|
|
|
— |
|
During
the period ended February 28, 2026, 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 . . . |
|
$ |
64,397,540 |
|
|
$ |
4,527,939 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Morgan
Stanley Pathway Small-Mid Cap
Equity ETF . . . |
|
|
9,708,297 |
|
|
|
14,381,933 |
|
|
|
— |
|
|
|
— |
|
The
cost of investments for federal income tax purposes and gross unrealized
appreciation and unrealized depreciation at February 28, 2026 have been
disclosed under the respective Schedule of Investments.
4. Issuance and
Redemption of ETF Shares
The
Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (together, the
“Morgan Stanley Pathway ETFs”) each issues or redeems its shares at NAV per
share only in Creation Units. The number of shares of the Morgan Stanley Pathway
ETFs that constitute a Creation Unit is 50,000. Shares of each Fund are listed
for trading on a national securities exchange and trade on the secondary market
during the trading day. Shares can be bought and sold throughout the trading day
like shares of other publicly traded companies. There is no minimum investment.
When buying or selling Fund shares through a broker, you will incur customary
brokerage commissions and charges, and you may pay some or all of the spread
between the bid and offered price in the secondary market on each purchase and
sale transaction. Fund shares are traded on NYSE Arca under the trading symbol
MSLC for the Morgan Stanley Pathway Large Cap Equity ETF and MSSM for the Morgan
Stanley Pathway Small-Mid Cap Equity
ETF. Share prices are reported in dollars and cents per share. Authorized
Participants (“APs”) may acquire Fund shares directly from each Fund, and APs
may tender their Fund shares for redemption directly to a Fund, at NAV per
share, only in Creation Units and in accordance with the procedures described in
the Funds’ Statement of Additional Information.
323
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
Foreside
Fund Services, LLC (“Foreside”) serves as the distributor and principal
underwriter for the Morgan Stanley Pathway ETFs pursuant to a written agreement,
which was approved by the Trustees of the Trust, including a majority of the
Independent Trustees. Foreside or its agent distributes Creation Units for the
Morgan Stanley Pathway ETFs on an agency basis. Foreside, as agent, reviews and
approves orders by APs to create and redeem Morgan Stanley Pathway ETF shares in
Creation Units.
5. Shares of Beneficial
Interest
At
February 28, 2026, the Trust had an unlimited number of units of beneficial
interest (shares) authorized with a par value of $0.001 per share. At
February 28, 2026, Trustees and executive officers of the Trust as a group
owned of record less than 1% of the outstanding shares of the Trust.
Transactions
in shares of each Fund were as follows:
|
|
|
|
|
|
|
|
| |
| |
|
Period Ended
February 28,
2026 |
|
|
Year
Ended
August 31,
2025 |
|
| Morgan Stanley Pathway Large Cap Equity
ETF* |
|
|
Shares
sold |
|
|
— |
|
|
|
5,045,737 |
|
|
Shares
sold in-kind |
|
|
3,650,000 |
|
|
|
6,100,000 |
|
|
Shares
issued on reinvestment |
|
|
— |
|
|
|
2,137,098 |
|
|
Shares
repurchased |
|
|
— |
|
|
|
(5,464,916 |
) |
|
Shares
repurchased in-kind |
|
|
(250,000 |
) |
|
|
(850,000 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase |
|
|
3,400,000 |
|
|
|
6,967,919 |
|
|
| |
|
|
|
|
|
|
|
|
| Morgan Stanley Pathway Small-Mid Cap Equity ETF* |
|
|
Shares
sold |
|
|
— |
|
|
|
2,547,698 |
|
|
Shares
sold in-kind |
|
|
350,000 |
|
|
|
2,300,000 |
|
|
Shares
issued on reinvestment |
|
|
— |
|
|
|
1,126,334 |
|
|
Shares
repurchased |
|
|
— |
|
|
|
(1,290,707 |
) |
|
Shares
repurchased in-kind |
|
|
(500,000 |
) |
|
|
(550,000 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
(150,000 |
) |
|
|
4,133,325 |
|
|
| |
|
|
|
|
|
|
|
|
| International Equity Fund |
|
|
Shares
sold |
|
|
10,340,933 |
|
|
|
19,616,361 |
|
|
Shares
issued on reinvestment |
|
|
6,191,764 |
|
|
|
5,103,592 |
|
|
Shares
repurchased |
|
|
(12,103,531 |
) |
|
|
(36,048,971 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
4,429,166 |
|
|
|
(11,329,018 |
) |
|
| |
|
|
|
|
|
|
|
|
| Emerging Markets Equity Fund |
|
|
Shares
sold |
|
|
7,517,832 |
|
|
|
13,359,969 |
|
|
Shares
issued on reinvestment |
|
|
959,662 |
|
|
|
792,004 |
|
|
Shares
repurchased |
|
|
(5,901,339 |
) |
|
|
(8,429,815 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase |
|
|
2,576,155 |
|
|
|
5,722,158 |
|
|
| |
|
|
|
|
|
|
|
|
| Core Fixed Income Fund |
|
|
Shares
sold |
|
|
47,107,358 |
|
|
|
60,733,231 |
|
|
Shares
issued on reinvestment |
|
|
5,630,385 |
|
|
|
11,622,542 |
|
|
Shares
repurchased |
|
|
(25,566,181 |
) |
|
|
(98,831,635 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
27,171,562 |
|
|
|
(26,475,862 |
) |
|
| |
|
|
|
|
|
|
|
324
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
|
|
|
|
|
|
|
|
| |
| |
|
Period Ended
February 28,
2026 |
|
|
Year
Ended
August 31,
2025 |
|
| High Yield Fund |
|
|
Shares
sold |
|
|
7,547,653 |
|
|
|
9,939,364 |
|
|
Shares
issued on reinvestment |
|
|
1,463,037 |
|
|
|
2,828,348 |
|
|
Shares
repurchased |
|
|
(4,264,666 |
) |
|
|
(10,578,784 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase |
|
|
4,746,024 |
|
|
|
2,188,928 |
|
|
| |
|
|
|
|
|
|
|
|
| International Fixed Income Fund |
|
|
Shares
sold |
|
|
5,220,545 |
|
|
|
6,750,599 |
|
|
Shares
issued on reinvestment |
|
|
728,337 |
|
|
|
619,779 |
|
|
Shares
repurchased |
|
|
(3,840,365 |
) |
|
|
(7,546,767 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
2,108,517 |
|
|
|
(176,389 |
) |
|
| |
|
|
|
|
|
|
|
|
| Municipal Bond Fund |
|
|
Shares
sold |
|
|
1,847,129 |
|
|
|
2,921,882 |
|
|
Shares
issued on reinvestment |
|
|
151,348 |
|
|
|
319,664 |
|
|
Shares
repurchased |
|
|
(1,017,350 |
) |
|
|
(4,409,699 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
981,127 |
|
|
|
(1,168,153 |
) |
|
| |
|
|
|
|
|
|
|
|
| Inflation-Linked Fixed Income Fund |
|
|
Shares
sold |
|
|
1,693,354 |
|
|
|
2,743,362 |
|
|
Shares
issued on reinvestment |
|
|
302,551 |
|
|
|
596,777 |
|
|
Shares
repurchased |
|
|
(1,450,210 |
) |
|
|
(4,692,508 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
545,695 |
|
|
|
(1,352,369 |
) |
|
| |
|
|
|
|
|
|
|
|
| Ultra-Short Term Fixed Income Fund |
|
|
Shares
sold |
|
|
4,809,753 |
|
|
|
28,782,446 |
|
|
Shares
issued on reinvestment |
|
|
747,071 |
|
|
|
1,558,082 |
|
|
Shares
repurchased |
|
|
(16,725,638 |
) |
|
|
(20,838,642 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase (Decrease) |
|
|
(11,168,814 |
) |
|
|
9,501,886 |
|
|
| |
|
|
|
|
|
|
|
|
| Alternative Strategies Fund |
|
|
Shares
sold |
|
|
3,379,928 |
|
|
|
5,772,487 |
|
|
Shares
issued on reinvestment |
|
|
782,695 |
|
|
|
405,063 |
|
|
Shares
repurchased |
|
|
(2,572,178 |
) |
|
|
(4,192,627 |
) |
|
| |
|
|
|
|
|
|
|
|
Net
Increase |
|
|
1,590,445 |
|
|
|
1,984,923 |
|
|
| |
|
|
|
|
|
|
|
| * |
The
Morgan Stanley Pathway Large Cap Equity ETF acquired all the assets and
liabilities of the Large Cap Equity Fund (“Predecessor Fund”) and the
Morgan Stanley Pathway Small-Mid Cap Equity ETF acquired all the assets
and liabilities of Small-Mid Cap Equity Fund (“Predecessor Fund”) in
reorganizations that occurred on December 9, 2024 (the “Reorganizations”).
Each of the Predecessor Funds ceased operations immediately following the
Reorganizations. As a result, all financial information prior to the
Reorganizations has been retroactively adjusted to reflect the
Reorganizations. See Note 1 of the Notes to Financial Statements for
additional information on the Funds’ Reorganizations.
|
6. Capital Loss Carry
Forward
Under
the Regulated Investment Company Modernization Act of 2010 (the “Act”), the
Funds are permitted to carry forward capital losses incurred in taxable years
beginning after December 22, 2010, for an unlimited period. However, any
losses incurred during those future taxable years will be required to be
utilized prior to the losses incurred in pre-enactment taxable years. As a result of
this, pre-enactment capital loss
carryforwards may be more likely to expire unused.
325
|
|
| |
| |
|
|
| Notes to Financial Statements |
|
|
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 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified
late year losses are capital losses and specified ordinary losses, including
currency losses, incurred after October 31 but within the taxable year
that, if elected, are deemed to arise on the first day of the Fund’s next
taxable year. For the year ended August 31, 2025, the Fund intends to defer
to September 1, 2025 for U.S. federal income tax purposes the following
losses:
|
|
|
|
| |
| |
|
Core
Fixed
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 |
|
|
| |
|
|
|
7. Subsequent Events
Management
has evaluated subsequent events after the balance sheet date through the date
that the financial statements were issued and has not identified any events or
transactions that would require recognition or disclosure in the financial
statements other than the information below.
Subsequent
to February 28, 2026, the Funds made the following distributions per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Record Date - Payable Date |
|
Core Fixed Income
Fund |
|
|
High Yield
Fund |
|
|
Municipal Bond
Fund |
|
|
Ultra-Short Term
Fixed
Income
Fund |
|
|
3/1/26-3/31/26 |
|
$ |
0.027019 |
|
|
$ |
0.017789 |
|
|
$ |
0.022915 |
|
|
$ |
0.038890 |
|
The
Board of Trustees (the “Board”) of the Trust approved the termination of the
investment sub-advisory agreement with
BlackRock Financial Management, Inc. with respect to the Large Cap Equity ETF,
Small-Mid Cap Equity ETF, International
Equity Fund and Emerging Markets Equity Fund (collectively the “Funds”), as well
as the approval of a new investment sub-advisory agreement with O’Shaughnessy
Asset Management, LLC to serve as a sub-adviser to the Funds. Consulting Group
Advisory Services LLC will continue to serve as the Funds’ investment adviser.
These changes became effective on March 23, 2026 for the Large Cap Equity
ETF and Small-Mid Cap Equity ETF, and
will become effective on or around May 7, 2026 for the International Equity Fund
and Emerging Markets Equity Fund. Please see the Funds’ prospectus for further
information.
326
MORGAN
STANLEY SMITH BARNEY LLC
Distributor
of Morgan Stanley Pathway Mutual Funds
FORESIDE
FUND SERVICES, LLC
Distributor
and Principal Underwriter of Morgan Stanley Pathway ETFs
CONSULTING
GROUP ADVISORY SERVICES LLC
Investment
Adviser
This
report is submitted for the general information of the shareholders of Morgan
Stanley Pathway Funds. It is not authorized for distribution to prospective
investors unless accompanied or preceded by a current Prospectus for the Trust
which contains information concerning the Trust’s Investment policies, charges
and expenses as well as other pertinent information.
© 2026 Morgan Stanley Smith
Barney LLC (“Morgan Stanley”). Consulting Group Advisory Services LLC (“CGAS”)
is a business of Morgan Stanley. Securities are offered through Morgan Stanley.
Morgan
Stanley Pathway Funds
2000
Westchester Avenue
Purchase,
NY 10577
